Silver Bay Realty Trust (SBY) Inactive 10-K6 Mar 142013 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Feb. 28, 2014	Jun. 28, 2013
Document and Entity Information	'	'	'
Entity Registrant Name	'SILVER BAY REALTY TRUST CORP.	'	'
Entity Central Index Key	'0001557255	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Accelerated Filer	'	'
Entity Public Float	'	'	$612
Entity Common Stock, Shares Outstanding	'	38,591,263	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Investments in real estate:	'	'
Land	$137,349	$82,310
Building and improvements	638,955	338,252
Investments in real estate, gross	776,304	420,562
Accumulated depreciation	-18,897	-1,869
Investments in real estate, net	757,407	418,693
Assets held for sale	6,382	'
Cash	43,717	228,139
Escrow deposits	24,461	19,727
Resident security deposits	6,848	2,266
In-place lease and deferred lease costs, net	749	2,363
Deferred financing costs, net	3,225	'
Other assets	3,289	6,114
Total assets	846,078	677,302
Liabilities:	'	'
Revolving credit facility	164,825	'
Accounts payable and accrued property expenses	6,072	4,550
Resident prepaid rent and security deposits	8,357	2,713
Amounts due to the manager and affiliates	6,866	3,071
Amounts due to previous owners	998	6,555
Total liabilities	187,118	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; 38,561,468 and 37,328,213, respectively shares issued and outstanding	385	372
Additional paid-in capital	689,646	664,146
Accumulated other comprehensive loss	-276	'
Cumulative deficit	-31,795	-5,609
Total stockholders' equity	657,960	658,909
Noncontrolling interests - Operating Partnership	'	504
Total equity	657,960	659,413
Total liabilities and equity	$846,078	$677,302

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	12 Months Ended
Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
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	38,561,468	37,328,213
Common stock, shares outstanding	38,561,468	37,328,213

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Loss (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Revenue:	'	'
Rental income	$47,953	$3,584
Other income	1,640	32
Total revenue	49,593	3,616
Expenses:	'	'
Property operating and maintenance	12,472	1,868
Real estate taxes	6,893	1,273
Homeowners' association fees	1,129	391
Property management	11,991	459
Depreciation and amortization	20,235	2,106
Advisory management fee - affiliates	9,775	2,159
General and administrative	7,453	881
Interest expense	2,911	'
Other	1,284	'
Total expenses	74,143	9,137
Net loss	-24,550	-5,521
Net loss attributable to noncontrolling interests - Operating Partnership	17	4
Net loss attributable to controlling interests	-24,533	-5,517
Preferred stock distributions	-100	-3
Net loss attributable to common stockholders	-24,633	-5,520
Loss per share - basic and diluted (Note 9):	'	'
Net loss attributable to common shares (in dollars per share)	($0.63)	($0.04)
Weighted average common shares outstanding (in shares)	39,073,994	37,328,213
Comprehensive Loss:	'	'
Net loss	-24,550	-5,521
Other comprehensive loss:	'	'
Change in fair value of interest rate cap agreements	-276	'
Other comprehensive loss	-276	'
Comprehensive loss	-24,826	-5,521
Less comprehensive loss attributable to noncontrolling interests - Operating Partnership	17	4
Comprehensive loss attributable to controlling interests	($24,809)	($5,517)

Consolidated_Statements_of_Cha

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)	($89)	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Parent contributions through December 19, 2012	321,773	321,773	'	'	'	'	'	'
Net proceeds from Initial Public Offering/sale of common stock	228,517	'	133	228,384	'	'	228,517	'
Net proceeds from Initial Public Offering/sale of common stock (in shares)	13,250,000	'	13,250,000	'	'	'	'	'
Formation Transactions	114,437	-322,023	239	435,713	'	'	435,952	508
Formation Transactions (in shares)	23,917,642	'	23,917,642	'	'	'	'	'
Non-cash equity awards (in shares)	'	'	160,571	'	'	'	'	'
Other	49	'	'	49	'	'	49	'
Net loss	-5,521	'	'	'	'	-5,520	-5,520	-4
Net loss including preferred stock	-5,524	'	'	'	'	'	'	'
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 Initial Public Offering/sale of common stock	34,388	'	20	34,368	'	'	34,388	'
Net proceeds from Initial Public Offering/sale of common stock (in shares)	1,987,500	'	1,987,500	'	'	'	'	'
Non-cash equity awards, net	1,063	'	1	1,062	'	'	1,063	'
Non-cash equity awards, net (in shares)	'	'	-23,351	'	'	'	'	'
Repurchase of common stock	-11,760	'	-8	-11,752	'	'	-11,760	'
Repurchase of common stock (in shares)	-758,353	'	-758,353	'	'	'	'	'
Dividends declared	-1,653	'	'	'	'	-1,653	-1,653	'
Other	1,335	'	'	1,335	'	'	1,335	'
Net loss	-24,550	'	'	'	'	-24,533	-24,533	-17
Other comprehensive loss	-276	'	'	'	-276	'	-276	'
Conversion of Operating Partnership units into common shares	-487	'	'	487	'	'	487	-487
Conversion of Operating Partnership units into common shares (in shares)	'	'	27,459	'	'	'	'	'
Balance at Dec. 31, 2013	$657,960	'	$385	$689,646	($276)	($31,795)	$657,960	'
Balance (in shares) at Dec. 31, 2013	38,561,468	'	38,561,468	'	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Cash Flows From Operating Activities:	'	'
Net loss	($24,550)	($5,521)
Adjustments to reconcile net loss to net cash used by operating activities:	'	'
Depreciation and amortization	20,235	2,106
Non-cash stock compensation	921	38
Amortization of deferred financing costs	815	'
Bad debt expense	771	27
Other	678	'
Net change in assets and liabilities:	'	'
Increase in escrow reserves under the credit facility	-12,216	'
Increase in escrow cash for operating activities	-3,895	-7,318
Decrease (increase) in deferred lease fees and other assets	779	-2,410
Increase in accounts payable, accrued property expenses, and prepaid rent	1,150	3,669
(Decrease) increase in related party payables, net	-39	3,693
Net cash used by operating activities	-15,351	-5,716
Cash Flows From Investing Activities:	'	'
Purchase of investments in real estate	-267,799	-276,730
Capital improvements of investments in real estate	-100,159	-30,527
Decrease (increase) in escrow cash for investing activities	11,377	-11,637
Proceeds from sale of investments in real estate	5,939	'
Other	-299	'
Net cash used by investing activities	-350,941	-318,894
Cash Flows From Financing Activities:	'	'
Proceeds from issuance of common stock, net of offering costs	34,513	228,517
Proceeds from revolving credit facility	164,825	'
Deferred financing costs paid	-4,040	'
Interest rate cap agreements	-533	'
Repurchase of common stock	-11,639	'
Dividends paid	-1,256	'
Capital contribution of parent, net	'	323,982
Net cash provided by financing activities	181,870	552,499
Net change in cash	-184,422	227,889
Cash at beginning of year	228,139	250
Cash at end of year	43,717	228,139
Supplemental disclosure of cash flow information:	'	'
Cash paid for interest	2,957	'
Board of directors stock compensation	125	'
Decrease in fair value of interest rate cap agreements	276	'
Noncash investing and financing activities:	'	'
Common stock and unit dividends declared, but not paid	385	'
Advisory management fee - additional basis	1,335	49
Change in contingent consideration	388	'
Conversion of Operating Partnership units into common shares	487	'
Capital improvements in accounts payable	1,630	680
Formation transactions	'	$126,083

Organization_and_Operations

Organization and Operations	12 Months Ended
Organization and Operations	Dec. 31, 2013
Organization and Operations	'
Organization and Operations	'
	Note 1. Organization and Operations

	Silver Bay Realty Trust Corp., 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 Predecessor, through a contribution of equity interests in Silver Bay Property, an initial public offering, or the Offering, and certain Formation Transactions described in Note 3, on December 19, 2012. The Company is focused on the acquisition, renovation, leasing and management of single-family residential properties in select markets in the United States. As of December 31, 2013, the Company owned 5,642 single-family properties, excluding properties held for sale, 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), Jacksonville, FL, Orlando, FL, Southeast Florida (currently consisting of Miami-Dade, Broward, and Palm Beach counties), Tampa, FL, Atlanta, GA, Charlotte, NC, Las Vegas, NV, Columbus, OH, Dallas, TX, and Houston, TX. Until the Offering, Silver Bay Property was a wholly owned subsidiary of Two Harbors Investment Corp., or Two Harbors or Parent. Silver Bay Property received an initial capital contribution of $250 and incurred organizational costs of $89 in 2011. The Company began formal operations in February 2012 when it started acquiring single-family residential real properties.

	In connection with the Offering, the Company restructured its ownership to conduct its business through a traditional umbrella partnership, or UPREIT structure, in which substantially all of its assets are held by, and its operations are conducted through, Silver Bay Operating Partnership L.P., or the Operating Partnership, a Delaware limited partnership. The Company’s wholly owned subsidiary, Silver Bay Management LLC, is the sole general partner of the Operating Partnership. As of December 31, 2013, the Company owned, through a combination of direct and indirect interests, 100% of the partnership interests in the Operating Partnership.

	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, its taxable year ended December 31, 2012. As a REIT, the Company generally is not 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_Sign

Basis of Presentation and Significant Accounting Policies	12 Months Ended
Basis of Presentation and Significant Accounting Policies	Dec. 31, 2013
Basis of Presentation and Significant Accounting Policies	'
Basis of Presentation and Significant Accounting Policies	'
	Note 2. Basis of Presentation and Significant Accounting Policies

	Principles of Consolidation

	The accompanying consolidated financial statements include the accounts of the Company and 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. All intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP.

	Use of Estimates

	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions regarding future events 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. These reclassifications have not changed the results of operations or stockholders’ equity.

	Investments in Real Estate

	Operating real estate assets are stated at cost and consist of land, buildings and improvements, including other costs incurred during their possession, renovation and acquisition. A property acquired not subject to an existing lease is treated as an asset acquisition and recorded at its purchase price, inclusive of acquisition costs, allocated between land and building based upon their fair values at the date of acquisition. A property acquired with an existing lease is treated as a business combination under the guidance of Codification Topic, Business Combinations (“ASC 805”) and recorded at fair value (approximated by the purchase price), allocated to land, building and the existing lease based upon their fair values at the date of acquisition, with acquisition costs expensed as incurred. Fair value is determined under the guidance of Codification Topic, Fair Value Measurements and Disclosures (“ASC 820”), primarily based on unobservable market data inputs, which are categorized as Level 3 valuations. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes its own market knowledge and published market data. The Company utilizes information obtained from county tax assessment records to develop regional averages to allocate the fair value to land and building. The estimated fair value of acquired in-place leases represents the costs the Company would have incurred to lease the property at the date of acquisition, based upon the Company’s current leasing activity.

	Building depreciation is computed on the straight-line basis over the estimated useful lives of the assets. The Company generally uses a 27.5-year estimated life with no salvage value. The Company considers the value of acquired in-place leases in the allocation of purchase price and the amortization period reflects the average remaining term of each respective in-place acquired lease. The lease periods are generally short-term in nature (one or two years) and reflect market rental rates.

	The Company incurs costs to prepare certain of its acquired properties to be placed in service. These costs are capitalized and allocated to building costs as part of such properties’ initial renovation. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and expenditures for significant capital expenditures that improve the asset and extend the useful life of the asset are capitalized and depreciated over their remaining useful life.

