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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Reven Housing REIT Inc | NASDAQ:RVEN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.12 | 5.38 | 5.69 | 0 | 01:00:00 |
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 year-end December 31, 2017.
2017 Highlights
Chad Carpenter, Chief Executive Officer of Reven Housing REIT stated, “Our progress in 2017 was driven by the successful purchase and integration of an additional 175 homes. We are working hard to find additional accretive acquisitions to continue to scale our platform. As we look ahead to 2018, Reven will be increasingly focused on optimizing its capital structure to provide additional capacity to grow.” Mr. Carpenter continued, “As the single family home REITs enter their fifth year in the public markets, the sector has matured as an institutional asset class. This large sector remains highly fragmented, which should provide Reven with additional opportunities to grow shareholder value.”
2017 Financial Results
Operations, Acquisitions and Dispositions and Balance Sheet
At the end of the fourth quarter, 2017, Reven Housing REIT owned 799 homes in major metropolitan areas across the southwest and southeast regions of the United States. At quarter-end, the portfolio was 91.2% occupied and had an average monthly rent of $980.00 per month.
During the fourth quarter, the Company acquired 48 homes in Birmingham, Alabama metropolitan area for approximately $2,837,000, including closing and acquisition costs.
As of the end of the fourth quarter, the Company had $6.4 million in cash on the balance sheet and $30.5 million of outstanding notes payable, net. During the quarter, the Company received loans proceeds and issued a promissory note in the amount of approximately $3.79 million at a fixed interest rate of 4.25% with a 20-year amortization period. The note is secured by homes in Alabama. Subsequent to year-end, the Company received additional proceeds of approximately $2.74 million and increased the note amount to approximately $6.53 million.
Subsequent Events
Subsequent to year-end on February 16, 2018, the Company purchased 27 additional homes in the Birmingham, Alabama metropolitan area for approximately $1,659,000 plus closing and acquisition costs.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180402005425/en/
Investor Relations:ICR, Inc.Evelyn Infurna, 203-682-8265evelyn.infurna@icrinc.com
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