Thank you, Executive Officer and Mr. Guido Oliveira, Vice President of Finance and Investor Relations Officer. We would like to inform you that this event is being recorded, and all participants will only be listening to the conference during Iguatemi's presentation. We will then begin the question- and answer session when further instructions will be provided. The presentation is available for download at ri.iguatemi.com.br. Before proceeding, we would like to clarify that any statements made during this conference call regarding Iguatemi's business prospects, projections, operational, and financial targets are the beliefs and assumptions of the company management, as well as the information currently available. Forward-looking statements are not guarantees of performance, they involve risks, uncertainties, and assumptions as they refer to future events and depend on circumstances that may or may not occur.
Investors should understand that overall economic conditions, industry conditions, and other operating factors may affect Iguatemi's future performance and lead to results that differ materially from those expressed in the forward-looking statements. We will now turn the floor over to Mr. Ciro Neto, who will begin the presentation. You may proceed, sir.
Good morning. It's a pleasure once again to be here with you at our earnings conference call to present the results for the second quarter 2025. For another period, we continue on with excellent performance with growth in our operational and financial indicators. We had another sound quarter with significant investments, and we're now harvesting the good investments we made. We closed the second quarter with total sales of BRL 6.3 billion, a growth of 27.4% vis-à-vis the second quarter 2024.
Part of this growth is due to the strategic moves in the portfolio, inclusion of Pátio Paulista and Rio Sul. We had an increase of 14.4% in sales for the same area sales. Here we show you how the arrival of these ventures in our portfolio brings up greater robustness and differentiation in the main markets of Brazil: Brazil, São Paulo, Rio de Janeiro, and Brasília. This will continue to benefit us. We ended the second quarter of 2025 with a growth of 16% vis-à-vis the second quarter of 2024 in terms of our rental. We have a growth of same area sale growth and the inclusion of the new ventures. Even with the growth of sales, occupancy had a drop of 0.3% vis-à-vis last year, standing at 10.5% in the second quarter of 2025.
Now, this indicator is due to the growth of sales, and in this equation of growth and the expenses of the tenants, the strong sales we delivered this quarter led to a drop of 0.3 percentage points in occupancy. We maintained an excellent occupancy rate, 1.4 percentage points above that of the last quarter, once again showing our expertise and strategic vision in accordance with the desires of the consumer. During the years, this used to be a challenge. We're now working with very strong figures as we have in the last quarter. It's not only about the closing but also qualification, bringing in differentiated brands that will occupy a differentiated position in our portfolio. We inaugurated ventures that differentiate our lead. We have a store, a Japanese store, the first one in São Paulo. We also have opened Alo Yoga, absolute success, 250m² .
It's a Monday Bar flagship, a brand that is very strong here in the JK Iguatemi. For those who don't know Monday Bar, it's a brand of Sasha Meneghel, Dolce & Gabbana in Pátio Higienópolis, and Pirajá & Baiar in Shopping Galeria. Very desirable brands with that vocation for that specific space. To speak about our new ventures at the end of June, we concluded the stakes that we had in Pátio Paulista and Pátio Higienópolis. This is the largest M&A operation in the sector. As part of the operation, we had CRIs amounting to 795 million, 70% of the total value, and we also returned the money to the investment partners. We concluded 10% of the stake of Pátio Paulista, selling it to Funces for 224.5 million, 70% in cash on August 5. We began the management of Pátio Paulista, which is something that makes us very satisfied.
This happened on July 1. We're quite enthusiastic with this movement, and we're convinced that we will offer unforgettable experiences for our customers. Pátio Paulista is in the middle of São Paulo, in a very densified neighborhood that is bringing significant results for us and will continue to do this through the coming quarters. Now, if we look at the Marketplace, we sold off 49% of the Marketplace complex for 500 million. 295 million were received in cash in July. We have multifamily swaps that are integrated to the complexes, and they were concluded with an average cap rate of 9%. This reinforces our strategy of strengthening our portfolio, and our strategy for Marketplace will be carried out in four different steps. I think it's worthwhile highlighting the main points of our ESG policies. We continue with our ESG commitment. We have a sustainability report launched this quarter.
It recompiles all of the initiatives for the year and shows us the strides that we have made with consistency and evolution of our processes. The highlight was the B3 score that reached 71 points, the highest score in the shopping mall segment. The concern is to continue to improve our processes, to continue to enhance ESG with the right policy and care with our business. Now, if we look at events, we have some very important points. We continue to hold events to set ourselves aside for our audience. Our design, the product, the customer experience means that we're doing things that set themselves aside. We had the Festa Junina in Iguatemi, São Paulo, with an increase of 9% vis-à-vis 2024. Important activations like Cidela and others reinforcing our high-value proprietary events.
