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Varia US Real Estate Company Makes Much More Profit | overseas companies

(AWP) Varia, specializing in US residential real estate (Farn 48.70 + 1.88%) US Properties earned more profit in the first half of 2022. The reasons for this are higher rental income, appraisal gains and real estate sales. All in all, the company is confident about the additional trajectory for this year.

Total revenue more than doubled to $248.9 million, the real estate company, which focuses on mid- to low-income multifamily homes in peripheral locations of major US metropolitan areas, announced Monday.

On the other hand, a total realized return of $91.1 million (previous year: $71.1 million) was generated on the portfolio. There was also $157.9 million of unrealized gains or portfolio appreciation. The bottom line is a profit of $145.5 million (previous year: $48.7 million), which was three times higher than the previous year.

As of mid-year, the company owned 42 properties totaling 11,323 units in 15 US states. Portfolio value increased 13.5% to $1.60 billion in the first half of the year. Average occupancy was 94.3% at the end of June, up from 94.6% at the end of 2021, with an average rent per apartment of $990 per month.

More purchases and sales

Varia US also sold 398 units in Albuquerque after the period ended, and the company plans to sell four more properties in the coming months. The Houston acquisition was also completed after the reporting date. Three more acquisitions are under contract and are expected to be completed by the end of the third quarter of 2022. According to the information, one property is in the North Dallas community, one is in Kansas City and the other is in Cincinnati.

look confident

The statement said the first half of 2022 was very strong and “the second half of 2022 is expected to be consistent at the operational level.” Some fluctuations in property valuations are expected, which could affect the income statement and balance sheet. However, the company is very confident in the durability and position of the wallet.

Varia US Properties expects the economy to slow over the next few months, inflation to subside by the end of the year and the economy to recover slowly in 2023. “We expect a moderate impact on our valuations and a minor impact on our operating results,” said CEO Patrick Richard.