Silver Bay Realty Trust (SBY) 10-Q 7 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
Document and Entity Information	'	'
Entity Registrant Name	'SILVER BAY REALTY TRUST CORP.	'
Entity Central Index Key	'0001557255	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-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	'	38,473,376
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments in real estate:	'	'
Land	$146,910	$137,349
Building and improvements	683,284	638,955
Investments in real estate, gross	830,194	776,304
Accumulated depreciation	-30,536	-18,897
Investments in real estate, net	799,658	757,407
Assets held for sale	3,503	6,382
Cash	36,368	43,717
Escrow deposits	34,331	24,461
Resident security deposits	8,029	6,848
In-place lease and deferred lease costs, net	559	749
Deferred financing costs, net	3,955	3,225
Other assets	3,210	3,289
Total assets	889,613	846,078
Liabilities:	'	'
Revolving credit facility	224,560	164,825
Accounts payable and accrued property expenses	8,299	6,072
Resident prepaid rent and security deposits	9,030	8,357
Amounts due to the manager and affiliates	2,650	6,866
Amounts due to previous owners	'	998
Total liabilities	244,539	187,118
10% cumulative redeemable preferred stock at liquidation value, $.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; 38,474,325 and 38,561,468, respectively shares issued and outstanding	383	385
Additional paid-in capital	687,667	689,646
Accumulated other comprehensive loss	-499	-276
Cumulative deficit	-43,477	-31,795
Total equity	644,074	657,960
Total liabilities and equity	$889,613	$846,078

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 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	38,474,325	38,561,468
Common stock, shares outstanding	38,474,325	38,561,468

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenue:	'	'	'	'
Rental income	$18,789	$10,325	$36,460	$17,621
Other income	363	392	823	777
Total revenue	19,152	10,717	37,283	18,398
Expenses:	'	'	'	'
Property operating and maintenance	4,140	2,642	7,750	4,344
Real estate taxes	2,793	1,712	5,279	3,132
Homeowners’ association fees	355	280	659	561
Property management	2,427	3,067	5,386	5,498
Depreciation and amortization	6,228	4,860	12,373	8,378
Advisory management fee - affiliates	2,169	2,578	4,370	5,430
General and administrative	3,417	1,949	5,470	3,477
Interest expense	2,642	158	4,969	158
Other	-49	217	362	548
Total expenses	24,122	17,463	46,618	31,526
Net loss	-4,970	-6,746	-9,335	-13,128
Net loss attributable to noncontrolling interests - Operating Partnership	'	4	'	9
Net loss attributable to controlling interests	-4,970	-6,742	-9,335	-13,119
Preferred stock distributions	-25	-25	-50	-50
Net loss attributable to common stockholders	-4,995	-6,767	-9,385	-13,169
Loss per share - basic and diluted:	'	'	'	'
Net loss attributable to common shares	($0.13)	($0.18)	($0.24)	($0.34)
Weighted average common shares outstanding	38,465,803	39,318,318	38,504,053	39,250,612
Comprehensive Loss:	'	'	'	'
Net loss	-4,970	-6,746	-9,335	-13,128
Other comprehensive loss:	'	'	'	'
Change in fair value of interest rate cap derivatives	-137	'	-223	'
Other comprehensive loss	-137	'	-223	'
Comprehensive loss	-5,107	-6,746	-9,558	-13,128
Less comprehensive loss attributable to noncontrolling interests - Operating Partnership	'	4	'	9
Comprehensive loss attributable to controlling interests	($5,107)	($6,742)	($9,558)	($13,119)

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
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	457	'	457	'	'
Non-cash equity awards, net (in shares)	'	68,598	'	'	'
Repurchase of common stock	-2,438	-2	-2,436	'	'
Repurchase of common stock (in shares)	'	-155,741	'	'	'
Dividends declared	-2,347	'	'	'	-2,347
Net loss	-9,335	'	'	'	-9,335
Other comprehensive loss	-223	'	'	-223	'
Balance at Jun. 30, 2014	$644,074	$383	$687,667	($499)	($43,477)
Balance (in shares) at Jun. 30, 2014	38,474,325	38,474,325	'	'	'

