Good morning everyone, and thank you for standing by. Welcome to Iguatemi SA Shopping Centers Conference Call for the Second Quarter 2022. With us here today we have Ms. Cristina Betts, the CEO, and Mr. Guido Oliveira, Chief Financial Officer and Investor Relations Officer. This event is being recorded and all participants will be in listen-only mode during the company presentation. Following this, there will be a question-and-answer session for participants, at which time further instructions will be given. Should any participant require assistance during this call, please press star zero to reach the operator. This event is also being broadcast live via webcast and may be accessed through Iguatemi's Investor Relations website at www.iguatemi.com.br/ir, where the slide presentation is also available for download. Participants may view the slides at their own convenience.
Please bear in mind that forward-looking statements made herein are based on beliefs and assumptions of Iguatemi's management and on information currently available to the company. They involve risks, uncertainties and assumptions as they relate to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that overall economic conditions, industry conditions, and other operating factors could also impact the future results of Iguatemi and cause results that differ materially from those expressed in such forward-looking statements. We will now turn over the floor to Ms. Cristina Betts, who will begin the presentation for today. You may proceed, Ms. Cristina Betts.
Thank you, and welcome all to our Conference Call for the Second Quarter 2022. We're going to begin speaking about the second quarter, where we had a truly incredible quarter with strides in our performance.
Although we began the year with the Omicron variant, we had an increase in sales and of course, in company results that were very strong. We had a very good month of January, subsequently record months in terms of sales and the resumption of results. To speak about our growth, we had a growth of 56% in total sales compared to the second quarter of 2021, and 30% vis-a-vis 2019. With a strong comparison base, we surpassed market expectations. We had expressive growth showing that we're on the right path after two rather challenging years due to the pandemic. This quarter, as all of you know, is very strong for the retail market and for the shopping center segment. We had a spectacular Mother's Day and a very strong Valentine's Day, both in the retail market.
This reflects the very good shopping center portfolio that we have. We had very visible campaigns, relationship campaigns, and this activated a resumption this quarter for our day-to-day in terms of marketing and events. Of course, this helps us to boost the retail part. The increase in sales and the reduction in condominium expenses, all of this enabled us to withdraw the discounts that we had granted during the pandemic. In June alone, there was a growth of 59% in the lease of stores, and our 16 ventures grew more than 60%, something that is truly fantastic. All of the segments in our shopping malls had good results compared to the years of 2019.
We recorded a drop, a significant drop in delinquency when our net delinquency was negative, which of course proves a point that we were not only able to collect the rents that had an expressive increase and that were anchored in sales increases, but that we also recovered the balance from other quarters where we ended up having a negative delinquency rate. I will explain this further ahead. Now, this idea of collecting leases and charging for past leases is due to the overage from the tenants. Now, with all of these enhancements in leases, the withdrawal of discounts and the control of condominium costs has allowed us to maintain our occupation costs for the tenant quite in line with what it used to be in the past at approximately 11%.
Even so, we were able to increase our occupancy rate, ending the quarter above 93% for the quarter. This is the best rate in the last two years, and we're heading towards increasing this further. To speak about the digital part, Iguatemi 365 is booming. We had an expressive increase in the number of SKUs online, approximately 36% vis-a-vis the second quarter 2021, and 17% vis-a-vis the first quarter 2022. We are focusing on curating the products. This quarter, at the very beginning of the third quarter, we had the onboarding of brands like Saint Laurent and Bottega Veneta, which of course add up to the desire and the curatorship of our site. We had significant sales expansions in areas where we do not have shopping malls.
More than half of the figures of 365 are obtained in areas where we do not have shopping malls. This shows us that this umbrella is able to reach many more people, whether we have the assets or not in the regions. We also had a significant enhancement in our NPS for Iguatemi 365. We made adjustments in some of the processes, and we should continue on with this improvement with several things that we will be implementing in the second half of the year. We invested in our relationship program, Iguatemi ONE, to further attract customers. As I mentioned, during this resumption of events and promotions, experiences geared to entertainment events, we perceived an increase in the use of our program. To speak about ESG, we have made important steps this quarter.
You will recall that during our restructuring last year, we committed to having a reinforced governance. In the first quarter, we implemented our first two committees, I'm sorry, the auditing and the finance committees. We then, for July, installed two additional committees. These are the people and HR committee and a committee for risk and compliance. We also have the institutional and digital transformation committees, which means that we have a full portfolio of committees, and we will now continue on with the agenda for each of the committees at full steam. Another important point that I would like to underscore as part of our ESG agenda is that we have joined the UN Global Compact as we value social inclusion, human rights, and environmentally correct actions. We continue to map our actions, our position in each of the ESG fronts.
Our adherence to the UN Global Compact is of paramount importance to us, and we do have some guidelines that very soon we will disseminate regarding our joining the UN Global Compact. To close here, our focus is the constant evolution of a very robust and qualified portfolio. This, of course, puts us in a very privileged position with the resumption of the retail market. We are going to have a very strong second semester, as was the first semester, and we're going to invest in the profitability of the company. We are holding discussions in terms of what we should do to boost our portfolio ever more, taking advantage of the curatorship, the mix, the number of shopping centers to truly provide an incredible digital experience to the customers, which are the reason of being of Iguatemi. Very well. We will go on to the presentation.
We will go straight to page number three for those who are looking at the presentation. We have detail on capacity utilization and sales. We had a very strong second quarter when we look at the graph referring to sales in 2019 April with 31% above 2019 May with 32% and June with 125%. In June, we continue with a performance very similar to June. It is our understanding that in the second half of the year, we will continue on with this very important performance. We go to the results highlights. Total sales reaching a record with a growth of 56% vis-a-vis the second quarter 2021 and 30% up over the second quarter 2019, excluding malls sold in 2019. Same-store sales grew 31%.
Same-store rents grew by 56%, and same-area rents were up 42.1% versus the second quarter 2019. In June, more specifically, same-store rents stood at 59%. Gross revenue reached BRL 305.8 million, almost 35% over the second quarter 2021 and 43% over the second quarter 2019. Net revenue reached BRL 253 million, 49% above the second quarter 2021, 35% over the second quarter 2019. Consolidated EBITDA was BRL 166 million in the quarter, up 25.7% over the second quarter 2019. When we exclude the straight-line effect, EBITDA came to a historical record of BRL 183 million, up by 83.8% versus the second quarter 2021 and 38% vis-a-vis the second quarter 2019.
