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Pure Multi-Family REIT

OTCPK:PMUL.F
Snowflake Description

Solid track record and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PMUL.F
OTCPK
CA$727M
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Pure Multi-Family is a Canadian based, publicly traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. The last earnings update was 11 days ago. More info.


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PMUL.F Share Price and Events
7 Day Returns
0%
OTCPK:PMUL.F
-0.3%
US REITs
0.2%
US Market
1 Year Returns
-11.5%
OTCPK:PMUL.F
13.3%
US REITs
2.9%
US Market
PMUL.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Pure Multi-Family REIT (PMUL.F) 0% -0.6% 1.2% -11.5% 18.1% 38.3%
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • PMUL.F underperformed the REITs industry which returned 13.3% over the past year.
  • PMUL.F underperformed the Market in United States of America which returned 2.9% over the past year.

PMUL.F Value

 Is Pure Multi-Family REIT undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Pure Multi-Family REIT to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Pure Multi-Family REIT.

OTCPK:PMUL.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:PMUL.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 26.5%) (115.98%))
0.987
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.99
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.987 * 5.96%)
8.61%

Discounted Cash Flow Calculation for OTCPK:PMUL.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Pure Multi-Family REIT is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Pure Multi-Family REIT is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

OTCPK:PMUL.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 8.61%)
2019 28.49 Analyst x4 26.24
2020 32.42 Analyst x3 27.49
2021 33.68 Est @ 3.87% 26.29
2022 34.87 Est @ 3.53% 25.06
2023 36.02 Est @ 3.29% 23.83
2024 37.14 Est @ 3.12% 22.62
2025 38.26 Est @ 3% 21.46
2026 39.37 Est @ 2.92% 20.33
2027 40.50 Est @ 2.86% 19.26
2028 41.65 Est @ 2.82% 18.23
Present value of next 10 years cash flows $230.80
OTCPK:PMUL.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $41.65 × (1 + 2.73%) ÷ (8.61% – 2.73%)
$727.36
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $727.36 ÷ (1 + 8.61%)10
$318.40
OTCPK:PMUL.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $230.80 + $318.40
$549.19
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $549.19 / 79.40
$9.31
OTCPK:PMUL.F Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:RUF.UN)
1.347
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $6.62 x 1.347
CA$8.91
Non-primary Listing Adjustment Factor 1 share in OTCPK:PMUL.F represents 0.71038x of TSX:RUF.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.71038x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 8.91 x 0.71038
$6.33
Value per share (USD) From above. $6.33
Current discount Discount to share price of $6.50
= -1 x ($6.50 - $6.33) / $6.33
-2.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Pure Multi-Family REIT is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Pure Multi-Family REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Pure Multi-Family REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:PMUL.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.65
TSX:RUF.UN Share Price ** TSX (2019-05-23) in CAD CA$9.15
TSX:RUF.UN Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.743 $6.79
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Pure Multi-Family REIT.

OTCPK:PMUL.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:RUF.UN Share Price ÷ EPS (both in USD)

= 6.79 ÷ 0.65

10.48x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pure Multi-Family REIT is good value based on earnings compared to the US REITs industry average.
  • Pure Multi-Family REIT is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Pure Multi-Family REIT's expected growth come at a high price?
Raw Data
OTCPK:PMUL.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.48x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
-5.4%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Pure Multi-Family REIT, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Pure Multi-Family REIT's assets?
Raw Data
OTCPK:PMUL.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $6.86
TSX:RUF.UN Share Price * TSX (2019-05-23) in CAD CA$9.15
TSX:RUF.UN Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.743 $6.79
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
OTCPK:PMUL.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:RUF.UN Share Price ÷ Book Value per Share (both in USD)

= 6.79 ÷ 6.86

0.99x

* Primary Listing of Pure Multi-Family REIT.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pure Multi-Family REIT is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Pure Multi-Family REIT's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Pure Multi-Family REIT has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PMUL.F Future Performance

 How is Pure Multi-Family REIT expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