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash Flows From Operating Activities:	'	'
Net loss	($9,335)	($13,128)
Adjustments to reconcile net loss to net cash used by operating activities:	'	'
Depreciation and amortization	12,373	8,378
Non-cash stock compensation	457	517
Amortization of deferred financing costs	968	158
Other	785	579
Net change in assets and liabilities:	'	'
Increase in escrow cash for operating activities and reserves under the credit facility	-9,294	-6,783
(Increase) decrease in deferred lease fees and other assets	-1,100	918
Increase in accounts payable, accrued property expenses, and prepaid rent	2,018	2,814
(Decrease) increase in related party payables, net	-5,214	4,344
Net cash used by operating activities	-8,342	-2,203
Cash Flows From Investing Activities:	'	'
Purchase of investments in real estate	-40,846	-251,610
Capital improvements of investments in real estate	-14,866	-52,237
Increase (decrease) in escrow cash for investing activities	-576	8,103
Proceeds from sale of real estate	3,434	428
Other	-43	-241
Net cash used by investing activities	-52,897	-295,557
Cash Flows From Financing Activities:	'	'
Proceeds from revolving credit facility	60,083	78,843
Paydown of revolving credit facility	-348	'
Deferred financing costs paid	-1,698	-3,583
Purchase of interest rate cap agreements	-100	'
Repurchase of common stock	-2,438	'
Dividends paid	-1,609	-450
Proceeds from issuance of common stock, net of offering costs	'	34,405
Net cash provided by financing activities	53,890	109,215
Net change in cash	-7,349	-188,545
Cash at beginning of period	43,717	228,139
Cash at end of period	36,368	39,594
Supplemental disclosure of cash flow information:	'	'
Cash paid for interest	4,188	214
Board of directors stock compensation	'	125
Decrease in fair value of interest rate cap agreements	223	'
Noncash investing and financing activities:	'	'
Common stock and unit dividends declared, but not paid	1,150	392
Advisory management fee - additional basis	'	759
Capital improvements in accounts payable	$828	$1,274

Organization_and_Operations

Organization and Operations	6 Months Ended
	Jun. 30, 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 June 30, 2014, the Company owned 5,987 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 June 30, 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.
	Silver Bay recently announced that it entered into an agreement to acquire the Manager and internalize its management, however, there can be no assurance that such transaction will be consummated (see Note 9 for additional information).

Basis_of_Presentation_and_Sign

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 June 30, 2014 and results of operations for all periods presented have been made. The results of operations for the three and six months ended June 30, 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 June 30, 2014 did not have material leasing operations under the Company’s ownership.
	For the three and six months ended June 30, 2014, the Company recognized $114 and $394, respectively, in impairment charges and $38 and $53, respectively, in net loss on sales of assets, along with certain operating costs on properties held for sale. For the three and six months ended June 30, 2013, the Company recognized $312 in impairment charges and $48 and $29, respectively, in net gain on sales of assets, along with certain operating costs on properties held for sale. 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 net loss could be impacted.
	At June 30, 2014, and December 31, 2013, the Company had $488 and $665, respectively, in gross rent receivables, and $50 and $228, respectively, in allowances for doubtful accounts 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.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard is effective for interim or annual periods beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is not allowed. The Company is currently evaluating the impact the adoption of Topic 606 will have on its financial statements.

