Good afternoon. Thank you for waiting, and welcome to the earnings call of Aliansce Sonae Shopping Centers to discuss the results of the third quarter of 2022. We have here present Mr. Rafael Sales, the CEO. Leandro Lopes, he is the Director of Operations. José Baeta, Finance Director, and Daniella Guanabara, IRO. This event is being recorded. All participants will just listen to the earnings call during the presentation of the company. Thereafter, we will start with a Q&A session to analysts and investors. You will receive further instructions. Should you need any assistance during the call, please request the help by pressing asterisk zero. This event is also being transmitted simultaneously via the Internet, and webcast can be accessed on the www.ir.alianscesonae.com.br, where you have the presentation available. We will have the recording available for one week. Questions might be asked through the telephone. Should you be connected via the webcast, your questions should be submitted directly to the IR team via email ri@alianscesonae.com.br. Before we proceed, we would like to clarify that any forward-looking statements during this earnings call regarding the business perspectives, projections of the company are based on the beliefs and premises of the board of directors, and it's based on information that is currently available. Any forward-looking statement is not a guarantee of performance. They involve risks, uncertainties, and premises that are based on the reference to future events, therefore depend on circumstances that may or may not occur. Investors have to understand that general economic conditions of the industry, operational, macroeconomic, things might affect the results of the company and might lead to different results from those on the forward-looking statements. Now, I would like to give the floor to Mr. Rafael Sales who will start the presentation. Mr. Rafael Sales, the floor is yours. Good afternoon. Thank you for the interest in the results of Aliansce. We close another quarter with great results. We can see that our sales have accelerated BRL 2.8 billion in total, a growth of 17% if you compare to the same quarter in 2019. Performance that is consistent that allowed us to provide more discounts. We reached the discount over rent very close to what we observed in the third quarter of 2019. We're reducing therefore the discounts. Therefore our rent revenue has grown to 24% in comparison to the revenue of 2019, and our same-store rent has gone to growth without the discounts. We have the reduction of the problems, and we had a decrease of delinquency, and we have a decrease of 60% in the provisions. This last quarter, our delinquency net was negative 0.09%. Now, with the top-line growth and the provisions movement, our investment is BRL 238 million, 22.4% above what we had in 2019. In regards to the EBITDA and the AFFO, the indicators totaled 127 million, growing 20% and 22.3% respectively over the same period of 2019. The NOI was BRL 237.8 million. Still, the evolution of margins. We have the EBITDA margin of 74%, and we have AFFO margin of that you can see on the slide. These are very important numbers, and they show the synergies that we captured with the merger, the fusion of Aliansce Sonae. Therefore, we consolidated another quarter of expansion of margins that are above those that we had in 2019, regardless of the inflationary pressure that is very strong on our costs. Now, let's talk about our relationship with tenants. Once again, our team has delivered a great result. When we look at the negotiations that were done for the complete our administered shopping malls and the ones that we manage, we have 234 new contracts. This is 36,000 square footage that is rented. So 36,000 square meters that signed GLA. That's where we got to 97% occupancy rate. This is the highest occupancy rate since we created the fusion in 2019. Another point which is very important is the performance of one of our malls, which is Passeio das Águas in Goiânia. Passeio das Águas had an increase of occupancy of 8% points. 8% if you compare it to the third quarter of 2021. This shopping mall really exemplifies the synergies of offline of the combination of business of Aliansce and Passeio das Águas is in Goiânia. As mentioned, it was built to be a very relevant shopping mall with a great potential for growth. However, if you consider its size and the crisis that we used to live when the shopping mall was launched, the ramp-up was much slower than what we predicted before. This year, therefore, we should have BRL 30 million in NOI. If you compare it to the BRL 17 million of NOI of 2019, therefore there is a growth of almost 70%. Besides that, we hope to close this year with total sales of this shopping mall of over BRL 600 million. Now let's go to the next slide, and I would like to update you on the M&A activities. In October, we had the conclusion of the sale of the two shopping malls that were part of the disinvestment pipeline, Vila Velha and Londrina. The transaction amount was BRL 176.7 million, and an estimated CAP rate on NOI 2023 of 8.1%. This is a good NOI for the market conditions if you compare it to the other transactions. This reinforces our capacity to execute on deals which are aligned with our strategic pillars. I would also like to update you in regards to the brMalls, the time when the brMalls announced business combination, and we hope to conclude this transaction at the beginning of next year. We are working for five months for the preparation of the integration, and we