Adjusted net income reached BRL 55.4 million, 166% over Q2 2021 and 5% over 2019, obviously excluding the straight-line effect, Infracommerce, and share swap. The adjusted FFO was BRL 94 million, almost 58% over Q2 2021, 11% over 2019, excluding the straight-line effect. This is the proxy for our cash. We go on to page 6, the leverage of Iguatemi that stood at 2.7 x net debt EBITDA, while the IESC leverage, this is our original company, so to say, before the restructuring that carries some of our debts, stood at 2.59 x net debt over EBITDA. At the AGM, we approved the payment of BRL 90 million as dividends.
We joined the UN Global Compact, and we set up the Audit Committee and Financial and Capital Allocation Committee, as well as Risk and Compliance and People Committee in July. Now, in terms of the subsequent events, we have resolved the main contingency in the company, which refers to Iguatemi Rio that will be explained further ahead. When we look at our projects in progress, we concluded the construction of the tower next to the Galleria Shopping in Campinas. It should be inaugurated this month. We already have the marketing underway, and we foresee an occupancy until the end of the year that will be significant. Of course, this will bring in a great deal of flow for the shopping mall. We have a stake of 52% in this asset, and we will keep it for revenue. Very well. That is all.
I will give the floor to Guido Oliveira to speak about the main operational indicators.
Good day to all of you. We go on to slide number six, I believe. We will look at the highlights of the main operating indicators, the GLA assessment and of the total portfolio vis-a-vis the second quarter 2021 without any variation. In the year 2019, we sold off two malls. When you look at the beginning of 2020, we acquired a stake in shopping centers where we already had a stake, such as in Porto Alegre. The GLA is for the second quarter 2022 compared to 2019, standing at 2.2%. The sales were very strong this quarter compared to 2019. Same-store sales standing at 31%.
When we compare this to 2019 and 30.2% when compared to total sales in 2019, excluding the malls that were sold, reaching a record of BRL 402.8 million in terms of sales. When we compare this to 2021, very strong sales once again, shopping versus shopping, same-store sales, as you can see. If we look at the rents, as mentioned previously and as was presented in the release, a growth of 56.2% vis-a-vis 2019 for same-store rents and 42.1% for same-area rents, once again compared to 2019. When compared to 2021, a growth of 58% and same area rates, 54.7%. I would like to highlight the great performance we had in our occupancy rate.
Despite the expressive growth in leases, it remained below 2.19% at a very healthy level, which we always had before the pandemic of 11.3%. This shows you the strength of the sale of our portfolio and the efforts and maintenance of condominium costs. Alongside our shopping malls, we have a policy of not transferring problems in the condominium, and some shopping centers have not adjusted for inflation since 2019. When we look at our occupancy rate for the quarter, it closed at 92.6%, ending at 93.4%, which is an excellent sign.
It means that in the second half, which is usually the best semester for retail, we will have a window to further enhance our occupancy net delinquency rate - 2.3%, thanks to the recovery of leases legally and the recovery of rent during the quarter and the collection of previous leases. It shows you that sales were strong and more capitalized tenants are paying off their prior debts. We go on to slide number 11. We look at the financial results consolidated, the EBITDA of BRL 166 million, with a growth of 61% vis-à-vis 2021 and 25% compared to 2019, with a margin which are negative in the results of Iguatemi, 65.7%. Adjusted net revenues, a margin of 21.9%, 166% above 2021 and 4% above 2019.
Net income and FFO adjusted. We had higher financial expenses because of the increase of Selic in the period. The average Selic in the period was 6.29% compared to 3.20%. Now, in the second quarter, it's 12.15% a year, which of course, will bring an impact on our financial expenses. We go on to slide 12, and we speak about the result of the swap and the straight line effect compared to 2021 and 2019. We see an expressive growth of our EBITDA of 83% when compared to 2021 of BRL 183 million and 39% when compared to 2019 of BRL 132 million. The excellent margin, 70% EBITDA. Taking into account the increase in expenses in 2019, we did not have the impact of i-Retail Iguatemi 365.
The EBITDA margin of 70% includes a negative margin for the cost of retail. I would also like to underscore the work being carried out in the second quarter of our accounting. Taxes over profit stands at 16.2, and the work we carried out in the semester, to ensure that we can improve our net income adjusted as well as adjusted FFO. All of this was done during the quarter of 2022. We go on to slide number 13, where we show you the i-Retail and Iguatemi 365 results, a growth of 51% in net revenue when compared to 2021 and 328% vis-à-vis 2019. EBITDA was negative at BRL 13 million, with a negative EBITDA margin of 52.3%.
As Chris mentioned, we should refer to the increase of GMV in areas where we do not have a shopping mall. Of course, this shows you the power and the identification with the brand. When we look at the second quarter, 2022, for retail, we cannot compare this with 2021 and 2019 because of the growth of e-commerce. The growth in the quarter was 46%, 48% in net revenue and costs and expenses growing only 20%. The negative margin drops from 66% - 52%, showing the improvement of this negative margin throughout the quarters. As we're entering a very strong second half of the year, we will have very strong performance in i-Retail and Iguatemi, and these figures will continue to drop. On slide 14, the results of the shopping malls, which is of course our strong point.
Without the retail, we have a record margin in EBITDA, reaching an EBITDA of BRL 197 million, with a growth over 2021 of 82% and over 2019 of 47%. We're showing you our cash proxy here and a very healthy variation in terms of costs and expenses of 11% when compared to 2021 and 14% vis-à-vis 2019. An important growth in our other revenues, thanks to the resale of some sales point and an improvement in PDT above what we had expected, as well as other revenues, whether they are fines or transfer rates that were much above what we had imagined in 2021, bringing us this growth and a historical EBITDA margin. When we look only at the gross revenue for malls, we have a growth in rentals of 43% vis-à-vis 2019, 25% vis-à-vis 2021.
We have an increase in parking vis-à-vis 2019. This is the first quarter after the pandemic where we surpassed 2019 in terms of invoicing. This shows you the return of the flow and improvement in the parking rates, and of course, the collection of Ribeirão and other shopping malls. We began charging for parking beginning in January. If we look at the rental revenue, we see that there was a growth of 43% vis-à-vis 2019, and 20% vis-à-vis 2021 percent rent, which is the overage of rent over the minimum rent. Here you see a statement of the sales, very strong sales in the portfolio that we were able to observe in this quarter, and a very strong growth of the international, which is the best payment of overage. This was a pleasant surprise.
