Silver Bay Realty Trust (SBY) Inactive 10-Q8 May 142014 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2014	5-May-14
Document and Entity Information	'	'
Entity Registrant Name	'SILVER BAY REALTY TRUST CORP.	'
Entity Central Index Key	'0001557255	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	38,458,781
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Investments in real estate:	'	'
Land	$140,402	$137,349
Building and improvements	655,479	638,955
Investments in real estate, gross	795,881	776,304
Accumulated depreciation	-24,649	-18,897
Investments in real estate, net	771,232	757,407
Assets held for sale	5,393	6,382
Cash	40,761	43,717
Escrow deposits	32,336	24,461
Resident security deposits	7,386	6,848
In-place lease and deferred lease costs, net	628	749
Deferred financing costs, net	4,024	3,225
Other assets	3,553	3,289
Total assets	865,313	846,078
Liabilities:	'	'
Revolving credit facility	198,475	164,825
Accounts payable and accrued property expenses	6,755	6,072
Resident prepaid rent and security deposits	8,779	8,357
Amounts due to the manager and affiliates	208	6,866
Amounts due previous owners	'	998
Total liabilities	214,217	187,118
10% cumulative redeemable preferred stock, $.01 par; 50,000,000 authorized, 1,000 issued and outstanding	1,000	1,000
Stockholdersâ€™ equity:	'	'
Common stock $.01 par; 450,000,000 shares authorized; 38,458,865 and 38,561,468, respectively shares issued and outstanding	383	385
Additional paid-in capital	687,408	689,646
Accumulated other comprehensive loss	-362	-276
Cumulative deficit	-37,333	-31,795
Total equity	650,096	657,960
Total liabilities and equity	$865,313	$846,078

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
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	38,458,865	38,561,468
Common stock, shares outstanding	38,458,865	38,561,468

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenue:	'	'
Rental income	$17,671	$7,296
Other income	460	385
Total revenue	18,131	7,681
Expenses:	'	'
Property operating and maintenance	3,610	1,702
Real estate taxes	2,486	1,420
Homeownersâ€™ association fees	304	281
Property management	2,959	2,431
Depreciation and amortization	6,145	3,518
Advisory management fee - affiliates	2,201	2,852
General and administrative	2,053	1,528
Interest expense	2,327	'
Other	411	331
Total expenses	22,496	14,063
Net loss	-4,365	-6,382
Net loss attributable to noncontrolling interests - Operating Partnership	'	5
Net loss attributable to controlling interests	-4,365	-6,377
Preferred stock distributions	-25	-25
Net loss attributable to common stockholders	-4,390	-6,402
Loss per share - basic and diluted:	'	'
Net loss attributable to common shares (in dollars per share)	($0.11)	($0.16)
Weighted average common shares outstanding (in shares)	38,542,728	39,182,153
Comprehensive Loss:	'	'
Net loss	-4,365	-6,382
Other comprehensive loss:	'	'
Change in fair value of interest rate cap derivatives	-86	'
Other comprehensive loss	-86	'
Comprehensive loss	-4,451	-6,382
Less comprehensive loss attributable to noncontrolling interests - Operating Partnership	'	5
Comprehensive loss attributable to controlling interests	($4,451)	($6,377)

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Changes in Equity (USD $)	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Cumulative Deficit
In Thousands, except Share data, unless otherwise specified	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Cumulative Deficit
Balance at Dec. 31, 2013	$657,960	$385	$689,646	($276)	($31,795)
Balance (in shares) at Dec. 31, 2013	38,561,468	38,561,468	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'
Non-cash equity awards, net	198	'	198	'	'
Non-cash equity awards, net (in shares)	'	53,054	'	'	'
Repurchase of common stock	-2,438	-2	-2,436	'	'
Repurchase of common stock (in shares)	'	-155,657	'	'	'
Dividends declared	-1,173	'	'	'	-1,173
Net loss	-4,365	'	'	'	-4,365
Other comprehensive loss	-86	'	'	-86	'
Balance at Mar. 31, 2014	$650,096	$383	$687,408	($362)	($37,333)
Balance (in shares) at Mar. 31, 2014	38,458,865	38,458,865	'	'	'