Revolving_Credit_Facility

Revolving Credit Facility	6 Months Ended
	Jun. 30, 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 June 30, 2014 and December 31, 2013, $224,560 and $164,825, respectively, was outstanding under the revolving credit facility. The weighted average interest rate on the revolving credit facility as of and for the three and six months ended June 30, 2014 and June 30, 2013, was 4.0%. In the three and six months ended June 30, 2014, the Company incurred $2,298 and $4,247, respectively, in gross interest expense on the revolving credit facility, before the effect of capitalizing interest related to property renovations. In the three and six months ended June 30, 2013, the Company incurred $295 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 June 30, 2014, and December 31, 2013, the Company was in compliance with all financial covenants.  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 June 30, 2014 and December 31, 2013 the Company had $19,368 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 totaled $164 and $246, respectively, for the three and six months ended June 30, 2014 and $295 for the three and six months ended June 30, 2013.
	Costs incurred in the placement of the Company’s debt are being amortized using the straight-line method over the term of the related debt.  In connection with its revolving credit facility, the Company incurred deferred financing costs of $438 and $1,698, respectively, for the three and six months ended June 30, 2014 and $3,583 for the three and six months ended June 30, 2013.  Amortization of deferred financing costs, recorded as interest expense in the accompanying condensed consolidated statements of operations and comprehensive loss, was $508 and $968, respectively, for the three and six months ended June 30, 2014 and $158 for the three and six months ended June 30, 2013.
	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 June 30, 2014, the Company held three interest rate cap agreements with an aggregate notional amount of $245,000, LIBOR caps of 3.00%, and termination dates of May 10, 2016. The first two interest rate cap agreements, with an aggregate notional amount of $170,000, 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 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	6 Months Ended
	Jun. 30, 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 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).
	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 six months ended June 30, 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 six months ended June 30, 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 $16.15 per share, based upon the closing price of the Company's stock on the grant dates. These grants will vest in three equal annual installments commencing on the date of the grant, as long as the individual to whom the grant was made is an employee of the Manager or the Manager's operating subsidiary on the vesting date.
	On May 21, 2014, the Company awarded each of its independent directors an equity retainer in the form of an award of restricted stock with a fair market value of $50 through the issuance of 15,995 total shares. This annual equity retainer for such independent directors will vest as to all of such shares on the earlier of (i) the one year anniversary of the date of grant and (ii) the date immediately preceding the date of the Company’s next annual meeting of stockholders, subject in each case, to the independent director’s continued service to the Company through the vesting date.
	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
	June 19, 2014	June 30, 2014	July 11, 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
	June 25, 2014	June 30, 2014	26.94
	The March 21, 2013 dividend declaration included amounts relating to the period from the date of the Company's formation through April 12, 2013.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2014 and 2013:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Net loss attributable to controlling interests	$	(4,970	)	$	(6,742	)	$	(9,335	)	$	(13,119	)
	Preferred stock distributions	(25		)	(25		)	(50		)	(50		)
	Net loss attributable to common stockholders	$	(4,995	)	$	(6,767	)	$	(9,385	)	$	(13,169	)
	Basic and diluted weighted average common shares outstanding	38,465,803			39,318,318			38,504,053			39,250,612
	Net loss per common share - basic and diluted	$	(0.13	)	$	(0.18	)	$	(0.24	)	$	(0.34	)
	A total of 27,459 common units were outstanding at June 30, 2013, but have been excluded from the calculation of diluted EPS as their inclusion would not be dilutive.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 Company's 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 and six months ended June 30, 2014, the Company expensed $2,169 and $4,370, respectively, in advisory management fees net of the reduction for the 5% property management fee described below. During the three months ended June 30, 2013, the Company expensed $2,578 in advisory management fees, of which $1,198, $1,016, and $364 were payable to the Manager, Two Harbors and the prior members of the Provident Entities, respectively. During the six months ended June 30, 2013, the Company expensed $5,430 in advisory management fees, of which $2,552, $2,119, and $759 were payable to the Manager, Two Harbors and the prior members of the Provident Entities, respectively.
	As of June 30, 2014, the Company had $2,169 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 $2,360 and $3,699 for the three and six months ended June 30, 2014, respectively, and $1,009 and $1,819 for the three and six months ended June 30, 2013, respectively. As of June 30, 2014 and December 31, 2013, the Company owed $481 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 and six months ended June 30, 2014, the Company incurred property management expense of $2,427 and $5,386, respectively. These amounts included direct expense reimbursements of $1,423 and $3,403, respectively, and the 5% property management fee of $80 and $191, respectively. The remaining amounts in property management fees of $924 and $1,792, respectively, were incurred to reimburse our Manager’s operating subsidiary for direct property management type expenses such as stock compensation to employees dedicated to property management and payments due directly to third-party property managers. In addition, the Company incurred charges with the Manager’s operating subsidiary of $159 and $388, respectively, in acquisitions and renovation fees, which the Company capitalized as part of property acquisition and renovation costs and $0 and $11, 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).
	During the three and six months ended June 30, 2013, the Company incurred property management expense of $3,067 and $5,498, respectively. These amounts included direct expense reimbursements of $2,372 and $4,280, respectively, and the 5% property management fee of $181 and $327, respectively. The remaining amounts in property management fees of $514 and $891, respectively, were incurred to reimburse our Manager's operating subsidiary for expenses payable 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 $1,329 and $2,643, respectively, in acquisitions and renovation fees, which the Company capitalized as part of property acquisition and renovation costs and $68 and $100, respectively, for leasing services, which are reflected as other assets and amortized over the life of the leases.
	As of June 30, 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.
	In June 2014, the Manager's operating subsidiary acquired the Company's third-party property manager in Tampa, who provided services exclusively to the Company, for $775. No significant assets or liabilities were acquired or assumed as part of the transaction and the payment was recorded as a one-time general and administrative expense.