Another growth that we would like to highlight is the return of events in temporary events, media kiosks, and all of the revenues of issuing flyers. All this grew very strongly in 2022. We get to 22% when compared to 2019. In our release, we show you the events that were held in São Paulo and the events held in our other shopping malls in São Paulo. We have the best event venues in the market, and we also have very important events venues in the south and elsewhere, and they are able to co-opt the audience, bring them to the malls so that these events can have a ever more greater audience as you were able to observe in the release. If we look at the costs only for malls with depreciation, we have minor variations, and that can be easily explained.
Third-party services compared to 2019 with a growth of 84%. These are legal expenditures that we have in the malls, and that resulted in a wonderful recovery of the default levels or delinquency levels. We have a drop in accounts receivables, as you can observe, and that is why we have this variation. An increase in cost of 42% in parking, that comes from collecting parking in Ribeirão Preto and other malls where this did not exist previously. We of course, had to hire more personnel to work in our parking. Now, this led to an increase in revenues, as we showed you during the first and second quarters of this semester. The expenses of Iguatemi, vis-à-vis the central office, a growth of 11% based in personnel when we look at 2019 and an increase of 11% in total expenses as well.
This growth is lower than the IPCA that has been accrued for the period. The growth of IPCA was 20%. A growth of expenses was only 11% when compared with 2021. The increase in personnel is because in 2021, we were coming out of the pandemic with malls at full capacity. We operate fully, and once again, we have had to hire more and allowing for good operations. We have frozen the hiring at present because our shopping mall is working at full steam, and this is what we had foreseen in terms of payroll. We have a variation in BRL 1.869 million. We get to the second quarter of 2022 with the three tranches of the program, and we maintain this level of deferment of remuneration. We had prepared three tranches for the coming years.
Let's look at the debt profile now. We have a total debt of BRL 17.8 billion, which is an increase of BRL 250 million here, because of the fair value of Infracommerce and the acquisitions and the funds. These do not have a cash effect. We did have a generation higher than 30% in terms of the net debt. Our EBITDA at Iguatemi, BRL 652 million, and in Iguatemi S.A., BRL 627 million for the last twelve months. The difference in EBITDA between the two companies is that in 2021, Iguatemi S.A. still had the values of the former holding that incorporated the shares of Iguatemi Empresa de Shopping Centers S.A. Since that time, these expenses have been eliminated, and the subsidiary is now responsible for the management. Throughout the year, we will observe this catch up.
In December, the EBITDAs will be similar, and the leverage will be very close for both. The leverage of the company is at 2.59, which is where all of our shopping malls are and 90% of the debt. We're quite calm when it comes to debt amortization of BRL 1.6 billion. If we keep in mind the amortization schedule for 2022, 2023. We go on to slide number 20. This is our debt profile, part in CDI and part in TR. This CDI with a cost very close to the CDI benchmark and in TR, a cost that is below CDI, which means that our debt is very close to CDI, about 106%. With the growth of CDI, as you can observe below, the average cost of our indebtedness increases, of course, with the increase of CDI.
We have 51% for debentures, 30% CRIs, 16% real estate loan, and a very minor debt in terms of promissory notes that will mature this year. We're quite calm in terms of the average term of our debt. With this, I would like to conclude my presentation, and we open the floor for questions and answers.
Thank you very much. We will now go on to the Q&A session only for analysts and investors. Should you have a question, please press star one. If your question has been answered at any point, you can withdraw from the queue by pressing star two. Questions will be answered in the order in which they are received. Please pick up your phones when posing the question, allowing for optimal sound quality. Please hold while we pull our questions. Our first question is from Aline Caldeira, Bank of America.
You may proceed, ma'am. Good morning, Guido, Cristina. Thank you for the presentation and for taking my question. We have two questions. In sales, we see June lagging behind April and May compared to 2019. What would explain this movement? Is there a category that is performing more strongly? And if you could speak about your vision for the retail in the second half of the year. My second question is about Iguatemi 365 year-on-year. We would like to know which would be your coming steps in this journey. More investments.
Thank you very much. Aline, I would like to refer to sales, and perhaps Guido can complement this part, and I will respond about Iguatemi 365. Speaking about sales, we had an explosion in April and May, and we observed a change in consumption habits.
People consuming more, a higher share of wallet of disposable income being spent in Brazil, not only with luxury and international items, but also with the domestic brands. We have observed all categories with a very good performance. Perhaps the lowest growth, which was also a very good result in June, perhaps relates to the fact that we had this sales explosion in April and May. There are some things that happen when you have an explosion in June and July. This is propitious, but not necessarily good for the tenant because the tenant is probably selling through sales. When you anticipate sales to April and May, you're selling your full price throughput, and this will create problems in inventory and figures for the coming months. It's not necessarily something negative. We typically have a very strong month in May.
We had an incredible Mother's Day as well as a very positive Valentine's Day, but Mother's Day was stronger with higher purchases. What I would like to mention is that in May, we had a peak in terms of weather, cold. We sell a great deal when it's cold, and now we're going through this summer. The winter truly does not look like winter. So we sold our winter items way back because the tenants were able to sell at full price at high volumes. Now, this does not mean we will not have a significant growth in June. July continues in this way, and this means we will have a very good second semester at the same levels of June and July.
All of this promises a very strong second half of the year, incorporating that change in the consumption profile of our consumers who tend to buy more locally and who have a significant part of their disposable income for leisure and experience, and of course, this aids and abets our sales. Gui, would you like to add something?
I would like to add that the sales in July were at the same level of the June sales, as you mentioned. Sales continue to be very strong. Aline, when we look at the delinquency rates in June, it is the lowest during the entire pandemic and lower than July of 2019. This shows that the sales were very strong in July and that the delinquency rates continue to drop. It's a sign that we're selling off our portfolio. Aline to speak about Iguatemi 365.
We're within what we expected for this quarter in terms of growth. We have a GMV that is truly accelerating and perhaps accelerating somewhat less than we had imagined because we have IT processes where we're slowing down a bit to put the house in order. You will recall that we spoke about the launch of the app. We decided not to launch it because it was not perfect. This was a fundamental for the platform, and we decided not to launch it instead of launching it with a poor experience. We will continue at these levels of GMV, perhaps with a little growth, but not enormous growth while we put in order the back of the house. We will have 6-10 months so that we can rearrange the infrastructure for IT for the company. This should, of course, improve the profitability of the business.
We now began by changing the means of payment platform, which will offer us better profitability immediately. It will increase the levels of conversion, and it works better against fraud. This should come into operation in July. The other activities tend to be lengthier, so we will grow, but perhaps not as we had imagined in the past. Everything we are doing now is to put the house in order to improve the profitability of the products.
Thank you. Thank you. Very good. That was very clear. Have a good day.
