Varia US Properties Ltd
VARN
ISIN CH0305285295 / Valor 30528529
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: FinanceLatest Results (07.02.2026):
Varia US Properties Ltd — Q1 2025: The company reported a net loss of USD 9.5 million (loss per share USD 0.94) for Q1 2025. Reported rental income fell to USD 25.7 million (down ~8.7% vs Q1 2024), though on a like‑for‑like basis rental income rose 3.9% to USD 25.1 million; occupancy improved to 94.5%. Results were affected by portfolio sales and one‑time transaction costs while portfolio valuations remained relatively stable on a like‑for‑like basis.
Rental income
Reported rental income: USD 25.7 million in Q1 2025 (≈8.7% decline vs USD 28.1m in Q1 2024). Like‑for‑like rental income (assets held in both periods) increased 3.9% to USD 25.1 million.
Occupancy and portfolio size
Occupancy increased to 94.5% (Q1 2024: 93.7%). Portfolio at quarter end: 25 properties, ~7,300 units (down from 27 properties / 7,728 units a year earlier).
Property sales and dispositions
Two properties were sold in Q1 2025 for USD 48.9 million (near prior combined fair value of USD 51.3m). One property was under contract to close in Q2 2025 and three additional properties were identified for sale after the reporting period.
Valuations and revaluation loss
Like‑for‑like valuations were relatively stable vs December 2024. The unrealized net loss on portfolio revaluation was USD 9.0 million for the quarter (vs USD 20.8m loss in Q1 2024).
Operating expenses and one‑offs
Total operating expenses rose to USD 21.3 million (Q1 2024: USD 18.4m). The increase mainly reflects ~USD 1.6 million of one‑time transaction costs from sales; normalized operational expenses rose by about USD 1.3 million, driven largely by higher repairs and maintenance on older assets.
Profitability metrics
EBITDA (operating profit less unrealized revaluation) was USD 8.7 million (Q1 2024: USD 14.6m). Net loss for the quarter was USD 9.5 million (Q1 2024 loss USD 7.0m); basic and diluted loss per share USD 0.94 (Q1 2024: USD 0.69).
Balance sheet snapshot
Portfolio value USD 1.138 billion (down ~4.7% year‑on‑year). Total current assets USD 63.8m, total current liabilities USD 95.1m. Total equity USD 345.8m (down ~11.3% vs Q1 2024).
Outlook and financing
Company intends to continue disposing older, capital‑intensive assets and limit capex to preservation and high‑ROI projects. Management is working to refinance the VAR21 corporate bond maturing October 2025 and, if refinancing and market conditions permit, aims to return to a dividend‑based distribution policy.
Governance and management changes
At the April 2025 AGM, Patrick Richard did not seek re‑election as Executive Member and Delegate; Jaume Sabater‑Martos was elected to that role. Patrick Richard will step down as CEO of Stoneweg US and Matthew Levy will succeed him, with the transition expected in Q3 2025. Taner Alicehic moved from a non‑executive to an executive, non‑independent role on the Varia US Board.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
236 M
Market cap (USD)
14,974
Daily traded volume (Shares)
29.1 / 28.7
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
Est dividend yield
P/E ratio
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EPS (USD)
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Ratings & reviews
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