  • No analysts cover Pure Multi-Family REIT, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-5.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Pure Multi-Family REIT expected to grow at an attractive rate?
  • Pure Multi-Family REIT's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Pure Multi-Family REIT's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Pure Multi-Family REIT's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:PMUL.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:PMUL.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts -5.4%
OTCPK:PMUL.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 6.2%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:PMUL.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:PMUL.F Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 121 59 3
2019-12-31 113 65 4
OTCPK:PMUL.F Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 110 54 51
2018-12-31 110 55 46
2018-09-30 108 52 39
2018-06-30 105 54 36
2018-03-31 99 51 38
2017-12-31 93 57 43
2017-09-30 87 46 43
2017-06-30 83 43 51
2017-03-31 80 42 49
2016-12-31 76 40 48
2016-09-30 73 45 55
2016-06-30 68 39 53

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Pure Multi-Family REIT's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Pure Multi-Family REIT's revenue is expected to grow by 6.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:PMUL.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Pure Multi-Family REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:PMUL.F Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
OTCPK:PMUL.F Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.65
2018-12-31 0.58
2018-09-30 0.49
2018-06-30 0.46
2018-03-31 0.50
2017-12-31 0.60
2017-09-30 0.65
2017-06-30 0.85
2017-03-31 0.87
2016-12-31 0.89
2016-09-30 1.08
2016-06-30 1.06

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Pure Multi-Family REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Pure Multi-Family REIT's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Pure Multi-Family REIT has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PMUL.F Past Performance

  How has Pure Multi-Family REIT performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Pure Multi-Family REIT's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Pure Multi-Family REIT's year on year earnings growth rate has been positive over the past 5 years.
  • Pure Multi-Family REIT's 1-year earnings growth exceeds its 5-year average (34.7% vs 3.9%)
  • Pure Multi-Family REIT's earnings growth has exceeded the US REITs industry average in the past year (34.7% vs 16%).
Earnings and Revenue History
Pure Multi-Family REIT's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Pure Multi-Family REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:PMUL.F Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 110.29 51.47 8.85
2018-12-31 109.61 46.03 8.75
2018-09-30 108.21 38.95 7.90
2018-06-30 104.93 36.37 8.69
2018-03-31 99.38 38.21 8.22
2017-12-31 93.10 43.20 7.28
2017-09-30 87.01 43.38 6.05
2017-06-30 82.62 50.87 4.63
2017-03-31 80.19 48.71 3.62
2016-12-31 76.41 48.16 3.03
2016-09-30 72.85 55.32 2.83
2016-06-30 68.36 52.74 2.67
2016-03-31 62.89 52.39 2.58
2015-12-31 58.88 51.18 2.46
2015-09-30 56.32 59.98 2.27
2015-06-30 53.37 59.03 2.20
2015-03-31 50.28 54.12 2.11
2014-12-31 47.77 41.95 2.06
2014-09-30 44.13 30.99 1.89
2014-06-30 40.97 22.96 1.81
2014-03-31 36.53 15.62 1.60
2013-12-31 31.49 14.20 1.38
2013-09-30 28.92 8.24 1.28
2013-03-31 13.76 3.82 0.64
2012-12-31 9.11 2.55 0.46

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Pure Multi-Family REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Pure Multi-Family REIT used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Pure Multi-Family REIT has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Pure Multi-Family REIT's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Pure Multi-Family REIT has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PMUL.F Health

 How is Pure Multi-Family REIT's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Pure Multi-Family REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Pure Multi-Family REIT's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Pure Multi-Family REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Pure Multi-Family REIT's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Pure Multi-Family REIT Company Filings, last reported 1 month ago.

OTCPK:PMUL.F Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 544.95 625.68 11.20
2018-12-31 534.89 626.10 22.63
2018-09-30 532.16 622.05 18.10
2018-06-30 530.35 621.98 17.69
2018-03-31 523.23 622.60 16.41
2017-12-31 518.61 623.26 25.86
2017-09-30 522.98 565.01 59.68
2017-06-30 523.75 517.98 88.68
2017-03-31 381.64 504.13 21.66
2016-12-31 370.16 468.75 20.60
2016-09-30 362.77 484.63 25.48
2016-06-30 325.54 451.20 32.70
2016-03-31 315.93 451.67 30.21
2015-12-31 304.27 374.65 45.93
2015-09-30 260.64 380.29 17.48
2015-06-30 253.17 302.05 43.51
2015-03-31 209.65 266.17 26.68
2014-12-31 197.80 282.21 16.49
2014-09-30 182.02 287.54 11.28
2014-06-30 146.64 246.53 8.89
2014-03-31 120.53 218.52 6.54
2013-12-31 119.79 218.60 6.67
2013-09-30 113.92 218.84 9.66
2013-03-31 79.40 120.12 5.77
2012-12-31 79.33 111.66 14.96
  • Pure Multi-Family REIT's level of debt (114.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (181.1% vs 114.8% today).
  • Debt is not well covered by operating cash flow (8.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.1x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Pure Multi-Family REIT's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Pure Multi-Family REIT has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PMUL.F Dividends

