VANCOUVER, BC --(Marketwired - August 10, 2016) - Pure Multi-Family REIT LP ("Pure Multi-Family") (
Q2 2016 Financial Results
The results, consisting of Pure Multi-Family's unaudited interim consolidated financial statements for the three and six months ended June 30, 2016 and Management's Discussion and Analysis ("MD&A") dated August 10, 2016, are available on SEDAR at www.sedar.com and www.puremultifamily.com.
Key Highlights (all metrics are stated at Pure Multi's interest, which assumes all portfolio property taxes have been pro-rated and accrued based on number of days of ownership within the reporting year)
Steve Evans, CEO of Pure Multi-Family, stated, "We are pleased to announce our second quarter operating results, as we continue to build upon the strong operating metrics achieved during the first quarter. Once again, we were able to produce very strong same property growth numbers, as we realized same-property revenue growth of 5.8%, which led to same property NOI growth of 6.4% (after adjustment for non-recurring items), during the second quarter of 2016 compared to the same period in the prior year. In addition to the strong organic growth realized during this quarter, we were able to improve our FFO and AFFO payout ratios to 79.2% and 83.4%, respectively, during the second quarter of 2016, as we were able to fully utilize the cash flow this quarter from two San Antonio property acquisitions acquired during the first quarter of this year."
Conference Call
Steve Evans, CEO, Samantha Adams, VP, and Scott Shillington, CFO, of Pure Multi-Family will host the conference call at 11:00 am (EST), 8:00 am (PST), on Thursday, August 11, 2016, to review the financial results and corporate developments for the three and six months ended June 30, 2016.
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 August 11, 2016, 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 August 18, 2016.
Please enter the Replay ID number 336098, 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, publically 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 or www.sedar.com.
Non-IFRS Financial Measures
This news release contains certain non-IFRS financial measures including Pure Multi's interest, FFO, AFFO, NOI, same property net rental income, same property revenue, average rent per occupied unit, total portfolio leased occupancy, same property physical 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. 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 Management's Discussion and Analysis (available on SEDAR at www.sedar.com) for the three months ended March 31, 2016 for a reconciliation of NOI, FFO and AFFO to standardized IFRS measures.
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.
Contact Information:
For more information, please contact:
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: agreig@puremultifamily.com