Silver Bay Realty Trust (SBY) Inactive 10-Q7 Nov 132013 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013	Nov. 05, 2013
Document and Entity Information	'	'
Entity Registrant Name	'SILVER BAY REALTY TRUST CORP.	'
Entity Central Index Key	'0001557255	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	38,807,848
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Investments in real estate:	'	'
Land	$135,510	$82,310
Building and improvements	616,868	338,252
Investments in real estate, gross	752,378	420,562
Accumulated depreciation	-13,297	-1,869
Investments in real estate, net	739,081	418,693
Assets held for sale	7,450	'
Cash and cash equivalents	53,528	228,139
Escrow deposits	22,679	19,727
Resident security deposits	6,105	2,266
In-place lease and deferred lease costs, net	930	2,363
Deferred financing costs, net	3,485	'
Other assets	5,732	6,114
Total Assets	838,990	677,302
Liabilities:	'	'
Revolving credit facility	144,734	'
Accounts payable and accrued property expenses	10,169	4,550
Resident prepaid rent and security deposits	7,389	2,713
Amounts due to the manager and affiliates	6,001	3,071
Amounts due previous owners	3,186	6,555
Total Liabilities	171,479	16,889
10% cumulative redeemable preferred stock, $.01 par; 50,000,000 authorized, 1,000 issued and outstanding	1,000	1,000
Stockholders' Equity:	'	'
Common stock $.01 par; 450,000,000 shares authorized; 38,812,821 and 37,328,213, respectively shares issued and outstanding	387	372
Additional paid-in capital	692,205	664,146
Accumulated other comprehensive loss	-243	'
Cumulative deficit	-26,328	-5,609
Total Stockholders' Equity	666,021	658,909
Noncontrolling interests - Operating Partnership	490	504
Total Equity	666,511	659,413
Total Liabilities and Equity	$838,990	$677,302

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Condensed Consolidated Balance Sheets	'	'
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)	10.00%	10.00%
10% cumulative redeemable preferred stock, par value (in dollars per share)	$0.01	$0.01
10% cumulative redeemable preferred stock, shares authorized	50,000,000	50,000,000
10% cumulative redeemable preferred stock, shares issued	1,000	1,000
10% cumulative redeemable preferred stock, shares outstanding	1,000	1,000
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	38,812,821	37,328,213
Common stock, shares outstanding	38,812,821	37,328,213

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenue:	'	'	'	'
Rental income	$13,923	$726	$31,544	$811
Other income	563	20	1,340	22
Total revenue	14,486	746	32,884	833
Expenses:	'	'	'	'
Property operating and maintenance	4,280	638	8,624	774
Real estate taxes	1,761	406	4,893	526
Homeowners' association fees	286	155	847	162
Property management	3,675	55	9,173	64
Depreciation and amortization	5,683	449	14,061	481
Advisory management fee - affiliates	2,166	610	7,596	804
General and administrative	1,866	103	5,343	296
Interest expense	989	'	1,147	'
Other	142	2	690	2
Total expenses	20,848	2,418	52,374	3,109
Net loss	-6,362	-1,672	-19,490	-2,276
Net loss attributable to noncontrolling interests - Operating Partnership	5	'	14	'
Net loss attributable to controlling interests	-6,357	'	-19,476	'
Preferred stock distributions	-25	'	-75	'
Net loss attributable to common stockholders	-6,382	'	-19,551	'
Loss per share - basic and diluted (Note 7):	'	'	'	'
Net loss attributable to common shares (in dollars per share)	($0.16)	'	($0.50)	'
Weighted average common shares outstanding (in shares)	39,095,200	'	39,198,239	'
Comprehensive Loss:	'	'	'	'
Net loss	-6,362	-1,672	-19,490	-2,276
Other comprehensive loss:	'	'	'	'
Change in fair value of interest rate cap derivatives	-243	'	-243	'
Other comprehensive loss	-243	'	-243	'
Comprehensive loss	-6,605	-1,672	-19,733	-2,276
Less comprehensive loss attributable to noncontrolling interests - Operating Partnership	5	'	14	'
Comprehensive loss attributable to controlling interests	($6,600)	($1,672)	($19,719)	($2,276)

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Changes in Equity (USD $)	Total	Parent Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Cumulative Deficit	Total Stockholders' Equity	Noncontrolling interests - Operating Partnership
In Thousands, except Share data, unless otherwise specified	Total	Parent Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Cumulative Deficit	Total Stockholders' Equity	Noncontrolling interests - Operating Partnership
Balance at Dec. 31, 2011	$161	$250	'	'	'	($89)	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Capital contributions	226,000	226,000	'	'	'	'	'	'
Net loss	-2,276	'	'	'	'	-2,276	'	'
Balance at Sep. 30, 2012	223,885	226,250	'	'	'	-2,365	'	'
Balance at Dec. 31, 2012	659,413	'	372	664,146	'	-5,609	658,909	504
Balance (in shares) at Dec. 31, 2012	37,328,213	'	37,328,213	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Net proceeds from sale of common stock	34,388	'	20	34,368	'	'	34,388	'
Common stock issued (in shares)	'	'	1,987,500	'	'	'	'	'
Non-cash equity awards	404	'	'	404	'	'	404	'
Non-cash equity awards (in shares)	'	'	-2,892	'	'	'	'	'
Repurchase of common stock	-7,790	'	-5	-7,785	'	'	-7,790	'
Repurchase of common stock (in shares)	'	'	-500,000	'	'	'	'	'
Dividends declared	-1,243	'	'	'	'	-1,243	-1,243	'
Other	1,072	'	'	1,072	'	'	1,072	'
Net loss	-19,490	'	'	'	'	-19,476	-19,476	-14
Other comprehensive loss	-243	'	'	'	-243	'	-243	'
Balance at Sep. 30, 2013	$666,511	'	$387	$692,205	($243)	($26,328)	$666,021	$490
Balance (in shares) at Sep. 30, 2013	38,812,821	'	38,812,821	'	'	'	'	'