	The Company evaluates its long-lived assets for indicators of impairment periodically or whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and the Company’s ability to hold, and its intent with regard to, each asset. If an impairment indicator exists, the Company compares the expected future undiscounted cash flows against the carrying amount of the asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company records an impairment loss for the difference between the estimated fair value and the carrying amount of the asset.

	Assets Held for Sale

	The Company evaluates its long-lived assets on a periodic 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 an impairment loss is immediately recognized when the estimated fair value, less costs to sell, is less than the carrying amount of the asset. 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. Depreciation ceases to be recorded upon designation of an asset as held for sale.

	The properties included in held for sale at December 31, 2013 did not have material leasing operations under the Company’s ownership.

	For the year ended December 31, 2013, the Company recognized $792 in impairment charges and $114 in net gain on sale of assets, along with certain operating costs on properties held for sale. These costs are classified as other in the consolidated statements of operations and comprehensive loss. The Company did not record impairment or dispose of assets during the year ended December 31, 2012.

	Cash

	The Company maintains its cash and escrow deposits at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation, or FDIC, insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.

	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, earnest money deposits, and, at times, monies held at certain municipalities for property purchases. Escrow deposits also include cash held in reserve at financial institutions, as required by the revolving credit facility described in Note 5.

	Deferred Lease Costs, Net

	Direct and incremental costs incurred by the Company to lease properties are capitalized and amortized over the life of the lease and reflected as deferred lease costs on the consolidated balance sheets. Amortization of leasing costs is included in depreciation and amortization in the consolidated statements of operations and comprehensive loss.

	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.

	At December 31, 2013 and 2012, the Company had $665 and $142 in gross rent receivables, respectively, and $228 and $27 in allowances for doubtful accounts, respectively, classified as other assets on the consolidated balance sheets.

	For the years ended December 31, 2013 and 2012, the Company recognized $771 and $27 in bad debt expense, respectively, classified as property operating and maintenance in the consolidated statements of operations and comprehensive loss.

	Fair Value of Financial Instruments, Including Derivative Instruments

	The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

	In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks through the use of derivatives to hedge interest rate risk on debt instruments.

	The Company recognizes derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either stockholders’ equity or net income (loss) depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. The Company does not use derivatives for trading or speculative purposes.

	Deferred Financing Costs, Net

	Costs incurred in the placement of the Company’s debt are deferred and amortized, as a component of interest expense in the consolidated statements of operations and comprehensive loss, using the effective interest method, or alternative methods that approximate the effective interest method, over the terms of the related debt.

Revenue Recognition

Rental income attributable to resident leases is recorded on a straight-line basis, which is not materially different than if it were recorded when due from residents and recognized monthly as earned. Rental income is presented net of sales tax on the consolidated statements of operations and comprehensive loss. Leases entered into between residents and the Company for the rental of property units are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis.

Noncontrolling Interests

The ownership interests in a consolidated subsidiary that are not held by the Company are noncontrolling interests and are reported on the consolidated balance sheets within equity, separately from the Company’s equity. However, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the guidance in the Codification Topic Derivatives and Hedging —Contracts in Entity’s Own Equity (“ASC 815-40”) to evaluate whether it controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The Company presents the noncontrolling interest for common Operating Partnership units in the equity section of its consolidated balance sheets.

Net income (loss) is allocated to common Operating Partnership unit holders based on their respective ownership percentage of the Operating Partnership. Such ownership percentage is calculated by dividing the number of common Operating Partnership units held by the common Operating Partnership unit holders by the total Operating Partnership units held by the common Operating Partnership unit holders and the Company. Issuance of additional shares of common stock or common Operating Partnership units changes the percentage ownership of both the noncontrolling interests — common Operating Partnership unit holders and the Company. Due in part to the exchange rights (which provide for the redemption of common Operating Partnership units into shares for common stock on a one-for-one basis), such transactions and the proceeds therefrom are treated as capital transactions and result in an allocation between stockholders’ equity and noncontrolling interests to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership.

At December 31, 2013 and 2012, the Company had zero and 27,459 common Operating Partnership units classified as noncontrolling interests, respectively. As described in Note 8, the 27,459 common Operating Partnership units were redeemed in exchange for Company common stock on December 31, 2013. As the transaction occurred at the end of the fourth quarter of 2013, the Company allocated net loss to noncontrolling interests for the full year ended December 31, 2013.

Preferred Stock

The Company accounts for its 10% cumulative redeemable preferred stock in accordance with the Codification Topic Distinguishing Liabilities from Equity—SEC Materials (“ASC 480-10-S99”). Holders of the Company’s 10% cumulative redeemable preferred stock have certain preference rights with respect to the common stock. Based on the Company’s analysis, the preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated balance sheets as a result of certain redemption requirements or other terms.

Earnings (Loss) Per Share

Basic and diluted earnings (loss) per share are computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares and potential common shares outstanding during the year ended December 31, 2013 and the period from December 19, 2012, the date of the Offering and Formation Transactions, through December 31, 2012. For both basic and diluted per share calculations, potential common shares represents issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. The common Operating Partnership units are excluded from the calculation of earnings (loss) per share as their inclusion would not be dilutive.

Equity Incentive Plan

The Company adopted an equity incentive plan which provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel, including certain personnel of Pine River, the Company’s Manager or the Manager’s operating subsidiary. Partners of Pine River and any personnel of the Company’s Manager whose compensation is not reimbursable by the Company are ineligible to receive grants under the plan. The plan permits the granting of stock options, restricted shares of common stock, restricted stock units, phantom shares, dividend equivalent rights, or other equity-based awards. The equity incentive plan is administered by the compensation committee of the Company’s board of directors. The cost of equity awards to independent directors is based on the price of the Company’s stock as of the date of grant, in accordance with Codification Topic Compensation - Stock Compensation (“ASC 718”). The cost of equity awards to employees of the Company’s Manager and the Manager’s operating subsidiary is measured at each reporting date based on the price of the Company’s stock as of period end, in accordance with Codification Topic Equity (“ASC 505”). All equity awards are amortized ratably over the applicable service period.

Income Taxes

The Company has elected to be taxed as a REIT under the Internal Revenue Code, or the Code, and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company formed a TRS, as defined in the Code, to engage in such activities. These TRS activities are subject to both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses, as well as any REIT taxable income not distributed to stockholders.

The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with Codification Topic Income Taxes (“ASC 740”). The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as interest expense and operating expense, respectively, in its consolidated statements of operations and comprehensive loss.

Deferred Tax Assets and Liabilities

Income recognition for GAAP and tax differ in certain respects. These differences often reflect differing accounting treatments for tax and GAAP, such as differing GAAP and tax basis on capitalized assets, real estate asset impairments and the timing of expense recognition for certain accrued liabilities. Some of these differences are temporary in nature and create timing mismatches between when taxable income is earned and the tax is paid versus when the GAAP income is recognized and the tax provision is recorded. Some of these differences are permanent since certain income (or expense) may be recorded for tax but not for GAAP (or vice-versa). One such significant permanent difference is the Company’s ability as a REIT to deduct dividends paid to stockholders as an expense for tax, but not for GAAP.

As a result of these temporary differences, the Company’s TRS, may recognize taxable income in periods prior or subsequent to when it recognizes income for GAAP. When this occurs, the TRS will pay or defer the tax liability and establish deferred tax assets or deferred tax liabilities, respectively, for GAAP.

As income previously taxed is subsequently realized in future periods under GAAP, the deferred tax asset is reversed and a tax expense is recognized. Alternatively, as income previously recognized for GAAP is subsequently realized in future periods for tax, the deferred tax liability is reversed and a tax benefit is recognized. To date, the Company’s deferred tax assets and/or liabilities are generated solely by differences in GAAP and taxable income at our TRS. GAAP and tax differences in the REIT may create additional deferred tax assets to the extent the Company does not distribute all of its taxable income.

A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of deferred tax assets will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances and that causes the Company to change judgment about the realizability of the related deferred tax asset is included in the provision when such changes occur.

Recent Accounting Pronouncements

Under the Jumpstart Our Business Startups Act, or the JOBS Act, we meet the definition of an “emerging growth company.” We have 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, we 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.

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, which amends Codification Topic Balance Sheet (“ASC 210”). This amendment enhances disclosures required by U.S. GAAP by requiring information about financial instruments and derivative instruments that are either (1) offset in accordance with ASC 210, Balance Sheet or ASC 815, Other Presentation Matters or (2) subject to an enforceable master netting arrangement or similar agreement. ASU No. 2011-11 is effective for first interim or annual periods beginning on or after January 1, 2013. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

In February 2013, the FASB issued ASU No. 2013-02, which amends Codification Topic Comprehensive Income (“ASC 220”). The objective of this amendment is to improve the reporting of reclassifications out of accumulated other comprehensive income and their corresponding effect on net income. ASU No. 2013-02 is effective for interim periods beginning after December 15, 2012. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

Formation_Transactions_and_Off

Formation Transactions and Offering	12 Months Ended
	Dec. 31, 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 6, which off-set the proceeds.

	Concurrently with the Offering, the Company also completed certain merger and formations 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 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 10% cumulative redeemable preferred stock with an aggregate liquidation preference of $1,000 per share. On December 19, 2012, Two Harbors sold the 1,000 shares of 10% cumulative redeemable preferred stock to an unrelated third party. 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 Company acquired entities managed by Provident Real Estate Advisors LLC, or the Provident Entities, which owned 881 single-family residential real properties, through a series of merger and contribution transactions, 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 these transactions, the prior members 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 were 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. As described in Note 8, on December 31, 2013, the Company redeemed the 27,459 common units in the Operating Partnership in exchange for an equal amount of shares of Company common stock.

	Working capital adjustments related to the Formation Transactions have been finalized and paid as of December 31, 2013 and, as such, there are no working capital payables or receivables in the consolidated balance sheets as of such date. In the fourth quarter of 2013, the Company made aggregate payments of $873 to the prior members of the Provident Entities to settle the working capital payable with said parties. Included in the December 31, 2012 consolidated balance sheet within amounts due to previous owners is a $202 receivable and $1,261 payable to the prior members of the Provident Entities and Two Harbors, respectively.

	In addition, the Company was required to make additional 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 was equal to 50% of the advisory management fee payable to the Manager, as described in Note 10, during the first year after the Offering (before adjustment for any property management fees received by our 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 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 of December 31, 2013, the Company has finalized the remaining liability as part of its Formation Transactions. The final amounts due to Two Harbors and the prior members of the Provident Entities are $734 and $264, respectively, and are included in the consolidated balance sheets within amounts due to previous owners as of December 31, 2013. The final cash payments are required to be made in the first quarter of 2014.

	During the year ended December 31, 2013, the Company recorded advisory management fee expense of $9,775 (see Note 10), of which $3,725 relates to the amortization of the deferred charges for the Two Harbors component of the fee and $1,335 relates to the Provident Entities component of the fee. The Provident Entities component of the fee has been recorded as additional basis to the single-family residential real properties acquired from the Provident Entities and recognized as additional paid-in capital.

