UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event
reported): July 22, 2014
REVEN HOUSING REIT, INC.
(Exact Name of Registrant as Specified in
Its Charter)
Maryland |
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000-54165 |
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84-1306078 |
(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification
Number) |
7911 Herschel Avenue, Suite 201
La Jolla, CA 92037 |
(Address of principal executive offices) |
(858) 459-4000 |
(Registrant’s telephone number, including area code) |
Not applicable |
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions.
| o | Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14d-2(b) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c) |
Item 1.01 Entry into a Material Definitive Agreement.
Memphis 60 Purchase and Sale Agreement
Reference is made to the Form 8-K filed
on April 29, 2014, the Form 8-K filed on June 4, 2014, the Form 8-K filed on June 24, 2014, and the Form 8-K filed on July 7, 2014,
by Reven Housing REIT, Inc. (the “Company”), which reported the entry by the Company into that certain Single Family
Homes Real Estate Purchase and Sale Agreement dated April 24, 2014, as amended on May 31, 2014, June 19, 2014, and June 30, 2014
(the “Memphis 60 Agreement”), with H&J Properties, LLC, a Tennessee limited liability company, Memphis Cash Flow,
GP, a Tennessee general partnership, and Equity Trust Company Custodian FBO Hulet T. Gregory IRA Z108673 (collectively, the “Memphis
60 Sellers”), to purchase a portfolio of up to 60 single-family homes located in Memphis, Tennessee, from the Memphis 60
Sellers, and which provided a description of the materials terms of the Memphis 60 Agreement.
On July 22, 2014, the Company, Reven Housing
Tennessee, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company (the “Buyer”), and
Memphis 60 Sellers entered into a Fourth Amendment to Single Family Homes Real Estate Purchase and Sale Agreement (the “Memphis
60 Amendment”), pursuant to which the parties amended the Memphis 60 Agreement (i) to assign the Company’s rights and
interest in the Memphis 60 Agreement to the Buyer, and (ii) to delay the purchase of nine homes subject to the Memphis 60Agreement
until such time as the homes are leased under certain conditions. If one or more of such homes are not leased under the specified
conditions within 60 days after the date of the Memphis 60 Amendment, then the Buyer may elect not to proceed with the purchase
of such homes.
The foregoing description of the Memphis
60 Amendment is qualified in its entirety by reference to the full text of the Memphis 60 Amendment, which is attached hereto as
Exhibit 10.1 and is incorporated herein by reference.
Memphis 14 Purchase and Sale Agreement
Reference is made to the Form 8-K filed
on June 10, 2014, by the Company, which reported the entry by the Company into that certain Single Family Homes Purchase and Sale
Agreement (the “Memphis 14 Agreement”) with Highmark Investors, LLC, a Tennessee limited liability company (the “Memphis
14 Seller”), to purchase a portfolio of up to 14 single-family homes from the Seller, of which 13 homes are located in Memphis,
Tennessee, and one home is located in Southaven, Mississippi, and which provided a description of the material terms of the Memphis
14 Agreement.
On July 22, 2014, the Company, the Buyer
and the Memphis 14 Seller entered into a First Amendment to Single Family Homes Real Estate Purchase and Sale Agreement (the “Memphis
14 Amendment”), pursuant to which the parties amended the Memphis 14 Agreement (i) to assign the Company’s rights and
interest in the Memphis 14 Agreement to the Buyer, and (ii) to delay the purchase of four properties in Memphis subject to the
Memphis 14 Agreement until such time as certain conditions relating to the leases and rent payments of the homes have been met.
If such conditions are not met within a maximum of 60 days after the date of the Memphis 14 Amendment, then the Buyer may elect
not to proceed with the purchase of such homes.
The foregoing description of the Memphis
14 Amendment is qualified in its entirety by reference to the full text of the Memphis 14 Amendment, which is attached hereto as
Exhibit 10.2 and is incorporated herein by reference.
Item 2.01 Completion of Acquisition or Disposition of Assets.
Memphis, Tennessee
On July 28, 2014, the Buyer closed on the
acquisition of 51 properties located in Memphis, Tennessee, pursuant to the Memphis 60 Agreement, as amended. The description of
the Memphis 60 Agreement and the Memphis 60 Amendment in Item 1.01 above is incorporated herein by reference. The Memphis 60 Sellers
do not have a material relationship with the Company and the acquisition was not an affiliated transaction. The contract purchase
price for the 51 acquired properties was $4,131,800, exclusive of closing costs. The Company funded 100% of the purchase with cash.
