- Rental income up 8.1% to USD 67.0 million (H1 2022: USD 62.0 million)
- Total realized income at USD 85.3 million (H1 2022: USD 91.1 million)
- Total income was USD 22.4 million (H1 2022: USD 248.9 million)
- EBITDA was lower at USD 27.9 million (H1 2022: USD 45.5 million)
- Net Loss of USD 57.2 million on revaluation of properties (H1 2022: Net Gain of
- USD 178.4 million)
- Operating result (incl. revaluation) of USD -35.1 million (H1 2022: USD 203.4 million)
- Portfolio value at USD 1.460 billion (as per end of 2022: USD 1.704 billion)
- NAV per share USD 51.87 (as per end of 2022: USD 60.13)
- Earnings per share of USD -4.64 (H1 2022: USD 14.37)
Manuel Leuthold, Chairman of the Board of Directors of Varia US Properties AG, said: “The first half of 2023 was characterized by rising interest rates, elevated inflation despite some moderation, a robust job market, and an overall economy that exceeded initial expectations. On an operational level, it was a successful period for the Company, reflected particularly in the increased rental income. The reduced leverage and the repayment of the 2019 bond also contributed positively to the H1 2023 results. As expected, Varia US’ portfolio was effected by a reduced valuation. At the same time, the portfolio was further improved by the sale of eight non-strategic assets, creating a strong foundation for further growth”.