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

VANCOUVER, Nov. 14, 2014 /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 three and nine months ended September 30, 2014.

Q3 2014 Financial Results

The results, consisting of Pure Multi's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2014 and Management's Discussion and Analysis ("MD&A") dated November 14, 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 nine months ended September 30, 2014 was US$10.05 million, or US$0.345 per class A unit, resulting in a payout ratio of 84.4%, compared to US$5.79 million, US$0.264 and 103.6%, respectively, during the same period in the prior year.
• FFO for the three months ended September 30, 2014 was US$3.96 million, or US$0.114 per class A unit, resulting in a payout ratio of 86.8%, compared to US$2.58 million, US$0.102 and 89.5%, respectively, during the same period in the prior year.
• AFFO for the nine months ended September 30, 2014 was US$9.20 million, or US$0.315 per class A unit, resulting in a payout ratio of 92.2%, compared to US$5.28 million, US$0.241 and 113.6%, respectively, during the same period in the prior year. 
• AFFO for the three months ended September 30, 2014 was US$3.65 million, or US$0.105 per class A unit, resulting in a payout ratio of 94.2%, compared to US$2.31 million, US$0.091 and 100.3%, respectively, during the same period in the prior year. 
• Leased occupancy as at September 30, 2014 was 98.9%, with an average leased occupancy rate of 99.2% throughout the entire third quarter and 98.7% throughout the first nine months of 2014.
• Same property average rent per occupied unit during the third quarter of 2014 increased by 4.56%, compared to the third quarter of 2013.
• Rental revenue for the three months ended September 30, 2014 was US$12.95 million and for the nine months ended September 30, 2014 was US$34.48 million, representing a 39.8% increase and a 63.1% increase, respectively, compared to the same periods in the prior year.
• Weighted average mortgage interest rate as at September 30, 2014 was 3.85%, with an average term remaining until maturity of 7.0 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 5.99% as at September 30, 2014, a slight decrease from the 6.16% at December 31, 2013.
• Debt to gross book value ratio as at September 30, 2014 was 60.5%, as compared to 64.0% at December 31, 2013.
• As at September 30, 2014, Pure Multi's portfolio consists of 15 investment properties, which are valued at US$462.7 million, and consist of 4,462 rentable units, situated on over 244 acres of land.

Steve Evans, CEO, states, "We are pleased to announce our third quarter results, which continue to generate shareholder value through strong organic NOI growth across our portfolio.  With our most recent Class A acquisitions, we have renewed our overall portfolio age and increased our exposure into Dallas, Houston and Phoenix, some of the top population and employment growth markets within the United States".

Conference Call

Steve Evans, CEO, Samantha Adams, VP, and Scott Shillington, CFO, of Pure Multi will host the conference call at 5:00 pm (EST), 2:00 pm (PST), on Friday, November 14, 2014, to review the financial results and corporate developments for the three and nine months ended September 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

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 14, 2014, 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 24, 2014.

Please enter the Replay ID# 756915, 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 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

Andrew Greig, Director of Investor Relations, Pure Multi-Family REIT LP, Suite 910, 925 West Georgia Street, Vancouver, BC V6C 3L2, Phone: [phone] or [phone], E-mail: [email protected]