Our next question is from Pedro from Credit Suisse. You may proceed.
Good morning, Chris. Good morning, Guido. Thank you for taking my question and for the presentation. In terms of occupancy, as you mentioned, the second semester should be stronger in terms of the retail. If you think that those 96% will impact some of the verticals and looking forward, if the company may have a different stance, although, we do know that you have been more cautious in terms of filling up your portfolio. The second question refers to capital allocation. You mentioned that the focus is within the portfolio for Pátio Higienópolis, and if you foresee any opportunities in terms of leverage or others. These are my questions. Thank you very much.
Good morning, Pedro. I do apologize. I'm going to allow Guido to speak about the occupancy rate, and then I will refer to the capital allocation, if that's acceptable. Well, when it comes to our occupancy rate, we ended at 93.4%. The guidance is of 96% from coming quarters. We should be working with 95% until the year-end.
We're reviewing our figures, but this is an important close of the year, and we're going to pursue these rates. Now, regarding your question of the period that we offer of not paying, which is 60 days, of course, the grace period, we had a growth in our revenues of resale as in several of our shopping malls, Iguatemi São Paulo, JK, Iguatemi Brasília, Iguatemi Porto Alegre, and Iguatemi Campinas. This shows the strength of the sales, the better occupancy of all the malls, and not necessarily offering allowances or for the occupancy. Well, Pedro, in terms of occupancy, I would like to add that we have been very stringent. We have said this in previous quarters. We're quite stringent in terms of collecting. I do apologize.
I have a slight cold. We have been quite rigorous in our collection, and when we bring in new tenants to adhere to what we believe to be the right price for that space, it's very easy to have an increase in occupancy. We had a financial person who said it was very simple. What we want to do is to charge the correct price. Guido, if you could begin speaking about capital allocation, I will join you soon.
Well, regarding capital allocation, referring to the Pátio Higienópolis, this conversion no longer exists. The company has been structured, and we're constantly analyzing the M&A pipeline, looking at all the possibilities. Always seeing that in our portfolio, we would like to increase our acquisitions that make sense and at the right price. This is something we analyze constantly by looking at our portfolio.
We look at Iguatemi JK, Iguatemi São Paulo, Porto Alegre. These are places where we would like to increase our stakes. Of course, we will always hold conversations. They're partners in our group of malls and have been so for many years. We will try to increase our stake. Perhaps one of them will accept this in the short or medium term.
Nothing to add here, Pedro. That's the answer.
Very good. Thank you very much, Guido. Thank you, Chris.
Our next question is from Natalia Pereira from Morgan Stanley. You can proceed, ma'am.
Good morning, and thank you for taking my question. Do you have a forecast referring to discounts? Do you know when these will be completely withdrawn, or how many of these you still have? Thank you.
Guido, would you like to answer that?
Good morning, Natalia.
When we look at the discounts, you may have observed that we had a drop in the discounts and in the second quarter vis-à-vis the third quarter and vis-à-vis 2021. When we look at the proportional discounts in the second quarter as a proportion of rent, and when you compare this to 2019, there was a significant reduction. Now, during the pandemic, all of the discounts, those that limited the IGPM, those no longer exist. They have been done away with. We're charging the rents that are part of the contract. We still have some discounts in sectors that require them. In movie houses, for example, that are just recovering. We have a minor discount in the gyms and some discounts in some segments of the mall in service areas, those areas that are geared to services.
We still maintain some discounts in some malls and in some food courts that seem to be suffering from a lack of 100% occupancy. The food courts, of course, are fully geared to servicing the institutional audience that works in the commercial stores. That is why we still have discounts with the evolution of sales and the evolution of offices. In Faria Lima, the offices are quite occupied. The same holds true for Berrini, where we have several multinational companies, and they stand at 50%. We see that the occupancy rate is improving and that the segments are doing better. In JK, there are no discounts. It has been fully leased out because especially in the food court, there are so many people that go to the food court.
Throughout the second semester, we will withdraw these discounts as the offices become more occupied. This account should improve in the second semester.
Well, thank you. Thank you very much.
Our next question, Pedro Lobato from Bradesco BBI. You may proceed, sir.
Hey, good morning, Chris, Guido. Thank you for the presentation and for taking my question. Well, you have had an improvement in the occupancy rate. What are you thinking in terms of condominium expenses if that level of 11.3 will be what we should expect going forward? Or is there room for improvement in terms of this indicator? Thank you very much.
Guido, if you could take that question.
Yes. If we look at the occupancy rate, Pedro, we have reached a very healthy level of 11.3%. From what we know of our condominium costs and these levels in the second semester, we believe that everything will remain at 11.3%, which is our historical occupancy rate, a very healthy one. With a significant growth in sales, we certainly do not see a drop in terms of this level. We're going to continue working at this historical level.
Thank you, Guido. Thank you very much. Hope you get better, Chris.
Our next question is from BTG Pactual. Elvis, you may proceed.
Good morning, Chris. Good morning, Guido. Two questions from my side. First, about rents. You showed us very healthy indicators for the tenant vis-a-vis the past rent and low occupancy rates in the past, which is your ability to continue to transfer inflation despite the real increase in rents going forward.
Do you think this would be possible, or are you thinking of something different? The second question, the settlement of contingency that you analyzed as a subsequent event. If you could give us more detail on this, how this will reflect in terms of accounting and cash of the company. Thank you.
I will speak about the first question, and Guido will explain the contingency settlement. Well, what happens with the rents at the company, we tend to say that the cure for all evils are sales. We have observed a highly impressive sales in almost all of the segments. Of course, in each segment, there are those that are always lagging behind. But this enables us to study this case by case to see where we have more room to carry out this transfer, this real increase in rent, as you mentioned.
Well, through time, this of course will improve the individual profitability when we look at each rent unit, but will also increase the profitability of the malls as a whole. What is more important than that, through time, this increase in rents will enable us to have a very healthy churn at the center. We're speaking about tenants when we speak about fashion and others, these are segments that tend to underperform. It's important to go back to that cycle where we can transfer inflation but also have a true increase in rent. This will mean that we're working well and that the tenants are selling evermore. They are anticipating the taste of the end consumer. When doing this, we have several examples where we have attained this. An obvious example in JK Iguatemi, a shopping mall that is exploding.