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash Flows From Operating Activities:	'	'
Net loss	($19,490)	($2,276)
Adjustments to reconcile net loss to net cash used by operating activities:	'	'
Depreciation and amortization	14,061	481
Non-cash stock compensation	746	'
Amortization of deferred financing costs	480	'
Other	333	'
Net change in assets and liabilities:	'	'
Increase in escrow reserves under the credit facility	-12,645	'
Increase in escrow cash for operating activities	-1,282	-8,319
Increase in deferred lease fees and other assets	-377	-601
Increase in accounts payable, accrued property expenses, and prepaid rent	3,461	2,631
Increase in related party payables, net	855	1,193
Net cash used by operating activities	-13,858	-6,891
Cash Flows From Investing Activities:	'	'
Purchase of investments in real estate	-258,910	-178,775
Capital improvements of investments in real estate	-82,877	-12,590
Decrease (increase) in escrow cash for investing activities	10,975	-556
Proceeds from sale of investments in real estate	4,195	'
Other	-252	'
Net cash used by investing activities	-326,869	-191,921
Cash Flows From Financing Activities:	'	'
Proceeds from issuance of common stock, net of offering costs	34,513	'
Proceeds from revolving credit facility	144,734	'
Deferred financings costs paid	-3,965	'
Interest rate cap agreements	-533	'
Repurchase of common stock	-7,790	'
Dividends paid	-843	'
Capital contribution of parent, net	'	226,000
Net cash provided by financing activities	166,116	226,000
Net change in cash and cash equivalents	-174,611	27,188
Cash and cash equivalents at beginning of period	228,139	250
Cash and cash equivalents at end of period	53,528	27,438
Supplemental disclosure of cash flow information:	'	'
Cash paid for interest	1,336	'
Board of directors stock compensation	125	'
Noncash investing and financing activities:	'	'
Common stock and unit dividends declared, but not paid	-387	'
Advisory management fee - additional basis	1,071	'
Change in contingent consideration	222	'
Capital improvements in accounts payable	$2,796	'

Organization_and_Operations

Organization and Operations	9 Months Ended
Organization and Operations	Sep. 30, 2013
Organization and Operations	'
Organization and Operations	'
	Note 1. Organization and Operations

	Silver Bay Realty Trust Corp., or Silver Bay or the Company, is a Maryland corporation that is the continuation of the operations of Silver Bay Property Investment LLC (formerly Two Harbors Property Investment LLC), or Silver Bay Property or the Company’s Predecessor, through a contribution of equity interests in Silver Bay Property to the Company and an initial public offering on December 19, 2012, or the Offering, and certain Formation Transactions described in Note 3. Until the Offering, Silver Bay Property was a wholly-owned subsidiary of Two Harbors Investment Corp., or Two Harbors or Parent. The Company began formal operations in February 2012 when it started acquiring single-family properties financed through a parent capital contribution of $101,000.

	The Company is focused on the acquisition, renovation, leasing and management of single-family residential properties in selected markets in the United States. As of September 30, 2013, the Company owned 5,575 single-family residential properties, excluding assets held for sale. The Company owns properties in Phoenix, AZ, Tucson, AZ, Northern California (currently consisting of Contra Costa, Napa, and Solano counties), Southern California (currently consisting of Riverside and San Bernardino counties), Orlando, FL, Tampa, FL, Southeast Florida (currently consisting of Miami-Dade, Broward and Palm Beach counties), Jacksonville, FL, Atlanta, GA, Las Vegas, NV, Charlotte, NC, Columbus, OH, Dallas, TX, and Houston, TX.

	The Company has elected to be treated as a real estate investment trust, or REIT, for U.S. federal tax purposes, commencing with, and in connection with the filing of its federal tax return for the portion of its taxable year ended December 31, 2012. As a REIT, the Company will generally not be subject to federal income tax on the taxable income that it distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax at regular corporate rates. Even if it qualifies for taxation as a REIT, the Company may be subject to some federal, state and local taxes on its income or property. In addition, the income of any taxable REIT subsidiary, or TRS, that the Company owns will be subject to taxation at regular corporate rates.

	The Company is externally managed by PRCM Real Estate Advisers LLC, or the Manager. The Company relies on the Manager to provide or obtain on its behalf the personnel and services necessary for it to conduct its business as the Company has no employees of its own.

Basis_of_Presentation_and_New_

Basis of Presentation and New Accounting Pronouncements	9 Months Ended
Basis of Presentation and New Accounting Pronouncements	Sep. 30, 2013
Basis of Presentation and New Accounting Pronouncements	'
Basis of Presentation and New Accounting Pronouncements	'
	Note 2. Basis of Presentation and New Accounting Pronouncements

	Consolidation and Basis of Presentation

	The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. Management believes, however, that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2013 and results of operations for all periods presented have been made. The results of operations for the three or nine months ended September 30, 2013 should not be construed as indicative of the results to be expected for the full year.

	The accompanying condensed consolidated financial statements include the accounts of all subsidiaries and intercompany accounts and transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP.

	Principles of Consolidation

	The accompanying condensed consolidated financial statements include the accounts of the Company and Silver Bay Operating Partnership L.P., or the Operating Partnership. The Company consolidates real estate partnerships and other entities that are not variable interest entities when it owns, directly or indirectly, a majority voting interest in the entity or is otherwise able to control the entity.

	Use of Estimates

	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that may affect the reported amounts and disclosures in the financial statements. The Company’s estimates are inherently subjective in nature and actual results could differ from these estimates.

	Reclassifications

	Certain reclassifications have been made to amounts in prior period financial statements to conform to current period presentation. A balance of $24,653, representing cash in acquisition accounts, which are now in the control of the Company, has been reclassified from escrow deposits to cash and cash equivalents in the condensed consolidated balance sheet as of September 30, 2012. This reclassification impacted the prior presentation in the condensed consolidated statement of cash flows for the nine months ended September 30, 2012.

	Assets Held for Sale

	The Company evaluates its long-lived assets on a regular basis to ensure the individual properties still meet its investment criteria. If the Company has determined that an individual property no longer meets its investment criteria, a decision is made to dispose of the property. The property is subject to the Company’s impairment test and any losses are recognized immediately. The property is then marketed for sale and classified as held for sale in the consolidated financial statements, with any material operations reported as discontinued operations.

	The properties included in held for sale at September 30, 2013 did not have material leasing operations under the Company’s ownership.

	For the three and nine months ended September 30, 2013, the Company recognized $206 and $518, respectively, in impairment charges and $156 and $185, respectively, in net gain on sale of assets. Impairment and gain on sale of assets are included within other in the condensed consolidated statements of operations and comprehensive loss. The Company did not record impairment or dispose of assets during the three and nine months ended September 30, 2012.

	Cash and Cash Equivalents

	The Company considers all demand deposits, money market accounts and investments in certificates of deposit purchased with a maturity of three months or less at the date of purchase to be cash equivalents. The Company had no cash equivalents as of September 30, 2013 or December 31, 2012.