 What is Pure Multi-Family REIT's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.52%
Current annual income from Pure Multi-Family REIT dividends. Estimated to be 5.59% next year.
If you bought $2,000 of Pure Multi-Family REIT shares you are expected to receive $110 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Pure Multi-Family REIT's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Pure Multi-Family REIT's dividend is above the markets top 25% of dividend payers in United States of America (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:PMUL.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:PMUL.F Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.38 8.00
2019-12-31 0.38 8.00
OTCPK:PMUL.F Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-21 0.375 5.496
2019-04-16 0.375 5.672
2019-03-19 0.375 5.602
2019-02-14 0.375 5.793
2018-12-17 0.375 6.078
2018-11-20 0.375 6.186
2018-10-19 0.375 6.029
2018-09-18 0.375 5.753
2018-08-16 0.375 5.629
2018-07-19 0.375 5.311
2018-06-18 0.375 5.417
2018-05-17 0.375 5.243
2018-04-18 0.375 5.171
2018-03-19 0.375 5.585
2018-02-16 0.375 6.209
2018-01-19 0.375 5.998
2017-12-15 0.375 6.099
2017-11-20 0.375 6.141
2017-10-19 0.375 6.124
2017-09-19 0.375 5.977
2017-08-18 0.375 5.866
2017-07-19 0.375 5.736
2017-06-19 0.375 5.546
2017-05-18 0.375 5.358
2017-04-18 0.375 5.531
2017-03-17 0.375 5.578
2017-02-16 0.375 5.602
2017-01-19 0.375 5.668
2016-12-16 0.375 6.063
2016-11-18 0.375 6.465
2016-10-19 0.375 6.464
2016-09-20 0.375 6.266
2016-08-19 0.375 6.094
2016-07-19 0.375 6.250
2016-06-20 0.375 6.373
2016-05-19 0.375 6.563
2016-04-19 0.375 6.777
2016-03-17 0.375 6.892
2016-02-17 0.375 7.386
2016-01-19 0.375 7.962
2015-12-17 0.375 7.571
2015-10-19 0.375 6.995
2015-09-18 0.375 7.045
2015-08-14 0.375 7.185
2015-06-17 0.375 7.429
2015-05-15 0.375 7.399
2015-04-20 0.375 7.219
2015-03-19 0.375 7.276
2015-02-18 0.375 7.605
2015-01-16 0.375 8.174
2014-12-17 0.375 8.058
2014-11-18 0.375 7.962
2014-10-21 0.375 8.219
2014-09-18 0.375 8.225
2014-08-19 0.375 8.061
2014-07-21 0.375 8.195
2014-07-02 0.375 7.930

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Pure Multi-Family REIT has been paying a dividend for less than 10 years.
  • Pure Multi-Family REIT has only been paying a dividend for 5 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Pure Multi-Family REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Pure Multi-Family REIT's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Pure Multi-Family REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Pure Multi-Family REIT has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PMUL.F Management

 What is the CEO of Pure Multi-Family REIT's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Steve Evans
COMPENSATION $1,024,305
AGE 54
TENURE AS CEO 7.3 years
CEO Bio

