Pure Multi-Family REIT LP Announces Release of First Quarter Financial Results and Conference Call

VANCOUVER, May 9, 2018

VANCOUVER, May 9, 2018 /PRNewswire/ - 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 months ended March 31, 2018.

The results, consisting of Pure Multi-Family's condensed interim consolidated financial statements for the three months ended March 31, 2018, and management's discussion and analysis of results of operations and financial condition ("MD&A") dated May 9, 2018, 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.

Q1-2018 Financial Highlights

				For the three months ended March 31,
(US$000's, except per unit amounts)				2018 ARIVA.DE Börsen-Geflüster Kurse Pure Multi-Family REIT LP -   0,00%		2017	Change
Rental Revenue – Same Property (1)				20,126		19,361	4.0%
Net Rental Income – Same Property (1)				11,272		10,277	9.7%
Average Rent Per Occupied Unit – Same Property (1)				1,259		1,246	1.0%
Average Physical Occupancy – Same Property (1)				94.7%		93.2%	150bps

Steve Evans, Pure Multi-Family's CEO stated, "In 2017, we completed the internalization of our property management functions, further deleveraged our balance sheet, geographically diversified our portfolio and improved the average age of our portfolio to just over ten years of age.

"These efforts were part of a board approved strategy to high-grade our Class A multi-family apartment portfolio, create a conservative and flexible financial profile, lock in historic low interest rates for an average weighted term to maturity of 9 years, and to build out our management platform to support the continued growth of our business.

"Having completed the internalization of property management in 2017, we were able to remain focused on operations at our properties and continued to execute on our strategic business initiatives. We are extremely pleased with the strong results achieved to date in 2018.

"Despite such successes, our intended migration to the Toronto Stock Exchange has been delayed pending the outcome of the strategic review process."

Based on investment properties owned as of January 1, 2017 and throughout the comparative periods, for the three months ended March 31, 2018, Pure Multi-Family achieved same property revenue growth of 4.0% and same property net rental income ("NOI") growth of 9.7% compared to the same period in the prior year. Same property revenue growth was driven by increases in same property physical occupancy and same property average rent per occupied unit, coupled with a reduction in same property rental concessions. Same property NOI, over the same period, was positively impacted by the internalization of the property management function but partially offset by the inclusion of prior year property tax refunds recorded during the prior year period. Normalizing the impact resulting from the elimination of property management fees and the resolution of prior year property tax appeals, adjusted same property NOI for the three months ended March 31, 2018 increased by 4.7% compared to the same period in the prior year.

	For the three months ended March 31,
(US$000's, except per unit amounts)	2018	2017	Change
Weighted Average Units Outstanding - Basic	76,730,911	56,068,506
Weighted Average Units Outstanding - Diluted	80,760,999	60,137,533
Rental Revenue – Same Property (1)	20,126	19,361	4.0%
Rental Revenue – Non-Same Property	6,987	1,476	373.4%
Rental Revenue – Total	27,113	20,837	30.1%
Net Rental Income – Same Property (1)	11,272	10,277	9.7%
Net Rental Income – Non-Same Property	3,864	822	370.1%
Net Rental Income – Total	15,136	11,099	36.4%
FFO	7,431	5,428	36.9%
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