	The following table summarizes the financial impact of the recording of the Formation Transactions as of December 19, 2012 (all of which are non-cash), exclusive of the Offering, and reflects the following adjustments:

	· The purchase of the Provident Entities for a purchase price $118,492 described above. The cash portion of the purchase price has been included in amounts due to previous owners since it was paid with proceeds from the Offering.
	· The recording of initial working capital adjustments between Two Harbors and the prior members of the Provident Entities. The net settlement associated with Two Harbors has been reflected as an adjustment to contributions from parent.
	· The reclassification of the Two Harbors’ equity into redeemable preferred stock and stockholders’ equity. Because the Predecessor is reported at carryover basis, Two Harbors equity is reclassified at carryover basis of $322,112.
	· The additional cash payments due to both Two Harbors and the prior members of the Provident Entities are included in amounts due to previous owners.

	Assets
	Investments in real estate:
	Land	$	24,454
	Building and improvements	93,463
		117,917
	Escrow deposits	773
	Resident security deposits	948
	In-place lease and deferred lease costs, net	2,184
	Other assets	4,261
	Total assets	$	126,083

	Liabilitites and Equity
	Liabilities:
	Accounts payable and accrued property expenses	$	495
	Resident prepaid rent and security deposits	980
	Amounts due to the manager and affiliates	244
	Amounts due to previous owners	11,137
	Total liabilities	12,856

	10% cumulative redeemable preferred stock	1,000

	Equity:
	Stockholders’ equity:
	Common stock $.01 par	239
	Additional paid-in capital	433,592
	Total stockholders’ equity	433,831
	Noncontrolling interests - Operating Partnership	508
	Parent equity	(322,112		)
	Total equity	112,227
	Total liabilities and equity	$	126,083

Income_Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2013
Income Taxes	'
Income Taxes	'
	Note 4. Income Taxes

	For the years ended December 31, 2013 and 2012, the Company believes that it qualified to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders, does not engage in prohibited transactions, and maintains its intended qualification as a REIT. The majority of states also recognize the Company’s REIT status, and as such, the Company has generally only incurred certain state franchise taxes, which are recorded as above the line taxes. The TRS is subject to all applicable federal, state and local income, excise and franchise taxes. The Company’s TRS files a separate tax return and is fully taxed as a standalone U.S. corporation. Certain activities the Company performs may produce income which will not be qualifying income for REIT purposes. The Company has designated the TRS to engage in these activities to mitigate any negative impact on the Company’s REIT status.

	The following table summarizes the tax (benefit) provision recorded at the taxable subsidiary level for the year ended December 31, 2013. There was no income tax activity in 2012.

		Year Ended December 31,
		2013
	Current tax (benefit) provision:
	Federal	$	—
	State
	Total current tax (benefit) provision	—
	Deferred tax benefit	(864		)
	Valuation allowance	864
	Income tax (benefit) expense	$	—

	The following is a reconciliation of the Company’s statutory federal and state rates to the effective rates, for the year ended December 31, 2013. There was no income tax activity in 2012.

		Year Ended December 31,
		2013
		Amount			Percent
	Computed income tax expense at federal rate	$	(8,967	)	34	%
	State tax, net of federal benefit, if applicable	(153		)	0.6	%
	Permanent differences in taxable income from GAAP income	—			—
	Valuation allowance	864			-3.3	%
	Tax at statutory rate on earning not subject to federal income tax	8,256			-31.3	%
	Benefit from income taxes/effective tax rate	$	—		—

	The Company’s consolidated balance sheet, as of December 31, 2013 contains the following current and deferred tax assets and liabilities, which are included in other assets and are recorded at the taxable subsidiary level. There was no income tax activity in 2012.

		Year Ended December 31,
		2013
	Current Tax
	Federal income tax payable	$	—
	Current income taxes receivable	—
	State and local income tax payable	—
	Current tax receivable (payable), net	—
	Deferred tax assets (liabilities)
	Deferred tax asset	$	864
	Deferred tax liability	—
	Deferred tax asset, net	864
	Valuation allowance	(864		)

	Total tax asset and liabilities, net	$	—

	The cost basis of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2013 and 2012 was $768,370 and $432,443, respectively.

	Deferred tax assets and liabilities applicable to the TRS are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. Similarly, deferred income tax assets and liabilities are recorded at the date of contribution to the TRS to reflect the tax benefit/detriment on the movement of assets from the non-taxed REIT to the taxable TRS. The TRS’ deferred tax assets are generally the result of differences in basis from the date of acquisitions on capitalized assets, the timing of expense recognition for certain accrued liabilities, real estate asset impairments and net operating losses. As of December 31, 2013, the TRS has recorded a deferred tax asset of approximately $864, which is fully offset by a valuation allowance due to the uncertainty in forecasting future TRS’ taxable income.

	The Company’s TRS has approximately $1,100 of net operating loss carry-forwards available as of December 31, 2013 that will expire on December 31, 2033.

	Based on the Company’s evaluation, it has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements of a contingent tax liability for uncertain tax positions. None of the Company’s consolidated entities are currently under federal or state audit for the year ended December 31, 2012, but this year remains subject to examination by the applicable tax jurisdictions. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in the consolidated financial statements.

	The Company paid no dividends in 2012. During the year ended December 31, 2013 the Company’s tax treatment of dividends and distributions per share were as follows:

		Year Ended December 31,
		2013
	Tax treatment of dividends and distributions:
	Ordinary dividends	$	—
	Long-term capital gains	—
	Nondividend distributions	0.04
	Dividends and distributions declared per Common share/unit outstanding	$	0.04

Revolving_Credit_Facility

Revolving Credit Facility	12 Months Ended
Revolving Credit Facility	Dec. 31, 2013
Revolving Credit Facility	'
Revolving Credit Facility	'
	Note 5. 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 December 31, 2013, $164,825 was outstanding under the revolving credit facility and the weighted average interest rate as of and for the year ended December 31, 2013 was 4.0%. In 2013, the Company incurred $3,164 in gross interest expense on the revolving credit facility, before the effect of capitalizing interest related to property renovations.

	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. For example, 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, as determined in accordance with the revolving credit facility. As of December 31, 2013, the Company satisfied the total liquidity requirement through maintaining a balance in excess of $25,000 in cash 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 December 31, 2013, the Company had $12,216 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 incurs costs under those agreements 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 $1,068 for the year ended December 31, 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. For the year ended December 31, 2013, the Company incurred deferred financing costs of $4,040 in connection with its revolving credit facility. Amortization expense for the year ended December 31, 2013 was $815 and was recorded as interest expense in the consolidated statements of operations and comprehensive loss.

	On January 16, 2014, the revolving credit facility was amended to increase the borrowing capacity to $350,000. All other material terms of the revolving credit agreement remain unchanged.

	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. 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 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 (see Note 11). 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.

	On February 5, 2014, the Company entered into an additional interest rate cap agreement with a notional amount of $75,000, a LIBOR cap of 3.00%, and a termination date of May 10, 2016 at a purchase price of $100.

Equity_Incentive_Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2013
Equity Incentive Plan	'
Equity Incentive Plan	'
	Note 6. 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.

	The compensation committee of the Company’s board of directors has the full authority to administer and interpret the plan, to authorize the granting of awards, to determine the eligibility of directors, officers, advisors, consultants and other personnel, of the Manager and the Manager’s operating subsidiary, to receive an award, to determine the number of shares of common stock to be covered by each award, to determine the terms, provisions and conditions of each award, to prescribe the form of instruments evidencing awards and to take any other actions and make all other determinations that it deems necessary or appropriate in connection with the equity incentive plan or the administration or interpretation thereof. In connection with this authority, the compensation committee may, among other things, establish performance goals that must be met in order for awards to be granted or to vest, or for the restrictions on any such awards to lapse.

	The Company’s equity incentive plan provides for grants of restricted common stock, phantom shares, dividend equivalent rights and other equity-based awards, subject to a ceiling of 921,053 shares available for issuance under the plan. The plan allows for the Company’s board of directors to expand the types of awards available under the plan to include long-term incentive plan units in the future. The maximum number of shares that may underlie awards in any one year to any eligible person may not exceed 92,100. If an award granted under the equity incentive plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of future awards. Unless previously terminated by the Company’s board of directors, no new award may be granted under the equity incentive plan after the tenth anniversary of the date that such plan was initially approved by the Company’s board of directors. No award may be granted under the equity incentive plan to any person who, assuming payment of all awards held by such person, would own or be deemed to own more than 9.8% of the outstanding shares of the Company’s common stock.

	Restricted shares that have been awarded to certain personnel of the Company’s Manager or the Manager’s operating subsidiary through December 31, 2013 vest in three annual installments commencing on the date of the grant, as long as such individual is an employee on the vesting date. Restricted share awards to independent directors generally vest on the earlier of (i) the one year anniversary of the date of grant and (ii) the date immediately preceding the date of the annual meeting of the Company’s stockholders for the year following the year of grant for the award, as long as such director is serving as a board member on the vesting date.

	The Company’s unvested restricted stockholders have the same voting rights as any other common stockholder. During the period of restriction, the Company’s unvested restricted stockholders receive quarterly dividend payments on their shares at the same rate and on the same date as any other common stockholder.

	For the years ended December 31, 2013 and 2012, inclusive of the impact of cash dividends, the Company recognized $308 and $0, respectively, of stock compensation expense in property management and $619 and $38, respectively, of stock compensation expense in general and administrative. Additionally, in 2013, 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.

	The table below summarizes the award activity of the Equity Incentive Plan for 2013 and 2012:

		2013					2012
		Shares		Weighted Average Grant Date			Shares	Weighted Average Grant Date
				Fair Market Value				Fair Market Value
	Outstanding at Beginning of Period	160,571		$	18.5		—	$	—
	Granted	24,165		17.89			160,571	18.5
	Vested	(54,757	)	(18.34		)	—	—
	Forfeited	(47,516	)	(18.48		)	—
	Outstanding at End of Period	82,463		$	18.44		160,571	$	18.5

	On February 13, 2014, the Company issued, in aggregate, 56,841 shares of restricted common stock to certain officers, and certain other personnel of the Manager and the Manager’s operating subsidiary. The estimated fair value of these awards was $16.01 per share, based upon the closing price of the Company’s stock on the date prior to grant. These grants will vest in three equal installments commencing on the date of the grant, as long as such individual is an employee on the vesting date.

Preferred_Stock

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2013
Preferred Stock	'
Preferred Stock	'
	Note 7. Preferred Stock

	The Company issued 1,000 shares of its 10% cumulative redeemable preferred stock to a subsidiary of Two Harbors as consideration in the Formation Transactions, which subsequently sold the shares, as discussed in Note 3. This preferred stock ranks, with respect to dividend rights and rights upon our liquidation, dissolution or winding up, senior to the rights of holders of the Company’s common stock. The Company may issue other classes or series of capital stock in the future, including classes or series of preferred stock, and expressly designate such classes or series as ranking junior to, on parity with or senior to the 10% cumulative redeemable preferred stock. The Company may not, however, issue capital stock ranking as to dividends or rights upon our liquidation, dissolution or winding up, senior to the 10% cumulative redeemable preferred stock, without the affirmative vote or consent of two-thirds of the issued and outstanding shares of 10% cumulative redeemable preferred stock. Dividends shall accrue on a daily basis and be cumulative from the initial issue date. Dividends, if authorized by the board of directors, will be payable annually in arrears on June 30 of each year, or more frequently as determined by the board of directors. The Company has the option at any time after five years from the initial issue date to redeem the 10% cumulative redeemable preferred stock at a redemption price of $1 per share, plus all accrued and unpaid dividends. At any time, beginning on the sixth anniversary of the initial issue date, a preferred stockholder, with adequate notice, may put their shares back to the Company, at a redemption price of $1 per share, plus all accrued and unpaid dividends.

