Despite the challenging macroeconomic scenario in 2014, we managed to end the year in line with our expectations. The World Cup event holidays on the second and third quarter, as well as the economic slowdown on the fourth quarter directly impacted our operational results. In spite of the negative factors, our tenants performed as expected achieving same store sales (SSS) of 6.5% on 2014.
If we exclude the effects of the assets divested in 2014, our total sales reached a solid 10.2% growth in 2014. We also maintained the efficiency of our assets reaching a NOI/m² of R$131.5, our highest level ever recorded.
By maintaining focus in our tenants’ financial health as well as the efficiency of our common costs, we recorded an occupation cost of 10.4% in 2014 in line with 2013.
In 2014 we announced the inauguration of 3 expansions (Shopping Piracicaba, Shopping Recife and São Luís Shopping) and 1 greenfield (Shopping Vila Velha, the largest greenfield ever developed by BRMALLS). With these inaugurations, we increased our total GLA by 111.7 thousand m² and our owned GLA by 45.9 thousand m². We estimate that these projects will generate a stabilized NOI of R$38.3 million.
In order to deliver more value to our shareholders and in line with our portfolio recycling strategy, we divested from 6 assets in 2014 for a total amount of R$389.2 million.
We believe that 2015 will be even more challenging for the Brazilian economy. Meanwhile we will dedicate our best efforts to strengthen the company while increasingly looking to improve our operational efficiency while prioritizing the most profitable investments for our shareholders. In 2015 we expect the inauguration of 2 important expansion projects that will add 12.4 thousand m² of total GLA to our portfolio.
Our Dream
To be the biggest and the best shopping mall company in the world.
Our Values
Develop Owners
We hire, train and retain the best people and provide them with an environment in which they have responsibility, autonomy and feel like owners of the business.
Work with Simplicity and Agility
We have a simple, agile, flexible and transparent structure, and we respond quickly to opportunities and changes that occur in the market.
Perform with consistency and efficiency
We act with objectivity, sense of urgency, efficiency and humility, and consistently satisfy our clients and partners' expectations.
Prioritize Growth and Productivity
We are really focused in contributing to BRMALLS' growth, improving the company's productivity and profitability in the short and long term.
Focus on Results and Meritocracy
We work as a team and in a disciplined way in order to consistently exceed challenging goals, and allocate responsibilities and reward based on merit.