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash Flows From Operating Activities:	'	'
Net loss	($4,365)	($6,382)
Adjustments to reconcile net loss to net cash used by operating activities:	'	'
Depreciation and amortization	6,145	3,518
Non-cash stock compensation	198	288
Amortization of deferred financing costs	460	'
Other	541	416
Net change in assets and liabilities:	'	'
Increase in escrow cash for operating activities and reserves under the credit facility	-7,839	-3,048
(Increase) decrease in deferred lease fees and other assets	-672	42
Increase in accounts payable, accrued property expenses, and prepaid rent	465	442
Decrease in related party payables, net	-7,656	-299
Net cash used by operating activities	-12,723	-5,023
Cash Flows From Investing Activities:	'	'
Purchase of investments in real estate	-13,065	-141,744
Capital improvements of investments in real estate	-7,789	-20,289
Increase in escrow cash for investing activities	-35	-3,834
Proceeds from sale of real estate	1,232	656
Other	-19	-107
Net cash used by investing activities	-19,676	-165,318
Cash Flows From Financing Activities:	'	'
Proceeds from revolving credit facility	33,650	'
Deferred financing costs paid	-1,260	-125
Purchase of interest rate cap agreements	-100	'
Repurchase of common stock	-2,438	'
Dividends paid	-409	'
Proceeds from issuance of common stock, net of offering costs	'	34,530
Net cash provided by financing activities	29,443	34,405
Net change in cash	-2,956	-135,936
Cash at beginning of period	43,717	228,139
Cash at end of period	40,761	92,203
Supplemental disclosure of cash flow information:	'	'
Cash paid for interest	1,890	'
Decrease in fair value of interest rate cap agreements	86	'
Noncash investing and financing activities:	'	'
Common stock and unit dividends declared, but not paid	1,150	392
Advisory management fee - additional basis	'	395
Capital improvements in accounts payable	$903	$1,262

Organization_and_Operations

Organization and Operations	3 Months Ended
Organization and Operations	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Operations	'
	Organization and Operations

	Silver Bay Realty Trust Corp., or Silver Bay or the Company, is a Maryland corporation that focuses on the acquisition, renovation, leasing and management of single-family properties in select markets in the United States.

	As of March 31, 2014, the Company owned 5,748 single-family properties, excluding assets 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.

	The Company is the continuation of the operations of Silver Bay Property Investment LLC, or the Predecessor. At the time of its formation, the Predecessor was a wholly owned subsidiary of Two Harbors Investment Corp., or Two Harbors. The Predecessor began formal operations in February 2012, when it started acquiring single-family residential rental properties. The Company in its current form was created on December 19, 2012, through a series of formation transactions which included an initial public offering, the contribution of equity interests in the Predecessor by Two Harbors, and the acquisition of entities managed by Provident Real Estate Advisors LLC, or Provident, which owned 881 single-family properties, or the Provident Entities.

	In connection with its initial public offering, or 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 March 31, 2014, 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 will generally not be subject to federal income tax on the taxable income that it distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax at regular corporate rates. Even if it qualifies for taxation as a REIT, the Company may be subject to some federal, state and local taxes on its income or property. In addition, the income of any taxable REIT subsidiary, or TRS, that the Company owns will be subject to taxation at regular corporate rates.

	The Company is externally managed by PRCM Real Estate Advisers LLC, or the Manager. The Manager is a joint venture between Provident and an affiliate of Pine River Capital Management L.P, or Pine River. 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	3 Months Ended
Basis of Presentation and Significant Accounting Policies	Mar. 31, 2014
Basis of Presentation and Significant Accounting Policies	'
Basis of Presentation and Significant Accounting Policies	'
	Basis of Presentation and Significant Accounting Policies

	Consolidation and Basis of Presentation

	The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. Management believes, however, that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2014 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2014, may not be indicative of the results for a full year.