	As of December 31, 2013 and December 31, 2012, there was $22 and $3, respectively, in preferred stock dividends included in accounts payable and accrued property expenses on the consolidated balance sheets.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2013
Stockholders' Equity	'
Stockholders' Equity	'
	Note 8. Stockholders’ Equity

	Common stock

	As of December 31, 2013, the Company had 38,561,468 shares of common stock outstanding. The following tables present the changes in the Company’s issued and outstanding common shares for the years ended December 31, 2013 and 2012:

		Number of
		common shares
	Common shares outstanding, January 1, 2012	—
	Public offering	13,250,000
	Formation Transactions	23,917,642
	Issuance of restricted stock	160,571
	Common shares outstanding, December 31, 2012	37,328,213
	Issuance of common stock	1,987,500
	Repurchase of common stock	(758,353	)
	Restricted stock grants, net	(23,351	)
	Conversion of Operating Partnership units	27,459
	Common shares outstanding, December 31, 2013	38,561,468

	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 December 31, 2013, 750,768 shares had been repurchased by the Company under the program and retired for a total cost of $11,639, at an average purchase price of $15.50, inclusive of commission.

	On December 19, 2013, the Company repurchased and retired 7,585 common shares for a total cost of $121, at an average purchase price of $15.93. The shares were repurchased from certain personnel of the Company’s Manager and the Manager’s operating subsidiary to cover the minimum statutory tax withholding obligations related to the vesting of restricted common stock.

	On December 31, 2013, the Company redeemed all outstanding noncontrolling interest holders representing 27,459 common units in exchange for Company common shares, having a value of $487 (based on the value of the noncontrolling interests on such date). Following this transaction, the Company owns, through a combination of direct and indirect interests, 100% of the partnership interests in the Operating Partnership.

	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
	Declaration Date	Record Date		Payment Date		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
	December 19, 2013	December 30, 2013		January 10, 2014		0.01


	The Company did not declare or pay any cash dividends on its common stock during 2012.

	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
	Declaration Date	Payment Date		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
	December 19, 2013	January 10, 2014		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.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2013
Earnings (Loss) Per Share	'
Earnings (Loss) Per Share	'
	Note 9. Earnings (Loss) Per Share

	The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share, or EPS, for the years ended December 31, 2013 and 2012:

		Year Ended			Year Ended
		December 31, 2013			December 31, 2012
	Net loss attributable to controlling interests	$	(24,533	)	$	(1,413	)
	Preferred distributions	(100		)	(3		)
	Net loss attributable to common stockholders	(24,633		)	(1,416		)
	Basic and diluted weighted average common shares outstanding	39,073,994			37,328,213
	Net loss per common share - Basic and Diluted	$	(0.63	)	$	(0.04	)

	A total of 27,459 common units were outstanding from the date of the Formation Transactions through December 31, 2013, but have been excluded from the calculation of diluted EPS as their inclusion would not be dilutive.

	The Company calculated EPS only for the period the common stock was outstanding during 2012, referred to as the Post-Formation period. The Formation Transactions closed on December 19, 2012, therefore the Company has defined the Post-Formation period to be the date of the Formation Transactions through December 31, 2012, or 12 days of activity. Earnings (loss) per share is calculated by dividing the net loss attributable to common stockholders for the Post-Formation period by the weighted-average number of shares outstanding during the Post-Formation period.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2013
Related Party Transactions	'
Related Party Transactions	'
	Note 10. 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 would 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 year ended December 31, 2013, the Company expensed $4,715 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 was 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 those payments through the forgiveness of an equal portion of the advisory management fee by the Company during the same period. The Company also expensed $5,060 in advisory management fees payable to Two Harbors and the prior members of the Provident Entities during the year ended December 31, 2013, and applied such payables as a reduction to advisory management fees to the Manager. The remaining portion of the advisory management fee for this period has been accrued and reflected in amounts due to the manager and affiliates for $1,181 and in amounts due to previous owners for $998 on the consolidated balance sheets.

	Prior to the Formation Transactions, Two Harbors allocated certain advisory expenses that related to the operations of the Company based on 1.5% of the member’s equity on an annualized basis. During 2012, the Company incurred and paid Two Harbors advisory fees totaling $2,159, which includes $1,799 incurred prior to the Formation Transactions date that is included in advisory management fee — affiliate on the consolidated statements of operations and comprehensive loss.

	The Company also reimbursed the Manager for certain general and administrative expenses, primarily related to employee compensation and certain Offering costs. Direct and allocated costs incurred by the Manager on behalf of the Company, totaled approximately $4,036 and $1,438 for the years ended December 31, 2013 and 2012, respectively. Approximately $70 was expensed to general and administrative for the year ended December 31, 2012 and approximately $1,368 were Offering costs, offset against proceeds. As of December 31, 2013 and 2012, the Company owed $1,480 and $1,609, respectively, for these costs which is included in amounts due to the manager and affiliates on the consolidated balance sheets.

	Prior to the Formation Transactions, Two Harbors allocated certain direct general and administrative expenses (primarily professional fees and travel costs) paid on behalf of the Company to external vendors. During 2012, the Company was allocated $308 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 manage 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 year ended December 31, 2013, the Company incurred property management expense of $11,991. This included direct expenses and reimbursements of $9,014 and the 5% property management fee of $645, respectively. The remaining amounts in property management fees of $2,332, 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 or direct property management type expenses such as stock compensation to employees dedicated to property management. In addition, for the year ended December 31, 2013, the Company incurred charges with the Manager’s operating subsidiary of $4,093 in acquisitions and renovation fees which were capitalized as part of property acquisition and renovation costs, and $212, for leasing services, which are reflected as other assets and are being amortized over the life of the leases (typically one year or less).

	During 2012, the Company incurred $459 in property management expense, consisting of $256 incurred in third party property management expenses and $203 incurred in property management expenses payable to the manager and affiliates.

	During the Post-Formation period, the Company accrued direct expense reimbursements of $193 and the 5% property management fee of $10, which are included in property management and amounts due to the manager and affiliates in the consolidated financial statements. Additionally, the Company incurred $30 in third-party property management expenses during the Post-Formation period.

	Prior to the Formation Transactions, the Company paid property management and acquisition service fees based on the number of homes acquired, leased and renovated by the Manager’s operating subsidiary in addition to compensation based on monthly rental income. Pursuant to these agreements, the Company paid the Manager’s operating subsidiary $4,640 in acquisitions and renovation fees which were capitalized as part of property acquisition and renovation costs, $387 for leasing services, which are reflected as other assets and are being amortized over the life of the leases (typically one year or less), and $226 for property management during 2012 through the Formation Transaction date.

	As of December 31, 2013 and 2012, the Company owed $4,205 and $994, respectively, for these services which are included in amounts due to the manager and affiliates on the consolidated balance sheets.

Derivative_and_Other_Fair_Valu

Derivative and Other Fair Value Instruments

12 Months Ended

Dec. 31, 2013

Derivative and Other Fair Value Instruments

Note 11. Derivative and Other Fair Value Instruments

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 (refer to Note 5). The interest rate cap agreements are valued using models developed by the respective counterparty that use as their basis readily observable market parameters (such as forward yield curves).

The following table provides a summary of the aggregate fair value measurements for the interest rate cap agreements and the location within the consolidated balance sheets at December 31, 2013:

Fair Value Measurements at Reporting Date Using

Quoted Prices for Similar

Quoted Prices (Unadjusted) for

Assets and Liabilities in

Significant

December 31,

Identical Assets/Liabilities

Active Markets

Unobservable Inputs

Description

Balance Sheet Location

2013

(Level 1)

(Level 2)

(Level 3)

Interest Rate Caps (Cash Flow Hedges)

Other Assets

214

—

214

—

The following table provides a summary of the effect of cash flow hedges on the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2013:

Effective Portion

Ineffective Portion

Amount of Gain/(Loss)

Amount of

Location of Gain/(Loss)

Amount of Gain/(Loss)

Location of

Reclassified from

Gain/(Loss) Recognized in

Reclassified from Accumulated

Gain/(Loss) Recognized

Accumulated Other

Other Comprehensive Loss

in Income

Comprehensive Loss

Type of Cash Flow Hedge

on Derivative

into Income

on Derivative

into Income

Interest Rate Caps

(276

)

Interest Expense

—

N/A

—

As of December 31, 2013, there were approximately $276 in deferred losses in accumulated other comprehensive loss related to interest rate cap agreements. The Company expects to recognize approximately $16 in interest expense during the year ending December 31, 2014, which will be reclassified out of accumulated other comprehensive loss, in accordance with the amortization schedules established upon designation of the interest rate caps as cash flow hedges.

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 (see Note 2). These impairment measurements constitute nonrecurring fair value measures under ASC 820 and the inputs are characterized as Level 2.

Fair Value of Other 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 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 December 31, 2013.

· Cash, 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 to 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 for facilities with similar risk and maturities. 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 10% cumulative redeemable preferred stock had a fair value which approximates its liquidation value at December 31, 2013. The Company categorizes the fair value measurement of this instrument as Level 2.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2013
Commitments and Contingencies	'
Commitments and Contingencies	'
	Note 12. Commitments and Contingencies

	Concentrations

	As of December 31, 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 the Company owned a more geographically dispersed portfolio.

	Homeowners’ association fees

	Certain of the Company’s properties are located in communities that are subject to homeowners’ association fees. These fees are billed monthly, quarterly, semi-annually or annually depending upon the homeowners’ association and are subject to annual fee adjustments. The fees cover the costs of maintaining common areas and are generally paid for by the Company.

	Resident security deposits

	As of December 31, 2013, the Company had $6,848 in resident security deposits. Security deposits are refundable, net of any outstanding charges and fees, upon expiration of the underlying lease.

	Earnest deposits

	Escrow deposits include non-refundable cash or earnest deposits for the purchase of properties. As of December 31, 2013, the Company had earnest deposits for property purchases of $164. As of December 31, 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 $3,749. 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.

	Legal and regulatory

	From time to time, the Company is subject to potential liability under laws and government regulations and various claims and legal actions arising in the ordinary course of the Company’s business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s consolidated financial statements and, therefore, no accrual has been recorded as of December 31, 2013.

Quarterly_Financial_Data_Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
Quarterly Financial Data (Unaudited)	Dec. 31, 2013
Quarterly Financial Data (Unaudited)	'
Quarterly Financial Data (Unaudited)	'
	Note 13. Quarterly Financial Data (Unaudited)

	Following is quarterly financial data for 2012 and 2013. The Company became a public company in the fourth quarter 2012; therefore, it has not calculated loss per share for quarters prior to then.

		2013 Quarter Ended
		March 31			June 30			September 30			December 31
	Total revenues	$	7,681		$	10,717		$	14,486		$	16,709
	Net loss	(6,382		)	(6,746		)	(6,362		)	(5,060		)
	Net loss attributable to common stockholders	(6,402		)	(6,767		)	(6,382		)	(5,082		)
	Earnings (loss) per share - basic and diluted	(0.16		)	(0.18		)	(0.16		)	(0.13		)


		2012 Quarter Ended
		March 31 (1)		June 30			September 30			December 31
	Total revenues	na		$	87		$	746		$	2,783
	Net loss	na		(604		)	(1,672		)	(3,245		)
	Net loss attributable to common stockholders (2)	na		na			na			(1,416		)
	Earnings (loss) per share - basic and diluted (2)	na		na			na			(0.04		)


	(1) The Company did not have any material operations during the quarter ended March 31, 2012.
	(2) Net loss attributable to common stockholders and loss per share are based upon the 12 days of results of the Company during the Post-Formation period. See Note 9 for the calculation of weighted average common shares outstanding.

