Portfolio Overview

At the end of June 2019, the portfolio comprised 52 assets spread across 19 different states in the United States of America with a total value (appraised value by Colliers as of June 30, 2019) of approximately USD 794 million.
The portfolio is 100% residential and comprises 9’737 units among which 1’810 are so-called Low-Income Housing Tax Credit (LIHTC) units and 7’927 are market units.
Compared to December 2018, the portfolio (i.e. same perimeter) grew in value by 3.4% or USD 30.2 million during this period, which is the result of the value-add strategy and of the rental increase.

Property Details as of June 30th 2019

Units 9’737 9’737 total units across 52 properties
Market Units 7’927 81% of units are market rent units
LIHTC Units 1’810 19% of units are LIHTC units
Leasable Square Feet 7’963’354 818 average sq ft/unit
Leasable Square Meter 739’820 76 average sqm/unit
Total Market Value USD 793’650’000 USD 81’509 per unit
Average Monthly Rent USD 802 per unit
Occupancy Rate 93.8 %
Loan to Value at Property Level 57.91 %

Geographical Split of Varia’s Property Portfolio

Geographical Split of Varia's Property Portfolio

At the end of June 2019, the value of Varia’s portfolio was USD 793.7 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.