São Carlos Announces Its 3Q19 Results

São Paulo, Brazil - November 06th, 2019 - São Carlos Empreendimentos e Participações S.A. (B3: SCAR3), announces today its third quarter of 2019 results.

To access the Earnings Release, click here.


  • Gross revenue from leases totals R$ 65.2 million in the quarter, 9.0% up from 3Q18. On a same asset base, revenue grew 8.2%
  • EBITDA reaches R$ 47.1 million - a 8.5% growth over 3Q18. FFO grows 62.8%, reaching R$ 22.3 million and 36.2% margin
  • Recurring net income reaches R$ 11.2 million in 3Q19, 2.2 times 3Q18 recurring net income
  • Portfolio closes 3Q19 with physical and financial vacancies of 14.1% and 12.0%, respectively, significantly below market averages
  • Portfolio market value reaches R$ 4.6 billion, according to CBRE‘s annual appraisal. The appreciation in 12 months was 10.3%
  • NAV (net asset value) reaches R$ 3.6 billion, or R$63.3 per share, 12.6% up from 3Q18
  • Acquisition of the João Brícola Building for R$ 70 million, at a 10.2% cap rate
  • New financing of R$ 200 million at an annual cost equivalent to CDI + 1.09% and prepayment of debts in the amount of R$ 115.5 million, with an average cost of TR + 9.8% per year (equivalent to CDI + 3.3%)
  • Distribution of R$ 16.9 million in dividends to be paid in 29th November, 2019, equivalent to R$ 0.3012 per share, referring to 2019 fiscal year

São Carlos is pleased to invite you to join its 3Q19 Results Conference Call:

November 07th, 2019
10:00 (Brasília time)
08:00 (US EST)
Phone: +55 (11) 3127-4971
Code: São Carlos
Replay phone: +55 (11) 3127-4999
Replay Code: 31562743
Webcast: click here

Participants are requested to connect ten minutes prior to the time set for the conference calls.

Slides and webcast: A slide presentation will be available for viewing and downloading in our website The conference call in Portuguese will be live broadcast over the Internet on the same website, remaining available after the event.

For additional information, contact the Investor Relations Office:

Investor Relations Department
Phone: +55 (11) 3048-5419

About São Carlos Empreendimentos
São Carlos Empreendimentos is one of the main companies in the sector of investment and administration of commercial properties in Brazil. Its goal is to maximize rental revenues and the real estate portfolio´s market value. Our business strategy includes investing in commercial properties, retrofitting our real estate and increasing rent, and disposing of already matured properties. We currently have a portfolio which includes mostly class A office buildings and retail stores, located in the States of São Paulo and Rio de Janeiro.

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