Subsequent_Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2013
Subsequent Events	'
Subsequent Events	'
	Note 14. Subsequent Events

	Additional events subsequent to December 31, 2013 were evaluated through the date of these financial statements were issued and no additional events were identified requiring further disclosure in these consolidated financial statements.

Schedule_III_Real_Estate_and_A

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
Schedule III - Real Estate and Accumulated Depreciation	Dec. 31, 2013
Schedule III - Real Estate and Accumulated Depreciation	'
Schedule III - Real Estate and Accumulated Depreciation	'
	Silver Bay Realty Trust Corp.
	Schedule III — Real Estate and Accumulated Depreciation
	As of December 31, 2013
	(dollars in thousands)

		Number of		Number of				Initial Cost to Company				Costs Capitalized		Total Cost								Date of
												Subsequent to
												Acquisitions
		Owned		Encumbered						Building and		Building and				Building and				Accumulated		Construction
	Market Location	Properties		Properties (1)		Encumbered (1)		Land		Improvements		Improvements		Land		Improvements		Total (2)		Depreciation (3)		Range	Date Acquired
	Phoenix, AZ	1,424		840		$	53,835	$	34,126	$	137,118	$	27,645	$	34,126	$	164,763	$	198,889	$	5,449	1944-2010	2012-2013
	Atlanta, GA	1,000		483		26,435		23,421		77,875		22,642		23,421		100,517		123,938		3,087		1959-2012	2012-2013
	Tampa, FL	924		554		35,261		24,213		82,731		23,847		24,213		106,578		130,791		3,425		1941-2008	2012-2013
	Northern CA	384		189		16,953		15,054		48,036		8,812		15,054		56,848		71,902		1,956		1909-2006	2012-2013
	Las Vegas, NV	290		166		10,754		2,061		32,922		5,817		2,061		38,739		40,800		1,372		1970-2009	2012-2013
	Columbus, OH	284		—		—		4,473		17,986		7,192		4,473		25,178		29,651		278		1947-2009	2013
	Dallas, TX	227		1		78		4,840		18,577		5,387		4,840		23,964		28,804		427		1958-2010	2012-2013
	Orlando, FL	215		75		5,373		5,773		21,593		5,266		5,773		26,859		32,632		671		1920-2007	2012-2013
	Tucson, AZ	209		171		6,658		2,673		10,259		4,202		2,673		14,461		17,134		601		1940-2008	2012-2013
	Southeast FL	165		—		—		8,019		19,530		5,713		8,019		25,243		33,262		339		1954-2007	2013
	Southern CA	156		97		7,008		4,467		12,721		6,195		4,467		18,916		23,383		646		1940-2008	2012-2013
	Jacksonville, FL	131		—		—		3,797		9,782		3,423		3,797		13,205		17,002		167		1944-2009	2013
	Charlotte, NC	130		38		2,470		3,183		11,780		1,998		3,183		13,778		16,961		347		1981-2010	2012-2013
	Houston, TX	103		—		—		1,249		7,181		2,725		1,249		9,906		11,155		132		1958-2008	2013
		5,642		2,614		$	164,825	$	137,349	$	508,091	$	130,864	$	137,349	$	638,955	$	776,304	$	18,897

	(1) Property count and value is encumbered as described in Note 5.
	(2) The gross aggregate cost of total real estate for federal income tax purposes was approximately $788,285 at December 31, 2013.
	(3) Depreciation of building and improvements is computed on the straight-line basis over the estimated useful life of 27.5 years.

	The changes in investments in real estate for the years ended December 31, 2013 and 2012 are as follows:

		2013			2012
	Balance, beginning of year	$	420,562		$	—
	Acquisition of real estate	261,950			387,747
	Improvements	100,173			32,815
	Dispositions and other	(6,381		)	—

	Balance, end of year	$	776,304		$	420,562

	The changes in accumulated depreciation for the years ended December 31, 2013 and 2012 are as follows:

		2013			2012

	Balance, beginning of year	$	1,869		$	—
	Depreciation expense	17,222			1,869
	Dispositions and other	(194		)	—
	Balance, end of year	$	18,897		$	1,869

Basis_of_Presentation_and_Sign1

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Basis of Presentation and Significant Accounting Policies	'
Principles of Consolidation	'
	Principles of Consolidation

	The accompanying consolidated financial statements include the accounts of the Company and 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. All intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP.
Use of Estimates	'
	Use of Estimates

	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions regarding future events 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. These reclassifications have not changed the results of operations or stockholders’ equity.
Investments in Real Estate	'
	Investments in Real Estate

	Operating real estate assets are stated at cost and consist of land, buildings and improvements, including other costs incurred during their possession, renovation and acquisition. A property acquired not subject to an existing lease is treated as an asset acquisition and recorded at its purchase price, inclusive of acquisition costs, allocated between land and building based upon their fair values at the date of acquisition. A property acquired with an existing lease is treated as a business combination under the guidance of Codification Topic, Business Combinations (“ASC 805”) and recorded at fair value (approximated by the purchase price), allocated to land, building and the existing lease based upon their fair values at the date of acquisition, with acquisition costs expensed as incurred. Fair value is determined under the guidance of Codification Topic, Fair Value Measurements and Disclosures (“ASC 820”), primarily based on unobservable market data inputs, which are categorized as Level 3 valuations. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes its own market knowledge and published market data. The Company utilizes information obtained from county tax assessment records to develop regional averages to allocate the fair value to land and building. The estimated fair value of acquired in-place leases represents the costs the Company would have incurred to lease the property at the date of acquisition, based upon the Company’s current leasing activity.

	Building depreciation is computed on the straight-line basis over the estimated useful lives of the assets. The Company generally uses a 27.5-year estimated life with no salvage value. The Company considers the value of acquired in-place leases in the allocation of purchase price and the amortization period reflects the average remaining term of each respective in-place acquired lease. The lease periods are generally short-term in nature (one or two years) and reflect market rental rates.

	The Company incurs costs to prepare certain of its acquired properties to be placed in service. These costs are capitalized and allocated to building costs as part of such properties’ initial renovation. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and expenditures for significant capital expenditures that improve the asset and extend the useful life of the asset are capitalized and depreciated over their remaining useful life.

	The Company evaluates its long-lived assets for indicators of impairment periodically or whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and the Company’s ability to hold, and its intent with regard to, each asset. If an impairment indicator exists, the Company compares the expected future undiscounted cash flows against the carrying amount of the asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company records an impairment loss for the difference between the estimated fair value and the carrying amount of the asset.
Assets Held for Sale	'
	Assets Held for Sale

	The Company evaluates its long-lived assets on a periodic 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 an impairment loss is immediately recognized when the estimated fair value, less costs to sell, is less than the carrying amount of the asset. 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. Depreciation ceases to be recorded upon designation of an asset as held for sale.

	The properties included in held for sale at December 31, 2013 did not have material leasing operations under the Company’s ownership.

	For the year ended December 31, 2013, the Company recognized $792 in impairment charges and $114 in net gain on sale of assets, along with certain operating costs on properties held for sale. These costs are classified as other in the consolidated statements of operations and comprehensive loss. The Company did not record impairment or dispose of assets during the year ended December 31, 2012.
Cash	'
	Cash

	The Company maintains its cash and escrow deposits at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation, or FDIC, insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.
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, earnest money deposits, and, at times, monies held at certain municipalities for property purchases. Escrow deposits also include cash held in reserve at financial institutions, as required by the revolving credit facility described in Note 5.
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.

	At December 31, 2013 and 2012, the Company had $665 and $142 in gross rent receivables, respectively, and $228 and $27 in allowances for doubtful accounts, respectively, classified as other assets on the consolidated balance sheets.

	For the years ended December 31, 2013 and 2012, the Company recognized $771 and $27 in bad debt expense, respectively, classified as property operating and maintenance in the consolidated statements of operations and comprehensive loss.
Fair Value of Financial Instruments, Including Derivative Instruments	'
	Fair Value of Financial Instruments, Including Derivative Instruments

	The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

	In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks through the use of derivatives to hedge interest rate risk on debt instruments.

	The Company recognizes derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either stockholders’ equity or net income (loss) depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. The Company does not use derivatives for trading or speculative purposes.
Deferred Financing Costs, Net	'

	Deferred Lease Costs, Net

	Direct and incremental costs incurred by the Company to lease properties are capitalized and amortized over the life of the lease and reflected as deferred lease costs on the consolidated balance sheets. Amortization of leasing costs is included in depreciation and amortization in the consolidated statements of operations and comprehensive loss.

	Deferred Financing Costs, Net

	Costs incurred in the placement of the Company’s debt are deferred and amortized, as a component of interest expense in the consolidated statements of operations and comprehensive loss, using the effective interest method, or alternative methods that approximate the effective interest method, over the terms of the related debt.

Revenue Recognition	'
	Revenue Recognition

	Rental income attributable to resident leases is recorded on a straight-line basis, which is not materially different than if it were recorded when due from residents and recognized monthly as earned. Rental income is presented net of sales tax on the consolidated statements of operations and comprehensive loss. Leases entered into between residents and the Company for the rental of property units are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis.
Noncontrolling Interests	'
	Noncontrolling Interests

	The ownership interests in a consolidated subsidiary that are not held by the Company are noncontrolling interests and are reported on the consolidated balance sheets within equity, separately from the Company’s equity. However, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the guidance in the Codification Topic Derivatives and Hedging —Contracts in Entity’s Own Equity (“ASC 815-40”) to evaluate whether it controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The Company presents the noncontrolling interest for common Operating Partnership units in the equity section of its consolidated balance sheets.

	Net income (loss) is allocated to common Operating Partnership unit holders based on their respective ownership percentage of the Operating Partnership. Such ownership percentage is calculated by dividing the number of common Operating Partnership units held by the common Operating Partnership unit holders by the total Operating Partnership units held by the common Operating Partnership unit holders and the Company. Issuance of additional shares of common stock or common Operating Partnership units changes the percentage ownership of both the noncontrolling interests — common Operating Partnership unit holders and the Company. Due in part to the exchange rights (which provide for the redemption of common Operating Partnership units into shares for common stock on a one-for-one basis), such transactions and the proceeds therefrom are treated as capital transactions and result in an allocation between stockholders’ equity and noncontrolling interests to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership.