Last year, the event industry, there were events that would offer experience to the customer, but without further goals. We have changed this vector. We have created important exclusive properties at Iguatemi, and therefore, several advertisers want to carry out partnerships with us. This also holds true to the events we carry out in the hinterlands. These are desirable proprietary events, which enhances, of course, our sponsorship line item. In JK Iguatemi, we had the 11th edition of Cine Vista that sold out in the sale of tickets, 100% occupancy within 48 hours. We had partner brands participating, and we're taking this experience to Rio Sul, where we held the first Cine Vista. Tickets were sold out in just six days and we're trying once again to focus on that differentiation of the customer experience in our portfolio.
When we look at the high-flow events, we ended the Chaves exhibition at Praia de Belas with more than 80,000 visitors for these activities. We had iconic scenarios, interactive environments, a full success at Iguatemi Rio Preto. It's part of our pillar to develop these exclusive, differentiated events for the wealthier customers, but also increasing traffic and flow in our malls in the hinterlands and in the capital cities. We had sound performance of our ventures, active management, and value generation for tenants and consumers. What is important is the consistency of our results. We're very confident in the second half of the year, focused on creating value for stakeholders and others. I will give the floor to Guido now, who will speak about financial results.
Very well, let's speak about our operational indicators. As Ciro mentioned, we had a very strong quarter at Iguatemi. Let's speak about our GLA. Part of our work is important. Our GLA grew 8.6% with the coming into operation of Pátio Paulista. We've included them in GLA. In our own GLA, we had a variation of 0.50% considering the acquisitions that we made: Pátio Paulista, Rio Sul, that was not included in the second quarter 2024, the sale of 18% of Alpha View and the sale of São Carlos last year, and the sale of 49% of Marketplace and Galeria that happened on June 30 of this quarter. We have 17 malls, vis-à-vis 16 malls last year, with the coming into operation of Pátio Paulista since April 14. Total sales are important.
We have the highest sales per square meter in Brazil and the second highest total sales of all the listed companies, with a growth of 27.4%, total sales of BRL 6.3 billion, a growth of 27% in the quarter, and a growth of 23% for the quarter. This shows you the work of repositioning the portfolio with the coming into operation of two shoppings, Rio Sul and Paulista Shopping, and the strengthening of Pátio Higienópolis. Now, the coming into operation of Pátio Paulista and Rio Sul in our portfolio means that they are the fourth and fifth best shopping malls in our portfolio. Iguatemi, Porto Alegre, and Brasília are in the fifth and sixth position. This, because of the strengthening of our portfolio in the city and state of São Paulo, that is the greatest player.
We are now a very important player, and all of this strengthens our position in the city. Now, when we look at same-store sales of 12%, same-area sales 14%, with an IPCA of 5%, we had a growth of 9% over the IPCA in same-area sales, very strong sales in the second quarter. In same-store range, 10.4%, with a real gain over IGPM of 5.4%. Our real gain is above 5%. We had a slight drop in the first quarter of 2025 because of seasonality, a quarter that tends to be less strong. We're back to the 5% score. It's important to speak about our occupancy, as Ciro mentioned, 96.4%. Since December, we have that range of 97% and 96.5%. The first half of the year tends to be weaker. Of course, we are maintaining that occupancy that should be very steep until the end of the year.
Finally, the growth of our indicators per square meter, above 15% in sales, rentals, square meter of the shopping mall, and total sales. This, of course, will have a reflection in our figures in the coming quarter. In the next slide, we see our financial results. We're looking at adjusted results, the swap of shares that were settled in April, beginning in the third quarter. We will no longer have that impact on our net financial revenue. EBITDA growing 91%, considering the capital gain of Marketplace and Galeria Mall. Now, taking away this EBITDA effect, we had BRL 285 million in EBITDA, a growth of 22.8% recurrent. Once again, taking away the effects of the sale of Marketplace and Galeria, and the impact of investor partners that jointly acquired with us a stake in Pátio Paulista and Pátio Higienópolis between April 14 to June 30.
