We have here with us the directors, executive directors of the company. We inform you, inform all the participants that the presentation is available for the website ri.multiplan.br. Before we continue, we would like to clarify that any statements that might be done during the earnings report regarding the business perspectives of the company, projections, and operational and financial metrics are based on beliefs of the board of directors of Multiplan based on information available for the company. These forward-looking statements involve risks and uncertainties, and these, since they are related to forward-looking statements, might or might not occur. Investors should understand that economic general conditions, industry conditions, and other operational factors might affect the future results of the company and might lead to different results. I'd like to give the floor to Mr. Eduardo Peres, CEO. He will start the presentation. Please, Mr. Eduardo, the floor is yours.
Good morning, everyone. I would like to thank you all for being here with us today. So, at this quarter, I would like to bring your attention to the continuous growth with sales and the profit of the company over the last quarter that grew 28%. This company has been delivering growth in sales practically on all the indicators over the last five years. Post-pandemic, we've grown a lot. Our performance has improved day to day. We continue with a strategy to perfect and improve our portfolio. I'd like to bring your attention to two assets: DiamondMall. These are the assets. Then, because of a lack of time in the pandemic, they were left behind. New York City Center is fully refurbished with a new mix, and it's growing in sales 46% revenue. Total revenue also grows at breakneck speed.
So you have to occupy two or three spaces, and these numbers will grow ever more. It reinforces our strategy to improve the portfolio, invest in the portfolio, so we can bring more return on investment. The focus is to be more profitable, to be the best. I've said that since the beginning, that we follow with this philosophy. We follow through. We have several expansions: Curitiba, DiamondMall, and MorumbiShopping. Still, we launched a couple of weeks ago the expansion of Maceió with an acceptance that is very good of the tenants, an expansion that will bring a shopping mall that is much more complete, broader, with more power of attraction for the region. Along the same path, we will promote, still in this year, the launch of Brasília, Jundiaí, and São Caetano. I'd like to bring your attention to one thing.
The company is going through one of the biggest production moments in expansion, profitability, and I requested to, well, for this call, the amount of square meters that we have to refurbish. We have 50,000 square meters of refurbishing spread through BarraShopping, Morumbi, DiamondMall, Pátio Savassi, Curitiba. These, refurbishings we demonstrated, and you can see, obviously, in the release, will have an effect. And as we realize in the DiamondMall with the renovations in New York City Center, we will see an effect. I believe that here, the choice of growing through these expansions is a choice to seek safety and profitability. We've had, over the last quarter, a growth of sales that was very, very strong in real estate. As Golden Lake is being developed, we can show the concept that we had there, and we are ready to launch the next phase of Golden Lake.
Another two buildings, 150 apartments, and there we will have a project over the next 10 years. Remember, we are just on the side of BarraShoppingSul. Everything is a synergy, synergy for BarraShoppingSul. This quarter, we closed three businesses in Ribeirão Preto. These businesses will bring synergy for around the shopping mall and for real estate development. Basically, all of our enterprises have that potential of growing and bringing other activities that are synergistic with the core activity of the company, which is shopping malls. So I see this with great expectations. We're developing several areas: Campo Grande, Curitiba. A lot of real estate to be developed and unlock value for the shareholders and our company. So I think that one of the big surprises in this quarter, we closed a few partnerships for the Multi app for payment that has brought BRL 26 million.
Regardless of having the expectation of monetizing, that was never the main philosophy. We always focused on the functionality for Multi so that it's useful for people. We brought BRL 26 million just on this quarter, and Multi is at the inception still. It grew, we grow with Multi. We finished the parking lot of removing the entrance of the shopping mall. So the gates, we removed those gates. That facilitates the access to the shopping mall without having to oblige people to do something. This is essential. We are sure that we have the ability to grow, to convince people to migrate to the app not only for the discount, but because of the other functionalities. So today, the payment through Multi represents 46% of all the payments done in the network for payment, for parking lot.
Multi has reached 21 million accesses, and it has grown 50% based on the last 12 months. So this is a digital project, a virtuous project that I see with great eyes, and it's delivering results for the company and for those that come to our malls. Well, I would like to reaffirm the growth, the expansion and revitalization each enterprise, and that will bring more safety, more profitability for everyone, for other shopping malls, for all the enterprises that are partners with Multiplan. We are 50 years old, but we were born, we are still young. I would like to thank you all, and let's go to the questions. Thank you. So let's start with the Q&A for investors and analysts. Should there be any question, please click on the Q&A button. The questions will be answered as we receive them. Pedro Lobato from Bradesco, first question, please.
