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

VANCOUVER, Nov. 19, 2013 /CNW/ - Pure Multi-Family REIT LP ("Pure Multi") (TSXV: RUF.U) is pleased to announce the release of its financial results for the three and nine month period ended September 30, 2013.

Q3 2013 Financial Results

The results, consisting of Pure Multi's unaudited condensed interim consolidated financial statements for the three and nine month month period ended September 30, 2013 and Management's Discussion and Analysis ("MD&A") dated November 19, 2013, are available on SEDAR (www.sedar.com) and www.puremultifamily.com.

Key Highlights

  • As at September 30, 2013, Pure Multi's portfolio consists of 12 investment properties, which are valued at US$325.7 million, and consist of 3,572 rentable units, situated on over 197 acres of land.

  • Pure Multi raised US$23 million, during the three months ended September 30, 2013, by issuing 23,000 convertible debentures from a public offering.

  • Rental revenue for the three and nine months ended September 30, 2013 was US$9.3 million and US$21.1 million, respectively.

  • Same property average rent per occupied unit during the third quarter of 2013 increased by 1.4%, compared to the second quarter of 2013.

  • Physical occupancy at September 30, 2013 was 97.1%.

  • Weighted average mortgage interest rate as at September 30, 2013 was 4.10%, compared to 4.23% as at December 31, 2012.

  • Weighted average fair-value capitalization rate of the investment properties was 6.1% as at September 30, 2013, compared to 6.0% as at December 31, 2012.

  • Loan to gross book value ratio as at September 30, 2013 was 65.1%, compared to 57.4% as at December 31, 2012.


Stephen Evans, CEO, states, "We are excited about our initial high-quality apartment acquisitions since the IPO.  We continue to pursue high-quality apartment acquisitions to expand Pure Multi's portfolio.  Pure Multi's financial and operating results for the period are consistent with our long-term objectives, and reflect the strong fundamentals of the multi-family real estate market in the U.S. Sunbelt region. We remain focused on acquiring high quality Class A and Class B properties located in major U.S. markets that feature strong employment and population growth statistics - as evidenced by our strong organic growth experienced to date."

"Pure Multi is well positioned for future growth in Texas, Arizona and select new Sunbelt markets, as we continue our strategy of acquiring properties in clusters which will ensure regional economies of scale and geographic diversification."

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 Tuesday November 19, 2013, to review the financial results and corporate developments for the three and nine month period ended September 30, 2013.

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

             
            Toll Free dial in number (from Canada and USA)  1-888-390-0546
            International or Local Toronto  1-416-764-8688
             

Conference Call Replay

If you cannot participate on November 19, 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 November 26, 2013.

Please enter the Replay ID# 491699, followed by the # key.

           
          Replay Dial in number (Toll Free from Canada or the USA)  1-888-390-0541
          International or Local Toronto  1-416-764-8677
           

About Pure Multi-Family REIT LP

Pure Multi is a Canadian based, publically traded vehicle which offers investors exclusive exposure to U.S. multi-family real estate assets. Pure Multi's Units are USD denominated and allow Canadian investors the opportunity to buy into under-valued American hard assets while the Canadian dollar trades near 40 year highs.

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

For further information:

Andrew Greig,
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
E-mail: agreig@puremultifamily.com


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