2Q11 Earnings Release Presentation

BRProperties

BRProperties 2Q11

Highlights

2

Financial

Highlights

Operating

Highlights

Leasing spreads (net of inflation) for renegotiations reached 24.5% and 15.7% in office and retail

properties, respectively, while leasing spreads for new lease up of vacant areas reached 14.3%

and 28.3% in office and industrial properties, respectively;

We experienced a significant decrease in the portfolio’s vacancy level, where financial

vacancy totaled 2.3% at the end of 2Q11, a 63% reduction when compared to 1Q11, which

totaled 6.2%. Physical vacancy represented 1.5% of GLA at the end of quarter. It is important to

mention that our office, industrial, and retail properties were 99.2%, 99.3%, and 100.0%

occupied at the end of the quarter, respectively;

The company has concluded a R$690.3 million equity offering by issuing 40.3 million ordinary

shares – including greenshoe – at R$17.15 per share. The proceeds from the issuance will be

dedicated exclusively to the acquisition of commercial properties.

2Q11 Net Revenues totaled R$ 83.6 million, an increase of 92% in relation to 2Q10, when net

revenues came in at R$ 43.4 million;

Adjusted EBITDA of R$ 77.4 million in 2Q11, an increase of 104% over 2Q10 and an Adjusted

EBITDA margin of 93%, the highest ever recorded by the company;

Net Income totaled R$ 158.8 million at the end of 2Q11, impacted by a gain on appraisal of

investment properties of R$167.9 million (R$122.8 million net of taxes). Therefore, an increase of

484% in relation to 2Q10, when our net income totaled R$27.2 million;

Adjusted FFO totaled R$35.8 million in 2Q11, with an FFO margin of 43%.

BRProperties 2Q11

Portfolio

2Q11 Revenue Breakdown

Portfolio Breakdown

(% market value)

Portfolio Breakdown

(% GLA)

3

55%33%

9%3%

Office Industrial Retail Development

22%

57%

8%

14%

Office Industrial Retail Development

Leasing95%

Services2%

Straight-line3%

45%

43%

11%

Off ice

Industrial

Retail

BRProperties 2Q11

Financial Highlights

4

Net Revenues (R$ thousand) Net Income* (R$ thousand)

2Q10 2Q11 6M10 6M11

43.430

83.576 78.697

161.353 92%

105%

2Q10 2Q11 6M10 6M11

27.204

158.809

31.072

181.166

484%

483%

* Impacted by a net gain on appraisal of investment properties

of R$122.8 million.

BRProperties 2Q11 5

Financial Highlights

Adjusted EBITDA (R$ thousand) Adjusted FFO (R$ thousand)

Adjusted FFO (R$ thousand) Adjusted EBITDA (R$ thousand)

90%

93%

Ajusted EBITDA Margin

1Q11 2Q11

69.861

77.395

11%

2Q10 2Q11 6M10 6M11

25.745

35.824 34.390

59.700

39%

74%

59%

43% 44%37%

FFO Margin

2Q10 2Q11 6M10 6M11

37.949

77.395 69.211

147.256

113%

104%

87%

93%

88%

91%

Adjusted EBITDA Margin

31%

43%

FFO Margin

1Q11 2Q11

23.876

35.824

50%

BRProperties 2Q11

Debt

Debt Service Schedule (R$ mn)