These were included in our results. We have already delivered to them their own stake, and they no longer participate in our results. The revenues have been lower, but we had a very strong growth of retail EBITDA, BRL 2.5 million, with a margin of 6%. A positive EBITDA that was zero in the second quarter of 2024, and the retail part growing 36%, with a margin very close to 10%. We with 6% in net revenues, with a growth once again. This shows the strength of sales of our portfolio and brands that are mainly international. We also have Alo Yoga and Comme des Garçons that came in at the end of the last quarter. We'll go on to the next slide.
Here we show you our recurring net revenue breakdown, with a growth of 22%, BRL 389 million recurring EBITDA, with a growth of BRL 23.8 million, reaching BRL 288 million; net income reaching BRL 109.5 million, with a growth of 2.8%; and FFO with a drop of 8.2% because of financial expenditures reaching BRL 141 million. Now, with the financial expenditures, I think it is worthwhile speaking about these. When we look at the reports, I think that they may cause some confusion. We showed a net financial revenue adjusted of BRL 125 million of the total financial expenses. There are two events. One event, which is the sale accounting, AVP accounts receivable from the sales that we have in our balance, the sale of Marketplace, and the way that we sold out 4.1% to acquire the shopping.
These are 34% based on the IPCA and based on the real interest rate. This is the impact we had. It is a non-cash effect. It is simply an accounting adjustment. We have BRL 14.8 million, the result of our strategic partners that were part of our balance, part of our operational results that we have paid out. Getting to the BRL 175 million, we had a one-shot event, an unliquid event that we had with a mark-to-market for the quarter because of the exchange rate variation. This, when we incorporated an asset in 2021, it came in as credit, and it had a mark of BRL 18 million because of the exchange variation and IGPM. This was a one-shot event. Our BRL 97 million were our expenditures, taking away that swap operation of BRL 9.9 million positive for the quarter.
Now, if we look at the coming quarters, we will have expenses of approximately BRL 100 million in the second quarter. The expenses were BRL 82 million, and the expenditure for this quarter would be BRL 97 million in financial results. We had a mismatch in the payment of the M&A and the result of sales. We paid BRL 700 million on April 14 for the M&A and received some cash on June 30. We did not generate remuneration or decrease in our financial results. As we have previously mentioned, we have the acquisition of 2,086,000 from Brookfield. We have stated we would remain with BRL 700 million yesterday. We concluded the sale to Funces; they exercised their right of preference. They wanted to do it in the second quarter. They did this at the beginning of August. We have another sale of 7% that we have announced that will materialize in the coming weeks.
You will find out who is carrying out this acquisition. It was printed in Valor Econômico. In terms of our indebtedness, we have a leverage of 1.90 with BRL 1,250,000 of adjusted EBITDA. If you take away the capital gains of Marketplace and Galeria, this is the capital we had in EBITDA, BRL 139 million. We have a leverage in truth of 2.03. If we consider the sale we carried out to Funces and to our strategic partner, our leverage once again is below 1.90, and we should close the year with leverage between 1.85 and 1.90. With this, I would like to conclude my part of the presentation, and we would now like to offer the floor for questions and answers. We will now go on to questions and answers only for analysts and investors. Should you have a question, please click on the raise hand icon.
If your question has been answered, you can withdraw from the queue by lowering your hand. We will answer the questions in the order in which we receive them. Please hold. The first question is from Mario Simplicio from Morgan Stanley.
Good morning, Iguatemi team. Thank you for taking my question. My question is focused on Pátio Paulista. Which have been your first impressions since you took over management, and which are the opportunities you have detected? It's almost 100% occupied. What can you change in the short term to enhance the performance of this asset and long-term outlook when it comes to that venture asset?
Thank you for the question, Mario. We're quite satisfied to bring that asset into our portfolio. Pátio Paulista had an administrator taking care of the asset. We took it over. It was important for our team. Our team responded very quickly, and we began management on July 1 with all of the system centralized payment invoicing so that we wouldn't lose any day or have operational problems. We took over this asset with excellence and diligence. I would say it is 100% managed by ourselves. Pátio Paulista does have opportunities, of course. There are some floors where we can make movements in terms of mix. When we take on a mall, we carry out the diagnosis first to then define the strategic planning for that mall. There are opportunities to improve the mix, of course, but it has a very high occupancy rate, a strong flow, but we will have a clear view when this master plan and strategic plan has been drawn up in the coming months. There are areas we could occupy with a differentiation in portfolio for that specific region. Thank you.