Fair_Value

Fair Value

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

'

Fair Value

'

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 June 30, 2014 and December 31, 2013, respectively:

Fair Value Measurements at Reporting Date Using

Description

Balance Sheet Location

June 30, 2014

Quoted Prices (Unadjusted) for Identical Assets/Liabilities

Quoted Prices for Similar Assets and Liabilities in Active Markets

Significant Unobservable Inputs

(Level 1)

(Level 2)

(Level 3)

Interest Rate Caps (Cash Flow Hedges)

Other Assets

$

43

$

—

$

43

$

—

Fair Value Measurements at Reporting Date Using

Description

Balance Sheet Location

December 31, 2013

Quoted Prices (Unadjusted) for Identical Assets/Liabilities

Quoted Prices for Similar Assets and Liabilities in Active Markets

Significant Unobservable Inputs

(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 condensed consolidated statements of operations and comprehensive loss for the six months ended June 30, 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

$

(223

)

Interest Expense

—

N/A

—

As of June 30, 2014 and December 31, 2013 there were $499 and $276, respectively, in deferred losses in accumulated other comprehensive loss related to interest rate cap agreements. The Company expects to recognize $96 in interest expense during the twelve months ending June 30, 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 June 30, 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 June 30, 2014 and December 31, 2013.  The Company categorizes the fair value measurement of this instrument as Level 2.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Concentrations
	As of June 30, 2014, approximately 57% 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 June 30, 2014, the Company had $8,029 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 June 30, 2014, the Company had earnest deposits for property purchases of $243. As of June 30, 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 $11,144. 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 and the escrow deposits may be lost. Lost escrow deposits are included in other on the condensed consolidated statements of operations and comprehensive loss.
	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 June 30, 2014.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	Securitization Transaction
	Silver Bay announced on July 31, 2014 that it priced its previously disclosed securitization transaction. The transaction involves the issuance and sale of single-family rental pass-through certificates that represent beneficial ownership interests in a loan secured by 3,089 single-family properties sold to one of its affiliates. The Company has agreed to sell approximately $312,000 of certificates with a blended effective interest rate of LIBOR plus 1.92%. The securitization transaction is expected to close on or about August 12, 2014.
	The certificates will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The certificates will be offered and sold in the United States in accordance with Rule 144A.
	Internalization Transaction
	Silver Bay announced on August 4, 2014 that it has entered into a contribution agreement to acquire the Manager in exchange for 2,231,511 common units of the Operating Partnership, which are redeemable for cash or, at Silver Bay's election, a number of the Company's common shares on a one-for-one basis that represents approximately 5.8% of the outstanding capital stock of Silver Bay as of June 30, 2014. Following such transaction, Silver Bay will own all material assets and intellectual property rights of the Manager currently used in the conduct of its business and will be managed by officers and employees who currently work for the Manager and who are expected to become employees of Silver Bay or a subsidiary thereof as a result of the internalization.
	The contribution agreement includes a net worth adjustment, payable in cash, in the event that the closing net worth of the Manager is greater or less than zero dollars after making an adjustment to exclude any liabilities for accrued bonus compensation payable to the chief executive officer and personnel providing data analytics directly supporting the investment function of the Company. The Manager will receive management fees under the advisory management agreement and property management and acquisition services agreement through September 30, 2014, regardless of when the transaction closes. The Manager will continue to receive expense reimbursement under the existing management agreements through the closing date and, from September 30, 2014 through the closing date, will receive expense reimbursement for the compensation of Silver Bay’s chief executive officer and personnel providing data analytics directly supporting the investment function. The contribution agreement can be terminated by the mutual agreement of the members of the Manager, the Operating Partnership and Silver Bay before or after stockholder approval and can be terminated by Silver Bay or the members of the Manager if the internalization has not been approved by the Company's stockholders on or before December 31, 2014. If the contribution agreement is terminated, Silver Bay will continue to pay the management fees and expense reimbursement under the existing management agreements.
	This transaction remains subject to approval of the Company’s stockholders. Although an agreement has been reached, there is no assurance that the stockholders will approve the transaction or that the internalization will be completed.

