BOSTON & ST. LOUIS--(BUSINESS WIRE)--Latch, Inc., soon to be Door.com, today announced the launch of its property management division, Door Property Management, LLC (DPM), and the acquisition of the property management business of The Broadway Company (TBC). The acquisition enables DPM to collect insights from direct management on a small portfolio of units in the Boston area.
This strategic acquisition represents an opportunity for Latch to operate the entire property stack from physical management to advanced technology solutions. The move enables Latch to gain hands-on experience in property management to further refine and optimize its products and services to enable property owners to maximize net operating income (NOI) while delivering the best possible resident experience.
"Managing a small portfolio of properties enables us to shorten the product invention timeline and ultimately accelerate our ability to offer more services and technologies that increase NOI," said Jamie Siminoff, Chief Doorman. "We believe that by vertically integrating technology and engineering with property management operations, we can reduce the cost of operating a building and deliver products that make residents' lives better. Boston is the perfect testbed for us with a diverse real estate market with new and old buildings in a range of population densities. I am excited for what we can invent and build when we are not only developing and selling the products that make buildings more efficient, but also fully integrating them into the actual management of the buildings."
Since its inception, TBC has invested in and operated value-add, small, multifamily properties. Historically, smaller buildings are much less efficient to operate than larger properties. With Latch's focus on generating NOI for customers, as reflected by its recent "Don't Die, Get NOI" marketing campaign, Latch's suite of products can help owners and operators increase rent and create operational efficiencies.
About Latch, Inc.
Latch makes spaces better places to live, work, and visit through a system of software, devices, and services. For more information, please visit www.latch.com.
About The Broadway Company
The Broadway Company (TBC) is a real estate investment platform with a focus on workforce, multifamily and manufactured-housing assets. Since its inception in 2011, TBC has made real estate investments spanning throughout multiple asset classes and geographies, including investments in urban and suburban multifamily, industrial, suburban grocery anchored shopping centers, and mixed use. Learn more at www.tbcre.com.
Forward-Looking Statements
This release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "would," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking information includes, but is not limited to, statements regarding: the company's services, future products and product releases, performance, and operations, and the related benefits to stockholders, customers, and residents; and the company's branding and strategy. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including: the company's ability to implement business plans; installation and implementation of new products by customers; and delays suffered by the company or third parties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Report. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the company's Annual Report on Form 10-K filed with the SEC on March 1, 2022, and other documents filed by the company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. The company does not give any assurance that it will achieve its expectations.
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