Reven Housing REIT, Inc. Provides Update on Hurricane Irma

Business Wire

LA JOLLA, Calif.--(BUSINESS WIRE)-- Reven Housing REIT, Inc. (the “Company”, “Reven”) (NASDAQ: RVEN), an owner and operator of single-family residential properties, announced today that it is actively assessing the impact of Hurricane Irma on its rental homes in Jacksonville.

“On behalf of Reven, we extend our heartfelt thoughts to all of Florida, our residents and our team members in Jacksonville as they continue to recover from the aftermath of Hurricane Irma,” stated Chad Carpenter, Chairman & Chief Executive Officer of Reven Housing REIT, Inc. “Our local team members are in the early phases of assessing the impact of the storm on our homes and are working diligently to make sure our homes get the attention they need so our residents return to their homes and resume their daily routines and activities.” Mr. Carpenter continued: “Based on preliminary assessments, the damage sustained was largely wind related including tree damage and some roof leaks. We are confident that Reven will be able to cover its deductibles and expenses not covered by its insurance policies relating to its Jacksonville and Houston portfolios due to Hurricane Irma and Hurricane Harvey with its current cash reserves.”

Mr. Carpenter added: “Furthermore, we are pleased to report that our properties in Memphis, Tennessee, Atlanta, Georgia and Birmingham, Alabama were not impacted by Hurricane Irma or Hurricane Harvey.”

Reven owns 255 homes in the greater Jacksonville area. The Company maintains property and casualty insurance policies that cover floods and damage related to named storms subject to deductibles and limits.

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 single family rental properties in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas.