Reven Housing REIT, Inc. (the “Company”, “Reven Housing”, “RVEN”) (NASDAQ:RVEN), an owner and operator of single-family residential property, today reported financial results for the third quarter ended September 30, 2017.
Third Quarter Highlights
Year-to-Date Highlights
Chad Carpenter, Chief Executive Officer of Reven Housing REIT, stated, “Our efforts in the third quarter were focused on the continued management of our portfolio and integration of the 133 homes purchased earlier in the year, which increased our portfolio by 25%. While Hurricanes Harvey and Irma presented operational challenges during the quarter, our team is working tirelessly to ensure that our homes are restored as quickly as possible and our tenants are able to return to all affected homes. Our ability to execute on numerous fronts is illustrative of the strong platform Reven is building as we continue to grow our portfolio.”
Third Quarter Financial Results
Year-to-Date Financial Results
Operations, Acquisitions and Dispositions and Balance Sheet
At the end of the third quarter 2017, Reven Housing REIT owned 755 homes in major metropolitan areas across the southwest and southeast regions of the United States. At quarter-end, the portfolio was 93.9% occupied and had an average monthly rent of $985.00 per month.
The Company acquired one home in the quarter for $77,200 located in Birmingham, Alabama where it owns an additional 68 homes.
As of the end of the third quarter, the Company had $6.9 million in cash on the balance sheet and $26.9 million in notes payable, net. During the quarter, the Company received loans proceeds and issued promissory notes of approximately $2.95 million at a fixed interest rate of 4.5% and a 25-year term. The notes are secured by homes in Georgia and Tennessee.
About Reven Housing REIT, Inc.
Reven Housing REIT, Inc., (NASDAQ: RVEN) engages in the acquisition and ownership of portfolios of occupied single family rental properties in the United States. Reven currently owns and operates single family rental properties in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas.
For more information, please visit http://www.revenhousingreit.com/.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. The ultimate occurrence of events and results referenced in these forward-looking statements is subject to known and unknown risks and uncertainties, many of which are beyond our control. These forward-looking statements are based upon the Company's present intentions and expectations, but the events and results referenced in these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For a discussion of these and other risks facing our business, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) and our other filings with the SEC from time to time, which are accessible on the SEC’s website at www.sec.gov.
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Investor Relations:
ICR, Inc.
Evelyn Infurna, 203-682-8265
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