The difference in terms of their production is incredible. For five years, we have been changing the mix with explosive results this year. In the coming year, we will reap the results. We're not only transferring inflation costs, but we're selling much more. Another good example of maturity are the shopping centers that I call babies in the hinterlands of São Paulo. They have finally matured, and they see a significant increase in rents. This is only possible because we have sales that allow for this. This is our work of changing the tenants through time to make space more profitable, and this will have an impact on rents. A long-winded answer to say that, yes, we do believe in transferring inflation, and we do believe in a true increase in rents for the coming months. I'll allow Guido to speak about the contingency settlement.
To speak about the contingency, Elvis. Through this agreement that we made with our counterparty, this was the main contingency of the company in the second quarter. To refer to the background, this comes from a buyback obligation that we had from the incorporation of the mall, the RioMall that was inaugurated in 1996 and was sold in 2002. This buyback was a litigation that extended for approximately 20 years, which we have now resolved through an agreement with a counterparty. We had a balance of BRL 37,000,614. This contingency had not been corrected based on the value of the initial deposit that was deposited in court. When we looked at the deposit, this amount had reached BRL 40 million. We have an agreement of BRL 59,000,280.
The cash disbursement accounts for the difference of BRL 20 million. This will be disbursed in July. Part of this, BRL 8 million. This will be launched as a financial expense as a monetary correction for the contingency. In this contingency, we have an issue over the IGPM + 0.5 and the discount they received in rent. The additional BRL 12 million will be paid as soon as the counterpart delivers to us the writ registered in our name, 359.8 for the Boulevard Shopping. Now, once they deliver to us this writ, we will give them that difference of BRL 12 million. We have explanatory note number eleven that refers to an active contingency because this share was already sold out in 2012. We did not obtain a direct stake.
We drafted up a purchase and sale contract, and as soon as we receive the writ of this contract, we will transfer that stake and the resources, which is the amount that they paid for it at the time with a monetary correction up to present. These are BRL 20 million that we would have to add, and the contingency is on a value of BRL 7 million. We're referring to BRL 10-12 million for disbursement of the company. In truth, the cash impact on the company for the quarter are those BRL 8 million that will be allocated to financial expenses between the asset sale and disbursement to pay off this judicial agreement. Thank you. Thank you very much. Now, simply to add something, for us, with the settlement of this contingency, our balance will be pristine. There's nothing else that is relevant in terms of the contingency items.
This was the last significant contingency the company had.
That's excellent. Thank you very much.
Our next question is from Daniel Gasparete from Itaú BBA. You may proceed, sir.
A good day to all of you. A question to explore with Chris and Guido the topic of sales, what you expect in the second semester aligned with June and July. What do you expect? 29 was very strong for fashion wear and others. Now, what do you believe will happen with nutrition and services? Here there is an upside risk. The fashion wear is accelerating to a level of 25%, and services, if they accelerate, your total average would reach 50% or 55%. Now, is there an upside risk here? What would happen with movie theaters, flow, much more?
Thank you, Gasparete. I will begin, and if Guido wants to add something.
When it comes to the food, the food court, I will speak about food initially and then services. Now, the restaurants are packed full. Whether in São Paulo, we look at JK Iguatemi São Paulo, but this holds true for all of our shopping malls. I recently went to Rio Preto. We got to Bamboo Restaurant at seven, and there was no more room. Luckily, we had made reservations. Otherwise, we would not have had dinner, and that early on for dinner. Restaurants are performing extremely well. I think it depends on the food court. It has a great deal to do with what Guido mentioned of the food courts and the ventures that still have a problem with flow because the corporate part has not returned yet. Now, those food courts are still suffering from lack of flow.
If there is a speedier return of people, everything will go back to normalcy. Well, every once in a while, everybody needs to eat with this fast food, and that's what the food court is there for. The results will depend on that part, on the flow, the return of people to the courts. When it comes to services, there has been a change in habit, but it also depends on the flow once again. The gyms, the hairdressers, beauty salons also depend on that flow. There will be an accommodation that so far is not very clear. We don't know how these services will be utilized. We're presently assessing how all of this will operate. Now, cinema. What happened during the first semesters that justify their underperformance? There was no blockbuster. The greatest blockbuster of the semester was Top Gun.
My 11-year-old daughter says, "Who is Tom Cruise?" Perhaps this was the best film for the quarter, without a doubt. Now, everything we had in terms of launches was postponed for the first semester. In the second semester, if we launch better films, it will be important for the resumption of movie theaters to figures that are similar before the pandemic. When the film is good, the movie house will be full. When the films aren't good, it's difficult. It's hard to say if we will have that upside or not, Gasparete, but we're still in the period of accommodation, and this depends on factors beyond our control. Gui, if you would like to add something.
Yes. I believe that we will have pleasant surprises that we didn't mention, which are the bookstores.
The Saraiva and Cultura bookstores have left, but we do have the inauguration of several good bookstores. We have just inaugurated Livraria da Travessa on Friday in São Paulo. We inaugurated Livraria da Vila in July, a marvelous bookstore. In terms of services, we have improved our mix in Campinas as well as in other malls, and they had very strong sales. They had a very good output in Galleria Shopping. We have health clinics. Unimed has opened up a laboratory in this quarter. This will strengthen the service area. The electronic part will perform better this semester. It wasn't performing well because of the anticipated sale in 2021 because of the pandemic. Now, with the World Cup, this event is a growing one, and we have Black Friday, Independence Day, and other important sales.
The food courts with an improvement in the occupancy of offices should improve. XP had returned to offices in front of JK Iguatemi shopping mall. They will now have to take back these floors to work. This is a demonstration of what is happening. Well, thank you very much, Guido. Chris, if you allow me another question. Explore the occupancy, the cost of condominium, which has been the variation vis-à-vis 2019, if you have an idea of your efficiency gains in this field. How did you gain more efficiency? Well, Guido, would you like to respond to that? Well, beginning in 2017, we had decided not to transfer inflation to gain more efficiency in the condominiums and improve the business spread over rent. That is to say, to gain more space for rents as part of the tenants' costs.
We began to change our equipment and equipments that bring about a great deal of efficiency when it comes to energy and water consumption. In Iguatemi São Paulo, and in Iguatemi Porto Alegre, we have had significant changes with the savings reaching 20%. Our energy consumption, if we measure by kilowatt hour, is the same consumption we had in 2015. We're maintaining this because of our efficiency. The same happens to the water treatment. We treat 30% of the water we consume. The water is reutilized. We do not send it off in the sewers. Seventy percent of this, we treat 70% of the sewage. This is equivalent to a consumption of a city with 47,000 people. You can see the magnitude of our efforts. Besides reutilizing water, we do not bring in water from the outside.
