Silver Bay Realty Trust Corp. Acquires Portfolio of Properties in its Core Markets
21 September 2016 - 10:00PM
Business Wire
Silver Bay Realty Trust Corp. (NYSE:SBY) announced today that it
recently entered into a definitive agreement to acquire a portfolio
of approximately 320 leased homes located in Atlanta, Tampa and
Orlando for approximately $41.5 million in cash. The transaction
will be financed using the Company’s existing $400.0 million credit
facility. The Company plans to use proceeds from future non-core
asset dispositions to pay down portions of its credit facility and
maintain its long-term leverage target. Occupancy on the acquired
portfolio approximates 95% and average existing rents approximate
$1,215 per month and the purchase price per square foot
approximates $72.
“We believe this portfolio is an attractive investment
opportunity that will increase density in our existing markets and
leverage our infrastructure,” said Thomas W. Brock, Silver Bay’s
Chief Executive Officer. “We will continue to seek ways to optimize
our portfolio in our core markets to improve our overall yield and
drive increased cash flow.”
The acquisition is expected to close in 15-30 days, subject to
the satisfaction of conditions to close.
Silver Bay Realty Trust Corp.
Silver Bay Realty Trust Corp. is an internally managed Maryland
corporation focused on the acquisition, renovation, leasing and
management of single-family properties for rental income and
long-term capital appreciation. Silver Bay owns single-family
properties in Arizona, California, Florida, Georgia, Nevada, North
Carolina, Ohio, South Carolina and Texas. Silver Bay has elected to
be taxed as a REIT for U.S. federal tax purposes. Additional
information can also be found on the company’s website:
www.silverbayrealtytrustcorp.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Actual results
may differ from expectations, estimates and projections and,
consequently, readers should not rely on these forward-looking
statements as predictions of future events. Words such as “expect,”
“target,” “assume,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believe,” “predicts,” “potential,” “continue,” and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements may include the timing
of the transaction and involve significant risks and uncertainties
that could cause actual results to differ materially from expected
results. Factors that could cause actual results to differ include
delays or a failure to close on all or a portion of the
properties.
Readers are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Silver Bay does not undertake or accept any obligation to release
publicly any updates or revisions to any forward-looking statement
to reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is based.
Additional information concerning these and other risk factors is
contained in Silver Bay’s most recent filings with the Securities
and Exchange Commission. All subsequent written and oral
forward-looking statements concerning Silver Bay or matters
attributable to Silver Bay or any person acting on its behalf are
expressly qualified in their entirety by the cautionary statements
above.
Additional Information
Stockholders of Silver Bay, and other interested persons, may
find additional information regarding the company at the SEC's
website at www.sec.gov or by directing requests to: Silver Bay
Realty Trust Corp., Attn: Investor Relations, 3300 Fernbrook Lane
North, Suite 210, Plymouth, MN 55447, telephone (952) 358-4400.
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version on businesswire.com: http://www.businesswire.com/news/home/20160921005258/en/
Silver Bay Realty Trust Corp.Christine Battist,
952-358-4400investors@silverbaymgmt.com
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