SYN prop e tech SA
BOVESPA:SYNE3
SYN prop e tech SA
SYN prop e tech SA engages in the development, acquisition, leasing, sale, and management of commercial real estate properties. The company is headquartered in Sao Paulo, Sao Paulo. The company went IPO on 2007-08-09. The firm focuses on the development, trade and management of commercial properties in Brazil. Its activities are divided into five business segments: Commercial Buildings, which consists of the sale and leasing of completed office properties; Real Estate Development, which is involved in the sale of office units under construction; Warehouses, which offers leasing of industrial warehouses; Shopping malls, which is responsible for the lease of stores in shopping malls; and Services, which provides management of shopping malls and parking lots, as well as development of properties. The firm owns a number of subsidiaries, such as Aquarius Empreendimentos e Participacoes Ltda, Millennium de Investimentos Imobiliarios Ltda and Miconia Empreendimentos Imobiliarios Ltda, among others.
SYN prop e tech SA engages in the development, acquisition, leasing, sale, and management of commercial real estate properties. The company is headquartered in Sao Paulo, Sao Paulo. The company went IPO on 2007-08-09. The firm focuses on the development, trade and management of commercial properties in Brazil. Its activities are divided into five business segments: Commercial Buildings, which consists of the sale and leasing of completed office properties; Real Estate Development, which is involved in the sale of office units under construction; Warehouses, which offers leasing of industrial warehouses; Shopping malls, which is responsible for the lease of stores in shopping malls; and Services, which provides management of shopping malls and parking lots, as well as development of properties. The firm owns a number of subsidiaries, such as Aquarius Empreendimentos e Participacoes Ltda, Millennium de Investimentos Imobiliarios Ltda and Miconia Empreendimentos Imobiliarios Ltda, among others.
Capital Return: Syn executed a BRL 330 million capital reduction, returning about BRL 2.16 per share to shareholders.
Asset Sales: The company finalized the sale of its stake in Shopping D for BRL 8.9 million and is close to completing the sale of Brasilio Machado, with the last payment due by year-end.
Operational Performance: Shopping mall physical occupancy increased by 1% YoY, with overall financial occupancy stable at around 95%.
Sales Growth: Total mall sales rose 5.5% in Q3, with same-store rent up 5.6% and new stores contributing BRL 44 million.
Office Segment: Office occupancy remained essentially stable after adjusting for asset sales, with revenue growth outpacing inflation due to rent revisions.
Warehouse Expansion: CLD Phases 1 and 2 are fully rented; Phase 3 delivery is expected in December, and Phase 4 in early 2026.
Financial Results: Adjusted EBITDA for Q3 was BRL 20.8 million (up 15.5%), while adjusted FFO for the first 9 months grew 30% to BRL 45.6 million.
Debt Levels: Net debt stands at BRL 271 million, about 3x adjusted EBITDA, with the company maintaining a healthy leverage profile.
