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Recommendation Changes
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Pure Multi Family REIT - Price Target Update

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Pure Multi Family REIT is a Canadian-based REIT that owns a portfolio of 15 multi-family properties located in the US sunbelt region. The portfolio is comprised of 5,229 residential units, located within three metropolitan areas: Dallas - Fort Worth; Houston, San Antonio in Texas, and Phoenix, Arizona. Approximately 75% of units are located in the Dallas-Fort Worth area. Units are listed on the TSX and priced in both Canadian and US dollars using the symbols RUF.UN and RUF.U respectively.

There are two classes of shares, the Class A are listed on the TSX in either Canadian or US dollars and Class B shares held by the sponsors. The Class B shares represent a 5% ownership interest entitled to 5% of the distributions and the Class A shares receive 95% of the distributions. The Class B shares are convertible into Class A shares once the market cap for the REIT exceeds $300M which occurred in Aug-2016. As of Dec-31- 2016 no Class B shares had been converted, consequently our AFFO per share data is adjusted to reflect the dilution from the Class B share entitlements to 5% of total distributions. The manager received the Class B shares totalling 5.6M units as compensation for management fees since the IPO. The management agreement has been internalized at no cost.


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