This is another alternative to consume less water. In terms of units consumed, they are the same when compared to 2015. When you move up to 2020, we have the pandemic, and we already had this effort, and we have worked with Base Zero since 2014. We do have this education of working with this in all of our budgets for the condominium. In 2020, we cut expenses by 20%, allowing us to offer discounts in the condominium to our tenants. We offered discounts for 2 months. We didn't charge condominium for tenants, and then we went back to charging. This shows you how we were able to reduce the condominium costs.
The level of 2020, we thought that in 2021 we would go back to levels of 2019, but we were able to ensure the cost of cleaning, maintenance, maintaining similar costs. Presently, we want to enhance efficiency and maintenance once again in utilities bills. This is our full focus. Now, people do not see this. This is the work being done by the operational area, and they're quite extreme when it comes to the bills and reducing the bills.
Excellent, Guido. Thank you very much for the explanation. Have a good day.
Thank you. Our next question is from André Mazini from Citibank. You may proceed, André.
Hello, Chris, Guido. Thank you for the call. The first question in terms of the difference between same area rent and same store rent, I know that you work with this difference. If you could explain what has led to this, if it's because of a more inclined rent scale, you begin by paying less, and then you have increases or rises throughout your years of contract at six months, and if these should converge or if this is a strategy you're going to follow going forward? Secondly, the land in Campinas is enormous. It's a completely new neighborhood that is being built there. If your mindset has changed, why are you going to develop that? What are you going to use it for offices if you're going to have something different?
Now, this is a very large project, more than two-thirds of your real estate portfolio. André Mazini, Guido will begin, and then I will speak about our land bank in Campinas.
André Mazini, thinking about your first question, the difference of same store rent and same area rent, you answered the question. These are the rents and discounts we offered during 2020, 2021. Quarter-on-quarter, we're catching up on these figures. During the pandemic, the rent was somewhat lower than the base rent in a five-year period. After the second year, we scale up the first and second year, and in the third year, the rent is higher, and this gives us a positive spread. We preserve these positive spreads. When we calculate this by semester, we're still catching up to the same store rent. Mazzini, regarding the land around the Iguatemi Campinas, we're waiting for the registration. It should come out in the coming weeks. We should resolve this in August. Things are somewhat unforeseeable.
The idea is this year to begin to do what we call working on a prototype, and Casa Figueira will be the reception for the neighborhood. We will have an event venue for the entire neighborhood. In terms of square meters of land, the first phase has 1 million sq m . Well, we're gonna have everything, Mazini, because it's a full neighborhood. Somewhat higher than Vila Olímpia here in São Paulo. That is what we are developing. We came up with a project, as I mentioned in some calls, with urbanist people called Broadway Malyan. They created a master plan for the neighborhood all based on state-of-the-art concepts. You can do everything. You can have water catchment, residue recycling, the best positioning to capture sunlight. This will improve the use of air conditioning. It will reduce the cost of energy.
This is truly an incredible project in mobility as well. All of the most modern urbanistic concepts have been incorporated into this neighborhood. I spoke to Mr. Jereissati saying that we could retire in that neighborhood. That will be the best neighborhood in Brazil. Joking apart, everything will begin this year with the beginning of the construction of the prototype street. We're going to work with micro parts of a street to see how it will be, to be sure that what we have decided on aesthetically for the street and the sidewalks will work. With this, we would have a record, and we can begin to market and develop the neighborhood. It will be done in phases. The unfolding of the neighborhood will take some years. We're referring to at least 15 years to get to something that looks like a neighborhood.
It begins in the surroundings of the shopping mall. There is a street that will come out of the shopping mall until a square, a park. We will have a park that has been projected for the entire city, not only for the shopping mall. This connection between the shopping mall and the park is what we are beginning to develop. It will have residential, commercial buildings in this phase already. There is a project that is somewhat far on the other side of the avenue that is part of these million square meters we are working with. We are making strides, and the next step is to register this, and with that, we can begin. In terms of CapEx disbursement, that will begin the coming year if everything works out. That's our expectation.
Very good, Chris. Simply a very quick point. You have a lower stake there, less than one-third, and you have the grant foundation. How will that be?
It will represent a significant amount considering the project you are working with. Yes, each one will pay his or her part of the CapEx. Remember that the foundation is our partner in Campinas, and Campinas is colossal. They have been putting aside their money through time, and this will not happen suddenly in a single moment. The CapEx will be diluted throughout the years. As you invest your CapEx, you already market this. There is a positive flow that will help you to pay for the CapEx while you are developing the entire project.
Thank you, Chris. Thank you, Guido. Have a good day.
Our next question, Jorel from Goldman Sachs. You may proceed. Good morning, Chris. Good morning, Guido.
It's just a question. I go back to the issue of occupancy. If you could give us a breakdown, I would like to understand proportions and what you expect going forward, how you have gained efficiency in terms of the condominium cost. Now, as part of this stability in cost, could the rent increase? Could it increase by a higher proportion? If you could give us some color on the incremental part compared to what it was in 2019, 2020.
Hello, Jorel. I will begin, and Guido can add some more information. We have always worked with a cost of occupancy at around 11%-12%. Very few times, outside of the pandemic, of course, which is an outlier, we reached 13%. We never got to 14%.
This is our normal level, and we have now returned to that level. You're right. As Guido mentioned, we have maintained a very short rein in terms of the condominium and the condominium as part of the total cost. The condominium has lost to the rent, which is what we want. It's good news. Therefore, the proportion of the rent is somewhat higher than it was in the past. If we go back to one of the first questions about the transfer of inflation, the trend is to maintain this short rein. We have zero debt now. Try to transfer zero to the condominium bill. After everything that happened and that is still happening in the Brazilian economy, it's very difficult to imagine that we will maintain the shopping malls at nominal zero.
The trend will be to transfer less than the inflation or the inflation per se, but not true increases in the condominium. As Guido mentioned, we are going to have true increases in the rent because we imagine sales will increase constantly because of our work with mixes. Through time, in nominal terms, the condominium might increase a bit, but the rent will increase more. All of this is possible because of the sales increase. It's hard to say where this ratio will stop. Everything relates to sales, but some type of transfer will be done in the condominium. We can't work with nominal zero infinitely. The costs increase. We do have efficiency gains, but there's a limit to that. I don't know if I answered your question, Jorel. If there's anything you would like to add.
No, that was a very good answer. Thank you, Chris.
Jorel, to add, when we look at the occupancy cost between 11%-12%, we have been maintaining the condominium costs always in line to this, and what we have increased is the rent, the cost of occupancy as we had mentioned. This is the work we do. As Chris mentioned, we have been holding back the cost of the condominium with a very short rein for some time already. With the inflation we see in the inputs and in the energy and water and gas bills and other inputs we have in the condos, of course, our workload has increased. In coming years, perhaps we will have to transfer some of these costs. If we look at the subsequent years, this is not the case for this semester.
