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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Silver Bay Realty Trust Corp. | NYSE:SBY | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.49 | 0.00 | 01:00:00 |
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Maryland
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90-0867250
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification Number)
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3300 Fernbrook Lane North, Suite 210
Plymouth, Minnesota
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55447
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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Emerging growth company
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•
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Those factors described in the discussion on risk factors in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2016 (and any updates to those risk factors included in Part II, Item 1A, “Risk Factors,” in this Quarterly Report), Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part I, Item 3, "Quantitative and Qualitative Disclosures about Market Risk" in this Quarterly Report on Form 10-Q and other risks and uncertainties detailed in this and our other reports and filings with the Securities and Exchange Commission;
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•
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Increases in interest rates and interest rate volatility and our failure to effectively hedge against potential interest rate changes, which may be impacted by international events such as the United Kingdom's exit from the European Union, commonly referred to as "Brexit";
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•
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Real estate appreciation or depreciation in our markets and the supply of single-family homes in our markets;
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•
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General economic conditions in our markets, such as changes in employment and household earnings and expenses or the reversal of population, employment, or homeownership trends in our markets that could affect the demand for rental housing;
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•
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Our ability to maintain high occupancy rates and to attract and retain qualified residents in light of increased competition in the leasing market for quality residents and the relatively short duration of our leases;
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•
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Our ability to maintain rents at levels that are sufficient to keep pace with rising costs of operations;
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•
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Lease defaults by our residents;
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•
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Our ability to contain renovation, maintenance, turnover, marketing, and other operating costs for our properties;
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•
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Our ability to continue to build our operational expertise and to establish our platform and processes related to residential management;
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•
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Our dependence on key personnel to carry out our business and investment strategies and our ability to hire and retain skilled managerial, investment, financial, and operational personnel;
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•
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The performance of third-party vendors and service providers, including third-party management professionals, maintenance providers, leasing agents, and property managers;
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•
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Our ability to obtain additional capital or debt financing to expand our portfolio of single-family properties and our ability to repay our debt, including borrowings under our revolving credit facility and securitization loan and to meet our other obligations under our debt;
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•
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Competition from other investors in identifying and acquiring single-family properties that meet our underwriting criteria and leasing such properties to qualified residents;
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•
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The availability of additional properties that meet our criteria and our ability to purchase such properties on favorable terms;
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•
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The accuracy of assumptions in determining whether a particular property meets our investment criteria, including assumptions related to estimated time of possession and estimated renovation costs and time frames, annual operating costs, market rental rates and potential rent amounts, time from purchase to leasing, and resident default rates;
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•
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Our ability to accurately estimate the time and expense required to possess, renovate, repair, upgrade, and rent properties and to keep them maintained in rentable condition, and the existence of unforeseen defects and problems that require extensive renovation and capital expenditures;
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•
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The concentration of our investments in single-family properties which subject us to risks inherent in investments in a single type of property and seasonal fluctuations in rental demand;
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•
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The concentration of our properties in our markets, which increases the risk of adverse changes in our operating results if there were adverse developments in local economic conditions or the demand for single-family rental homes or natural disasters in these markets;
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•
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Changes in governmental regulations, tax laws (including changes to laws governing the taxation of REITs) and rates, and similar matters;
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•
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Failure to qualify as a REIT or to remain qualified as a REIT, which will subject us to federal income tax at regular corporate rates and could subject us to a substantial tax liability; and
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•
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The announcement and pendency of or failure to complete the Merger and Partnership Merger (as defined below).
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March 31, 2017 (unaudited)
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December 31, 2016
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||||
Assets
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Investments in real estate:
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Land and land improvements
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$
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216,052
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$
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216,956
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Building and improvements
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991,090
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992,867
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1,207,142
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1,209,823
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Accumulated depreciation
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(115,053
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)
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(106,463
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)
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Investments in real estate, net
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1,092,089
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1,103,360
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Assets held for sale
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9,048
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16,543
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Cash
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53,965
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52,279
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Escrow deposits
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22,979
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16,858
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Resident security deposits
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13,068
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12,992
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Other assets
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11,819
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16,529
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Total assets
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$
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1,202,968
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$
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1,218,561
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Liabilities and Equity
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Liabilities:
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Term credit facility, net
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$
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343,239
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$
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—
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Revolving credit facility
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—
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352,799
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Securitization loan, net
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294,824
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296,782
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Accounts payable and accrued expenses
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19,267
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17,862
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Resident prepaid rent and security deposits
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15,644
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15,237
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Total liabilities
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672,974
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682,680
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10% cumulative redeemable preferred stock at liquidation value, $0.01 par; 50,000,000 shares authorized, 1,000 shares issued and outstanding