are very excited with the perspective of starting the year, next year already, with the measures of value generation that this union should bring to all the stakeholders. Now, before I give the floor to Dani, I would like to comment about the next slide, where we share with you that we're giving the administration of Parque Shopping Maceió to our partner, Multiplan, as it was predicted in our alternation of management between the partners. We are very happy to give a shopping mall that has performed so well over the last few years, even though we faced an economic recession and the crisis of the pandemic. The shopping mall, which was launched in November 2013, there was accumulated sales growth of 40% in total sales if you compare it to nine months in 2019, and we had BRL 156 million growth of 35% over 2019. Now I give the floor to Daniella, and she can continue the presentation and come back during the Q&A session. Thank you very much. Thank you, Rafael. Good afternoon to everyone. As Rafael mentioned at the beginning of the call, in the third quarter of 2022 the performance of sales is positive, and we accelerated all throughout the month. Once again, we overcome the threshold in the same period of 2019. Shopping sales in different regions continue to present expansions of three digits, reinforcing the strength of our portfolio in several markets. The highlights for the third quarter of 2022 with the growth of in comparison to the third quarter 2019 were Parque Shopping Belém, 49.7%. Parque Shopping Maceió, 46.7%. Shopping Vila Velha, 40.5%. Boulevard Shopping Limeira, 29.7%. Boulevard Shopping Belo Horizonte, 26.7%. Now on the next slide, we should have the cash flow of the company. In the year, the operational generation already reached BRL 519 million. This corresponds to conversion of 91.5% of EBITDA to cash. We can see that in the cash, 83.4% of the debt is connected to the CDI. 5.5% to the inflation, and 11.1% is prefixed. Remember that this profile of debt already contemplates the last issuance of the company. In September, we concluded another capture of debentures with success with a total of BRL 1 billion with a rate of CDI + 1.35%. This cost, besides being compatible with the capture of other AAA companies, will allow us to prolong our indebtedness profile. The leverage of the company is still at a lower threshold 0.6x the net debt over the EBITDA. Over the next slide, we bring you an update on the projects of expansion, redevelopment, and the short-term that were announced by the company in the third quarter of 2021. Over the last year, we've evolved in several fronts, and we concluded already the expansion of Carioca, the revitalization of Franca, and we already started the expansion works of Franca as well. We launched the first phase of the revitalization of Parque Dom Pedro Shopping. Another news is the launch of the multi-use complex that are never seen before in the Shopping da Bahia. We're talking about a total area that is built of 153,000 square meters distributed in four complexes, among those, three residential and one entrepreneurial condominium of a single tower. These enterprises that follow the main architectonic design sustainability technology trends should add a monthly flow of over 58,000 visitors to the shopping mall. Besides the multi-use complex, Shopping da Bahia will have an expansion of 10,000 sq m, combined with a retrofit that will promote a hub of convenience inspired in the lifestyle of the main planned cities in the world. The next slide, in regards to our sustainable agenda. I am very happy to share with you that at this moment three of our directors are in Egypt representing Aliansce Sonae at COP 27. That COP 27 is one of the most important events on climate change, and we took part in 2 panels debating about the work of the private sector for a more sustainable world. Besides that, we officially established the ESG goals on the long term for the company were the objectives of development, specific objectives of development. We are taking on a series of commitments that should be implemented until 2030 and getting to carbon neutrality by 2040. This is another step of Aliansce Sonae in the direction of being a reference in sustainability. Before we give you the time for the Q&A, I would like to just highlight that we published yesterday a review of the events of the company. The estimation of reaching the EBITDA for 2022 was updated to between BRL 780 million and BRL 800 million. The CapEx estimation for 2022 was updated to the threshold between BRL 300 million and BRL 350 million. The other projections that were published in relevant fact of March 29, 2022 are still the same. Thank you very much, and now let's open for Q&A session. We will start now with the Q&A session just for investors and analysts. Should there be any questions, please type asterisk one. If your question was answered, then you may leave the line by typing asterisk two. Please wait while we are collecting the questions. The first question. Mr. Gustavo Cambauva, BTG Pactual. Hello, good afternoon. I wanted to ask you two questions more about the synergies with the fusion of Aliansce Sonae. When we look at that margin of the EBITDA that you just reported in the third quarter, which is already a high threshold of margin, I wanted to understand how do you see what was already captured, in fact, in terms of synergies. When you look at the estimation that you did back then during the M&A time, now you had this pandemic in the middle, of course, that hindered things. Now, today, in your