We have already closed the condominium costs, and we're quite calm in terms of these costs for this year.
Thank you. Our next question is from Marcelo Motta from JPMorgan. You may proceed, sir.
Good day. We have two very quick questions. First, about the refunding of the tower, the amortization you have in 2023, about BRL 7 million. What are you thinking in terms of refunding? Are you going to do this now or next year? Which are the company options? And the Sky Galleria in Campinas with somewhat lower occupancy, well, the project will be delivered now. What do you expect until the end of the year? And will this have a negative impact on your condominium expenses, perhaps reaching levels of 50%-60%? Thank you.
I will allow Guido to speak about the refunding, and then I will speak about the tower.
Hello, Mota. How are you? When we think about liability management, looking at the maturities for 2022, 2023, we don't have any BRL 200 million basically. When we look at 2023, we have BRL 900,000. If we look at our cash, we're quite calm. We do have some debts that mature this year. We have a debenture set up in 2020 to strengthen our cash position that matures in the first quarter. That will not happen probably, and the rest we will continue rolling the debt. Taking into account the result of the elections, we think that there will be a downward curve, and this is how we will look upon the market and continue rolling the debt.
What we have always done, we work with 3.5 years, which is the average term of our debts, always very aware of the net debt EBITDA ratio, 1.5 x -2 x more than the ratio. This is what determines our average term. This is what we're going to work with. As you have mentioned, the market is back strong, especially in terms of the CDI, and we're quite calm in terms of development and new investments. Our expenses in the reinvestment in our portfolio is quite elastic, and we're also looking on this. The CRI market is very good. It is incentivized, and they're below 100% of CDI, and we can make the most of that market cost to change the debentures that mature the coming year with newer CRIs.
We also have the real estate credit that have had a resumption with an increase in savings and funding, with saving levels increasing and the banks that also have a great deal of funding. Now, these are long and very low-cost funding, and this is something we will begin to do at the end of the year and beginning of 2023. I will now give the floor to Chris to speak about Sky Galleria.
Mota, we do have some markets like the Campinas market that do not have a premium offer of corporate towers, and obviously you have to deliver the project before marketing it. We did hold some conversations, but they were not conclusive as we have just delivered the tower. 10% has already been marketed, but more than half of the tower has already been spoken for.
We have a person that is very interested, but in truth, we will only be certain in October. We have had a great deal of search for this, so we imagine that this will be a very good business for us and the partners in the tower. It's become a very imposing tower. I don't know if you have driven through it. It can be seen from the highway, and the quality of the tower there you cannot find elsewhere in Campinas. It truly is a very imposing tower. Many people prospecting it, and we're very enthusiastic with this. The prices there are compatible with the prices we would be able to get in São Paulo. We're quite enthusiastic with this. We're not concerned in terms of vacant areas. Of course, the tower area is infinitely lower than that of shopping malls.
Even though we have some vacancies, it will not be relevant. There's a great deal of demand for the tower. Now, what is more relevant is that the tower will be well occupied, paying well. This also represents a significant flow for Galleria Shopping. The tenants are quite enthusiastic, and I do invite you to drive in front of the tower. We will have an inauguration cocktail at sunset. The views are absolutely breathtaking. The pictures that you see in the release, they seem to be tampered with Photoshop, but it's not. It truly is very beautiful. So we're not too concerned with vacancies there.
Very good. Thank you very much, Chris. Thank you, Guido. Have a good day.
Our next question is from Fanny Oreng from Santander. You may proceed.
Good morning, Chris. Good morning, Guido. Thank you for taking my question.
Well, most of my questions have been answered. What draws attention is the recovery of the assets in Rio Preto and Ribeirão Preto in the hinterlands. What did you do differently in terms of mixing these assets? And if you have observed a greater flow of people that had migrated during the pandemic to the interior and have remained there, it's always difficult to begin to charge for parking in the interior, but you don't seem to have any problem. If you could give us more color regarding these two assets. And a question on futurology, a very recurrent concern and question of investors, the potential for a slowdown in sales in the second quarter because of elections, the World Cup. Several people are concerned with this slowdown.
What will happen to this transfer of rent that you have spoken to if there is a sales level where you would have to begin offering discounts once again, or is this something very remote? We have spoken a great deal about sales, but if you could clarify this, I would be very thankful. Thank you.
Fun to speak about Ribeirão and Rio Preto malls. There is no magic wand where you resolve everything. This is the result of several years of adjusting the mix. Of course, there is also work on the maturity of the shopping malls. We inaugurated Rio Preto in 2013, Ribeirão in 2014, and the recession began in 2015. We were hit by the recession in the years of maturity of these two shopping malls. It took us more than what would be normal.
These mix readjustments and the maturity of the shopping malls is something that is taking place now, thanks to the work to settling the brand, the recovery of events, marketing. This is work that began many years ago that is now showing the results. I recall a time with JK Iguatemi where we were desperate. We thought that the shopping mall would not work. Very far from that, we requalified the mix, and now they are offering incredible results. The same happens in the hinterlands, of course, with the right proportions, but with expressive figures of enhancement. You're right. We ask ourselves, do we begin or not to charge for parking? We were quite calm in terms of charging for parking this year because we were on the right path.
Now, typically, we think there will be a drop of 20%-25% in the flow of vehicles. We carry out measurements before charging, and the drop was only 10%, much lower than we observed in other places when you begin to charge for parking. Now, if this has something to do with that exodus of people to the hinterlands, perhaps. We have had an increase in the flow of the shopping malls because of the requalifying of the mix. Shopping malls are points of experience, points of leisure. We have restaurants and much more. We see the audience adopting our shopping malls, not only during the day, but also in the evenings. It's wonderful to see this. As I mentioned, recently I went to visit Rio Preto. I was truly impressed.
When you hear about something on paper, it's different when you look at it with your own eyes. We see an increase of construction in the surroundings. There are several towers that are being built in Rio Preto as well as in Ribeirão Preto. Of course, the trend is for an improvement. We are at a very positive time in terms of the interior. We're capturing the maturity and the increase of population in our shopping malls. This is not something temporary. It's something that is there to stay. This seems to be the trend. Now, to speak about the slowdown, well, Guido, perhaps you would like to add something.
Yes, if I could give more color. As Chris mentioned, the increase that we had of people in the shopping malls and the region of Ribeirão Preto has had an increase.
