THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR PUBLIC DISTRIBUTION This presentation has been prepared for information purposes only. Certain information in Forward-looking statements are provided for the purpose of presenting information about this presentation contains forward-looking information within the meaning of applicable management’s current expectations and plans relating to the future and readers are securities laws (also known as forward-looking statements) including, among others, cautioned that such statements may not be appropriate for other purposes. statements made or implied relating to Pure Multi-Family REIT LP (“Pure Multi- Family”) and its objectives, strategies to achieve those objectives, beliefs, plans, estimates, projections and Forward-looking statements involve significant risks and uncertainties and should not be read intentions; and similar statements concerning anticipated future events, results, as guarantees of future performance or results. Those risks and uncertainties include, among circumstances, performance or expectations that are not historical facts. Forward-looking other things, risks related to: unit prices; liquidity; credit risk and tenant concentration; statements generally can be identified by words such as “outlook”, “believe”, “expect”, interest rate and other debt related risk; tax risk; ability to access capital markets; lease “may”, “anticipate”, “should”, “intend”, “estimates” and similar expressions. In particular, rollover risk; competition for real property investments; environmental matters; changes in certain statements in this presentation discuss Pure Multi- Family’s anticipated future events. legislation; and indebtedness of Pure Multi-Family. These statements include, but are not limited to: Management believes that the expectations reflected in forward-looking statements are (i) Pure Multi- Family’s growth strategy, including the accretive acquisition of properties based upon reasonable assumptions and information currently available, which include, and the anticipated extent of the accretion of any acquisitions, which could be impacted management’s current expectations, estimates and assumptions that: proposed acquisitions by demand for properties and the effect that demand has on acquisition capitalization will be completed on the terms and basis agreed to by Pure Multi-Family, property acquisition rates and changes in the cost of capital; and disposition prospects and opportunities will be consistent with Pure Multi- Family’s experience over the past 12 months, the multi-family residential real estate market in the (ii) maintaining occupancy levels and rental revenue, which could be impacted by changes “Sunbelt” region in the United States will remain strong, the global economic environment in demand for Pure Multi- Family’s properties, financial circumstances of tenants, will remain stable, interest rates will remain at current levels, and Pure Multi- Family’s including tenant defaults, the effects of general economic conditions and supply of business strategy, plans, outlook, projections, targets and operating costs will be consistent competitors’ properties in proximity to Pure Multi- Family’s properties; with Pure Multi- Family’s experience over the past 12 months, Pure Multi-Family will be able to maintain occupancy at current levels, tenants will not default on lease terms, (iii) overall indebtedness levels, which could be impacted by the level of acquisition activity governmental regulations and taxation will not change to adversely affect Pure Multi- Family’s Pure Multi-Family is able to achieve, fair value of its properties and future financing business and financial results, and Pure Multi-Family will be able to obtain adequate opportunities; insurance and financing; however, management can give no assurance that actual results will (iv) tax status of Pure US Apartments REIT Inc., which can be impacted by regulatory be consistent with these forward-looking statements. changes enacted by governmental authorities; Readers are cautioned that the foregoing list of factors that may affect future results is not (v) anticipated distributions and payout ratios, which could be impacted by capital exhaustive. When relying on forward-looking statements to make decisions with respect to expenditures, results of operations and capital resource allocation decisions; Pure Multi-Family, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. For more information on these and other factors, (vi) obtaining and maintaining adequate insurance for Pure Multi- Family’s properties; please refer to the “Risk Factors” section in Pure Multi- Family’s annual information form and (vii) anticipated interest rates and exchange rates; other continuous disclosure documents filed on SEDAR at www.sedar.com. (viii) anticipated population and government growth projections in markets in which Pure These forward-looking statements are made as of the date of this presentation and Pure Multi-Family operates or intends to operate; Multi-Family assumes no obligation to update or revise them to reflect new events or (ix) the review of strategic options available to Pure Multi-Family by a special committee of circumstances, except as required by applicable securities laws. the board of directors; and (x) scalability of the internalized property management platform. 1
Pure Multi-Family REIT LP .......................................................... 3 Growth Strategy .......................................................................... 4 U.S. vs Canada Deal Flow ............................................................ 5 Sunbelt Growth Continues .......................................................... 6 Texas Triangle ............................................................................. 7 Dallas, Texas ................................................................................ 8 PURE Farmers Market, Dallas, Texas .......................................... 9 PURE Fillmore Apartments, Phoenix, Arizona .......................... 10 Recycling Capital ....................................................................... 11 Total Returns Since IPO ............................................................. 12 Total Unitholder Returns .......................................................... 13 Same Property Growth ............................................................. 14 Debt Profile ............................................................................... 15 Rent and Occupancy Trends ..................................................... 16 Q4 2018 Financial Snapshot...................................................... 17 Outlook ..................................................................................... 18 APPENDICES A Current Portfolio ................................................................. 20 B Capex vs Maintenance Reserves ......................................... 21 C Texas Property Tax Process ................................................. 22 D Analyst Coverage ................................................................. 23 Brackenridge , San Antonio, Texas 2
MANAGEMENT TEAM ESTABLISHED REAL ESTATE PROFESSIONALS Stephen Evans 1990’s – Stephen Evans Chief Executive Officer • Acquired multi- family properties in U.S. Sunbelt in 1990’s during the Savings & Loan crisis Samantha Adams 2003 – Sunstone Realty Advisors Inc. Senior Vice President • Launched 7 Canadian Commercial Real Estate Opportunity Funds Scott Shillington 2007 – Pure Industrial Real Estate Trust Chief Financial Officer • Launched $21.2 million IPO in 2007 (TSX – AAR.UN) Andrew Greig • PIRET was divested to Blackstone for $3.8 Billion in 2018 Vice President, Investor Relations 2008 – Sunstone U.S. Opportunity Funds Lee Ann Neumann • Launched 4 USD Opportunity Funds targeting U.S. Sunbelt multi-family Executive Vice President, US Operations properties (Sub-Prime Crisis 2008-2011) 2012 – Pure Multi-Family REIT LP • Launched USD $57.5 million IPO IN 2012 (TSX V – RUF.U) Pure Multi-Family is a Canadian-based publically traded vehicle which offers investors exposure to attractive institutional quality U.S. multi-family real estate assets. 3
Build an institutional quality multi-family apartment WA portfolio in the major NH ME MT ND VT markets of the U.S. Sunbelt. MI OR MN ID WI SD MA NY RI MI WY Create value at our CT PA IA NJ NE properties through active NV Denver OH MD IN IL DE UT management. WV CO CA DC Las Vegas VA KS MO KY NC Charlotte TN AZ Enhance portfolio quality by OK Raleigh NM Atlanta SC AR Dallas recycling capital through AL MS Phoenix TX GA timely dispositions of select LA Austin Orlando Houston older properties. Current Portfolio FL Potential Future Markets Tampa San Antonio Miami Maintain a prudent capital structure and conservative financial profile. LIVE WORK PLAY Proximity to Work Property Amenities Neighbourhood Amenities Outdoor Recreation (1) As at March 31, 2019. 4
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