Stone Fox Capital
Long/short equity, growth at reasonable price, research analyst, deep value

Silver Bay Is Finally A Bargain

After a lot of hype about the single-family rental market, the Silver Bay Realty Trust (NYSE:SBY) IPO turned into a major bust. The REIT went public back in December at $18.50 and quickly shot up to over $22, but any investors buying that hype have felt nothing but pain in 2013. In fact, the stock now trades below NAV near all-time lows around $15.50. Could it finally be time to buy the REIT?

Silver Bay focuses on acquiring, leasing, and maintaining a portfolio of single-family homes in select attractive markets in the U.S. It plans to operate under a REIT where substantially all of future income is returned to shareholders.

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