Thank you. The next question comes from Olavo Fleming from Safra. Good morning, Ciro and Guido. Thank you for taking my question. We have two questions. The first regarding Rio Sul. You have been actively managing it for a year. Which are the initiatives you have undertaken and looking forward? Which are the improvements in that space? The second question refers to your costs considering your expansion pipeline. You're beginning the works now, but you have to close the contracts beforehand. Have you felt any pressure of labor because of the real estate market? Thank you for the question, Olavo. I will answer the first one. Guido will answer the second. We have been in Rio Sul since last year. We went through the same stages that we're going through in Pátio Paulista. The diagnosis, strategic planning.
We have created a master plan, briefing everything we want to do, define which will be our initial movements in the coming years, focusing on an enhancement of the asset. We want that asset to once again end up being very important. It has strong recurrent revenues and occupancy, but for the southern area of Rio, I think that we can bring to Rio Sul an improvement in mix, offering differentiated brands. I don't know if you know, Rio Sul has an audience, 30% of which is made up of tourists. It's a very important touristic area, and we're beginning to work on this. Of course, it will take some time.
We're releasing areas, looking at contracts that have a maturity, and we're going to work with our model for renovations and to have positive spreads, bringing down brands that can offer higher sales per square meter and that are important for the entire portfolio. Rio Sul has been fully integrated with us. It's somewhat different from Pátio Paulista. You had a shareholder company taking care of that mall with a back office, but in the Pátio Paulista, we have to centralize everything and put everything into operation. We're quite enthusiastic. There are several opportunities. If you look at the NOI of shoppings of Pátio Higienópolis, Pátio Paulista, and Rio Sul, they practically have the same net operational income, which makes us very comfortable to do the same work we did in Pátio Higienópolis, in Rio Sul, and Pátio Paulista. This will lead to strong market growth.
Olavo, hello. Regarding the cost inflation, in truth, we're very diligent when it comes to the work nowadays. Since the beginning of the project, when we begin to think about an expansion project, and we're referring to the expansion project of Brasília, the rooftop here, and Marketplace, which is a retrofit, we began with the project in 2023. We begin with a budget that is based on parameters. We also look at the commercial areas. We have a process inside called the COIN process that thinks about how to work with all of these changes. First, we have the project for the City Hall. Then we have a conceptual project that we ask a quote for to see which will be the budget that we need. Throughout the approval of the projects at the City Hall, we work with executive projects. We don't work with a guaranteed price for works.
This allows us to see the total price of the work with the executive projects and quote for the real final price. We're quite comfortable with this. We have communicated the advance of these works. We already have some savings in terms of the cost of Brasília Mall, the counterparts that we had requested. We thought they would be higher. They have been lower. We have savings there, and the same applies for the Marketplace complex. We're quite comfortable, and we base ourselves on a global price. We have worked with the builders, and that is why we tend to take more time to begin the works to have clarity in terms of our budget. Everything is very similar to what we had disclosed to the market. Thank you. Thank you very much. We continue with Ruan Argenton from XP.
Good morning, Ciro, Guido. Thank you for taking my question. There are two topics I would like to refer to. First, about operations and sales. If you could give us some color in terms of operations in July, I'm referring to sales and your expectation for the third quarter. I think fashion was one of the highlights in same-store sales. If you could mention what it is that has been a highlight in that segment, which are the drivers and which are your expectations going forward. The second point refers to the growth outlook per square meter. You refer to that growth of 100% in Rio Sul and Pátio Paulista, but taking away your stake, of course. There is that factor of your entering more profitable shopping malls and you're leaving less core assets in the future. What is the outlook in terms of growth per square meter based on that growth scenario regarding inflation and if this helps or hampers the growth of revenue for you? Thank you.
Who wants to speak about sales? In the quarter, we did very well. We're going to refer to the second quarter first. Footwear, leather products, and fashion was very good, but fashion for women grew 18%, both local and international fashion. Another segment was important, jewelry growing 19.8% in the second quarter. Health and beauty as well, with a very strong growth. They're growing quarter on quarter. When we look at the anchor stores and satellite stores, the growth was almost 12%. We are growing double digits for some time already. Fashion is where we have a greater concentration of GLA, growing 17%. In the international part, we had very good sales.
We have Alo Yoga in JK, a flagship that simply broke all sales. It's the best academy for yoga worldwide. The inauguration was the largest in history. It went beyond that of MoMA. The store received an award for this. This is the differentiation we bring down in our mix. Now, let's give colors to the sale of July. Total sales with a growth of portfolio with Pátio Paulista and Rio Sul included had a growth of 25.4%. Malls on the same base without Rio Sul and Paulista, a growth of 10%. We had flagship malls, our main malls growing above 15%. This shows you the strength of international fashion, national fashion, and retail fashion doing very well in the month of July. The average for the malls in the hinterlands with a growth of 10%.
