Portfolio Overview

At the end of March 2022, the portfolio comprised 43 assets spread across 15 different states in the United States of America with a total value (appraised value by Colliers as of March 31, 2022) of approximately USD 1.540 billion.
The portfolio is 100% residential and comprises 11’887 units among which 540 are so-called Low-Income Housing Tax Credit (LIHTC) units and 11’347 are market units.
Compared to December 2021, the portfolio (i.e. same perimeter) grew in value by 9.1% or USD 128 million during this period, which is the result of the value-add strategy and of the rental increase.

Property Details as of March 31st 2022

Units 11’887 11’887 total units across 43 properties
Market Units 11’347 95% of units are market rent units
LIHTC Units 540 5% of units are LIHTC units
Leasable Square Feet 10’878’103 915 average sq ft/unit
Leasable Square Meter 1’010’609 85 average sqm/unit
Total Market Value USD 1’539’970’000 USD 129’551 per unit
Average Monthly Rent USD 952 per unit
Occupancy Rate 94.7 %
Loan to Value at Property Level 54.17 %

Geographical Split of Varia’s Property Portfolio

 

At the end of March 2022, the value of Varia’s portfolio was USD 1.540 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.