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
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.