Significant increase of total income (+38%) and profit (+72%) in 2019 – portfolio value at record level

  • Total income of USD 139.5 million (+38.4%)
  • Effective gross income of USD 99.4 million (+15.6%)
  • Net gain from fair value adjustment on investment property of USD 40.0 million
  • (+ 172.1%)
    EBITDA of USD 40.9 million (+5.1%)
  • Profit for the financial year 2019 of USD 42.8 million (+71.9%)
  • Property portfolio value of USD 915.1 million as of 31 December 2019 (+19.2%)
  • NAV growth to USD 37.36 (2018: USD 37.14)
  • Earnings per share of USD 4.75 (2018: USD 2.79)
  • Shareholder meeting postponed to 26 June 2020

Varia closed the business year 2019 with very positive results. The Company focused on further promising investments and the optimization of the portfolio by improving operations and the consistent implementation of the value-add strategy. It also implemented the Company’s green initiative program by executing the water conservation program across the portfolio and progressing the energy saving initiative. Overall, the full-year results are in-line with the guidance delivered and underline the effectiveness of Varia’s strategy.

Manuel Leuthold, Chairman of the Board of Directors of Varia, said: “We are very satisfied with the strong ongoing business development of Varia. These solid results represent the continued improved quality of our portfolio and its performance. We created further value in the existing properties and the assets we purchased last year by implementing our value-add strategy and the various green programs. We will continue to work hard in order to offer our investors an interesting and high yielding investment opportunity.

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