Multiplan released third quarter 2019's results yesterday. In the first nine months of 2019, the Company invested 87.6% more than in 2018, totaling R$ 570.2 million.
In the third quarter, shopping center stores sales grew 5.2% over the same period of the previous year, rising to R$ 3.8 billion. Growth was driven by higher sales in 18 of the group's 19 projects.
Net Operating Income (NOI), the indicator that represents the sum of its property revenues excluding the expenses necessary to operate them, totaled R$ 297.5 million in the third quarter, growing 7.9% over the same period of the previous year, reflecting solid increases in rental and parking revenues.
EBITDA reached R$ 235.1 million, up 3.4% over the same period last year, benefited by the operating performance of the assets (NOI: +7.9%), partially offset by the accounting impact on the share-basedcompensation account, which increases the expenses line when its stock price rises. Excluding this effect in both periods, EBITDA would have risen 7.4%, reaching R$ 245.7 million.
Net income increased by 4.4% in the third quarter and totaled R$ 121.5 million, mainly due to the 8.0% increase in net revenue. Excluding this line, net income would have grown 12.0% and reached R$ 132.2 million, with a margin of 40.2%.
Same-store rent (SSR) was up by 10.8%, the highest growth in six years since the third quarter of 2013. Rental revenue reached R$ 267.0 million in the period, an increase of 8.9% over the same quarter of the previous year, mainly due to the recent acquisition of 20% of BH Shopping, which led to a 35.1% increase in rents in the quarter; the IGP-DI adjustment effect of 7.5%; and the addition of 20.1% in merchandising revenue. More than half of Multiplan's shopping malls posted rental revenue growth of over 10%.
One of the highlights of the period was the 40th anniversary celebration of Multiplan's first asset, BH Shopping. Over the period, the venture underwent revitalizations and renovations, making the mall even more aligned with industry trends. Multiplan also launched the new Investor Relations website, offering easy access to all documents, as well as new information for investors and analysts.
During the quarter, there was also the launch of Click & Pickup, a new feature of the Multi Superapp that allows clients to make in-app purchases and then pick them up within 45 minutes at a smart locker located inside the mall. Initially, functionality is available in BarraShopping (Rio de Janeiro) for non-perishable product categories with predetermined sizes. The service aims to make the consumer journey even more enjoyable, practical and full of experiences, strnegthening Multiplan's omnichannel strategy.