opinion, can we capture everything? Do you still have anything additional in expenses, on revenues that you think that there's still an upside that is maybe larger than even the EBITDA margin that you reported might change? The second question is still on those on that theme, is more related to the process of integration, that you had a few surprises. Maybe a learning, a lesson learned that can be used for the merger as well with brMalls. Was there on the side of staff or even what you could say the entire process of consulting, what is surprising in this process for the integration of both companies? What do you think would be eventually what could accelerate this process with the merger of brMalls? Thank you very much. Hello, sir. Thank you for the question. Thank you for both questions. Second is a bit more complex and maybe will require an additional time for discussion and maybe with more time, but certainly we will try and answer. First is regarding the M&A. Well, the main thing here we have to remember is we didn't imagine having an inflationary pressure that was so heavy that would affect the shopping malls so much after 2019. And that was the life of the pandemic. Two factors combined that required more time for analysis for the numbers in a very granular way for synergies. If you look at that margin, we can say Aliansce for some time. I would like to say from 2017 until 2019, we've been done a great work for gaining margins, which is compared to the margins that the company that has the best margin in the industry. We are compared to what was reported. When we joined with Sonae, even though the company, we're talking about a company that obviously has shopping malls that you know we have the 5, 6 main ones have G&As that are completely different from the market. To be able to get with the shopping malls that are still maturing with Aliansce and we're getting the margins, it is our greatest reference. We have the biggest margins in the industry when you look at the EBITDA. This is a good indication that the margins of Sonae that were smaller, the management is reporting numbers that are as good as the flow from the synergy from our business combination. In terms, nominal terms, numbers, the synergy for costs and synergy for occupancy or condominium were captured, that was around BRL 40 million. Now the synergies of G&A were captured as well. For many years we had a drop in G&A. In this quarter we start to have an effect of this inflation, our inflation in salaries and several other fronts. Also, you know, airfare, we've had a lot of pressure there. Having said that, given all of this pressure, regardless of that, we could expand our margin. We still are very optimistic with our capacity to manage the company in a very efficient way after three years, and after three years of nominal drop of costs regardless of the inflation. In that front, everything is very well captured. Media, since this second quarter, we are starting to see synergies as well. We will be able to open, it would be the idea of just disclosing at the end of the year, the total capture of top line synergies from media. Parking also, when you look at the results of parking, it's growing much more than the cost, the flow. That is another correlation of the synergies. In the top line, we can see clearly, which is the case of Passeio das Águas, which very quickly I run clients over the pre-presentation and they're gonna have a release that we're gonna get more details, which is the mall that besides growing sales 40% it grow NOI 70% NOI growth. It shows that we have synergies. As Manauara that had seven hundred million in sales per year in the past, and now it's one billion, and has an NOI that is close to a hundred million. Where so also top line synergies that are confirmed with our transaction. Once again, the top line synergy that are not just top line for tenant, but also from higher sales using the same areas, the same equipment. Therefore, showing more value, more efficiency per square footage, which is what we wanted to do. Both the management of Aliansce and management of brMalls were sure that we could pull this together. Looking at brMalls, we've had several limitations to be able to connect synergies and numbers because we have to do a review, official review of the synergies that we announce. What we just mentioned now is that those synergies started. They were confirmed by both consulting, the one that we subcontracted before and Bain & Company that is working with us and brMalls now, with them as well. In that sense, I can assure that the numbers that we're working with are numbers that are completely reachable and completely reasonable. We can work with those numbers very, very easily. We hope to review them after the publication, and we can in a more detailed way, we can get into this curve of capture that you requested that we unfortunately cannot detail. Certainly it is a great provocation and will, it will be done next year. Excellent, Rafael. Thank you so much for the info. Have a great afternoon. Our next question is from Pedro Lobato of Bradesco BBI. Hello. Good morning. Good afternoon, everyone. Thank you. I wanted to ask you a little bit more. I mean, I've seen the positive evolution of the quarter. I wanted to know more about October, how do you see the evolution in October? Also about the occupancy. We see the indicator very well aligned with what we had in 2019. What I wanted to know is, do you think there's still space for more efficiency in condominium? I mean, maybe reducing or changing