	The accompanying condensed 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 condensed consolidated financial statements have been prepared in accordance with GAAP.

	Use of Estimates

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

	Reclassifications

	Certain reclassifications have been made to amounts in prior period financial statements to conform to current period presentation. These reclassifications have not changed the results of operations or stockholders' equity.

	Assets Held for Sale

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

	The properties included in held for sale at March 31, 2014 did not have material leasing operations under the Company’s ownership.

	For the three months ended March 31, 2014, the Company recognized $280 in impairment charges and $15 in net loss on sales of assets, along with certain operating costs on properties held for sale. For the three months ended March 31, 2013, the Company recognized $312 in impairment charges and $19 in net loss on sales of assets. These costs are classified as other in the condensed 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 failure of residents to make required rent or other payments. The Company estimates this allowance 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 March 31, 2014, and December 31, 2013, the Company had $498 and $665 in gross rent receivables, respectively, and $91 and $228 in allowances for doubtful accounts, respectively, classified as other assets on the condensed consolidated balance sheets.

	Recent Accounting Pronouncements

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

	In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-08, which amends the definition of a discontinued operation in Codification Topic Presentation of Financial Statements (“ASC 205”) to change the criteria for reporting discontinued operations and enhance disclosure requirements. Under ASU No. 2014-08, only disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results should be presented as discontinued operations. ASU No. 2014-08 is effective for interim or annual periods beginning on or after December 14, 2014, with early adoption permitted. The Company is currently assessing the impact, if any, the guidance will have upon adoption.

Revolving_Credit_Facility

Revolving Credit Facility	3 Months Ended
Revolving Credit Facility	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Revolving Credit Facility	'
	Revolving Credit Facility

	Certain of the Company's subsidiaries have a $350,000 revolving credit facility with a syndicate of banks. On January 16, 2014, the revolving credit facility was amended to increase the borrowing capacity from $200,000. 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 March 31, 2014 and December 31, 2013, $198,475 and $164,825 was outstanding under the revolving credit facility, respectively. The weighted average interest rate on the revolving credit facility as of and for the three months ended March 31, 2014, was 4.0%. In the three months ended March 31, 2014, the Company incurred $1,949 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 the Company 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, in the final year of the revolving credit facility, all cash generated by the properties in the pledged subsidiaries must be used to pay down the principal amount outstanding under the revolving credit facility. 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 agreement. As of March 31, 2014, and 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 March 31, 2014 and December 31, 2013 the Company had $16,639 and $12,216, respectively, 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 maintained 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 $82 for the three months ended March 31, 2014.

	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 three months ended March 31, 2014, the Company incurred additional deferred financing costs of $1,260 in connection with its revolving credit facility. Amortization expense for the three months ended March 31, 2014 was $460 and was recorded as interest expense in the accompanying condensed consolidated statements of operations and comprehensive loss.

	Interest Rate Cap Agreements
	The variable rate of interest on the revolving credit facility exposes the Company to interest rate risk. The Company seeks to manage this risk through the use of interest rate cap agreements.
	As of December 31, 2013, the Company held two interest rate cap agreements with an aggregate notional amount of $170,000, LIBOR caps of 3.00%, and termination dates of May 10, 2016. The two interest rate cap agreements were purchased in the third quarter of 2013, at an aggregate purchase price of $533. 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. 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 7). 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.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity

	Common Stock

	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.

	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 SEC rules. In the three months ended March 31, 2014, 155,657 shares were repurchased by the Company under the program and retired for a total cost of $2,438, at an average purchase price of $15.66.

