LA JOLLA, Calif.--(BUSINESS WIRE)--Reven Housing REIT, Inc. (the “Company”, “Reven”) (NASDAQ: RVEN), an owner and operator of single-family residential properties, today announced that its Board of Directors has authorized the Company to repurchase up to $500,000 of its own shares. The repurchase program will commence following the filing of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 later this month and the authorization extends through December 31, 2018; repurchases will be made in accordance with applicable securities laws from time to time in the open market depending on market conditions.
Chad Carpenter, Chief Executive Officer of Reven Housing, stated: “We remain committed to investing in our business to capitalize on the continuing trend of households choosing to rent single family homes. However, we recognize that opportunities periodically emerge to accretively deploy capital from time to time in our shares. The share repurchase demonstrates our confidence in our platform and the future growth potential of Reven to our shareholders.”
The repurchases will be made in compliance with the SEC’s Rule 10b-18 subject to market conditions, available liquidity, cash flow, applicable legal requirements and other factors. The program does not obligate Reven Housing to acquire any amount of common stock and the program may be suspended or discontinued at any time. Reven expects to finance the repurchases with existing cash balances.
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 826 single family rental properties in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas.
For more information, please visit http://www.revenhousingreit.com/.