Thursday, August 8, 2019
Vancouver, BC – August 8, 2019: Pure Multi-Family REIT LP (“Pure Multi-Family”) (TSX: RUF.U, RUF.UN, RUF.DB.U; OTCQX: PMULF) is pleased to announce the release of its financial results for the three and six months ended June 30, 2019.
 
The results, consisting of Pure Multi-Family’s condensed consolidated interim financial statements for the three and six months ended June 30, 2019, and management’s discussion and analysis of results of operations and financial condition (“MD&A”) dated August 8, 2019, are available on SEDAR at www.sedar.com and at www.puremultifamily.com. All metrics are stated at Pure Multi’s interest, which adjusts for any real estate taxes related to IFRIC 21, and dollar amounts are disclosed in U.S. dollars, unless otherwise indicated.
 
Financial Highlights
 
 

(1)  Same Property – represents properties owned as at January 1, 2018 and throughout the comparative periods.
(2)  Adjusted Net Rental Income – adjusts for the removal of the impact of any property tax refunds received relating to a prior period.
(3)  Average Monthly Net Effective Rent Per Occupied Unit – represents average monthly net effective rental income (net of concessions) for occupied units.

 
Stephen Evans, Pure Multi-Family’s CEO stated, “We are pleased to report another strong quarter, which resulted in same property revenue growth of 2.6% and same property adjusted net rental income growth of 6.5% compared to the second quarter of 2018 and same property revenue growth of 2.6% and same property adjusted net rental income growth of 5.5% compared to the first six months of 2018.”
 
 

(1)  Same Property – represents properties owned as at January 1, 2018 and throughout the comparative periods.
(2)  Adjusted Net Rental Income – includes the removal of the impact of any property tax refunds received relating to a prior period.
(3)  Amounts relating to Normalized FFO and Normalized AFFO have been adjusted to remove the non-recurring expenditures incurred relating to the strategic review process.

For the three and six months ended June 30, 2019, Pure Multi-Family achieved total and same property adjusted net rental income (“NOI”) growth of 6.5% and 5.5%, respectively, compared to the same periods in the prior year. This growth was primarily driven by increases in property level revenues, which were higher due to increases in occupancy and average net effective rent per occupied unit, and a reduction in property level operating costs.
 
For the three and six months ended June 30, 2019, Pure Multi-Family incurred expenses relating to the strategic review process of approximately $450,000, compared to $687,000 for the three months ended June 30, 2018 and $857,000 for the six months ended June 30, 2018.

About Pure Multi-Family REIT LP

Pure Multi-Family is a Canadian based, publicly traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.
 
Additional information about Pure Multi-Family is available at www.puremultifamily.com and www.sedar.com.
 
For more information, please contact:
 
Andrew Greig
Vice President 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
 
Non-IFRS Financial Measures
 
This news release contains certain non-IFRS financial measures, including Pure Multi’s interest, FFO, Normalized FFO, AFFO, Normalized AFFO, same property NOI, same property adjusted NOI, rental revenue-same property, net rental income, adjusted net rental income-same property, same property revenue, same property net rental income, same property average net effective rent per occupied residential unit, average net effective rent per occupied residential unit, same property physical occupancy, total portfolio leased occupancy, FFO payout ratio, AFFO payout ratio and any related per Unit amounts to measure, compare and explain Pure Multi-Family’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 because the method of calculation may differ. 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-Family’s MD&A (available on SEDAR at www.sedar.com) for the three and six months ended June 30, 2019 for a reconciliation of the non-IFRS financial measures used herein to standardized IFRS measures.