	In the first quarter of 2014, the Company issued, in aggregate, 58,841 shares of restricted common stock to certain officers and personnel of the Manager and the Manager's operating subsidiary. The average estimated fair value of these awards was $16.00 per share, based upon the closing price of the Company's stock on the dates prior to grant. These grants will vest in three equal installments commencing on the date of the grant, as long as the individual to whom the grant was made is an employee on the vesting date.

	Common Stock Dividends

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



	Declaration Date	Record Date	Payment Date	Cash Dividend
				per Share
	March 21, 2013	April 1, 2013	April 12, 2013	$	0.01

	June 20, 2013	July 1, 2013	July 12, 2013	0.01

	September 19, 2013	October 1, 2013	October 11, 2013	0.01

	December 19, 2013	December 30, 2013	January 10, 2014	0.01

	March 13, 2014	March 24, 2014	April 4, 2014	0.03


	Preferred Stock Dividends

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



	Declaration Date	Payment Date	Cash Dividend
			per Share
	March 21, 2013	April 12, 2013	$	31.39

	June 26, 2013	June 28, 2013	25

	September 19, 2013	October 11, 2013	24.72

	December 19, 2013	January 10, 2014	24.72

	April 2, 2014	April 4, 2014	23.33


	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	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings (Loss) Per Share	'
	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 three months ended March 31, 2014 and 2013:



		Three Months Ended			Three Months Ended
		March 31, 2014			March 31, 2013
	Net loss attributable to controlling interests	$	(4,365	)	$	(6,377	)
	Preferred stock distributions	(25		)	(25		)
	Net loss attributable to common stockholders	$	(4,390	)	$	(6,402	)
	Basic and diluted weighted average common shares outstanding	38,542,728			39,182,153

	Net loss per common share - basic and diluted	$	(0.11	)	$	(0.16	)

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

Related_Party_Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Related Party Transactions

	Advisory Management Agreement

	The Company and the Manager maintain an 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 management 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 also reimburses 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.

	As additional purchase price consideration in the Formation Transactions, the Company was required to make additional payments to Two Harbors and the prior members of the Provident Entities, equal to 50% of the advisory management fee payable to the Manager, during the first year after the Offering (before adjustment for any property management fees received by our Manager’s operating subsidiary). These payments reduced the amount owed to the Manager on a dollar-for-dollar basis and thus had no net impact on expenditures of the Company.

	During the three months ended March 31, 2014, the Company expensed $2,201 in advisory management fees net of the reduction for the 5% property management fee described below. During the three months ended March 31, 2013, the Company expensed $2,852 in advisory management fees, of which $1,354, $1,103, and $395 were payable to the Manager, Two Harbors and the prior members of the Provident Entities, respectively.

	As of March 31, 2014, the Company had $208 outstanding related to the advisory management fee and reflected in amounts due to the manager and affiliates on the condensed consolidated balance sheets. As of December 31, 2013, the Company had $1,181 outstanding and reflected in amounts due to the manager and affiliates and $998 in amounts due to previous owners on the condensed consolidated balance sheets related to advisory fees expensed in the prior year.

	The Company also reimbursed the Manager for certain general and administrative expenses, primarily related to employee compensation and certain office costs. Direct and allocated costs incurred by the Manager on behalf of the Company totaled approximately $1,339 and $810 for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014 and December 31, 2013, the Company owed $0 and $1,480, respectively, for these costs which are included in amounts due to the manager and affiliates on the condensed consolidated balance sheets.

	Property Management and Acquisition Services Agreement

	The Company and the Manager’s operating subsidiary maintain a property management and acquisition services agreement pursuant to which the Manager’s operating subsidiary acquires and manages single-family properties on the Company’s behalf. 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 on a dollar-for-dollar basis.

