SYLA Technologies FY24 2nd Quarter Investor Update
SYLA Technologies (NASDAQ: SYT), operator of Japan's largest membership real estate crowdfunding platform, Rimawari-kun, released its FY24 2nd Quarter Investor Update on July 8, 2024. Key highlights include the sale of SYFORME SUMIYOSHI II, an Excellent Business Award for SYFORME MOTOMACHI-CHUKAGAI, and the completion of SYLA TOYOCHO office building. The company launched its first joint real estate project with CUMICA and saw membership for its online AI rental brokerage service, ietty, surpass 400,000.
In real estate, SYLA commenced fundraising for 7 projects and originated 10 projects during the quarter. Key metrics showed an increase in constructed buildings to 85, managed buildings to 78, and managed units to 3,420, with an occupancy rate of 99.8%. ietty membership grew to 408,555, while Rimawari-kun membership slightly increased to 279,838. The gross merchandise value (GMV) rose from 6,844 million JPY to 7,594 million JPY.
- Sale of SYFORME SUMIYOSHI II.
- Excellent Business Award for SYFORME MOTOMACHI-CHUKAGAI.
- Completion of SYLA TOYOCHO office building.
- First joint real estate project launched with CUMICA.
- ietty membership surpassed 400,000.
- 7 projects commenced fundraising.
- 10 projects originated.
- Constructed buildings increased to 85.
- Managed buildings increased to 78.
- Managed units increased to 3,420.
- Occupancy rate increased to 99.8%.
- GMV increased from 6,844 million JPY to 7,594 million JPY.
- None.
Insights
SYLA Technologies has provided a comprehensive overview of its performance for the second quarter of FY24. The company's real estate division shows consistent growth, with notable metrics such as an increase in the number of constructed and managed buildings. The occupancy rate at
The real estate crowdfunding platform, Rimawari-kun, witnessed the origination of 10 new projects and continued fundraising activities across 7 projects. However, the increase in crowdfunding memberships was marginal, which might indicate a plateau in user acquisition. This deceleration could be an area of concern for future growth potential and might necessitate strategic user engagement initiatives.
The launch of new projects and the completion of the first office building SYLA TOYOCHO are positive indicators of the company’s expanding portfolio and market presence. Nevertheless, the impact of these developments on the company's bottom line will need to be monitored closely in subsequent quarters.
SYLA Technologies' strides in various segments of its real estate business highlight its strategic diversification. The completion of SYLA TOYOCHO and the joint project with CUMICA illustrate diversification into commercial real estate and collaborative ventures. This diversification can potentially buffer the company against market volatility in any single segment.
The recognition received for the SYFORME MOTOMACHI-CHUKAGAI project underlines SYLA's commitment to sustainable developments, which is becoming an increasingly significant value proposition in the real estate market. With sustainability factors gaining traction globally, this could enhance SYLA's brand value and appeal to eco-conscious investors.
ietty's growing membership base surpassing 400,000 users is a testament to the platform's value proposition and market acceptance. This growth will likely drive increased engagement and revenue from service offerings integrated within the platform.
However, the relatively flat increase in Rimawari-kun memberships suggests that while the platform remains popular, its growth rate is not accelerating. This could imply market saturation or the need for innovative features to attract new members and retain existing ones.
TOKYO, July 08, 2024 (GLOBE NEWSWIRE) -- SYLA Technologies Co., Ltd. (NASDAQ: SYT) (“SYLA” or “the Company”), operator of the largest membership real estate crowdfunding platform in Japan, Rimawari-kun, published a quarterly investor update for 2nd quarter 2024.
| Key Highlights | |
| Real Estate | |
| • | Sale of SYFORME SUMIYOSHI II |
| • | Excellent Business Award (by Japan Association of Home Suppliers) for SYFORME MOTOMACHI-CHUKAGAI (ZEH-M*1 Oriented certified) |
| *1ZEH-M: net Zero Energy House Mansion | |
| • | Completion of the first office building SYLA TOYOCHO |
| • | Launched the first joint real estate project with CUMICA |
| • | ietty (Online AI rental brokerage service) membership surpassed 400,000 |
| Rimawari-kun (Real Estate Crowdfunding) | |
| • | 7 projects commenced fund raising during 2Q |
| • | 10 projects originated during 2Q |
| Key Metrics | Mar-24 | Jun-24 |
| Real Estate | ||
| Constructed Buildings, cumulative (#) | 84 | 85 |
| Managed Buildings (#) | 77 | 78 |
| Managed Units (#) | 3,382 | 3,420 |
| Occupancy Rate (%) | ||
| ietty Membership (#) | 400,573 | 408,555 |
| Rimawari-kun (Crowdfunding) | ||
| Membership (#) | 279,606 | 279,838 |
| Projects Originated, cumulative (#) | 71 | 81 |
| GMV*2 (million JPY) | 6,844 | 7,594 |
| *2GMV: Gross merchandise value | ||
About SYLA Technologies Co., Ltd.
Headquartered in Tokyo, Japan, SYLA Technologies Co., Ltd. (NASDAQ: SYT) (“SYLA” or “the Company”) owns and operates the largest membership real estate crowd-funding platform in Japan, Rimawari-kun, which targets individuals, corporate and institutional investors, as well as high net worth individuals. SYLA’s mission is to democratize real estate investment around the world through technology and asset management through the Rimawari-kun platform. SYLA is engaged in the overall investment condominium business, including planning, development, construction, sales, rental management, building management, repair work, and the sale of properties. Additional information about the Company’s products and services is available at https://syla-tech.jp/en.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses the expected gross proceeds and the closing of the offering. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report on Form 20-F, filed with the SEC on May 15, 2024. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
Contact Information
SYLA Technologies Investor Relations Contact:
Gateway Group, Inc.
John Yi and Steven Shinmachi
SYLA@gateway-grp.com
(949) 574-3860
SYLA Technologies Company Contact
Takeshi Fuchiwaki
Director, Chief Growth Officer
irpr@syla.jp
FAQ
What key updates were announced in SYLA Technologies' FY24 2nd Quarter Investor Update?
What was the occupancy rate for SYLA Technologies' managed units in the second quarter of FY24?
How many projects did SYLA Technologies originate during the second quarter of FY24?
What was the gross merchandise value (GMV) for SYLA Technologies in the second quarter of FY24?
How much did ietty's membership increase in the second quarter of FY24?
