On Page 11, we have the evolution of our operating income, leaving aside the fair value impact. So we had an increase of 44%. So when we see the impact of the fair value of our investment properties here, we have the main number of our quarter. That is an improvement of ARS102 billion. So this is more related on what I said at the beginning about the evolution of the dollar MEP, since we value all our properties, the office portfolio and the land bank, we are using the dollar MEP to convert those dollars into pesos. And regarding the shopping malls, we are using the official exchange rate. If we measure the properties in dollar terms, the portfolio is stable. So we don’t see a significant improvement or decrease in prices. So it’s relatively stable compared with the last quarter in June.
But when we convert those pesos — or those dollars into pesos at a higher exchange rate, that is the reason why we are posting this gain of ARS102 billion. Going to the next page, on Page 12, we have the other important effect that is related to the net financial results. Last year, we have — again related to net FX results because of depreciation of the peso this year, we have a slight depreciation of the peso, devaluation of the peso. So we have a loss during the first quarter of this year. Related to the net interest line, we are paying less interest because of the reduction of our debt. So that line is decreasing compared with the previous year. And then we have the impact of the inflation adjustment than the last year was higher than this year.
Related to the income tax. Here, we see a significant loss of ARS41 billion. Remember that every time that we recognize an appreciation of our portfolio of the investment properties. At the same moment, we recognized a loss related to the potential tax — is a deferred tax. If we sell the asset, and if we have to pay taxes, so we automatically recognize a loss every time that we recognize this appreciation, and the same way, if we recognize an impairment, we recognize a gain in the income tax. So with all these different drivers, we finished the fiscal — or the first quarter of the fiscal year with a gain of ARS81 billion compared with a gain, in the previous year of ARS3.1 billion. These are numbers here said fiscal year ’22 and fiscal year ’23 are — is a mistake is first quarter of fiscal year ’23 against first quarter of fiscal year ’24.
Well, if we see the evolution of our rental EBITDA in dollar terms, this is used in the official exchange rate, we can see that we are growing significantly compared with the pre-pandemic levels and also with the last year. So the last column is the last 12 months, including the first quarter of ’24, so we are reaching an EBITDA of $176 million at the official exchange rate. And we can notice also that the hotels are surpassing again, the office portfolio. Regarding our debt, we can see the evolution of our leverage. And we have been reviewing this in the last quarters that we have a strong deleverage. We reduced our debt by 61%. So after the dividend, we have today a net debt of $296 million that we believe that is very conservative comparing against any metric, not using coverage ratio or LTV or net debt to EBITDA.
We are — we have a very conservative capital structure. About the debt amortization schedule, we have — this shows our gross debt of $383 million with a debt amortization schedule that is distributed in the coming years. We have this year, $123 million with the cash level that we have, we can manage that, but probably we will do some transactions in the market as well. About the dividend distribution. As I mentioned at the beginning, we — our shareholders’ meeting decided to approve a dividend of ARS64 billion. That represents a yield of 12%. So we paid on October the 12, we did a payment here in Argentina using the Contado con Liqui or the blue-chip swap exchange rate that this represents dividend around $67 million compared with $64 million during the previous year.
So regarding the — in Page 17 regarding the status of the GDS holders payment. Unfortunately, since we approved the dividend on October 5, we decided a payment methodology on October 6. On October 10, the government or the Comision Nacional de Valores put a new restriction about what Bank of New York as our representative of our GDS can do. So today, there is certain limitations for them to convert those pesos into dollars. So we are working with them trying to find a solution. So in the meantime, and we did an announcement about that, in the meantime, what we did is not to transfer the pesos to them. If we just send the pesos to them, that is our obligation. So in fact, is the thing that we should do, with those pesos Bank of New York can do anything.
