The sector's leading companies have healthy levels of occupancy rates at 97%. Late payments are also manageable at only 2%. Same store sales (SSS) and same store rents (SSR) have slowed toward the end of 2013 and in the first-quarter 2014 vis-a-vis 2011-2012 but remains at adequate levels of 8%-9%. Fitch expects to see some retraction in SSS and SSR during the World-Cup soccer event, but it should not have a material impact upon 2014 results.
The sector's gross leasable area (GLA) has increased at a compound annual growth rate (CAGR) of 8.5% during the last five years ending
Over the medium term, expansion in the average income of Brazilians and favorable population demographics should continue to benefit the growth of the shopping mall industry. The sector's low penetration - around 60 square meters per 1,000 inhabitants for the country - also supports continued growth of GLA.
Additional information is available at 'www.fitchratings.com'.
--'Brazilian Homebuilders Dashboard' (
--'Brazilian Corporates Dashboard' (
Brazilian Homebuilders Dashboard
Brazilian Corporates Dashboard
Source: Fitch Ratings
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