At the end of June 2022, the portfolio comprised 42 assets spread across 15 different states in the United States of America with a total value (appraised value by Colliers as of June 30, 2022) of approximately USD 1.602 billion.
The portfolio is 100% residential and comprises 11’323 units among which 508 are so-called Low-Income Housing Tax Credit (LIHTC) units and 10’805 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 June 30th 2022
| Units | 11’323 | 11’323 total units across 42 properties |
| Market Units | 10’815 | 96% of units are market rent units |
| LIHTC Units | 508 | 4% of units are LIHTC units |
| Leasable Square Feet | 10’308’593 | 910 average sq ft/unit |
| Leasable Square Meter | 957’700 | 85 average sqm/unit |
| Total Market Value | USD 1’602’201’000 | USD 141’500 per unit |
| Average Monthly Rent | USD 952 per unit | – |
| Occupancy Rate | 94.3 % | – |
| Loan to Value at Property Level | 52.1 % | – |
Geographical Split of Varia’s Property Portfolio
At the end of June 2022, the value of Varia’s portfolio was USD 1.602 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.