Varia US Properties : Q3 2022 Quarterly Report (English)

QUARTERLY REPORT

Q3 2022

VARIA US PROPERTIES AG I QUARTERLY REPORT Q3 2022 I CONTENTS

CONTENTS

KEY FIGURES	PORTFOLIO	SHAREHOLDER
Q3 2022	SUMMARY	LETTER

4			6			7
			3

CONSOLIDATED CONTACT

IFRS FINANCIAL

STATEMENTS

10 32

MANAGED BY

VARIA US PROPERTIES AG I QUARTERLY REPORT Q3 2022 I KEY FIGURES

KEY FIGURES Q3/2022

TOTAL

TOTAL

FAIR VALUE

INCOME

REALIZED

PORTFOLIO

Q3 2021: USD 213.4 million

INCOME*

ADJUST-

Q3 2021: USD 125.4 million

MENT

million

313.6

million

147.6

Q3 2021: USD 124.8 million

million

207.2

USD

USD

USD

OPERATING

OPERATING

PROFIT FOR

PROFIT

MARGIN

THE PERIOD

(including revaluation)

(including revaluation)

Q3 2021: USD 100.1 million

Q3 2021: USD 152.2 million

Q3 2021: 71.3%

4

237.0

75.6 %

163.9

million

million

USD

USD

FFO

EARNINGS

NAV PER

PER SHARE

PER SHARE

SHARE****

Q3 2021: USD 1.81

Q3 2021: USD 9.88

Q3 2021: USD 50.79

USD

2.30

USD

16.18

USD

64.03

EBITDA**

EBITDA

FFO***

Q3 2021: USD 64.2 million

MARGIN**

Q3 2021: USD 18.4 million

Q3 2021: 51.2 %

USD

71.0

48.1 %

USD

23.3

million

million

* Total Realized Income (total income less unrealized valuation).

** EBITDA defined as operating profit less unrealized revaluation.

MANAGED BY

*** FFO defined as net profit excluding fair value gain and transaction costs, tax effected.

**** NAV excluding distribution payable is USD 65.56 at September 30, 2022, USD 51.89 at December 31, 2021.

VARIA US PROPERTIES AG I QUARTERLY REPORT Q3 2022 I KEY FIGURES

SUMMARY PAGE OF KEY FIGURES

RESULTS (For the Nine Months Ended)		Unit	September 30, 2022	September 30, 2021		Change
Rental Income		USD mio	93.5	78.8	18.7%
Rental Income like for like*		USD mio	58.5	54.5	7.5%
Other Income and Insurance Proceeds		USD mio	12.9	9.9	30.5%
Total Realized Income (total income less unrealized valuation)		USD mio	147.6	125.4	17.8%
Realized Gains on disposal of properties		USD mio	41.2	36.7	12.2%
Unrealized Gains on revaluation of properties		USD mio	166.0	88.1	88.5%
Net Gain (Loss) on revaluation of properties		USD mio	207.2	124.8	66.1%
Revaluation of properties like for like*		USD mio	124.4	71.4	74.2%
Total Income		USD mio	313.6	213.4		46.9%
Operating Expenses		USD mio
	76.6	61.2	25.1%
Operating Profit incl. revaluation		USD mio	237.0	152.2	55.7%
Operating Margin		%	75.6	71.3	4.3%
EBITDA (Operating Profit less unrealized revalulation)		USD mio	71.0	64.2	10.7%
EBITDA Margin		%	48.1	51.2		-3.2%
Normalized EBITDA (EBITDA less insurance proceeds)		USD mio	70.8	63.8	11.0%
Normalized EBITDA Margin		%	48.0	50.9		-2.9%
Net Profit before tax		USD mio	213.1	131.0	62.7%
Net Profit		USD mio	163.9	100.1	63.7%
Funds from Operations (FFO)		USD mio	23.3	18.4	27.1%
(net profit excluding fair value gain and transaction costs, tax effected)
Normalized FFO		USD mio	25.5	19.3	31.8%		5
(FFO less debt cost amortization, insurance proceeds and other non-cash items)
BALANCE SHEET (As of)
	Unit	September 30, 2022	December 31, 2021		Change
Total Assets		USD mio	1,784.4	1,505.3	18.5%
Equity		USD mio	648.4	514.3	26.1%
Equity ratio		%	36.3	34.2	2.2%
Interest bearing Debt		USD mio	960.0	868.8	10.5%
Interest bearing Debt ratio		%	53.8	57.7		-3.9%
Average interest of debt at the property level		%	4.2	3.4	0.8%
Average maturity of debt at the property level		years	6.9	6.7		1.9%
PORTFOLIO		Unit	September 30, 2022	December 31, 2021		Change
Properties		number	40	43		-7.0%
Units as of		number	11,008	11,887		-7.4%
Units Like for Like as of**		number	10,050	10,050	0.0%
Units Like for Like as of the Month Ending***		number	9,786	9,786	0.0%
Portfolio value		USD mio	1,658.5	1,412.0	17.5%
Portfolio Value Like for Like as of**		USD mio	1,431.8	1,252.3	14.3%
Market value per unit		USD	150,665	118,786	26.8%
Gross Potential Income (Market per Colliers)		USD mio	160.0	147.4	8.5%
Monthly rent per unit held for the full month ending		USD	1,082	932	16.1%
Monthly rent per unit Like for Like as of the Month Ending***		USD	1,063	969	9.7%
Occupancy rate as of		%	92.7%	94.6%		-1.9%
Occupancy rate Like for Like as of the Month Ending***		%	93.0%	94.7%		-1.7%
SHARE INFORMATION		Unit	2022	2021		Change
Market capitalization - September 30, 2022 and December 31, 2021		CHF mio	458.7	508.3		-9.8%
Earnings per share (EPS) - September 30, 2022 and 2021		USD / share	16.18	9.88	63.8%
NAV - September 30, 2022 and December 31, 2021		USD / share	64.03	50.79	26.1%
NAV excluding deferred taxes - September 30, 2022 and December 31, 2021		USD / share	76.77	58.76	30.6%
NAV excluding distribution payable - September 30, 2022 and December 31, 2021		USD / share	65.56	51.89	26.3%
Share price - September 30, 2022 and December 31, 2021		CHF/ share	45.30	50.20		-9.8%
Funds from Operations (FFO) (net profit excluding fair value gain and transaction		USD / share	2.30	1.81	27.1%
costs, tax effected) - September 30, 2022 and 2021
Normalized FFO (FFO less debt cost amortization, insurance proceeds and other		USD / share	2.52	1.91	31.8%
non-cash items) - September 30, 2022 and 2021

* Like for Like compares assets that were held for the full periods of 2021 and 2022.

• Like for Like as of compares assets that were on hand on the last day of the period presented.
• Like for Like as of the Month Ending compares assets that were held for the last full month of the period presented.

Note: Some amounts above may not add due to rounding.

MANAGED BY