3Q21 Conference Call Presentation

Conference Call

3Q21

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Highlights & Portfolio

3Q21 Highlights and Subsequent Events

BR Properties registers 11 thousand sqm of new leases in 3Q21,

totaling 99 thousand sqm leased in the year

3Q21 Highlights

• In 3Q21 BR Properties' net revenue of BRL83.5 million was up 6% vs 3Q20's.
• The Company's 3Q21 Adjusted EBITDA was BRL58.3 million, down 0,8% vs the third quarter of 2020. Its EBITDA margin achieved 70% in the quarter.
• BR Properties' 3Q21 adjusted net financial expenses totaled BRL38.0 million, up nominally BRL28.6 million vs 3Q20's results. This result is explained by the increase in the basic interest rate in the period, and by the increase in net debt.
• BR Properties' 3Q21 net income was BRL38.3 million, up 135% vs 3Q20's.
• Excluding 3Q21 noncash and non-recurring effects, the company's posted, in 3Q21, a FFO of BRL19.8 million, down nominally BRL28.9 million vs 3Q20's. Its FFO margin achieved 24% in the quarter.

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BR Properties' 3Q21 net debt was BRL1,931.0 million, and its cash position BRL1,161.4 million.

In 3Q21, the average effective cost of debt was 8.7% (CDI+2.4%).

In 3Q21 the average rent / sqm / month of the same commercial property portfolio nominally was up 7.7% in the last twelve months. Compared to the previous quarter, the average rent increased 1.7%.

In 3Q21 and in October, BR Properties signed 10,796 sqm of its GLA under new leases, totaling 98,694 thousand sqm leased year-to-date. It is worth pointing out that, out of the total volume leased in the quarter, 8,596 sqm correspond to leases in the city of São Paulo, and 2,200 sqm to leases in Rio de Janeiro.

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3Q21 Highlights and Subsequent Events

• In 3Q21, BR Properties' consolidated financial and physical vacancy rates were 29.6% and 30.8% respectively. If not considering its recent acquisition at Parque da Cidade Complex of 101,926 sqm, its consolidated financial and physical vacancy rates were 16.5% and 19.2% respectively.
• In July, BR Properties concluded the sale of 20% of "JK Complex - Tower B" ideal fraction, located in the city and state of São Paulo. The ideal fraction sale is equivalent to a gross leasable area (GLA) of 6,126 sqm, for the total amount of BRL184.7 million, or BRL 30,150 per sqm of GLA, representing a 6% premium on the mark-to-market value of this asset.
• In 3Q21, BR Properties acquired three commercial buildings designed for retail occupation (restaurants and other services), which are part of Parque da Cidade Complex, and represent the Company's strategy of consolidating triple A assets. The acquisition comprises a gross leasable area (GLA) of 2,286 sqm for the total amount of BRL 28,000, or BRL 12,248 per sqm of GLA. The transaction execution is subjected to overcoming suspensive conditions set forth in the SPA (Sale and Purchase Agreement).
• The Company entered into an agreement with "Fundo De Investimento Imobiliário - VBI Logístico", regarding the landbank "Galpão Pirituba". The Term of Agreement stipulates the greenfield development, by the Fund, of a real estate project consisting of two Last Mile logistics warehouses with a total built up area of approximately 8,450 m². Upon completion of construction, the Company will own 40% of the Development. The execution of the referred transaction is subjected to overcoming suspensive conditions set forth in the Term of Agreement. BR Properties will have no cash disbursement in this transaction and will also no longer be responsible for the area's maintenance costs.
• In August 2021, BR Properties signed a Sale and Purchase Agreement with "Fundo De Investimento Imobiliário - VBI Logístico", aiming the sale of a logistics warehouse under development, with gross leasable area of 35,690 sqm, which is part of the "Galpão Cajamar I" project, a Company's development, with its construction's completion scheduled for the beginning of the 2nd quarter of 2022. The sale comprises approximately 24% of the project's total leasable area, which totals 149,525 sqm of GLA, and will be sold for the total amount of BRL 123,2 million, equivalent to BRL 3,452 per sqm of GLA. It is worth mentioning that the total development cost, including the land cost, was BRL 2,508 per sqm.
• Also in August, the Company has concluded the sale of the warehouse "Galpão Tucano", located at Brazilian Business Park (BBP) Complex with gross leasable area (GLA) of 31,718 sqm, for the total amount of BRL 94,000, representing a 5% premium on the mark-to-market value of this

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3Q21 Highlights and Subsequent Events

• In September 2021, the Company has executed an agreement providing for an exchange of real estate properties, with the difference in value to be paid in cash, aiming the acquisition of a landbank, located in the municipality of Cajamar, for the purpose of developing logistic/industrial warehouses with approximately 150,000 sqm of gross leasable area (GLA). The landbank is located adjacent to the "Galpão Cajamar I".
• The Contract establishes the development by the Company of two condominiums ("Galpão Cajamar II"), which will be comprised of four warehouses. The acquisition price of the land corresponds to the obligation of construction (swap deal) of 33% in the Galpão Cajamar II with an additional payment in cash, in the amount of BRL 10,000. Upon completion of the Galpão Cajamar II, the Company will own 67% of the project, approximately 100,500 sqm.
• In 3Q21, the Company ended its 2020 Share Buyback Program. The total number of shares repurchased by the Company under the 2020 Share Buyback program was 10,994,600 common shares, book-entry and without par value, which were repurchased at an average price of R$8.63 per share, representing 99.95% of the program. The 17,350,586 common shares remaining in treasury after the completion of the Program, were cancelled on August 20 with no reduction in share capital.
• Yet in the quarter, BR Properties approved its new Share Buyback Program aiming the acquisition of up to 18,000,000 common shares issued by the Company. By the end of the third quarter of 2021, 10,105,800 common shares had already been repurchased, which were acquired at an average price of BRL 8.58 per share.
• In accordance with BR Properties' new Dividend Policy, it was approved on the AGM the distribution of dividends in the amount of BRL 94.7 million, equivalent to BRL 0.196 per share. Out of this amount, BRL71.0 million were paid up to September and the remainder will be paid in another BRL 23.7 installment in December.

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