In Q3 2021, effective gross income reached USD 30.0 million, an 8.5% increase from Q3 2020. Rental income was up by 7.4% to USD 26.7 million. On a like for like basis*, rental income grew by 6.8% to USD 21.2 million. Net Operating Income (NOI) amounted to USD 15.0 million compared to USD 13.4 million (+12.1%) in Q3 2020. NOI margin improved 1.6% to 49.9% (Q3 2020: 48.3%). The average occupancy rate increased to 95.9% in Q3 2021 (Q3 2020: 95.4%). This reflects the renewal strategy put in place at the beginning of the pandemic as well as the fewer number of rehabbed units in the last months due to the COVID-19 situation.
During the third quarter 2021, rent collections have been at or above pre-pandemic levels. These very positive collections levels remain consistent with the high levels that have been experienced since the beginning of the pandemic over the last 18 months. As the US economy continues its strong rebound, Varia US expects rent collections to remain favorable.