	During the three months ended March 31, 2014 and 2013, the Company incurred property management expense of $2,959 and $2,431, respectively. These amounts included direct expense reimbursements of $1,980 and $1,908, respectively, and the 5% property management fee of $111 and $146, respectively. The remaining amounts in property management fees of $868 and $377, respectively, were incurred to reimburse our Manager’s operating subsidiary for expenses payable to third-party property managers (or for the three months ended March 31, 2014, as payments due directly to third-party property managers) and direct property management type expenses such as stock compensation to employees dedicated to property management. In addition, the Company incurred charges with the Manager’s operating subsidiary of $229 and $1,314, respectively, in acquisitions and renovation fees, which the Company capitalized as part of property acquisition and renovation costs and $11 and $32, respectively, for leasing services, which are reflected as other assets and are being amortized over the life of the leases (typically one year or less).

	As of March 31, 2014 and December 31, 2013, the Company owed $0 and $4,205, respectively, for these services which are included in amounts due to the manager and affiliates on the condensed consolidated balance sheets.

Fair_Value

Fair Value

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value

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 3). 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 tables provide a summary of the aggregate fair value measurements for the interest rate cap agreements and the location within the condensed consolidated balance sheets at March 31, 2014 and December 31, 2013, respectively:

Fair Value Measurements at Reporting Date Using

Description

Balance Sheet Location

March 31, 2014

Quoted Prices (Unadjusted) for Identical Assets/Liabilities (Level 1)

Quoted Prices for Similar Assets and Liabilities in Active Markets (Level 2)

Significant Unobservable Inputs (Level 3)

Interest Rate Caps (Cash Flow Hedges)

Other Assets

181

—

181

—

Fair Value Measurements at Reporting Date Using

Description

Balance Sheet Location

December 31, 2013

Quoted Prices (Unadjusted) for Identical Assets/Liabilities (Level 1)

Quoted Prices for Similar Assets and Liabilities in Active Markets (Level 2)

Significant Unobservable Inputs (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 condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2014:

Effective Portion

Ineffective Portion

Type of Cash Flow Hedge

Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative

Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income

Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income

Location of Gain/(Loss) Recognized in Income on Derivative

Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income

Interest Rate Caps

(86

)

Interest Expense

—

N/A

—

As of March 31, 2014 and December 31, 2013 there were approximately $362 and $276, respectively, in deferred losses in accumulated other comprehensive loss related to interest rate cap agreements. The Company expects to recognize approximately $44 in interest expense during the twelve months ending March 31, 2015, 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 held for sale, 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 condensed consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments. Descriptions are not provided for those items that have zero balances as of March 31, 2014.

•

Cash, escrow deposits, resident prepaid rent and security deposits, resident rent receivable (included in other assets), accounts payable and accrued property expenses, and amounts due to the manager and affiliates 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 March 31, 2014 and December 31, 2013. The Company categorizes the fair value measurement of this instrument as Level 2.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies

	Concentrations

	As of March 31, 2014, approximately 58% 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.


	Resident security deposits

	As of March 31, 2014, the Company had $7,386 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 March 31, 2014, the Company had earnest deposits for property purchases of $208. As of March 31, 2014, 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 $8,019. 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 condensed consolidated financial statements and, therefore, no accrual has been recorded as of March 31, 2014.

Subsequent_Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events

	Events subsequent to March 31, 2014 were evaluated through the date these financial statements were issued and no events were identified requiring further disclosure in these condensed consolidated financial statements.

Basis_of_Presentation_and_Sign1

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Basis of Presentation and Significant Accounting Policies	'
Consolidation and Basis of Presentation	'

	Consolidation and Basis of Presentation

	The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. Management believes, however, that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2014 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2014, may not be indicative of the results for a full year.
Principles of Consolidation	'
Principles of Consolidation	The accompanying condensed 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 condensed consolidated financial statements have been prepared in accordance with GAAP.
Use of Estimates	'
	Use of Estimates

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

	Certain reclassifications have been made to amounts in prior period financial statements to conform to current period presentation. These reclassifications have not changed the results of operations or stockholders' equity.
Assets Held for Sale	'
	Assets Held for Sale

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

	The properties included in held for sale at March 31, 2014 did not have material leasing operations under the Company’s ownership.