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1,000
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1,000
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Equity:
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Stockholders’ equity:
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Common stock $0.01 par; 450,000,000 shares authorized; 35,471,534 and 35,380,034, respectively, shares issued and outstanding
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353
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352
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Additional paid-in capital
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644,257
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643,633
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Accumulated other comprehensive income
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3,404
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2,841
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Cumulative deficit
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(150,328
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)
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(143,679
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)
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Total stockholders’ equity
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497,686
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503,147
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Noncontrolling interests - Operating Partnership
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31,308
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31,734
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Total equity
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528,994
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534,881
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Total liabilities and equity
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$
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1,202,968
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$
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1,218,561
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Silver Bay Realty Trust Corp.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(amounts in thousands except share data)
(unaudited)
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|||||||
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Three Months Ended March 31,
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||||||
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2017
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2016
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||||
Revenue:
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Rental revenue
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$
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31,607
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$
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30,424
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Other revenue
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810
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712
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Total revenue
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32,417
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31,136
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Expenses:
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Property operating and maintenance
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5,442
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5,884
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Real estate taxes
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4,597
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4,452
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Homeowners’ association fees
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415
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436
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Property management
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2,758
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2,771
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Depreciation and amortization
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9,279
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9,366
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General and administrative
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3,649
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3,853
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Share-based compensation
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838
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572
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Severance and other
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—
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1,667
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Transaction expenses
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2,210
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—
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Interest expense
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6,991
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6,212
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Impairment of real estate
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72
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59
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Total expenses
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36,251
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35,272
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Loss before other income, income taxes and non-controlling interests
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(3,834
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)
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(4,136
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)
|
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Other income:
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||||
Net gain on disposition of real estate
|
2,885
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|
1,285
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Adjustments for derivative instruments, net
|
(165
|
)
|
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—
|
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Other expense
|
(459
|
)
|
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(271
|
)
|
||
Total other income
|
2,261
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|
|
1,014
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Loss before income taxes and non-controlling interests
|
(1,573
|
)
|
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(3,122
|
)
|
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Income tax expense, net
|
(279
|
)
|
|
(467
|
)
|
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Net loss
|
(1,852
|
)
|
|
(3,589
|
)
|
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Net loss attributable to noncontrolling interests - Operating Partnership
|
110
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|
210
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Net loss attributable to controlling interests
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(1,742
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)
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|
(3,379
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)
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Preferred stock distributions
|
(25
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)
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(25
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)
|
||
Net loss attributable to common stockholders
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$
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(1,767
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)
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$
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(3,404
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)
|
Loss per share - basic and diluted (Note 7):
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Net loss attributable to common shares
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$
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(0.05
|
)
|
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$
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(0.09
|
)
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Weighted average common shares outstanding
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35,449,670
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36,022,953
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|
|
Silver Bay Realty Trust Corp.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(amounts in thousands except share data)
(unaudited)
|
|||||||
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Comprehensive Loss:
|
|
|
|
|
|
||
Net loss
|
$
|
(1,852
|
)
|
|
$
|
(3,589
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
||
Net change in fair value of cash flow hedges
|
463
|
|
|
(474
|
)
|
||
Losses reclassified into earnings from other comprehensive income (loss)
|
100
|
|
|
24
|
|
||
Other comprehensive income (loss)
|
563
|
|
|
(450
|
)
|
||
Comprehensive loss
|
(1,289
|
)
|
|
(4,039
|
)
|
||
Comprehensive loss attributable to noncontrolling interests - Operating Partnership
|
76
|
|
|
238
|
|
||
Comprehensive loss attributable to controlling interests
|
$
|
(1,213
|
)
|
|
$
|
(3,801
|
)
|
|
Common Stock
|
|
Accumulated
Other Comprehensive Income |
|
|
|
Total Stockholders’
Equity
|
|
Noncontrolling Interests - Operating
Partnership
|
|
|
|||||||||||||||||||
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Shares
|
|
Par Value
Amount
|
|
Additional Paid-In
Capital
|
|
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Cumulative
Deficit
|
|
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Total
Equity
|
||||||||||||||||||
Balance at January 1, 2017
|
35,380,034
|
|
|
$
|
352
|
|
|
$
|
643,633
|
|
|
$
|
2,841
|
|
|
$
|
(143,679
|
)
|
|
$
|
503,147
|
|
|
$
|
31,734
|
|
|
$
|
534,881
|
|
Non-cash equity awards, net
|
120,032
|
|
|
1
|
|
|
818
|
|
|
—
|
|
|
—
|
|
|
819
|
|
|
—
|
|
|
819
|
|
|||||||
Repurchase and retirement of common stock
|
(28,532
|
)
|
|
—
|
|
|
(510
|
)
|
|
—
|
|
|
—
|
|
|
(510
|
)
|
|
—
|
|
|
(510
|
)
|
|||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,907
|
)
|
|
(4,907
|
)
|
|
—
|
|
|
(4,907
|
)
|
|||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,742
|
)
|
|
(1,742
|
)
|
|
(110
|
)
|
|
(1,852
|
)
|
|||||||
Net change in fair value of cash flow hedges
|
—
|
|
|
—
|
|
|
—
|
|
|
463
|
|
|
—
|
|
|
463
|
|
|
—
|
|
|
463
|
|
|||||||
Losses reclassified into earnings from other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|
—
|
|
|
100
|
|
|
—
|
|
|
100
|
|
|||||||
Adjustment to noncontrolling interests - Operating Partnership
|
—
|
|
|
—
|
|
|
316
|
|
|
—
|
|
|
—
|
|
|
316
|
|
|
(316
|
)
|
|
—
|
|
|||||||
Balance at March 31, 2017
|
35,471,534
|
|
|
$
|
353
|
|
|
$
|
644,257
|
|
|
$
|
3,404
|
|
|
$
|
(150,328
|
)
|
|
$
|
497,686
|
|
|
$
|
31,308
|
|
|
$
|
528,994
|
|
Silver Bay Realty Trust Corp.