In Rio Grande do Sul, last year, you will recall that the airport had been closed at Porto Alegre because of flooding in June and July. August, we had very strong sales. We had already spoken about the sales of Porto Alegre and Praia de Junho. There was pent-up demand, and then we had the sales of Christmas. Immediately, people couldn't travel because the airport had been closed and only became operational again in September. This is the comparison level that we have. Sales have been strong. The highlight for the month of July, health and beauty, with a growth of 3%. Fashion, once again, growing 10% with leather goods, food and beverage growing 9%, and jewelry growing around 7%. The negative highlight for July was entertainment because of the movie theaters. Last year, we had Wolverine and other good films.
This year, we had a film like How to Train Your Dragon, something that did not attract customers, and we had a drop in entertainment of 21% approximately. We have a very good outlook. We see that July had an average growth of 10%. In terms of rentals per square meter, we have enhanced the portfolio, as you have observed. We have an excellent outlook for the quarter and for the next half of the year because of the movements, the new locations. We have several new leases that have already been contracted. You will see several inaugurations in the third and fourth quarter. In the Bank of America report, Iguatemi is the main player in the opening of stores and had the lowest turnover of stores during the quarter. We surpassed all of our peers. This is a reflection of the quality of the malls and the sales.
We have the second largest sale per square meter and the highest sale in the sector by far. We are going to continue to recover strong percentage rentals with the high occupancy, and this will increase our take rate and will, of course, increase the amount per square meter. Now, it has grown around 15% in same-store rent with real gains over IGPM of 7%. This is what we should observe in coming quarters. Thank you. Thank you very much, Guido. Have a good day.
Next question from Herman Libra, Disco BBI. Good morning, Ciro, Guido. Thank you for taking our questions. We have two. First, regarding the recent acquisitions, Pátio Paulista and Higienópolis, will the taxes paid be reimbursed? I'm sorry. The second question, if you could give us more color in terms of the gap that we have in your shopping malls and what will happen to guidance.
When we speak about interest rates, you will recall that we took away not only the profitability, we also took away those two investors that have just left now because we were convinced that we would settle this immediately. Our accounts receivable are available for sale. We have the sale for Funces and a sale to an investor that we should settle in the coming fortnight per sale. Those who have CRIs and those two assets that we will deliver to our partners have become non-recurrent things. The cost of carryover of these two operations with Funces in the settlement, we had a reimbursement of carryover that should have been settled on April 14. Funces was unable to do this. They could not do it through the same CRIs. They had to do it through the rights of preference.
Another partner was a stake that was destined to a co-owner in Pátio Higienópolis that finally decided not to buy this property. They were not able to raise funds, and so we sold that stake that ended up being somewhat delayed. All of this carryover will be reimbursed by the partners as part of our financial revenue. When we speak about our guidance, we are above the guidance for the half of the year, 13% net revenue, somewhat below an EBITDA margin for malls, and total EBITDA for the coming quarters, we are lagging behind in the resale of coins. This is a recurrent sale we do annually. We should have significant figures coming in in the third and fourth quarter.
The sale of lots, we have not announced anything, but as we do every year, we will announce this once again, linked to Casa Figueira that we have begun to commercialize in the first half of the year. We have six lots that have been put up for sale. We have received a proposal for three lots. We decided to sell eight. There are 40 lots, and of these 48, we'll have a sale with payment until the next year. This will appear in the results of the third and fourth quarter. We're quite calm when it comes to margins. When we think of the sales of Marketplace, Galeria, and our increase in stake in Pátio Higienópolis and Pátio Paulista, we confirm our guidance in terms of net revenue. That was very clear. Thank you and have a good day. Our next question comes from Fanny Ourin from Santander.
Good morning, everybody. A simple question. What drew my attention was the parking revenue for Iguatemi, São Paulo, and JK. You have an expressive growth, an increase in pace vis-à-vis the first quarter. If you could speak about these assets, is it an increase in the average ticket or in the flow? Once again, if you could speak about the initiatives that you're using in that field. Thank you. Thank you very much for the question, Fanny. Regarding parking, it reflects the differentiation of our portfolio. Every year, we have a survey vis-à-vis the market. We have a transfer of rates that we carry out at the end of the year. The great strength that we have this year is not anchored on the payment per se. Most of it is due to a growth in our valet parking in Iguatemi.
