Varia US Properties Ltd

VARN

Equity

ISIN CH0305285295 / Valor 30528529

SIX Swiss Exchange (2026-01-20)

CHF 21.30+4.93%

Varia US Properties Ltd
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About company

Varia US Properties Ltd is a Swiss-based company that focuses on investing in the U.S. residential real estate market. The company leverages its expertise to identify and invest in a diverse range of residential properties across the United States, aiming to generate stable returns for its investors. Varia US Properties is managed by Stoneweg, an international real estate asset manager headquartered in Geneva, Switzerland, which oversees a substantial portfolio of real estate assets and projects. This strategic partnership allows Varia US Properties to benefit from Stoneweg's extensive experience and resources in real estate management, enhancing its ability to effectively navigate the U.S. market and optimize its investment strategies.

Summarized from source with an LLMView SourceSector: Finance

Key financials

Q1 2025 highlights: Rental income USD 25.7m (−8.7% vs Q1 2024); rental income like‑for‑like USD 25.1m (+3.9%). Total income USD 20.9m (up from USD 12.2m). EBITDA USD 8.7m (−40.6%). Net loss USD 9.5m (Q1 2024: USD 7.0m). Loss per share USD 0.94 (Q1 2024: USD 0.69).

Occupancy and portfolio metrics

Occupancy improved to 94.5% (Q1 2024: 93.7%). Properties reduced to 25 (from 27) and units to ~7,300 (from 7,728). Portfolio fair value USD 1.138bn (−4.7% vs prior year).

Valuation and revaluation impact

Unrealized net loss on portfolio revaluation was USD 9.0m for Q1 2025 (vs USD 20.8m in Q1 2024); valuations on a like‑for‑like basis remained relatively stable versus December 2024.

Expenses and one‑time costs

Total operating expenses rose to USD 21.3m (Q1 2024: USD 18.4m). About USD 1.6m of the increase relates to one‑time transaction costs from selling two properties; normalized operational expenses rose ~USD 1.3m, driven by higher repairs and maintenance on older assets.

Asset sales and portfolio rotation

Two properties were sold in Q1 2025 for USD 48.9m (near prior combined fair value USD 51.3m). One additional property was under contract to close in Q2 2025, and three more assets have been identified for sale post‑period as part of a strategy to dispose of vintage, capital‑intensive assets.

Balance sheet and liquidity items

Q1 2025 balance sheet snapshots: Total current assets USD 63.8m; total noncurrent assets USD 1,132.5m. Current liabilities increased to USD 95.1m (from USD 53.7m); total equity USD 345.8m (down ~11.3% year‑on‑year).

Outlook and capital plan

Varia US intends to continue portfolio reassessment, limit capex to preservation and high‑ROI projects, pursue further disposals, and refinance the VAR21 corporate bond due October 2025. Management expects refinancing and disposal proceeds could enable a return to its historic dividend‑based distribution policy if market conditions allow.

Governance and management changes

Executive changes announced: Jaume Sabater‑Martos replaces Patrick Richard as Executive Member & Delegate of the Board; Patrick Richard will step down as CEO of Stoneweg US and be succeeded by Matthew Levy (transition foreseen in Q3 2025). Taner Alicehic moves from non‑executive to executive board role within the asset manager relationship.

Summarized from source with an LLMView Source

Key figures

-30.2%1Y

-55.3%3Y

-45.4%5Y

Performance

35.0%1Y

27.8%3Y

25.1%5Y

Volatility