TOKYO, November 21, 2023 (Globe Newswire) — Reed Real Estate Co., Ltd. (Nasdaq: LRE) (“LRE” or the “Company”), A Japanese real estate development company that develops luxury housing, including single-family homes and condominiums in Tokyo, Kanagawa Prefecture, and Sapporo City, today announced its financial results for the fiscal year ending June 30, 2023.
Highlights of 2023:
The Company’s total revenue for fiscal year 2023 was reported to be 17,442,248,000 yen, an increase of 22% compared to 2022’s total revenue of 14,321,186,000 yen.
Our net income for fiscal 2023 was 536,482,000 yen (43.39 yen per share), an increase of 2% compared to 2022’s net income of 528,383,000 yen (43.83 yen per share). .
The increase in revenue was primarily due to a 21% increase in the sales price of single-family homes with land delivery, a 19% increase in the sales price of condominiums with land delivery, and a 119% increase in the sales price of condominium buildings. Compare the delivery results in FY2023 with FY2022.
The increase in net income for fiscal 2023 was primarily due to an increase in gross revenue, offset by a 23% increase in cost of revenue from real estate sales. The increase in cost of revenue was primarily due to an increase in construction costs, such as labor and material costs, compared to the previous fiscal year.
Selling, general and administrative expenses for fiscal 2023 increased by 1% compared to fiscal 2022.
As of June 30, 2023, the Company’s cash and cash equivalents were 786,373,000 yen, and long-term debt was 5,437,668,000 yen (as of June 30, 2022, it was 431,088,000 yen, respectively). 2,231,544,000 yen).
The number of common shares outstanding as of June 30, 2023 and 2022 was 12,498,900 shares.
Eiji Nagahara, CEO of the Company, said, “We are satisfied with our progress in fiscal 2023.” “During this period, while we maintained moderate growth, our total revenue increased significantly as a result of strong growth in land-delivered sales prices for single-family homes and condominiums, and strong growth in condominium building-delivered sales prices. In addition, we continue to be involved in the planning, development, ownership, and operation of hotels in Tokyo, and have received high praise from overseas customers.
“In the U.S., our corporate rental properties in Dallas and Los Angeles continue to grow, as do our luxury real estate properties. We plan to develop new rental properties in Las Vegas and other U.S. cities in the future.”
On September 29, 2023, LRE announced the completion of an initial public offering of American Depositary Shares of 1,143,000 American Depositary Shares at a public offering price of $7.00, netting the company a total of $8,001,000 before deducting underwriting discounts and the offering. It was announced that the total revenue would be . Expenses.
For more information about LRE’s fiscal year 2023 results, please see the company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission. https://www.sec.gov/ix?doc=/Archives/edgar/data/0001888980/000110465923118675/lre-20230630x20f.htm#Item18FINANCIALSTATEMENTS_148278.
About Reed Real Estate Co., Ltd.
Reed Real Estate Co., Ltd. is a Japanese developer that develops luxury residential properties such as detached houses and condominiums in Tokyo, Kanagawa Prefecture, and Sapporo City. In addition, the Company operates hotels in Tokyo and rents apartment building units to private customers in Japan and Dallas, Texas.
Our mission is to serve our customers by providing stylish, safe, and luxurious living. Our vision is to take a kaizen (continuous improvement) approach to improve our operations and build nationally recognized, award-winning luxury homes and a strong presence in the luxury residential real estate markets of Tokyo, Kanagawa Prefecture, and Sapporo. It’s about leveraging your market position. We will build a global trading platform that allows access not only to top-notch condominiums in Japan, but also condominiums in overseas countries such as the United States and Hong Kong.
For more information, please visit our website at: https://www.lead-real.co.jp/.
Forward-looking statements
Statements in this press release regarding future expectations, plans and prospects, and other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. there is. “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “could” The words “anticipate,” “anticipate,” “should,” “goal,” “will,” “will” and similar expressions are intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated in such forward-looking statements as a result of a variety of important factors, including: U.S. Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date of this press release, and the Company does not warrant any forward-looking statements, whether as a result of new information, future events or otherwise. We specifically disclaim any obligation to update the.
contact address:
Media and investor relations:
Daisuke Takahashi
CFO
Reed Real Estate Co., Ltd.
[email protected]
+81 3-5784-5127
Skyline Corporate Communication Group LLC
Scott Powell, President
One Rockefeller Plaza, 11th floor
New York, New York 10020
Office: (646) 893-5835
Email: [email protected]