Leading Proxy Advisory Firms ISS and Glass Lewis Recommend Pure Multi-Family REIT LP Unitholders Vote For the Plan of Arrangement With Cortland

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VANCOUVER, Pure Multi-Family REIT LP (“Pure Multi-Family”) (TSX: RUF.U, RUF.UN, RUF.DB.U;OTCQX: PMULF) is pleased to announce that Institutional Shareholder Services, Inc. (“ISS”) and Glass, Lewis & Co., LLC (“Glass Lewis”), two leading independent proxy advisory firms that provide voting recommendations for institutional investors, have both recommended that unitholders of Pure Multi-Family (“Unitholders”) vote FOR the special resolution (the “Arrangement Resolution”) at the upcoming special meeting (the “Meeting”) of the Unitholders to approve the plan of arrangement pursuant to which an affiliate of Cortland Partners, LLC (“Cortland”) will acquire all of the outstanding: (i) Class A units of Pure Multi-Family (each, a “Class A Unit”) for US$7.61 per Class A Unit (and the equivalent consideration for the Class B units of Pure Multi-Family in accordance with the terms of the limited partnership agreement of Pure Multi-Family); and (ii) convertible unsecured subordinated debentures (each, a “Debenture”) for US$1,346.90 (plus accrued and unpaid interest) for each US$1,000 principal amount of Debentures, in an all-cash transaction valued at approximately US$1.2 billion including net debt (the “Transaction”).

Favourable ISS and Glass Lewis Recommendations

Both ISS and Glass Lewis refer to the strategic rationale for the Transaction, the significant premium, certainty of value from the cash consideration, and favourable market reaction as factors supporting their FOR recommendations.

ISS stated the following regarding its recommendation that Unitholders vote in favour of the Arrangement Resolutions:1

“The Arrangement is the result of arm’s length negotiations between the company and the acquirer that appears to make sense. In particular, the premium paid to unitholders and the fact that the cash component delivers immediate liquidity and value certainty. In addition, the fairness opinions provided and the ability to respond to superior proposals, the favourable market reaction, the reasonable strategic rationale stated by the board, unitholder approval of this resolution is warranted.”

In making its recommendation that Unitholders vote in favour of the Arrangement Resolution, Glass Lewis advised:1

“[Pure Multi-Family] had been “in play” at various points over the last two years, affording potential buyers with multiple occasions to make a proposal for [Pure Multi-Family]. Ultimately, no other party…appears to have been willing to offer a price for [Pure Multi-Family] higher than that agreed upon in the Arrangement Agreement… Accordingly, we recommend that unitholders vote FOR this proposal.”

The Board of Directors of Pure Multi-Family REIT (GP) Inc., the general partner of Pure Multi-Family, after receiving the unanimous recommendation of the Special Committee and in consultation with its financial and legal advisors, has determined that the Transaction is in the best interests of Pure Multi-Family and fair to Unitholders and is recommending that Unitholders vote in favour of the Arrangement Resolution.

1 Permission to use quotations neither sought nor obtained.

The Meeting is scheduled to be held at 9:00 a.m. (Vancouver time) on September 18, 2019 at the offices of Farris LLP, 700 West Georgia Street, 25th Floor, Vancouver, British Columbia. Unitholders of record as of the close of business on August 12, 2019 are entitled to receive notice of and to vote at the Meeting.

Completion of the Transaction is subject to the satisfaction of certain customary conditions. Subject to the satisfaction or waiver of all of the conditions to the Transaction, the Transaction is expected to be completed on or about September 27, 2019.

The management information circular (the “Circular”) for the Meeting, which is available under Pure Multi-Family’s profile at provides important information regarding the Transaction and related matters, including voting procedures and instructions regarding proxies for registered Unitholders unable to attend the Meeting in person. Unitholders are urged to read the Circular and its schedules carefully and in their entirety.


The Board of Directors, after receiving the unanimous recommendation of the Special Committee recommends that Unitholders vote FOR the Arrangement Resolution.

