Portfolio Overview

At the end of September 2023, the portfolio comprised 32 assets spread across 13 different states in the United States of America with a total value (appraised value by Colliers as of September 30, 2023) of approximately USD 1.364 billion.
The portfolio is 100% residential and comprises 8’770 units among which 156 are so-called Low-Income Housing Tax Credit (LIHTC) units and 8’614 are market units.
As a result of asset disposals and market conditions in Septembe 2023, the real estate value appraised by Colliers International went down to USD 1.364 billion as of 30 September 2023 (as of end of 2022: USD 1.460 billion). On a like-for-like basis, this represents a slight decrease of 6.8%.

Property Details as of June 30th 2023

Units8’7708’770 total units across 32 properties
Market Units8’61498.2% of units are market rent units
LIHTC Units1561.8% of units are LIHTC units
Leasable Square Feet8’157’957930 average sq ft/unit
Leasable Square Meter757’89986 average sqm/unit
Total Market ValueUSD 1’364’150’000USD 155’547 per unit
Average Monthly RentUSD 1’212 per unit
Occupancy Rate92.7 %
Loan to Value at Property Level60.9 %

Geographical Split of Varia’s Property Portfolio

At the end of September 2023, the value of Varia’s portfolio was USD 1.364 billion.
The Portfolio’s assets are located in 13 States namely: Arizona, Georgia, Indiana, Kansas, Kentucky, Missouri, Nebraska, New Mexico, North Carolina, Ohio, South Carolina, Tennessee and Texas.