1. BRProperties
1Q10 Earnings Release
May 14th, 2010

2. Highlights
 Gross Revenues increased by 52% compared to 1Q09
 Adjusted EBITDA, excluding stock option plan expenses and bonus provision, of R$ 35.5 million at
Financial the end of 1Q10, an increase of 53% compared to 1Q09
Highlights
 Pro-forma EBITDA of R$46.8 million in 1Q10, with an EBITDA Margin of 88%
 Net Profit of R$11.8 million, an increase of 68% over 1Q09
 Finalized the acquisition of seven remaining properties from 2009: DP Araucária, five warehouses
at Brazilian Business Park, and Nações Unidas Tower, for the amount of R$ 322 million
Operational  The number of properties managed by the Company increased from 23 in 1Q09 to 27 in 1Q10
Highlights
 Our revenues from services rendered grew by 98% in 1Q10 compared to 1Q09
 Real growth of 5.4% in value of new leases/renegotiations in the 1° Quarter of 2010
 In April, we acquired the office building “Ed. Jacarandá”, with approximately 32,000 sqm of GLA for
R$180.0 million. The building was recently developed, and is already leased to Philips and
Redecard.
Recent  Also in April, we acquired another 4 industrial warehouses in Louveira/SP for R$181.0 million.
Events These warehouses reinforce the Company’s presence in the region, where we own over 250,000
sqm of GLA.
 At the moment, we have already acquired 25% of the acquisitions outlined in the capital budget
BRProperties -2- 1Q10

3. Recent Acquisitions
DP Araucária  On January 22nd, 2010, we acquired “DP Araucária”, a distribution park
located in the city of Araucária/PR, for the amount of R$69.9 million
Property Overview:
GLA: 42,697 sq m
% Acquired: 100%
# Warehouses: 1
100% leased
 On February 26th, 2010, we concluded the Brazilian Business Park
acquisition of “Brazilian Business Park” for R$101.2
million
Property Overview:
GLA: 59,182 sq m
% Acquired: 100%
# Warehouses: 5
100% leased
TNU  On March 16th, 2010, we acquired the office building “Torre Nações
Unidas”, located in the Marginal do Rio Pinheiros region for R$151.2
million
Property Overview:
GLA: 25,555 sq m
% Acquired: 100%
# Floors: 18
Under retrofit, currently 50% leased
BRProperties -3- 1Q10

4. Recent Acquisitions
CBOP – Ed. Jacarandá
 On April 12th, 2010, we acquired for the amount of the
R$180.0 million, the office building “Edifício Jacarandá”,
located in the Castelo Branco Office Park.
Property Overview:
GLA: 31,954 sq m
% Acquired: 100%
# Floors: 14
Recently developed – 50% leased to Philips and Redecard
 On April 20th, 2010, we concluded the DP Louveira 3, 4, 5 & 6
acquisition of 4 logistics warehouses
located in the “DP Araucária” complex,
where BR Properties already owns 2
other warehouses. The acquisition value
was of R$181.0 million.
Property Overview:
GLA: 106,306 sq m
% Acquired: 100%
# Warehouses: 4
100% leased
BRProperties -4- 1Q10

5. Portfolio
Portfolio Breakdown (% market value) Portfolio Breakdown (% GLA)
4%
25%
51%
46%
75%
Office Industrial Development Office Industrial
Portfolio Growth (GLA sq m)
868.807
106.306
31.954
25.555 730.558
59.182
(235)
646.055
Portfolio at Acquisition of Sale of Acquisition of 1T10 Acquisition of Acquisition of Current
IPO BBP Isabela (cj. TNU Ed. Jacarandá DP Louveira Portfolio
41) 3-6
BRProperties -5- 1Q10

6. Case Study
Sale Value Addition
Ed. Generali Henrique Schaumann
Acquisition Value R$ 16.6 mm Acquisition Value R$ 41.0 mm
Acquisition Date Aug/07 Acquisition Date Nov/07
Sale Value R$ 21.5 mm Re-tenanting R$ 6.5 mm / year (42%
increase on rental income)
Sale Date Jan/10
Retrofit Elevators/ Façade/Parking
Holding Period 29 months
IRR 36% 2009 Appraised Value R$ 78.0 mm
ROE*: 147% 90,0 45,00
38,10
80,0 40,00
70,0 35,00
26,97
30,00
60,0
25,00
50,0
21,5 78,0 20,00
40,0
15,00
16,6 30,0 10,00
41,0
20,0 5,00
10,0 -
Acquisiton Value Sale Value At Acquisition Current
* Before taxes Property Value
Lease/sq m
BRProperties -6- 1Q10

7. Operational Highlights
 Financial Vacancy of 8,3% in 1Q10; Excluding the TNU building, acquired in march, our
financial vacancy was 4.1%
Vacancy Breakdown
8,3%
7,3%
6,9%
6,0%
4,7%
4,1% Physical
Financial
2009 1Q10 1Q10 Ex - TNU
 Despite the recent increase in the vacancy rate, the prospect of leasing the vacant areas
is very positive given the forecast economic growth
 We expect our vacancy rate to return to its historic low levels in the short term
BRProperties -7- 1Q10

