201 0 Kommentare Reven Housing REIT, Inc. Reports Full Year 2017 Results

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

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.