...Solid Fundamentals The industry's cash flow generation is viewed as stable and resilient due to revenue and lease structures that incorporate fixed and inflation-adjusted components that reduce volatility in revenues and margins. In 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. 2014 Operational Performance to Remain Stable The operational performance of leading mall operators (BR Malls, Multiplan, Iguatemi, General Shopping Brasil, Aliansce and Sonae Sierra Brasil) should remain stable despite weak economic growth, increasing domestic inflation and deceleration of retail consumption. The structure of the leases and the shortage of high-quality malls continue to give operators a strong position. This should enable them to have high EBITDA margins and strong cash flow generation in 2014. Healthy Metrics The sector's leading companies have healthy levels of occupancy...