	Escrow Deposits

	Escrow deposits include refundable and non-refundable cash and earnest money on deposit with the Manager’s operating subsidiary and certain third party property managers for property purchases and renovation costs, certain municipalities for property purchases, and earnest money deposits. Escrow deposits also include cash held in reserve at financial institutions, as required by the revolving credit facility described below. The Company had $12,645 in cash reserves relating to its revolving credit facility as of September 30, 2013.

	Rent and Other Receivables, Net

	The Company maintains an allowance for doubtful accounts for estimated losses that may result from the inability of residents to make required rent or other payments. This allowance is estimated based on payment history and current occupancy status. The Company generally does not require collateral or other security from its residents, other than security deposits. If estimates of collectability differ from the cash received, the timing and amount of the Company’s reported revenue could be impacted.

	Recent Accounting Pronouncements

	Under the Jumpstart Our Business Startups Act, or the JOBS Act, the Company meets the definition of an “emerging growth company.” The Company has irrevocably elected to opt out of the extended transition period for complying with new or revised U.S. accounting standards pursuant to Section 107(b) of the JOBS Act. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

Formation_Transactions_and_Off

Formation Transactions and Offering	9 Months Ended
Formation Transactions and Offering	Sep. 30, 2013
Formation Transactions and Offering	'
Formation Transactions and Offering	'
	Note 3. Formation Transactions and Offering

	On December 19, 2012, the Company completed the Offering and raised approximately $228,517 in net proceeds through the issuance of 13,250,000 common shares. On January 7, 2013, the Company sold an additional 1,987,500 common shares and received net proceeds of approximately $34,388, inclusive of the May 2013 $125 stock award to the Company’s independent directors described in Note 5, which off-set the proceeds.

	Concurrently with the Offering, the Company also completed certain merger and formation transactions, or the Formation Transactions. Included in the Formation Transactions was the contribution of the ownership interest of the Predecessor by Two Harbors. For accounting purposes, the Predecessor was considered the acquiring or surviving entity, meaning the Silver Bay Property historical assets and liabilities included in the condensed consolidated balance sheets are recorded at the Predecessor’s historical carryover cost basis. In consideration for the contribution, Two Harbors received 17,824,647 shares of the Company’s common stock, and 1,000 shares of cumulative redeemable preferred stock with an aggregate liquidation preference of $1,000 per share. On April 24, 2013, Two Harbors distributed by way of a special dividend all shares of the Company’s common stock to their stockholders on a pro rata basis.

	The owners of the membership interests of entities managed by Provident Real Estate Advisors LLC, or the Provident Entities, contributed their interests in the Provident Entities, which owned 881 single-family properties, to the Company as part of the Formation Transactions. The contribution of the Provident Entities was considered an acquisition for accounting purposes, resulting in the assets and liabilities of the Provident Entities being recorded at their fair value of $118,492. In consideration for their contribution, the owners of the Provident Entities received 6,092,995 shares of the newly formed entity’s common stock, valued at $18.50 per share, $5,263 in cash (a use of net proceeds from the Offering), and 27,459 common units in the Operating Partnership, valued at $18.50 per unit because the common units are redeemable for cash or, at the Company’s election, shares of Company common stock on a one-for-one basis, subject to applicable adjustments. The allocations of the purchase price for the Provident Entities were made in accordance with the Company’s allocation policies. There was no allocation of fair value for above or below market in-place leases based on the short-term nature of the leases and stated rates approximating current rental rates.

	Certain working capital adjustments have been finalized as of September 30, 2013. Included in the condensed consolidated balance sheets within amounts due previous owners is a $844 payable and $202 receivable from the prior members of the Provident Entities as of September 30, 2013 and December 31, 2012, respectively, and $1,261 due to Two Harbors as of December 31, 2012. The Company will finalize the Provident Entities working capital position after the first anniversary of the Formation Transactions. There were no working capital adjustments with Two Harbors as of September 30, 2013. Any future working capital adjustments related to Silver Bay Property will be reflected as an adjustment to additional paid in capital and working capital adjustments related to the Provident Entities will be reflected as a basis adjustment to the single-family properties acquired.

	In addition, the Company is required to make payments of cash to both Two Harbors and the prior members of the Provident Entities as additional purchase price consideration in the Formation Transactions. The total amount to be paid to Two Harbors and prior members of the Provident Entities is equal to 50% of the advisory management fee payable to the Manager, as described in Note 8, during the first year after the Offering (before adjustment for any property management fees received by the Manager’s operating subsidiary), subject to an aggregate amount payable to Two Harbors of no more than $4,024. These payments reduce the amount owed to the Manager on a dollar-for-dollar basis and thus have no net impact on expenditures of the Company. The amounts to be individually paid to Two Harbors and prior members of the Provident Entities are based upon the relative values they each provided as part of the Formation Transactions, which were approximately 73.6% and 26.4%, respectively. As a result, as of September 30, 2013, the Company has an estimated remaining liability of $2,342 as part of its Formation Transactions. The additional cash payments are required to be made quarterly in conjunction with the payment of the advisory management fee.

	During the three and nine months ended September 30, 2013, the Company recorded advisory management fee expense of $2,166 and $7,596 (see Note 8), of which $872 and $2,991 relates to the amortization of the deferred charges for the Two Harbors component of the fee and $312 and $1,071 relates to the Provident Entities component of the fee, respectively. Based upon Two Harbors’ assets being recorded at carryover basis, the estimated liability related to Two Harbors of $1,729 has been recorded as a deferred charge and included in other assets on the condensed consolidated balance sheets and will be amortized as advisory management fee expense ratably each quarter. The estimated liability related to the Provident Entities of $613 has been recorded as additional basis to the single-family residential real properties acquired from the Provident Entities. Because these payments will be funded by the Manager through the reduction of its advisory management fee, the Company has determined that the full recognition of advisory management fee expense would still need to be recorded and will record the portion related to payments to the prior members of the Provident Entities through the recognition of additional paid-in capital, which amounted to $312 and $1,071 for the three and nine months ended September 30, 2013, respectively.

Revolving_Credit_Facility

Revolving Credit Facility	9 Months Ended
Revolving Credit Facility	Sep. 30, 2013
Revolving Credit Facility	'
Revolving Credit Facility	'
	Note 4. Revolving Credit Facility

	On May 10, 2013, the Company entered into a $200,000 revolving credit facility with a syndicate of banks. The Company is able to draw up to 55% of the aggregate value of the eligible properties based on the lesser of (a) the third-party broker price opinion value or (b) the original purchase price plus certain renovation and other capitalized costs of the properties. The revolving credit facility matures on May 10, 2016 and bears interest at a varying rate of the London Interbank Offered Rate, or LIBOR, plus 3.50% subject to a LIBOR floor of 0.5%. The Company is also required to pay a monthly fee on the unused portion of the revolving credit facility at a rate of 0.5% per annum, which began to accrue 90 days following the closing of the revolving credit facility. The revolving credit facility may be used for the acquisition, financing, and renovation of properties and other general purposes. As of September 30, 2013, $144,734 was outstanding under the revolving credit facility and the weighted average interest rate for the three and nine months ended September 30, 2013 was 4.0%.

