Varia US Properties makes a loss of 57.2 million in H1
A massive portfolio devaluation led to a high loss for Varia US-Properties, which specializes in US real estate. Meanwhile, rental income increased.
Varia US Properties increased its rental income by USD 8.1% to USD 67.0 million in the first half of the year, but suffered from a massive devaluation of the portfolio. All in all, the company closed the period with a loss of USD 57.2 million - after a profit of USD 178.4 million in the same period of the previous year. EBITDA fell from CHF 45.5 million to CHF 27.9 million, while the operating result including valuation fell from CHF 203.4 million to CHF -35.1 million. The portfolio is now worth USD 1.46 billion (end of 2022: USD 1.70 billion). According to the company, eight non-strategic properties were sold for USD 200 million in the first half of the year.
Manuel Leuthold, Chairman of the Board of Directors, speaks of an operationally successful half-year. In addition to the increase in rental income, he emphasized a reduction in leverage and the repayment of the 2019 bond. (aw)
