At the end of June 2019, the portfolio comprised 52 assets spread across 19 different states in the United States of America with a total value (appraised value by Colliers as of June 30, 2019) of approximately USD 794 million.
The portfolio is 100% residential and comprises 9’737 units among which 1’810 are so-called Low-Income Housing Tax Credit (LIHTC) units and 7’927 are market units.
Compared to December 2018, the portfolio (i.e. same perimeter) grew in value by 3.4% or USD 30.2 million during this period, which is the result of the value-add strategy and of the rental increase.
Property Details as of June 30th 2019
| Units | 9’737 | 9’737 total units across 52 properties |
| Market Units | 7’927 | 81% of units are market rent units |
| LIHTC Units | 1’810 | 19% of units are LIHTC units |
| Leasable Square Feet | 7’963’354 | 818 average sq ft/unit |
| Leasable Square Meter | 739’820 | 76 average sqm/unit |
| Total Market Value | USD 793’650’000 | USD 81’509 per unit |
| Average Monthly Rent | USD 802 per unit | – |
| Occupancy Rate | 93.8 % | – |
| Loan to Value at Property Level | 57.91 % | – |
Geographical Split of Varia’s Property Portfolio
At the end of June 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.