- The Company achieved further portfolio optimization by selling three properties with older vintage
- Consequently, the operating result including revaluation increased to a profit of
USD 2.2 million for Q1 2026 (Q1 2025: loss of USD 0.3 million) - Both rental income and occupancy rate remained stable on a like for like basis
Manuel Leuthold, Chairman of the Board of Directors of Varia US Properties, stated: “Our Company continued to make meaningful progress on its strategic objectives during the first quarter of 2026. These objectives include optimizing the portfolio by selling properties of a certain vintage, freeing up capital from assets with high ongoing expenditure requirements, and improving the long-term growth profile of Varia US.”
The U.S. multifamily real estate market continued to show signs of improvement while navigating an extended period of normalization during the first quarter of 2026. This is following on several years of elevated construction activity and macroeconomic volatility. Ongoing affordability challenges in the homeownership market underpins rental demand, particularly in workforce housing segments where Varia US Properties is present. While near‑term rent growth overall is expected to remain moderate across most markets, the Company anticipates gradual improvement as 2026 progresses, with stronger and more sustained rent growth emerging in 2027 as supply pressures subside. Varia US has been positioned to capitalize on this trend given the diverse footprint of the portfolio.