We have had a two-digit growth, significant growth in the last two years, strong use of our valet services at Iguatemi, JK, and other malls. The revenues, of course, are higher. The parking rates are higher. These are differentiated customers. At the end of the day, they do make use of our valet services. We have been having that two-digit growth for some time already, and it is a robust growth. When it comes to the sales in Iguatemi, it reflects that differentiation because of the new things we have brought down, the movements in Tiffany, the new brands that we have that have a very strong portfolio, our qualified portfolio with more international brands are growing at more than two digits. They are good drivers in Iguatemi. These brands have sold considerably in the last quarters, increasing our overage, and they have increased the minimum lease.
The strength of sales and this overage has increased the sale of our main assets, once again, because of portfolio differentiation. Thank you. That was wonderful. Thank you very much. We continue with Jonathan Cocres from J.P. Morgan. Thank you. We have two questions at our end. Your expectations for the openings, this will increase the square meters of the mall. I think this second question is for Guido, and it refers to Casa Figueira. You had mentioned this in the past, and I would like to know if anything has happened with that. Thank you for the question, Jonathan. We have a date confirmed for that on the 23rd at 11:00 A.M. The expectation is enormous. We have been following up on the information, and they're investing several millions of BRL in advertising. Of course, there will be an impact of that.
There is advertising on digital channels and YouTube. A great expectation on this store that will be the first store in Brazil. The inauguration is confirmed for the 23rd. Our expectation is the best. It occupies a space of more than 1,000 square meters in front of Iguatemi. Now, their expectation of the number of people coming down here for Sephora is quite high, and we will have robust operations and marketing to ensure that this store performs as best as it can. Most of the global board is coming down because of the importance of opening this highly consolidated brand in Brazil. Let's speak about depreciation, Jonathan. Nothing has changed. It's a reflection of the youthful life. We had accelerated depreciation when compared to the peers. We carried out a report because we do have a shopping mall that is celebrating its 60th anniversary.
It dates back to the 1980s. It doesn't make sense to have this accelerated depreciation. We carried out this report with accounting, and we began in the first quarter. In the second quarter, we do have that entry of new assets, but that drop in depreciation is a reflection of the lifespan of the asset. The next question comes from Keffer Kennedy from Citi. Good morning, everybody. Thank you for taking my question. We have two questions. You have explained the specific points about the acquisitions. I would like to understand more about your CapEx. If you could speak about the composition of it and that of your partners. I think that amount was somewhat lower than I had imagined. Another question referring to the two patios, the adjustment of the partners. It was almost 18 million in EBITDA with 18 million for the top line.
If you could speak about the dynamic of accounting for patios, if that EBITDA margin will remain, if it hasn't been accounted for. Of course, it is above that of the rest of the company. I would like to understand that profitability going forward. Thank you. A very good question, Keffer. Let's look at the first question about acquisitions. That BRL 1.05 billion from acquisitions does have a reflection. We acquired BRL 700 million. Part of it came out of our cash, the rest from accounts payable. Now, we have an operational event showing you the funding and the accounting operations.
Once again, as part of the event, we have our own BRL 700 million and the part from Funces and that of the strategic investor, that part of BRL 290 million, which is the 70% that we will receive. BRL 700 million of ours, 70% of the BRL 290 million, and BRL 240 million of the strategic partners. Now, for the BRL 1.049 billion, there is a reclassification event because of Rio Sul. We acquired Rio Sul in September through a CRI. Differently from the acquisitions of the Pátios, we created a new event. We were able to acquire that CRI, and it took us 90 days to be able to deliver the CRIs to receive the real estate stake. We received the stake on January 2. We had the profitability of the mall between September 15 until December 12. On January 2, through financial revenues, we received this.
We showed this on the fourth quarter as managerial revenue, but we settled this CRI on January 2 when we delivered the property. We worked with a non-operational operation. We should have, of course, mentioned this in investments. We reclassified this in the second quarter, those BRL 270 million. In that BRL 1.049 billion, we have BRL 200 million, BRL 700 million of ours, the money from the partners, Funces and that investor partner, all adding up to BRL 290 million, and the reclassifying of our investment in Rio Sul for investment of BRL 217 million. Now, CapEx was BRL 1.049 billion minus BRL 270 million for Rio Sul. If we look at the accounting adjustment, account the result that we received as CRI that we paid out to our strategic partners and our BR of Funces. Looking forward, we're going to have a margin improvement.