Mr. Stephen J. Evans, also known as Steve, has been Director at American Hotel Income Properties REIT LP since February 2018 and served as its Independent Director since October 11, 2012 until February 2018. He is the Co-Founder of Sunstone Realty Advisors Inc. and serves as its Managing Director, President and Chief Operating Officer. Mr. Evans is the Co-Founder of Pure Multi-Family. Mr. Evans Co-Founded Pure Industrial Real Estate Trust in 2007 and served as its Co-Chief Executive Officer from July 1, 2011 to May 12, 2015. Mr. Evans serves as Acting Chief Financial Officer of Realnorth Opportunities Fund. He serves as an Acting Chief Executive Officer and President of Sunstone (No 4) Inc - General Partner of Sunstone (No. 4) Limited Partnership. He has been a Secretary of Churchill Property Group Inc., since January 2002. He has been the President of Triple E Ventures Inc. since June 1997. He serves as the Chief Executive Officer of Pure Multi-Family REIT (GP) Inc., the governing General Partner of Pure Multi-Family REIT LP and has been its Director since May 8, 2012 and served as its Chief Operating Officer. He serves as the Acting Chief Executive Officer and President of Sunstone (No 3) Inc -General Partner of Sunstone (No. 3) Limited Partnership. He serves as the Chief Financial Officer and Secretary of Sunstone Investment Management Inc - Manager of Morguard Sunstone Real Estate Income Fund. He serves as Acting Chief Executive Officer at Sunstone Realty Advisors (Delaware) No. 2 Inc of Sunstone U.S. (No. 2) L.P. He has been the President of Sunstone Realty Advisors (Delaware) No. 2 Inc since August 18, 2009. He serves as Acting Chief Executive Officer of Sunstone Realty Advisors (Delaware) Inc at Sunstone U.S. (2008) L.P. He has been the President of Sunstone Realty Advisors (Delaware) Inc since April 24, 2008. He serves as an Acting Chief Financial Officer and Principal of Sunstone Realty Advisors (2006) Inc -General Partner of Sunstone Opportunity Fund (2006) Limited Partnership. He has been Secretary of Sunstone Realty Advisors (2006) Inc since August 2006. He serves as an Acting Chief Financial Officer of Sunstone Opportunity (2006) Realty Trust. He is a Member of Institute of Corporate Directors. He has been Secretary Sunstone Realty Advisors (2008) Inc - General Partner of Sunstone Opportunity Fund (2008) Limited Partnership since September 2008. He serves as an Acting Chief Financial Officer of Sunstone Advisors (Canada) Inc-General Partner of Sunstone Opportunity Fund (2004) LP. He has been a Secretary of Sunstone Advisors (Canada) Inc since July 2004. He serves as Acting Chief Executive Officer at SRAI Capital Corp. and has been its President since November 2003. Mr. Evans served as the Chief Financial Officer of Sunstone Investment Management Inc. Mr. Evans served as a Secretary of Sunstone Investment Management Inc. since March 2010. From June 1987 to September 2001, Mr. Evans served as Vice President of England Securities LLC. He served as an Acting Chief Financial Officer of Pure Industrial Real Estate Trust and serves as its Trustee. Mr. Evans actively participated in the negotiation, acquisition and management by England Securities Ltd. of a number of real estate assets, throughout Canada and the United States, with an aggregate value in excess of $280 million. He serves as the Chairman of Realnorth Opportunities Fund. Mr. Evans has been a Director of WesternOne Equity GP of WesternOne Equity LP - Manager of WesternOne Inc. since June 2006. He has been a Trustee of IAT Air Cargo Facilities Income Fund since September 15, 2008. He serves as Director of Sunstone Realty Advisors. He serves as an Executive Director of SUNSTONE U.S. (NO. 4P) L.P. He has been Director of Sunstone Realty Advisors (Delaware) Inc., since April 2008. He serves as a Director of Sunstone Realty Advisors (Canada) Inc - General Partner of Sunstone Opportunity Fund Limited Partnership. He has been a Director of Sunstone Realty Advisors (Delaware) No. 2 Inc since August 18, 2009. He has been a Director of Sunstone Realty Advisors (Delaware) Inc since April 24, 2008. He Co-Founded American Hotel Income Properties REIT LP in 2013 and has been its General Partner since October 11, 2012. He has been a Director at Sunstone Realty Advisors (2006) Inc since August 2006. He has been a Director of SRAI Capital Corp. since November 2003. He has been a Director of Sunstone Advisors (Canada) Inc since July 2004. He has been a Director of Sunstone Realty Advisors (2008) Inc since September 2008. He has been a Director of Churchill Property Group Inc., since January 2002. He serves as a Member of Strategic Advisory Board at Outrider Energy Corp. From September 15, 2008 to December 31, 2009, Mr. Evans served as a Director of IAT Air Cargo Facilities Income Fund and Director of International Aviation Terminals Inc. Mr. Evans served as director of Huntingdon Capital Corporation (formerly Huntingdon Real Estate Investment Trust) from January 1, 2010 to September 26, 2012. Mr. Evans served as an Independent Director of WesternOne Inc. since June 14, 2006 until May 30, 2017. He served as Director of Sunstone Investment Management Inc - Manager of Morguard Sunstone Real Estate Income Fund since March 2010. Mr. Evans has been a Non-Independent Trustee of Pure Industrial Real Estate Trust since June 27, 2007. He served as a Director at Sunstone Investment Management Inc.