Condensed Consolidated Statements of Cash Flows
(amounts in thousands)
(unaudited)
|
|||||||
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
||
Net loss
|
$
|
(1,852
|
)
|
|
$
|
(3,589
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
9,279
|
|
|
9,366
|
|
||
Non-cash share-based compensation
|
819
|
|
|
547
|
|
||
Losses reclassified into earnings from other comprehensive income (loss)
|
100
|
|
|
24
|
|
||
Amortization of deferred financing costs
|
1,251
|
|
|
1,153
|
|
||
Amortization of discount on securitization loan
|
75
|
|
|
75
|
|
||
Bad debt expense
|
298
|
|
|
273
|
|
||
Net gain on disposition of real estate
|
(2,885
|
)
|
|
(1,285
|
)
|
||
Impairment of real estate
|
72
|
|
|
59
|
|
||
Other
|
86
|
|
|
83
|
|
||
Net change in assets and liabilities:
|
|
|
|
||||
Increase in escrow cash for operating activities and debt reserves
|
(6,216
|
)
|
|
(1,570
|
)
|
||
Decrease in other assets
|
1,834
|
|
|
397
|
|
||
Increase (decrease) in accounts payable, accrued expenses, and prepaid rent
|
1,689
|
|
|
(80
|
)
|
||
Net cash provided by operating activities
|
4,550
|
|
|
5,453
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
|
|
||
Capital improvements of investments in real estate
|
(2,234
|
)
|
|
(4,068
|
)
|
||
Decrease in escrow cash for investing activities
|
95
|
|
|
7
|
|
||
Proceeds from disposition of real estate
|
14,916
|
|
|
7,342
|
|
||
Net cash provided by investing activities
|
12,777
|
|
|
3,281
|
|
||
Cash Flows From Financing Activities:
|
|
|
|
|
|
||
Payments on securitization loan
|
(2,594
|
)
|
|
—
|
|
||
Proceeds from revolving credit facility
|
—
|
|
|
7,732
|
|
||
Payments on term and revolving credit facility
|
(6,615
|
)
|
|
(2,874
|
)
|
||
Deferred financing costs paid
|
(1,008
|
)
|
|
(9
|
)
|
||
Repurchase of common stock
|
—
|
|
|
(7,867
|
)
|
||
Payments of employee tax withholdings related to share-based compensation
|
(510
|
)
|
|
(371
|
)
|
||
Dividends paid
|
(4,914
|
)
|
|
(4,978
|
)
|
||
Net cash used in financing activities
|
(15,641
|
)
|
|
(8,367
|
)
|
||
Net change in cash
|
1,686
|
|
|
367
|
|
||
Cash at beginning of period
|
52,279
|
|
|
29,028
|
|
||
Cash at end of period
|
$
|
53,965
|
|
|
$
|
29,395
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Net change in fair value of cash flow hedges
|
$
|
463
|
|
|
$
|
(474
|
)
|
Non-cash investing and financing activities:
|
|
|
|
||||
Common stock and unit dividends declared, but not paid
|
$
|
4,882
|
|
|
$
|
4,916
|
|
Capital improvements in accounts payable
|
$
|
533
|
|
|
$
|
487
|
|
|
|
|
|
|
|
|
Carrying Amount
|
|||||||
|
|
Interest Rate as of
March 31, 2017
|
|
Maturity Date
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||
Securitization loan
|
|
2.90
|
%
|
(1)
|
|
September 9, 2019
(2)
|
|
$
|
300,859
|
|
|
$
|
303,452
|
|
Unamortized original issue discount
(3)
|
|
|
|
|
|
|
(711
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)
|
|
(786
|
)
|
|||
Unamortized deferred financing costs
|
|
|
|
|
|
|
(5,324
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)
|
|
(5,884
|
)
|
|||
Securitization loan, net
|
|
|
|
|
|
|
294,824
|
|
|
296,782
|
|
|||
Revolving credit facility
(4)
|
|
|
|
|
|
|
—
|
|
|
352,799
|
|
|||
Term credit facility
(4)
|
|
4.15
|
%
|
(5)
|
|
February 18, 2018
|
|
346,184
|
|
|
—
|
|
||
Unamortized deferred financing costs
|
|
|
|
|
|
|
(2,945
|
)
|
|
—
|
|
|||
Term credit facility, net
|
|
|
|
|
|
|
343,239
|
|
|
—
|
|
|||
Total
|
|
|
|
|
|
|
$
|
638,063
|
|
|
$
|
649,581
|
|
(1)
|
The securitization loan provides for monthly payments at a blended rate equal to the one-month LIBOR plus
1.85%
and a monthly servicing fee of
0.1355%
(excluding the amortization of the original issue discount and deferred financing costs).
|
(2)
|
The securitization loan had an initial term of
two
years, with
three
,
12
-month extension options, which management intends to exercise, resulting in a fully extended maturity date of September 9, 2019. The extension options may be executed provided there is no event of default under the securitization loan, a replacement interest rate cap agreement is obtained in a form reasonably acceptable to the lender and the borrower complies with other terms set forth in the loan agreement.
|
(3)
|
The original issue discount will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019.
|
(4)
|
The revolving credit facility provided for a borrowing capacity of up to
$400,000
and had a maturity date of February 18, 2018. On February 18, 2017, the revolving period ended on the revolving credit facility and the Company is no longer able to draw additional amounts. The aggregate commitment amount was automatically and permanently reduced to an amount equal to the advances outstanding resulting in a term debt credit facility (the "term credit facility") as shown above and further described below.
|
(5)
|
The term credit facility bears interest at a varying rate of three-month LIBOR plus
3.0%
, subject to a LIBOR floor of
0.0%
.
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Gross interest expense
(1)
|
|
$
|
5,665
|
|
|
$
|
4,894
|
|
Amortization of discount on Securitization Loan
|
|
75
|
|
|
75
|
|
||
Amortization of deferred financing costs
|
|
1,251
|
|
|
1,153
|
|
||
Other interest
(2)
|
|
—
|
|
|
90
|
|
||
Total interest expense
|
|
$
|
6,991
|
|
|
$
|
6,212
|
|
(1)
|
Includes the Securitization Loan's monthly servicing fees.
|
(2)
|
Includes monitoring service fees and interest related to the Company's designated derivative financial instruments (see Note 8).
|
|
|
Non-designated Hedged Interest
Rate Caps
(1)
|
|
Cash Flow Hedges Interest Rate Caps
|
|
Cash Flow Hedges Interest Rate Swaps
|
||||||
Notional balance
|
|
$
|
304,367
|
|
|
$
|
370,100
|
|
|
$
|
296,000
|
|
Weighted average interest rate
(2)
|
|
2.90
|
%
|
|
4.15
|
%
|
|
N/A
|
|
|||
Weighted average capped/swapped interest rate
(3)(4)
|
|
5.08
|
%
|
|
6.00
|
%
|
|
2.63
|
%
|
|||
Earliest maturity date
|
|
September 15, 2017
|
|
|
February 17, 2018
|
|
|
August 15, 2017
|
|
|||
Latest maturity date
|
|
September 15, 2019
|
|
|
February 18, 2018
|
|
|
September 15, 2019
|
|
(1)
|
The full notional balance is hedged through September 15, 2017 after which
$200,000
is hedged through September 15, 2019.
|
(2)
|
For interest rate caps, represents the weighted average interest rate on the hedged debt as of
March 31, 2017
.
