This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Silver Bay Realty Trust Corp. Reports Fourth Quarter 2012 Financial Results

Stocks in this article: SBY

The historical balances of Silver Bay’s Predecessor have been reflected at carryover basis in Silver Bay’s consolidated financial statements for 2012. The assets and liabilities of the Provident Entities’ have been recorded at their fair value upon acquisition.

In the first quarter of 2012, Silver Bay’s Predecessor began acquiring a portfolio of single-family properties. A substantial number of these properties did not generate revenue for the fourth quarter and full year of 2012 as they were still in the stabilization phase, or the period before a property becomes income producing.

Portfolio Summary and Operating Metrics

Silver Bay managed a portfolio of 3,405 single-family properties as of December 31, 2012. During the fourth quarter, Silver Bay and its Predecessor acquired 857 properties in the fourth quarter, exclusive of the acquisition of the 881 properties owned by the Provident Entities. The Company achieved an occupancy rate of 96% and an average monthly rent of $1,148 on 1,779 properties that were stabilized as of December 31, 2012. Silver Bay reported an occupancy rate of 83% and an average monthly rent of $1,143 on 1,583 properties that were owned for a minimum of six months. A total of 1,705 single-family properties of the aggregate portfolio were leased as of December 31, 2012, resulting in an occupancy rate of 50%. The occupancy rate of the aggregate portfolio is not indicative of the portfolio’s expected performance due to the significant number of recently acquired properties and those still in the stabilization phase. A summary of Silver Bay’s occupancy rates in addition to Silver Bay’s supplementary definition of stabilized properties are included in the financial and operating tables accompanying this press release.

Public Stock Offerings

On December 19, 2012, Silver Bay completed an initial public offering of common stock. The offering resulted in the issuance of 13,250,000 shares of common stock for net proceeds of approximately $228.5 million. Subsequent to quarter end, Silver Bay issued an additional 1,987,500 shares of common stock pursuant to the underwriters’ over-allotment option for net proceeds of approximately $34.8 million. Silver Bay intends to use the net proceeds from these offerings to purchase additional single-family properties, to renovate such properties for rental to residents and for working capital.

2 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs