Silver Bay Realty Trust Corp. released its third quarter 2015 financial results last Wednesday, Nov. 4.
In their press release posted at Business Wire, Silver Bay Realty Trust Corp. reported a 53 percent increase, from $20.0 million to $30.6 million, in their total revenue this quarter compared to last year. The increase in their total revenue happened primarily because of the increase in the number of leased properties generating rental income and rental growth.
Silver Bay Realty Trust Corp. also reported a 65 percent increase in their Net Operating Income, a 113 percent increase in Core Funds from Operation, a 9.5 increase in estimated net asset value per share, a 5.5 percent rental increase on new move-ins, and a 3.7 rental increase on renewals.
"We are pleased with our third quarter results which demonstrate the steady progress we have made in refining our operational platform," said Silver Bay's President and Chief Executive Officer David N. Miller, in a statement. "We drove solid rental growth while maintaining high occupancy levels and our NAV per share continued to benefit from the strong housing price appreciation in our core markets. We will continue to position the Company to drive value creation for our stockholders."
The company also reported that the net loss attributable to common stockholders for the third quarter of 2015 was $1.4 million, or $(0.04) per common share, compared to $44.9 million, or $(1.17) per common share for the third quarter of 2014.
Silver Bay owned a portfolio with the total of 9,074 single-family properties as of Sep. 30, 2015.
Silver Bay Realty Trust Corp. is a newly organized Maryland corporation focused on the acquisition, renovation, leasing and management of single-family properties for rental income and long-term capital appreciation, with the principal objective of generating attractive risk-adjusted returns for stockholders over the long term, primarily through dividends and secondarily through capital appreciation.
Silver Bay has elected to qualify and to be taxed as a REIT.
