The replay can be accessed at the company's website, www.ri.hbrrealty.com.br. You can also download the slides from there. All participants will be in listen-only mode during the company's presentation. Then we are going to start the questions and answers session when further instructions will be provided. This video conference will be presented in Portuguese with simultaneous translation into English. To change the audio, you can click on the globe icon at the bottom right corner of your screen and then choose "Join" in the English room. You can select "Mute original audio" if you so wish. This video conference will be presented in Portuguese with simultaneous translation into English. To change the audio, you can press the globe icon on the lower right side of your Zoom screen and then choose to enter the Portuguese room.
After that, you can select "Mute original audio." Before proceeding, I would like to take the opportunity to emphasize that forward-looking statements are based on beliefs and assumptions of HBR Realty's management and are based on information currently available. Forward-looking statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists should take into account that events related to the macroeconomic scenario, the industry, and other factors that could cause results to differ materially from those expressed in such forward-looking statements. Today at this video conference, we have Mr. Alexandre Nakano, CEO of HBR Realty, Mr. Alexandre Dalpiero, CFO and Investor Relations Officer, and Mr. Alexandre Bicudo, COO. Now I would like to give the floor to Mr. Nakano, who is going to begin the presentation. Please, Mr. Nakano, you may continue.
Good morning, everyone. Thank you for being here, for your time, for your interest in our company. Today, you are going to witness a unique time of our company, a historical landmark. Many things happening here, and you are going to see quite robust operational results, operational results that make us very happy. We can see here that our operational machinery is working very well. We are going to talk about recycling, and this is the first time that we recycle in a very consistent way, a high amount. This demonstrates the maturity of our real estate cycle and the level we are at. We are also going to talk about OPA that you followed, and we are going to give you a few more details. About the third quarter of 2026, I would like to mention the highlights.
Something that makes us very happy is related to SG&A over net revenue. You have been following our company over the next few quarters and our recent video conferences, and we are increasing our revenues and lowering our costs. Now we have reached in the third quarter a 17.5% ratio. This demonstrates our discipline and concern of delivering value to our shareholders. The idea is to increase the business to grow and grow, keeping the discipline of costs. We have been able to reach a gross revenue of BRL 66.3 million, 20% up. BRL 58.8 million is the net revenue, and the managerial NOI, 15% above, getting to BRL 36.5 million. This is very robust growth, two-digit growth. This has been going on over the last quarters, and we are not going to slow down. The idea is for us to keep up with this growth in future quarters.
Now, looking into the details, looking at the opportunities, HBR Opportunities, the highlight here is W Hotel. You can see that we have record occupancy of almost 62%. I personally believe that this hotel will always be in 60% or 70% occupancy average. Of course, you need to understand that this is average. Now, we have Formula 1. We are sold out 100%, more than even 100% occupancy. There will be weeks like July and January that there is a slowdown. On average, we want to be close to 70%. Net revenue driven by W is BRL 23 million, up by 20%. The consequence of that is that we have BRL 20 million compared to last year. W, this is the room revenue. W has much more to deliver.
We have been working with local teams and Marriott, and I would like to thank very much the whole team of W, represented by Eduardo, the General Manager. Everyone has been working very intensely to deliver these results. Our focus is on cost discipline and to increase our revenue of F&B, food and beverage revenue. Considering HBR 3A, the towers, the growth was 37%, driven by the revision of Faria Lima 2 rental. The good news is that our Paulista building is Paulista with Minas Gerais and Angélica is a 10,000 sq m building. It is going to get its permit in December, January, but we have rented 100% of the building to a renowned financial organization and a traditional market real estate developer. We are very proud because it is 100% leased before the delivery.
We are very proud of the asset, and tenants rented it even before it being ready. ComVem is the main highlight here, in addition to the growth that it has been having over the last few years. For those who follow NOI, it is always growing consistently and robustly, and this demonstrates the resilience of the business. Many people think that ComVem is small, but if you look at it as a platform, here we are talking of 42 assets, and there are another 22 to be delivered. When we get to 100% of deliveries, we are going to have more than 120,000 GLA. This demonstrates its importance. Of course, there is an operational challenge because managing operationally in 40 or 60 different locations adds complexity, but we want to demonstrate that we can do that. We have a production line for ComVem that it is perfect.
