Gross Leasable Area or GLA:
Sum of all areas in a shopping mall that are available for lease, except for kiosks.
Owned GLA:
GLA multiplied by our ownership stake.
Net Operating Income ou ("NOI"):
Gross revenue (less service revenue) - costs + depreciation + amortization.
Law 11,638:
Law 11,638 was enacted with the purpose of including publicly-held Brazilian companies in the international accounting convergence process. The 4Q08 financial and operating figures will be impacted by certain accounting effects due to the changes arising from Law 11,638/07.
Same-Property NOI:
NOI from the exact same properties in which we currently own a stake, proportional to our ownership stake in the property for both periods.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization):
refers to gross income - SG&A + depreciation + amortization.
Adjusted EBITDA:
EBITDA + Shopping Araguaia profit-sharing debenture revenues + straight-line effects – other operating revenues from investment property.
Adjusted FFO (Funds From Operations):
Adjusted net income (excluding exchange rate variations and Law 11,638 effects) + depreciation + amortization + straight-lining effects – other operating revenues and deferred taxes from investment property.
Same store sale (SSS):
Sales figures for the same stores that were operating in the same space in both periods.
Same store rent (SSR):
Rent figures for the same stores that were operating at the same space in both periods.
Occupancy Rate:
Total leased and occupied GLA as a percentage of total leasable GLA.
Tenant Turnover:
sum of new contract GLA negotiated in the last 12 months – the GLA variation for unoccupied stores in the last 12 months / average GLA in the last 12 months.
Late Payment:
Measured on the last day of each month, includes total revenues in that month over total revenues effectively collected in the same month. It does not include inactive stores.
Occupancy Cost as a Percentage of Sales:
Rent revenues (minimum rent + % overage) + common charges (excluding specific tenant costs) + merchandising fund contributions. (This item should be analyzed from the tenant’s point of view.)
Leasing Spread:
Comparison between the average rent for the new contract and the rent charged in the previous contract for the same space.
Average GLA (Rent/m² and NOI/m²):
Does not include 27,921 m² of GLA from the Convention Center located in Shopping Estação. In the average GLA used for rent/m², we do not consider owned GLA for Araguaia Shopping, since its revenues are recognized via debenture payments.
Shopping Malls by Income Group (Brazil Criterion):
The Brazil Criterion is related to the purchasing power of individuals and families and is defined by IBOPE. According to this criterion, our malls are divided into four categories:
Upper:
Villa Lobos, Fashion Mall and Crystal;Upper-middle:
Goiânia, Iguatemi Caxias, Plaza Niterói and Rio Plaza;Middle:
Amazonas, Independência; Campo Grande, Curitiba, Norte Shopping, Campinas Shopping, ABC, Metrô Santa Cruz, Piracicaba, Tamboré, Belém, Esplanada, Mueller, São Luís, Recife, Natal, Iguatemi Maceió and Pantanal;Lower-middle:
Metrô Tatuapé, BIG, Minas, TopShopping, Osasco, Araguaia, Del Rey, Estação, Center, Ilha Plaza and West.
Original Portfolio:
Original malls acquired from ECISA (Norte Shopping, Shopping Recife, Villa-Lobos, Del Rey, Campo Grande and Iguatemi Caxias).
Pro-forma:
Considers the annualized result of the acquisitions of Shopping Crystal Plaza, Independência Shopping, Shopping Tijuca and Center Shopping Uberlândia and Greenfield projects of Sete Lagoas and Granja Vianna, all performed in 2010.
Leasing Status:
GLA that has been approved and/or signed divided by the projects total GLA.