SYNE3: quote, dividends and indicators for SYN Prop & Tech

SYN Prop & Tech is a Brazilian commercial real estate company, with common shares traded on B3 under the ticker SYNE3. The company was created in 2007 through the partial spin-off of Cyrela Brazil Realty, when it received the stake in Cyrela Commercial Properties Investimentos Imobiliários, which then held assets focused on the development, acquisition, and management of office buildings and shopping malls. Since its inception, SYN has developed an operating model based on the acquisition, development, leasing, operation and, when appropriate, sale of commercial properties. Over the years, it has built a portfolio focused on high-standard assets, mainly in the more established regions of São Paulo and Rio de Janeiro.

The corporate purpose of SYN Prop & Tech covers the development, purchase and sale of commercial, industrial, and hybrid properties, either completed or under development, as well as stakes in real estate and technology assets. The company also operates in the leasing and management of properties, construction, and the provision of real estate consulting services, property and shopping mall management, management of operating revenues, construction management, engineering and architecture services, and intermediation in the purchase, sale, and rental of its own and third-party properties. This scope is complemented by the possibility of taking stakes in other companies, in Brazil and abroad, which allows it to structure joint ventures and investment partnerships. Historically, the company has combined in-house development of projects with selective acquisitions of established assets, incorporating an active portfolio management component into its business model.

SYN’s operating activities are organized into four segments: office buildings, shopping centers, logistics warehouses, and real estate development, with an emphasis on the first three. On December 31, 2025, the company held interests in 12 properties, including 8 office buildings, 4 shopping centers, and 1 logistics warehouse, in addition to condominium management of Triple A commercial buildings in the Itaim Bibi region of São Paulo. Within its office portfolio, SYN distinguishes projects classified as Triple A, with the highest construction and technological specifications, and Class A projects, which are high standard but with a lower level of embedded innovation. Among its Triple A assets, highlights include buildings in regions such as Barra da Tijuca in Rio de Janeiro and on Juscelino Kubitschek and Faria Lima avenues in São Paulo. The company also manages shopping centers such as Grand Plaza Shopping in Santo André, Shopping Metropolitano Barra in Rio de Janeiro, Tietê Plaza Shopping and Shopping Cidade São Paulo, both in the city of São Paulo. In the logistics segment, it operates through warehouses and distribution centers, with projects such as Centro Logístico Dutra.

The geographic footprint of SYN Prop & Tech is heavily concentrated in the metropolitan region of São Paulo and in the city of Rio de Janeiro, especially in established corporate corridors such as Faria Lima, Juscelino Kubitschek, Vila Olímpia, Itaim Bibi, Chácara Santo Antônio, and Leblon, as well as retail and logistics hubs in cities such as Santo André, Goiânia and municipalities in the Baixada Fluminense and along the Dutra highway corridor. This concentration in areas of high corporate and retail demand supports the company’s competitive positioning, as it seeks to maintain comparatively robust occupancy rates in its projects. On December 31, 2025, SYN directly managed around 318,000 m² of space, including office buildings and shopping centers under its management. Over the years, the company has also developed partnerships with global institutional investors such as GIC Real Estate and the Canada Pension Plan Investment Board for co-investment in commercial properties in Brazil, which has expanded its capacity for development and capital recycling.

From an economic standpoint, SYN Prop & Tech’s revenue comes mainly from leasing commercial properties and providing property management services, with occasional contributions from asset sales and real estate development revenue. In 2025, most of its gross revenue originated from leasing office buildings and shopping centers, complemented by service revenue related to property and condominium management. The development segment did not record relevant revenue in this period, reflecting a phase in which the company prioritized recurring income and active management of its already-deployed portfolio. Gross profit was concentrated in lease revenue and service provision, reinforcing its profile as an income-generating real estate company. Diversification among offices, shopping mall retail and logistics reduces exposure to a single asset type, although the greater relevance of São Paulo in the portfolio keeps the company sensitive to that market’s economic cycle.

SYN’s client base is composed mainly of large and medium-sized tenant companies occupying office floors and stores in shopping centers, as well as logistics and industrial operators in its warehouses. In 2025, no individual client accounted for more than 10% of total net revenue, which indicates dispersed credit and tenant concentration risk. In office lease contracts, the company works with typical terms of around five years, with periodic adjustment clauses and the possibility of three-year value reviews, as well as termination mechanisms subject to prior notice. In shopping centers, most contracts provide for a combination of minimum rent and percentage rent over tenants’ sales, with the higher of the two being payable, a model that is standard in the shopping mall retail sector. In logistics warehouses, contracts tend to be longer, between three and ten years, with guarantees such as bank guarantees, surety bonds, or cash deposits.

SYN Prop & Tech’s activities are subject to a broad regulatory framework at the federal, state, and municipal levels. The company depends on permits, operating licenses, Fire Department inspection certificates (AVCB), and occupancy certificates (“Habite-se”) to operate and market its projects. In addition to legislation applicable to developers and condominiums, shopping centers are subject to specific rules regarding condominium structures, covenants and bylaws, which govern relationships among developers, co-owners, and tenants. In the environmental field, the company complies with regulations related to land use, licensing, control of contaminated areas, and civil, administrative, and criminal liability for environmental damage. SYN is involved in remediation processes at properties such as Grand Plaza Shopping, affected by contamination remaining from prior industrial activities, and took part in remediation of part of the land at Centro Logístico Dutra, conducted by a specialized company. These situations illustrate the relevance of managing environmental liabilities in the real estate segment.

In social and governance aspects, SYN Prop & Tech is subject to labor and social security legislation, occupational health and safety standards, accessibility rules for people with disabilities and reduced mobility, and the General Data Protection Law, which is particularly relevant in the operation of shopping centers and large-traffic buildings. The company states that it maintains a code of conduct applicable to employees, officers and third parties, with guidelines on social and environmental responsibility, respect for human rights and rules of professional conduct, as well as an ESG and sustainability policy that guides its environmental, social and governance principles. In-house management of most of its assets — both corporate and retail — allows it to incorporate operational practices aimed at efficient energy and water consumption and waste management, while also seeking to comply with safety, fire prevention, and accessibility requirements imposed by regulatory and supervisory bodies.