the occupancy mix, or do you think this is the same level that we're going to see in the next few quarters? Thank you for that question. Well, about sales in October, for instance, I can say that we see the same pace in growth around 17% approximately in this period of time. There are a few regions that were a highlight, but overall, we see that retail as a sector is very optimistic. There is a little bit of a political uncertainty as usual with the elections in Brazil. I mean, this could maybe change a little bit of the speed, but we are close to Christmas now and very good occupancy overall. This gives us very good expectation of having good Christmas sales and also a period of time in which the shopping malls are going to be full. We're very positive basically about the scenario for Christmas. Now about the synergies and the condominium fees, maintenance taxes, I think we know that. We have a usually an average charge, condominium charge, but we don't usually just look at that average number. We're looking at prices, we're looking at the mix, and we're looking at each and every category that we have. We need to understand what kind of paying capacity or purchasing power they have. Many times, tenants, new tenants have better margins, even though they might be looking at a lower level of sales. I mean, if you're looking at a business that is related to medical things instead of appliances, it is a different number. If we have a better mix, we're going to also have good results in terms of rent. If it is good for us, it is sustainable for tenants, that is the ideal scenario. Because of that, we are now very comfortable, I would say, with the occupancy and with our ability to extend that a little bit further and have higher rent. We have a very favorable moment right now because what we have in terms of rent is above the rent revenue. I mean, the same-store rent, the SSR, is very good right now. I mean, we're looking at most tenants having good participation in SSR, in same-store rent. Also, if we look at the turnover in the past few years, it wasn't great because of COVID-19. Now that is also looking at a much more positive trend or an interesting spread, I would say. It is a positive spread that has accumulated against the rent in contract. Actually the rent in contract is going to consider the whole accrual of inflation in the rent contract. That's what allows us to have this very positive outlook right now. We are looking at revenue growth, very positive. This gives us that comfort that we did a good job replacing or changing the mix in our malls. I would say that is something that we're certain of. I don't think there's a space right now for a reduction in the condominium charges because of this scenario where we have inflation and also because of our charge of being average, being okay. I mean, it is a very efficient condominium charge if we compare to other competitors. Again, I think we're looking at a very good experience for customers with reasonable cost for tenants. This all allows us to, you know, capture better rent next year. Excellent. Thank you. Our next question is from André Mazini, Citibank. Hello, Rafa. Hello, everyone. Thank you for the presentation. I have two questions. On failure to pay, if we look at the results of the banks in this quarter, what we see is that they're very concerned about failure to pay. There are a few reports from Serasa, for instance, talking about that. It is good to see that in shopping malls, that has been a negative thing. I mean, you're not concerned about that. I wanted to know, how do you reconcile that for the future? Do you think there is going to be a higher level of failure to pay? I mean, I don't think it is the case. I think at the end of the day, what is important for you is the situation of dependence. I don't think it's an issue for you. I just wanted to know what your view is on this, you know, on what banks are concerned about right now and those reports from FGV, for instance, have published lately. What is your perspective on that? Another question on something that you mentioned before. Passeio das Águas has had a better occupancy around 8% more. On revenue synergy on this larger portfolio, I wanted to know the following. If Passeio das Águas was a standalone mall or a different scenario, if it wasn't for the M&A, how do you think they can expand a little bit further being in a larger company? I mean, if you're in Leblon, maybe you have to be in Passeio das Águas. Is there a negotiation like that or anything else that you could tell us? Hello, Mazini. Thank you for the question. I can answer about Passeio das Águas, and I am going to talk about this a little bit and Leandro, then turn it over to Leandro as well. Passeio das Águas has a more robust portfolio, and it's not just about the portfolio. Of course, what we have learned a long time ago with the industry in the past 20 years is that a large portfolio doesn't really mean anything if you don't have good quality, if you don't have good potential in retail, if you don't have demand that is qualified from different classes or levels of purchase power, basically. I mean, Passeio das Águas had very good brands, but maybe they were not fit for the audience that was there. Also the speed for reaction is important or the knowledge that you have. I mean, a company with 7,000 stores like us, with all that mapped out, with good data to back it up, with technology, prediction technology, artificial intelligence, where we know what the best mix is for each region. I mean, we know