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ALIANSCE SONAE: 98% of GLA open with high occupancy

RIO DE JANEIRO, Aug. 12, 2020 /PRNewswire/ -- Aliansce Sonae Shopping Centers S.A. (B3: ALSO3), one of the largest shopping mall owners and operators in Brazil, announces its results for the second quarter of 2020 (2Q20).

2Q20 Highlights:

98% of the portfolio's GLA opened. The reopening process of Aliansce Sonae's portfolio started in May and accelerated during June and July 2020. As of the closing date of this report, 26 out of the 27 portfolio's owned malls are operating, representing 98.2% of the GLA and 98.4% of the 2019 NOI 

Sales recovery. The malls located in the Northern Region of Brazil and the state of Rio de Janeiro, which remained open for a more extended period than the rest of the portfolio, stood out in terms of sales performance, after the reopening. In June, the average daily sale of these assets represented 65% of June 2019 levels. 

Occupancy rate confirms expectations. The 2Q20 ended with an occupancy rate of 95.2%, down by 0.5 p.p. compared to 1Q20, confirming the expected lower than 1.0 p.p. impact on vacancy, at the reopening.

Positive NOI reflects cost reduction actions. Aliansce Sonae reached a positive NOI of R$ 4.8 million, already after increased PDA effect and excluding the straight-line rent adjustment, which highlights the Company's discipline in reducing costs, in a scenario of lower revenue.

Robust liquidity and cost discipline. Aliansce Sonae ended 2Q20 with a solid cash position of R$ 1.3 billion and net debt/Ebitda 1.1x, reflecting discipline in reducing costs and expenses and maintaining a strong balance sheet, even with almost all malls closed for most of the quarter.

Partnerships for online sales with consistent growth. The Company currently has 3,500 stores connected to its digital platforms, representing 67% of the potential base, which should enable a much stronger tenant engagement once the marketplaces for each mall are launched.

Unlocking landbank value. Aliansce Sonae land bank totals more than 4.4 million sqm in construction potential, considering the portfolio's GLA at 100%.

For a full version of 2Q20 Earnings Release, please, refer to https://ri.alianscesonae.com.br/en

Aliansce Sonae will hold its conference call and webcast in English on August 13th, at 10:00 a.m. US ET (in portuguese) / 11:00 a.m. US ET (in english). To access the call, dial +1 (412) 717-9627 / +55 11 3181-8565 / +55 11 4210-1803, code "Aliansce Sonae". Webcast is available at https://ri.alianscesonae.com.br/en

For more information, please, contact Daniella Guanabara, IRO, at + 55 21 2176-7272 or ri@alianscesonae.com.br

SOURCE Aliansce Shopping Centers S.A.

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