Portfolio Overview

At the end of December 2019, the portfolio comprised 53 assets spread across 19 different states in the United States of America with a total value (appraised value by Colliers as of December 31, 2019) of approximately USD 915 million.
The portfolio is 100% residential and comprises 10’896 units among which 1’723 are so-called Low-Income Housing Tax Credit (LIHTC) units and 9’173 are market units.
Compared to December 2018, the portfolio (i.e. same perimeter) grew in value by 7.2% or USD 54.8 million during this period, which is the result of the value-add strategy and of the rental increase.

Property Details as of December 31st 2019

Units 10’896 10’896 total units across 53 properties
Market Units 9’173 84% of units are market rent units
LIHTC Units 1’723 16% of units are LIHTC units
Leasable Square Feet 9’166’659 837 average sq ft/unit
Leasable Square Meter 846’965 78 average sqm/unit
Total Market Value USD 915’140’000 USD 83’989 per unit
Average Monthly Rent USD 769 per unit
Occupancy Rate 93.8 %
Loan to Value at Property Level 56.68 %

Geographical Split of Varia’s Property Portfolio

Geographical Split of Varia's Property Portfolio

At the end of December 2019, the value of Varia’s portfolio was USD 793.7 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.