Portfolio Overview

At the end of June 2018, the portfolio comprised 50 assets spread across 20 different states in the United States of America with a total value (appraised value by Colliers as of June 30, 2018) of approximately USD 711 million.
The portfolio is 100% residential and comprises 9’162 units among which 1’810 are so-called Low-Income Housing Tax Credit (LIHTC) units and 7’352 are market units.

Compared to June 2017, the portfolio (i.e. same perimeter) grew in value by 4.3% or USD 19.8 million during this period, which is the result of the value-add strategy and of the rental increase.

Property Details as of June 30th 2018

Units 9’162 9’162 total units across 50 properties
Market Units 7’352 80% of units are market rent units
LIHTC Units 1’810 20% of units are LIHTC units
Leasable Square Feet 7’450’227 813 average sq ft/unit
Leasable Square Meter 692’148 76 average sqm/unit
Total Market Value USD 710’600’000 USD 77’559 per unit
Average Monthly Rent USD 753 per unit
Occupancy Rate 93.7 %
Loan to Value 60.51 %

Geographical Split of Varia’s Property Portfolio

Geographical Split of Varia's Property Portfolio

At the end of June 2018, the value of Varia’s portfolio was USD 710.6 million.
The Portfolio’s assets are located in 20 States namely: Florida, Colorado, Kansas, Oklahoma, Nebraska, Idaho, Utah, Texas, Mississippi, Georgia, North Carolina, South Carolina, New Mexico, Indiana, Washington, Missouri, Ohio, Tennessee, Kentucky and Arizona.