You can see that margin, this quarter is even higher than malls. Despite the complexity of operations, we were able to deliver a margin that is above shopping malls, and we are very proud of that. ComVem is something that we are going to work on next quarter to maybe recycle it and recycle the platform to some fund or something else worthwhile. We have started talking to some players, and we have realized that this product, there is a lot of interest in this kind of product. As to shopping malls, we want to keep up with deliveries. We have mature malls. The trend is for the sales line to be flat, but we have increased 9% sales, and also we have increased rents by 5%. Sales have increased 8.5%. I am going to turn it over to my colleague to talk about operational figures.
First, I am going to talk about ComVem. ComVem is another quarter of excellent operational results. Year to date, we have more than 6,000 sq m of GLA. This is a constant movement of opening new operations. This performance validates our thesis of convenience commercial centers in multi-use building, something that we really insist on. It works very well. Compliance of our product to markets is excellent, and the consolidation of our administration from planning, marketing, and the day-to-day management. This is not just about numbers. The net revenue is BRL 7.9 million net revenue, and then an increase compared to last year. In sales, we had an increase of 8.6%. In same stores, we had BRL 106.3 million, an increase of 2% compared to the same period last year.
As points for assessment, obviously, we have new operations, new ComVem sites that have been added that contribute to sales, and also the maturation of existing units adding to our portfolio. Yes, we had a negative impact because of the World Cup that affected the revenues of our stores in July. As to rents, we had BRL 11.5 million overall, a quite significant increase of 20% in the same store concept, an increase of 8.2% going up to 8.9% here again. Considering the overall concept, we have new operations, and in same stores, we have the maturity of existing sites, with a highlight to ComVem Klabin that we opened January last year is one of the most significant in our portfolio. Occupancy rate. Our occupancy rate is 86% in a period.
It is practically in line with the same period last year, but as a reminder, we added new ComVems, and there is some space and some time, they take a while to mature. We think that we are going to keep this number, maybe even increase those numbers in terms of occupancy. As to NOI, it is up 22.7%, and the margin is 85.7%. As to malls, we have had consistent results. Total sales of BRL 445 million, up 8.6% compared to last year. We have the significant participation of movie theater with a relevant participation, especially in July, that have contributed to sales. We have in our portfolio relevant sales, and overall, the downside in terms of sales were retail operations of electronics that whose performance dropped and had a negative effect on the market, affecting us too.
The highlight is our Suzano Mall, with a significant increase, demonstrating a result of qualifying the mix, especially for Riachuelo that opened last year, and also temporary events that helped bring up revenues of the mall as a whole. In terms of same-store sales, almost BRL 400 million, a 5.5% increase compared to last year. Again, the highlight is Suzano with almost 9% increase in sales, and here clearly a qualification of the mall that is already demonstrating results and the maturation of opportunities, and we have had good results. And here we have sales in the small mall. Total rents, we have grown 5.3%, and the highlight here is Olinda with new anchor store contracts. We grew 17.5% in Urupema. There was a drop of 12%.
We are still in a process of maturing the project, changing a few things, and I am going to give you more details further ahead. With some discounts in this maturation process, same-store rent, we have BRL 19.5 million, 2.2% increase, and we are affected by the discounts in a period in terms of our projects. Now, talking about occupancy of our projects. Occupancy is relatively stable. On average, we have 92.8% occupancy. The highlight is Mogi and Suzano mature malls, which is always range around 90%, and we are seeking the qualification. This is demonstrating more and more the qualification and positioning of the mall. For Suzano, we have 96.3%, and here we were affected almost 2 percentage points by a single store. Once this unit is leased, we are going to leap occupancy, and we think that this is going to be soon.
We have 88% occupancy in Urupema. Casas Bahia went out, and very rapidly, we rented it to another retailer, so there was no significant impact in occupancy. Urupema, quite positive. If we compare to the third quarter of 2025, we went from 73.1% occupancy to 86.5%, a 13% increase. This change is demonstrating its benefits and quite relevant advance in the mall. We are going to open a gym, new restaurants, a new McDonald's, additional services such as a registrar's office. Overall, in retail and operational numbers, this is all I had to say.
Thank you, Bicudo, and now we are turning over to our colleague. As Bicudo said, this helped us very much in terms of malls, and everyone is interested in our assets. They saw value, good management, good deliveries, and that is why we were able to have good sales, as we announced day before yesterday. Moving on with the presentation, considering the 3A vertical, I am not going to dwell on this, but I am going to call this a development cycle. We have been growing, and the buildings that we got from Cyrela, the three first ones, they are in the process of lease, and we are moving on with the assets. Paulista is 100% leased, and the last ones are part of what I call long development cycle two of company development. These are projects that we are going to start in the first half of next year.