	For the three months ended March 31, 2014, the Company recognized $280 in impairment charges and $15 in net loss on sales of assets, along with certain operating costs on properties held for sale. For the three months ended March 31, 2013, the Company recognized $312 in impairment charges and $19 in net loss on sales of assets. These costs are classified as other in the condensed consolidated statements of operations and comprehensive loss.
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 failure of residents to make required rent or other payments. The Company estimates this allowance 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 March 31, 2014, and December 31, 2013, the Company had $498 and $665 in gross rent receivables, respectively, and $91 and $228 in allowances for doubtful accounts, respectively, classified as other assets on the condensed consolidated balance sheets.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements

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

	In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-08, which amends the definition of a discontinued operation in Codification Topic Presentation of Financial Statements (“ASC 205”) to change the criteria for reporting discontinued operations and enhance disclosure requirements. Under ASU No. 2014-08, only disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results should be presented as discontinued operations. ASU No. 2014-08 is effective for interim or annual periods beginning on or after December 14, 2014, with early adoption permitted. The Company is currently assessing the impact, if any, the guidance will have upon adoption.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2014
Common Stock Dividends	'
Stockholders' equity	'
Schedule of cash dividends declared by the Company since its formation	'


	Declaration Date	Record Date	Payment Date	Cash Dividend
				per Share
	March 21, 2013	April 1, 2013	April 12, 2013	$	0.01

	June 20, 2013	July 1, 2013	July 12, 2013	0.01

	September 19, 2013	October 1, 2013	October 11, 2013	0.01

	December 19, 2013	December 30, 2013	January 10, 2014	0.01

	March 13, 2014	March 24, 2014	April 4, 2014	0.03

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


	Declaration Date	Payment Date	Cash Dividend
			per Share
	March 21, 2013	April 12, 2013	$	31.39

	June 26, 2013	June 28, 2013	25

	September 19, 2013	October 11, 2013	24.72

	December 19, 2013	January 10, 2014	24.72

	April 2, 2014	April 4, 2014	23.33

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Summary of elements used in calculating basic and diluted EPS computations	'


		Three Months Ended			Three Months Ended
		March 31, 2014			March 31, 2013
	Net loss attributable to controlling interests	$	(4,365	)	$	(6,377	)
	Preferred stock distributions	(25		)	(25		)
	Net loss attributable to common stockholders	$	(4,390	)	$	(6,402	)
	Basic and diluted weighted average common shares outstanding	38,542,728			39,182,153

	Net loss per common share - basic and diluted	$	(0.11	)	$	(0.16	)

Fair_Value_Tables

Fair Value (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair value measurements for interest rate cap agreements and location within condensed consolidated balance sheets

Fair Value Measurements at Reporting Date Using

Description

Balance Sheet Location

March 31, 2014

Quoted Prices (Unadjusted) for Identical Assets/Liabilities (Level 1)

Quoted Prices for Similar Assets and Liabilities in Active Markets (Level 2)

Significant Unobservable Inputs (Level 3)

Interest Rate Caps (Cash Flow Hedges)

Other Assets

181

—

181

—

Fair Value Measurements at Reporting Date Using

Description

Balance Sheet Location

December 31, 2013

Quoted Prices (Unadjusted) for Identical Assets/Liabilities (Level 1)

Quoted Prices for Similar Assets and Liabilities in Active Markets (Level 2)

Significant Unobservable Inputs (Level 3)

Interest Rate Caps (Cash Flow Hedges)

Other Assets

214

—

214

—

Summary of effect of cash flow hedges

Effective Portion

Ineffective Portion

Type of Cash Flow Hedge

Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative

Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income

Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income

Location of Gain/(Loss) Recognized in Income on Derivative

Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income

Interest Rate Caps

(86

)