The 51 acquired properties average 1,811 square feet and are mostly three-bedroom two bath homes. Of the acquired properties, 34
are currently subject to one-year leases, three are subject to two-year leases, one is subject to a three-year lease and 13 properties
are subject to month-to-month leases.
Additionally, on July 28, 2014, the Buyer
closed on the acquisition of 10 properties, of which nine are located in Memphis, Tennessee, and one is located in Mississippi,
pursuant to the Memphis 14 Agreement, as amended. The description of the Memphis 14 Agreement and the Memphis 14 Amendment in Item
1.01 above is incorporated herein by reference. The Memphis 14 Seller does not have a material relationship with the Company and
the acquisition was not an affiliated transaction. The contract purchase price for the 10 acquired properties was $631,000, exclusive
of closing costs. The Company funded 100% of the purchase with cash. The 10 acquired properties average 1,525 square feet and are
mostly three-bedroom, two bath homes. Of the acquired properties, nine are currently subject to one-year leases and one property
is subject to a month-to-month lease.
The Company issued a press release regarding
the acquisition of the Memphis, Tennessee, portfolios on July 28, 2014, a copy of which is filed herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(a) Financial Statements of Real Estate Acquired.
Since it is impracticable to provide the required financial statements of the acquired real property describe in Item 2.01 at the
time of this filing and no financials (audited or unaudited) are available at this time, the Company hereby confirms that it intends
to file the required financial statements on or before October 11, 2014, by amendment to this Form 8-K.
(b) Pro Forma Financial Information. See paragraph
(a) above.
(d) Exhibits.
The following exhibits are filed with this report:
Exhibit 10.1 |
Fourth Amendment to Single Family Homes Real Estate Purchase and Sale Agreement (Memphis 60). |
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Exhibit 10.2 |
First Amendment to Single Family Homes Real Estate Purchase and Sale Agreement (Memphis 14). |
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Exhibit 99.1 |
Press release dated July 28, 2014, announcing the acquisition of the Memphis, Tennessee, portfolios. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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REVEN HOUSING REIT, INC. |
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Dated: July 28, 2014 |
/s/ Chad M. Carpenter |
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Chad M. Carpenter |
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Chief Executive Officer |
Exhibit 10.1
FOURTH AMENDMENT TO
SINGLE FAMILY HOMES REAL ESTATE PURCHASE
AND SALE AGREEMENT
THIS FOURTH AMENDMENT
TO SINGLE FAMILY HOMES REAL ESTATE PURCHASE AND SALE AGREEMENT (this "Fourth Amendment") is made as of
July 22, 2014 by and among H&J PROPERTIES, LLC, a Tennessee limited liability company, and MEMPHIS CASH FLOW, GP, a Tennessee
general partnership, and EQUITY TRUST COMPANY CUSTODIAN FBO HULET T. GREGORY IRA Z108673 (collectively, “Seller”)
and REVEN HOUSING TENNESSEE, LLC, a Delaware limited liability company (“Buyer”) as assignee of REVEN
HOUSING REIT, INC., a Maryland corporation, with reference to the following recitals:
RECITALS
A. Whereas,
H & J Properties, LLC (“Original Seller”) and Reven Housing REIT, Inc., a Maryland corporation (“Original
Buyer”) entered into that certain Single Family Homes Real Estate Purchase and Sale Agreement dated April 24, 2014
(“Agreement”) pursuant to which Original Seller agreed to sell and Original Buyer agreed to purchase
from Original Seller, forty-eight (48) single family homes in the city of Memphis, Tennessee.
B. Whereas,
Original Seller and Original Buyer executed the First Amendment to Single Family Homes Real Estate Purchase and Sale Agreement
on May 31, 2014 (the “First Amendment”) to amend the Agreement to increase the number of homes sold by
Original Seller and Purchased by Original Buyer to sixty-one (61) homes, to increase the Purchase Price, and to extend the Due
Diligence Period.
C. Whereas,
Original Seller and Original Buyer executed the Second Amendment to Single Family Homes Real Estate Purchase and Sale Agreement
on June 19, 2014 (the “Second Amendment”) to again amend the Agreement to extend the Due Diligence Period
and to change certain of the homes constituting the Property.
