I will now turn the call over to Mr. Matías Gaivironsky, CFO.
Thank you, Santiago. Welcome, and thank you for joining us in this presentation of our second quarter 2025 results. Let me summarize the main events of the quarter. During this six months period, we reported a net loss of ARS 41 billion, mainly explained by a non-cash effects of the appraised sale of our investment properties. Our shopping malls have shown a steady recovery in occupancy and tenant sales. We have also completed the acquisition of our 16th mall, Terrazas de Mayo, in Greater Buenos Aires. In the office segment, we have achieved a full occupancy of our premium portfolio. About our hotel segment, after a record high during the last year, this year, we are seeing weaker results, both in occupancy and revenues.
We have achieved a major milestone with the sales of the first two plots of our main project, Ramblas del Plata, that Jorge will explain that later. During the last quarter, we pay again dividends with a yield of 8%+ shares in treasure. Now, let me introduce Santiago Donato, our IRO, to continue with the presentation.
Thank you, Matías. Here we can see on this page three, the evolution of real tenant sales in the last years in our shopping malls and occupancy rates as well. As Matías mentioned at the very beginning, our shopping malls keeps recovering on a quarterly basis. They increased by 21.4% on the second quarter of 2025 compared to the previous quarter, still 8.5% below compared to the same quarter of last year. The positive news is that we are starting to see positive numbers in recent months, We expect that the next quarter, the third quarter of 2025, is gonna be really good. Prospects are positive in line with the economic and real wages recovery in Argentina.
In terms of the stocks, you can see there, we incorporated to our portfolio a new shopping mall this quarter, Terrazas de Mayo, that Jorge Cruces will explain a little bit more about that acquisition, adding almost 34,000 sq m of GLA to the portfolio. Occupancy remained quite very high and stable at levels of almost 98%, grew compared to last quarter. Last quarter was a little bit down. This figure, we are excluding here, Terrazas de Mayo, as it's we have recently acquired. Terrazas is occupied at 82.3%, we expect to improve its occupancy level in the upcoming months. The plan there is to do a turnaround and an improvement in tenant mix, and occupancy and profitability that Jorge will explain better. Moving to next page.
Here we have the office operating figures. We have been selling some additional floor. We sold one floor more of 200 Della Paolera in the last quarter at very competitive prices. We currently manage a portfolio of 58,000 sq m of GLA, mostly A+ and A category. The great news is that we fully occupied that premium portfolio, we've reached 100%, mainly due to the full occupancy at that building. There is a return to office work in the country and we are seeing very good occupancy levels in the whole industry, even though our portfolio is above the average of the market. In terms of rents, we are similar levels, quite stable in levels of $25 per square meter per month.
To finish the rental part, we have the hotels. The hotels has represented a challenge this year after two years of boom and record EBITDA and occupancy. The tourism activity and hotels activity in Argentina is facing the context of the appreciation of the Argentine peso compared to the dollar and lower influx of international tourism in the country. You see occupancy a little bit down comparing to last year from almost 72% to levels of 67%. Rates per room also decreased a little bit, except in Jauja that we reached almost $500 per room. Despite this situation, the hotels are generating good revenues when you compare to its historical average levels and provides a good diversification to our rental portfolio.
Of course, the evolution of these segments will depend on the effects and tourism trends in the country. Moving forward, I will introduce Jorge Cruces, our CIO, for all our CapEx plans and projects under development.
Thank you, Santiago. Good morning, everybody. As said, we have acquired Terrazas de Mayo Shopping Mall located in Malvinas Argentinas. By the way, I live close by. This is the outskirts of the city of Buenos Aires towards the northwest. It has a gross leasable area of approximately 33,700 sq m. It features around 86 stores, 20 stands, + 15 food court shops and 10 cinemas. The transaction amount was set at $27.75 million, of which $16.65 million have been already paid. As for the rest, it will be canceled by halves, 20% 36 months after the first payment and the other 20% upon the deed signing.
We are very excited about this acquisition, not only because $800 for each gross leasable area is a very reasonable acquisition price, but also because we believe there's a great turnaround opportunity. Let's recall key numbers of Ramblas del Plata. 870,000 billable sq m. With basements, it totals more than 1 million sq m. If we convert to sellable sq m, it's around 700,000 sq m, more than 10,000 new homes, and an estimated investment over $1.8 billion. We are proud to say that it's the most important private development ever in the city of Buenos Aires history. It's rolling. Marketing the peninsula is divided into three phases. Stage one covers over 125,000 sellable sq m. It's located surrounding Central Bay.
Stage two covers close to 300,000 sq m, and it's located towards Puerto Madero. Stage three covers around 270,000 sq m and is closest to the river. We sold two parcels to a well-known developer for $23.4 million with a 30% down payment. The parcels are A 2 and G 1. More than 40,000 sq m are allowed to be built. We also signed a lease agreement for the development of a sports complex. It will have a driving range, paddle tennis, gym, and other attractions. Meanwhile, we are moving forward with 14 swaps, of which 10 are in an advanced stage. Altogether, we estimate sales for $120 million.
