VANCOUVER, Feb. 5, 2015 /CNW/ - Pure Multi-Family REIT LP ("Pure Multi") (TSXV: RUF.U, RUF.UN, RUF.DB.U; OTCQX: PMULF) today announced that it intends to release its financial results for the year ended December 31, 2014, before the open of the TSX Venture Exchange on Friday March 6, 2015. Management will host the conference call at 1:00 pm (EST), 10:00 am (PST), on Friday March 6, 2015, to review the financial results and corporate developments for the year ended December 31, 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
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 March 6, 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 March 16, 2015.
Please enter the Replay ID# 508618, 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
Investment Property Acquisition Update
Pure Multi today announced an update regarding its targeted acquisitions and re-deployment of the funds stemming from the profitable sales of two recently announced asset dispositions: (i) Windscape Apartment Homes, which sold for US$10.5 million on December 18, 2014, and (ii) Sunset Point Apartments, which sold for US$27.95 million on January 14, 2015. Pure Multi intends to use the net proceeds received from these sales, approximately US$16.4 million, to take advantage of the 1031 "Like-Kind" Exchange program ("1031 Exchange Program") offered in the United States, which permits the taxable capital gains on the disposal of investment properties to be deferred. Pure Multi's strategy in using the 1031 Exchange Program is to upgrade its portfolio through the acquisition of newer, Class A properties. Pure Multi has identified three potential Like-Kind replacement properties, one of which Pure Multi intends to acquire within the next 60 – 90 days. Each of the three properties, which were constructed in 2003, 2010 and 2014, respectively, is Class A property located in Texas. The divested properties were constructed from 1983 to 1985.
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 the policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
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. Forward looking statements in this news release include: (i) Pure Multi intends to use the net proceeds received from these sales, approximately US$16.4 million, to take advantage of the 1031 "Like-Kind" Exchange program ("1031 Exchange Program") offered in the United States, which permits the taxable capital gains on the disposal of investment properties to be deferred; and (ii) Pure Multi has identified three potential Like-Kind replacement properties, one of which Pure Multi intends to acquire within the next 60 – 90 days. The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by Pure Multi, including, without limitation: expectations and assumptions concerning the U.S. residential multi-family market in Pure Multi's target markets, the availability of Class A assets, the current economic climate and financial conditions, interest rates, U.S. tax laws and competition for acquisitions.
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, the failure to identify, negotiate the purchase of and acquire quality Class A assets, 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.
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]