2Q11 Net Debt (R$ mn) 2Q11 Debt Index Breakdown

6

ST Debt Obligations for

Acquisitions

LT Debt Total Debt Cash Net Debt

176

2.087

1.677

24

1.887 410

75%

2%

24%

TR

IGPM

CDI

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

99

183 171 153 134 117 9568 54 39 32 22

61

129 129 158161 179

332

156155

14126

14

Principal

Interest

BRProperties 2Q11 7

Operating Highlights

Market Alignments New Leases

2Q10 2Q11 6M10 6M11

12,7%

24,5%

12,6%

22,7%

10,6%

n/a

6,6%

22,6%

n/a

15,7%

n/a

15,7%

Office

Industrial

Retail

2Q10 2Q11 6M10 6M11

13,8%14,3% 14,7%

9,0%

14,0%

28,3%

15,6%

13,2%

n/a n/a n/a n/a

Office

Industrial

Retail

Leasing Spread - Market Alignments* 2Q11 2Q10 var % 6M11 6M10 var %

Leasing Spread - Office 24,5% 12,7% 92% 22,7% 12,6% 80%

Leasing Spread - Warehouse n/a 10,6% n/a 22,6% 6,6% 241%

Leasing Spread - Retail 15,7% n/a n/a 15,7% n/a n/a

Renegotiated Area - Office (sqm) 9.330 944 888% 24.004 944 2442%

Renegotiated Area - Warehouse (sqm) - 10.223 -100% 14.798 16.792 -12%

Renegotiated Area - Retail (sqm) 97.431 n/a n/a 97.431 n/a n/a

Leasing Spread - New Leases* 2Q11 2Q10 var % 6M11 6M10 var %

Leasing Spread - Office 14,3% 13,8% 4% 14,7% 9,0% 64%

Leasing Spread - Warehouse 28,3% 14,0% 102% 15,6% 13,2% 19%

Leasing Spread - Retail n/a n/a n/a n/a n/a n/a

Leased Area - Office (sqm) 17.444 9.102 92% 25.787 17.625 46%

Leased Area - Warehouse (sqm) 5.130 1.883 172% 18.019 7.167 151%

Leased Area - Retail (sqm) n/a n/a n/a n/a n/a n/a

* Leasing spreads are net of inflation

BRProperties 2Q11

Operating Highlights

8

Financial Vacancy per Segment

We showed a financial vacancy of 2.3% for the period, a 63% decrease when compared to 1Q11.

Vacancy Breakdown

2010 1Q11 2Q11

3,8%3,1%

1,5%

8,1%

6,2%

2,3%

Physical

Financial

1Q11 2Q11

5,5%

1,6%

0,7% 0,7%

0,0% 0,0%

Off ice

Industrial

Retail

Vacancy per Property 2Q11

Property Type Financial Physical

CBOP - Jacarandá Office 1,36% 0,73%

Midas Office 0,06% 0,04%

Ventura II Office 0,21% 0,03%

Total Office 1,6% 0,8%

BP Jundiaí Industrial 0,04% 0,10%

Piraporinha Industrial 0,65% 0,59%

Total Industrial 0,7% 0,7%

Total Portfolio 2,3% 1,5%

BRProperties 2Q11

% Revenues

% GLA

% GLA

% Revenues

Lease Contract 3 Year Market Alignment Schedule

Lease Contract Expiration Schedule

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Operating Highlights

2011 2012 2013 >2013

3%7% 22%

69%

2011 2012 2013 >2013

2% 5%31%

62%

2011 2012 2013 >2013

32%

15%

27%

26%

2011 2012 2013 >2013

42%

19%

20%

20%

BRProperties 2Q11

Operating Highlights

10

Managed Properties

Property Management Revenues

(R$ thousand)

2Q10 2Q11 6M10 6M11

863

1.768 1.712

2.827 105%

65%

2Q10 2Q11

26

30

+4

36%

39%

% GLA Under Management

Managed Properties # Managed GLA

Athenas 1 6.718

Gloria 1 5.969

Henrique Schaumann 1 14.045

Joaquim Floriano 1 3.899

Mairynk Veiga (MV9) 1 12.511

Santo Antonio 1 4.009

São José 1 5.043

Icomap 1 8.802

Vargas 1 13.448

Panamerica Park 9 45.020

Ouvidor 1 7.802

Jacarandá 1 31.766

BP Jundiaí 1 53.345

Cond. Indl. São José dos Campos 1 73.199

BP Jandira 2 34.424

BP Itapevi 1 33.526

TNU 1 22.450

RB 115 1 13.500

Plaza Centenário 1 6.671

Indaiatuba 1 9.969

DP Araucária 1 42.697

TOTAL 30 448.812

BRProperties 2Q11

Stock Performance

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* As of August 11th, 2011

Current number of shares: 180,003,919

Market Value: R$ 2.9 billion

Average Daily Vol. (30d): R$ 12.3 million

Stock Performance (BRPR3) 2Q11 2Q10 var % 6M11 6M10 var %

Total Number of Shares * 174.753.919 139.391.381 25,4% 174.753.919 139.391.381 25,4%

Free Float (%) 99% 99% 0,0% 99% 99% 0,0%

Stock Price (average for the period) 17,66 12,16 45,2% 17,49 12,33 41,8%

Stock Price (end of period) 17,50 12,85 36,2% 17,50 12,85 36,2%

Market Cap end of period (R$ million) 3.058,2 1.791,2 70,7% 3.058,2 1.791,2 70,7%

Average Daily Trading Volume (R$ million) 10,85 3,34 224,9% 9,58 4,81 99,2%

Average Daily Traded Shares 616.953 276.203 123,4% 548.476 387.351 41,6%

Average Daily negotiations 688 89 672,9% 573 130 340,8%

GP5,6% Laugar

3,2%Silverpeak

1,0%

GIC6,4%

Management0,7%

Other83,0%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%BRPR3

IBOV

IMOB

BRProperties 2Q11

IR Contacts

Investor Relations

Pedro Daltro

CFO & Investor Relations Officer

Leonardo Fernandes

Investor Relations Manager

Marcos Haertel

Investor Relations Analyst

Phone: (55 11) 3201-1000

Email: ri@brpr.com.br

www.brpr.com.br/ri

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