D. Whereas,
Original Seller and Original Buyer executed the Third Amendment to Single Family Homes Real Estate Purchase and Sale Agreement
on June 30, 2014 (the “Third Amendment”) to again amend the Agreement to add two (2) seller entities,
to again extend the Due Diligence Period, to create an Escrow Holdback, to adjust the Purchase Price, and to change certain of
the homes constituting the Property such that the Property now consists of sixty (60) homes.
E. Whereas,
Seller and Buyer have agreed to further amend the Agreement to assign Original Buyer’s interest in the Agreement to Buyer,
to provide notice of Buyer’s intent to Close, and to delay the purchase of nine (9) of the homes constituting the Property.
NOW THEREFORE, in consideration of the
mutual agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
Buyer and Seller hereby agree as follows:
AGREEMENT
1. Definitions.
All initially-capitalized terms used in this Fourth Amendment without definition shall have the meanings given such terms in the
Agreement and the amendments thereto.
2. Buyer’s
Intent to Close. Pursuant to Section 7 of the Agreement, and subject to the terms of this Fourth Amendment, Buyer hereby notifies
Seller of Buyer’s election to purchase the Property. Buyer’s Deposit shall be non-refundable to Buyer except in the
event of a Default by Seller or breach of the Agreement by Seller.
3. Assignment.
Pursuant to Agreement Section 22(g), Original Buyer hereby assigns its interest in the Agreement to Buyer.
4. Delayed
Purchase. The nine (9) homes listed on the document attached hereto as Exhibit J (collectively, the “Delayed Homes”)
will not be part of the Closing and may instead be purchased individually or collectively by Buyer if Seller is able to lease such
homes as described herein. Accordingly, the sum of Five Hundred Ninety Four Thousand and 00/100 Dollars ($594,000.00) from the
Purchase Price (the “Delayed Homes Holdback”) shall be held by the Escrow Holder as described in this
Section. Subject to Section 5 below, Buyer shall instruct Escrow Holder to release funds equal to the Assigned Home Price for each
of the Delayed Homes listed on Exhibit J which Buyer deems to have been leased according to the following criteria: (i) Seller
has received a security deposit of at least one (1) month’s rent, (ii) a tenant has signed a lease agreement with a move-in
date not more than fifteen (15) days from the date of such lease agreement, (iii) the monthly rental for each home is not less
than the minimum monthly rental listed for such home in Exhibit J, and (iv) the home is occupied by such lessee. Seller shall provide
sufficient back up documentation reasonably satisfactory to Buyer to demonstrate that such conditions have been satisfied.
5. Delayed
Purchase Outside Date. Seller shall have sixty (60) days from the date of this Fourth Amendment to lease up the Delayed Homes
as described in Section 4 above. If upon the expiration of such sixty (60) day period Seller has failed to lease up one or more
of the Delayed Homes as described in Section 4 above, Buyer shall have the option to purchase such homes at the aggregate Assigned
Home Price for such homes by giving Seller written notice of Buyer’s intent to purchase such homes not later than five (5)
days after the expiration of such sixty (60) day period. If Buyer does not give Seller such notice as described herein, Escrow
Holder shall return to Buyer all of Buyer’s Delayed Homes Holdback funds in Escrow Holder’s custody at that time, and
Buyer shall be relieved of its obligation to purchase the Delayed Homes, and Buyer and Seller shall be relieved of all obligations
to each other, except for such obligations which expressly survive the Agreement, the First Amendment, the Second Amendment, the
Third Amendment, and the Fourth Amendment.
6. Return
of Delayed Homes Holdback. If Seller has not leased the Delayed Homes as described in this Fourth Amendment within the sixty
(60) day period allotted to Seller for such leasing, all remaining Delayed Homes Holdback funds not already spent on the Delayed
Homes shall immediately be refunded by Escrow Holder to Buyer upon the expiration of such sixty (60) day period.
7. Governing
Law. This Fourth Amendment shall be governed by the laws of the State of Tennessee.
8. Full
Force and Effect. Except as modified herein, Buyer and Seller agree and affirm that the Agreement remains in full force and
effect.
9. Counterparts.
This Fourth Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. An electronically transmitted counterpart of this Fourth Amendment shall
constitute an original for all purposes.
