Silver Bay Realty Trust Corp.NYSE
Thu, Dec. 1, 7:57 AM
- Invitation Homes is the largest single-family landlord in the country with Blackstone (NYSE:BX) investing about $10B since founding it in 2012. The portfolio stands at about 45K homes.
- Multiple reports say an IPO has been confidentially filed for in the hope of raising up to $1.5B as soon as January.
- Other SFR players: SBY, AMH, SFR, RESI, OTCQB:RVEN
Wed, Nov. 30, 8:12 AM
- The portfolio of 97 single-family rentals is located in Houston and was purchased for $9M. Money from the most recent secondary offering was used to fund the acquisition.
- The purchased properties average 1,482 square feet and are mostly 3-BRs, 2 baths. 55 are currently subject to one-year leases, 5 are vacant, and 37 are month-to-month.
- Reven's (OTCQB:RVEN) portfolio is now up to 624 homes in the southeast, primarily Houston, Jacksonville, Memphis, and Atlanta.
- This recently-uplisted stock may be of interest to owners of SIlverBay Realty (NYSE:SBY), American Homes 4 Rent (NYSE:AMH), Colony Starwood (NYSE:SFR), and Altisource Residential (NYSE:RESI).
Thu, Nov. 3, 7:54 AM
- Q3 core FFO of $7.1M or $0.19 per share vs. $6.4M and $0.17 one year ago. Dividend is $0.13.
- Net operating income of $17.5M up 6% Y/Y; same-home NOI of $12M up 8%; core margin of 55.2% up 120 basis points.
- Total portfolio of 8,837 homes; same-home portfolio of 5,876 homes.
- Same-home occupancy rate of 97% up 140 basis points Y/Y; average monthly rent of $1,262 up from $1,214.
- Management says company has unloaded nearly all SoCal properties at what it believes is full market value, and is looking to reallocate capital to areas with more favorable yields.
- Conference call at 10 ET
- Previously: Silver Bay Realty misses by $0.01, misses on revenue (Nov. 2)
- SBY flat premarket
Wed, Nov. 2, 5:58 PM
Tue, Nov. 1, 5:35 PM
- ACLS, ADSW, AEL, AIG, ALIM, ALL, ALNY, ALSK, AMRS, ARC, AREX, AVD, AWK, AWR, BBRG, BCOV, BEAT, BGC, BKCC, BKFS, BKH, BREW, BRKR, CABO, CAR, CBPO, CCRN, CDI, CF, CGI, CHEF, CLR, CODI, COHR, CPE, CSGS, CSLT, CWEI, CXW, DMRC, DPLO, DPM, DVA, ENSG, EPAY, EQC, EQIX, ERII, ESRT, EVTC, EXAR, EYES, FB, FIT, FMC, FMI, FNF, FOE, FRSH, FRT, FSLR, FTK, G, GDDY, GPOR, HABT, HASI, HBM, HIVE, HOLX, HOS, HR, HSTM, HUBS, IAC, IL, INN, INOV, IO, IOSP, IRG, ITRI, IXYS, JONE, JRVR, KEYW, KGC, KTOS, LGCY, LHCG, LNC, LOPE, LPI, LPLA, LQ, LSI, MANT, MASI, MCHX, MDU, MET, MGNX, MHLD, MRO, MTGE, MUSA, MWA, NBIX, NGHC, NLY, NPO, NSTG, NVDQ, OESX, OME, OSUR, OTTR, PAA, PACB, PAGP, PE, PEGA, PEI, PEIX, PGRE, PRA, PRAH, PRU, PTCT, QCOM, QGEN, QTWO, QUIK, REGI, REXR, RGLD, RICE, RIG, RLJ, RMP, ROG, RRD, RRGB, RRTS, RUBI, RXN, RYN, SBRA, SBY, SF, SRC, SWM, TCAP, TEP, TPC, TROX, TTEC, TTWO, TVIA, TWO, VNDA, VVC, WFM, WMC, WMGI, WPG, WPX, WSTL, WTI, WTS, WYNN, XEC, XOXO, XPO, ZNGA
Wed, Oct. 5, 11:24 AM
- A number of Wall Street names are backing off (or at least slowing) bets on single-family rentals, and there's plenty of talk of rent growth slowing, but Pretium Partners - headed by former Goldman senior partner Donald Mullen - isn't having any of it.
- Source: Ryan Dezember in the WSJ
- We believe tight credit availability is preventing new households from being able to obtain mortgages to purchase their first home,” says Pretium in its latest pitch book. “Households that have been unable to obtain mortgages have become renters, thus driving high occupancy rates and robust rent growth.”
- Pretium is raising money for its third fund dedicated to residential real estate. The first fund raised $1.2B in 2012 and purchased over 16.5K homes; fund two in 2014 raised $900M for 14K non-performing loans.
- With foreclosures down sharply, the company is buying far fewer properties on the courthouse steps, and more on the open market. Pretium acknowledges great deals aren't as easy to find, but still feels it can earn adequate long-term returns by focusing on the right markets.
- A check of some other players finds Blackstone (NYSE:BX) has slowed its buys to about 20 per week. Colony Starwood (NYSE:SFR) sold more homes than it purchased in Q2. American Homes 4 Rent (NYSE:AMH) this week sold a small portfolio of Atlanta-area houses.
