Multiplan Empreendimentos Imobiliários released October 27 the results of the third quarter of 2021 (3Q21) reporting positive advances in its financial and operational performance. Since September, all of the Company's malls have operated at 100% of regular opening hours and, even with restrictions on social distancing, Same Store Sales (SSS) for the quarter came in at 1.5% above 2019's levels. Total sales in the first 25 days of October 2021 exceeded those in the same period of 2019 by 9.7%.
Store sales at Multiplan's malls reached R$ 3.7 billion in 3Q21, equivalent to 98.3% in 3Q19 and 168.3% in 3Q20. Eight of the Company's shopping malls exceeded 2019's sales levels. VillageMall, benefited by its luxury goods stores, reported the highest percentage growth compared to 3Q19 (+26.3%), representing an increase of 70.1% over 3Q20. BarraShopping, which celebrated its 40th anniversary this week, also was a standout, with an increase of 3.3% over 3Q19 and 28.9% compared to 3Q20. Vehicle flow in the period was 80.4% of 3Q19's levels.
The mix change was 2.3% of the total GLA managed in 3Q21, with 132 stores and more than 18,000 square meters leased, excluding the rentals at ParkJacarepaguá. The occupancy rate reached 95.2%, with growth of 66 p.b., the highest quarterly rise since 3Q12, reinforcing the quality of Multiplan's portfolio and the demand of store owners for its malls. The Household & Office Goods segment showed the largest GLA increase in 3Q21, with almost 40% leased to typically online retailers.
Shopping mall rental revenue rose to R$ 290.7 million in 3Q21, the highest value ever recorded for a third quarter. The Company had the lowest net default rate since the beginning of the pandemic (3.9%). Multiplan continued to support its store owners, offering rental concessions, analyzed on a case-by-case basis - considering the different restrictions of each asset, as well as the variable impacts on different activities.
EBITDA reached R$ 216.1 million in 3Q21, down 69.3% compared to 3Q20, which benefited from the sale of Diamond Tower in July 2020. Excluding the sale of Diamond Tower, EBITDA in 3Q21 would have increased by 37.9% compared to 3Q20. Compared to 3Q19, EBITDA was 8.1% lower, mainly due to the effect of negative linearity in 3Q21. Excluding the Straight-line effect, EBITDA reached R$ 237.7 million in 3Q21, 6.1% above 3Q19 (also excluding the Straight-line effect).
Net Income totaled R$ 99.4 million in the quarter, down 82.5% compared to 3Q20, and doubling compared to 3Q20 if the sale of Diamond Tower in July 2020 is excluded. Compared to 3Q19, Net Income was 18.2% lower, mainly due to higher expenses with projects and Income Tax and Social Contribution.
In 3Q21, Operating Cash Flow (OCF) was above 2019's levels: it totaled R$ 176.7 million, an increase of 2.6% compared to 3Q19, with a margin of 54.8%, representing an important milestone for the Company, driven by the 13.1% increase in total rental revenue and the R$ 16.9 million improvement in financial results.
The number of individual investors continued to rise in 3Q21 compared to the previous quarter, totaling 51,814 individuals: an increase of 29.3% compared to June 2021 and 140.7% over September 2020. In October 2021, individual investors had become the largest shareholder block in the Company's free float. Also in October, Multiplan paid Interest on Equity, approved by the Board of Directors in December 2020, in the total gross amount of R$ 270 million.
ParkJacarepaguá with 95% of the GLA leased
Multiplan's latest project, ParkJacarepaguá in Rio de Janeiro, will open to the public in November and currently, more than 95% of its GLA has been leased. The new mall is the Company's most sustainable project and will contribute to the generation of more than 4,000 direct jobs.
Other new projects are planned within Multiplan's investment horizon: the expansions of ParkShoppingBarigüi and DiamondMall, and Golden Lake – the largest multi-purpose project from the Company's land bank, with 250,000 square meters of private area. Golden Lake will be developed in phases and the first of them, Lake Victoria, was launched in October with a potential PSV of about R$ 500 million. As of October 25, 31 units were sold, equivalent to 34% of Lake Victoria's 34,000 m² of private area and corresponding to R$ 162 million in sales.