Good morning, everyone. Thank you for the presentation. So my question is regarding Multi. You see the revenue that is relevant on the quarter. I would like to, well, learn more about Multi, and what can we learn from this up ahead? Pedro. Hello. Thank you for the question. As I've told you before, we are seeing the numbers of Multi and their exponential. It's difficult to analyze where we're going to be balanced because we are in the same project. So we realize on the day-to-day of every mall that the adherence is growing. You see the rhythm of the enterprises that were implemented: BarraShopping, Morumbi. The adherence is very, very high. So I believe that it's fulfilling its role. And we imagined that it would do so. There are much less rejection and problems than what we imagined.
All throughout this period, we started to implement the parking lot notifications nine months ago, and we are perfecting this. This is a process that will continue to be perfected. Multi, I would like to remind you, it's not just access. You have a toolbox in there that is mainly to get our customers to use more of our app. One important part that we are going to use for tenants, and this is one of the best ways to monetize, is to use the knowledge of the habits of the consumer in the shopping mall. So before, we don't, we didn't have that, and that will improve our loyalty, and that will be reflected in more revenue. For our surprise, we started these partnerships. I think that we can continue to grow because there will come more partnerships after this. Did I answer your question? Yes. Thank you, Eduardo.
Thank you. Next question. Tainá Costa, UBS. Your microphone is open. Good morning, everyone. Well, maybe this is a theme of the market, which is the tax reform. Still, a lot of uncertainties, a lot of room for interpretation, but I wanted to get your color. What is your reading? What can you share with us about this theme? What would be the impact and the orders of magnitude that you calculated? How can that be passed on to the chain, and how is that going to talk to the reference value? And I wanted to get your message, if you can give us some color on that. Hi, Tainá. So if, well, it's very early to answer with more details. The presentation by the secretary took nine hours, so imagine the complexity on the several lines of the income statements.
Now, the comments that I've heard yesterday, I don't think they reflect well the scope of this. We are here, and they're going to, we're going to charge outside of the invoice, and there are several deficiencies that need to be modernized. They have, within the scope of the tax reform, you have to see the impacts. When we talk about impact, it seems like a negative word. There are positive impacts. There are negative impacts. You have to evaluate that. It's very early, but it's not, we're not so concerned with what we saw yesterday. We understand that there is a big stage for discussion. One of the issues is, well, we thought that the alíquota, the tax rate, was too high, but this is a specific regime, 20% lower than the normalized tax rate, and there is a discussion in Congress and in the Senate.
So any affirmation today is too premature, in our opinion. You have to remember that that implementation will be done in stages. So the first part, if you're going to do a cold analysis, our case, which is predominantly the real invoicing, Lucro Real, well, as it is implemented, it will be implemented in 2027 until 2033. So there is a long period for implementation. The effects are not going to be felt once. They're going to be very gradual. That's what I can share with you today. We are dedicated, and since last night, reading and trying to understand and taking part of the groups to have a better understanding. As this evolves, we will share our point of view. Thank you, Armando. Well, I also wanted to understand another point, not about the tax reform, about the quarter.
What was that line of other financial revenues of BRL 12 million that had an impact in your financial results? It was something pinpoint, or there is something recurring here? Well, the reimbursement of the investments done for some of these expansions that we launched, the partners are going to adhere, and we were reimbursed, and that's why a part is to go to the CapEx, and the other part goes as a financial revenue. Thank you, Armando. Thank you. The next question is from Felipe Leiza, Citibank. Good morning, everyone. Congratulations on the result. Well, my question is regarding Golden Lake. 70% of the units were sold, and the project generated revenue for Multiplan. What can we expect for the next quarter? Thank you. Felipe, thank you for the question. It's 120 units, and we are close to that number that you just said, 60%.
We expect to close the year in the 80%-70%, which is we deliver the buildings from December of this year. So here comes the best moment because the enterprise is still there, you're selling shares, but it is a reality because the infrastructure is already consolidated. The lake is ready. The access to the other lots are ready. So when we started the construction of the club, the spa, the condominium takes a format. I think that we're going to have a great performance on sales, at least 85% until the end of the year. Thank you. Thank you. Next question is from Fanny Oreng, from Santander. Please continue. Good morning, everyone. Well, I have a question that is very simple.
