At the end of December 2020, the portfolio comprised 44 assets spread across 19 different states in the United States of America with a total value (appraised value by Colliers as of December 31, 2020) of approximately USD 928 million.
The portfolio is 100% residential and comprises 10’269 units among which 1’128 are so-called Low-Income Housing Tax Credit (LIHTC) units and 9’141 are market units.
Compared to December 2019, the portfolio (i.e. same perimeter) grew in value by 4.2% or USD 35.0 million during this period, which is the result of the value-add strategy and of the rental increase.
Property Details as of June 30th 2020
| Units | 10’269 | 10’269 total units across 44 properties |
| Market Units | 9’141 | 89% of units are market rent units |
| LIHTC Units | 1’128 | 11% of units are LIHTC units |
| Leasable Square Feet | 8’998’881 | 876 average sq ft/unit |
| Leasable Square Meter | 836’023 | 81 average sqm/unit |
| Total Market Value | USD 928’220’000 | USD 90’390 per unit |
| Average Monthly Rent | USD 824 per unit | – |
| Occupancy Rate | 95.4 % | – |
| Loan to Value at Property Level | 59.06 % | – |
Geographical Split of Varia’s Property Portfolio
At the end of December 2020, the value of Varia’s portfolio was USD 928 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.