Varia US Properties: Revenue and earnings increase

Varia US Properties increased its effective gross income by 23.2% from USD 18.1 million to USD 22.3 million in the third quarter of 2018. Net operating income increased by 25 percent to twelve million.

Varia US Properties presents figures for the third quarter (Image: thodonol - depositphotos)

Varia puts the net cash flow (net income less mortgage repayments) at 5.9 million dollars, an increase of 34.1 percent or 1.5 million.

In the third quarter of 2018, the company, which specializes in US residential real estate, acquired two properties with a total of 419 residential units worth USD 40.5 million in the states of Ohio and Tennessee. This increases the portfolio to 52 properties with a total of 9,581 residential units. The vacancy rate amounted to 6.2 percent.

However, the Pine Ridge property with 116 residential units near Seattle (Washington) is to be sold - according to Varia, a sales agreement has already been signed and the transaction is expected to be completed by December 14, 2018. The company expects the transaction to generate a gross internal rate of return of almost 30 percent.  (ah)

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