about the demand, if it is not fit for a certain region. With all that, we're able to create a pipeline, a good pipeline for our commercial tenants. In our team, we're also able to have great experts retain great talent, and as a consequence, we're going to have people creating that mall experience that is very fit, very adequate for each place. I mean, these are people who make things happen, and this is what a mall is about. When we're talking about cutting costs and trimming expenses, it's not that we want the mall to look cheap. No. Or that we want to save on, I don't know, the bathroom or toilet paper. That's not what we're saying. What we want is that the mall has so many events and initiatives that the mall is going to really connect with the community that is around. That is the main audience there. We called Marco, for instance, to be there at the mall, and he left the mall, and in the end it was good. We created a vacancy, and after that, even though they had a high vacancy, we replaced that with many other operations that are much more interesting. Right now we have a very good restaurant activity that only a group like ours is really able to do because we are able to create this good food court, the food plaza that is going to be adapted to that place. We have this whole lifestyle thing considered. We have a green space as well that attracts a lot of people. It is an even more interesting experience for all of the audience. We have Decathlon, Centauro. We have many large stores. We're going to have a Nike store as well, one of these new Nike stores. It all means that we're going to have a completely different approach. It is not a traditional thing. It is we're trying to show tenants that this mall has much more potential, and we want people to be connected with the mall in a more frequent way. Well, besides everything that I've mentioned, we also have real estate in our region. We have some of our own lots being developed with Cyrela, alongside with Cyrela in Goiânia, in some lots where we have this agreement. All of that is going to help a mall unleash its potential, really. I'm just giving you examples from Passeio das Águas, but it's valid for many other malls. I mean, the Campus Party Brasil, for instance, in the Midwest of Brazil, happens exactly in Passeio das Águas. That's another way to connect with the community, with society, with people. I mean, there are many concerts as well, country music concerts. We are really using that space many hours a day. It's not just about retail, it's also entertainment. And we also have the real estate. We have many things going on. This magic requires many spices, I would say, many seasonings, you know, for this all to happen. It is not simply a renegotiation. We're looking at data, we're looking at technology, we're looking at the ability of the team to make a mall much more interesting. Same thing happened at Manauara and many other malls that are here at Aliansce Sonae, and they are benefiting now from these businesses, from everything that the in-house team can offer. That's the reason for our conviction in the top line and the transactions. Now let me turn it over to Leandro to talk about the tenants. Hello, Mazini. I think failure to pay is a good, you know, trend in the financial health of tenants. Here we're talking about ability to pay. If we look at the sales of tenants in satellite, for instance, it was more than 20%. We had cosmetics, for instance, growing 56% versus last year and more than 20% versus 2019. For instance, in clothing we had a growth of 23%. A very good positive trend. All of these indicators, especially the health of the satellites, show that we are able to capture good value here with very low failure to pay. I think this year it's not going to be different. It seems like the satellites are stronger now and we're not going to have any issues in that regard, whether it's occupancy, whether it's failure to pay. Excellent. Thank you so much. Our next question is from Pedro Hajnal, Credit Suisse. Hello, good afternoon. Thank you for the presentation and the opportunity to ask you a question. First of all, I wanted to know more about the following. It's not the first quarter that we see a change here in transaction costs and P&L versus P&L, so profit distribution. We know that there's probably not going to be a huge variation as you said, but now that we're getting closer to the approval, now you probably have a more clearer agenda. So I wanted to know, are there any costs, any expenses that should be considered that you weren't expecting? Another question here is, you were talking about occupancy before, and I do believe that it is very impressive numbers in the past quarters. I wanted to know if you have had any kind of incentives for new tenants. I mean, you have mentioned the spread, but maybe, I do not know, something such as grace period or something. Hello, Pedro. I am Daniella Guanabara. About the expenses, the transaction expenses, we have something already on profit distribution. About the difference that we had with Aliansce, I mean, the Aliansce transaction was very quick. We were able to recognize all of the expenses referring to transactions in the opening quarter. This is a longer deal. We know that the transition is not simple, so as time goes by, we are looking at all those expenses until day one. Yes, we're starting to recognize all that. Now, you also asked about the new tenants, right, Pedro? I would say the incentives are the same as usual. We might have some grace periods for some projects or