The environmental approval certificate was issued in December, enabling us to start construction of the infrastructure, roadworks, and public park of the first stage and part of the second stage. The infrastructure work will be in the surface of 27 plots, almost half of the total amount of plots. We estimate an investment of $23 million. We've broken ground with the earth-moving works, consolidating the earth mound around Central Bay. This is required so we can complete the steel sheet piling border. The sheet piling work contract has been awarded to Ascenda and Sentronic, and we'll start delivering steel sheets and working on-site by April. We have also received biddings for roadworks, sewers, and drainages. We shall be awarding those contracts in the next weeks. Edificio del Plata.
During the month of November, the building hosted Casa FOA, one of the most important design and architecture exhibitions in Latin America. For the event, a sales office was set up along with two model units to showcase and launch commercial actions. Around 100 apartments have been reserved at an average price of $4,000 per sq m . That's $15.3 million. We have begun the process of signing the purchases agreements. Regarding construction, architectural projects have been delivered, we're ready for bidding. Upcoming bids shall concrete structure and major civil works. In the meantime, we have already started a first phase of construction by doing some demolishing work in the basements. Next with that housing. The project is located between that shopping center and Citi office building.
It includes two levels of office space, around 5,000 sq m, 160 apartments in five levels, and a commercial esplanade that links that with Citi. We estimate the environmental aptitude certificate renewal will be granted by March, which will allow us to start work plans and construction permits. The estimated delivery date for architectural projects is by the end of May. Project Caballito, city block number 35. The project has three residential towers with 500 apartments and 500 parking spaces. We have been adjusting the project to meet new market needs. As for the construction work, the focus is on tower number three. The concrete structure in elevation is totally finished. Masonry work has been completed up to the fourth floor. We are currently working from the fifth floor to the 13th floor. La Plata.
Construction works are in progress. Soil moving stage has been completed, stage two should be finished by the end of May. We started outdoor gas infrastructure work, we estimate completion by October. Last but not least, we are soon beginning concrete and steel structure work. From then, we shall start marketing the residential parcels surrounding the shopping mall. We expect this to be another success story like Alto Rosario has been in the past. Alto Rosario is a mixed-use development. First, we built a shopping mall, then we sold the whole city block for mostly residential, but it also had office building and an hotel. Now subdivision of the parcel of the shopping mall has been approved. This allows us the construction of four residential towers, approximately 40,000 sellable sq m.
Alto Rosario is still growing and has become one of the trendiest areas in Rosario. Mixed-use developments close to our shopping malls have been very successful. Not only in Alto Rosario, but also it happened in Abasto. Residential buildings in Distrito Diagonal and in DAR should be a hit, no doubt about it. Ruilof Mist II is in Pilará. We expect the infrastructure to be finished by the end of the year. The overall project has 330 single-family lots. 125 lots are ours, and we expect to sell them for approximately $23 million. We began commercialization. To date, 33 lots are being sold for $5 million. We spoke quite a bit about residential developments, and that's because we believe in their potential. First, as a percentage of GDP, mortgages are 0.5%, close to nothing.
This is changing. Credit deeds have grown 15% this last year. Apartment prices have also increased somewhere between 10% and 20%, depending on the neighborhood. That's because there's been a lot of sales this last year, as we can see on the chart. These fundamentals are driving us to focus on residential. Now, let me give the floor back to Matías. Thank you.
Thank you, Jorge. Trying to explain our financials for this six-month period. First, we need to understand what happened with inflation and the devaluation. Remember that last year in December was the big jump in the FX from ARS 350 to ARS 800 per dollar. During this year, the government implemented the strategy of a crawling peg, going at 2% per month and now from, at 1% per month. In terms of real appreciation or depreciation of the peso, last year, we have an important devaluation of 52%, and this year we have an appreciation of the effects of 7%. Regarding the blue chip swap, this year, the effects almost, the gap between the official and the blue chip swap almost disappear.
Remember that we to express in pesos term valuation of our offices and land bank, we use the dollar MEP, because of that, we are posting some losses this year because that gap didn't exist anymore. Going to the next page, about the adjusted EBITDA, we can see numbers in line with the previous year in malls and in offices. In offices, we have some improvement because of the effects. In terms of dollars, it's almost the same. Remember that we signed the agreements at official dollars per sq m. Now we have a little better numbers in pesos term. We can see here also the drop in the hotel EBITDA from ARS 15 billion to ARS 5 billion this year.
About margins, we can see margins of malls in line with the previous year. Offices improving a little, and a drop in the hotel margins from 38% to 17%. Next page, we can see in the right part the main effect of the, of this semester about the valuation of our investment properties, where the last year we post an important gain of ARS 300,000 million, compared with ARS 233 million lost during this year. When we analyze the value in dollar terms, I can say that in offices and the land bank remain very stable in dollar terms. It's almost the same numbers. In malls, we are improving a little devaluation because we are using a DCF model, and the country risk decreased during the year.