Basis_of_Presentation_and_Sign1

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2014 and results of operations for all periods presented have been made. The results of operations for the three and six months ended June 30, 2014, may not be indicative of the results for a full year.
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 June 30, 2014 did not have material leasing operations under the Company’s ownership.
	For the three and six months ended June 30, 2014, the Company recognized $114 and $394, respectively, in impairment charges and $38 and $53, respectively, in net loss on sales of assets, along with certain operating costs on properties held for sale. For the three and six months ended June 30, 2013, the Company recognized $312 in impairment charges and $48 and $29, respectively, in net gain on sales of assets, along with certain operating costs on properties held for sale. 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 net loss could be impacted.
	At June 30, 2014, and December 31, 2013, the Company had $488 and $665, respectively, in gross rent receivables, and $50 and $228, respectively, in allowances for doubtful accounts 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.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard is effective for interim or annual periods beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is not allowed. The Company is currently evaluating the impact the adoption of Topic 606 will have on its financial statements.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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
	June 19, 2014	June 30, 2014	July 11, 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
	June 25, 2014	June 30, 2014	26.94

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Summary of elements used in calculating basic and diluted EPS computations	'
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Net loss attributable to controlling interests	$	(4,970	)	$	(6,742	)	$	(9,335	)	$	(13,119	)
	Preferred stock distributions	(25		)	(25		)	(50		)	(50		)
	Net loss attributable to common stockholders	$	(4,995	)	$	(6,767	)	$	(9,385	)	$	(13,169	)
	Basic and diluted weighted average common shares outstanding	38,465,803			39,318,318			38,504,053			39,250,612
	Net loss per common share - basic and diluted	$	(0.13	)	$	(0.18	)	$	(0.24	)	$	(0.34	)

Fair_Value_Tables

Fair Value (Tables)

6 Months Ended

Jun. 30, 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

June 30, 2014

Quoted Prices (Unadjusted) for Identical Assets/Liabilities

Quoted Prices for Similar Assets and Liabilities in Active Markets

Significant Unobservable Inputs

(Level 1)

(Level 2)

(Level 3)

Interest Rate Caps (Cash Flow Hedges)

Other Assets

$

43

$

—

$

43

$

—

Fair Value Measurements at Reporting Date Using

Description

Balance Sheet Location

December 31, 2013

Quoted Prices (Unadjusted) for Identical Assets/Liabilities

Quoted Prices for Similar Assets and Liabilities in Active Markets

Significant Unobservable Inputs

(Level 1)

(Level 2)

(Level 3)

Interest Rate Caps (Cash Flow Hedges)

Other Assets

$

214

$

—

$

214

$

—

Summary of effect of cash flow hedges

'

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 six months ended June 30, 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