	All amounts outstanding under the revolving credit facility are collateralized by the equity interests and assets of certain of the Company’s subsidiaries, or pledged subsidiaries. The amounts outstanding under the revolving credit facility and certain obligations contained therein are guaranteed by Silver Bay Realty Trust Corp. and the Operating Partnership only in the case of certain bad acts (including bankruptcy) and up to $20,000 for completion of certain property renovations, as outlined in the credit documents.

	The pledged subsidiaries are separate legal entities, but continue to be reported in the Company’s consolidated financial statements. As long as the revolving credit facility is outstanding, the assets of the pledged subsidiaries are not available to satisfy the other debts and obligations of the pledged subsidiaries or the Company. However the Company is permitted to receive distributions from the pledged subsidiaries as long as the Company and the pledged subsidiaries are current with all payments and in compliance with all other obligations under the revolving credit facility.

	The revolving credit facility does not contractually restrict the Company’s ability to pay dividends but certain covenants contained therein may limit the amount of cash available for distribution. The revolving credit facility requires the Company to meet certain quarterly financial tests pertaining to net worth, total liquidity, debt yield and debt service coverage ratios, as defined by the agreement. The Company must maintain, as defined by the agreement, total liquidity of $25,000 and a net worth of at least $125,000, excluding assets of the borrowers, at all times. As of September 30, 2013, the Company satisfied the total liquidity requirement through maintaining a balance in excess of $25,000 in cash and cash equivalents at the Company and the Operating Partnership. The revolving credit facility also provides for the restriction of cash whereby the Company must set aside funds for payment of insurance, property taxes and certain property operating and maintenance expenses associated with properties in the pledged subsidiaries portfolios. As of September 30, 2013, the Company has $12,645 included in escrow deposits associated with the required reserves. The agreement also contains customary events of default for a facility of this type, including payment defaults, covenant defaults, breaches of representations and warranties, bankruptcy and insolvency, judgments, change of control and cross-default with certain other indebtedness.

	In connection with the revolving credit facility, the Manager’s operating subsidiary assigned the property management agreements it maintains with third parties to the Company. This means the Company will incur costs under those agreements in the future that are payable directly to the third parties as opposed to paying such amounts to the Manager’s operating subsidiary as reimbursement. The Manager’s operating subsidiary remains obligated to oversee and manage the performance of these property managers. The Company also entered into separate property management agreements with the Manager’s operating subsidiary covering the properties pledged as part of the revolving credit facility. Pursuant to these agreements, the Company pays a property management fee equal to 10% of collected rents, which reduces its reimbursement obligations by an equal amount thus resulting in no net impact to the amount the Company pays the Manager’s operating subsidiary for property management services.

	The Company capitalizes interest for properties undergoing renovation activities. Capitalized interest associated with the Company’s renovation activities totaled $542 and $837, respectively, for the three and nine months ended September 30, 2013.

	Costs incurred in the placement of the Company’s debt are being amortized using the straight line method over the term of the related debt. As of September 30, 2013, the Company has deferred financing costs of $3,485 in connection with its revolving credit facility, net of amortization. Amortization expense for the three and nine months ended September 30, 2013 was $322 and $480 respectively and was recorded as interest expense in the accompanying consolidated statements of operations and comprehensive loss.

	Interest Rate Cap Agreements

	During the third quarter of 2013, the Company entered into interest rate cap agreements with an aggregate notional amount of $170,000, a LIBOR cap of 3.00%, and termination dates of May 10, 2016 at an aggregate purchase price of $533 to manage interest rate risk associated with its revolving credit facility. The Company determined that the interest rate caps qualify for hedge accounting and, therefore, designated the derivatives as cash flow hedges with future changes in fair value recognized through other comprehensive loss. Ineffectiveness is calculated as the amount by which the change in fair value of the derivatives exceeds the change in the fair value of the anticipated cash flows related to the revolving credit facility.

	The fair value of the interest rate cap agreements is recorded within other assets and the effective portion of the change in fair value is reflected in accumulated other comprehensive loss in the condensed consolidated balance sheets. Portions of the purchase prices of the interest rate cap agreements, representing the premiums paid to enter into the contracts, were capitalized as deferred financing costs and are being amortized using the straight line method over the terms of the related agreements. The gains or losses on the interest rate cap agreements are recorded as interest expense in the condensed consolidated statement of operations and comprehensive loss in conjunction with the interest payments made in connection with the revolving credit facility.

	As of September 30, 2013 the aggregate fair value of the Company’s interest rate cap agreements was $239 and was recorded in other assets. For the three and nine months ended September 30, 2013, the Company did not recognize any gains or losses related to the interest rate cap agreements in earnings.

Equity_Incentive_Plan

Equity Incentive Plan	9 Months Ended
Equity Incentive Plan	Sep. 30, 2013
Equity Incentive Plan	'
Equity Incentive Plan	'
	Note 5. Equity Incentive Plan

	On December 4, 2012 The Company adopted an equity incentive plan which provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel of the Company, the Manager and the Manager’s operating subsidiary.

	On May 22, 2013, the Company awarded each of its independent directors an equity retainer in the form of an award of restricted stock with a fair market value of $50 through the issuance of 13,880 total shares. This annual equity retainer for such independent directors will vest as to all of such shares on the earlier of (i) the one year anniversary of the date of grant or (ii) the date immediately preceding the date of the Company’s next annual meeting of stockholders, subject in each case, to the independent director’s continued service to the company through the vesting date. On this date, the Company also awarded each independent director $25 in immediately vesting shares of the Company’s common stock, amounting to 6,940 total shares, in recognition of the additional work involved as independent directors of a new public company.

