REVEN HOUSING REIT, INC. (NASDAQ:RVEN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement.
Houston 100 Purchase and Sale Agreement
On November 29, 2016, Reven Housing Texas 2, LLC, a Delaware
limited liability company and a wholly owned subsidiary of Reven
Housing REIT, Inc. (the Company), closed on the acquisition of 97
properties located in the Houston, Texas, metropolitan area, to
that certain Single Family Homes Real Estate Purchase and Sale
Agreement (Agreement) dated September 27, 2016 between Reven
Housing Texas, LLC, a Delaware limited liability company and a
wholly owned subsidiary of the Company, and Red Door Housing,
LLC, a Texas limited liability company (Red Door). Prior to the
close, Reven Housing Texas, LLC assigned it rights under the
Agreement to Reven Housing Texas 2, LLC. Red Door does not have a
material relationship with the Company and the acquisition was
not an affiliated transaction.
The contract purchase price for the 97 acquired properties was
approximately $9,091,000, exclusive of closing costs. The Company
funded 100% of the purchase with cash. The acquired properties
average 1,482 square feet and are mostly three-bedroom, two bath
homes. Of the acquired properties, 55 are currently subject to
one-year leases, five are vacant, and 37 are subject to
month-to-month leases.
Item 9.01 Financial Statement and Exhibits
| (a) |
Financial Statements of Businesses Acquired. The Company will file the financial statements of the properties described in Item 2.01 that are required by Items 8-05 and 8-06 of Regulation S-X on or before February 14, 2017, by amendment to this Form8-K. |
| (b) |
Pro Forma Financial Information. See paragraph (a) above. |
| (c) | Exhibits. |
About REVEN HOUSING REIT, INC. (NASDAQ:RVEN)
Reven Housing REIT, Inc. is a holding company. The Company is an internally managed real estate investment trust. It is engaged in the acquisition, ownership and operation of portfolios of leased single family homes in the United States. Its objective is to generate cash flow and distribute resulting profits to its stockholders in the form of distributions, while gaining home price appreciation at the same time through the ownership of its portfolio properties. It operates its portfolio properties as single family rentals (SFRs), and generates its revenue from rental income from the existing tenants of the SFRs. As of December 31, 2015, it owned a total of 527 homes, of which 256 homes were in the Jacksonville, Florida metropolitan area; 168 homes were in the Houston, Texas metropolitan area; 94 homes were in the Memphis, Tennessee metropolitan area (with two of the Memphis homes located across the border in Mississippi), and nine homes were in the Atlanta, Georgia metropolitan area. REVEN HOUSING REIT, INC. (NASDAQ:RVEN) Recent Trading Information
REVEN HOUSING REIT, INC. (NASDAQ:RVEN) closed its last trading session down -0.10 at 5.50 with 200 shares trading hands.
