St. Petersburg, FL: Varia US Properties, released their 2019 Half-Year Report on August 29, 2019 with promising results for 2019. Varia US Properties continued to perform positively in the first half-year of 2019. Varia focused on improving and optimizing the portfolio through the further consistent implementation of its growth and value-add strategy. It continued to implement the Company’s green initiative program that will be further executed in the near term. Overall, the half-year results are in-line with Varia’s expectations and underpin the efficiency of its strategy.
Manuel Leuthold, Chairman of the Board of Directors of Varia, said: “We are very pleased with the performance of Varia for the first six months of this year. These results reflect the strong and growing financial performance of the portfolio as well as the initiatives we set forth in 2019. Our promising portfolio in growing suburban markets in the US creates attractive perspectives to our shareholders. We continued this work by further implementing our proven value-add strategy as well as our water conservation program in the first half of 2019.” Half Year Highlights included:
Total income increased to USD 66.1 million – representing an improvement in profitability
Varia US Properties significantly increases total income (+ 42%) and EBITDA (+ 18%)
Profit boosted to USD 22.2 million (+ 82%)
Earnings per share increases 79% to USD 2.47
Total income of USD 66.1 million (June 30, 2018: USD 46.4 million; + 42.4%) EBITDA of USD 19.4 million (June 30, 2018: USD 16.4 million; + 18.4%)
Net gain from fair value adjustment on investment property of USD 19.0 million (June 30, 2018: 7.4 million; + 156.3%)
Property portfolio value at USD 793.7 million as of June 30, 2019 (December 31, 2018: USD 767.5 million; + 3.4%)
Funds from operations (FFO) of USD 8.8 million (June 30, 2018: USD 8.1 million; + 8.8%)
Potential gross income up 2.3% to USD 103.3 million (December 31, 2018: USD 101.0 million)
Rental income increased by 3.5% on a like for like basis (comparing results for assets that were held for the full half year in both 2019 and 2018)
Targeted dividend of CHF 2.60 per share to be paid after Annual General Meeting 2020
For a full copy of the report and release, please visit:
About Varia US Properties AG
Varia US Properties AG is a Swiss based real estate company exclusively investing in U.S. multifamily housing with a main focus on secondary and tertiary markets. Established in 2015, the Company acquires, holds, transitions and repositions properties in the boundaries of metropolitan regions of the U.S. in order to secure rental income and value growth. More information: www.variausproperties.com About Stoneweg US, LLC. Stoneweg US is a multifamily real estate investment and development firm located in the heart of downtown St. Petersburg with a portfolio of 11,000 units valued at approximately $900 million. The Company invests in workforce housing properties positioned for strong growth and focuses on increasing investor returns, while improving the resident experience through a variety of value-add strategies. For more information on Stoneweg US, please visit: www.stoneweg.us.