MANAGEMENT PRESENTATION
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1 MANAGEMENT PRESENTATION SEPTEMBER 2014 RUF.U (USD) RUF.UN (CAD) RUF.DB.U (USD) Bear Creek Apartments, Dallas, TX
2 AGENDA Valley Ranch Apartments, Dallas, TX 1. PURE ADVANTAGE Who we are 2. PURE PLAY What we do 3. PURE STRATEGY How we do it 4. PURE RESULTS Our Successes
3 WHY PURE MULTI-FAMILY REIT LP Fairways at Prestonwood, Dallas, TX 1 2 Significant organic growth - strong growth markets + strong growth strategies = strong results Attractive, sustainable yield - distribution of US$0.375 per annum which results in a yield of 7.91% at $4.74 (as at September 12, 2014) High Quality Assets - stable multi-family asset class with a portfolio leased occupancy rate at 99.6% with minimal capex requirements Conservative Capital Structure - run-rate AFFO payout ratio of 85% and a tax efficient structure Experienced and fully aligned management team - proven track record of creating value for investors and having raised over $1.8 billion in equity and $2.7 billion in real estate transactions 2
4 PURE ADVANTAGE Livingston Apartments, Dallas, TX
5 THE PURE MULTI ADVANTAGE Walker Commons, Houston, TX 1 Strong management team 2 Proven effective structure 3 4 Management value creation Hands-on management across multiple disciplines 4
6 STRONG MANAGEMENT TEAM Pure Multi Management: 80 years of combined experience. Investing in U.S. Multifamily real estate properties since 1992 Proven track record of value creation: Pure Industrial Real Estate Trust Sunstone Realty Advisors 89 employees STEVE EVANS Chief Executive Officer 25 years of real estate experience in both Canada and the U.S.; Co-CEO of Pure Industrial Real Estate Trust, (TSX-AAR.UN); Principal of Sunstone Realty Advisors; Director of American Hotel Income Properties REIT LP, (TSX:HOT.UN) SAMANTHA ADAMS Vice President 14 years of real estate experience in both Canada and the U.S.; VP of Sunstone Realty Advisors since 2003; VP of Pure Industrial Real Estate Trust since 2007 SCOTT SHILLINGTON Chief Financial Officer 13 years of financial management experience; Controller of Sunstone Realty Advisors since 2010; Previously with Price Waterhouse Coopers, Phoenix Arizona PROPERTY MANAGEMENT - The Tipton Group BRYAN KERNS President of the Tipton Group Over 30 Years of Real Estate Acquisition and Extensive experience in the Sunbelt Region One of the Top 20 Real Estate Management Companies in the DFW Metro Area Since 1985 has managed over 30,000 Multi Family Units and 2.5 Million S.F. of Commercial Properties 5
7 PROVEN, EFFECTIVE STRUCTURE PROVEN STRUCTURE No transaction or asset management fees Efficient structure permits fund to grow with discipline PERFORMANCE DRIVEN Management rewarded for performance Consistent AFFO growth year over year No transaction or asset management fees SOLID FOUNDATION Experienced management team with proven track record Completed over $2.7 billion of revenue producing real estate transactions since 2002 Completed over $500 million in U.S. multi-family apartment transactions 6
8 HANDS-ON MANAGEMENT ACROSS MULTIPLE DISCIPLINES DEAL SOURCING AND UNDERWRITING DUE DILIGENCE ON ACQUISITION OWNERSHIP ACTIVE PORTFOLIO MANAGEMENT Strong acquisition team Comprehensive pipeline of accretive acquisitions Long term relationships Identifying value add potential Environmental and capex assessment Detailed operating budget Prudent debt financing Hands-on asset and property management In-house financial reporting and risk management Value add strategy implementation Evaluate potential exit strategies Optimise investor returns Re-balance portfolio 7