10. Miscellaneous.
This Fourth Amendment, together with the First Amendment, Second Amendment, Third Amendment, and the Agreement, sets forth the
entire agreement between the parties with respect to the subject matter set forth herein and therein and may not be modified, amended
or altered except by subsequent written agreement between the parties. In case of any inconsistency between the provisions of this
Fourth Amendment, the First Amendment, the Second Amendment, the Third Amendment, and the Agreement, the provisions of this Fourth
Amendment shall govern and control. This Fourth Amendment shall be binding upon and shall inure to the benefit of Buyer and Seller
and their respective successors and assigns, if any.
[Remainder of this page deliberately left
blank]
IN WITNESS WHEREOF, Buyer and Seller have
caused this Fourth Amendment to be duly executed on their behalfs as of the day and year first stated above.
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SELLER |
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H&J PROPERTIES, LLC, a Tennessee limited liability company |
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By: |
/s/ Hulet T. Gregory |
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Name: Hulet T. Gregory |
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Its: |
Chief Manager |
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MEMPHIS CASH FLOW, GP, a Tennessee general partnership |
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By: |
/s/ Hulet T. Gregory |
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Name: Hulet T. Gregory |
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Its: |
President |
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EQUITY TRUST COMPANY CUSTODIAN FBO HULET T. GREGORY IRA Z108673 |
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By: |
/s/ Hulet T. Gregory |
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Name: Hulet T. Gregory |
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Its: |
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BUYER |
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REVEN HOUSING TENNESSEE, LLC, a Delaware limited liability company |
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By: |
/s/ Thad L. Meyer |
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Thad L. Meyer |
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Chief Financial Officer |
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ORIGINAL BUYER |
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Reven HOUSING REIT, INC., a Maryland corporation |
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By: |
Thad Meyer |
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Thad Meyer |
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Chief Financial Officer |
Exhibit 10.2
FIRST AMENDMENT TO
SINGLE FAMILY HOMES REAL ESTATE PURCHASE
AND SALE AGREEMENT
THIS FIRST AMENDMENT
TO SINGLE FAMILY HOMES REAL ESTATE PURCHASE AND SALE AGREEMENT (this "First Amendment") is made as of July
22, 2014 by and among HIGHMARK INVESTORS, LLC, a Tennessee limited liability company (“Seller”) and REVEN
HOUSING TENNESSEE, LLC, a Delaware limited liability company (“Buyer”) as assignee of REVEN HOUSING REIT,
INC., a Maryland corporation, with reference to the following recitals:
RECITALS
A. Seller
and Reven Housing REIT, Inc., a Maryland corporation (“Original Buyer”) entered into that certain Single
Family Homes Real Estate Purchase and Sale Agreement dated June 5, 2014 (“Agreement”) pursuant to which
Seller agreed to sell and Original Buyer agreed to purchase from Seller, fourteen (14) single family homes in the city of Memphis,
Tennessee (collectively, the “Property”).
B. Seller
and Buyer have agreed to amend the Agreement to delay the purchase of four (4) homes, assign Original Buyer’s interest in
the Agreement to Buyer, to provide notice of Buyer’s intent to Close, and to list the repairs covered by the Purchase Price
Holdback.
NOW THEREFORE, in consideration of the
mutual agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
Buyer and Seller hereby agree as follows:
AGREEMENT
1. Definitions.
All initially-capitalized terms used in this First Amendment without definition shall have the meanings given such terms in the
Agreement.
2. Buyer’s
Intent to Close. Pursuant to Section 7 of the Agreement, and subject to the terms of this First Amendment, Buyer hereby notifies
Seller of Buyer’s election to purchase the Property. Buyer’s Deposit shall be non-refundable to Buyer except in the
event of a Default by Seller or breach of the Agreement by Seller.
3. Assignment.
Pursuant to Agreement Section 22(g), Original Buyer hereby assigns its interest in the Agreement to Buyer.
4. Exhibit
A. Exhibit A attached to the Agreement is hereby deleted in its entirety and is replaced with the document attached hereto
as Exhibit A.
