Portfolio Overview

At the end of December 2020, the portfolio comprised 44  assets spread across 19 different states in the United States of America with a total value (appraised value by Colliers as of December 31, 2020) of approximately USD 928 million.
The portfolio is 100% residential and comprises 10’269 units among which 1’128 are so-called Low-Income Housing Tax Credit (LIHTC) units and 9’141 are market units.
Compared to December 2019, the portfolio (i.e. same perimeter) grew in value by 4.2% or USD 35.0 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 10’269 10’269 total units across 44 properties
Market Units 9’141 89% of units are market rent units
LIHTC Units 1’128 11% of units are LIHTC units
Leasable Square Feet 8’998’881 876 average sq ft/unit
Leasable Square Meter 836’023 81 average sqm/unit
Total Market Value USD 928’220’000 USD 90’390 per unit
Average Monthly Rent USD 824 per unit
Occupancy Rate 95.4 %
Loan to Value at Property Level 59.06 %

Geographical Split of Varia’s Property Portfolio

At the end of December 2020, the value of Varia’s portfolio was USD 928  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.