Silver Bay Q4 results

Revenue of $16.7M is up 15% from Q3 thanks to an additional 452 leased properties generating rental income during Q4. FFO of $1.5M of $0.04 per share compares to a loss of $600K or $0.02 per share in Q3.

Portfolio of homes stands at 5,642 with occupancy rate of 93% on stabilized properties down from 95% in Q3. Average monthly rent of $1,162 is up $1 from Q3.

Estimated net asset value per share of $20.21 compares to $19.50 in Q3. Book value per share of $17.06 vs. $17.16 in Q3. Estimated net asset value takes into account a number of items, most importantly the (hopefully) appreciation in the value of the company's homes amid smart buying and renovations.

250.8K shares repurchased during Q at average price of $15.35 each.

CC tomorrow at 10 ET

SBY no trades AH

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