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São Carlos announces its 3Q20 Results

São Paulo, Brazil - November 4th, 2020 - São Carlos Empreendimentos e Participações S.A. (B3: SCAR3), announces today its third quarter of 2020 results.

To access the Earnings Release, click here.

MAIN HIGHLIGHTS

  • Gross revenue from leases comes to R$ 63.5 million in the quarter, down 2.6% due to the sale of assets in the last 12 months (CE Região Portuária and Jardim Tietê Building). In the same asset base, gross revenue grew by 3.1% in 12 months. In the first nine months of 2020, gross revenue from leases grows 5.5% in comparison with the same period of 2019
  • EBITDA and FFO reaches R$ 46.4 million and R$ 19.4 million in the quarter, with margins of 78.4% and 32.8%, respectively. Year-to-date, EBTIDA grows 7.3%, reaching R$ 145.2 million with a margin of 78.1%, and FFO grows 19.0%, reaching R$ 65.1 million with a margin of 35.0%
  • Net income reaches R$ 50.4 million, including gains from sale of assets. Recurring net income reaches R$ 7.5 million in 3Q20. In the first nine months of 2020, accumulated recurring net income increases 29.6%, compared to the same period of 2019
  • The portfolio‘s market value reaches R$ 4.9 billion, according to CBRE´s annual appraisal, with an appreciation of 8.2% in the last 12 months
  • Divestment of Jardim Tietê Building for R$ 87.5 million at a cap rate of 7.0% and a real IRR, net of taxes, of 11.4%
  • NAV (Net Asset Value) per share reaches R$ 70.0, up by 10.6% over 3Q19
  • New financing of R$ 150.0 million with nominal annual interest of 3.53% (CDI + 1.5%) to partially amortize a financing with annual interest of TR + 8.9%. Net debt equivalent to 19.9% of the portfolio‘s value by the end 3Q20



São Carlos is pleased to invite you to join its 3Q20 Results Conference Call:

Portuguese
November 5th, 2020
10:00 (Brasília time)
08:00 (New York time)
Phone: +55 (11) 3127-4971
Code: São Carlos
Replay phone: +55 (11) 3127-4999
Replay Code: 97172382
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 www.scsa.com.br/ir. 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
E-mail: ri@scsa.com.br
Website: www.scsa.com.br/ir

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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