CEO Compensation
  • Steve's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Steve's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure of the Pure Multi-Family REIT management team in years:

4.3
Average Tenure
  • The tenure for the Pure Multi-Family REIT management team is about average.
Management Team

Steve Evans

TITLE
Co-Founder
COMPENSATION
$1M
AGE
54
TENURE
7.3 yrs

Scott Shillington

TITLE
Chief Financial Officer of Pure Multi-Family REIT (GP) Inc
COMPENSATION
$418K
TENURE
7.3 yrs

Samantha Adams

TITLE
Senior Vice President of Pure Multi-Family REIT (GP) Inc.
COMPENSATION
$467K
TENURE
1.3 yrs

Andrew Greig

TITLE
Vice President of Investor Relations - Pure Multi-Family REIT (GP) Inc

Lee Neumann

TITLE
Executive Vice President of US Operations - Pure Multi-Family REIT (GP) Inc.
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Pure Multi-Family REIT board of directors in years:

5.6
Average Tenure
55
Average Age
  • The tenure for the Pure Multi-Family REIT board of directors is about average.
Board of Directors

Rob King

TITLE
Chairman of the Board of Pure Multi-Family REIT (GP) Inc
COMPENSATION
$149K
AGE
51
TENURE
5.7 yrs

Steve Evans

TITLE
Co-Founder
COMPENSATION
$1M
AGE
54
TENURE
7 yrs

Fraser Berrill

TITLE
Independent Director of Pure Multi-Family REIT (GP) Inc
COMPENSATION
$109K
AGE
69
TENURE
4.2 yrs

Sherry Tryssenaar

TITLE
Independent Director of Pure Multi-Family REIT (GP) Inc
COMPENSATION
$107K
AGE
48
TENURE
2.1 yrs

Maish Kagan

TITLE
Independent Director of Pure Multi-Family REIT (GP) Inc
COMPENSATION
$49K
AGE
62
TENURE
1.3 yrs

James Redekop

TITLE
Independent Director of Pure Multi-Family REIT (GP) Inc
COMPENSATION
$47K
AGE
57
TENURE
7 yrs

John O'Neill

TITLE
Director of Pure Multi-Family REIT (GP) Inc
COMPENSATION
$51K
AGE
55
TENURE
5.6 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Pure Multi-Family REIT insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
01. Mar 19 Buy Stephen Evans Individual 27. Feb 19 27. Feb 19 80 $6.54 $523
30. Nov 18 Buy Stephen Evans Individual 28. Nov 18 28. Nov 18 40,655 $6.18 $250,262
07. Sep 18 Buy James Redekop Individual 31. Aug 18 31. Aug 18 20,000 $6.43 $128,534
31. Aug 18 Buy Scott Shillington Individual 31. Aug 18 31. Aug 18 4,250 $6.42 $27,286
29. Aug 18 Buy Stephen Evans Individual 27. Aug 18 28. Aug 18 120,300 $6.57 $786,747
30. Aug 18 Buy Stephen Evans Individual 29. Aug 18 30. Aug 18 29,700 $6.55 $194,108
X
Management checks
We assess Pure Multi-Family REIT's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Pure Multi-Family REIT has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PMUL.F News

Simply Wall St News

PMUL.F Company Info

Description

Pure Multi-Family is a Canadian based, publicly traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.

Details
Name: Pure Multi-Family REIT LP
PMUL.F
Exchange: OTCPK
Founded: 2012
CA$539,487,284
79,402,505
Website: http://www.puremultifamily.com
Address: Pure Multi-Family REIT LP
925 West Georgia Street,
Suite 910,
Vancouver,
British Columbia, V6C 3L2,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX RUF.UN Class A Ordinary Units The Toronto Stock Exchange CA CAD 04. Dec 2013
OTCPK PMUL.F Class A Ordinary Units Pink Sheets LLC US USD 04. Dec 2013
Number of employees
Current staff
Staff numbers
189
Pure Multi-Family REIT employees.
Industry
Residential REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/24 00:36
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/05/13
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.