9 EFFICIENT MANAGEMENT STRUCTURE Fully aligned interest structure with no external asset management fees and transaction fees Bear Creek Apartments, Dallas TX 8
10 PURE PLAY Walker Commons, Houston, TX
11 Vistas at Hackberry Creek, Dallas, TX WHY U.S. MULTI-FAMILY 1 Strong sunbelt economies 2 Growing demographic 3 Propensity to rent 4 Supply and demand imbalance 5 Growing demand and limited supply leads to increasing rents 10
12 SUNBELT LEADING THE RECOVERY TOP 25 METRO AREAS FOR ESTIMATED GAINS ( ) Pure Multi s markets are highlighted and are among the top performing metro areas with the most gains in employment and population growth. EMPLOYMENT GROWTH (THOUSANDS) RANK METRO AREA GAIN 1 New York-Wayne NY-NJ Houston-Baytown TX Los Angeles-Long Beach CA Dallas-Plano TX Atlanta-Sandy Springs GA Chicago-Naperville IL Phoenix-Mesa-Scottsdale AZ Minneapolis-St.Paul MN-WI Washington-Arlington DC-VA-MD-WV Denver-Aurora CO Austin-Round Rock TX Philadelphia PA Seattle-Bellevue WA Fort Worth-Arlington TX Santa Ana-Anaheim CA Baltimore-Towson MD San Antonio TX Orlando FL Tampa-St. Petersburg FL San Diego-Carlsbad CA Riverside-San Bernardino CA San Francisco-San Mateo CA Las Vegas-Paradise NV Charlotte-Gastonia NC-SC Portland-Vancouver OR-WA POPULATION GROWTH (THOUSANDS) RANK METRO AREA GAIN 1 Houston-Baytown TX Phoenix-Mesa-Scottsdale AZ Atlanta-Sandy Springs GA Los Angeles-Long Beach CA Dallas-Plano TX Orlando FL Las Vegas-Paradise NV Washington-Arlington DC-VA-MD-WV Riverside-San Bernardino CA Austin-Round Rock TX Fort Worth-Arlington TX San Diego-Carlsbad CA Raleigh-Cary NC San Antonio TX Charlotte-Gastonia NC-SC Portland-Vancouver OR-WA New York-Wayne NY-NJ Tampa-St. Petersburg FL Denver-Aurora CO Fort Lauderdale-Pompano Beach FL Minneapolis-St. Paul MN-WI West Palm Beach-Boynton Beach FL Seattle-Bellevue WA Chicago-Naperville IL Miami-Miami Beach FL Source: Precis METRO 2005 Economy.com, Inc. - April
13 THE ECHO BOOM LIKES TO RENT U.S. MULTI-FAMILY DEMOGRAPHICS Over 60% of the Echo Boom age group choose to rent. Long-term ongoing demand 12
14 U.S. MULTI-FAMILY DEMOGRAPHICS HOME OWNERSHIP RATE DECLINING 70.00% 69.00% 68.00% Home ownership is on the decline as people choose and prefer a renter s lifestyle % 66.00% 65.00% 64.00% 63.00% 62.00% 61.00% 1990 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q1 Q % Source: U.S. Census Bureau Seasonally Adjusted Homeownership Rates 13
15 AN INCREASING DEMAND LEADS TO HIGHER ASKING RENTS DECLINING VACANCY RATES 8.40% 5.30% 9.70% 10.80% 6.90% 7.00% Dallas / Fort Worth Phoenix Houston * 2014** Source: Marcus & Millichap, 2014 and 2013 National Apartment Report. INCREASING EFFECTIVE RENTS $895 $776 $750 $791 $765 $941 An increasing demand for rental housing supports a continued increase in rental rates. Solid revenue growth No rent controls in our target markets Dallas / Fort Worth Phoenix Houston * 2014** Source: Marcus & Millichap, 2014 and 2013 National Apartment Report. * Estimate ** Forecast 14
16 San Brisas Apartments, Phoenix AZ PURE STRATEGY
