Pure Multi-Family REIT LP Announces Release of Fourth Quarter Financial Results and Conference Call
VANCOUVER, March 12, 2014 /PRNewswire/ - Pure Multi-Family REIT LP ("Pure Multi") (TSXV: RUF.U, RUF.DB.U; OTCQX: PMULF) is pleased to announce the release of its financial results for the three months and year ended December 31, 2013.
Q4 2013 Financial Results
The results, consisting of Pure Multi's audited consolidated financial statements for the three months and year ended December 31, 2013 and Management's Discussion and Analysis ("MD&A") dated March 12, 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)
As at December 31, 2013, Pure Multi's portfolio consists of 13 investment properties, which are valued at US$337.6 million, and consist of 3,614 rentable
units, situated on over 200 acres of land.
Rental revenue for the three months and year ended December 31, 2013 was US$10.4
million and US$31.6 million, respectively.
Same property average rent per occupied unit during the fourth quarter of 2013 increased by 4.68%, compared to the
fourth quarter of 2012.
Leased occupancy at December 31, 2013 was 96.9%.
Weighted average mortgage interest rate as at December 31, 2013 was 4.12%, compared to 4.23% as at December 31,
Weighted average fair-value capitalization rate of the investment properties was 6.16% as at December 31, 2013,
compared to 6.00% as at December 31, 2012.
Debt to gross book value ratio as at December 31, 2013 was 64.0%, compared to 57.4% as at December 31,
Stephen Evans, CEO, states, "We are pleased to report that the performance of our properties acquired since IPO, and those acquired this past year, continued to meet our objectives and generated strong organic rental rate growth throughout 2013. Pure Multi's financial and operating results for the year 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 our accretive growth strategy of acquiring high quality Class A properties located in major U.S. markets that feature strong employment and population growth statistics and are looking forward to growing our platform through both organic growth and strategic acquisitions."
"Pure Multi is well positioned for future growth in Texas, Arizona and select new Sunbelt markets, as we continue our strategy of acquiring properties in clusters which will ensure regional economies of scale and geographic diversification."
Steve Evans, CEO, Samantha Adams, VP, and Scott Shillington, CFO, of Pure Multi will host a conference call at 4:00pm (EST), 1:00pm (PST), on Wednesday March 12, 2014, to review the financial results and corporate developments for the three months and year ended December 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 March 12, 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 March 19, 2014.
Please enter the Replay ID# 472430, 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.
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