|
(3)
|
For interest rate caps, represents the capped interest rate, which is inclusive of the monthly servicing fees, but excludes amortization of the original issue discount, deferred financing costs and interest rate cap accretion.
|
(4)
|
The swap transactions are structured with a fixed rate that steps up over the
three
-year term locking in the forward LIBOR curve at the time of execution. This structure resulted in an average effective rate of
2.77%
over the
three
-year term.
|
Notional Amount
|
|
Fixed Swap Rate
|
|
Effective Date
|
|
Maturity Date
|
|||
$
|
177,600
|
|
|
0.6495
|
%
|
|
August 15, 2016
|
|
August 15, 2017
|
$
|
177,600
|
|
|
0.8045
|
%
|
|
August 15, 2017
|
|
August 15, 2018
|
$
|
177,600
|
|
|
0.9200
|
%
|
|
August 15, 2018
|
|
September 15, 2019
|
$
|
118,400
|
|
|
0.6600
|
%
|
|
August 15, 2016
|
|
August 15, 2017
|
$
|
118,400
|
|
|
0.8030
|
%
|
|
August 15, 2017
|
|
August 15, 2018
|
$
|
118,400
|
|
|
0.9300
|
%
|
|
August 15, 2018
|
|
September 15, 2019
|
Annualized TSR
|
|
TSR Multiplier
(1)
|
6.5%
|
|
—%
|
8%
|
|
50%
|
10%
|
|
100%
|
12%
|
|
150%
|
16%
|
|
200%
|
(1)
|
To the extent the Company's annualized TSR falls between two discrete points, linear interpolation shall be used to determine the TSR multiplier. Additionally, each PSU contains one dividend equivalent right, which is equal to the cash dividend that would have been paid on the PSU had the PSU been an issued and outstanding common share on the record date for the dividend and is payable in additional shares if the market and service conditions are met.
|
TSR Relative to Peer Group
|
|
TSR Multiplier
(2)
|
Underperform index by 6 percentage points
|
|
—%
|
Underperform index by 3 percentage points
|
|
50%
|
Outperform index by 3 percentage points
|
|
100%
|
Outperform index by 6 percentage points
|
|
200%
|
(2)
|
To the extent the Company's TSR performance compared to the Index TSR falls between two discrete points, linear interpolation will be used to determine the TSR Multiplier.
|
Annualized TSR
|
|
TSR Multiplier
(3)
|
6.5%
|
|
—%
|
8%
|
|
25%
|
10%
|
|
50%
|
12%
|
|
100%
|
14%
|
|
125%
|
16%
|
|
150%
|
(3)
|
To the extent the Company's annualized TSR falls between two discrete points, linear interpolation shall be used to determine the TSR multiplier. Additionally, each PSU contains one dividend equivalent right, which is equal to the cash dividend that would have been paid on the PSU had the PSU been an issued and outstanding common share on the record date for the dividend and is payable in additional shares if the market and service conditions are met.
|
Expected volatility
(1)
|
18.53
|
%
|
|
Dividend assumption
(2)
|
—
|
%
|
|
Expected term in years
|
2.92
|
|
|
Risk-free rate
|
1.48
|
%
|
|
Stock price (per share)
(3)
|
$
|
16.68
|
|
Beginning average stock price (per share)
(4)
|
$
|
17.42
|
|
(1)
|
Expected volatility is based on the Company’s historical stock price volatility over the last
three years
using daily data points.
|
(2)
|
An assumed dividend yield of
0%
is the mathematical equivalent to the reinvestment of dividends, which is consistent with the TSR definition described above.
|
(3)
|
Based on the closing price of the Company's common stock on January 27, 2017.
|
(4)
|
Based on the average closing price for the
30
trading days prior to December 31, 2016.
|
Declaration Date
|
Record Date
|
Payment Date
|
Cash Dividend
per Share
|
||
February 27, 2017
|
April 3, 2017
|
April 14, 2017
|
$
|
0.13
|
|
December 20, 2016
|
December 30, 2016
|
January 13, 2017
|
0.13
|
|
|
September 22, 2016
|
October 3, 2016
|
October 14, 2016
|
0.13
|
|
|
June 21, 2016
|
July 1, 2016
|
July 15, 2016
|
0.13
|
|
|
March 23, 2016
|
April 4, 2016
|
April 15, 2016
|
0.13
|
|
Declaration Date
|
Payment Date
|
Cash Dividend
per Share
|
||
March 1, 2017
|
April 14, 2017
|
$
|
25.28
|
|
December 20, 2016
|
January 13, 2017
|
24.72
|
|
|
September 22, 2016
|
October 14, 2016
|
24.72
|
|
|
June 22, 2016
|
June 30, 2016
|
25.00
|
|
|
March 30, 2016
|
April 15, 2016
|
26.94
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Net loss attributable to controlling interests
|
$
|
(1,742
|
)
|
|
$
|
(3,379
|
)
|
Preferred stock distributions
|
(25
|
)
|
|
(25
|
)
|
||
Net loss attributable to common stockholders
|
$
|
(1,767
|
)
|
|
$
|
(3,404
|
)
|
Basic and diluted weighted average common shares outstanding
|
35,449,670
|
|
|
36,022,953
|
|
||
Net loss per common share - basic and diluted
|
$
|
(0.05
|
)
|
|
$
|
(0.09
|
)
|
|
|
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||
Description
|
|
Balance Sheet Location
|
|
March 31, 2017
|
|
Quoted Prices (Unadjusted) for Identical Assets/Liabilities
(Level 1) |
|
Quoted Prices for Similar Assets and Liabilities in Active Markets
(Level 2) |
|
Significant Unobservable Inputs
(Level 3) |
||||||||
Non-Designated Hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Caps
|
|
Other Assets
|
|
$
|
107
|
|
|
$
|
—
|
|
|
$
|
107
|
|
|
$
|
—
|
|
Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Caps
|
|
Other Assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Interest Rate Swaps
|
|
Other Assets
|
|
5,294
|
|
|
—
|
|
|
5,294
|
|
|
—
|
|
||||
Total
|
|
|
|
$
|
5,401
|
|
|
$
|
—
|
|
|
$
|
5,401
|
|
|
$
|
—
|
|
|
|
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||
