- Rental income “like for like” increased to USD 102.8 million (2023: USD 99.2 million)
- Operating margin (excluding property revaluation) amounted to 38.0% (2023: 32.3%)
- Strategic sale of portfolio assets generated USD 104.2 Mio. and IRR of 14.8%
- Total portfolio value came slightly down at USD 1,194 billion (2023: USD 1,300 billion)
- Portfolio optimization continued also due to additional ESG improvements
- NAV was at USD 35.13 per share (2023: USD 39.23)
- EPS of USD -1.73 (2023: USD -13.73)
- Intention to refinance bond “VAR21” due in November 2025
- Organizational changes at Stoneweg, the asset manager of Varia US
Manuel Leuthold, Chairman of the Board of Directors of Varia US Properties, said: “The U.S. real estate market concluded 2024 with cautious optimism for 2025, eagerly awaiting the beginning of the next real estate cycle. The reporting year saw continued interest rate volatility with both inflation and interest rates remaining elevated and, as a result, suppressed transaction volume relative to the historical average. Higher interest rates have slowed new multifamily construction starts after a peak in supply that affected the market nationwide. The recent slowdown of construction starts should allow more time for record new supply to absorb over the course of 2025 and 2026. It should also likely setting the stage for corresponding increases in rent growth and higher occupancy rate, as renter demand remains strong later in 2026 and 2027”.