- Generated Funds From Operations of $0.04 per common share
- Total revenue increased 15% quarter-over-quarter to $16.7 million
- Net operating income outpaced revenue growth, increasing 48% quarter-over-quarter to $8.3 million
- Estimated net asset value increased 4% quarter-over-quarter to $20.21 per share
- Increased aggregate occupancy to 88% from 81% on portfolio of 5,642 single-family properties
- Completed $150.0 million increase to credit facility subsequent to quarter-end
“Our fourth quarter results demonstrate continued progress in our operating efficiency and leasing,” said David N. Miller, Silver Bay’s President and Chief Executive Officer. “We are pleased to have generated positive cash flow each month this quarter while achieving substantial growth in our estimated net asset value. These are the key drivers of total return and our goal of creating enduring value for our stockholders.”
Financial ResultsSilver Bay reported total revenue of $16.7 million for the fourth quarter of 2013, a 15% increase compared to total revenue of $14.5 million for the third quarter of 2013. This sequential quarterly increase was primarily attributable to an additional 452 leased properties generating rental income during the quarter. Net loss attributable to common stockholders for the fourth quarter of 2013 was $5.1 million, or ($0.13) per common share, compared to net loss attributable to common stockholders for the third quarter of 2013 of $6.4 million, or ($0.16) per common share. The Company reported net operating income, or NOI, of $8.3 million for the fourth quarter of 2013, a 48% increase compared to NOI of $5.6 million for the third quarter of 2013. Funds From Operations, or FFO, a generally accepted measure of operating performance for real estate investment trusts, for the fourth quarter 2013 were $1.5 million, or $0.04 per common share, compared to negative FFO for the third quarter 2013 of $0.6 million, or ($0.02) per common share. NOI and FFO are non-GAAP financial measures. A reconciliation of net loss to NOI and net loss attributable to common stockholders to FFO are included in the financial and operating tables accompanying this press release.