I would also like to tell you that we are prospecting new plots of land for new buildings, because this is an effort that we want to continue focusing on AAA commercial buildings. We are seeking new plots of land, and we are talking, and of course, making the most of our land bank. We could combine companies through OPA, and Helbor has almost BRL 12 billion PSV that is going to contribute to our 3A vertical. As part of opportunities, I am going to give you a little bit more details talking about +Box. This is a ramp-up. We had three +Box. We sold two, Tamboré, for GoodStorage, and we have another +Box in Marginal Tietê, and it has a very good ramp-up, more than 50% occupancy. Even though it is very new, we have good occupancy.
The hotel, as I said, has a very good, very, very good ramp-up, a growth of 20% in its revenues. Then we have 11% above the budget for the year in terms of revenue from rooms. Then the GOP is above what has been budgeted, and our focus now is, as I said before, to bring more revenue for F&B, banquets, and events. This is the focus of the hotel staff, which accounts for 30%-40% of revenues in the hotel. Now, the next slide, I'm not going to take too long on it because I have mentioned about the assets. I'm going to talk about the evolution of HBR and the clear message of the companies that the development and our focus and energy is to develop new ComVems and new commercial or corporate buildings.
Of course, whenever there is an opportunity for expansion or something, and we have expansion forces, I know we are going to increase the malls as opportunities arise. So we really believe in retail, especially ComVem, which is something that without being too petulant, HBR is alone in the market, and we can have an excellent performance, not just in terms of development, operation, and maturation of our assets, so much so that, as I said just now, some players have been coming afterwards to create a fund to put ComVems, and so that it is dedicated to ComVems. Today, for our ComVems, they have a major revenue resilience.
So if one is not doing so well, there are two or three that are doing very well, then they offset the revenue, which is what people really want the most, is to have a reality of rental, and this is something that ComVem has been delivering. Now I'm going to turn it over to Dalpiero, who's going to talk about the financial aspects of the quarter.
Good morning. I'm now going to talk about the financial performance. First, the highlight of net revenue, getting close to BRL 60 million in the margin on net revenue. This represents an increase of almost 18% compared to the same period last year. This is a consequence of increase in all platforms of HBR. So when we look at 3A, substantial growth of 40%, reflecting the marketing of this building on Faria Lima.
Opportunities, we have W, who is the main representative of this line, 20%. ComVems, as Bicudo and Nakano have said along the presentation, have been demonstrating very good resilience and a capacity to occupy new spaces every quarter. The platform, they have almost 10% increase in net revenue, considering the same period last year. When we look at the share, the breakdown, so considering the verticals, we have the same or similar shares, and there's something interesting in our performance with an increase of almost 18%. When we look at IFRS net revenue, this number is still positive, though a little bit smaller. It's 13.5%. When we look at NOI, we see the consequence of net revenue going to NOI, an increase of almost 16%, 15.3%, comparing the third quarter last year and this year.
We can see lots of resilience, and we can see ComVem is an interesting highlight when we look at the breakdowns and stability when we look at opportunities. The IFRS NOI, there is an increase of almost 16%. Now moving to the next slide. This is our G&A over revenue ratio. This is something that we have been monitoring for a long time. We left from a historical level of almost 30%, getting to levels below 20%. The consequence has to do with two variables, with G&A and revenue. Yes, we have increased revenue, but it is very, very important to highlight our discipline in terms of costs. We perform very well in G&A quarter-on-quarter. This demonstrates discipline in terms of expense control, new processes, automations, and we can manage better people and teams, and we can have numbers when we compare period on period.
There is an inflation that we are always at the inflation or even below inflation. This is something that we have been seeing for a long time, to look within and try to find efficiencies. We find efficiencies both in the operational aspects where we can manage a much bigger portfolio with the same number of people and processes, but we can also look at our head counts, deliveries, to do more with less. Now, on the next slide, this is EBITDA. When we look at the adjusted EBITDA, we get to almost BRL 30 million, BRL 27.1 million. This is a significant increase of 23% compared to the previous period. This is once again a consequence of increase in revenue, efficiency of platforms, and quite rationalized performance. This is an increase of adjusted EBITDA.
