SA Transcripts • Thu, Nov. 6
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There are 3 articles on this stock available only to PRO subscribers.
Silver Bay Realty Trust: Structural Issues Impede Profitability
- SBY has moved down 13% since I published a bearish article 18 months ago.
- The company's business model has many structural issues that impede its ability to make money and pay distributions.
- With the stock yielding one percent and no hope of meaningful increases there is no reason to own this stock.
- Single-family REIT heading towards 52-week highs.
- REIT continues to trade substantially below estimated NAV.
- Estimated replacement costs provide for further upside in housing prices leading to NAV gains.
Silver Bay Realty Trust: A Disaster Waiting To Happen
Rent A House But Don't Own This Rental Stock Just Yet
The Real Opportunity In The Two Harbors/Silver Bay IPO
Wed, Nov. 5, 9:43 PM
- Q3 core FFO of $3M or $0.08 per share comparable to Q2's results. NOI of $10M up 3% from Q2. Dividend is $0.04.
- Acquired 340 properties during Q3 (vs. 244 in Q2), bringing total properties to 6,320 and portfolio value to $1B - no small feat given the importance of scale. Stabilized occupancy of 94% on 5,926 properties, down 100 basis points from Q2. Occupancy on all properties of 88% down 200 basis points. Average monthly rent on the aggregate portfolio of $1,183 vs. $1,170 in Q2.
- Property operating and maintenance expenses as a percent of revenue of 24% vs. 29.5% in Q2.
- Book value per share of $15.57 vs. $16.74 at end of Q2. Silver Bay (NYSE:SBY) also reports an estimated NAV which incorporates price appreciation, the company's buying prowess, and the value created by renovations. Estimated NAV of $19.97 per share vs. $20.95 at end of Q2 (the per share decline is due to the issuance of OP units in conjunction with internalizing management).
- 743.5K shares repurchased (about 2% of float) during quarter at average price of $16.51 each.
- Conference call tomorrow at 10 ET
- Presentation slides
- Previously: Silver Bay Realty beats by $0.02, beats on revenue
Wed, Nov. 5, 4:24 PM| Comment!
Thu, Aug. 7, 8:13 AM
- Q2 core FFO of $3M or $0.08 per share up 12% from Q1. Dividend is $0.03.
- Book value per share of $16.74 slips from $16.90 at end of Q1. Estimated net asset value per share (which includes estimates of property price appreciation) of $20.95 up from $20.35. Last night's close was $16.07.
- The occupancy rate on the entire portfolio (5,987 properties) slips to 90% from 92%. The occupancy rate on 5,719 stabilized properties stays at 95%. Average monthly rent of $1,170 vs. $1,163.
- Conference call at 10 ET
- SBY flat premarket
- Previously: Silver Bay Realty beats by $0.02, revenues in line
Wed, Aug. 6, 4:08 PM| Comment!
Thu, May. 8, 8:29 AM
- FFO of $2.1M or $0.05 per share (up 42% Q/Q)
- Revenue of $18.1M (up 9%)
- Estimated NAV of $20.35 (up $0.14). NAV is based on estimated value of properties. Book value per share of $16.90 slips from $17.06.
- Portfolio size of 5,748 properties, with 327 additional ones leased in Q1.
- Occupancy rate of stabilized properties of 95% (from 93%).
- Occupancy rate of total portfolio of 92% (88%)
- Average monthly rent of $1,163 ($1,162)
- 155,657 shares repurchased at average price of $15.66 each.
- CC at 10 ET
- Source: Press Release
- Previously: Silver Bay Realty misses by $0.02, misses on revenue
- SBY no trades premarket
Wed, May. 7, 6:10 PM| Comment!
Wed, Mar. 5, 4:50 PM| Comment!
Wed, Mar. 5, 4:21 PM
- 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
- Press release
- SBY no trades AH
Nov. 6, 2013, 9:49 PM
- Silver Bay Realty Trust (SBY): Q3 net operating income of $4.5M gains 44% from Q2 on revenue of $14.5M, up 35%. Standing out are property management fees of $3.7M on rental revenue of $14.5M - that's 25%. It's hard making money in this business with a 10% management fee.
- Estimated net asset value of $19.50 per share up 3% - this measure is based on the company's estimate of fair value of properties. Book value is $17.16 per share, down from $17.30 in Q2.
- The company stopped buying homes in Q3, and 4,521 homes from the owned portfolio of 5,575 homes are now leased, bringing total occupancy to 81% from 65% in Q2. Occupancy for properties owned 6 months or longer rises 200 basis points to 89%.
- Average monthly rent of $1,161 vs. $1,148 in Q2.
- 500K shares repurchased at average price of $15.58 per share.
- CC tomorrow at 9 ET. (PR).
- Shares gained 3.1% in the regular session today as Blackstone's (BX +0.4%) first securitization of rental payments got off to a big start with the company able to borrow more against the assets than had been expected . Other single-family rental stocks: American Homes 4 Rent (AMH +1.8%), American Residential Properties (ARPI +2.4%).
May. 7, 2013, 4:34 PMMore on Two Harbors (TWO) Q1 earnings: Book value/share of $11.19 vs. $11.54 on Dec. 31, but special dividend of Silver Bay (SBY) stock amounted to $1.01, so book value actually rose nicely. Closing stock price today of $11.59. Net interest spread of 2.9%, unchanged from Q4. Shares +3.5% AH. Earnings call tomorrow at 9 ET. (PR) | 2 Comments
Feb. 28, 2013, 5:26 PM
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