Reven Housing REIT, Inc. Reports Results for Third Quarter 2018

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, 2018.

Third Quarter Highlights

• Reported net loss of 1.2 million or ($0.11) per share as compared to a net loss of $1.3 million, or ($0.12) per share, in the prior year period.
• Core FFO decreased to $165,417 from $248,451 in the year-ago period but was unchanged at $0.02 per share year over year.
• Increased rental income by 8.2% to $2.2 million from $2.04 million due to the increase of single family homes in the Company’s portfolio over the last twelve months.
• Achieved portfolio occupancy of 92.9% versus 93.9% in the year ago period.
• Entered into a $51.3 million loan with Arbor Agency Lending, LLC, on behalf of Federal Home Loan Mortgage Corporation (Freddie Mac).
• Independent valuation of Company’s portfolio concluded that the estimated net asset value for Reven is approximately $6.00 per share, as of September 30, 2018.

Year-to-Date Highlights

• Reported net loss of $2.4 million or ($0.23), compared to a net loss of approximately $2.0 million, or ($0.18) per share, in the prior year period.
• Increased Core FFO to $633,373, or $0.06 per share, from $424,189, or $0.04 per share,
• Rental income increased 13.9% year-over-year to $6.62 million primarily due to the acquisition of 75 single family homes over the last twelve months.
• Acquired 27 single family homes in Birmingham Alabama for approximately $1.68 million

Chad Carpenter, Chief Executive Officer of Reven Housing REIT, stated, “The third quarter was marked by continued execution of our business plan and the completion of a $51 million financing with Freddie Mac. This financing provided Reven with proceeds to repay existing debt as well as additional capital to pursue accretive acquisitions. Third party valuations required for the financing and completed on behalf of Freddie Mac highlighted the value embedded in Reven estimating the company’s net asset value at approximately $6.00 per share.” Mr. Carpenter continued, “We are starting to deploy some of the refinancing proceeds with new acquisitions in Oklahoma City, a new market for us, Memphis and Birmingham.