If you look at our total NOI, it's according to consensus. These malls have a very strong NOI with an NOI of around 90%. I'm convinced that in the coming quarters, these malls will give us their NOI. We have increased our stake in the Higienópolis 30%. We have a small stake in Pátio Paulista of 11%, but we do have our stake in Rio Sul. We will have an improvement of EBITDA margin going forward. Once again, all of these malls operate with an NOI of around 90%. Thank you. Thank you very much. We continue with Diane Costa from UBS. Good morning, everybody. Thank you for taking my question. I would like to explore your financial results. Guido spoke about two line items about the sale of assets, but two line items draw our attention in. I'm sorry, if you could repeat, your conversation was cut.
As part of the financial results, Guido spoke about AVP and your partners, but there's a line item of other sundry that drew our attention. Some were negative BRL 17 million. These line items are normally positive. What is it that drove to those two results? If it's a one-shot thing for this quarter, if going forward, we should see amounts similar to what we saw this quarter, and if this has a cash impact or not. A very good question, Diane. When we looked at this, I broke it down. We have two events. One event is the payment of profitability of Pátio Higienópolis and Pátio Paulista because of the CRIs. We have the Marketplace payment that we will receive in 2026, 2027, adjusted to present value of the BBR fund that we bought to acquire the mall. BB sold 33%. We sold 4%.
They exercised preference, and we returned to them 4%. We ended up with 50 points of the mall, and they are paying us with the distribution of results for the coming 10 years. This is simply an adjustment to present value of that amount we will receive in the coming 12 years, I believe. That stake that we sold of Rio Sul to acquire the mall, we received that, and we write down that AVP regularly. If the interest rate drops, of course, there will also be an impact. Everything that we will receive will be based on the IPCA. When we look at financial expenditures, when we look at revenue, others, and expenditures in others, we have that illiquid investment.
When we incorporated an asset in 2021, we received the assets and liabilities of the former Jereissati Participações, an independent committee evaluated these assets, and we also had a premium to the minority seller. We also have investments that we have in an illiquid fund with investments that are made abroad, and there's a mark-to-market on that investment. This is an investment with the mark-to-market lagging behind, and there has been the exchange variation. It's a negative investment abroad because of the appreciation of the dollar over the real in the quarter, with an impact of BRL 18 million, which is what you see in others of our financial revenues. I don't believe we will have a recurrence of this in the coming quarters. When we look at expenses, we have accounts payable for acquisitions in Rio Sul, Pátio Paulista, and Pátio Higienópolis. We have 30% corrected by the CDI.
In the 16,809 accounts payable that are lower for the Funces partners and the investor that we will settle within the coming fortnight, we settled with Funces yesterday, and in the carryover that we will have with that new investor of the 125 million, if you take away the 9,900 of the swap operation results, the AVP that we had, our financial expenditures recurrent would not be 125, but 103 million instead. For the coming quarters, considering our leverage and because of the acquisition of the Pátios and the sale of Marketplace, our expenditures will be 100 to 105 million. They would be recurrent with interest rates of 15% for the coming two quarters. Thank you, Guido. That was very clear. Thank you very much. We continue with Gustavo Fabriz from BTG Pactual. Good morning, Ciro and Guido. A pleasure to speak to you.
I have a question in terms of your movement. What is the mindset of the company for future investments and recycling of their portfolio? How comfortable are you with your present-day leverage level, thinking of acquisitions in the future? We have spoken about this at length. We have fulfilled a significant cycle at the company at present. We brought to our portfolio two absolutely no-brainer ventures when it comes to decision-making. It was an opportunity we had in the market. Pátio Paulista, São Paulo, and Rio Sul in Rio de Janeiro have been very important movements. If we look at the results and going forward, we are going to harvest good results. They're part of the main shoppings in terms of sales per square meter and revenue per square meter.
Now, we've gone over that phase and the stake at Pátio Higienópolis that brought us revenues that were more than the recurrent revenue. In the last few years, we worked to make sure that this mall would look more like our other malls. We're looking at the market, of course. We are never close to new opportunities. It's not something that we put under the rug. We're always speaking about this. We have to be attentive to opportunities that emanate, but not with the appetite that we had when looking at the acquisitions we have just made. If a unique opportunity comes about, we will evaluate this. We do have some deliveries to make in the coming years. The retrofit of Marketplace, the Brasília shopping mall, the development terms, there are important things to do in-house.
