Portfolio Overview

At the end of December 2018, the portfolio comprised 52 assets spread across 19 different states in the United States of America with a total value (appraised value by Colliers as of December 31, 2018) of approximately USD 768 million.
The portfolio is 100% residential and comprises 9’737 units among which 1’810 are so-called Low-Income Housing Tax Credit (LIHTC) units and 7’927 are market units.
Compared to December 2017, the portfolio (i.e. same perimeter) grew in value by 3.9% or USD 21.4 million during this period, which is the result of the value-add strategy and of the rental increase.

Property Details as of December 30th 2018

Units 9’737 9’737 total units across 52 properties
Market Units 7’927 81% of units are market rent units
LIHTC Units 1’810 19% of units are LIHTC units
Leasable Square Feet 7’963’914 818 average sq ft/unit
Leasable Square Meter 739’872 76 average sqm/unit
Total Market Value USD 767’500’000 USD 78’823 per unit
Average Monthly Rent USD 760 per unit
Occupancy Rate 93.7 %
Loan to Value 59.73 %

Geographical Split of Varia’s Property Portfolio

Geographical Split of Varia's Property Portfolio

At the end of December 2018, the value of Varia’s portfolio was USD 767.5 million.
The Portfolio’s assets are located in 19 States namely: Arizona, Colorado, Florida, Georgia, Idaho, Indiana, Kansas, Kentucky, Mississippi, Missouri, Nebraska, New Mexico, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas and Utah.