	At December 31, 2013 and 2012, the Company had zero and 27,459 common Operating Partnership units classified as noncontrolling interests, respectively. As described in Note 8, the 27,459 common Operating Partnership units were redeemed in exchange for Company common stock on December 31, 2013. As the transaction occurred at the end of the fourth quarter of 2013, the Company allocated net loss to noncontrolling interests for the full year ended December 31, 2013.
Preferred Stock	'
	Preferred Stock

	The Company accounts for its 10% cumulative redeemable preferred stock in accordance with the Codification Topic Distinguishing Liabilities from Equity—SEC Materials (“ASC 480-10-S99”). Holders of the Company’s 10% cumulative redeemable preferred stock have certain preference rights with respect to the common stock. Based on the Company’s analysis, the preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated balance sheets as a result of certain redemption requirements or other terms.
Earnings (Loss) Per Share	'
	Earnings (Loss) Per Share

	Basic and diluted earnings (loss) per share are computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares and potential common shares outstanding during the year ended December 31, 2013 and the period from December 19, 2012, the date of the Offering and Formation Transactions, through December 31, 2012. For both basic and diluted per share calculations, potential common shares represents issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. The common Operating Partnership units are excluded from the calculation of earnings (loss) per share as their inclusion would not be dilutive.
Equity Incentive Plan	'
	Equity Incentive Plan

	The Company adopted an equity incentive plan which provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel, including certain personnel of Pine River, the Company’s Manager or the Manager’s operating subsidiary. Partners of Pine River and any personnel of the Company’s Manager whose compensation is not reimbursable by the Company are ineligible to receive grants under the plan. The plan permits the granting of stock options, restricted shares of common stock, restricted stock units, phantom shares, dividend equivalent rights, or other equity-based awards. The equity incentive plan is administered by the compensation committee of the Company’s board of directors. The cost of equity awards to independent directors is based on the price of the Company’s stock as of the date of grant, in accordance with Codification Topic Compensation - Stock Compensation (“ASC 718”). The cost of equity awards to employees of the Company’s Manager and the Manager’s operating subsidiary is measured at each reporting date based on the price of the Company’s stock as of period end, in accordance with Codification Topic Equity (“ASC 505”). All equity awards are amortized ratably over the applicable service period.
Income Taxes	'
	Income Taxes

	The Company has elected to be taxed as a REIT under the Internal Revenue Code, or the Code, and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company formed a TRS, as defined in the Code, to engage in such activities. These TRS activities are subject to both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses, as well as any REIT taxable income not distributed to stockholders.

	The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with Codification Topic Income Taxes (“ASC 740”). The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as interest expense and operating expense, respectively, in its consolidated statements of operations and comprehensive loss.

	Deferred Tax Assets and Liabilities

	Income recognition for GAAP and tax differ in certain respects. These differences often reflect differing accounting treatments for tax and GAAP, such as differing GAAP and tax basis on capitalized assets, real estate asset impairments and the timing of expense recognition for certain accrued liabilities. Some of these differences are temporary in nature and create timing mismatches between when taxable income is earned and the tax is paid versus when the GAAP income is recognized and the tax provision is recorded. Some of these differences are permanent since certain income (or expense) may be recorded for tax but not for GAAP (or vice-versa). One such significant permanent difference is the Company’s ability as a REIT to deduct dividends paid to stockholders as an expense for tax, but not for GAAP.

	As a result of these temporary differences, the Company’s TRS, may recognize taxable income in periods prior or subsequent to when it recognizes income for GAAP. When this occurs, the TRS will pay or defer the tax liability and establish deferred tax assets or deferred tax liabilities, respectively, for GAAP.

	As income previously taxed is subsequently realized in future periods under GAAP, the deferred tax asset is reversed and a tax expense is recognized. Alternatively, as income previously recognized for GAAP is subsequently realized in future periods for tax, the deferred tax liability is reversed and a tax benefit is recognized. To date, the Company’s deferred tax assets and/or liabilities are generated solely by differences in GAAP and taxable income at our TRS. GAAP and tax differences in the REIT may create additional deferred tax assets to the extent the Company does not distribute all of its taxable income.

	A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of deferred tax assets will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances and that causes the Company to change judgment about the realizability of the related deferred tax asset is included in the provision when such changes occur.

Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements

	Under the Jumpstart Our Business Startups Act, or the JOBS Act, we meet the definition of an “emerging growth company.” We have 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, we 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.

	In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, which amends Codification Topic Balance Sheet (“ASC 210”). This amendment enhances disclosures required by U.S. GAAP by requiring information about financial instruments and derivative instruments that are either (1) offset in accordance with ASC 210, Balance Sheet or ASC 815, Other Presentation Matters or (2) subject to an enforceable master netting arrangement or similar agreement. ASU No. 2011-11 is effective for first interim or annual periods beginning on or after January 1, 2013. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

	In February 2013, the FASB issued ASU No. 2013-02, which amends Codification Topic Comprehensive Income (“ASC 220”). The objective of this amendment is to improve the reporting of reclassifications out of accumulated other comprehensive income and their corresponding effect on net income. ASU No. 2013-02 is effective for interim periods beginning after December 15, 2012. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

Formation_Transactions_and_Off1

Formation Transactions and Offering (Tables)	12 Months Ended
Formation Transactions and Offering (Tables)	Dec. 31, 2013
Formation Transactions and Offering	'
Summary of the financial impact of the recording of noncash Formation Transactions	'
	The following table summarizes the financial impact of the recording of the Formation Transactions as of December 19, 2012 (all of which are non-cash), exclusive of the Offering, and reflects the following adjustments:


	Assets
	Investments in real estate:
	Land	$	24,454
	Building and improvements	93,463
		117,917
	Escrow deposits	773
	Resident security deposits	948
	In-place lease and deferred lease costs, net	2,184
	Other assets	4,261
	Total assets	$	126,083

	Liabilitites and Equity
	Liabilities:
	Accounts payable and accrued property expenses	$	495
	Resident prepaid rent and security deposits	980
	Amounts due to the manager and affiliates	244
	Amounts due to previous owners	11,137
	Total liabilities	12,856

	10% cumulative redeemable preferred stock	1,000

	Equity:
	Stockholders’ equity:
	Common stock $.01 par	239
	Additional paid-in capital	433,592
	Total stockholders’ equity	433,831
	Noncontrolling interests - Operating Partnership	508
	Parent equity	(322,112		)
	Total equity	112,227
	Total liabilities and equity	$	126,083

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2013
Income Taxes	'
Schedule of tax (benefit) provision recorded at the taxable subsidiary level	'


		Year Ended December 31,
		2013
	Current tax (benefit) provision:
	Federal	$	—
	State
	Total current tax (benefit) provision	—
	Deferred tax benefit	(864		)
	Valuation allowance	864
	Income tax (benefit) expense	$	—

Schedule of reconciliation of the statutory federal and state rates to the effective rates	'


		Year Ended December 31,
		2013
		Amount			Percent
	Computed income tax expense at federal rate	$	(8,967	)	34	%
	State tax, net of federal benefit, if applicable	(153		)	0.6	%
	Permanent differences in taxable income from GAAP income	—			—
	Valuation allowance	864			-3.3	%
	Tax at statutory rate on earning not subject to federal income tax	8,256			-31.3	%
	Benefit from income taxes/effective tax rate	$	—		—
Schedule of current and deferred tax assets and liabilities	'


		Year Ended December 31,
		2013
	Current Tax
	Federal income tax payable	$	—
	Current income taxes receivable	—
	State and local income tax payable	—
	Current tax receivable (payable), net	—
	Deferred tax assets (liabilities)
	Deferred tax asset	$	864
	Deferred tax liability	—
	Deferred tax asset, net	864
	Valuation allowance	(864		)

	Total tax asset and liabilities, net	$	—
Schedule of tax treatment of dividends and distributions per share	'


		Year Ended December 31,
		2013
	Tax treatment of dividends and distributions:
	Ordinary dividends	$	—
	Long-term capital gains	—
	Nondividend distributions	0.04
	Dividends and distributions declared per Common share/unit outstanding	$	0.04

Equity_Incentive_Plan_Tables

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2013
Equity Incentive Plan	'
Summary of award activity of Equity Incentive Plan	'


		2013					2012
		Shares		Weighted Average Grant Date			Shares	Weighted Average Grant Date
				Fair Market Value				Fair Market Value
	Outstanding at Beginning of Period	160,571		$	18.5		—	$	—
	Granted	24,165		17.89			160,571	18.5
	Vested	(54,757	)	(18.34		)	—	—
	Forfeited	(47,516	)	(18.48		)	—
	Outstanding at End of Period	82,463		$	18.44		160,571	$	18.5

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	12 Months Ended
Stockholders' Equity (Tables)	Dec. 31, 2013
Stockholders' Equity	'
Schedule of changes in the Company's issued and outstanding common shares	'
	The following tables present the changes in the Company’s issued and outstanding common shares for the years ended December 31, 2013 and 2012:

		Number of
		common shares
	Common shares outstanding, January 1, 2012	—
	Public offering	13,250,000
	Formation Transactions	23,917,642
	Issuance of restricted stock	160,571
	Common shares outstanding, December 31, 2012	37,328,213
	Issuance of common stock	1,987,500
	Repurchase of common stock	(758,353	)
	Restricted stock grants, net	(23,351	)
	Conversion of Operating Partnership units	27,459
	Common shares outstanding, December 31, 2013	38,561,468
Common Stock Dividends	'
Stockholders' equity	'
Schedule of cash dividends declared by the Company since its formation	'


	Declaration Date	Record Date		Payment Date		Cash Dividend
	Declaration Date	Record Date		Payment Date		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
	December 19, 2013	December 30, 2013		January 10, 2014		0.01
Preferred Stock Dividends	'
Stockholders' equity	'
Schedule of cash dividends declared by the Company since its formation	'


	Declaration Date	Payment Date		Cash Dividend
	Declaration Date	Payment Date		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
	December 19, 2013	January 10, 2014		24.72

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2013
Earnings (Loss) Per Share	'
Summary of elements used in calculating basic and diluted EPS computations	'


		Year Ended			Year Ended
		December 31, 2013			December 31, 2012
	Net loss attributable to controlling interests	$	(24,533	)	$	(1,413	)
	Preferred distributions	(100		)	(3		)
	Net loss attributable to common stockholders	(24,633		)	(1,416		)
	Basic and diluted weighted average common shares outstanding	39,073,994			37,328,213
	Net loss per common share - Basic and Diluted	$	(0.63	)	$	(0.04	)

Derivative_and_Other_Fair_Valu1

Derivative and Other Fair Value Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Derivative and Other Fair Value Instruments

Summary of aggregate fair value measurements for the interest rate cap agreements and location within the consolidated balance sheets

The following table provides a summary of the aggregate fair value measurements for the interest rate cap agreements and the location within the consolidated balance sheets at December 31, 2013:

Fair Value Measurements at Reporting Date Using

Quoted Prices for Similar

Quoted Prices (Unadjusted) for

Assets and Liabilities in

Significant

December 31,

Identical Assets/Liabilities

Active Markets

Unobservable Inputs

Description

Balance Sheet Location

2013

(Level 1)

(Level 2)

(Level 3)

Interest Rate Caps (Cash Flow Hedges)

Other Assets

214

—

214

—

Summary of effect of cash flow hedges on the Company's consolidated statements of operations and comprehensive loss

The following table provides a summary of the effect of cash flow hedges on the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2013:

Effective Portion

Ineffective Portion

Amount of Gain/(Loss)

Amount of

Location of Gain/(Loss)

Amount of Gain/(Loss)

Location of

Reclassified from

Gain/(Loss) Recognized in

Reclassified from Accumulated

Gain/(Loss) Recognized

Accumulated Other

Other Comprehensive Loss

in Income

Comprehensive Loss

Type of Cash Flow Hedge

on Derivative

into Income

on Derivative

into Income

Interest Rate Caps

(276

)

Interest Expense

—

N/A

—

Quarterly_Financial_Data_Unaud1

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
Quarterly Financial Data (Unaudited) (Tables)	Dec. 31, 2013
Quarterly Financial Data (Unaudited)	'
Schedule of quarterly financial data	'

		2013 Quarter Ended
		March 31			June 30			September 30			December 31
	Total revenues	$	7,681		$	10,717		$	14,486		$	16,709
	Net loss	(6,382		)	(6,746		)	(6,362		)	(5,060		)
	Net loss attributable to common stockholders	(6,402		)	(6,767		)	(6,382		)	(5,082		)
	Earnings (loss) per share - basic and diluted	(0.16		)	(0.18		)	(0.16		)	(0.13		)


		2012 Quarter Ended
		March 31 (1)		June 30			September 30			December 31
	Total revenues	na		$	87		$	746		$	2,783
	Net loss	na		(604		)	(1,672		)	(3,245		)
	Net loss attributable to common stockholders (2)	na		na			na			(1,416		)
	Earnings (loss) per share - basic and diluted (2)	na		na			na			(0.04		)


	(1) The Company did not have any material operations during the quarter ended March 31, 2012.
	(2) Net loss attributable to common stockholders and loss per share are based upon the 12 days of results of the Company during the Post-Formation period. See Note 9 for the calculation of weighted average common shares outstanding.

