As previously announced by Varia US Properties AG (the “Company”) in its outlook for 2023, the first quarter of the year 2023 will present solid operating results combined however with an unrealized depreciation of the portfolio of 2.6% (USD 45 million). Altogether, the Company preliminarily expects to close Q1 2023 with a total loss of approximately USD 34 million (Q1 2022: gain of USD 101 million), driven by a lower valuation of the property portfolio based on the current market and interest rate environment.
The Board of Directors remains very confident with the operations of the Company and confirms that dividend payments decided by the last shareholder meeting will be paid as per the defined quarterly payment dates. Unrealized losses on fair market value adjustments are market driven and do not affect the underlying operating performance of the Company.