$

(223

)

Interest Expense

—

N/A

—

Organization_and_Operations_De

Organization and Operations (Details)	Jun. 30, 2014	Dec. 19, 2012	Jun. 30, 2014
	employee	Provident Real Estate Advisors LLC	Silver Bay Operating Partnership L.P.
	property	property
Organization and operations	'	'	'
Number of single-family properties owned	5,987	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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Assets Held for Sale	'	'	'	'	'
Impairment charges	$114	$312	$394	$312	'
Net gain (loss) on sales of assets	-38	48	-53	29	'
Rent and Other Receivables, Net	'	'	'	'	'
Gross rent receivables	488	'	488	'	665
Allowances for doubtful accounts	$50	'	$50	'	$228

Revolving_Credit_Facility_Deta

Revolving Credit Facility (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jan. 16, 2014	Dec. 31, 2013
Revolving Credit Facility	'	'	'	'	'	'
Amount outstanding under the credit facility	$224,560,000	'	$224,560,000	'	'	$164,825,000
Amortization expense	'	'	968,000	158,000	'	'
Revolving Credit Facility	'	'	'	'	'	'
Revolving Credit Facility	'	'	'	'	'	'
Face amount of debt instrument	350,000,000	'	350,000,000	'	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%	'	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	224,560,000	'	224,560,000	'	'	164,825,000
Weighted average interest rate at period end (as a percent)	4.00%	4.00%	4.00%	4.00%	'	'
Weighted average interest rate (as a percent)	4.00%	'	4.00%	'	'	'
Gross interest expense	2,298,000	295,000	4,247,000	301,000	'	'
Escrow deposits	19,368,000	'	19,368,000	'	'	12,216,000
Capitalized interest associated with renovation activities	164,000	295,000	246,000	295,000	'	'
Additional deferred financing costs incurred	438,000	3,583,000	1,698,000	3,583,000	'	'
Amortization expense	508,000	158,000	968,000	158,000	'	'
Revolving Credit Facility | Company and Operating Partnership	'	'	'	'	'	'
Revolving Credit Facility	'	'	'	'	'	'
Maximum amount guaranteed for completion of certain property renovations	'	'	20,000,000	'	'	'
Revolving Credit Facility | Minimum	'	'	'	'	'	'
Revolving Credit Facility	'	'	'	'	'	'
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	'	'	'
Property Management Agreements | Revolving Credit Facility | Company and Operating Partnership	'	'	'	'	'	'
Revolving Credit Facility	'	'	'	'	'	'
Property management fee as percentage of collected rents	'	'	10.00%	'	'	'

Revolving_Credit_Facility_Revo

Revolving Credit Facility Revolving Credit Facility (Details 2) (USD $)	6 Months Ended				0 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Sep. 30, 2013	Feb. 05, 2014	Sep. 30, 2013	Jun. 30, 2014	Jun. 30, 2014
			Revolving Credit Facility	Revolving Credit Facility	Interest rate caps	Interest rate caps	Interest rate caps	London Interbank Offered Rate (LIBOR)
			agreement	agreement	Revolving Credit Facility	Revolving Credit Facility	Revolving Credit Facility	Interest rate caps
								Revolving Credit Facility
Interest Rate Cap Agreements	'	'	'	'	'	'	'	'
Number of interest rate cap agreements	'	'	3	2	'	'	'	'
Aggregate notional amount	'	'	'	'	$75,000	$170,000	$245,000	'
Interest rate cap	'	'	'	'	'	'	'	3.00%
Aggregate purchase price	$100	'	'	'	$100	$533	'	'

