VANCOUVER, May 13, 2019 /CNW/ - 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 months ended March 31,
2019.
The results, consisting of Pure Multi-Family's condensed interim
consolidated financial statements for the three months ended
March 31, 2019, and management's
discussion and analysis of results of operations and financial
condition ("MD&A") dated May 13,
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
|
|
|
For the three months
ended March 31,
|
($000's, except
per unit amounts and percentages)
|
2019
|
2018
|
Change
|
Rental Revenue – Same
Property (1)
|
27,795
|
27,113
|
2.5%
|
Adjusted Net Rental
Income (2) – Same Property (1)
|
15,805
|
15,136
|
4.4%
|
Average Net Effective
Rent Per Occupied Unit (3) – Same Property
(1)
|
1,257
|
1,237
|
1.6%
|
Average Physical
Occupancy – Same Property (1)
|
94.7%
|
93.9%
|
80bps
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
As
at
March 31,
2019
|
As at
December 31,
2018
|
Change
|
Debt to Gross Book
Value Ratio
|
52.7%
|
52.6%
|
10bps
|
Weighted Average
Effective Interest Rate of Mortgages Payable
|
3.75%
|
3.75%
|
-
|
Total Portfolio
Leased Occupancy
|
96.1%
|
95.5%
|
60bps
|
Total Number of
Investment Properties
|
22
|
22
|
-
|
Total Number of
Residential Units
|
7,085
|
7,085
|
-
|
Portfolio Weighted
Average Year of Construction
|
2007
|
2007
|
-
|
Stephen Evans, Pure
Multi-Family's CEO stated, "We are pleased to report another strong
quarter, which resulted in same property revenue growth of 2.5% and
same property adjusted net rental income growth of 4.4% compared to
the same quarter in the previous year. Subsequent to the end of the
quarter, on April 29, we completed
our graduation to the Toronto Stock Exchange from the TSX Venture
Exchange, which we believe will increase our liquidity and enhance
our visibility to new unitholders."
|
|
|
|
|
|
For the three months
ended March 31,
|
|
($000's, except
units, per unit amounts and percentages)
|
2019
|
2018
|
Change
|
|
Weighted Average
Class A Units Outstanding - Basic
|
76,736,671
|
76,730,911
|
|
|
Weighted Average
Class A Units Outstanding - Diluted
|
80,761,627
|
80,760,999
|
|
|
|
|
|
|
|
Rental Revenue – Same
Property (1)
|
27,795
|
27,113
|
2.5%
|
|
Rental Revenue –
Total
|
27,795
|
27,113
|
2.5%
|
|
|
|
|
|
|
Adjusted Net Rental
Income (2) – Same Property (1)
|
15,805
|
15,136
|
4.4%
|
|
Net Rental Income –
Total
|
15,805
|
15,136
|
4.4%
|
|
|
|
|
|
|
Funds from Operations
("FFO")
|
7,524
|
7,431
|
1.2%
|
|
FFO Per Class A Unit
– Basic
|
0.10
|
0.09
|
1.2%
|
|
FFO Per Class A Unit
– Diluted
|
0.10
|
0.09
|
1.2%
|
|
FFO Payout
Ratio
|
98.9%
|
100.2%
|
(130bps)
|
|
|
|
|
|
|
Adjusted Funds from
Operations ("AFFO")
|
7,090
|
6,989
|
1.4%
|
|
AFFO Per Class A Unit
– Basic
|
0.09
|
0.09
|
1.4%
|
|
AFFO Per Class A Unit
– Diluted
|
0.09
|
0.09
|
1.4%
|
|
AFFO Payout
Ratio
|
105.0%
|
106.5%
|
(150bps)
|
|
(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.
|
For the three months ended March 31,
2019, Pure Multi-Family achieved same property adjusted net
rental income ("NOI") growth of 4.4% compared to the same period 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.
Pure Multi-Family's FFO and AFFO payout ratios improved during
the three months ended March 31, 2019
compared to the same period in the prior year. The improvement was
primarily due to NOI growth realized at the property level and was
partially offset by an increase in general and administrative
expenses.
Q1-2019 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
(PDT), 12:00 pm (EDT), on
Tuesday, May 14, 2019, to review the
financial results and corporate developments for the three months
ended March 31, 2019.
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):
|
1-888-390-0541
|
• International
or Local Toronto:
|
1-416-764-8677
|
Conference Call Replay
If you cannot participate on May 14,
2019, 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 May 21, 2019.
Please enter the Replay ID# 884691, 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
www.puremultifamily.com and www.sedar.com.
Non-IFRS Financial Measures
This news release contains certain non-IFRS financial measures,
including Pure Multi's interest, FFO, 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 months ended March 31, 2019 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. Forward looking statements
in this news release include the impact of graduating to the TSX on
liquidity and visibility to new unitholders.
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, unit prices, 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.
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SOURCE Pure Multi-Family REIT LP