Description
|
|
Balance Sheet Location
|
|
December 31, 2016
|
|
Quoted Prices (Unadjusted) for Identical Assets/Liabilities
(Level 1)
|
|
Quoted Prices for Similar Assets and Liabilities in Active Markets
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||
Non-Designated Hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Caps
|
|
Other Assets
|
|
$
|
245
|
|
|
$
|
—
|
|
|
$
|
245
|
|
|
$
|
—
|
|
Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Caps
|
|
Other Assets
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
Interest Rate Swaps
|
|
Other Assets
|
|
4,830
|
|
|
—
|
|
|
4,830
|
|
|
—
|
|
||||
Total
|
|
|
|
$
|
5,077
|
|
|
$
|
—
|
|
|
$
|
5,077
|
|
|
$
|
—
|
|
|
|
Effective Portion
|
|
Ineffective Portion
|
||||||||||||
Description
|
|
Amount of Gain/(Loss) Recognized in Other Comprehensive Income on Derivative
|
|
Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
|
|
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
|
|
Location of Gain/(Loss) Recognized in Earnings on Derivative
|
|
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
|
||||||
Non-Designated Hedges
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest Rate Caps
|
|
$
|
—
|
|
|
Adjustments for derivative instruments, net
|
|
$
|
(26
|
)
|
|
N/A
|
|
$
|
—
|
|
Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest Rate Caps
|
|
(2
|
)
|
|
Interest Expense
|
|
(74
|
)
|
|
N/A
|
|
—
|
|
|||
Interest Rate Swaps
|
|
465
|
|
|
N/A
|
|
—
|
|
|
N/A
|
|
—
|
|
|||
Total
|
|
$
|
463
|
|
|
|
|
$
|
(100
|
)
|
|
N/A
|
|
$
|
—
|
|
|
|
Effective Portion
|
|
Ineffective Portion
|
||||||||||||
Description
|
|
Amount of Gain/(Loss) Recognized in Other Comprehensive Income on Derivative
|
|
Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
|
|
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
|
|
Location of Gain/(Loss) Recognized in Earnings on Derivative
|
|
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
|
||||||
Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest Rate Caps
|
|
$
|
(474
|
)
|
|
Interest Expense
|
|
$
|
(24
|
)
|
|
N/A
|
|
$
|
—
|
|
•
|
Cash, escrow deposits, resident prepaid rent and security deposits, resident rent receivable (included in other assets), and accounts payable and accrued expenses have carrying values which approximate fair value because of the short-term nature of these instruments. The Company categorizes the fair value measurement of these assets and liabilities as Level 1.
|
•
|
The Company’s credit facility has a floating interest rate based on an index plus a spread and the credit spread is consistent with those demanded in the market for facilities with similar risk and maturities. Accordingly, the interest rate on this borrowing is at market, and thus, the carrying value of the debt approximates fair value as of
March 31, 2017
. The Company categorizes the fair value measurement of this liability as Level 2.
|
•
|
The fair value of the Company's Securitization Loan was $
300,583
as of
March 31, 2017
, based on an average of market quotations. The Company categorizes the fair value measurement of this liability as Level 2.
|
•
|
The Company’s
10%
cumulative redeemable preferred stock had a fair value which approximates its liquidation value at
March 31, 2017
. The Company categorizes the fair value measurement of this instrument as Level 2.
|
Market
|
|
Number of
Properties
(1)
|
|
Aggregate Investment in Real Estate
(2)
(in thousands)
|
|
Average Investment in Real Estate Per Property
|
|
Average Age
(in years)
(3)
|
|
Average Square
Footage
|
||||||
Atlanta
|
|
2,946
|
|
|
$
|
352,985
|
|
|
$
|
119,818
|
|
|
22.7
|
|
1,810
|
|
Phoenix
|
|
1,421
|
|
|
203,876
|
|
|
143,474
|
|
|
28.2
|
|
1,634
|
|
||
Tampa
|
|
1,136
|
|
|
165,053
|
|
|
145,293
|
|
|
28.5
|
|
1,622
|
|
||
Charlotte
(4)
|
|
687
|
|
|
86,005
|
|
|
125,189
|
|
|
16.6
|
|
1,642
|
|
||
Orlando
|
|
519
|
|
|
71,074
|
|
|
136,944
|
|
|
28.8
|
|
1,500
|
|
||
Dallas
|
|
511
|
|
|
69,148
|
|
|
135,319
|
|
|
25.1
|
|
1,619
|
|
||
Jacksonville
|
|
451
|
|
|
59,721
|
|
|
132,419
|
|
|
28.4
|
|
1,536
|
|
||
Northern CA
(5)
|
|
380
|
|
|
72,975
|
|
|
192,039
|
|
|
48.4
|
|
1,396
|
|
||
Las Vegas
|
|
290
|
|
|
41,436
|
|
|
142,883
|
|
|
20.7
|
|
1,717
|
|
||
Columbus
|
|
284
|
|
|
33,428
|
|
|
117,704
|
|
|
39.6
|
|
1,414
|
|
||
Tucson
|
|
209
|
|
|
17,692
|
|
|
84,651
|
|
|
44.0
|
|
1,330
|
|
||
Southeast FL
(6)
|
|
179
|
|
|
33,749
|
|
|
188,542
|
|
|
49.4
|
|
1,353
|
|
||
Totals
|
|
9,013
|
|
|
$
|
1,207,142
|
|
|
$
|
133,933
|
|
|
27.2
|
|
1,650
|
|
(1)
|
Properties reflected in this table exclude properties recorded as assets held for sale on our condensed consolidated balance sheets.
|
(2)
|
Aggregate investment in real estate includes all capitalized costs, determined in accordance with U.S. generally accepted accounting principles ("GAAP"), incurred through
March 31, 2017
for the acquisition, stabilization, and significant post-stabilization renovation of properties, including land, building, possession costs and renovation costs. Aggregate investment in real estate includes
$22.7 million
in capital improvements, incurred from our formation through
March 31, 2017
, made to properties that had been previously renovated, but does not include accumulated depreciation.
