Portfolio Overview

At the end of the year 2017, the portfolio comprised 50 assets spread across 18 different states in the United States of America with a total value (appraised value by Colliers as of December 31, 2017) of approximately USD 618 million.
The portfolio is 100% residential and comprises 8’245 units among which 2’293 are so-called Low-Income Housing Tax Credit (LIHTC) units and 5’952 are market units.

Compared to December 2016, the portfolio (i.e. without additions) grew in value by 6.4% or USD 21.885 million during this period, which is the result of the value-add strategy and of the rental increase.

Property Details as of 31 December 2017

Units 8’245 8’245 total units across 50 properties
Market Units 5’952 72% of units are market rent units
LIHTC Units 2’293 28% of units are LIHTC units
Leasable Square Feet 6’782’284 823 average sq ft/unit
Leasable Square Meter 630’094.8 76 average sqm/unit
Total Market Value USD 617’965’000 USD 74’950.3 per unit
Average Monthly Rent USD 716 per unit
Occupancy Rate 94.3 %
Loan to Value 60.52 %

Geographical Split of Varia’s Property Portfolio

Geographical Split of Varia's Property Portfolio

At the end of the year 2017, the value of Varia’s portfolio was USD 617.965 million.
The Portfolio’s assets are located in 18 States namely: Florida, Colorado, Kansas, Oklahoma, Nebraska, Idaho, Utah, Texas, Mississippi, Georgia, North Carolina, South Carolina, New Mexico, Indiana, Washington, Missouri, Kentucky and Arizona.