Our adjusted FFO is worse if we compare to last year by about BRL 3 million or BRL 4 million, and this worsening is the result of our financial expense because of our leverage that is going into a phase of control with a prospect of drop. We look at FFO and net income with a slight improvement of almost 4% compared to the period before, but the number is negative because of financial expenses. If we look into the future with deleveraging, we can see this number going down in the future. Now, on the next slide, this is our CapEx. We are digesting this number quarter -after -quarter, and when we look at the previous financial statements, this number used to be much bigger. Our commitment was to manage it a long time.
Now we should know when to move on, when not to move on, when we can stop, what we can delay. We have been working and managing the CapEx a long time, so this number used to be much bigger. We executed part of it, part of it we have deferred, and we can operationalize the CapEx along quarters. Now looking into the future, and we look at the next five years, the CapEx is BRL 500 million, but when we look at 2027, the number is close to BRL 150 million, BRL 140 million, which is well below when we looked at 16, 12 months ago, when it was above BRL 400 million, BRL 800 million. It is a down trajectory along time, which positions us well against our competitors.
Now, when we look at 2027, 2028, 2029, we have a much better structure with land rather than projects that we need to start construction. One example that is significant are the projects that we have in Faria Lima 2, in the city of São Paulo. Two projects in the city of São Paulo, two plots of land that we would have started in the third quarter, and we are postponing the delay to 2027. We always want to combine the right timing with the development capacities that we have. We can carry that, and of course, carrying over affects, but for land, it would have been good acquisitions. We think that the carryover is much slower, rather than start from scratch a project now with so much uncertainty in the air. Here we have the debt.
There's an advance of net debt vis-a-vis the third quarter last year. This increase has a reduction that we have with the first cycle that was much smaller in terms of sales, that happened in 2025 with some completions in 2026. But here, there are some refinancing and things that work, CapEx go to financing. Main example are the three projects. Here we have the net debt. They are projects that were on the pipeline and when convert the final payment installments in properties to pay for the debt. This is much more along those lines than an unexpected increase in sales. This is in our schedule, very much in line with what I've been saying. Our final indebtedness trajectory is for it to go down, but there is a variation along quarters. This is an expected variation.
In the fourth quarter, you're going to see a significant reduction in our assets and process of sale. There will be a substantial share that will be settled. There was a reduction in gross debt of approximately BRL 300 million-BRL 400 million. So gross debt is going to follow this downward path, and this is something that we've been saying to investors a long time. Now, when you look at indebtedness, you can see that debt are mainly for projects. You can see in the holding table, but Faria Lima debt is in the holding. We consider specifically where it is for the chart, but there is always a disclaimer that this is the debt of Faria Lima building that comprises most of what is in the holding. This is going to be settled in the fourth quarter. With this, I end my part, and now we're open for questions and answers.
We are now going to start our questions and answer session for investors and analysts. To ask a question, you can select the Q&A icon at the bottom of your Zoom screen and type your question, saying your name and company. Questions submitted in writing that are not answered during the video call will be answered later by the investor relations team. Our first question comes from Mr. André. "Good morning. Can you please give an update on the status of OPA? I'm a Helbor investor, and I want to know when settlement is going to happen. Thank you."
Thank you for your question. We have completed the auction on the 28th. It was very successful. We have more than 83% approval. The objective when we propose the offer to investors, and this auction will be settled on the 9th. After the 9th, Helbor investors will have HBR shares. So an update on next steps. On the 28th itself, we opened the possibility because of B3 and CVM regulations for investors that need not join the auction to convert their Helbor shares to HBR. So here we have 30 days. So we have this possibility with Helbor investors. So this is still open to be done in the environment of the auction at the next settlement.
We have been receiving from OPA and HBR channels. There is a major demand for us to get to the end of 15%, 20% to understand that the process will end in November, December. So these are the steps of the OPA. We want to say that investor relations channels of HBR and Helbor are open for any communications or any questions you may want to ask.
Our second question comes from George Brehai Jr. "First, I would like to praise you for the performance. You had very good management, reducing substantially the risks of leverage. As to the sale of assets to SPX, so most of them had a premium or an unpremium for PPI?"
Hello, George. Thank you very much for the question and for what you said about the transaction. We think the transaction was very important for the company, even though there were other sales before that. As Nakano said when he started saying, the sale was significant. This will provide a reduction in leverage that is very interesting for HBR.