|
(3)
|
As of
March 31, 2017
, approximately
2%
of our properties were less than 10 years old,
39%
were between 10 and 20 years old,
20%
were between 20 and 30 years old,
19%
were between 30 and 40 years old,
11%
were between 40 and 50 years old, and
9%
were more than 50 years old. Average age is an annual calculation.
|
(4)
|
Charlotte market includes properties in South Carolina due to their proximity to Charlotte, North Carolina.
|
(5)
|
Northern California market currently consists of Contra Costa, Napa and Solano counties.
|
(6)
|
Southeast Florida market currently consists of Miami-Dade, Broward and Palm Beach counties.
|
Market
|
|
Number of Properties
|
|
Properties
Occupied |
|
Properties
Vacant
|
|
Aggregate Portfolio
Occupancy Rate
|
|
Average
Monthly Rent (1) |
|
Average Remaining Lease Term (Months)
(2)
|
||||||
Atlanta
|
|
2,946
|
|
|
2,842
|
|
|
104
|
|
|
96.5
|
%
|
|
$
|
1,128
|
|
|
8.1
|
Phoenix
|
|
1,421
|
|
|
1,412
|
|
|
9
|
|
|
99.4
|
%
|
|
1,153
|
|
|
7.9
|
|
Tampa
|
|
1,136
|
|
|
1,097
|
|
|
39
|
|
|
96.6
|
%
|
|
1,361
|
|
|
7.5
|
|
Charlotte
|
|
687
|
|
|
677
|
|
|
10
|
|
|
98.5
|
%
|
|
1,123
|
|
|
7.0
|
|
Orlando
|
|
519
|
|
|
508
|
|
|
11
|
|
|
97.9
|
%
|
|
1,237
|
|
|
7.6
|
|
Dallas
|
|
511
|
|
|
498
|
|
|
13
|
|
|
97.5
|
%
|
|
1,342
|
|
|
8.8
|
|
Jacksonville
|
|
451
|
|
|
436
|
|
|
15
|
|
|
96.7
|
%
|
|
1,186
|
|
|
8.6
|
|
Northern CA
|
|
380
|
|
|
375
|
|
|
5
|
|
|
98.7
|
%
|
|
1,760
|
|
|
8.1
|
|
Las Vegas
|
|
290
|
|
|
288
|
|
|
2
|
|
|
99.3
|
%
|
|
1,241
|
|
|
7.2
|
|
Columbus
|
|
284
|
|
|
280
|
|
|
4
|
|
|
98.6
|
%
|
|
1,103
|
|
|
7.8
|
|
Tucson
|
|
209
|
|
|
204
|
|
|
5
|
|
|
97.6
|
%
|
|
863
|
|
|
6.1
|
|
Southeast FL
|
|
179
|
|
|
127
|
|
|
52
|
|
|
70.9
|
%
|
|
1,606
|
|
|
5.0
|
|
Totals
|
|
9,013
|
|
|
8,744
|
|
|
269
|
|
|
97.0
|
%
|
|
$
|
1,213
|
|
|
7.8
|
(1)
|
Average monthly rent for occupied properties was calculated as the average of the contracted monthly rent for all occupied properties as of
March 31, 2017
and reflects rent concessions amortized over the life of the related lease.
|
(2)
|
Average remaining lease term assumes a remaining term of 30 days for leases in month-to-month status.
|
|
|
Turnover
(1)
|
|
March 31, 2017
|
|
7.1
|
%
|
December 31, 2016
|
|
6.6
|
%
|
September 30, 2016
|
|
8.1
|
%
|
June 30, 2016
|
|
7.6
|
%
|
Total turnover for twelve months ended March 31, 2017
|
|
29.4
|
%
|
|
|
Turnover
(1)
|
|
March 31, 2016
|
|
7.2
|
%
|
December 31, 2015
|
|
6.6
|
%
|
September 30, 2015
|
|
8.2
|
%
|
June 30, 2015
|
|
7.0
|
%
|
Total turnover for twelve months ended March 31, 2016
|
|
29.0
|
%
|
(1)
|
Quarterly turnover percentage represents the number of properties turned over in each respective period divided by the number of properties in stabilized status as of each respective period-end.
|
|
|
|
Aggregate Occupancy Rate
|
|
Average Monthly Rent
(1)
|
|||||||||||
|
Number of Same-Home Properties
|
|
March 31, 2017
|
|
March 31, 2016
|
|
March 31, 2017
|
|
March 31, 2016
|
|||||||
Atlanta
|
1,471
|
|
|
97.2
|
%
|
|
98.3
|
%
|
|
$
|
1,198
|
|
|
$
|
1,149
|
|
Phoenix
|
1,421
|
|
|
99.4
|
%
|
|
98.6
|
%
|
|
1,153
|
|
|
1,109
|
|
||
Tampa
|
962
|
|
|
96.6
|
%
|
|
96.4
|
%
|
|
1,387
|
|
|
1,329
|
|
||
Charlotte
|
348
|
|
|
98.9
|
%
|
|
96.3
|
%
|
|
1,205
|
|
|
1,164
|
|
||
Orlando
|
367
|
|
|
98.4
|
%
|
|
98.1
|
%
|
|
1,296
|
|
|
1,239
|
|
||
Dallas
|
502
|
|
|
97.6
|
%
|
|
95.8
|
%
|
|
1,342
|
|
|
1,304
|
|
||
Jacksonville
|
451
|
|
|
96.7
|
%
|
|
97.3
|
%
|
|
1,186
|
|
|
1,144
|
|
||
Northern CA
|
380
|
|
|
98.7
|
%
|
|
99.5
|
%
|
|
1,760
|
|
|
1,631
|
|
||
Las Vegas
|
290
|
|
|
99.3
|
%
|
|
99.0
|
%
|
|
1,241
|
|
|
1,200
|
|
||
Columbus
|
284
|
|
|
98.6
|
%
|
|
96.1
|
%
|
|
1,103
|
|
|
1,074
|
|
||
Tucson
|
209
|
|
|
97.6
|
%
|
|
97.1
|
%
|
|
863
|
|
|
846
|
|
||
Southeast FL
|
178
|
|
|
70.8
|
%
|
|
94.9
|
%
|
|
1,606
|
|
|
1,586
|
|
||
Totals
|
6,863
|
|
|
97.3
|
%
|
|
97.6
|
%
|
|
$
|
1,257
|
|
|
$
|
1,210
|
|
(1)
|
Average monthly rent for occupied properties was calculated as the average of the contracted monthly rent for all occupied properties as of
March 31, 2017
and
2016
, respectively, and reflects rent concessions amortized over the life of the related lease.