17 GROWTH STRATEGY Bear Creek Apartments, Dallas, TX Build an institutional quality Class A resort-style apartment portfolio Acquire in clusters Select desirable locations Implement value add capital improvement programs Produce strong operating results Prairie Creek Villas 16
18 PORTFOLIO SUMMARY High quality portfolio, newer construction with close proximity to strong job markets Portfolio Quality: CLASS A Number of Units: 4,462 Number of properties: 15 Acres: 245 Number of buildings: 304 Avg. rent per square foot (2014) : $1.071 Weighted avg. year of construction: 1995 Purchase price ($US): $431.2 million Overall occupancy: 99.6% Prairie Creek Villas Livingston Apartments, Plano, TX 17
19 STRATEGIC ASSET LOCATIONS Dallas is one of America s strongest growing economies. We select properties strategically located in submarkets with clear advantages in employment opportunities and growth. The Preserve 18
20 FOCUS ON CLASS A Class QUALITY - Class A properties attract higher quality tenants. HIGHER RENT - Class A properties achieve higher rent per square foot. FEWER CAPITAL REQUIREMENTS - Class A properties are generally newer and require less updating and redevelopment. STRONG LOCATIONS - Class A properties are generally located in economically strong locations. RESORT STYLE AMENITIES PACKAGE Prairie Creek Villas 19
21 ATTRACTIVE RESORT STYLE PORTFOLIO HIGH QUALITY PORTFOLIO, NEWER CONSTRUCTION WITH CLOSE PROXIMITY TO STRONG JOB MARKETS Valley Ranch Apartments, Dallas, TX Prairie Creek Villas, Dallas, TX PRESTIGIOUS RESORT-STYLE, GATED COMMUNITIES Spacious low density properties with ample green space and amenities that include: resort style swimming pool and spas, 24-hour fitness facilities, community clubhouses and private movie theatres, tennis courts, outdoor kitchens with gas grills, outdoor fire pits. PRIME LOCATIONS Located within submarkets with a strong employment base and within close proximity to good school districts, amenities and transportation LUXURY CONDO QUALITY UNITS Details such as attached and detached garages, high ceilings, crown mouldings and high quality appliances, and built in workstations are common features at our properties. 20
22 VALUE ADD CASE STUDIES COMMON AREA IMPROVEMENTS OUTDOOR KITCHEN COST = $6,000 SUITE IMPROVEMENTS BEFORE $10 increase in monthly rent x 12 months = $120 / year in additional revenues per unit. $150 increase in monthly rent x 12 months = $1,800 / year in additional revenues per unit. OUTDOOR FIRE PIT COST = $3,000 At an average capitalization rate of 6% = $2,000 increase in value per unit AFTER At an average capitalization rate of 6% = $30,000 increase in value per unit. 21
23 VALUE ADD CASE STUDIES Bear Creek Apartments, Dallas TX EXTERIOR PAINT IMPROVEMENTS BEFORE AFTER 22
24 PURE RESULTS Fairways at Prestonwood, Dallas,, TX
25 Q FINANCIAL RESULTS Canaccord Genuity recently listed PURE MULTI as one of Canada s top three REIT s with the strongest year-overyear growth in FFO per unit Canaccord REIT Review May % FFO per unit growth (Q vs Q2 2013) 6.2% same property total rental revenue growth (Q vs Q2 2013) Reported 18.4% same property NOI growth in Q2 (11% once Q2 property level expenses normalized) $10.6 million Q rental revenues - an increase from $6.4 million during Q $5.8 million Q net rental income - an increase from $3.1 million during Q % portfolio leased occupancy at June 30, 2014 Managements estimated 2014E run-rate FFO payout ratio of 79% and AFFO payout ratio of 85% 24
