Portfolio Overview

At the end of June 2020, the portfolio comprised 53 assets spread across 19 different states in the United States of America with a total value (appraised value by Colliers as of June 30, 2020) of approximately USD 919 million.
The portfolio is 100% residential and comprises 10’896 units among which 1’183 are so-called Low-Income Housing Tax Credit (LIHTC) units and 9’713 are market units.
Compared to June 2019, the portfolio (i.e. same perimeter) grew in value by 6.5% or USD 34.3 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 10’896 10’896 total units across 53 properties
Market Units 9’713 89% of units are market rent units
LIHTC Units 1’183 11% of units are LIHTC units
Leasable Square Feet 9’166’659 837 average sq ft/unit
Leasable Square Meter 846’965 78 average sqm/unit
Total Market Value USD 918’957’000 USD 84’339 per unit
Average Monthly Rent USD 818 per unit
Occupancy Rate 95.0 %
Loan to Value at Property Level 56.33 %

Geographical Split of Varia’s Property Portfolio



At the end of June 2020, the value of Varia’s portfolio was USD 919 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.