Continuous strong business development with sustainable increase of effective gross income (+12.5%) and net operating income (+7.0%) in the third quarter 2019

  • Swift investment of new capital raised of USD 50 million with three acquisitions totalling 1,263 units
  • Increase of effective gross income from USD 22.3 million in Q3 2018 to USD 25.1 million (+12.5%)
  • Rental income up from USD 20.2 million to USD 22.6 million (+12.0%)
  • Net operating income up 7.0% to USD 11.9 million (USD 11.1 million in Q3 2018)
  • Confirmation of CHF 2.60 dividend per share for the business year 2019

The main focus of Varia US Properties in the third quarter 2019 was on further acquisitions and the continuous implementation of its value-add strategy. Varia swiftly deployed the capital raise of USD 50 million from a bond issue in May 2019 and acquired three properties in the States Missouri and Tennessee with a total of 1,263 units. Value-added improvements in internal and external renovations of about USD 10.7 million are currently underway for all three properties. Varia also sold a non-strategic property with 30 units in Colorado. The resulting portfolio, as of 30 September 2019, consisted of 54 properties totalizing 10,970 units.
In September, Varia confirmed the targeted total distribution of CHF 2.60 per share for the business year 2019 planned to be paid on a quarterly basis between August 2019 and May 2020.

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