5. Delayed
Purchase. The properties identified as 3483 McKenzie, 6860 Rockingham, 2882 Cottonwood, and 3708 Crosswood on Exhibit A
attached hereto (collectively, the “Delayed Homes”) will not be part of the Closing and may instead be
purchased by Buyer if Seller provides Buyer with back-up documentation reasonably acceptable to Buyer showing that the lessee in
the Delayed Home has become current on rent. In the event that a Delayed Home becomes vacant and subject to Section 6 below, Buyer
shall instruct Escrow Holder to release funds equal to the Assigned Home Value for each of the Delayed Homes listed on Exhibit
A attached hereto which Buyer deems to have been leased according to the following criteria: (i) Seller has received a security
deposit of at least one (1) month’s rent, (ii) a tenant has signed a lease agreement with a move-in date not more than fifteen
(15) days from the date of such lease agreement, (iii) the monthly rental for each home is not less than the minimum monthly rental
listed for such home in Exhibit A, and (iv) the home is occupied by such lessee. Seller shall provide sufficient back-up documentation
reasonably satisfactory to Buyer to demonstrate that such conditions have been satisfied. Accordingly, the sum of Two Hundred Twenty
Nine Thousand and 00/100 Dollars ($229,000.00) from the Purchase Price (the “Delayed Home Holdback”)
shall be held by the Escrow Holder as described in this Section. Buyer shall instruct Escrow Holder to release funds equal to the
Delayed Home Holdback if the Delayed Home’s lessee is brought current on rent or a new lease is signed within the time period
referenced in Section 6 below.
6. Delayed
Purchase Outside Date. Seller shall have thirty (30) days from the date of this First Amendment to bring the Delayed Home’s
lessee current on rent as described in Section 5 above or sixty (60) days from the date of this First Amendment to lease up the
Delayed Homes as described in Section 5 above. If upon the expiration of such thirty (30) or sixty (60) day period Seller has failed
to bring the Delayed Home’s lessee current on rent or lease up a Delayed Home as described in Section 5 above, Buyer shall
have the option to purchase the Delayed Home at the Delayed Home Holdback price by giving Seller written notice of Buyer’s
intent to purchase such homes not later than five (5) days after the expiration of such thirty (30) or sixty (60) day period. If
Buyer does not give Seller such notice as described herein, Escrow Holder shall return to Buyer all of Buyer’s Delayed Home
Holdback funds in Escrow Holder’s custody at that time, Buyer shall be relieved of its obligation to purchase the Delayed
Home, and Buyer and Seller shall be relieved of all obligations to each other, except for such obligations which expressly survive
the Agreement and the First Amendment.
7. Escrow
Repair Holdback. The Purchase Price Escrow Repair Holdback amount of Forty Three Thousand and 00/100 Dollars ($43,000.00) shall
be withheld by the Escrow Holder until such time as Seller has completed all repairs to the homes identified in the attached Exhibit
I (the “Holdback Repairs”) to Buyer’s reasonable satisfaction. Such Holdback Repairs shall be completed
by Seller, at Seller’s sole cost and expense, not later than thirty (30) days after Closing (the “Holdback Repair
Period”). Seller shall provide to Buyer invoices and related back-up documentation reasonably acceptable to Buyer
pertaining to all Holdback Repairs, as well as photographs reasonably acceptable to Buyer depicting each and every item to be repaired
before such repair has begun and after such repair has been completed. Purchase Price Holdback funds shall remain held by the Escrow
Holder until Holdback Repairs are completed to Buyer’s reasonable satisfaction. Upon the end of the Holdback Repair Period
or sooner upon Buyer’s election, Buyer shall review the status of the Holdback Repairs and, if any repairs have been completed
to Buyer’s reasonable satisfaction, Buyer shall at that time instruct the Escrow Holder to release funds pertaining to such
completed repairs as listed in Exhibit I to this First Amendment. If after Buyer’s review of the Holdback Repairs Buyer determines
that all of the Holdback Repairs have been completed during the Holdback Repair Period, any Purchase Price Escrow Repair Holdback
funds remaining in Escrow Holder’s custody shall be released to Seller.
8. Governing
Law. This First Amendment shall be governed by the laws of the State of Tennessee.
9. Full
Force and Effect. Except as modified herein, Buyer and Seller agree and affirm that the Agreement remains in full force and
effect.
10. Counterparts.
This First Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. An electronically transmitted counterpart of this First Amendment shall constitute
an original for all purposes.
11. Miscellaneous.
This First Amendment, together with the Agreement, sets forth the entire agreement between the parties with respect to the subject
matter set forth herein and therein and may not be modified, amended or altered except by subsequent written agreement between
the parties. In case of any inconsistency between the provisions of the First Amendment and the Agreement, the provisions of this
First Amendment shall govern and control. This First Amendment shall be binding upon and shall inure to the benefit of Buyer and
Seller and their respective successors and assigns, if any.
