- Rental income for the first nine months of 2023 up by 2.4% to USD 95.7 million (January-September 2022: USD 93.5 million)
- 6.8% higher average monthly rent per unit (USD 1,212), while average occupancy rate remained stable (92.7%)
- EBITDA was down at USD 32.6 million (January-September 2022: USD 71.0 million)
- Portfolio valuation was lower at USD 1,364.2 million, resulting in a net loss for Q3 2023
- After the reporting period, shareholders approved a special dividend of CHF 3.00 per share
Patrick Richard, Executive Member of the Board of Directors of Varia US Properties, said: “In Q3 2023, Varia US continued to present positive operational results – despite a very challenging macro-economic environment throughout 2023. Operations continue to positively reflect the Company’s strategy and actions over the last months, with rents increasing by 6.7% to USD 68.4 million on a like-for-like basis for the first nine months of the year compared to the same period in 2022. The higher cap rates affected the valuation of the Company’s portfolio negatively, but such an unrealized loss on fair market value adjustments have no effects on the underlying operating performance of the Company”.