What we see here in terms of premium versus PPI, so we can see a discount of 4%-8%, which is quite reasonable. The timing of operation, so that we have longer time and transaction take time at specific times in the transaction. Despite the almost 4%-8% difference, it really makes sense to us in our opinion. We still occupy significant share of those assets. We are still managing those assets, and this is important, and we are going to amortize a significant portion of our debt. As I said, something close to BRL 400 million, and this is not very much related to financial expenses, something that is related to the transaction as a whole.
The third question comes from Mr. Herman Lee from Bradesco BBI. "Good morning. Thank you very much for the space. After the sale to SPX, I would like to understand how much of the debt is related to assets sold that will be prepaid, how much is left of free cash? The second point, what is delivery pipeline like, and was there any delay?"
About the first part of your question, we expect to settle our debt in approximately BRL 400 million, and this is going to improve. The balance of our debt in terms of free cash is something in excess of BRL 300 million. The transaction, once again, is very well designed. A slightly more difficult time. There is an operation, it is not 100% cash. There is nothing related to shares or fund shares. So, within that prospect, when we look into the future, we can see that several aspects related to the transaction. In a way, I understand that it was quite positive.
Our next question comes once again from George Brehai Jr. "Do you know when you're going to pay out the dividend for 2026? When will expense synergies start to be captured regarding the purchase of Helbor?"
Well, thank you, George. About expenses and synergies, we already have work going on to start looking into this at a micro detail level. We have data, positive results for the auction, and we are going 100% in the work now. We had a very good vision in the past, and now we start working not just on expenses, but also with assets. I think that frequency, we talk much more about the synergies related to expenses, but as Nakano said, we have major prospects in terms of assets and businesses that can be done looking specifically at HBR's land bank.
We're going to start the year and an important mark of the auction on Monday, and we are looking specifically at these matters more intensely. I would just like to end George's question and final, Herman Lee's question about the deliveries that we didn't talk. I mentioned this a little bit, and maybe it's not so clear, but it's important to stress. Herman Lee is an example of delays. Yes, there have been some delays that helped accommodate over the last few months in terms of CapEx and debt. This was positive, and this delay helped us accommodate CapEx. As I just mentioned for the Faria Lima 2, any time, we have this here, and seeing that we can have more benefits than maybe some delay, we are delaying these projects to the second half of 2027 to start construction.
They are structured, we are approving the project designs, but there's no incentive to expedite it right now, and we are postponing it to 2027, which reinforces what we're saying in terms of financial issues, CapEx, and indebtedness. These are good indicators, and we are on the right track.
Our next question comes from Daniel Neustädter. "How much of the BRL 937.7 million will be used to amortize the debt? In which lines and which annual interest rate savings? What NOI will HBR not receive?"
Of this number of the settlement and the number that you mentioned in your question, this is the 100% percentage. In HBR percentage, we expect a debt amortization around BRL 400 million. About NOI, yes, there will be a reduction in our NOI after the fourth quarter. I think it's important for us to quantify whenever we talk about NOI, we are going to have a reduction in our financial expenses. When we look into the long term, this reduction in NOI, keeping admin fees, and also amortizing the debt and reducing financial expenses, we see this as a compensation. Overall, the bottom line is very positive when we look at the numbers as a whole.
Our next question comes from Roberto Risk. Roberto asks, "Which are the land in stock for the development at 3A? How many square meters of GLA can be built in these plots of land or these properties?"
Hello, Roberto. Thank you very much for being with us and for your question. We do not yet have a definitive GLA number. We have land, we have the properties. For corporate buildings, the most important thing is where it is location. You can build a very good building, but if the location is not so good, the rentals will not be so good. But if it is a tower that is not so great at a very excellent location, you can get very good rental. All the land, all the properties that we have are very well located. People were really surprised how we were able to get to these properties, but I hope to have good news in the beginning of next year, and we are always going to announce whenever we can.
N ow looking at Helbor properties, for example, Pamplona, Lorena in São Paulo, so premium locations in the city of São Paulo, in Higienópolis, Itacolomi with BOE, excellent corners, excellent locations where we can develop both corporate buildings or ComVem. We hope to have excellent news in the area of development in the future.
As a reminder, if you want to ask a question, just click in the Q&A, type your name and the company you are representing, and then your question, please. Our questions and answers session has now ended. I would like to turn it over to Mr. Nakano for his closing remarks.