	For the three and nine months ended September 30, 2013, inclusive of the impact of cash dividends, the Company recognized $62 and $301, respectively, of stock compensation expense in property management and $172 and $450, respectively, of stock compensation expense in general and administrative. Additionally, the Company offset IPO proceeds of $125 as additional paid-in capital related to the shares issued to its independent directors for their additional work related to the Company’s initial public offering.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity	'
Stockholders' Equity	'
	Note 6. Stockholders’ Equity

	Common Stock Dividends

	The following table presents cash dividends declared by the Company on its common stock since its formation:

	Declaration Date	Record Date	Payment Date		Cash Dividend
					per Share
	March 21, 2013	April 1, 2013	April 12, 2013		$	0.01
	June 20, 2013	July 1, 2013	July 12, 2013		0.01
	September 19, 2013	October 1, 2013	October 11, 2013		0.01


	Preferred Stock Dividends

	The following table presents cash dividends declared by the Company on its 10% cumulative redeemable preferred stock since its formation:

	Declaration Date	Payment Date	Cash Dividend
			per Share
	March 21, 2013	April 12, 2013	$	31.39
	June 26, 2013	June 28, 2013	25
	September 19, 2013	October 11, 2013	24.72


	The March 21, 2013 dividend declaration included amounts relating to the period from the date of the Formation Transactions through April 12, 2013.

	Share Repurchase Plan

	On July 1, 2013, the Company’s Board of Directors authorized the Company to repurchase up to 2,500,000 shares of its common stock through a share repurchase program. Shares may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or by any combination of such methods. The manner, price, number and timing of share repurchases will be subject to a variety of factors, including market conditions and applicable U.S. Securities and Exchange Commission rules. As of September 30, 2013, 500,000 shares had been repurchased by the Company under the program and retired for a total cost of $7,790, at an average purchase price of $15.58.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2013
Earnings (Loss) Per Share	'
Earnings (Loss) Per Share	'
	Note 7. Earnings (Loss) Per Share

	The following table presents a reconciliation of net loss and shares used in calculating basic and diluted earnings (loss) per share, or EPS, for the three and nine months ended September 30, 2013. The Company has not calculated EPS for the comparable periods in 2012, as the Company did not have common stock outstanding until the Formation Transactions closed on December 19, 2012.

	The following is a summary of the elements used in calculating basic and diluted EPS computations:

		Three Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2013
	Net loss attributable to controlling interests	$	(6,357	)	$	(19,476	)
	Preferred stock distributions	$	(25	)	$	(75	)
	Net loss attributable to common stockholders	$	(6,382	)	$	(19,551	)
	Basic and diluted weighted average common shares outstanding	39,095,200			39,198,239
	Net loss per common share - Basic and Diluted	$	(0.16	)	$	(0.50	)

	A total of 27,459 common units were outstanding at September 30, 2013, but have been excluded from the calculation of diluted EPS as their inclusion would not be dilutive.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2013
Related Party Transactions	'
Related Party Transactions	'
	Note 8. Related Party Transactions

	Advisory Management Agreement

	In conjunction with the Formation Transactions, the Company and the Manager entered into a new advisory management agreement, whereby the Manager designs and implements the Company’s business strategy and administers its business activities and day-to-day operations, subject to oversight by the Company’s board of directors. In exchange for these services, the Manager earns a fee equal to 1.5% per annum, or 0.375% per quarter, of the Company’s daily average fully diluted market capitalization, as defined by the agreement, calculated and payable quarterly in arrears. The fee is reduced for the 5% property management fee (described below) received by the Manager’s operating subsidiary or its affiliates under the property management and acquisition services agreement. The Company will also reimburse the Manager for all expenses incurred on its behalf or otherwise in connection with the operation of its business, other than compensation for the Chief Executive Officer and personnel providing data analytics directly supporting the investment function. If the Manager provides services to a party other than the Company or one of its subsidiaries, a portion of these expenses will be allocated to and reimbursed by such other party in a fair and equitable manner as determined by the Manager in good faith. To date, the Manager has only provided services to the Company.

	The initial term of the advisory management agreement expires on December 19, 2015 and will be automatically renewed for a one year term at the end of the initial term and each anniversary thereafter unless terminated. Upon termination of the management agreement by the Company for reasons other than cause, or by the Manager for cause that the Company is unwilling or unable to timely cure, the Company will pay the Manager a termination fee equal to 4.5% of the daily average of the Company’s fully diluted market capitalization in the quarter preceding such termination.

	During the three and nine months ended September 30, 2013, the Company expensed $982 and $3,534 respectively, in advisory management fees payable to the Manager (net of the reduction for the 5% property management fee described below). As outlined in Note 3, the Company is required to make certain payments to Two Harbors and the prior members of the Provident Entities based upon 50% of the advisory management fee earned by the Manager during the first year subsequent to the Offering (before adjustment for any property management fees received by the Manager’s operating subsidiary). The Manager has agreed to fund these payments through the forgiveness of an equal portion of the advisory management fee by the Company during the same period. The Company expensed $1,184 and $4,062, respectively, in advisory management fees payable to Two Harbors and the prior members of the Provident Entities during the three and nine months ended September 30, 2013, and applied such payables as a reduction to advisory management fees to Manager. The remaining portion of the advisory management fee for these periods have been accrued and reflected in amounts due to the Manager and affiliates on the condensed consolidated balance sheets.

	Prior to the Formation Transactions, Two Harbors allocated certain advisory expenses related to its operations based on 1.5% of member’s equity on an annualized basis. During the three and nine months ended September 30, 2012, the Company incurred Two Harbors advisory fees totaling $610 and $804, respectively, which are included in advisory management fee — affiliate in the condensed consolidated statements of operations and comprehensive loss.

	The Company also reimbursed the Manager for certain general and administrative expenses, primarily related to employee compensation. Direct and allocated costs incurred by the Manager on behalf of the Company, totaled approximately $978 and $2,797, respectively, for the three and nine months ended September 30, 2013. As of September 30, 2013 and December 31, 2012, the Company owed $1,111 and $1,609, respectively, for these costs including reimbursed offering costs (at December 31, 2012) in equity, which is included in amounts due to the Manager and affiliates in the condensed consolidated balance sheets.

	Prior to the Formation Transaction, Two Harbors allocated certain direct general and administrative expenses (primarily professional fees and travel costs) paid on behalf of the Company to external vendors. For the three and nine months ended September 30, 2012, the Company was allocated $126 and $285, respectively, in direct expenses.

	Property Management and Acquisition Services Agreement

	In conjunction with the Formation Transactions, the Company entered into a new property management and acquisition services agreement with the Manager’s operating subsidiary. Under this agreement, the Manager’s operating subsidiary will acquire additional single-family properties on the Company’s behalf and manages the properties owned by the Company in select markets. For these services, the Company reimburses the Manager’s operating subsidiary for all direct expenses incurred in the operation of its business, including the compensation of its employees. The Manager’s operating subsidiary also receives a property management fee equal to 5% of certain costs and expenses incurred by it in the operation of its business that are reimbursed by the Company. This 5% property management fee reduces the advisory management fee paid to the Manager.

