Portfolio Overview

At the end of December 2023, the portfolio comprised 31 assets spread across 13 different states in the United States of America with a total value (appraised value by Colliers as of December 31, 2023) of approximately USD 1.300 billion.
The portfolio is 100% residential and comprises 8’518 units among which 156 are so-called Low-Income Housing Tax Credit (LIHTC) units and 8’362 are market units.
As a result of asset disposals and market conditions in December 2023, the real estate value appraised by Colliers International went down to USD 1.300 billion as of 31 December 2023 (as of end of 2022: USD 1.438 billion). On a like-for-like basis, this represents a slight decrease of 9.6%.

Property Details as of December 31st 2023

Units8’5188’518 total units across 31 properties
Market Units8’36298.2% of units are market rent units
LIHTC Units1561.8% of units are LIHTC units
Leasable Square Feet7’962’911935 average sq ft/unit
Leasable Square Meter739’77987 average sqm/unit
Total Market ValueUSD 1’300’010’000USD 155’547 per unit
Average Monthly RentUSD 1’223 per unit
Occupancy Rate92.2 %
Loan to Value at Property Level62.9 %

Geographical Split of Varia’s Property Portfolio

At the end of December 2023, the value of Varia’s portfolio was USD 1.300 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.