Portfolio Overview

At the end of June 2021, the portfolio comprised 45  assets spread across 17 different states in the United States of America with a total value (appraised value by Colliers as of June 30, 2021) of approximately USD 1.060 billion.
The portfolio is 100% residential and comprises 10’870 units among which 969 are so-called Low-Income Housing Tax Credit (LIHTC) units and 9’901 are market units.
Compared to June 2020, the portfolio (i.e. same perimeter) grew in value by 6.2% or USD 55.6 million during this period, which is the result of the value-add strategy and of the rental increase.

Property Details as of June 30st 2021

Units 10’870 10’870 total units across 45 properties
Market Units 9’901 91% of units are market rent units
LIHTC Units 969 9% of units are LIHTC units
Leasable Square Feet 9’711’579 893 average sq ft/unit
Leasable Square Meter 902’235 83 average sqm/unit
Total Market Value USD 1’059’620’000 USD 97’481 per unit
Average Monthly Rent USD 882 per unit
Occupancy Rate 96.3 %
Loan to Value at Property Level 56.4 %

Geographical Split of Varia’s Property Portfolio

At the end of June 2021, the value of Varia’s portfolio was USD 1.060 billion.
The Portfolio’s assets are located in 17 States namely: Arizona, Colorado, Florida, Georgia, Indiana, Kansas, Kentucky, Missouri, Nebraska, New Mexico, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas and Utah.