Monday, November 5, 2018


Vancouver, BC – November 5, 2018: Pure Multi-Family REIT LP (“Pure Multi-Family”) (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, 2018.

The results, consisting of Pure Multi-Family’s condensed interim consolidated financial statements for the three and nine months ended September 30, 2018, and management’s discussion and analysis of results of operations and financial condition (“MD&A”) dated November 5, 2018 are available on SEDAR at and at 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


Stephen Evans, Pure Multi-Family’s CEO stated, “We are pleased to report another strong quarter, which resulted in same property revenue growth of 3.3% and same property net rental income growth of 8.3% compared to the same quarter in the previous year.  These results were driven by our sustained efforts to improve portfolio occupancy, reduce rental concessions, and decrease operating expenses across our portfolio. These strong results are reflected in management’s estimated NAV which has increased from US$6.98 at the start of the year to US$7.21 at the end of Q3.”

For the three and nine months ended September 30, 2018, Pure Multi-Family achieved same property net rental income (“NOI”) growth of 8.3% and 10.2%, respectively, compared to the same periods in the prior year. This growth was driven by increases in revenue and a reduction in property operating expenses.  Revenues were higher due to increases in occupancy and average rent per occupied unit, and a reduction in rental concessions, while operating expenses were primarily lower due to the internalization of the property management function.

(1) Same Property – represents properties owned as at January 1, 2017 and throughout the comparative periods.

Pure Multi-Family incurred general and administrative (“G&A”) expenses of $2,208,950 and $6,388,114 during the three and nine months ended September 30, 2018, respectively, representing G&A expenses as a percentage of revenues of 8.0% and 7.8%.  G&A expenses during the current year include additional corporate level expenditures resulting from the internalized property management function and non-recurring expenditures resulting from the strategic review process.

The non-recurring expenditures, resulting from the strategic review process, included within G&A expenses were approximately $544,000 during the three months ended September 30, 2018 and $1,401,000 during the nine months ended September 30, 2018. Removing these non-recurring expenditures results in an adjusted G&A expense as a percentage of revenues of 6.0% and 6.1%, respectively, for the three and nine months ended September 30, 2018.

Pure Multi-Family’s FFO and AFFO payout ratios improved during both the three and nine month periods ending September 30, 2018 compared to the same periods in the prior year.  These improvements to the FFO and AFFO payout ratios were partially offset by increased G&A expenses related to the previously disclosed strategic review process conducted earlier in the year. 

The additional expenditures relating to the strategic review process impacted the FFO and AFFO per unit amounts by $0.007 and $0.018, respectively, for the three and nine months ended September 30, 2018, resulting in higher FFO and AFFO payout ratios than were actually incurred from recurring operations.

Strategic Review Process

On April 5, 2018, Pure Multi-Family announced that, as part of a strategic review, a special committee of independent directors (the “Special Committee”) would commence a formal process to explore the potential sale of Pure Multi-Family. 

In August 2018, a bidder advised that it was prepared to make an offer to acquire all of the outstanding Class A units of Pure Multi-Family at a price of US$7.64 per unit. Management and the Board of Directors of Pure Multi-Family supported the offer and agreed to vote all of their units in favour of such offer. On August 23, 2018, the bidder advised that it was no longer pursuing a potential transaction with Pure Multi-Family.

On August 24, 2018, the Special Committee terminated the formal process to explore the potential sale of Pure Multi-Family.

Q3-2018 Conference Call

Stephen Evans, CEO, Samantha Adams, SVP, and Scott Shillington, CFO, of Pure Multi-Family, will host a conference call at 9:00 am (PST), 12:00 pm (EST), on Tuesday, November 6, 2018, to review the financial results and corporate developments for the three and nine months ended September 30, 2018.

To participate on the 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 6, 2018, 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 13, 2018.

Please enter the Replay ID# 407211, 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-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 and

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, AFFO, same property NOI, rental revenue-same property, rental revenue-non-same property, net rental income, net rental income-same property, net rental income-non-same property, same property revenue, same property net rental income, same property average rent per occupied residential unit, average 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 for the three and nine months ended September 30, 2018 for a reconciliation of the non-IFRS financial measures used herein to standardized IFRS measures.

Forward-Looking Information

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.

Although Pure Multi-Family 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-Family 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, competitive factors in the industries in which Pure Multi-Family operates, prevailing economic conditions, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing any proposed acquisitions, and other factors, many of which are beyond the control of Pure Multi-Family.

The forward-looking statements contained in this news release represent Pure Multi-Family’s expectations as of the date hereof, and are subject to change after such date. Pure Multi-Family disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.