[Remainder of this page deliberately left
blank]
IN WITNESS WHEREOF, Buyer and Seller have
caused this First Amendment to be duly executed on their behalfs as of the day and year first stated above.
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SELLER |
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HIGHMARK INVESTORS, LLC, a Tennessee limited liability company |
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By: |
/s/ Jeffrey King |
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Name: |
Jeffrey King |
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Its: |
Member |
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BUYER |
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REVEN HOUSING TENNESSEE, LLC, a Delaware limited liability company |
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By: |
/s/ Thad Meyer |
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Thad Meyer |
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Chief Financial Officer |
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ORIGINAL BUYER |
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Reven HOUSING REIT, INC., a Maryland corporation |
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By: |
Thad Meyer |
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Thad Meyer |
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Chief Financial Officer |
Exhibit 99.1
Reven Housing REIT Acquires Portfolios
in Memphis, Tennessee
La Jolla, California, July 28, 2014 – Reven Housing REIT,
Inc. ("Reven" or the "Company") (OTCBB: RVEN) today announced that it has acquired two portfolios totaling
61 single-family homes in Memphis, Tennessee, with one home just across the border in Mississippi. The aggregate purchase price
for the two portfolios was $4,762,800, exclusive of closing costs. The Company funded 100% of the purchase with cash. The acquired
properties average 1,784 square feet and are mostly three-bedroom, two bath homes. Of the acquired properties, 43 are currently
subject to one-year leases, four are subject to multi-year leases and the remaining 14 properties are subject to month-to-month
leases.
Chad M. Carpenter, Chairman and Chief Executive Officer of Reven,
commented, “We are very pleased with our acquisition of the portfolios in Memphis as we continue to execute our business
plan. Reven currently owns 284 homes in four metropolitan markets that we have evaluated and identified as market opportunities
– first in Atlanta, Georgia, and Houston, Texas, and just a couple of weeks ago, in Jacksonville, Florida, and now in Memphis,
Tennessee.”
Additional information regarding the acquisition of the Memphis
portfolios can be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on
July 28, 2014.
About Reven Housing REIT, Inc.
Reven Housing REIT is engaged in the acquisition, ownership
and operation of portfolios of leased single-family homes in the United States. Reven operates its portfolio properties as single-family
rentals, or SFRs, and it generates most of its revenue from rental income of the existing tenants of the SFRs that Reven has acquired.
Reven’s business plan involves acquiring portfolios of rented houses from investors who have bought them low, fixed and rented
them; and generating current income from profits from rentals and appreciation of houses. Reven intends to take all necessary steps
to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code, as amended. However, no assurance
can be given that it will qualify or remain qualified as a REIT.
Forward Looking Statement
This press release contains forward-looking statements that
relate to expectations, beliefs, projections, future plans and strategies, anticipated events and similar expressions. Forward-looking
statements may be identified by use of words such as “may,” “will,” “should,” “expects,”
“intends,” “plans,” “anticipates,” “believes,” “estimates,” or “potential”
or similar words or phrases which are predictions of or indicate future events or trends. Statements such as those concerning potential
acquisition activity, investment objectives, strategies, opportunities, other plans and objectives for future operations or economic
performance are based on the Company’s current expectations, plans, estimates, assumptions and beliefs that involve numerous
risks and uncertainties. Any of these statements could prove to be inaccurate and actual events or investments and results of operations
could differ materially from those expressed or implied, including the ability of the Company to qualify and operate as a REIT.
To the extent that the Company’s assumptions differ from actual results, the Company’s ability to meet such forward-looking
statements, including its ability to invest in a diversified portfolio of quality real estate investments and to qualify and operate
as a REIT, may be significantly and negatively impacted. You are cautioned not to place undue reliance on any forward-looking statements
and the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying
assumptions or factors, new information, future events or other changes. Please refer to Company’s Annual Report on Form
10-K filed with the Securities and Exchange Commission on for the year ended December 31, 2013 filed with the SEC on March 25,
2014, and subsequently filed SEC reports, for further information.
For More Information, Contact:
Cole Carpenter
Reven Housing REIT, Inc.
7911 Hershel Ave., #201
La Jolla, California 92037
(858) 459-4000
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