We now want to consolidate Pátio Paulista and Rio Sul with delivery in the short and medium term. We are going to look at opportunities only if it's something highly differentiated. Thank you. Thank you very much. We continue with Jorel Guilotti from Goldman Sachs. Good morning, everybody. I have two questions. The first is about the transaction with the Pátios. In my understanding, you're still consolidating the participation of a partner. Is this a fact, or has the restructuring come to a conclusion? My second question is about the occupancy cost, and which is your mindset in terms of the increase of rentals in the future? You have come to the lowest cost of occupation for a second quarter since 2008, I believe. Which is your vision? What will happen with that occupancy cost going forward?
Is this a moment where you could increase the rentals through leasing spreads and if this is the case, when will we begin to see this impact and which are the leasing spreads that we should expect? Hello Jorel, to explain to you about the Pátio in the... We showed you the results. They are part of our results of those who have CRIs and our partners from SETI and the new partner we will sell to, the BBIG, was an owner of CRIs. They settled this on June 30th. There is a CRI of the BBIG. Part of this CRI was settled for the stake and another part of the CRI was financial. Now this financial CRI has an obligation of settling until the 30th of October, I believe. The result of the BBIG as on June 30th, we did not settle the stake.
We continued on with that financial CRI open. It should be settled now because the CRIs will be used for the Pátio. It should be settled in the month of August. What has not gone through our results so far, if you look at the explanatory note of receivables and amounts to pay, that BBIG is 240 and liabilities 240, which means zero. Why aren't there accounts payable? Because BBIG offered to FunCEPI all the bails they had to pay. We don't account for this differently from FunCEPI and the partner that we still are working. We carried on this participation and now we are delivering everything to them. The same applies to the partner who will be acquiring 7%. The BBIG will be settled in August and in July and August.
These results will still be part of our result, the result of FunCEPI only for the month of June. From this other partner, 7% of Pátio Higienópolis will be part of our result until the full settlement in the second or third week of August. There will be minor results also due to that financial CRI. When we do carry out that payment, differently from FunCEPI, now BBIQ doesn't have carryover interest rate. We will be reimbursed and we're ascertaining the accounts so that we can nullify them. Our carryover for the CDI, which is the cost of carryover and what they will gain, will now be settled during the payment. You will not see this effect anymore in the third quarter.
When we consider the cost of occupancy, there was a drop in occupancy and what is important is that the cost in the condominium is still very low and the take rate is growing. It's the take rate of rentals over sales. We have preserved our take rate. We have been transferring and increasing rentals per square meter, same store range and others growing 10%. If we look at the outlook for the year, we have the work of new rentals and the leasing spread over renewals. We think that we will be able to maintain a take rate above or better than this first half. It was, of course, a weaker first half of the year. The second half of the year tends to be stronger. The sales are still very strong. They were 10% only in July.
If we're able to maintain the same store rate, we can stabilize occupancy. If sales continue to be above 10% and the range around that, there will be an increase in the cost. It is important to grow in terms of square meter and occupancy should stabilize at that level. International stores have their eye on this occupancy cost. They have a very high sales performance. When you look at absolute lease, they pay way above the average of our portfolio and our dominant strong malls that have many of those brands. The average rentals are the minimum rental plus the overage that they pay. This increases our average rental per square meter. They're always in a percentage rental that holds back a bit our take rate.
We have been working on this in the last few months with Guido Oliveira to have a setup where we look at store by store. We analyze contract by contract, looking at what could happen so that through time we could resolve these differences. Sales, of course, are always one step forward, but we have created methodologies analysis using our indicators and using our analytics intelligence to also forecast these sales through time, not only to transfer this to the tenant, but also to focus on the ability they have to negotiate in terms of spread rates. We did this during the last 12 months, differently from the past, and we're looking at the contracts that will have to be renewed in a centralized way with guidelines for our team so that they can seek out that take rate and resolve this gap in terms of the rent.
Thank you, ladies and gentlemen. As we have no further questions, we will return the floor to Mr. Ciro Neto for the closing remarks. I would like to thank all of you for your presence. It was a pleasure to be with you once again. We had strong management. We were able to consolidate all of the information we wanted to share with you. We're very satisfied at bringing in these new assets into our portfolio. We have a very active management. We have a good situation with our shareholders and stakeholders. We're focused on delivering value for our stakeholders and all of those that have a relationship with us. I'm convinced we will have a second half of the year that will be better than this one. Thank you all for your attendance. With this, we would like to conclude the earnings results call for Iguatemi S.A. Thank you for your attendance and have a good day.