At the end of December 2018, 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 December 31, 2018) of approximately USD 768 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 2017, the portfolio (i.e. same perimeter) grew in value by 3.9% or USD 21.4 million during this period, which is the result of the value-add strategy and of the rental increase.
Property Details as of December 30th 2018
| 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 | 7’963’914 | 818 average sq ft/unit |
| Leasable Square Meter | 739’872 | 76 average sqm/unit |
| Total Market Value | USD 767’500’000 | USD 78’823 per unit |
| Average Monthly Rent | USD 760 per unit | – |
| Occupancy Rate | 93.7 % | – |
| Loan to Value | 59.73 % | – |
Geographical Split of Varia’s Property Portfolio
At the end of December 2018, the value of Varia’s portfolio was USD 767.5 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.