ramp up for rent. I mean, this is all considered in the revenue. That's why we have a positive spread actually around 3%. That's the real spread versus the accumulated plus growth and revenue that we have noticed. The same-store rent as well lagging a little bit, so it's important to see the same-store rent playing a role here. I think everything that happened in terms of changing stores and all that is captured in revenue. Yeah, we don't have any kind of effect that has a delayed action or anything like that, because as soon as tenants start, they start to pay. There might be a grace period for those that are preparing to open. Yeah, that's why we have this good speed in this period of time because of Black Friday and Christmas. Excellent. Thank you so much for answering my questions. Have a great weekend. Thank you. You too. Next question is from Jorel Guilloty, Goldman Sachs. Shout out. Hello, good afternoon, everyone. Very quick question. What we're hearing, we realize that there are several shopping malls that had sales that grew 40, 50% in regards to, for example, Parque Shopping Belém and Parque Shopping Maceió. There is also some shopping malls that you have a growth that is stable or single digits. What I wanted to know from you is, given the fact that you are talking about the M&As and the sales, when you look at the portfolio and you see more candidates for disposition for sales or for those that had lower performance or are they going to increase sales through more investments or change in mix? What can you tell us about that? Hi, Jorel. I'm gonna give the floor to Leandro, and he will talk about the details. Those shopping malls that are in the pipeline that you mentioned, they're growing less, but many of them because they're going through interference to grow more or to. For example, Shopping da Bahia, we launched an enormous enterprise. We're doing a renewal. We have new accesses being created and new parking spots that are parking garage that have been created. The square meters is much larger than the others at the company. It is the second shopping mall that has the best sales per square meters. There is a moment that eventually we're going to have some breathing space so that the shopping malls will start growing again. There are no shopping malls that are to be built or to be purchased. Maybe we're gonna grow less this year, but this is more due to the interferences. Leandro is gonna get into the details about the shopping malls, the satellite ones. It's very well in the percentage in total because it is a big shopping mall, and they have a lot of electronics stores. This is just an example. If you look at the basis of the fringe shopping malls that were sold. If you look at Vila Velha or the ones that are leaving the portfolio, these shopping malls are having good growth, but they're not gonna have, unfortunately, the potential to become a very relevant shopping mall. That's more of a temporary issue. Maybe there is one or another one that might be eligible for the ones that had lower growth and might come into the pipeline of development. Nothing that is. None of the big ones were affected. Carioca, we did a revamping that was very nice, and we showed the pictures, and this is going to generate. We're going to have that acceleration from now on. Since we didn't stop the improvement works because regardless of the expansion. Well, many of the work started now and we were not frightened, and this is great because the occupancy of 97% already takes into consideration all the new areas. So it's good because we rented well, and with that, we're gonna have a space for growth next year in some markets such as this. Specifically, some markets that you think it's curious when we have places that are performing very well, such as Maceió. In the north, Parque Belém, both shopping malls for high income Boulevard and the lower income, lower middle class, Parque Belém. They are in extremes, if you would like to say, of income rates, income thresholds. They're still growing, both. This is a regional cultural issue and less structural issue, at least this year. Next year, of course, we have to measure how things are going. Well, I'm going to let Leo talk about this because this is very interesting on a case-by-case scenario. Hello, everyone. As Rafael has mentioned, we have several issues. The main thing is not only looking at sales. We have, for example, at Carioca Shopping and Shopping Grande Rio, a change in the shopping mall supermarkets where they can be renewed. In Bangu Shopping, we had in general a big impact of the electronics and also cinema. When we look at the indicators that in fact show the health with 99%, 97% occupancy, Caxias Shopping 98.6%. We are here with the rents in Bangu Shopping da Bahia above 27%. They're all great growth. When we look at isolated LFL sales, there might be the issue of leaving a cinema, which is the case of Plaza Sul Shopping Metrópole. You know, we got the movies Plaza Sul Shopping are launching today, the supermarket that in fact takes total sales to have an indicator not so strong. But when we look at all the other indicators, we are convinced of the health of these other malls as well. Thank you, Leandro. Thank you. All right, next question is Daniel Gasparete, Itaú BBA. Hello. Thank you very much for the call. It's just a quick question. If you can tell us about the opportunity, the diffusion is advancing of course. We are depending on the approval of course, but I want you to understand what are your thoughts in terms of priority. We have