Covid-19 Update

Following a solid first quarter, which results will be detailed on May 13, Varia US Properties AG (Varia / the Company) is facing the current Covid-19 pandemic with a solid balance sheet and a strong team in place that works on a daily basis to maintain occupancy, collect rents and reduce expenses, while maintaining the condition of each physical asset. Thus far, very few people among on-site residents and property manager staff have tested positive for Covid-19 in the Varia properties and health protocols were established very quickly to follow CDC and WHO guidelines.

Thus far for the month of April, Varia collected 88% of its monthly budgeted total income. All property managers are closely working with tenants on an individual basis to establish payment plans where necessary. May and June are expected to be more challenging in terms of rent collection but the Company and the asset management team are being proactive in preparing for that eventuality.

See the full Covid-19 Update communication here