28 August 2025
MATTHEW LEVY
Managing Director US, Stoneweg
KAREN WELLERChief Financial Officer, Stoneweg US, LLC
Key achievements
Financials H1 2025
Portfolio update
Outlook
- Key achievements
Financials H1 2025
Portfolio update
Outlook
Significant progress
Total income almost double at USD 65.9 Mio. (H1 2024: USD 34.6 Mio.)
Rental income "like for like"1 grew by 3.6% to USD 49.4 Mio. (H1 2024: USD 47.7 Mio.)
Net gain on revaluation of properties: USD 6.4 Mio. (H1 2024: loss of USD 32.7 Mio.)
Operating profit: USD 25.5 Mio. (H1 2024: loss of USD 4.0 Mio.)
Portfolio value was stable at USD 1.143 billion (end of 2024: USD 1.194 billion)
Occupancy rate slightly higher at 94.3% (end of 2024: 93.7%)
NAV per share remained steady at USD 34.79 (end of 2024: USD 35.15)
1Like for Like Compares assets that are held for the full periods in all years presented. A detailed description of the Alternative Performance Measures used can be found in the Half-Year 2025 Report on pages 34-36.
Varia US Properties at a GlanceGeographic breakdown as of 30 June 2025
Portfolio value of USD 1.143 billion (end of 2024: USD 1.194 billion)
24 properties
7,120 units
10 different States in the US
Regionally balanced strategy
Well positioned in markets where population and job growth are very strong (e.g. Sunbelt and Midwest markets)
Quality, climate resistance and vintage of full portfolio continuously improving
Achievements on various fronts
In the first half of 2025,Varia US Properties strengthened its sustainability profile with two BREEAM certifications, four ENERGY STAR® awards, and (for the first time) two IREM CSP certifications.
These independent third-party recognitions open the door to sustainable financing instruments and increase the attractiveness of Varia US Properties' portfolio. As a result,Varia US Properties benefits from improved capitalization rates and higher liquidity.
Looking ahead,Varia US Properties expects its fourth consecutive GRESB assessment in September and its second CDP rating in December 2025.
Beyond environmental progress,Varia US Properties continues to deliver on the social dimension: resident satisfaction remains high.
Based on 2,670 evaluations, the Company achieved a strong 3.93 satisfaction rating, close to the Kingsley Index benchmark.
Key achievements
- Financials H1 2025
Portfolio update
Outlook
Rental Income in USD Mio.1 Total Income in USD Mio.
140
120
100
80
60
40
20
0
99.2
47.7
107.9
108.6
88.9
98.4
51.0
49.4
3.6%
56.3 -9.5% 102.8
126.5 124.0
Re1ntal Income in Mio
320.0
297.7
139.5
152.4
93.8
65.9
-23.3
34.6
350
300
250
200
150
100
50
0
2019 2020 2021 2022 2023 Q2 2024 2024 Q2 2025
-50
2019 2020 2021 2022 2023 Q2 2024 2024 Q2 2025
EBITDA (in Mio.) and EBITDA Margin
-10N0 ormalized EBITDA (in Mio.)/Norm. EBITDA Margin
100
80
60
40
20
0
80.7
60.3
50.7
40.9
44.2
30.7
17.8
88.2
2019 2020 2021 2022 2023 Q2 2024 2024 Q2 2025
55.0%
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
100
80
60
40
20
0
87.7
79.1
60.0
40.1
47.8
37.4
28.5
17.8
2019 2020 2021 2022 2023 Q2 2024 2024 Q2 2025
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
1Like for Like Compares assets that are held for the full periods in all years presented. A detailed description of
Debt in USD Mio.
Portfolio Value in USD Mio.1
1200
1000
800
600
400
200
0
1'043
70%
869
944
760
818878
757
812
721
784
516567
545601
60%
50%
40%
30%
20%
1,412
1,704
915 928 | 1'130 | 1'143 |
1,300
1,194
2019 2020 2021 2022 2023 2024 Q2 2025
Earnings per share (EPS) in USD
12.11
15.41
4.75 | 3.9 | |||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Q2 2025 |
-1.73 | -0.28 | |||||
-13.73
2019 2020 2021 2022 2023 2024 Q2 2025
Net Asset Value (NAV) in USD
1Like for Like Compares assets that are held for the full periods in all years presented. A detailed description of the Alternative Performance Measures used can be found in the Half-Year 2025 Report on pages 34-36.
60.13 61.22
38.4
37.4
39.5
38.5
51.9
50.8
39.23 40.42
36.24
35.13
34.79
2019 2020 2021 2022 2023 2024 Q2 2025
Consolidated Statements of Profit or Loss and Other Comprehensive Income
Key achievements
Financials H1 2025
- Portfolio update
Outlook
Key Figures
1 EGI defined as total income less unrealized revaluation.
2 EBITDA defined as operating profit less unrealized revaluation.
3 Normalized FFO defined as FFO less debt cost amortization, insurance proceeds, foreign exchange gain or loss, and other non-cash items.
4 NAV excluding distribution payable is USD 34.79 at June 30, 2025, USD 36.24 at December 31, 2024.
During the first six months of 2025, the Company sold three real estate assets comprising 608 units in total across Memphis (Tennessee), Shawnee (Kansas), and Bellevue (Nebraska) for total gross proceeds of USD 62.4 million.
No investment properties were acquired.
Key achievements
Financials H1 2025
Portfolio update
- Outlook
The Board of Directors continues to evaluate all financing options, including the portfolio management of its Fannie Mae & Freddie Mac Credit Facilities.
The Board is also assessing ways to strengthen resources, enabling the Company to capture growth opportunities and enhance long-term performance.
Varia US Properties currently holds a CHF 50 million public bond maturing on 7 October 2025.The Board remains flexible between full payoff, partial refinancing, or full refinancing, with the goal of securing the optimal long-term financing solution.
As communicated previously, the Board proposed that the Company forego quarterly dividend payments.The Board will assess the Company's annual results, liquidity and strategy to determine whether it is appropriate to propose a dividend at the Company's Annual General Meeting in 2026.
Investor Information
Listing: SIX Swiss Exchange
Currency: USD Ticker symbol: VARN
ISIN: CH 030 528 529 5
Listing date: December 8, 2016
Contact
Juerg Staehelin, IRF
Investor Relations / Corporate Communications Phone: +41 43 244 81 51
E-mail: investors@variausproperties.com
Financial Calendar
Q3 2025 Update
Annual Report 2025
Ordinary AGM 2026
27 November 2025
31 March 2026
30 April 2026
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