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