26 STRONG ORGANIC GROWTH Consistently showing an increase in rent paired with strong stable occupancy $1.090 $1.080 $1.070 $1.060 $1.050 $1.040 $1.030 $1.020 $1.010 Pure Multi Portfolio - Rent & Occupancy Trends July 2013 to June % 98.5% 98.1% 97.9% 98.0% 98.3% 98.7% 99.0% 99.6% 97.4% 96.7% 97.2% 96.7% 96.6% 96.6% 96.5% 96.2% 96.4% 96.9% 97.0% 97.2% 97.5% 95.7% 95.6% $1.078 $1.041 $1.045 $1.043 $1.044 $1.049 $1.052 $1.055 $1.059 $1.064 $1.067 $ % 98.0% 96.0% 94.0% 92.0% 90.0% 88.0% 86.0% 84.0% 82.0% $ % Avg rent per sq.ft. Avg physical occupancy Avg leased occupancy 25
27 CONSERVATIVE CAPITAL STRUCTURE Low interest rates, almost 100% long-term fixed rate debt Fixed rate mortgages, $222.3 Debentures, $23.0 Credit Facility, $5.5 Partners' Capital, $ % mortgage/ loan to value 4.0% weighted average interest rate on all mortgages 97.8% fixed-rate debt 2.5% variable rate debt Mortgages mature between years weighted average term remaining of mortgages Partners' Capital Fixed rate mortgages Bear Creek $ in millions as at June 30,
28 PURE SUMMARY Vistas at Hackberry Creek, Dallas, TX Solid operating history Hands-on management team Strong track record of creating value Excellent revenue growth Undervalued price to AFFO among peers Sized for growth 27
29 APPENDIX Windscape Apartments, Dallas, TX
30 CAPITAL STRUCTURE All values in USD Unit price 1 $4.74 Net Asset Value $5.25 All values in millions Units outstanding 34.8 Gross book value $468.8 Cash $10.2 Debt $287.4 Enterprise value 1 $451.1 Debt to GBV 62.0% Weighted average interest rate 3.9% 1. As at September 12, 2014 Bear Creek Apartments, Dallas, TX 29
31 YTD Q OPERATING RESULTS ($000s, except per unit basis) YTD Q YTD Q Variance % Rental revenue, same property 11,470 10, % Total rental revenue - Pure Multi s interest 21,526 11, % Operating expenses, same property 5,162 5,260 (1.9)% Total operating expenses - Pure Multi s interest 10,037 5, % Net rental income, same property 6,308 5, % Total net rental income - Pure Multi s interest 11,489 6, % Funds from operations 6,093 3, % per Class A unit % Payout ratio 82.8% 114.9% n/a Adjusted funds from operations 5,549 2, % per Class A unit % Payout ratio 90.9% 123.9% n/a (1) Pure Multi's interest represents the proportionate share of all assets, liabilities, revenues and expenses of all its portfolio investments, and prorates and accrues property tax liability and expense, on all portfolio investments, based on the time period of ownership throughout the given reporting year. 30
32 STEADY, SUSTAINABLE DISTRIBUTIONS Monthly distribution per unit: $ Annualized rate: $0.375 Market Cap: $165.1 million 2 Yield: 7.91% 2 AFFO Run-rate Payout Ratio (2014E) 85% 1 Uninterrupted history of consecutive monthly distributions Asset class produces strong monthly cashflow (1) Based on managements best estimates (2) As at September 12, 2014 Prairie Creek Villas, Dallas, TX 31
33 ANALYST COVERAGE Frederic Blondeau, Dundee Capital Markets Phone: Trevor Johnson, National Bank Financial Phone: Dean Wilkinson, CIBC Phone: Jimmy Khing Shan, GMP Securities Phone: Jenny Ma, Canaccord Genuity Phone: Oakchase Apartments, Dallas, TX 32
34 WE WELCOME YOUR ENQUIRIES ANDREW GREIG DIRECTOR OF INVESTOR RELATIONS PHONE Ext Prairie Creek Villas, Dallas, TX 33 33
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