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 2013 Financial Results

Silver Bay Realty Trust Corp. (NYSE: SBY) or “Silver Bay,” or “the Company,” today announced its financial results for the quarter ended December 31, 2013.

Highlights

  • 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 Results

Silver 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.

1 of 12

Select the service that is right for you!

COMPARE ALL SERVICES
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 17,122.01 +15.31 0.09%
S&P 500 2,000.12 +0.10 0.00%
NASDAQ 4,569.6210 -1.0160 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • 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