Portfolio Overview

At the end of March 2023, the portfolio comprised 41 assets spread across 14 different states in the United States of America with a total value (appraised value by Colliers as of March 30, 2023) of approximately USD 1.659 billion.
The portfolio is 100% residential and comprises 11’042 units among which 156 are so-called Low-Income Housing Tax Credit (LIHTC) units and 10’886 are market units.
Compared to December 2022, the portfolio (i.e. same perimeter) decreased in value by 2.6% or USD 44.9 million during this period, which is the result of the value-add strategy and of the rental increase.

Property Details as of March 31st 2023

Units11’04211’042 total units across 41 properties
Market Units10’88698% of units are market rent units
LIHTC Units1561.4% of units are LIHTC units
Leasable Square Feet10’370’076939 average sq ft/unit
Leasable Square Meter963’41287 average sqm/unit
Total Market ValueUSD 1’658’840’000USD 150’230 per unit
Average Monthly RentUSD 1’152 per unit
Occupancy Rate93.1 %
Loan to Value at Property Level57.0 %

Geographical Split of Varia’s Property Portfolio

At the end of March 2023, the value of Varia’s portfolio was USD 1.659 billion.
The Portfolio’s assets are located in 14 States namely: Arizona, Florida, Georgia, Indiana, Kansas, Kentucky, Missouri, Nebraska, New Mexico, North Carolina, Ohio, South Carolina, Tennessee and Texas.