There was the liquidity invested in securities, that was a good result. And also the impact of the devaluation that you see again in the nine month period of ARS81 billion, that is the appreciation of the pesos against the devaluation. Regarding the income tax. Here we post again, it’s weird to see a gain in the income tax, but this is the gain related to every time that we post a loss in the fair value of the [investment] properties, we post a gain in the deferred tax. And if we post a gain, we will post a loss on the deferred tax that we could pay if we sell the property. Something important to mention is that probably during the last years, we consume the tax credit that we had. So probably starting this year, we will start to pay income tax again.
So finally, the net results. As I mentioned at the beginning, there was a loss of ARS111 billion compared with a gain last year of 123 billion. Moving to the next page, the evolution of our rental EBITDA in dollar terms during the last year we see very good numbers. The last 12 months in dollar terms was $161 million, is a slight decrease compared with the previous year, but a very important increase when we compare with pre-pandemic levels. Regarding our debt, there was two new issuances in the local capital market during the quarter. We issued around $52 million in true tranches, one in dollar terms at 7% coupon and the other in pesos Class 1 that we raised is around ARS31 billion. Total gross debt today is around 357 million as of this March — it’s $357 million and is diversified in the following years and not concentrated in any specific year.
The next page is, as I said, we’ve announced a new dividend that we will start to pay tomorrow, is ARS55 billion, around ARS76 per share or ARS761 per ADR is a dividend yield of 7%, that is dividend together with the previous dividend that we distributed in October, reaching amount of almost $120 million of dividends. So this is an extraordinary dividend. We feel comfortable with our financial situation and liquidity and the low leverage. So we decided to be more aggressive on the dividend. Regarding the ADR holders, we don’t expect a delay like in the last one. So we expect to fix a record date for the ADRs probably in the next 10 days. So we expect that our ADR holders will collect in dollars the dividend soon. This will be using the blue chip swap FX and not at the official FX.
So in the following page, we see the evolution of the debt. Also on a pro forma basis, including the dividend distribution, we will be in levels very conservative for debt. So we feel very comfortable with these numbers. About the shares repurchase programs. As you know, we launched two programs, one that we finished in March and the second one we finished in April. So together, we acquired around 1.7% of the shares. And together with the last program that we acquired a year ago, we have in treasury around 2.2% of the shares. So with this, we finished the formal presentation. Now we open the line to receive your questions.
A – Santiago Donato: Well, now is the time for the Q&A session. If you have a question, you can use the chat, we will take the questions in the order we receive them. Well, here, we have a further first question, which is the time line — the timing expected for the Costa Urbana project? You can give some color on the timing.
Jorge Cruces: The timing is, as I said before, we need the environmental hearing that should be in June, July. And from then, we can start the construction. So as we start the construction, we’re going to start selling the lands. We need to start infrastructure to start selling the land. So I suppose that in the second semester of this year, all that’s going to happen. We’re going to start with the works and we’re going to start with all the commercial and the other plans. And maybe even starting a building of our own maybe in the next semester in the next year, first semester of ’25.
Matias Ivan Gaivironsky: Also, Jorge, it’s important to mention that the environmental hearing is not binding. So we don’t need that to start the project [Multiple Speakers] it’s one step more, but it is…
Jorge Cruces: It is, but you need that approval. You need to do it first before construction. So after the hearing, we can start construction.
Santiago Donato: Thank you, Jorge. The next question coming from [balance]. What are your expectations for the office segment in fiscal year ’25? Do you plan to continue divesting from the office segment? And there is another one where your expectations for maintenance and expansion CapEx for the last quarter of fiscal year ’24 and fiscal year ’25. Would any expansion efforts be allocated to your mixed use projects only?
Matias Ivan Gaivironsky: The first part regarding the office segment. About the operational side, we don’t expect a major change. Prices are stable in dollar terms. Of course, in pesos, we are receiving now something more close to the real dollars than before. Remember that the gap between the official FX and the blue chip was like 300 in December, and now it’s only 20% difference. So now we are getting much more close to real value of the dollars. And on the divesting process, as we always said, we don’t anticipate the transactions. But if we see good prices, we are not just accumulators of square meters. So if we see good opportunities to divest the portfolio, and we will continue to do it and probably rotate that portfolio in a new one in the future.
So we are open and is part of our strategy to rotate the portfolio. And regarding the expectations of maintenance CapEx and the expansion for the next year, it’s not a significant CapEx so far what we announced it. So we will deploy around $40 million in the infrastructure of Costa Urbana, probably during 2025. La Plata projects will need around, I would say, no more than $10 million during 2025. And maintenance CapEx is not significant in our existing malls, so it’s probably around 2% of our EBITDA. I don’t know Jorge, if you want to add something else?
Jorge Cruces: No, I think that’s about right.
Matias Ivan Gaivironsky: And the [Edificio] Plaza, remember that IRSA is the developer and also is an investor, and we will invest around 20% of the cost of construction, but the construction will take like two or three years to develop. So it’s not a significant amount of money that what IRSA will invest in that project. This is only with what we announced. Also, we are looking for opportunities to acquire existing land bank or existing buildings. So maybe we can be more aggressive on the acquisition side. But so far, what we announced on the development side is what we described.
Santiago Donato: Next question, how long do you think it will take for tenant sales to recover? Are wages index being followed to predict this?
