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.
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Reported net loss of $1.83 million or $(0.17) per share compared to a net loss of $1.77 million or $(0.22) per share in the prior year period Increased Core FFO to $869,609 or $0.08 per share as compared to a $255,608 or $0.03 per share in the prior year period Increased rental income by 38.4% year-over-year to $7.82 million primarily due to the acquisition of 175 single family homes during the twelve months ended December 31, 2017 Achieved portfolio occupancy of 91.2% Acquired 175 single family homes in Atlanta, Georgia, Birmingham Alabama, and Memphis Tennessee for approximately $12.9 million
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
For the year-ended December 31, 2017, total rental income increased 38.4% to $7.82 million, primarily due to the acquisition of 175 rental homes during the year. At year-end, the company owned 799 rental homes. Net Operating Income or “NOI” for the year ended December 31, 2017 was $4.26 million or 54.5% of rental revenue compared to NOI of $3.09 million or 54.7% of rental revenue for the year ended December 31, 2016. Net loss for the year was $1.83 million or $(0.17) per share compared to a net loss of $1.77 or $(0.22) per share in 2016. The decrease in per share loss while the overall loss was larger is due to a higher share count associated with the Company’s public offering in 2016. During the year ended December 31, 2017, the Company incurred net casualty losses of $462,179 due to damages to our homes from Hurricane Harvey and Irma. Excluding the impact of the casualty losses from Hurricanes Harvey and Irma, the net loss would have been approximately $1.37 million or ($0.13) per share.
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 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/.
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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