the approvals and how does that fit with the approvals of the portfolio, please? Thank you for the question. Thank you for the interest as well. Well, okay. The priorities. From the financial standpoint, as I mentioned, we have to publish them after the approval that has been approved. After the permission has been approved, I apologize. Then we will have the approval next year with time to do the closing at the beginning of next year in January. That's why we will give you the details. In terms of general priorities, I think that the most important thing is two companies here that we know that we're getting the results that are accelerating in terms of recovery, in terms of occupancy, in terms of capacity to bring the tenant, bring the customer inside of the shopping mall. The consumer is more certain. When we look at regionally, if we compare case by case with our competition, we are much better. That is very important to take into consideration. The regional market is neighborhood by neighborhood. The neighborhood itself. Some neighborhoods have two shopping malls, and they have the capacity sometimes to accommodate that. The important thing here is not to lose this trend, this good trend for the recovery of results, of revenues, of capture, of rents that are better, and the implementation of new stores, which is what the companies are doing in a very successful way. Because of this, whenever we launch the synergies of Sonae and the synergies of Sonae, when we announced the merger, there was a capture deadline. Because of what we captured at the beginning, based simply on the decision-making process for cost and expenses that are the most obvious ones. We have what is in the first year, which is usually from the simple gains of synergies. We have the condominium charges. We have the block charges. We have the renegotiations for services. We have the restructuring of workforce and subcontracted parties once we have a more efficient running shopping mall. There are several therefore measures that generate small gains that are added through the condominium charges, the condominium costs that are strong in this first wave of synergies with Aliansce Sonae. In parallel, we are very focused, and we still have the shopping malls that are very strong, very robust. The experience of the customer that is not hindered by our corporate moment. In parallel, that renegotiation, mainly of condominium and for more immediate synergies. I'm going to let Leo comment on this. He is taking part, and he also knows of the studies of the business combination itself. Hello, everyone. As Rafael has said, we're going to detail this up ahead, but one of the most important things is not to lose the focus, not to lose the experience of the client and the tenant and the sales. In practice, every merger has a complexity of range. We're gonna get the teams together for processes, and I believe that the priority in general is not to let our tenant, our client and sales consequently, and all the work that we do in occupancy and frequency. Well, all of that has to be maintained regardless of the period that we're still going to be adjusting the processes. This is the main priority since the beginning. Well, if you allow me just one follow-up in regards to M&A. Do you see the need of having other assets in the portfolio, for example, the combined company, whether if it's to improve or to reduce leverage where we have shopping companies that can be a hub for sales? Do you have any other assets that you think that would be making sense to add to your portfolio? That's the question. Well, it's a bit early on to do this evaluation. I think that in practice, all the assets that were sold, they were in the pipeline of disinvestment of the companies. There was an issue that was in the contract for the approval process. I think that when we see the companies together, we will get more visibility. We'll get a better vision to be able to plan this up ahead. Thank you. Our next question is Antonio Oleaga, Santander. Good afternoon, everyone. Thank you for taking my question. Well, I just have one question about in theory, Aliansce performs on the shopping malls of brMalls even. They perform very well in periods that you see the amount of salaried people that are growing. We're getting to the salary levels of 2019. We have a population that is more leveraged. Let's just imagine that in 2023, the leveraging of the population goes back to dropping because of a continuous improvement in income. What do you see in potential of same-store rent? When you see the growth of your malls, there's a growth that is in theory to what we see. For example, the IGP-M that is accumulated, the IPCA rates that are accumulated. This is. There's still a potential for capturing same-store rent for 2023 until 2024. I'm talking about Aliansce itself. I wanted to understand if what can we have in terms of same-store rent for next year? Is there any space for increasing? That's my question. T hank you very much. Thank you for the question. In fact, as I told you before, there is an issue of competition, local competition and characteristics of the market itself, area frequencies. The shopping malls that were reported before, they have some specific characteristics. Usually 8, 9 malls are very relevant in the portfolio that has unlike the number of shopping malls. It makes you have a concentration effect when it happens, when you have a specific movement that is very strong for shopping malls that have this higher potential for growth. In our case, we can see that