Organization_and_Operations_De

Organization and Operations (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2011	Dec. 31, 2013
In Thousands, unless otherwise specified	item	Silver Bay Property Investment LLC	Silver Bay Operating Partnership L.P.
Organization and Operations	'	'	'
Number of single-family residential properties owned	5,642	'	'
Number of employees	0	'	'
Organization and operations	'	'	'
Initial capital contribution	'	$250	'
Organizational costs incurred	'	$89	'
Partnership interests in Operating Partnership owned through a combination of direct and indirect interests (as a percent)	'	'	100.00%

Basis_of_Presentation_and_Sign2

Basis of Presentation and Significant Accounting Policies (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Investments in real estate:	'	'
Estimated life of building	'27 years 6 months	'
Salvage value	$0	'
Assets Held for Sale	'	'
Impairment charges	792	'
Net gain on sale of assets	114	'
Rent and Other Receivables, Net	'	'
Gross rent receivables	665	142
Allowances for doubtful accounts	228	27
Bad debt expense	$771	$27
Minimum	'	'
Investments in real estate:	'	'
In-place acquired lease period	'1 year	'
Maximum	'	'
Investments in real estate:	'	'
In-place acquired lease period	'2 years	'

Basis_of_Presentation_and_Sign3

Basis of Presentation and Significant Accounting Policies (Details 2)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Preferred stock	'	'
Dividend on cumulative redeemable preferred stock (as a percent)	10.00%	10.00%
Silver Bay Operating Partnership L.P.	'	'
Noncontrolling Interests	'	'
Units classified as noncontrolling interests	0	27,459
Units redeemed	27,459	'

Formation_Transactions_and_Off2

Formation Transactions and Offering (Details) (USD $)

0 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Jan. 07, 2013

Dec. 19, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

31-May-13

Dec. 31, 2013

Dec. 19, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 19, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 19, 2012

Dec. 31, 2013

Dec. 19, 2012

item

Equity incentive plan

Silver Bay Property and Provident Entities

Provident Entities

Two Harbors

Two Harbors and Provident Entities

Common stock

Cumulative redeemable preferred stock

Common units in the Operating Partnership

Common Stock

Non-cash

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

Net proceeds from sale of additional common shares

34,388

228,517

Formation Transactions and Offering

Shares of common stock issued

1,987,500

13,250,000

1,987,500

13,250,000

1,000

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

Dividend on cumulative redeemable preferred stock (as a percent)

10.00%

Liquidation preference per share (in dollars per share)

$1,000

Number of single-family properties owned

5,642

881

Fair value of assets and liabilities acquired

118,492

Price of shares issued (in dollars per share)

$18.50

Amount receivable (payable) related to working capital adjustments

202

-1,261

Cash paid

5,263

873

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

Units redeemed

27,459

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

Final amount due

11,137

264

734

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

1,335

Amortization of deferred charge recorded as advisory management fee expense

3,725

Advisory management fee expense

9,775

2,159

Investments in real estate:

Land

137,349

82,310

24,454

Building and improvements

638,955

338,252

93,463

Investments in real estate, net

757,407

418,693

117,917

Escrow deposits

24,461

19,727

773

Resident security deposits

6,848

2,266

948

In-place lease and deferred lease costs, net

749

2,363

2,184

Other assets

3,289

6,114

4,261

Total assets

846,078

677,302

126,083

Liabilities:

Accounts payable and accrued property expenses

6,072

4,550

495

Resident prepaid rent and security deposits

8,357

2,713

980

Amounts due to the manager and affiliates

6,866

3,071

244

Total liabilities

187,118

16,889

12,856

10% cumulative redeemable preferred stock

1,000

Stockholders' equity:

Common stock $.01 par

385

372

239

Additional paid-in capital

689,646

664,146

433,592

Total stockholders' equity

657,960

658,909

433,831

Noncontrolling interests - Operating Partnership

504

508

Parent equity

-322,112

Total equity

657,960

659,413

161

112,227

Total liabilities and equity

$846,078

$677,302

$126,083

Income_Taxes_Details

Income Taxes (Details) (TRS, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
TRS	'
Current tax (benefit) provision:	'
Deferred tax benefit	($864)
Valuation allowance	864
Amount	'
Computed income tax expense at federal rate	-8,967
State tax, net of federal benefit, if applicable	-153
Valuation allowance	864
Dividend paid deduction	$8,256
Percent	'
Computed income tax expense at federal rate (as a percent)	34.00%
State tax, net of federal benefit, if applicable (as a percent)	0.60%
Valuation allowance (as a percent)	-3.30%
Tax at statutory rate on earning not subject to federal income tax (as a percent)	-31.30%

Income_Taxes_Details_2

Income Taxes (Details 2) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Deferred tax assets (liabilities)	'	'
Cost basis of land and depreciable property, net of accumulated depreciation, for federal income tax purposes	$768,370	$432,443
Dividends paid	-1,256	'
Tax treatment of dividends and distributions :	'	'
Nondividend distributions (in dollars per share)	$0.04	'
Dividends and distributions declared per Common share/unit outstanding (in dollars per share)	$0.04	'
TRS	'	'
Deferred tax assets (liabilities)	'	'
Deferred tax asset	864	'
Deferred tax asset, net	864	'
Valuation allowance	-864	'
Net operating loss carry-forwards	$1,100	'

Revolving_Credit_Facility_Deta

Revolving Credit Facility (Details) (USD $)

12 Months Ended

0 Months Ended

8 Months Ended

0 Months Ended

8 Months Ended

12 Months Ended

3 Months Ended

8 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Feb. 05, 2014

Dec. 31, 2013

10-May-13

Dec. 31, 2013

Jan. 16, 2014

Sep. 30, 2013

Dec. 31, 2013

Interest rate cap agreements

Property Management Agreements

Revolving credit facility

Subsequent event

Interest rate cap agreements

Company and the Operating Partnership

Minimum

Revolving Credit Facility

Face amount of debt instruments

$200,000,000

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

164,825,000

Weighted average interest rate (as a percent)

4.00%

Weighted average interest rate at period end (as a percent)

4.00%

Gross interest expense

3,164,000

Maximum amount guaranteed for completion of certain property renovations

20,000,000

Total liquidity to be maintained as defined by the agreement

25,000,000

Net worth to be maintained as defined by the agreement

125,000,000

Total liquidity requirement maintained

43,717,000

228,139,000

250,000

25,000,000

Escrow deposits

12,216,000

Property management fee as percentage of collected rents

10.00%

Capitalized interest costs associated with renovation activities

1,068,000

Deferred financing costs, net

4,040,000

Amortization expense

815,000

Maximum borrowing capacity

350,000,000

Aggregate notional amount

75,000,000

170,000,000

Variable interest rate basis

'LIBOR

LIBOR cap (as a percent)

3.00%

Aggregate purchase price

$533,000

$100,000

$533,000

Equity_Incentive_Plan_Details

Equity Incentive Plan (Details) (Equity incentive plan, USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Equity incentive plan	'	'
Number of awards that may be granted after the tenth anniversary of date that such plan was initially approved	0	'
Number of awards that may be granted to any person who would own or be deemed to own more than 9.8% of the outstanding shares of the entity's common stock	0	'
Restricted common stock	'	'
Shares	'	'
Outstanding, at beginning of period (in shares)	160,571	'
Granted (in shares)	24,165	160,571
Vested (in shares)	-54,757	'
Forfeited (in shares)	-47,516	'
Outstanding at the end of the period (in shares)	82,463	160,571
Weighted Average Grant Market Value	'	'
Outstanding, at beginning of period (in dollars per share)	$18.50	'
Granted (in dollars per share)	$17.89	$18.50
Vested (in dollars per share)	($18.34)	'
Forfeited (in dollars per share)	($18.48)	'
Outstanding at the end of the period (in dollars per share)	$18.44	$18.50
Restricted common stock \| Certain personnel of the entity's Manager or the Manager's operating subsidiary	'	'
Equity incentive plan	'	'
Number of annual installments in which grants will vest	3	'
Restricted common stock \| Independent directors	'	'
Equity incentive plan	'	'
Vesting period	'1 year	'
Maximum	'	'
Equity incentive plan	'	'
Number of shares available for issuance under the plan	921,053	'
Number of shares that may underlie awards annually to an eligible person	92,100	'
Ownership or deemed ownership of outstanding shares of common stock beyond which no awards may be granted (as a percent)	9.80%	'

Equity_Incentive_Plan_Details_

Equity Incentive Plan (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Property management	'	'
Equity incentive plan	'	'
Stock compensation expense	$308	$0
General administrative	'	'
Equity incentive plan	'	'
Stock compensation expense	$619	$38

Equity_Incentive_Plan_Details_1

Equity Incentive Plan (Details 3) (USD $)	0 Months Ended	12 Months Ended		1 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 13, 2014	Dec. 31, 2013	Dec. 31, 2012	31-May-13	Dec. 31, 2013
	Restricted common stock	Equity incentive plan	Equity incentive plan	Equity incentive plan	Equity incentive plan
	Certain personnel of the entity's Manager or the Manager's operating subsidiary	Restricted common stock	Restricted common stock	Common Stock	Common Stock
	Subsequent event			Independent directors	Independent directors
	item
Equity incentive plan	'	'	'	'	'
IPO proceeds offset as additional paid-in capital related to shares issued	'	'	'	$125	$125
Granted (in shares)	56,841	24,165	160,571	'	'
Granted (in dollars per share)	$16.01	$17.89	$18.50	'	'
Number of annual installments in which grants will vest	3	'	'	'	'

Preferred_Stock_Details

Preferred Stock (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Preferred Stock	'	'
Shares of redeemable preferred stock issued	1,000	1,000
Dividend on cumulative redeemable preferred stock (as a percent)	10.00%	10.00%
Vote or consent of issued and outstanding shares of cumulative redeemable preferred stock required to issue capital stock ranking senior (as a percent)	66.67%	'
Period after initial issue date when entity has option to redeem shares	'5 years	'
Preferred stock redemption price (in dollars per share)	$1,000	'
Period after initial issue date when preferred stockholders, with adequate notice, may put their shares back to the entity	'6 years	'
Preferred stock dividends	$22	$3

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

0 Months Ended

12 Months Ended

In Thousands, except Share data, unless otherwise specified

Jan. 10, 2014

Dec. 19, 2013

Oct. 11, 2013

Sep. 19, 2013

Jul. 12, 2013

Jun. 28, 2013

Jun. 26, 2013

Jun. 20, 2013

Apr. 12, 2013

Mar. 21, 2013

Jan. 07, 2013

Dec. 19, 2012

Dec. 31, 2013

Dec. 31, 2012

Changes in issued and outstanding common shares

Common shares outstanding at the beginning of the period

37,328,213

Public offering (in shares)

1,987,500

13,250,000

1,987,500

13,250,000

Formation Transactions (in shares)

23,917,642

Issuance of restricted stock (in shares)

-23,351

160,571

Repurchase of common stock

-758,353

Common shares outstanding at the end of the period

38,561,468

37,328,213

Redemption value

$487

Cash dividend per share declared, common stock (in dollars per share)

$0.01

Cash dividend per share paid, common stock (in dollars per share)

$0.01

Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)

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

Silver Bay Operating Partnership L.P.