We recently had the opportunity of visiting all of your assets in Belo Horizonte, and it really called our attention, and just a parenthesis, very good, very well taken care of assets, but it brings our attention, the Pátio Savassi, the remodeling that you are doing. It's the first time that I heard about the Pátio Savassi remodeling. Can you give us some more details on what can happen in terms of improvements, more stores available with the growth of rent? Can you tell us some, can you give us some color about that asset? Hello, Fanny. Thank you for the question. Very pertinent. This is the DNA of Multiplan, and it is to transform. And I have a special pleasure in recovering a shopping mall that we see opportunities as you saw in Pátio Savassi.
I think that for many people, it didn't make a lot of sense to do the investments that we're doing, but we are trying to get the best of each enterprise. So it is gratifying to see people using and going back to use people that didn't go, and now they are seeing once again. And you realize with Pátio Savassi, and you're going to realize with DiamondMall, you realize this strongly in Brasília. We just did a very deep renovation. The revitalization and this reform has this power. When you do this, you're trying to oxygenate and bring other operations. You bring more food and beverages. What the shopping mall really needs, I specifically, and answering about Pátio Savassi, we will finish the full revitalization in 2025. It's very deep. It's going for the second year.
The third step will have, third floor is going to have a small expansion, and it's going to have a big food and beverage court. So I believe that we can expect two digits, both in the growth, especially in the growth of sales, and certainly with the growth of revenue. Well, you're talking about rent, revenue of parking lot merchandising. You are creating new areas, and you're increasing the attraction of the shopping mall. This doesn't change. This is a strategy that we chose to go down this path, down this avenue. I believe that is that we have the opportunity to improve and consolidate the portfolio that was launched a short time ago. It's a very prosperous moment for the company. We are not looking on the outside. No. We are prepared, and we have the balance sheet for that.
Today, we have the lowest indebtedness that we ever had in 10 years. So what it gives the capacity of the company to grow and grow a lot. So that's my idea for Belo Horizonte. Thank you, Eduardo. Now, another question, follow-up. About the recovery of the asset, it's an asset that took a while to recover. Can you tell us more about that initiative? Sure. I can tell you more. And as you saw in Pátio Savassi, we're doing the same thing here. With more emphasis in the remixing of the, well, we had a large vacancy that gives us the opportunity to qualify and take operations that have more synergy and connection. So this is an opportunity that presents itself when you have vacancy. We did change in the management of the shopping mall, took much more events, many more things for the family.
It will go through a renewal that is key, and I think that this is the result of all of these initiatives. So this is just the beginning. It is just there and starting. This turnaround. Thank you. Our next question is from Marcelo Motta, J.P. Morgan. Please, the floor is yours. So another question. If you can tell us more about the administrative expenses. You have a new plan of restricted actions, understanding if there is an impact one-off in this quarter, can we expect this level of DNA running this year? Can you tell us more? Hi, Armando. Well, Motta, thank you for your question. What we have here is data of the plan that we did last year, a shorter deadline. We have the reports, and this year we had a second plan. The restricted action, the first year carries 60% of the expenses.
So you had this year, one this year, and that's why we had the growth of the expenses with the restricted action. It's not that it is an increase of quantity that justifies that. It's simply by the model of accounting that is different from the plan that we had in five years and then the plan that was shorter in three years. So as it becomes recurrent, that normalizes. So the effect should be next year, should be normalized, should be more predictable. That's the only thing that happened. Now, in regards to expenses, you saw below 5%, it's very much aligned. And yes, there's going to be a growth in people in several fronts for the works itself, but Multi to make this work in the call. Thank you, Armando. So thank you. The next question comes from Elvis Credendio, BTG. The microphone is ready. Good morning, Eduardo.
I have two questions on our side. The first is about the growth in sales in this quarter. Shopping malls are growing at a strong rhythm. I wanted to understand from your side, how much is this growth in sales? Is it going above the expectations of what you budgeted for this quarter, year? And do you imagine that these sales can continue in this rhythm? And the second question would be rent. I wanted to understand the same store rent to the rent per square meter. It's almost the same area rent year on year. So I wanted to understand from you, what does it explain that difference? Is it still that effect of the fourth quarter, the turnover of tenants, more time until they get in?
Maybe that's a big weight in the growth of rent, or is there a rhythm that you expect for the same store rent to converge for the same store rent? Thank you. Hi, Elvis. Eduardo. First part of your question, the expectation in the growth of sales, it's aligned with what we expected. This is something that can have a growth given the investments that were done last year. Shopping mall is always like that. You have the adjustments, you're bringing new operations. It's always an exchange. Either the rent the store attracts, and if it stops attracting the tenants, then it's not going to, it's not attracting the people, then it's not going to exist anymore. So there is a lot of investment to bring new tenants to our portfolio. And I feel that this sales can continue to grow.