	The Manager’s operating subsidiary has agreed not to provide these services to anyone other than the Company, its subsidiaries and any future joint venture in which the Company is an investor prior to December 19, 2015, the initial term of the agreement. The agreement will be automatically renewed for a one year term at the end of the initial term and each anniversary thereafter unless terminated.

	During the three and nine months ended September 30, 2013, the Company incurred property management expense of $3,675 and $9,173, respectively. This included direct expense reimbursements of $2,803 and $7,083, respectively, and the 5% property management fee of $202 and $529, respectively. The remaining amounts in property management fees of approximately $670 and $1,561 for the three and nine months ended September 30, 2013, respectively, were incurred to reimburse our Manager’s operating subsidiary for expenses payable to third-party property managers or as payments due directly to third-party property managers. In addition, for the three and nine months ended September 30, 2013, the Company incurred charges with the Manager’s operating subsidiary of $1,209 and $3,852, respectively, in acquisitions and renovation fees which were capitalized as part of property acquisition and renovation costs, and $70 and $170, respectively, for leasing services, which are reflected as other assets and are being amortized over the life of the leases (typically one year or less). As of September 30, 2013 and December 31, 2012, the Company owed $4,890 and $994 respectively for these services which are included in amounts due to the manager and affiliates on the condensed consolidated balance sheets.

	Prior to the Formation Transactions, Two Harbors paid property management and acquisition service fees based on the number of homes acquired, leased and renovated in addition to a fee based on monthly rental income. Pursuant to these agreements, for the three and nine months ended September 30, 2012 the Company incurred $1,583 and $2,583, respectively, in acquisition and renovation fees which were capitalized as part of property acquisition and renovation costs, $90 and $127, respectively, for leasing services, which are deferred and amortized over the life of the leases (typically one year or less) and $35 and $41, respectively, for property management, which are included in property management on the condensed consolidated statements of operations and comprehensive loss.

Fair_Value

Fair Value	9 Months Ended
Fair Value	Sep. 30, 2013
Fair Value	'
Fair Value	'
	Note 9. Fair Value

	Fair Value Measurements

	Codification Topic Fair Value Measurements and Disclosures (“ASC 820”) established a three level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

	Level 1 — Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
	Level 2 — Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
	Level 3 — Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

	Recurring Fair Value

	The Company uses interest rate cap agreements to manage its exposure to interest rate risk, which are considered Level 2 instruments. Interest rate cap derivatives are valued based on market quotes of comparable instruments.

	Fair Value of Financial Instruments

	In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the condensed consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments. Descriptions are not provided for those items that have zero balances as of September 30, 2013.
	· Cash and cash equivalents, escrow deposits, resident security deposits, resident rent receivable (included in other assets), accounts payable and accrued property expenses, amounts due to the manager and affiliates, and amounts due previous owners have carrying values which approximate fair value because of the short-term nature of these instruments. The Company categorizes the fair value measurement of these assets and liabilities as Level 1.
	· The Company’s revolving credit facility has a floating interest rate based on an index plus a spread and the credit spread is consistent with those demanded in the market. Accordingly, the interest rate on this borrowing is at market and thus the carrying value of the debt approximates fair value. The Company categorizes the fair value measurement of this liability as Level 2.
	· The Company’s preferred stock had a fair value which approximates its liquidation value at September 30, 2013. The Company categorizes the fair value measurement of this instrument as Level 2.

	Nonrecurring Fair Value

	For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset at the time the Company has determined to sell the asset. Assets held for sale are valued based on comparable sales data, less estimates of third-party broker commissions, which are gathered from the markets. These impairment measurements constitute nonrecurring fair value measures under ASC 820 and the inputs are characterized as Level 2.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2013
Commitments and Contingencies	'
Commitments and Contingencies	'
	Note 10. Commitments and Contingencies

	Concentrations

	As of September 30, 2013, approximately 60% of the Company’s properties were located in Phoenix, AZ, Tampa, FL, and Atlanta, GA, which exposes the Company to greater economic risks than if owned on a more geographically dispersed portfolio.

	Purchase Obligations

	As of September 30, 2013, for properties acquired through individual broker transactions which involve submitting a purchase offer, the Company had offers accepted to purchase residential properties for an aggregate amount of $3,659. However, not all of these properties are certain to be acquired because properties may fall out of escrow through the closing process for various reasons.

Subsequent_Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2013
Subsequent Events	'
Subsequent Events	'
	Note 11. Subsequent Events

	Events subsequent to September 30, 2013 were evaluated through the date these financial statements were issued and no events were identified requiring further disclosure in these condensed consolidated financial statements.

Basis_of_Presentation_and_New_1

Basis of Presentation and New Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2013
Basis of Presentation and New Accounting Pronouncements	'
Consolidation and Basis of Presentation	'
	Consolidation and Basis of Presentation

	The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. Management believes, however, that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2013 and results of operations for all periods presented have been made. The results of operations for the three or nine months ended September 30, 2013 should not be construed as indicative of the results to be expected for the full year.

	The accompanying condensed consolidated financial statements include the accounts of all subsidiaries and intercompany accounts and transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP.
Principles of Consolidation	'
	Principles of Consolidation

	The accompanying condensed consolidated financial statements include the accounts of the Company and Silver Bay Operating Partnership L.P., or the Operating Partnership. The Company consolidates real estate partnerships and other entities that are not variable interest entities when it owns, directly or indirectly, a majority voting interest in the entity or is otherwise able to control the entity.
Use of Estimates	'
	Use of Estimates

	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that may affect the reported amounts and disclosures in the financial statements. The Company’s estimates are inherently subjective in nature and actual results could differ from these estimates.
Reclassifications	'
	Reclassifications

	Certain reclassifications have been made to amounts in prior period financial statements to conform to current period presentation. A balance of $24,653, representing cash in acquisition accounts, which are now in the control of the Company, has been reclassified from escrow deposits to cash and cash equivalents in the condensed consolidated balance sheet as of September 30, 2012. This reclassification impacted the prior presentation in the condensed consolidated statement of cash flows for the nine months ended September 30, 2012.
Assets Held for Sale	'
	Assets Held for Sale

	The Company evaluates its long-lived assets on a regular basis to ensure the individual properties still meet its investment criteria. If the Company has determined that an individual property no longer meets its investment criteria, a decision is made to dispose of the property. The property is subject to the Company’s impairment test and any losses are recognized immediately. The property is then marketed for sale and classified as held for sale in the consolidated financial statements, with any material operations reported as discontinued operations.

