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 (24.03.2026):
Varia US Properties Ltd — Q1 2025: The company reported a mixed quarter with rental income down year‑on‑year to USD 25.7m (−8.7%) but up 3.9% on a like‑for‑like basis to USD 25.1m; occupancy improved to 94.5%. Despite reduced valuation volatility vs. prior year, Varia recorded a net loss of USD 9.5m (loss per share USD 0.94) driven by higher operating expenses including one‑time transaction costs related to asset disposals.
Rental income and occupancy
Reported rental income fell to USD 25.7m (Q1 2024: USD 28.1m), largely reflecting fewer properties; like‑for‑like rental income rose 3.9% to USD 25.1m. Occupancy increased to 94.5% (Q1 2024: 93.7%).
Profit, EPS and revaluation
Net loss for Q1 2025 was USD 9.5m (Q1 2024: USD 7.0m); loss per share USD 0.94 (Q1 2024: USD 0.69). The unrealized net loss on portfolio revaluation was USD 9.0m (vs. USD 20.8m in Q1 2024), indicating less negative valuation movement than a year earlier.
Operating expenses and EBITDA
Total operating expenses rose to USD 21.3m (Q1 2024: USD 18.4m). About USD 1.6m of the increase were one‑time transaction costs from two property sales; normalized operational costs still rose by ~USD 1.3m, principally from higher repairs and maintenance. EBITDA (operating profit less unrealized revaluation) fell to USD 8.7m (Q1 2024: USD 14.6m).
Asset sales and portfolio metrics
Two properties were sold in Q1 2025 for USD 48.9m (near their combined Q4 2024 fair value of USD 51.3m). Portfolio size reduced to 25 properties and ~7,300 units (from 27 properties and 7,728 units). Portfolio value ended at USD 1.138bn (down ~4.7% year‑on‑year).
Balance sheet and liquidity pointers
As of Q1 2025 total current assets were USD 63.8m and total current liabilities USD 95.1m (current liabilities increased notably vs. prior year). Total equity stood at USD 345.8m (down ~11.3% year‑on‑year).
Outlook and strategic actions
Management plans continued asset disposals (three additional properties identified post‑period), limited capital expenditures focused on preservation/ROI projects, and aims to refinance the VAR21 corporate bond due Oct 2025. If refinancing and market conditions allow, the company expects to resume its historic dividend‑based distribution policy.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
236 M
Market cap (USD)
5,266
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.)
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P/E ratio
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EPS (USD)
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Ratings & reviews
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