Changes in issued and outstanding common shares

Conversion of Operating Partnership units into common shares (in shares)

27,459

Redemption value

$487

Partnership interests in Operating Partnership owned through a combination of direct and indirect interests (as a percent)

100.00%

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (USD $)	0 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 19, 2013	Dec. 31, 2013	Jul. 02, 2013
Share Repurchase Plan	'	'	'
Number of shares repurchased	'	758,353	'
Share repurchase program	'	'	'
Share Repurchase Plan	'	'	'
Number of shares authorized to be repurchased	'	'	2,500,000
Number of shares repurchased	'	750,768	'
Number of shares repurchased	7,585	'	'
Value of shares repurchased	$121	$11,639	'
Share price (in dollars per share)	$15.93	$15.50	'

Earnings_Loss_Per_Share_Detail

Earnings (Loss) Per Share (Details) (USD $)	0 Months Ended	3 Months Ended					12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Summary of the elements used in calculating basic and diluted EPS computations	'	'	'	'	'	'	'	'
Net loss attributable to controlling interests	($1,413)	'	'	'	'	'	($24,533)	($5,517)
Preferred distributions	-3	'	'	'	'	'	-100	-3
Net loss attributable to common stockholders	($1,416)	($5,082)	($6,382)	($6,767)	($6,402)	($1,416)	($24,633)	($5,520)
Basic and diluted weighted average common shares outstanding	'	'	'	'	'	'	39,073,994	37,328,213
Net loss per common share - Basic and Diluted (in dollars per share)	'	($0.13)	($0.16)	($0.18)	($0.16)	($0.04)	($0.63)	($0.04)
Number of common units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares)	27,459	'	'	'	'	'	27,459	'
Number of days of results for computing loss per share	'	'	'	'	'	'	'	'12 days

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 19, 2012

Dec. 31, 2012

Dec. 19, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 19, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 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%

Property Management Fee percentage, deducted from Advisory Fee

5.00%

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%

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

4.50%

Advisory management fee expense

$9,775

$2,159

$1,799

$2,159

$4,715

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

5,060

Amounts due to previous owners

998

6,555

998

Direct and allocated costs expensed

4,036

1,438

Direct and allocated costs expensed

9,014

193

General and administrative

7,453

881

Amount of Offering costs, offset against proceeds

1,368

Amounts due to the manager and affiliates

6,866

3,071

1,480

1,609

1,181

994

4,205

994

Direct expenses allocated related to professional fees and travel costs

308

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

5.00%

Property management fee

11,991

459

226

11,991

459

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

645

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

2,332

256

Acquisitions and renovation fees

4,640

4,093

4,640

Fee for leasing services

$212

$387

Amortization period for leases

'1 year

Derivative_and_Other_Fair_Valu2

Derivative and Other Fair Value Instruments (Details) (Recurring fair value, Interest rate caps, USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2013
Total	'
Derivative and other fair value instruments	'
Cash flow hedges	$214
Level 2	'
Derivative and other fair value instruments	'
Cash flow hedges	$214

Derivative_and_Other_Fair_Valu3

Derivative and Other Fair Value Instruments (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Preferred stock	'	'
Dividend on cumulative redeemable preferred stock (as a percent)	10.00%	10.00%
Cash flow hedge \| Interest rate caps	'	'
Derivative and other fair value instruments	'	'
Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative, Effective portion	-276	'
Interest expense expected to be recognized which will be reclassified out of accumulated other comprehensive loss	16	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (Real estate properties, Geographically dispersed portfolio, Phoenix, AZ, Tampa, FL, and Atlanta, GA)	12 Months Ended
	Dec. 31, 2013
Real estate properties \| Geographically dispersed portfolio \| Phoenix, AZ, Tampa, FL, and Atlanta, GA	'
Concentrations	'
Concentration (as a percent)	60.00%

Commitments_and_Contingencies_1

Commitments and Contingencies (Details 2) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2013
Resident security deposits	'
Resident security deposits	$6,848
Earnest deposits	'
Amount of property purchases for which earnest deposits have been made	164
Aggregate amount of offers accepted to purchase residential properties	3,749
Legal and regulatory	'
Accrual for legal and regulatory claims	$0

Quarterly_Financial_Data_Unaud2

Quarterly Financial Data (Unaudited) (Details) (USD $)	0 Months Ended	3 Months Ended							12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Dec. 31, 2013	Dec. 31, 2012
Quarterly financial data	'	'	'	'	'	'	'	'	'	'
Total revenues	'	$16,709	$14,486	$10,717	$7,681	$2,783	$746	$87	$49,593	$3,616
Net loss	'	-5,060	-6,362	-6,746	-6,382	-3,245	-1,672	-604	-24,550	-5,521
Net loss attributable to common stockholders	($1,416)	($5,082)	($6,382)	($6,767)	($6,402)	($1,416)	'	'	($24,633)	($5,520)
Earnings (loss) per share, basic and diluted (in dollars per share)	'	($0.13)	($0.16)	($0.18)	($0.16)	($0.04)	'	'	($0.63)	($0.04)
Number of days of results for computing loss per share	'	'	'	'	'	'	'	'	'	'12 days

Schedule_III_Real_Estate_and_A1

Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
	item
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	5,642
Number of Encumbered Properties	2,614
Encumbered	$164,825
Initial Cost to Company	'
Land	137,349
Building and Improvements	508,091
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	130,864
Total Cost	'
Land	137,349
Building and Improvements	638,955
Total	776,304
Accumulated Depreciation	18,897
Gross aggregate cost of total real estate for federal income tax purposes	788,285
Estimated useful life of building and improvements	'27 years 6 months
Phoenix, AZ	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	1,424
Number of Encumbered Properties	840
Encumbered	53,835
Initial Cost to Company	'
Land	34,126
Building and Improvements	137,118
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	27,645
Total Cost	'
Land	34,126
Building and Improvements	164,763
Total	198,889
Accumulated Depreciation	5,449
Atlanta, GA	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	1,000
Number of Encumbered Properties	483
Encumbered	26,435
Initial Cost to Company	'
Land	23,421
Building and Improvements	77,875
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	22,642
Total Cost	'
Land	23,421
Building and Improvements	100,517
Total	123,938
Accumulated Depreciation	3,087
Tampa, FL	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	924
Number of Encumbered Properties	554
Encumbered	35,261
Initial Cost to Company	'
Land	24,213
Building and Improvements	82,731
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	23,847
Total Cost	'
Land	24,213
Building and Improvements	106,578
Total	130,791
Accumulated Depreciation	3,425
Northern CA	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	384
Number of Encumbered Properties	189
Encumbered	16,953
Initial Cost to Company	'
Land	15,054
Building and Improvements	48,036
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	8,812
Total Cost	'
Land	15,054
Building and Improvements	56,848
Total	71,902
Accumulated Depreciation	1,956
Las Vegas, NV	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	290
Number of Encumbered Properties	166
Encumbered	10,754
Initial Cost to Company	'
Land	2,061
Building and Improvements	32,922
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	5,817
Total Cost	'
Land	2,061
Building and Improvements	38,739
Total	40,800
Accumulated Depreciation	1,372
Columbus, OH	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	284
Initial Cost to Company	'
Land	4,473
Building and Improvements	17,986
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	7,192
Total Cost	'
Land	4,473
Building and Improvements	25,178
Total	29,651
Accumulated Depreciation	278
Dallas, TX	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	227
Number of Encumbered Properties	1
Encumbered	78
Initial Cost to Company	'
Land	4,840
Building and Improvements	18,577
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	5,387
Total Cost	'
Land	4,840
Building and Improvements	23,964
Total	28,804
Accumulated Depreciation	427
Orlando, FL	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	215
Number of Encumbered Properties	75
Encumbered	5,373
Initial Cost to Company	'
Land	5,773
Building and Improvements	21,593
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	5,266
Total Cost	'
Land	5,773
Building and Improvements	26,859
Total	32,632
Accumulated Depreciation	671
Tucson, AZ	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	209
Number of Encumbered Properties	171
Encumbered	6,658
Initial Cost to Company	'
Land	2,673
Building and Improvements	10,259
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	4,202
Total Cost	'
Land	2,673
Building and Improvements	14,461
Total	17,134
Accumulated Depreciation	601
Southeast FL	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	165
Initial Cost to Company	'
Land	8,019
Building and Improvements	19,530
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	5,713
Total Cost	'
Land	8,019
Building and Improvements	25,243
Total	33,262
Accumulated Depreciation	339
Southern CA	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	156
Number of Encumbered Properties	97
Encumbered	7,008
Initial Cost to Company	'
Land	4,467
Building and Improvements	12,721
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	6,195
Total Cost	'
Land	4,467
Building and Improvements	18,916
Total	23,383
Accumulated Depreciation	646
Jacksonville, FL	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	131
Initial Cost to Company	'
Land	3,797
Building and Improvements	9,782
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	3,423
Total Cost	'
Land	3,797
Building and Improvements	13,205
Total	17,002
Accumulated Depreciation	167
Charlotte, NC	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	130
Number of Encumbered Properties	38
Encumbered	2,470
Initial Cost to Company	'
Land	3,183
Building and Improvements	11,780
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	1,998
Total Cost	'
Land	3,183
Building and Improvements	13,778
Total	16,961
Accumulated Depreciation	347
Houston, TX	'
Real estate and accumulated depreciation	'
Number of single-family residential properties owned	103
Initial Cost to Company	'
Land	1,249
Building and Improvements	7,181
Costs Capitalized Subsequent to Acquisition	'
Building and Improvements	2,725
Total Cost	'
Land	1,249
Building and Improvements	9,906
Total	11,155
Accumulated Depreciation	$132

Schedule_III_Real_Estate_and_A2

Schedule III - Real Estate and Accumulated Depreciation (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Investments in real estate	'	'
Balance at the beginning of the period	$420,562	'
Acquisition of real estate	261,950	387,747
Improvements	100,173	32,815
Dispositions and other	-6,381	'
Balance at the end of the period	776,304	420,562
Accumulated depreciation	'	'
Balance at the beginning of the period	1,869	'
Depreciation expense	17,222	1,869
Dispositions and other	-194	'
Accumulated depreciation at the end of the period	$18,897	$1,869