I'm going to let Armando comment on the rent and the way that the rent is going to grow in the future. So let me comment on the growth of sales, just some macro factors. Less interest rates. We have the debt payment, so you have more consumers looking at the market. And if you look at the dimension up ahead, more and more you see wholesale growing in the retail, sorry, for the growth of the retail in the mall from the street to the mall. This is a circular moment, and we believe that this is a positive effect. So always looking at the long term. In regards to the same store rent, at the moment that you have a turnover and you're following us for a long time and the company understands, I don't remember seeing a quarter with a turnover such as this.
We have 9.4% of the ABL, so this is natural that you have periods with lower rent. Specifically, when you talked about qualifying the mix and bringing the best operations, it's natural that you have the big turnover of stores that we have in a period that is, it's not that we didn't have just one quarter. We had one or two years that are strong. So it's normal that you have that misstep. And you have the inflation accumulated 4% below. So many times they're saying, "Oh, rent is growing a little because the inflation is low." Or rent grows 1.5% and the inflation, which was less than 4% with the same store rent of 3.5%, real 3.2%, the NOI grew 4.1%. So people have to be happy. I see very good numbers, and we know how to explore and extract value even in an environment with deflation.
Complementing the answer of Armando, the focus of the company will continue to be the experience of the consumer in the shopping mall. Having said that, for us, certainly there will always be a gap because you will always bring the best and the best, sometimes they don't pay for rent. But the most important thing is to keep the consumer satisfied in the shopping malls of the network. That is the heart of the company and will continue to be so. Okay, Elvis. Great. Thank you very much, Armando and Eduardo. Our next question comes from Jorel Guilloty, Goldman Sachs. Please, continue. Well, thank you for taking my question. I have two.
The first part, given this difference that we see between the growth of sales and the growth of rent, can you think specifically, can you think that we see a growth that is significant of complementary rent? And if yes, what is the percentage? And the second question is the occupancy rate. It's still below the maximum value that you expected in the past. Do you have a schedule or a thought on how can we continue to increase the occupancy rate? It might go up another 200 basis points by the end of the year. Can you give us any idea, therefore, on that more color that would help? Well, hi, this is Armando. Thank you for your question. Geraldo, let me start by the end. We don't have any goal of occupancy rate. We have quality thresholds, as Eduardo just commented in the previous question.
Obviously, our desire is to increase the occupancy rate, but it's easy to increase the occupancy rate with a tenant. We don't charge the rent. We do this. We do the concession. But it was never our objective. Our objective is to occupy with quality, is working with a mix. And I'm sorry to repeat, we just commented with a previous question of Elvis, there is a long-term effect, a long-lasting effect that works with the shopping mall in a positive way. So we've seen that occupancy rate increasing in a positive way, increasing the sales and also bringing an increase in rent. And the percentage rent, as you've seen, it grew 45% in this quarter due to a very low inflation. Of course, it makes the impact in a minimum fixed rent to be lower momentarily. So I think that it was an increase that is positive.
In regards to the fourth quarter, it dropped the occupancy rate, obviously, because of the seasonality. In regards to the first quarter of last year, 102 basis points. We see the shopping malls that are more occupied evermore. It could be, the occupancy rate could be quicker, but we are focused on quality and experience that we want to bring to the shopping malls. In regards to the growth of sales versus the rent, I've given these numbers with frequency. Since the listing of the company, just in three years, the same store sales was larger than the same store rent, if I'm not wrong, 2007, 2010, and 2023. I see this as very positive because it is an opportunity for you to decrease the occupancy cost, have the tenant more competitive, and while you charge less rent, but you earn a lot of more things.
We have the delinquency rate that is lower than the previous pandemic period. The occupancy rate is growing. Everything is balanced in life. So you balance it. It's not a straight line. You balance yourself. This is the objective. And this is a moment of deflation, and even so, the company is growing. Well, one thing that people ask a lot, there is deflation, and I've used this word before. We are growing double-digit in the revenue line four quarters in a row, 13.1 growth in the growth revenue. Look at the third quarter, second quarter. We have over 12 months of deflation. So that's the capacity of the company to grow, to adapt, to be productive. This is the point that Eduardo mentioned about the productivity, the efficiency, without losing quality. This is the most important thing that we've developed and we can deliver.