Interest Expense

—

N/A

—

Organization_and_Operations_De

Organization and Operations (Details)	Mar. 31, 2014	Dec. 19, 2012	Mar. 31, 2014
	employee	Provident Real Estate Advisors LLC	Silver Bay Operating Partnership L.P.
	property	property
Organization and operations	'	'	'
Number of single-family properties owned	5,748	881	'
Direct and indirect partnership interests in Operating Partnership	'	'	100.00%
Number of employees	0	'	'

Basis_of_Presentation_and_Sign2

Basis of Presentation and Significant Accounting Policies (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Assets Held for Sale	'	'	'
Impairment charges	$280	$312	'
Net loss on sales of assets	15	19	'
Rent and Other Receivables, Net	'	'	'
Gross rent receivables	498	'	665
Allowances for doubtful accounts	$91	'	$228

Revolving_Credit_Facility_Deta

Revolving Credit Facility (Details) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

In Thousands, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Jan. 16, 2014

Dec. 31, 2013

Feb. 05, 2014

Dec. 31, 2013

Sep. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

agreement

Revolving Credit Facility

Property Management Agreements

Interest rate caps

Company and Operating Partnership

Minimum

Revolving Credit Facility

Company and Operating Partnership

Revolving Credit Facility

Face amount of debt instruments

$350,000

$200,000

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

55.00%

Variable interest rate basis

'LIBOR

Interest rate margin (as a percent)

3.50%

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

0.50%

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

0.50%

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

'90 days

Amount outstanding under the credit facility

198,475

164,825

198,475

164,825

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

4.00%

Weighted average interest rate (as a percent)

4.00%

Gross interest expense

1,949

Maximum amount guaranteed for completion of certain property renovations

20,000

Total liquidity to be maintained as defined by the agreement

25,000

Net worth to be maintained as defined by the agreement

125,000

Total liquidity requirement maintained

40,761

92,203

43,717

228,139

25,000

Escrow deposits

16,639

12,216

Property management fee as percentage of collected rents

10.00%

Capitalized interest associated with renovation activities

Additional deferred financing costs

1,260

Amortization expense

460

Number of interest rate cap agreements

Aggregate notional amount

75,000

170,000

Variable interest rate basis

'LIBOR

LIBOR cap (as a percent)

3.00%

Aggregate purchase price

$100

$533

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 07, 2013	Dec. 19, 2012
Stockholders' Equity Note [Abstract]	'	'
Net proceeds from the Offering	'	$228,517
Common stock issued (in shares)	1,987,500	13,250,000
Net proceeds from issuance of common stock	$34,388	'

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (Share repurchase program, USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Jul. 02, 2013
Share repurchase program	'	'
Share Repurchase Plan	'	'
Number of shares authorized to be repurchased	'	2,500,000
Number of shares repurchased	155,657	'
Value of shares repurchased	$2,438	'
Average purchase price (in dollars per share)	$15.66	'

Stockholders_Equity_Details_3

Stockholders' Equity (Details 3) (Equity incentive plan, Restricted common stock, Certain personnel of the entity's Manager or the Manager's operating subsidiary, USD $)	3 Months Ended
	Mar. 31, 2014
	installment
Equity incentive plan \| Restricted common stock \| Certain personnel of the entity's Manager or the Manager's operating subsidiary	'
Equity incentive plan	'
Total number of shares issued	58,841
Estimated fair value of awards on grant date (in dollars per share)	$16
Number of annual installments in which grants will vest	3

Stockholders_Equity_Details_4

Stockholders' Equity (Details 4) (USD $)

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

Mar. 13, 2014

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

Mar. 31, 2014

Dec. 31, 2013

Apr. 04, 2014

Apr. 02, 2014

Subsequent event

Common and Preferred Stock Dividends

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

$0.03

$0.01

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

$0.01

$0.03

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

$23.33

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

$24.72

$25

$31.39

$23.33

Earnings_Loss_Per_Share_Detail

Earnings (Loss) Per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Calculation of basic and diluted earnings (loss) per share	'	'
Net loss attributable to controlling interests	($4,365)	($6,377)
Preferred stock distributions	-25	-25
Net loss attributable to common stockholders	($4,390)	($6,402)
Basic and diluted weighted average common shares outstanding	38,542,728	39,182,153
Net loss per common share - basic and diluted (in dollars per share)	($0.11)	($0.16)
Number of common units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares)	'	27,459