|
|
|
Three Months Ended March 31,
|
||||||||||||
(amounts in thousands except per share data)
|
|
2017
|
|
% of Revenue
|
|
2016
|
|
% of Revenue
|
||||||
Condensed Consolidated Income Statement Data
|
|
|
|
|
|
|
|
|
||||||
Total revenue
|
|
$
|
32,417
|
|
|
100.0
|
%
|
|
$
|
31,136
|
|
|
100.0
|
%
|
Property operating expenses:
|
|
|
|
|
|
|
|
|
||||||
Property operating and maintenance
|
|
5,442
|
|
|
16.8
|
%
|
|
5,884
|
|
|
18.9
|
%
|
||
Real estate taxes
|
|
4,597
|
|
|
14.2
|
%
|
|
4,452
|
|
|
14.3
|
%
|
||
Homeowners’ association fees
|
|
415
|
|
|
1.3
|
%
|
|
436
|
|
|
1.4
|
%
|
||
Property management
|
|
2,758
|
|
|
8.5
|
%
|
|
2,771
|
|
|
8.9
|
%
|
||
Total property operating expenses
|
|
$
|
13,212
|
|
|
40.8
|
%
|
|
$
|
13,543
|
|
|
43.5
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Loss before other income, income taxes and non-controlling interests
|
|
$
|
(3,834
|
)
|
|
|
|
$
|
(4,136
|
)
|
|
|
||
Net loss
|
|
$
|
(1,852
|
)
|
|
|
|
$
|
(3,589
|
)
|
|
|
||
Net loss attributable to common stockholders
|
|
$
|
(1,767
|
)
|
|
|
|
$
|
(3,404
|
)
|
|
|
||
Net loss per share attributable to common shares - basic and diluted
|
|
$
|
(0.05
|
)
|
|
|
|
$
|
(0.09
|
)
|
|
|
||
Net operating income
(1)
|
|
$
|
19,205
|
|
|
|
|
|
$
|
17,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Same-Home Properties Income Statement Data
(2)
|
|
|
|
|
|
|
|
|
||||||
Same-Home total revenue
|
|
$
|
25,582
|
|
|
100.0
|
%
|
|
$
|
24,475
|
|
|
100.0
|
%
|
Same-Home property operating expenses:
|
|
|
|
|
|
|
|
|
||||||
Property operating and maintenance
|
|
4,433
|
|
|
17.3
|
%
|
|
4,829
|
|
|
19.7
|
%
|
||
Real estate taxes
|
|
3,670
|
|
|
14.3
|
%
|
|
3,519
|
|
|
14.4
|
%
|
||
Homeowners' association fees
|
|
344
|
|
|
1.3
|
%
|
|
364
|
|
|
1.5
|
%
|
||
Property management
|
|
2,201
|
|
|
8.6
|
%
|
|
2,166
|
|
|
8.8
|
%
|
||
Same-Home property operating expenses
|
|
10,648
|
|
|
41.6
|
%
|
|
10,878
|
|
|
44.4
|
%
|
||
Same-Home net operating income
(1)
|
|
$
|
14,934
|
|
|
|
|
|
$
|
13,597
|
|
|
|
|
(1)
|
Net operating income ("NOI") and Same-Home net operating income ("Same-Home NOI") are non-GAAP financial measures we believe, when considered with the financial statements determined in accordance with GAAP, are helpful to investors in understanding our performance as a REIT. Reconciliations of NOI and Same-Home NOI to net loss prepared in accordance with GAAP are found in this Item 2 under the headings "
Non-GAAP Financial Performance Measures
".
|
(2)
|
See "Same-Home Properties" section for information as to how we define our Same-Home property portfolio.
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Gross interest expense
(1)
|
|
$
|
5,665
|
|
|
$
|
4,894
|
|
Amortization of discount on Securitization Loan
|
|
75
|
|
|
75
|
|
||
Amortization of deferred financing costs
|
|
1,251
|
|
|
1,153
|
|
||
Other interest
(2)
|
|
—
|
|
|
90
|
|
||
Total interest expense
|
|
$
|
6,991
|
|
|
$
|
6,212
|
|
(1)
|
Includes the Securitization Loan's monthly servicing fees.
|
(2)
|
Includes monitoring service fees and interest related to our designated derivative financial instruments (see Note 8 on the accompanying condensed consolidated financial statements).
