Silver Bay Realty Trust Corp. Reports Third 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 September 30, 2013.

Highlights
  • Total revenue increased 35% quarter-over-quarter to $14.5 million
  • Net operating income outpaced revenue growth, increasing 44% quarter-over-quarter to $4.5 million
  • Estimated net asset value appreciated 3% quarter-over-quarter to $19.50 per fully diluted share
  • Increased the number of leased properties by 911 or 25% quarter-over-quarter
  • Owned portfolio of 5,575 single-family properties, of which 4,521 properties were leased, resulting in an aggregate portfolio occupancy increase to 81% from 65% in the prior quarter
  • Occupancy for properties owned six months or longer increased to 89% from 87% quarter-over-quarter

“We achieved strong leasing momentum in the quarter,” said David N. Miller, Silver Bay’s President and Chief Executive Officer. “We are continuing to deliver attractive total returns to our stockholders. Our estimated net asset value is up, and the gains in occupancy and operating efficiency are steadily improving our cash flow performance.”

Financial Results

Silver Bay reported total revenue of $14.5 million for the third quarter of 2013, a 35% increase compared to total revenue of $10.7 million for the second quarter of 2013. This sequential quarter increase was primarily attributable to an additional 911 leased properties generating rental income during the quarter. Net loss attributable to common stockholders for the third quarter of 2013 was $6.4 million, or ($0.16) per common share, compared to net loss attributable to common stockholders for the second quarter of 2013 of $6.8 million, or ($0.18) per common share. Due to the formative stage of Silver Bay’s development, a significant number of the Company’s properties were in the initial renovation and leasing phases and therefore were not yet producing rental income.

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