Very strong operational half-year results for Varia US: Total income more than doubled to new record level of USD 113.2 million – portfolio value tops one billion mark first

  • Total income of USD 113.2 million (June 30, 2020: USD 52.4 million; +116.0%)
  • Effective gross income of USD 71.1 million (June 30, 2020: USD 54.6 million; +30.2%)
  • Net gain from fair value adjustment on investment property of USD 54.8 million (June 30, 2020: USD -2.2 million)
  • Realized gain on disposal of properties of USD 12.7 million
  • For the first time, property portfolio value exceeds the one billion threshold at USD 1.060 billion as of June 30, 2021 (December 31, 2020: USD 928.2 million; +14.2%)
  • Operating profit with revaluation of USD 75.6 million (June 30, 2020: USD 20.9 million; +261.7%)
  • Profit for the period of USD 48.7 million (June 30, 2020: USD 6.8 million; +616.2%)
  • EBITDA of USD 33.5 million (June 30, 2020: USD 23.1 million; +45.2%)
  • Funds from operations (FFO1) of USD 20.7 million (June 30, 2020: USD 11.4 million; +82.1%)
  • Earnings per share of USD 4.81 (June 30, 2020: USD 0.76)
  • NAV per share of USD 40.19 (June 30, 2020: USD 35.43)
  • Varia US is well positioned with its resilient property portfolio to face the next months and to benefit from the relaunch of the US economy
  • The Board of Directors is considering the issuance of a new bond in the third quarter of the year to support the further growth and development of the Company

Manuel Leuthold, Chairman of the Board of Directors of Varia US, said: “We are very pleased with the excellent operating results in the first six months of the year 2021. These results reflect the strong and growing financial performance of our portfolio. They also demonstrate our ability to dispose non-strategic assets with a significant premium as well as our capacity to find strong off-market deals to grow Varia US’ portfolio, both in terms of size and quality. Based on the positive development of our business and as long as the overall health and economic environment does not change tremendously, we expect a solid second half of the year allowing to continue a strong distribution policy to our valued shareholders.

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