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Related Party Transactions	'	'	'
Advisory management fee expense	$2,201	$2,852	'
Amounts due to the manager and affiliates	208	'	6,866
Amounts due previous owners	'	'	998
Property management expense	2,959	2,431	'
Manager	'	'	'
Related Party Transactions	'	'	'
Direct and allocated costs expensed	1,339	810	'
Amounts due to the manager and affiliates	0	'	1,480
Advisory Management Agreement	'	'	'
Related Party Transactions	'	'	'
Advisory management fee expense	2,201	2,852	'
Amounts due to the manager and affiliates	208	'	1,181
Amounts due previous owners	'	'	998
Advisory Management Agreement \| Two Harbors and Provident Entities	'	'	'
Related Party Transactions	'	'	'
Percentage of advisory management fee payable in first year due as additional purchase price consideration	50.00%	'	'
Advisory Management Agreement \| Provident Real Estate Advisors LLC	'	'	'
Related Party Transactions	'	'	'
Advisory management fee expense	'	395	'
Advisory Management Agreement \| Manager	'	'	'
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%	'	'
Advisory management fee expense	'	1,354	'
Advisory Management Agreement \| Two Harbors Investment Corp	'	'	'
Related Party Transactions	'	'	'
Advisory management fee expense	'	1,103	'
Property Management and Acquisition Services Agreement \| Manager's operating subsidiary	'	'	'
Related Party Transactions	'	'	'
Amounts due to the manager and affiliates	0	'	4,205
Direct expense reimbursements	1,980	1,908	'
Property management fee	111	146	'
Portion of property management fee related to reimbursement of or direct payment due to third-party managers	868	377	'
Acquisitions and renovation fees	229	1,314	'
Fee for leasing services	$11	$32	'
Amortization period for leases	'1 year	'	'

Fair_Value_Details

Fair Value (Details) (Other Assets [Member], Fair Value, Measurements, Recurring, Interest Rate Cap, USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Total	'	'
Recurring Fair Value	'	'
Interest Rate Caps (Cash Flow Hedges)	$181	$214
Level 2	'	'
Recurring Fair Value	'	'
Interest Rate Caps (Cash Flow Hedges)	$181	$214

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Fair Value of Other Financial Instruments	'	'
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)	10.00%	10.00%
Interest Rate Cap	'	'
Effect of cash flow hedges	'	'
Interest expense to be recognized within next twelve months which will be reclassified out of accumulated other comprehensive loss	44	'
Cash Flow Hedging \| Interest Rate Cap	'	'
Effect of cash flow hedges	'	'
Amount of Gain (Loss) Recognized in Other Comprehensive Income Loss on Derivative	-86	'
Deferred losses in accumulated other comprehensive loss	362	276

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (Real estate properties, Geographically dispersed portfolio, Phoenix, AZ, Tampa, FL, and Atlanta, GA)	3 Months Ended
	Mar. 31, 2014
Real estate properties \| Geographically dispersed portfolio \| Phoenix, AZ, Tampa, FL, and Atlanta, GA	'
Concentrations	'
Concentration (as a percent)	58.00%

Commitments_and_Contingencies_1

Commitments and Contingencies (Details 2) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2014
Resident security deposits	'
Resident security deposits	$7,386
Earnest deposits	'
Amount of property purchases for which earnest deposits have been made	208
Aggregate amount of offers accepted to purchase residential properties	$8,019

Commitments_and_Contingencies_2

Commitments and Contingencies (Details 3) (Threatened Litigation, USD $)	Mar. 31, 2014
Threatened Litigation	'
Legal and Regulatory	'
Liability for legal claims	$0