T hank you once again, everyone. It is very good to be able to share with you what we do. As I said in the beginning, this is a very special time for our company. The operational results that you have seen are really excellent. So summarizing, 20% gross revenue, 15% more NOI, so occupancy growing compared to next year, 23% growth in NOI, and rental for ComVem keeping up with NOI, 20% growth.
The margin of ComVem at 36%, something that we want to have a positive margin on the platform so that we could recycle the assets, and malls growing 10% in NOI, which is something that is a highlight considering that they are mature malls in its majority, meaning that special local teams, we can reinvent the day-to-day to increase NOI for mature malls. The other highlight in the shopping mall platform that we were very happy, as Bicudo explained, is Urupema. We went from 73% to 86% occupancy with excellent operations such as McDonald's, registrar's office, and others. We have been growing and growing. Just to give you an idea, in the last few weeks, the growth of flow in the mall has increased 50% to 60% compared to same period last year. We have Mundo Elétrico that sells electric bikes.
The mall has very good surprises for the city where it is. All this growth, we should say, is done with great responsibility. Our mantra is to grow, to increase assets, improve results, improve performance, keeping cost discipline. You saw net revenue over an SG&A ratio. We got to the lowest level ever of 17.5%. The challenge for Bicudo and his team is after the elections. Without any political statement, what ended up happening with the election is a macroeconomic scenario that is quite challenging. I think now that we are sedimenting a little bit this confusion that was created after the elections, but we do not yet know what will be the consequence of this in a population purchasing power retail is something that we need to look with very close attention.
What is going to happen after the election, especially on retail with ComVem and the shopping malls that are an important source of revenue for our company. Now, a little bit about sales, as we have just announced, the BRL 937 million that we have just announced. This was a very important movement for HBR, and there were a few sales along time for hotels, IPs, Hilton, but now this movement has become very important because of its volume and the assets involved. 98% of Faria Lima 2, 20% of the share in Mogi, 25% in Suzano, and 50% Olinda. As a reminder, the business that we did, HBR is still managing the assets.
This is something that we really made a point of being present in the business. SPX agreed and trusted in us, in our management to make the results of the assets that it bought even further. My special thanks to SPX as a whole, everyone involved in the negotiations with us, and also to XP that did the fundraising. Congratulations to you. It was really record time fundraising of a significant amount, perfect timing just before the elections. Then there's a huge challenge in terms of execution of this deal. We had a very narrow window for execution to keep this raising, and we could complete it. It was very complex business within a short period of time. So I would like to thank SPX once again, XP for the trust. They understood that we have good assets.
HBR is known for producing good products, and this is true. This sale, as part of our discourse and our term of real estate developers, and I always insist on this, that you need to see HBR not just as a property company, but especially a real estate developer. When there is a sale such as this of almost BRL 1 billion, this is to close the first cycle in an excellent way of real estate development so that we can now start our second cycle of real estate development. This provides in everything that we do in operations and recycling, we are always very attentive to cash and debt. So the sale provided a significant relief in terms of settlement, the service of the debt, and we want to work more and more without the pressure of interest rates.
We want to work more for the business and less for the debt. Now, as I said a little bit, that we are going to bring new opportunities for real estate development, especially focusing on ComVem 3A buildings. So we are likely to announce new opportunities shortly. OPA, as Dalpiero explained, this is a very, very important movement for HBR and for Helbor too, obviously. There was a very successful operation. As far as I know, this is the first time that we have such an operation where there is an acquisition without cash, just swapping shares. We did that to preserve cash. The cash that we have very much related to the sales will be allocated to new developments for the building.
This swap of shares was very much, and it was very successful because it was approved by all regulation agencies and was approved by minority shareholders of Helbor. The initial idea of combining the companies, merging the companies to have synergies, HBR drinking from Helbor land bank, to have fewer layers of operation, and to reduce costs and everything. Now, our job as managers of the company is to do everything that in theory we said to convince everyone that is good for both companies, and we hope to become a more robust company, and that investors should look with more attention at our both companies that now are just one that is listed. I would like to thank very much our shareholders, our controller, partners, and especially the employees, because everything that we said and did, we would not have been able to do alone.
We counted very much on all departments of the company, so I ould like to give my special thanks to everyone. It was very challenging, very difficult, very complex actions in a short period of time, but we close it in an excellent way, and we are ready to serve the next quarter with excellence. Once again, thank you all very much, and I wish an excellent end of year to everyone and see you next quarter.
HBR Realty video conference has now ended. Thank you very much for your participation and have an excellent day. Thank you.