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

VANCOUVER, Aug. 10, 2017

The results, consisting of Pure Multi-Family's condensed interim consolidated financial statements for the three and six months ended June 30, 2017, and management's discussion and analysis ("MD&A") of results of operations and financial condition dated August 10, 2017, are available on SEDAR at www.sedar.com and www.puremultifamily.com. All metrics are stated at Pure Multi-Family's interest, which adjusts for any real estate taxes related to IFRIC 21.

For the three months ended June 30, 2017, Pure Multi-Family achieved same property revenue growth of 0.9%, while same property net rental income ("NOI") decreased by 6.0% compared to the same period in the prior year.  For the six months ended June 30, 2017, Pure Multi-Family achieved same property revenue growth of 3.4% and same property NOI growth of 0.5% compared to the same period in the prior year.  For the three and six months ended June 30, 2017, the same property revenue growth was primarily driven by an increase in same property average rent per occupied unit, which was partially offset by a slight decrease in same property average physical occupancy.  Same property NOI, over these same periods, was primarily impacted by the quarter over quarter fluctuations in property tax expense.  Same property NOI for the three months ended June 30, 2017, was additionally impacted by the inclusion of two, not yet fully stabilized, investment properties, Pure View at TPC and Pure Estates at TPC, which were acquired in March, 2016.

Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO") were both negatively impacted during the three and six months ended June 30, 2017, primarily due to the bought deal equity offerings issued during the current quarter, the timing of the deployment of the proceeds used for acquisitions, the additional general and administrative ("G&A") expense incurred due to the internalization of property management and the lowering of the overall leverage of Pure Multi-Family's balance sheet.

Pure Multi-Family incurred G&A expense of $1,240,273 for the three months ended June 30, 2017, and $2,039,887 for the six months ended June 30, 2017.  This represented G&A expense as a percentage of revenues of 5.7% for the three months ended June 30, 2017, and 4.8% for the six months ended June 30, 2017.  Included in the G&A expense was approximately $82,000 for the three months ended June 30, 2017, and $472,000 for the six months ended June 30, 2017, which related to the internalization of the property management function.

Q2 2017 Financial Highlights