this is very spread out. We have Leblon that has a shopping network that is performing much higher than average. We are gonna get more market share in Belo Horizonte, in the most noble region of Belo Horizonte because of a better standard. This is a shopping mall that is the most sophisticated one in the city, better structured, with better offices, with the better shopping malls here. This led us to take several brands that were not existing in the region before. Many things that are very specific. It's very difficult to explain this individually. Belo Horizonte, Belém, Manauara, Leblon. Markets and placements that are completely different. Having said that, this potential increase in rent for next year, given the same-store rent that is stronger than the revenue, is a reality. Of course, it's difficult to measure how much the other components of revenue and rent will grow. Certainly with a higher occupancy, the trend for volatility and occupancy in the first quarter, which is natural, start to affect less from the standpoint of that you get more robust rent. The fact that we recently have had the rent, the stores, and we are monitoring this carefully, the tenants are getting great results for sales. We have a lag that is positive for our side, and it's difficult to say if we're gonna get the catch-up in sales or rents in terms of average of the portfolio. Since this is a portfolio that is combined. Also combined the 10 biggest malls of Aliansce and brMalls, 5 Aliansce, 5 brMalls. These are shopping malls that have that characteristic that you're just mentioning. They're much limited by the tenants, and they have a frequency that is much higher of the consumer base. With these 10 malls, we have a more robust and stronger from the tenant standpoint to bring news. We are very optimistic. In terms of sales base, there is that issue about the discussion of where the available money is gonna go to. Clearly, there is a revolution in the pace of growth and even some markets that are in swap. In real estate, for example, new real estate in general. These expensive assets naturally want the consumer has an income. Our products are the ones that do not require a lot of credit, except the electronics and the kitchenware, which we are suffering since the beginning of the year. The effect of the credit and the combination of the consumer less that wants to spend less money and they don't wanna do an expensive purchase is affecting wholesale. We understand that this is a good year. This is gonna be a good year unless there's gonna be an effect that is non-predictable, economical or economic effect. Because we believe that we have a scenario that is very good for income, for growth of salaries, formal and informal, from what we've been monitoring, and all of that gives a good sustainability. Well, it's very difficult that, well, our. The spending, we're not concentrated in what the products, in products that are depending on credit. No. The consumer that comes to a shopping mall, they spend with most of the, Most of the things that they spend, they're not so expensive. Basically, that's it. Yes, that's it. Thank you very much. Next question, Jonathan Koutras from JP Morgan. Good afternoon, Rafael. Well, the first question is about what we've seen, the catch-up that is very relevant. It's below the levels of 2019. Is there any specific reason? The other question. Well, there was an increase in real estate building. Is there anything that you can highlight? Thank you very much. Jonathan, could you repeat the second question, please? It was very difficult to understand. The part. The first part, we kinda got the idea. My question is review of CapEx, understanding what led this to drop. Okay, CapEx. CapEx is a combination of factors that in the end, we managed to accelerate some work, and we were able to do gradual expansions. The other fact was the approvals that are slower in some places, specifically in shopping malls that have a more relevant impact. For example, Shopping da Bahia, we started to work more in the second semester. We're expecting more in the first. In Shopping Taboão, we still have the expansion that is pending approval. This is something that we are. Well, for next year, we're going to review this number and thinking about everything that is necessary for brMalls. We are going to have to reevaluate it, at the beginning of the year on what will be the priority from the standpoint of expansion and improvements. The first question, I'm going to give the floor to Leandro. Jonathan. Okay, so we see parking lot an improvement. Since the first quarter, we had an improvement. We closed the quarter with less parking, but doing a proxy in the portfolio after the sales, we have a number of minus 10% if we compare to 2019. Regardless, we have shopping malls that are positive even considering 2019. The shopping malls, they have a flow that is much higher. We have a gradual improvement. There is a cost less that we're doing. Actually, we have had a result with the parking lot that is positive if we compare to last year in 2019. Excellent. Thank you so much. Well, if we have no further questions, I'm going to turn it over to Rafael Sales Guimarães for some final remarks. Well, I would like to thank you all for your questions, your comments, for participating in our call, and we are at your disposal should you have any further questions. Thank you. Thank you. This is the end of the conference for the results of the third quarter of 2022 Aliansce Sonae. You may now disconnect. Have a great rest of the day.