We are giving effect of that decrease in the country risk, and that generates an improvement of around $100 million of our mall portfolio. Going forward, we believe that this valuation of malls should increase a little more, basically because the country risk is decreasing and our figures also on the operational side are improving. When we believe that in the next quarters, we will keep increasing the valuation of that segment.
About the net financial results, as I said at the beginning, last year we have the impact of the valuation that you can see in the table on the left side, on the bottom, where you can see a net FX result of ARS 205 billion loss compared with a gain of ARS 21 billion this year because of the appreciation of the peso. We have lower results on the inflation assessment, basically because of the reduction of the inflation. The net interest remained stable compared with the previous year. We have a gain with of the fair value on financial and assets and liability that are related to our liquidity that improved in terms of valuation.
Finally, about the income tax, we can see here a gain of ARS 34 billion that is divided, and a gain of ARS 93 billion related to the deferred tax and a current tax of ARS 60 billion that this year we will start to pay taxes again, the income tax again, after consuming all the tax credit during the last years. We are estimating that this year we will start to pay income tax again. With all those effects, we finished the quarter, the six-month period, with a loss of ARS 40 billion compared with the gain, an important gain last year. When we value in dollar terms, we can see here the rental EBIT evolution.
We can see that we will keep generating good levels of cash in all the segments, in line with the previous years. We are happy with this performance. About our debt, we finished as of December 31, with a net debt of $255 million. Remember that during the last quarter of the year, we paid a dividend of around $77 million, we paid the 60% of the acquisition of the shopping mall, Terrazas de Mayo. With that, we only increased a little the net debt to $255 million. That is very conservative in terms of ratios, 1.6 times net debt to EBITDA and LTV of only 12%.
As I said, well, we paid the dividend in the last quarter, $77.6 million. That was a dividend yield of 8%. We'll keep paying good levels of dividend during the last three years. With that, we conclude the presentation. Now, we invite you to ask any question that you may have.
Thank you, Matías. While we start the Q&A session, we will take the questions by chat in the order we receive them. Here we have the first one related to Ramblas del Plata. If we can give some color on price per square meter that you're planning to achieve for this project.
It depends on the building. There's gonna be different kinds of buildings. I believe that the high towers are gonna be more expensive maybe than the other ones. Let's say there is. When we receive those apartments, it's not gonna be less than $4,000 at the beginning. It depends on how the project is gonna be consolidated. It depends on the country also. I don't think it's gonna be less than $4,000 the low buildings, and maybe close to $5,000 the tall towers. It should get into, during the future, may get all the way to $6,000, maybe.
Thank you, Jorge.
It's gonna take a while. We're gonna be receiving the apartments maybe like in four years from now. From now until then, it's gonna be increasing quite a bit, the amount of dollars for each square meter.
Another question regarding financing of this project, probably from Matías. How do you plan to finance all these huge investments that is backing for the next years?
Well, depend on the project. About Ramblas, as we mentioned in the past, what we are doing with this strategy, at the beginning, we sold some plots that will cover the infrastructure. We are swapping the rest of the plots with local developers. IRSA an investment. We will receive the square of the finished units, and then we will sell the units. That won't consume any cash for the company. Regarding La Plata project or Edificio del Plata, where IRSA is one of the investors, it's not the only investor. We have around 28% of the sq m. Sorry, 23% of the square meters. We are one of the investors. Next, building. We have today a strong cash generation.
Think that any of these projects will take, like, two years, three years of development. You have to divide the amount of the investment by three years. We believe that with our own cash generation, we can finance easily all those projects. If we need to increase a little our debt, today we believe that our debt structure is too conservative in terms of ratios, in terms of LTV. Considering also that the company will start to pay taxes again. The tax shield on the debt also will help us, and to improve our capital structure. Maybe if we need, we will increase a little our debt.
Well, we need some more minutes for any additional question that you may have. Please use the chat. Well, I don't see any more questions, so I will turn back.
We conclude the presentation. I will now turn back to Matías for his closing remarks. Here I have one more. Sorry. Well, how do you plan on managing all the maturities next year, 2025?
Well, first of all, we have liquidity, so we have a important cash position. If we want to just to cancel the debt, we can. We will analyze the best structure if we go to the market or to raise debt on the banking system. We have today the liquidity to cancel the debt, so we feel very comfortable about the following amortization.
Now, yes, Matías, you can conclude with your closing remarks for the period, and we see you the next quarter.
Okay.
We expect the next two quarter to bring positive news for our shopping mall segment. As Santi said, as we compare against the period following the beginning of Milei administration, when consumer spending experienced a significant contraction, we anticipate seeing improved numbers on a quarter, when we compare with the last year. Additionally, we should see further progress in signing of the initial swaps of Ramblas del Plata. We expect in the next two quarters positive news about that, as well as the commencement of the construction of the several of our projects. We see the year very positive with good news to come. Thank you very much for all of you to participate in this call, and see you in the next one.