VANCOUVER, Aug. 14, 2015 /CNW/ - 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 period ended June 30, 2015.
Q2 2015 Financial Results
The results, consisting of Pure Multi's unaudited interim consolidated financial statements for the three and six months ended June 30, 2015 and Management's Discussion and Analysis ("MD&A") dated August 14, 2015, are available at 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, 2015 was US$8.69 million, or US$0.224 per class A unit (basic), resulting in a payout ratio of 84.3%, compared to US$6.09 million, US$0.231 and 82.8%, respectively, during the same period in the prior year.
- FFO for the three months ended June 30, 2015 was US$4.44 million, or US$0.108 per class A unit (basic), resulting in a payout ratio of 87.6%, compared to US$3.05 million, US$0.111 and 87.4%, respectively, during the same period in the prior year.
- AFFO for the six months ended June 30, 2015 was US$8.23 million, or US$0.212 per class A unit (basic), resulting in a payout ratio of 89.1%, compared to US$5.55 million, US$0.210 and 90.9%, respectively, during the same period in the prior year.
- AFFO for the three months ended June 30, 2015 was US$4.20 million, or US$0.103 per class A unit (basic), resulting in a payout ratio of 92.6%, compared to US$2.78 million, US$0.101 and 95.9%, respectively, during the same period in the prior year.
- Debt to gross book value ratio as at June 30, 2015 was 53.9%, a decrease from 57.9% at December 31, 2014.
- Same property average rent per occupied unit increased by 5.70%, comparing the second quarter of 2015 to the second quarter of 2014.
- Same property net rental income increased by 9.83%, comparing the second quarter of 2015 to the second quarter of 2014.
- Rental revenue for the three months ended June 30, 2015 was US$13.90 million and for the six months ended June 30, 2015 was US$26.95 million, representing an increase of 27.5% and 25.2%, respectively, compared to the same periods in the prior year.
- Weighted average mortgage interest rate as at June 30, 2015 was 3.90%, with an average term remaining until maturity of 7.3 years, compared to 3.86% and 6.8 years, respectively, at December 31, 2014.
- Weighted average fair-value capitalization rate of the investment properties was 5.71% as at June 30, 2015, representing a slight decrease from the 5.90% at December 31, 2014.
- Leased occupancy as at June 30, 2015 was 99.3%, with an average leased occupancy rate of 98.6% throughout the entire first six months of the year.
- As at June 30, 2015, Pure Multi's portfolio consists of 14 investment properties, which are valued at US$517.1 million, and consist of 4,260 residential units, situated on over 248 acres of land.
Steve Evans, CEO of Pure Multi, stated, "We are pleased to announce our second quarter results, as we continue to position Pure Multi amongst the top performing REIT's in the country with same-property NOI growth of over 9.8% and same-property revenue growth of over 5.8%, during the second quarter of this year compared to the prior year. This compelling organic growth demonstrates the quality of our portfolio and the effective operating platform we have established in our markets. We are very excited about our most recent acquisition completed on August 10, 2015, the brand-new Amalfi Stonebriar, situated in the centre of one of North America's strongest job growth locations, the Legacy Business Park, located within Frisco/Plano, a sub-market of Dallas, Texas. With the combination of great restaurants, high-end retail shops and Fortune 500 company headquarters all within walking distance from the property, Amalfi Stonebriar is considered a true live-work-play lifestyle choice by our residents. Our recently announced pending profitable sale of Oakchase Apartment Homes once again demonstrates the success of our value-creation program, which will permit us to exit one of our oldest assets at a significant profit and re-invest that capital into a newer, Class A asset, on a tax deferral basis, thus enhancing our overall portfolio."
Steve Evans, CEO, Samantha Adams, VP, and Scott Shillington, CFO, of Pure Multi will host the conference call at 1:00 pm (EST), 10:00 am (PST), on Friday, August 14, 2015, to review the financial results and corporate developments for the three and six months ended June 30, 2015.
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 August 14, 2015, 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 21, 2015.
Please enter the Replay ID# 164011, 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
Pure Multi also announced today that the Board of Directors of Pure Multi-Family REIT (GP) Inc., the governing general partner of Pure Multi, has approved a cash distribution of US$0.03125 per unit for the month of August, 2015 (equivalent to US$0.375 per unit on an annualized basis). The distribution will be paid on September 15, 2015 to unitholders of record at the close of business on August 31, 2015.
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 currently has 41,734,824 units issued and outstanding.
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.
Non-IFRS Financial Measures
This news release contains certain non-IFRS financial measures including Pure Multi's interest, FFO, AFFO, NOI, same property net rental income, same property average rent per occupied unit, FFO payout ratio, AFFO payout ratio and any related per unit amounts to measure, compare and explain Pure Multi's operating results and financial performance. These measures are commonly used by entities in the real estate industry as useful metrics for measuring performance. However, they do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. Please refer to Pure Multi's Management's Discussion and Analysis (available on SEDAR at www.sedar.com) for the three and six months ended June 30, 2015 for a reconciliation of NOI, FFO and AFFO to standardized IFRS measures.
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: [email protected]