|
•
|
Revenue recognition;
|
•
|
Investments in real estate;
|
•
|
Impairment of real estate;
|
•
|
Accounts payable and accrued expenses;
|
•
|
Income taxes; and
|
•
|
Derivative instruments
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Net loss
|
$
|
(1,852
|
)
|
|
$
|
(3,589
|
)
|
Depreciation and amortization
|
9,279
|
|
|
9,366
|
|
||
General and administrative
|
3,649
|
|
|
3,853
|
|
||
Share-based compensation
|
838
|
|
|
572
|
|
||
Severance and other
|
—
|
|
|
1,667
|
|
||
Transaction expenses
|
2,210
|
|
|
—
|
|
||
Interest expense
|
6,991
|
|
|
6,212
|
|
||
Impairment of real estate
|
72
|
|
|
59
|
|
||
Net gain on disposition of real estate
|
(2,885
|
)
|
|
(1,285
|
)
|
||
Adjustments for derivative instruments, net
|
165
|
|
|
—
|
|
||
Other expense
|
459
|
|
|
271
|
|
||
Income tax expense, net
|
279
|
|
|
467
|
|
||
NOI
|
19,205
|
|
|
17,593
|
|
||
Less non-Same-Home
|
|
|
|
||||
Total revenue
|
(6,835
|
)
|
|
(6,661
|
)
|
||
Property operating expenses
|
2,564
|
|
|
2,665
|
|
||
Same-Home NOI
|
$
|
14,934
|
|
|
$
|
13,597
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Net loss
|
$
|
(1,852
|
)
|
|
$
|
(3,589
|
)
|
Depreciation and amortization
|
9,279
|
|
|
9,366
|
|
||
Net gain on disposition of real estate
|
(2,885
|
)
|
|
(1,285
|
)
|
||
Impairment on real estate
|
72
|
|
|
59
|
|
||
Income tax expense on disposition of real estate
|
185
|
|
|
350
|
|
||
FFO
|
4,799
|
|
|
4,901
|
|
||
|
|
|
|
||||
Adjustments:
|
|
|
|
||||
Share-based compensation
|
838
|
|
|
572
|
|
||
Severance and other
|
—
|
|
|
1,667
|
|
||
Transaction expenses
|
2,210
|
|
|
—
|
|
||
Adjustments for derivative instruments, net
|
165
|
|
|
—
|
|
||
Amortization of discount on securitization loan
|
75
|
|
|
75
|
|
||
Core FFO
|
$
|
8,087
|
|
|
$
|
7,215
|
|
|
|
|
|
||||
FFO
|
$
|
4,799
|
|
|
$
|
4,901
|
|
Preferred stock distributions
|
(25
|
)
|
|
(25
|
)
|
||
FFO available to common shares and units
|
$
|
4,774
|
|
|
$
|
4,876
|
|
|
|
|
|
||||
Core FFO
|
$
|
8,087
|
|
|
$
|
7,215
|
|
Preferred stock distributions
|
(25
|
)
|
|
(25
|
)
|
||
Core FFO available to common shares and units
|
$
|
8,062
|
|
|
$
|
7,190
|
|
|
|
|
|
||||
Weighted average common shares and units outstanding
(1)(2)
|
38,101,450
|
|
|
38,254,464
|
|
||
FFO per share
|
$
|
0.13
|
|
|
$
|
0.13
|
|
Core FFO per share
|
$
|
0.21
|
|
|
$
|
0.19
|
|
(1)
|
Represents the weighted average of common shares and common units in the Operating Partnership outstanding for the periods presented.
|
(2)
|
Includes the effect of dilutive securities attributable to certain stock based awards meeting market conditions during the
three
months ended
March 31, 2017
.
|
Period
|
|
Total Number
of Shares
Purchased
(1)
|
|
Average Price
Paid Per Share |
|
Total Number of Shares
Purchased as Part of
Publicly Announced Plans
or Programs
|
|
Maximum Number of
Shares That May Yet be Purchased Under the Plans or Programs |
|||||
January 1, 2017-January 31, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
790,474
|
|
February 1, 2017-February 28, 2017
|
|
28,310
|
|
|
17.86
|
|
|
—
|
|
|
790,474
|
|
|
March 1, 2017-March 31, 2017
|
|
222
|
|
|
21.47
|
|
|
—
|
|
|
790,474
|
|
|
Total
|
|
28,532
|
|
|
$
|
17.89
|
|
|
—
|
|
|
790,474
|
|
(1)
|
Consists of shares withheld to settle tax withholding obligations related to the vesting of restricted stock awards.
|
(a)
|
The attached Exhibit Index is incorporated herein by reference.
|
|
|
SILVER BAY REALTY TRUST CORP.
|
|
|
|
Date: May 8, 2017
|
By:
|
/s/ Thomas W. Brock
|
|
|
Thomas W. Brock
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
Date: May 8, 2017
|
By:
|
/s/ Julie M. Ellis
|
|
|
Julie M. Ellis
Chief Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)
|
Exhibit Number
|
|
|
|
Incorporated by Reference
|
||||||
|
Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
2.1
|
|
Agreement and Plan of Merger, dated as of February 27, 2017, by and among Tricon Capital Group Inc., TAH Acquisition Holdings LLC, TAH Acquisition LP, Silver Bay Realty Trust Corp., Silver Bay Management LLC and Silver Bay Operating Partnership L.P.
|
|
8-K
|
|
001-35760
|
|
2.1
|
|
February 27, 2017
|
3.1
|
|
Articles of Amendment and Restatement of Silver Bay Realty Trust Corp.
|
|
10-K
|
|
001-35760
|
|
3.1
|
|
March 1, 2013
|
3.2
|
|
Amended and Restated Bylaws of Silver Bay Realty Trust Corp.
|
|
10-K
|
|
001-35760
|
|
3.2
|
|
February 25, 2016
|
3.3
|
|
Articles Supplementary for Cumulative Redeemable Preferred Stock of Silver Bay Realty Trust Corp.
|
|
10-K
|
|
001-35760
|
|
3.3
|
|
March 1, 2013
|
4.1
|
|
Specimen Common Stock Certificate of Silver Bay Realty Trust Corp.
|
|
S-11/A
|
|
333-183838
|
|
3.5
|
|
November 23, 2012
|
4.2
|
|
Registration Rights Agreement by and among Silver Bay Realty Trust Corp. and certain holders of common units in Silver Bay Operating Partnership L.P., dated September 30, 2014.
|
|
10-K
|
|
001-35760
|
|
4.5
|
|
February 26, 2015
|
10.1
|
|
Second Amendment dated as of February 22, 2017 to the Amended and Restated Revolving Credit Agreement dated as of February 18, 2015
|
|
10-K
|
|
001-35760
|
|
10.1
|
|
February 27, 2017
|
31.1
|
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.
|
|
|
|
|
|
|
|
|
31.2
|
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.
|
|
|
|
|
|
|
|
|
32.1
|
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
32.2
|
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
1 Year Silver Bay Realty Trust Corp. Chart |
1 Month Silver Bay Realty Trust Corp. Chart |
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