Pure Multi-Family REIT LP Announces Release of Second Quarter Financial Results and Conference Call

VANCOUVER, Aug. 7, 2014 /PRNewswire/ - Pure Multi-Family REIT LP ("Pure Multi") (TSXV: RUF.U, RUF.UN, RUF.DB.U; OTCQX: PMULF) is pleased to announce the release of its financial results for the three and six months ended June 30, 2014.

Q2 2014 Financial Results

The results, consisting of Pure Multi's unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2014 and Management's Discussion and Analysis ("MD&A") dated August 7, 2014, are available on SEDAR (www.sedar.com) and www.puremultifamily.com.

Key Highlights (all metrics are stated at Pure Multi's interest, which represents Pure Multi's proportionate share of all assets, liabilities, revenues and expenses of its portfolio investments, and assumes all portfolio property taxes have been pro-rated and accrued based on number of days of ownership within the reporting year)

• FFO for the six months ended June 30, 2014 was US$6.09 million, or US$0.231 per class A unit, resulting in a payout ratio of 82.8%, compared to US$3.20 million, US$0.159 and 114.9%, respectively, during the same period in the prior year.
• FFO for the three months ended June 30, 2014 was US$3.05 million, or US$0.111 per class A unit, resulting in a payout ratio of 87.4%, compared to US$1.59 million, US$0.071 and 129.6%, respectively, during the same period in the prior year.
• AFFO for the six months ended June 30, 2014 was US$5.55 million, or US$0.210 per class A unit, resulting in a payout ratio of 90.9%, compared to US$2.97 million, US$0.147 and 123.9%, respectively, during the same period in the prior year. 
• AFFO for the three months ended June 30, 2014 was US$2.78 million, or US$0.101 per class A unit, resulting in a payout ratio of 95.9%, compared to US$1.45 million, US$0.065 and 141.9%, respectively, during the same period in the prior year. 
• Leased occupancy as at June 30, 2014 was 99.6%, with an average leased occupancy rate of 99.0% throughout the entire second quarter and 98.4% throughout the first six months of 2014.
• Same property average rent per occupied unit during the second quarter of 2014 increased by 4.46%, compared to the second quarter of 2013.
• Rental revenue for the three months ended June 30, 2014 was US$10.90 million and for the six months ended June 30, 2014 was US$21.53 million, representing a 71.1% increase and an 81.3% increase, respectively, compared to the same periods in the prior year.
• Weighted average mortgage interest rate as at June 30, 2014 was 3.99%, with an average term remaining until maturity of 7.2 years, compared to 4.12% and 8.0 years, respectively, as at December 31, 2013.
• Weighted average fair-value capitalization rate of the investment properties was 6.12% as at June 30, 2014, a slight decrease from the 6.16% at December 31, 2013.
• Debt to gross book value ratio as at June 30, 2014 was 62.5%, as compared to 64.0% at December 31, 2013.
• As at June 30, 2014, Pure Multi's portfolio consists of 14 investment properties, which are valued at US$389.8 million, and consist of 3,966 rentable units, situated on over 219 acres of land.

Steve Evans, CEO, states, "We continue to generate very compelling organic rental rate and NOI growth across our portfolio.  We anticipate continued strong results with the addition of our three recently announced Class A acquisitions, which increase our holdings in Houston and Phoenix, while renewing our overall portfolio age".

Conference Call

Steve Evans, CEO, Samantha Adams, VP, and Scott Shillington, CFO, of Pure Multi will host a conference call at 4:00pm (EST), 1:00pm (PST), on Thursday August 7, 2014, to review the financial results and corporate developments for the three and six months ended June 30, 2014.

To participate in this conference call, please dial one of the following numbers approximately 10 minutes prior to the commencement of the call, and ask to join the Pure Multi-Family REIT LP Conference Call.

Dial in numbers

Conference Call Replay

If you cannot participate on August 7, a replay of the conference call will be available by dialing one of the following replay numbers. You will be able to dial in and listen to the conference 120 minutes after the meeting end time, and the replay will be available until August 14, 2014.

Please enter the Replay ID# 441489, followed by the # key.

About Pure Multi-Family REIT LP

Pure Multi is a Canadian based, publically traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.  

Additional information about Pure Multi is available at www.puremultifamily.com or www.sedar.com.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

SOURCE Pure Multi-Family REIT LP

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