VANCOUVER, July 19, 2012 /CNW/ - Pure Multi-Family REIT LP ("Pure
Multi") (TSXV: RUF.U) announced today that the Board of Directors of
Pure Multi-Family REIT (GP) Inc., the governing general partner of Pure
Multi, has approved the initial cash distribution of US$0.021 per class
A limited partnership unit ("Unit") of Pure Multi from July 10, 2012 to
July 31, 2012. This distribution has been pro-rated and is equal to
US$0.03 per Unit on a monthly basis, or US$0.36 per Unit on an
annualized basis. The distribution will be paid on August 15, 2012 to
Unitholders of record at the close of business on July 31, 2012.
The policy of Pure Multi is to pay cash distributions on or about the 15th day of each month to the Unitholders of record on the last business day
of the preceding month. Pure Multi expects to pay distributions of
US$0.03 per Unit per month initially.
In addition, Pure Multi announced today the successful closing of a
Class A multi-family community consisting of 210 residential units
located in the Dallas-Fort Worth area, for a total purchase price of
Pure Multi funded the acquisition with equity from its initial public
offering that closed on July 10, 2012 and a first mortgage loan in the
amount of US$13,680,000 for a 10 year term at an interest rate of 3.51%
per annum. The asset was acquired at an attractive capitalization rate
The Units are listed on the TSX Venture Exchange under the symbol RUF.U.
Pure Multi currently has 11,500,000 Units issued and outstanding.
About Pure Multi-Family REIT LP
Pure Multi-Family REIT LP is a limited partnership formed under the Limited Partnerships Act (Ontario) to invest in quality multi-family real estate properties in
major markets in the United States. Pure Multi is focused exclusively
on investments in multi-family real estate properties in the United
States and is currently the only publicly traded vehicle in Canada
which offers investors exclusive exposure to U.S. multi-family real
Additional information about Pure Multi-Family REIT LP is available at www.sedar.com.
Certain statements contained in this news release may constitute
forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "anticipate",
"plan", "expect", "may", "will", "intend", "should", and similar
expressions. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events
to differ materially from those anticipated in such forward-looking
statements. The forward-looking statements contained in this news
release are based on certain key expectations and assumptions made by
Pure Multi, including: (i) the policy of Pure Multi is to pay cash
distributions on or about the 15th day of each month to the Unitholders of record on the last business day
of the preceding month, and (ii) Pure Multi expects to pay
distributions of US$0.03 per Unit per month initially.
Although Pure Multi believes that the expectations and assumptions on
which the forward-looking statements are based are reasonable, undue
reliance should not be placed on the forward-looking statements because
Pure Multi can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, competitive factors in the industries in which Pure Multi
operates, prevailing economic conditions, and other factors, many of
which are beyond the control of Pure Multi.
The forward-looking statements contained in this news release represent
Pure Multi's expectations as of the date hereof, and are subject to
change after such date. Pure Multi disclaims any intention or
obligation to update or revise any forward-looking statements whether
as a result of new information, future events or otherwise, except as
required under applicable securities regulations.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(as that term is defined in the policies of the TSX Venture Exchange)
HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY
OF THIS RELEASE.
SOURCE Pure Multi-Family REIT LP
For further information:
Director of Investor Relations
Pure Multi-Family REIT LP
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959