Silver Bay Realty Trust Corp. (NYSE: SBY) or “Silver Bay,” or “the Company,” a real estate investment trust that focuses on the acquisition, renovation, leasing and management of single-family properties, today announced its financial results for the quarter ended December 31, 2012.
- Completed an initial public offering, which resulted in net proceeds of approximately $263.3 million (including proceeds of approximately $34.8 million attributable to the exercise of the underwriters’ overallotment option on January 7, 2013)
- Managed portfolio of over 3,400 single-family properties located in ten markets across seven states as of December 31, 2012
- Realized an average monthly rent per leased property of $1,148
- Held cash and cash equivalents of $228.1 million and $19.7 million in escrow deposits
“We are proud to be the first publicly traded, single-family property REIT,” said David N. Miller, Silver Bay’s President and Chief Executive Officer. “Silver Bay is capitalizing on a generational opportunity to acquire undervalued single-family properties in markets with strong demographic and macroeconomic indicators. Additionally, we continue to build our institutional platform in order to grow our business and capture operational efficiencies.”
Silver Bay reported fourth quarter 2012 total revenue of $2.8 million. Net loss attributable to common stockholders for the fourth quarter was $3.2 million, or ($0.04) per diluted share.
Formation and Financial Presentation
Concurrently with Silver Bay’s initial public offering, the Company completed a series of merger and contribution transactions through which Silver Bay acquired Two Harbors Property Investment LLC (now Silver Bay Property Investment LLC), or its Predecessor, and entities managed by Provident Real Estate Advisors LLC, or the Provident Entities. Silver Bay’s Predecessor is considered the acquiring or surviving entity for accounting purposes. Given Silver Bay’s formation date of December 19, 2012, the financial results for the fourth quarter and full year of 2012 reflect an abbreviated operating period of twelve days for the Provident Entities in addition to the full year financial performance of its Predecessor.