8. Operational Highlights
Lease Contract Readjustment Indices
1Q09 1Q10  In the quarter, we renegotiated
3% existing leases and signed new
5%
leases in vacant areas with an
15%
28% IGP-M average real gain of 5.4%
IPCA
Outros
69%
81%
Lease Contract Expiration Schedule Lease Contract 3 Year Renegotiation Schedule
(# of contracts) (# of contracts)
1%
8% 13%
10%
16% 25%
34%
40%
32%
21%
2010 2011 2012 2013 >2013 2010 2011 2012 2013 >2013
BRProperties -8- 1Q10

9. Operational Highlights
 Addition of three new properties under our management, which is performed by our
subsidiary, BRPR A Administradora de Ativos Imobiliários Ltda.
Managed Properties BRPR A Revenues
849
27
428
23
1Q09 1Q10 1Q09 1Q10
BRProperties -9- 1Q10

10. Financial Highlights
Net Revenues Adjusted EBITDA
85% 85% 88%
27%
52% 32%
53% 46.753
52.874
41.600
35.479
27.281
23.210
1Q09 1Q10 1Q10 Pro Forma 1Q09 1Q10 1Q10 Pro Forma
Adjusted EBITDA Margin
Net Income FFO
28%
26%
68% 49%
11.759
16.637
7.016
11.137
1Q09 1Q10 1Q09 1Q10
Net Margin
BRProperties - 10 - 1Q10

11. Pro-Forma Estimates
Methodology Adjusted EBITDA
(non audited)
55.000 90%
 Considers that the Company’s current revenues 88% 89%
were incurred from January 1st 2010, until March 50.000 88%
31st 2010 87%
45.000
85% 86%
Results 40.000 85%
84%
35.000 46.753
 Our pro forma gross revenues totaled R$58.6 83%
million, 27% above 1Q10 30.000 35.479 82%
81%
 Our adjusted EBITDA pro-forma margin was 25.000
88%, 80%
3% above the 85% margin attained in the period 1Q10 Actual 1Q10 Pro-forma
Adjusted EBITDA Margin
Additional Pro-forma Gross Revenues
(non audited)
5.096 58.621
2.592
2.923 1.312
46.198 500
27%
1Q10 DP BBP TNU CBOP Louveira 1Q10 Pro-
Actual Araucária forma
BRProperties - 11 - 1Q10

12. Financial Highlights
 The potential increase in the nominal interest rate until the end of the year would result in a small
increase in the TR, main index that readjusts or financing contracts
 The inflation increase, on the other hand, would have a positive effect on the Company’s results, given
that 100% of our lease contracts are indexed to inflation rates
 Our cash reserves are invested exclusively in bank notes indexed to the Brazilian inter-bank rate (CDI),
which would cause an increase in our financial revenues with the forecast increase in the SELIC rate
Effects of the Nominal Expected Positive Effects of the Growth
Interest Rate Increase of Inflation Indexes
(SELIC vs. TR) (TR vs. Inflation)
14,0% 9,0%
12,0% 8,0% 7,95%
12,00% Basket of lease contract
7,0% inflation readjustment
10,0% 8,75% 6,0% indices
8,0% TR
Forecast SELIC 5,0%
6,0% TR 4,0%
3,0%
4,0%
2,0%
2,0% 0,82% 0,82% 0,97%
0,97% 1,0%
0,0% 0,0% 0,00%
2009 2010e 2009 2010e
BRProperties - 12 - 1Q10

13. Debt
 Comfortable amortization schedule in the next few years, with low refinancing risk
Balance Sheet 1Q10 Debt Breakdown
Cash 698 Short Term Debt 92 4,8%
5,1%
Obligations for Acquisitions 58
Long Term Debt 637
Total Debt 788 TR
IGPM
CDI
Shareholders Equity 1.664
Net Debt 90
90,1%
Debt Amortization Schedule
221.818
77.812 72.846 81.006
63.496 56.650
42.008 48.312 37.904
24.025
2.738 1.027
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
BRProperties - 13 - 1Q10

14. Glossary
EBITDA (Earnings Before Income, Tax, Depreciation and Amortization): a non accounting measure which
measures the Company’s capacity to generate operational revenues, without considering its capital structure.
Measured by excluding the operational expenses from Gross Profit and adding back the depreciation and
amortization expenses for the period
(Gross Profit – General and Administrative Expenses + Depreciation + Amortization)
Adjusted EBITDA: adjustments made to EBITDA by excluding R$ 0.2 million from expenses regarding the
Company stock option plan, along with R$ 1.2 million in employee bonus provisions
FFO (Funds From Operations): non accounting measure, which adds back depreciation to net income in order
to determine, utilizing the income statement, the net cash generated in the period
(Net Income + Depreciation)
Vacancy - Financial: estimated by multiplying the average rent per sqm which could be charged in the buildings
and their respective vacant areas, and then dividing this result by the potential gross revenues of each
property. Indicates the percentage of potential revenue which is lost each month due to vacancy
Vacancy - Physical: estimated by dividing the total vacant area by the total GLA of the portfolio
BRProperties - 14 - 1Q10

15. IR Contacts
Investor Relations
Pedro Daltro
CFO & Investor Relations Officer
Leonardo Fernandes
Investor Relations Manager
Marcos Oliveira
Investor Relations Analyst
Phone: (55 11) 3201-1000
Email: ri@brpr.com.br
www.brpr.com.br/ri
BRProperties - 15 - 1Q10