Download Fact Sheet - Pure Multi

Fact Sheet
Q1 2013
Market Snapshot
Stock Exchange
TSX-Venture
Ticker Symbol
RUF.U
Unit Price (As at March 4, 2013)
$5.14
Units Outstanding
17,089,000
Market Cap (As at March 4, 2013)
$87,837,460
Annualized Yield (As at March 4, 2013)
6.87%
Annual Distribution
US$0.36
Since July 2012, Pure Multi-Family has raised USD $86.3 million in equity
financing and acquired a portfolio of 7 apartment properties in Texas,
having a total value of approximately USD $188.5 million (as at March
4, 2013, including the purchase of Laguna Luxury).
Management & Experience
Darren Latoski
Steve Evans
Executive Chairman
Chief Executive Officer
Samantha Adams
Scott Shillington, CA
Vice President
Darren Latoski and Steve Evans founded Pure Multi-Family REIT LP
in 2012. Pure Multi is a publicly-listed real estate investment trust LP
(RUF.U - TSXV) established for the purposes of acquiring, owning and
operating a diversified portfolio of income-producing multi-family
apartment properties in primary markets across the United States,
with a priority focus on the U.S. Sunbelt states.
Pure Multi is currently the only publicly traded vehicle in Canada
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 while the Canadian dollar trades near 40 year
highs.
Chief Financial Officer
A Smart
Investment Choice
Total Return Performance for Pure Multi Since IPO
110%
S&P/TSX
TOTAL RETURN
INDEX
Price Index
105%
S&P/TSX REIT
TOTAL RETURN
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•
•
100%
•
95%
10-Jul-12
24-Jul-12
07-Aug-12
21-Aug-12
04-Sep-12
18-Sep-12
02-Oct-12
16-Oct-12
30-Oct-12
S&P/TSX REIT
Return of the Sunstone
S&P/TSX Total Return
Index
RUFmanagement team has over
Pure Multi-Family
isTotal
part
Pure
Multi-Family’s
Group. Since 2002, the Sunstone Group has 60 years of combined experience acquiring
identified, acquired, managed and disposed and managing multi-family apartment
of ~$1.2 billion in revenue-producing properties. As active investors in major U.S.
real estate in Canada and the United markets, we have established relationships
States. Since 2008 Sunstone has launched with real estate brokers, property managers,
four funds focused on acquiring and mortgage lenders, owners and other
managing U.S. multi-family real estate professionals across all facets of the US
properties. These four U.S. funds have raised multi-family
real
estate
industry,
US$137 million in equity and have acquired providing steady access to currently
12 U.S. properties including nine multi- listed,
foreclosed,
private
and
offfamily complexes for over US$200 million. market property acquisition opportunities.
www.puremultifamily.com
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Focused on the highly stable multi-family
asset class
Current portfolio occupancy rate at 96.2%
with minimal capex requirements
Targeting accretive acquisitions in primary markets across the U.S.
Strong economic and market indicators
across the U.S. Sunbelt regions
Attractive, sustainable yield for this asset
class and quality
Targeted debt to gross book value of 55 65% (Maximum of 70%)
Experienced and fully aligned management team with a proven track
record of creating value for investors
Pure Industrial Real Estate Trust,
WesternOne Inc.,
Sunstone Realty Advisors
Acquisition Strategy
Pure Multi-Family acquires properties in clusters in geographic
markets where management currently owns and operates multifamily
properties, such as Dallas and Houston, Texas, or Scottsdale, Arizona.
In the medium term, Pure Multi-Family intends to expand into new property
markets in the southeast and southwest regions of the United States that:
exhibit strong employment growth rates, show ongoing strong occupancy rates,
complement the initial portfolio and have the potential to create additional value.
In the long term, Pure Multi-Family’s core strategy is to invest in quality multifamily real estate properties across all major growth markets in the United States.
17%
15%
10.8%
13%
11%
9% 9%
13%
5%
4%
5%
13%
8%
8.4%
6%
4%
Portfolio Financial
Facts*
Declining Vacancy
Population Growth Rates
5.2%
9.7%
6.9%
9.8%
5.6%
9.1%
6.0%
•
5.8%
4%
•
2005A - 2010A
Nevada
2011F - 2015F
Texas
Arizona
2016F - 2020F
Georgia
United States
Source: Source: U.S. Census Bureau, Population Div ision.
Dallas-Fort
Worth
Phoenix
Atlanta
Las Vegas
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2010
20112013 National
2012
2013F Report.
Source: Marcus
& Millichap,
Apartment
Portfolio Summary*
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Houston
The Sunbelt Advantage
Seven properties
2,064 units
125 acres
165 buildings
Pure Multi-Family expects that many new
residents in the “Sunbelt” regions will first seek
out rental housing rather than buying homes,
increasing demand for rental housing and
supporting a continued increase in rental rates.
*Includes acquisition Laguna Luxury
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US$188.5 million total
purchase prices
96.2% weighted average
occupancy rate
US$117 million total debt
7.0% weighted average cap
rate (2013E run-rate)
4.18% weighted average
interest rate
7.7 year weighted average
mortgage term
*Includes acquisition Laguna Luxury
Property Portfolio
Valley Ranch
Oackchase
Windscape
Sunset Point
Prairie Creek
Bear Creek
Laguna Luxury
(Announcd but not yet closed)
Location
Irving, TX
Arlington, TX
Grand Prairie, TX
Arlington, TX
Richardson, TX
Euless, TX
Dallas, TX
Current Occupancy
97.6%
96.2%
97.4%
95.1%
96.6%
96.6%
94.2%
Total Units
210
236
154
408
464
436
156
Purchase Price ($US MM)
$22.6
$13.6
$8.4
$24.6
$52.5
$49.4
$17.5
Cap Rate (%)
6.9%
7.6%
7.6%
7%
7.4%
6.5%
6.4%
Price/Unit (US$)
$107,619
$57,543
$54,408
$60,218
$113,147
$113,188
$112,179
Debt (US$MM)
$13.68
$8.94
$5.09
$15.97
$32.61
$32.08
$8.67
Interest Rate (%/ Year)
3.51%/10
3.28%/5
3.52%/7
3.54%/10
6.02%/6.5
3.45%/7
3.50%/10
Contact
910-925 West Georgia Street, Vancouver, BC V6C 3L2
Andrew Greig
[email protected] www.puremultifamily.com
Director of Investor Relations
Toll Free 1-888-681-5959 | Phone 604-681-5959