Portfolio Overview

At the end of September 2022, the portfolio comprised 40 assets spread across 15 different states in the United States of America with a total value (appraised value by Colliers as of September 30, 2022) of approximately USD 1.659 billion.
The portfolio is 100% residential and comprises 11’008 units among which 448 are so-called Low-Income Housing Tax Credit (LIHTC) units and 10’560 are market units.
Compared to December 2021, the portfolio (i.e. same perimeter) grew in value by 14.3% or USD 180 million during this period, which is the result of the value-add strategy and of the rental increase.

Property Details as of September 30th 2022

Units 11’008 11’008 total units across 40 properties
Market Units 10’560 96% of units are market rent units
LIHTC Units 448 4% of units are LIHTC units
Leasable Square Feet 10’261’694 932 average sq ft/unit
Leasable Square Meter 953’342 87 average sqm/unit
Total Market Value USD 1’658’515’000 USD 150’665 per unit
Average Monthly Rent USD 1’082 per unit
Occupancy Rate 92.7 %
Loan to Value at Property Level 52.3 %

Geographical Split of Varia’s Property Portfolio

 

At the end of June 2022, the value of Varia’s portfolio was USD 1.659 billion.
The Portfolio’s assets are located in 15 States namely: Arizona, Florida, Georgia, Indiana, Kansas, Kentucky, Missouri, Nebraska, New Mexico, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee and Texas.