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Silver Bay Realty Trust Corp. Reports Second Quarter 2013 Financial Results

Stocks in this article: SBY

Silver Bay Realty Trust Corp. (NYSE: SBY) or “Silver Bay,” or “the Company,” today announced its financial results for the quarter ended June 30, 2013.

Highlights

  • Total revenue increased 40% quarter-over-quarter to $10.7 million driven primarily by a significant increase in the number of properties leased during the quarter
  • Achieved record leasing pace, increasing the number of leased properties by 1,197 or 50% quarter-over-quarter
  • Reported, as a new metric, estimated net asset value of $18.95 per fully diluted share
  • Occupancy for stabilized properties increased two percentage points to 94% from 92% quarter-over-quarter
  • Occupancy for properties owned six months or longer increased six percentage points to 87% from 81% quarter-over-quarter
  • Net operating income, reported as a new metric, increased 79% quarter-over-quarter to $3.1 million
  • Owned portfolio of 5,571 single-family properties, of which 3,610 properties were leased, resulting in aggregate portfolio occupancy of 65% as of June 30, 2013.

“We made excellent progress on our strategic objectives in the second quarter, including high quality acquisitions, gains in leasing and solid growth in the value of our underlying portfolio,” said David N. Miller, Silver Bay’s President and Chief Executive Officer. “We are well-positioned to benefit from the recovery of the U.S. housing market, and in turn, to provide attractive long-term total returns to our stockholders.”

Financial Results

Silver Bay reported total revenue of $10.7 million for the second quarter of 2013, a 40% increase compared to total revenue of $7.7 million for the first quarter of 2013. This sequential quarter increase was primarily attributable to an additional 1,197 leased properties generating rental income during the quarter. Net loss attributable to common stockholders for the second quarter of 2013 was $6.8 million, or ($0.18) per common share, compared to net loss attributable to common stockholders for the first quarter of 2013 of $6.4 million, or ($0.16) per common share. Due to the formative stage of Silver Bay’s development, many properties in the Company’s portfolio were in the renovation and leasing phases and therefore were not yet producing rental income.

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