To continue with the answer of Armando and Jorel, it would be easy to occupy all of these 4% or so with activities that are temporary, and then we will present a wonderful number, but does that help the shopping mall? I believe that no. I believe that getting anybody inside to us to have an occupancy rate does not work. Here, the call is based on quality. We will always bring the best for the consumer. That demands more time, and it doesn't take us where we want to go. Our next question comes from Mariangela Castro, Itaú. Please, Mariangela. Your microphone is enabled. Good morning, everyone. Thank you for the presentation and taking my question. I wanted to talk about the M&A market. We see that it's warming up. Real estate funds are capturing a lot of opportunities. So M&A, have you received any proposals for your assets?
This is something that you consider. Would there be any space for selling any assets of your portfolio? And occupancy cost, 14%, are you satisfied volume? Do you want to reduce more, or do you think that this is a good indicator to keep the level that Armando commented in the previous answer? Olá, Mariangela. Obrigado pela pergunta. Well, thank you for the question. Answering the M&A, quase always we receive provocations to get the participation here, there, but nothing expressive that will make us move to grow and do a position of indebtment that we are more leveraged and that it makes more sense for the company. There are small things. I don't see anything expressive. But what comes in terms of purchasing of the market, selling to the market, it didn't make sense. We looked at it.
We were provoked by the several banks that serviced us, but nothing that really makes sense. We have a balance and a leveraging that is very low. We have the lower level of indebtment in the last 10 years, and this is comfortable, and we are healthy, and we are ready for an opportunity should the opportunity present itself. Occupancy cost. Mariangela, so let's talk about the occupancy cost. Occupancy cost, it's not an organized house. 13%, 14%, they shouldn't look at that in those numbers. You have to see the result of the moment. So if you have selling growing, it reduces the occupancy cost because of the readjustment of rent. The inflation is low. So all of that helped to reduce the occupancy cost.
But what I wanted to tell you is about the effort that we had in reducing the, well, regardless of increasing the promotion funds because we're doing a lot of events, 321 events in this quarter, over 1,000 last year, if I'm not wrong. So we managed to reduce the expenses in bringing more efficiencies and reinvesting in automation. We bring page 32 of our report, we can show that, that occupancy cost dropping throughout time. Mariangela, I would like to remind you, in this point that Armando mentions about the cost being at the minimum, all of that revamping also has that objective. You are cleaning the shopping mall visually. You are bringing new materials for the expansion, the efficiency of the air conditioning machines that are being changed. It is a series of movements down the path of bringing the smaller cost to the tenants.
We have a big investment. We are continuing to invest in technology and automation, and Multi has an important role in that. Before, you had hundreds of people working on something, but now you can do it from home. You can scan your invoice and then just take part on the promotion of the mall. You can do it from home remotely. So you're only going to get the ticket to get in with the ticket physically. Those that want to do that at a parking lot, if you want to do everything digitally through the app, you can do so. All of that generates a lot of economy for the condominium. But now, there isn't a limit. There isn't a size limit.
As we've seen last year when our currency was more stable comparing to companies outside of Brazil, and then you saw the productivity of sales that was similar and the occupancy cost much, much higher. So there isn't a glass ceiling here. It's a day-to-day work in helping the tenants to perform. That's our work. Okay? Thank you. Very quick follow-up with the M&A. I think it's very clear that space that you have and the opportunity of purchasing for sales, we have space for Multiplan to reduce the portfolio, maybe selling a less productive asset, or this is not interesting to you. Hi, Mariangela. This is an issue of price. Can happen, yes. With this level of endowment, do we have that need? No, I don't think so.
So it has to be a great price so we can move down this direction, given that we have to increase and not decrease. So the benchmark that we have to overcome, it's a Cap Rate in a price that is very different from what we expected. So that's the biggest difficulty that we see in selling these assets. Thank you for all the questions. We close now the Q&A session. So should you have any additional questions, you can talk to the Investor Relations Department, and they will be answered. Now, the floor will be given to Eduardo Peres for the closing of the call. The floor is yours. Once again, thank you very much to everyone that is hearing us in the call. I wanted to share with our team of Multiplan that is very dedicated.
Everyone here works in a very friendly environment. It's a pleasure, really, to share the command of the company with all the board that is here present. I'd like to reaffirm our commitment with the incessant seeking of profitability and return on investment. As I said before, I don't want to be the biggest. I want to be the best and more profitable. Thank you. Thank you, everyone. The earnings call of the first quarter of 2024 of Multiplan is closed. Thank you, and have a nice day.