- Other parties: SBY, RESI
Thu, Sep. 29, 4:24 PM
- Silver Bay Realty (NYSE:SBY) CFO Christine Battist has departed the firm, with the company saying the exit is not the result of any dispute or disagreement.
- Her duties will be taken over by Chief Accounting Officer Julie Ellis and EVP of Finance Griffin Wetmore. Both have been with the company since 2012, and were elevated to their current positions earlier this year.
Mon, Sep. 26, 9:38 AM
- With Silver Bay (NYSE:SBY) up about 50% from the February market low, JPMorgan recommends taking some profits with a downgrade to Neutral from Overweight.
- Shares are lower by 2.3% in early action.
Thu, Sep. 22, 4:25 PM
Wed, Sep. 21, 8:16 AM
- The roughly 320 homes in the core company markets of Atlanta, Tampa, and Orlando were purchased for $41.5M in cash, with funding from Silver Bay's (NYSE:SBY) existing $400M credit facility. The company intends to use proceeds from future non-core property sales to pay down portions of this to maintain its long-term leverage target.
- Back to the purchased properties ... Occupancy is about 95% and average existing rents are $1,215 per month. The purchase price per square foot is $72.
- The deal is expected to close in 15-30 days.
Wed, Aug. 3, 4:56 PM
- Q2 core FFO of $7.8M or $0.21 per share vs. $54.4M and $0.18 one year ago.
- NOI of $18.1M vs. $16.8M. Core NOI margin of 57.8% up 160 basis points.
- Same-home NOI of $12.56M vs. $11.2M. Same-home core NOI margin of 57.2% up 280 basis points.
- Total homes owned of 8,911 vs. 9,261 a year ago. Same-home portfolio of 5,942 in both periods. Same-home occupancy rate of 97.7% up 140 bps. Average monthly rent of 1,250 vs. $1,207.
- Average change in rent for re-leases on same-home portfolio of 7.8% vs. 5.3% a year ago. Average change for renewals of 3.1% down from 3.4%. Trailing twelve month turnover of 29.6% up from 28.3%. Retention rate of 79.8% vs. 79.7%.
- CC tomorrow at 10 ET
- Previously: Silver Bay Realty beats by $0.01, revenue in-line (Aug. 3)
- SBY flat after hours
Wed, Aug. 3, 4:27 PM
Tue, Aug. 2, 5:35 PM
- AEL, AGO, AGU, ALB, ALIM, ALL, ANDE, AREX, ATO, AWK, AWR, BBRG, BFAM, BGC, BIO, BKH, BNFT, BREW, BYD, CABO, CBPX, CCRN, CDI, CECO, CF, CHDN, CIM, CLR, CNAT, CODI, CPA, CSGS, CSII, CTL, CXW, DENN, DEPO, DK, DKL, DPM, ECR, EPE, EPR, EQIX, ERII, ETE, ETP, EVC, EVHC, EXAR, EXEL, EXTR, FIVN, FOXA, FRGI, FRSH, FSLR, G, GBDC, GDDY, GERN, GPOR, HABT, HASI, HI, HIL, HIVE, HLF, HOS, HR, HRTG, HUBS, IAG, IL, INOV, IO, IRG, ITRI, JACK, JCOM, JONE, JRVR, LGCY, LHCG, LNC, LPI, MASI, MC, MED, MET, MNR, MRO, MTDR, MUSA, MWA, NBIX, NKTR, NLY, NNBR, NP, NSIT, NSTG, OAS, OME, OSUR, PDM, PE, PEGA, PMT, PODD, PRA, PRU, PRXL, QLYS, QTWO, QUIK, REXR, RICE, RIG, RIGP, RLJ, RMP, RNG, RP, RST, RYN, SBY, SEMI, SGMO, SNCR, SQ, SQNM, SRC, SSS, STAA, STR, SUN, SWM, SXL, TCAP, TDOC, TEAR, TEP, TLLP, TRIP, TRNC, TROX, TS, TSLA, TSLX, TSO, TTEC, TWO, UHAL, VTAE, VVC, WCN, WGL, WMC, WPG, WPX, WU, XEC, XPO
Tue, Jul. 26, 11:08 AM
- The single-family rental names have never really caught on with investors, but Silver Bay Realty (NYSE:SBY) has been able to put together a nice rally this year, up more than 40% from the February lows.
- Compass Point takes the opportunity to downgrade to Neutral from Buy. Shares are lower by 1.1% in today's session.
Mon, Jul. 18, 8:23 AM
- Invitation Homes would go public as a REIT. It's the largest single-family landlord in the country, having picked up about 50K homes in the aftermath of the housing crash.
- Other players which came public well before Invitaiton include American Homes 4 Rent (NYSE:AMH), Colony Starwood (NYSE:SFR), and Silver Bay Realty (NYSE:SBY).
- There's also Altisource Residential (NYSE:RESI), which is not yet commonly thought of as in the single-family rental business, but is expected to own 4K properties by the end of Q3, 10K by year-end, and maybe 20K-25K by the end of 2017.
Tue, Jun. 21, 4:25 PM
- Silver Bay Realty (NYSE:SBY) declares $0.13/share quarterly dividend, in line with previous.
- Forward yield 3.17%
- Payable July 15; for shareholders of record July 1; ex-div June 29.