ABRASCE: Brazilian Mall’s Association

CAGR Compound annual growth rate

Cap Rate: The percentage that represents the annual income from the assets over their market value.

GLA or Gross Leasable Area:  Sum of all the areas available for lease in malls, excluding merchandising.

IPCA: national consumer price index, published by the IBGE (Brazilian institute of statistics)

Mídia: Revenue generated by the rent of mall spaces for promotion and marketing

NOI: Net Operating Income it´s the sum of the rent revenues, mall & midia revenues, parking Income, and commercial revenues deducted of operational expenses such as administration and commercialization fee.

Occupancy rate: Leased GLA divided by total GLA.

Owned GLA: total GLA weighted by the Fund´s share in each mall.

Sales: Sales reported by the stores.

Same Stores Sales (SSS) : Percentage change on  stores’ sales from stores that were operating in the last 12 months.  Index weighted by the portfolio’s owned GLA

Same Stores Rent (SSR): Percentage change on rent from stores that were operating in the last 12 months.  Index weighted by the portfolio’s owned GLA

Tenant Mix: Portfolio of tenants strategically defined by the shopping center manager.

Vacancy: GLA of a shopping center available for lease.

Vacancy Rate:  vacant GLA divided by total GLA