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Press release from PR Newswire

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

Thursday, May 16, 2013

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

09:28 EDT Thursday, May 16, 2013

VANCOUVER, May 16, 2013 /PRNewswire/ - Pure Multi-Family REIT LP ("Pure Multi") (TSXV: RUF.U) is pleased to announce the release of its financial results for the three months ended March 31, 2013.

Q1 2013 Financial Results

The results, consisting of Pure Multi's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2013 and Management's Discussion and Analysis ("MD&A") dated May 16, 2013, are available on SEDAR (www.sedar.com) and www.puremultifamily.com.

Key Highlights

  • As at March 31, 2013, Pure Multi's portfolio consists of 7 investment properties, which are valued at US$193.9 million, and consist of 2,064 rentable units, situated on over 125 acres of land.
  • Rental revenue for the three months ended March 31, 2013 was US$5.5 million.
  • Occupancy at March 31, 2013 was 96.4%.
  • Weighted average mortgage interest rate as at March 31, 2013 was 4.17%, compared to 4.23% as at December 31, 2012.
  • Weighted average going-in capitalization rate was 6.98% on the investment property acquisitions to date.
  • Loan to gross book value ratio as at March 31, 2013 was 59.3%, 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."

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

Conference Call

Darren Latoski, Executive Chairman, Steve Evans, CEO, Samantha Adams, VP, and Scott Shillington, CFO, of Pure Multi will host a conference call at 5:00pm (EST), 2:00pm (PST), on Thursday May 16, 2013, to review the financial results and corporate developments for the three months ended March 31, 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 May 16, 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 May 23, 2013.

Please enter the Replay ID# 751159, 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: <p> Andrew Greig,<br/> Director of Investor Relations </p> <p> Pure Multi-Family REIT LP<br/> Suite 910, 925 West Georgia Street<br/> Vancouver, BC V6C 3L2<br/> Phone: (604) 681-5959 or (888) 681-5959<br/> E-mail: <a href="mailto:agreig@puremultifamily.com">agreig@puremultifamily.com</a> </p>

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