	The properties included in held for sale at September 30, 2013 did not have material leasing operations under the Company’s ownership.

	For the three and nine months ended September 30, 2013, the Company recognized $206 and $518, respectively, in impairment charges and $156 and $185, respectively, in net gain on sale of assets. Impairment and gain on sale of assets are included within other in the condensed consolidated statements of operations and comprehensive loss. The Company did not record impairment or dispose of assets during the three and nine months ended September 30, 2012.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents

	The Company considers all demand deposits, money market accounts and investments in certificates of deposit purchased with a maturity of three months or less at the date of purchase to be cash equivalents. The Company had no cash equivalents as of September 30, 2013 or December 31, 2012.
Escrow Deposits	'
	Escrow Deposits

	Escrow deposits include refundable and non-refundable cash and earnest money on deposit with the Manager’s operating subsidiary and certain third party property managers for property purchases and renovation costs, certain municipalities for property purchases, and earnest money deposits. Escrow deposits also include cash held in reserve at financial institutions, as required by the revolving credit facility described below. The Company had $12,645 in cash reserves relating to its revolving credit facility as of September 30, 2013.
Rent and Other Receivables, Net	'
	Rent and Other Receivables, Net

	The Company maintains an allowance for doubtful accounts for estimated losses that may result from the inability of residents to make required rent or other payments. This allowance is estimated based on payment history and current occupancy status. The Company generally does not require collateral or other security from its residents, other than security deposits. If estimates of collectability differ from the cash received, the timing and amount of the Company’s reported revenue could be impacted.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements

	Under the Jumpstart Our Business Startups Act, or the JOBS Act, the Company meets the definition of an “emerging growth company.” The Company has irrevocably elected to opt out of the extended transition period for complying with new or revised U.S. accounting standards pursuant to Section 107(b) of the JOBS Act. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2013
Common Stock Dividends	'
Stockholders' equity	'
Schedule of cash dividends declared by the Company since its formation	'


	Declaration Date	Record Date	Payment Date		Cash Dividend
					per Share
	March 21, 2013	April 1, 2013	April 12, 2013		$	0.01
	June 20, 2013	July 1, 2013	July 12, 2013		0.01
	September 19, 2013	October 1, 2013	October 11, 2013		0.01


Preferred Stock Dividends	'
Stockholders' equity	'
Schedule of cash dividends declared by the Company since its formation	'

	Declaration Date	Payment Date	Cash Dividend
			per Share
	March 21, 2013	April 12, 2013	$	31.39
	June 26, 2013	June 28, 2013	25
	September 19, 2013	October 11, 2013	24.72

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	9 Months Ended
Earnings (Loss) Per Share (Tables)	Sep. 30, 2013
Earnings (Loss) Per Share	'
Summary of elements used in calculating basic and diluted EPS computations	'
		Three Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2013
	Net loss attributable to controlling interests	$	(6,357	)	$	(19,476	)
	Preferred stock distributions	$	(25	)	$	(75	)
	Net loss attributable to common stockholders	$	(6,382	)	$	(19,551	)
	Basic and diluted weighted average common shares outstanding	39,095,200			39,198,239
	Net loss per common share - Basic and Diluted	$	(0.16	)	$	(0.50	)

Organization_and_Operations_De

Organization and Operations (Details) (USD $)	9 Months Ended		1 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2012	Sep. 30, 2013	Feb. 29, 2012	Sep. 30, 2012
	Sep. 30, 2012	item	Parent	Parent
Organization and Operations	'	'	'	'
Number of single-family residential properties owned	'	5,575	'	'
Number of employees	'	0	'	'
Organization and operations	'	'	'	'
Capital contributions	$226,000	'	$101,000	$226,000

Basis_of_Presentation_and_New_2

Basis of Presentation and New Accounting Pronouncements (Details) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
Basis of Presentation and New Accounting Pronouncements	'	'	'
Amount reclassified from escrow deposits to cash and cash equivalents	'	$24,653	'
Assets Held for Sale	'	'	'
Impairment charges	206	518	'
Net gain on sale of assets	156	185	'
Cash and Cash Equivalents	'	'	'
Cash equivalents	0	0	0
Escrow Deposits	'	'	'
Cash reserves relating to the revolving credit facility	$12,645	$12,645	'

Formation_Transactions_and_Off1

Formation Transactions and Offering (Details) (USD $)

0 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Jan. 07, 2013

Dec. 19, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

31-May-13

Sep. 30, 2013

Dec. 19, 2012

Sep. 30, 2013

Dec. 31, 2012

Dec. 19, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 19, 2012

item

Equity incentive plan

Provident Entities

Two Harbors

Two Harbors and Provident Entities

Common stock

Cumulative redeemable preferred stock

Common units in the Operating Partnership

Common Stock

item

Provident Entities

Two Harbors

Provident Entities

Independent directors

Formation Transactions and Offering

Net proceeds through issuance of common shares in the Offering

$228,517

Shares of common stock issued

1,987,500

13,250,000

Net proceeds from sale of additional common shares

34,388

34,513

Formation Transactions and Offering

IPO proceeds offset as additional paid-in capital related to shares issued

125

Shares issued

6,092,995

17,824,647

1,000

27,459

Liquidation preference per share (in dollars per share)

$1,000

Number of single-family properties owned

5,575

881

Fair value of assets and liabilities acquired

118,492

Price of shares issued (in dollars per share)

$18.50

Cash paid

5,263

Conversion ratio of common units of the Operating Partnership into shares of common stock

Amount receivable (payable) related to working capital adjustments

-844

202

-1,261

Percentage of advisory management fee payable in first year due as additional purchase price consideration

50.00%

Maximum amount of additional purchase price consideration

4,024

Relative values provided as part of the Formation Transactions to determine amounts to be individually paid (as a percent)

26.40%

73.60%

Additional purchase price consideration due based on advisory management payable to the Manager for the period

1,072

312

1,071

Amortization of deferred charge recorded as advisory management fee expense

872

2,991

Advisory management fee expense

2,166

610

7,596

804

Estimated remaining liability related to Formation Transactions

2,342

613

1,729

Advisory management fee recognized as additional paid-in capital

$1,071

$312

$1,071

Revolving_Credit_Facility_Deta

Revolving Credit Facility (Details) (USD $)