We brought in two commercial towers in 2020. You saw our results. We have a residential tower that is being built now. If you look around the main condominiums, which is the main source of growth in Ribeirão Preto, they're all in the surrounding area of the shopping mall. This is a work of ants that grows very gradually. If you go to the supermarket in Ribeirão Preto, it's marvelous. We have had a strengthening of the mix in the stores. Live, Lita, Alexandre Birman, Nirman, all of these new stores have been included in Ribeirão Preto. They have Zara, which is the only Zara in the hinterlands as well. Rio Preto or the region of Rio Preto already has a residential tower, a hotel, and a commercial tower. We have two residential towers.
One has been fully sold out, the other one is under construction. All of these surroundings are the region with the greatest growth, with a mix that is bringing in the results that we have been pursuing in the last few years. To speak only of the second semester. Well, it's funny, and I joke around in terms of slowdown. What does slowdown mean? To grow 20%, which is what we grew in June and what we are growing in July, does not seem to be a slowdown. We should continue, with the same growth that we have foreseen. To have 36% for the entire year might be difficult, but something more similar to our figures in June and July, this is more feasible. The difference here is the change in consumption behavior of our customers.
People are buying more locally. They're transferring their leisure experiences to the shopping mall and adopting things within the shopping mall, important activities within the shopping mall, and this will not change. It's very difficult for people to travel with five bags now because the airport experiences are so miserable for obvious reasons. I'm like George Clooney in that film where he travels only with a handbag. Regardless of that international part, the national brands also have important growth underway, and I think it will be very difficult to have a slowdown in the second semester. I think it will be stronger because of the way that people consume. This is here to stay, so much so that all international and domestic brands are betting heavily on retention and marketing to increase customer loyalty.
We're not only holding many events, the brands are also holding events, a great deal of activation, and this has a positive impact on our results. Now, what we observe, obviously, is that the economy is undergoing difficulties. As we observed in the past, our public, our audience is more resilient. Inflation is higher, but this does not have an impact on our customers. Now, we see a higher conversion. We see many new customers coming to our shopping malls, and the second semester should be very strong.
Thank you. Thank you very much. Thank you, Chris, and thank you, Guido.
Our next question is from Rafael Rehder from Safra Bank. You may proceed, Rafael.
Good morning, and thank you for taking my question. I have two questions, actually. The first question, to speak more about occupancy. You had an increase of 5% in the performance because of your mix. The second question, I think that the level is still somewhat below what you want. If you could explain this further.
I'm going to refer to the occupancy rate, and Guido will answer the second question. In our occupancy rate, as mentioned, we have been quite stringent when it comes to using our price list and much more. We still have some tenants that are suffering from the resumption. We had some important exits that we mentioned in the release. Few stores, but with large spaces. There is the interest of other brands that are well-capitalized, and this is a good moment to capture the increase in retail. Now, sometimes there are moments between entries and exits that cause a certain volatility, but the trend is always positive, as Guido said.
We should end at 95%-96% in terms of occupancy at the end of the year. The good news in this occupancy rate. Well, I'm not going to deliver results before we get them, but we have interest in all areas, in all categories: fashion, accessories, restaurants, new brands. New brands, domestic brands emerging in the market that are coming to the mall. I tell the story of Bicha, that is a very small store from JK that sold huge amounts last year and that are opening a store in Iguatemi, São Paulo. We have our eye on these new domestic brands, not only the international brands. There is a significant market for them, and this will add freshness to our mix.
We're always pursuing these novelties, seeing what we can bring in that is different for each of our shopping malls, and this is the line that we are working with, working with different tenants to bring in things that have not been heard of before. Perhaps new store formats, new products. All of this will make the product and the customer experience a revitalized one. It's a different feeling to walk into a completely unknown store or a store with different products that you like. This is what we're working on for the second semester, and we do have some important novelties in several areas. Guido has already mentioned some of them, the bookstores, the Unimed laboratory, different things. Supermarkets, St. Marche in Campinas.
These are relevant, big projects that will generate flow, but also the small satellite stores that do create an important thrust for our business. There's a bit of everything. As I mentioned to Fani, this will be a strong second semester, and this will help us in the continuous growth. Guido?
The second question on delinquency levels. Well, our strategy is to collect everything. We say collect everything, and that's what we do. It's true. What happened when we look at the legal area, because we do depend on the legal area for execution. If we look at 2020, 2021, the legal system was rather paternalistic, standing up for the tenants, but they have seen that shopping malls did offer large discounts. The judge saw that the company had helped a great deal.
Nowadays, when we look at these suits, we're winning them all. All of the discounts that the person had have been reverted. Several tenants that bet against us, that thought that they could win through the suit, these tenants up to present cannot believe that they have lost their stores because they were convinced that the legal system would stand by them. The contract is expensive, the transfer of IGPM is expensive, and delinquency in rents is complicated. We do have execution actions. As we consider the churn that we have had. After that valley that we hit of 90% of occupation, we are now at 94%. We're pursuing this. We collect everything. Gross delinquency for June, at the close of June, was better than that of 2019.
We're going to see delinquency figures that are very sound and companies that are very sound. The net debts accumulated until the thirtieth of June is lower than that of 2018, 2019. We're going to see very healthy figures. Besides the fact that the monthly billing is very good and better than 2019, we have the recovery of previous rents. We're collecting for all of these in accounts receivable. We had a drop in accounts receivable with a drop because of the recovery of the judicialized rents and the delinquency of the past. I would like to ask about the liquidity of shares, I believe. If you have internal strategies to increase this, to try to improve this. The liquidity of shares. We did not hear your question. I'm sorry. We did not hear it fully.
We carried out a conversion of the ONs to the units. We had two conversion units. One ended on June, the other January, and liquidity has been growing month after month. Is below what it was in 2021 before the restructuring. The market is trading. This, everybody had doubts on the trade. We then unfolded the units or broke down the units to improve the pricing of the units, and I think the market has now understood. Liquidity is being recovered. In June, in the stock market, Ibovespa, everybody lost liquidity. We're now going back to normalcy. There will be an improvement in liquidity with lower interest rates. There should be a good response from the capital market.
Thank you. Have a good day.
Thank you. Ladies and gentlemen, as we have no further questions, we will return the floor to Ms. Cristina Betts for the final remarks. You have the floor. You may proceed.
Thank you, everyone, for attending our call, for the full participation. If there is any doubt pending, if you would like to make comments, our entire team is at your disposal. Let's go towards the second quarter. We're quite enthusiastic. Thank you.