Unitholders are reminded to vote at least one business day before the proxy cut-off date of Monday, September 16, 2019 at 9:00 a.m. (Vancouver time).

Unitholders who have questions regarding the Transaction or require assistance with voting may contact Pure Multi-Family’s information and proxy solicitation agent below:

Laurel Hill Advisory Group

Toll Free: 1-877-452-7184

About Pure Multi-Family REIT LP

Pure Multi-Family is a Canadian based, publically traded vehicle which offers investors exposure to attractive, institutional quality US multi-family real estate assets. Pure Multi-Family owns and operates 22 multi-family apartment communities consisting of 7,085 apartment units in Texas and Arizona, two of the US Sunbelt’s leading economies.

Additional information about Pure Multi-Family is available at and

About Cortland Partners, LLC

Cortland is a product-to-people, multi-family real estate investment, development, and management company headquartered in Atlanta. Cortland in-sources most of its multi-family development, design, construction, renovation, management, and ownership functions with the goal of providing its residents excellent, hospitality-driven living experiences. Cortland is invested in, directly or indirectly, and manages more than 155 apartment communities with over 50,000 homes in the US with regional offices in Charlotte, Dallas, Denver, Houston, and Orlando. Internationally, Cortland maintains a global materials sourcing office in Shanghai and a development platform in the UK. Cortland is a National Multifamily Housing Council (NMHC) Top 50 Owner and Manager and is ranked 6th among Atlanta’s “Top Workplaces” in the large employer category (2019).

For more information, please visit

Forward-Looking Information:

Certain statements in this news release may constitute “forward-looking information” within the meaning of applicable securities laws (also known as forward-looking statements). Forward-looking information involves known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “feel”, “intend”, “may”, “plan”, “predict”, “project”, “subject to”, “will”, “would”, and similar terms and phrases, including references to assumptions. Some of the specific forward-looking statements in this news release include, but are not limited to, statements with respect to: the expected timing of the Meeting, the expected timing for the completion of the Transaction and satisfaction of the conditions required with respect thereto. There can be no assurance that the proposed Transaction will be completed, or that it will be completed on the terms and conditions contemplated in the arrangement agreement dated July 18, 2019 between Pure Multi-Family, Pure Multi-Family REIT (GP) Inc. and Cortland (the “Arrangement Agreement”).

Forward-looking information is based on a number of key expectations and assumptions made by Pure Multi-Family including, without limitation: the Transaction will be completed on the terms currently contemplated; the Transaction will be completed in accordance with the timing currently expected; the Transaction will receive Unitholder approval; the Transaction will receive the approval of the Supreme Court of British Columbia and Pure Multi-Family will be granted the final order; all conditions to the completion to the Transaction will be satisfied or waived; and the Arrangement Agreement will not be terminated prior to the completion of the Transaction. Although the forward-looking information contained in this news release is based on what Pure Multi-Family’s management believes to be reasonable assumptions, Pure Multi-Family cannot assure investors that actual results will be consistent with such information.

Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information involves significant risks and uncertainties and should not be read as guarantees of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking information. Those risks and uncertainties include, among other things: the Transaction may not be completed on the terms, or in accordance with the timing, currently contemplated, or at all; Pure Multi-Family has incurred expenses in connection with the Transaction and will be required to pay for those expenses regardless of whether or not the Transaction is completed; and Pure Multi-Family and Cortland may not be successful in satisfying the conditions to the Transaction. Additional information about risks and uncertainties related to Pure Multi-Family is contained in Pure Multi-Family’s Annual Information Form for the year ended December 31, 2018 and in Pure Multi-Family’s Management’s Discussion and Analysis dated August 8, 2019, both of which are available on SEDAR at

The forward-looking information contained herein represents Pure Multi-Family’s expectations as of the date of this news release, and is subject to change after this date. Pure Multi-Family assumes no obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.


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