9 Months Ended

5 Months Ended

0 Months Ended

3 Months Ended

5 Months Ended

9 Months Ended

3 Months Ended

5 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2012

Dec. 31, 2011

Sep. 30, 2013

10-May-13

Sep. 30, 2013

Property Management Agreements

Revolving credit facility

Interest rate cap agreements

Company and the Operating Partnership

Minimum

Revolving Credit Facility

Face amount of debt instruments

$200,000

Maximum amount allowed to be drawn under credit facility as a percentage of aggregate value of eligible properties

55.00%

Variable interest rate basis

'LIBOR

Interest rate margin (as a percent)

3.50%

Interest rate, variable interest rate floor (as a percent)

0.50%

Monthly fee on the unused portion of the credit facility (as a percent)

0.50%

Period of accrual from closing of credit facility to pay monthly fee on unused portion of credit facility

'90 days

Amount outstanding under the credit facility

144,734

Weighted average interest rate (as a percent)

4.00%

Maximum amount guaranteed for completion of certain property renovations

20,000

Total liquidity to be maintained as defined by the agreement

25,000

Net worth to be maintained as defined by the agreement

125,000

Total liquidity requirement maintained

53,528

228,139

27,438

250

25,000

Escrow deposits

12,645

Property management fee as percentage of collected rents

10.00%

Capitalized interest costs associated with renovation activities

542

837

Deferred financing costs, net

3,485

Amortization expense

480

322

480

Aggregate notional amount

170,000

Variable interest rate basis

'LIBOR

LIBOR cap (as a percent)

3.00%

Aggregate purchase price

533

Aggregate fair value

$239

Equity_Incentive_Plan_Details

Equity Incentive Plan (Details) (Equity incentive plan, Independent directors, USD $)	0 Months Ended	1 Months Ended	9 Months Ended
In Thousands, except Share data, unless otherwise specified	22-May-13	31-May-13	Sep. 30, 2013
Restricted common stock	'	'	'
Equity incentive plan	'	'	'
Grant date fair market value of restricted stock awards	$50	'	'
Number of total shares issued	13,880	'	'
Vesting period	'1 year	'	'
Common Stock	'	'	'
Equity incentive plan	'	'	'
Value of shares issued per director	25	'	'
Number of shares issued to directors for additional work	6,940	'	'
IPO proceeds offset as additional paid-in capital related to shares issued	'	$125	$125

Equity_Incentive_Plan_Details_

Equity Incentive Plan (Details 2) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Property management	'	'
Equity incentive plan	'	'
Stock compensation expense	$62	$301
General administrative	'	'
Equity incentive plan	'	'
Stock compensation expense	$172	$450

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	0 Months Ended								9 Months Ended	12 Months Ended
Stockholders' Equity (Details) (USD $)	Oct. 11, 2013	Sep. 19, 2013	Jul. 12, 2013	Jun. 28, 2013	Jun. 26, 2013	Jun. 20, 2013	Apr. 12, 2013	Mar. 21, 2013	Sep. 30, 2013	Dec. 31, 2012
Stockholders' Equity	'	'	'	'	'	'	'	'	'	'
Cash dividend per share declared, common stock (in dollars per share)	'	$0.01	'	'	'	$0.01	'	$0.01	'	'
Cash dividend per share paid, common stock (in dollars per share)	$0.01	'	$0.01	'	'	'	$0.01	'	'	'
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)	'	'	'	'	'	'	'	'	10.00%	10.00%
Cash dividend per share declared, preferred stock (in dollars per share)	'	$24.72	'	'	$25	'	'	$31.39	'	'
Cash dividend per share paid, preferred stock (in dollars per share)	$24.72	'	'	$25	'	'	$31.39	'	'	'

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Jul. 02, 2013
Share Repurchase Plan	'	'
Value of shares repurchased	$7,790	'
Share repurchase program	'	'
Share Repurchase Plan	'	'
Number of shares authorized to be repurchased	'	2,500,000
Number of shares repurchased	500,000	'
Value of shares repurchased	$7,790	'
Share price (in dollars per share)	$15.58	'

Earnings_Loss_Per_Share_Detail

Earnings (Loss) Per Share (Details) (USD $)	3 Months Ended	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Summary of the elements used in calculating basic and diluted EPS computations	'	'
Net loss attributable to controlling interests	($6,357)	($19,476)
Preferred stock distributions	-25	-75
Net loss attributable to common stockholders	($6,382)	($19,551)
Basic and diluted weighted average common shares outstanding	39,095,200	39,198,239
Net loss per common share - Basic and Diluted (in dollars per share)	($0.16)	($0.50)
Number of common units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares)	'	27,459

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 19, 2012

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Two Harbors

Advisory Management Agreement

Property Management and Acquisition Services Agreement

Manager

Manager's operating subsidiary

Two Harbors and Provident Entities

Two Harbors

Advisory Management Agreement

Property Management and Acquisition Services Agreement

Maximum

Related Party Transactions

Annual advisory management fee as a percentage of entity's daily average fully diluted market capitalization

1.50%

Quarterly advisory management fee as a percentage of entity's daily average fully diluted market capitalization

0.38%

Period for which agreement automatically renews unless terminated

'1 year

Percentage of advisory expenses allocated to the entity based on a percentage of the member's equity on an annualized basis

1.50%

Property Management Fee percentage, deducted from Advisory Fee

5.00%

Termination fee as a percentage of daily average fully diluted market capitalization in quarter preceding termination

4.50%

Advisory management fee expense

$2,166

$610

$7,596

$804

$610

$804

$982

$3,534

Percentage of advisory management fee payable in first year due as additional purchase price consideration

50.00%

Amount of advisory management fees offset with payments due to Two Harbors and the Provident Entities

1,184

4,062

Direct and allocated costs expensed

978

2,797

2,803

7,083

Amounts due to the manager and affiliates

6,001

3,071

1,111

1,609

4,890

994

Direct expenses allocated related to professional fees and travel costs

126

285

Property management fee as a percentage of reimbursable costs and expenses incurred

5.00%

Property management fee

3,675

9,173

5% property management fee included in property management and amounts due to the Manager and affiliates

202

529

Portion of property management fee related to reimbursement of or direct payment due to third-party managers

670

1,561

Acquisitions and renovation fees

1,583

2,583

1,209

3,852

Fee for leasing services

$90

$127

$70

$170

Amortization period for leases

'1 year

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Concentrations	'
Aggregate amount of offers accepted to purchase residential properties	3,659
Real estate properties \| Geographically dispersed portfolio \| Phoenix, AZ, Tampa, FL, and Atlanta, GA	'
Concentrations	'
Concentration (as a percent)	60.00%