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Jan. 07, 2013	Dec. 19, 2012
Stock redemption	'	'	'
Conversion of Operating Partnership units into common shares (in shares)	27,459	'	'
Redemption value	$487	'	'
Common Stock	'	'	'
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 $)	6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jul. 02, 2013
Share repurchase program	'	'
Share Repurchase Plan	'	'
Number of shares authorized to be repurchased (in shares)	'	2,500,000
Number of shares repurchased (in shares)	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, USD $)	6 Months Ended	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	21-May-14
	Certain personnel of the entity's Manager or the Manager's operating subsidiary	Director
	installment
Equity incentive plan	'	'
Total number of shares issued (in shares)	58,841	'
Estimated fair value of awards on grant date (in dollars per share)	$16.15	'
Number of annual installments in which grants will vest	3	'
Fair market value of equity retainer	'	$50
Total shares issued for equity retainer (in shares)	'	15,995
Maximum vesting term for equity retainer	'	'1 year

Stockholders_Equity_Details_4

Stockholders' Equity (Details 4) (USD $)

0 Months Ended

6 Months Ended

12 Months Ended

0 Months Ended

Jun. 30, 2014

Jun. 25, 2014

Jun. 19, 2014

Apr. 04, 2014

Apr. 02, 2014

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

Jun. 30, 2014

Dec. 31, 2013

Jul. 11, 2014

Subsequent Event

Common and Preferred Stock Dividends

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

$0.03

'

'

$0.03

'

$0.01

'

$0.01

'

'

'

$0.01

'

$0.01

'

'

'

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

'

'

'

$0.03

'

'

$0.01

'

$0.01

'

$0.01

'

'

'

$0.01

'

'

'

$0.03

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.00%

10.00%

'

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

'

$26.94

'

'

$23.33

'

'

$24.72

'

$24.72

'

'

$25

'

'

$31.39

'

'

'

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

$26.94

'

'

$23.33

'

'

$24.72

'

$24.72

'

'

$25

'

'

$31.39

'

'

'

'

Earnings_Loss_Per_Share_Detail

Earnings (Loss) Per Share (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Calculation of basic and diluted earnings (loss) per share	'	'	'	'
Net loss attributable to controlling interests	($4,970)	($6,742)	($9,335)	($13,119)
Preferred stock distributions	-25	-25	-50	-50
Net loss attributable to common stockholders	($4,995)	($6,767)	($9,385)	($13,169)
Basic and diluted weighted average common shares outstanding	38,465,803	39,318,318	38,504,053	39,250,612
Net loss per common share - basic and diluted (in dollars per share)	($0.13)	($0.18)	($0.24)	($0.34)
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

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

In Thousands, unless otherwise specified

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Manager

Manager

Manager

Manager

Manager

Advisory Management Agreement

Advisory Management Agreement

Advisory Management Agreement

Advisory Management Agreement

Advisory Management Agreement

Advisory Management Agreement

Advisory Management Agreement

Advisory Management Agreement

Advisory Management Agreement

Advisory Management Agreement

Advisory Management Agreement

Advisory Management Agreement

Advisory Management Agreement

Property Management and Acquisition Services Agreement

Property Management and Acquisition Services Agreement

Property Management and Acquisition Services Agreement

Property Management and Acquisition Services Agreement

Property Management and Acquisition Services Agreement

Property Management and Acquisition Services Agreement

Two Harbors and Provident Entities

Provident Real Estate Advisors LLC

Provident Real Estate Advisors LLC

Manager

Manager

Manager

Two Harbors Investment Corp

Two Harbors Investment Corp

Manager

Manager's operating subsidiary

Manager's operating subsidiary

Manager's operating subsidiary

Manager's operating subsidiary

Manager's operating subsidiary

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

$2,169

$2,578

$4,370

$5,430

'

'

'

'

'

'

$2,169

$2,578

$4,370

$5,430

'

'

$364

$759

$1,198

'

$2,552

$1,016

$2,119

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Amounts due to the manager and affiliates

2,650

'

2,650

'

6,866

481

'

481

'

1,480

2,169

'

2,169

'

1,181

'

'

'

'

'

'

'

'

'

0

'

0

'

4,205

Amounts due to previous owners

'

'

'

'

998

'

'

'

'

'

'

'

'

'

998

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Direct and allocated costs expensed

'

'

'

'

'

2,360

1,009

3,699

1,819

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Property management expense

2,427

3,067

5,386

5,498

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Direct expense reimbursements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,423

2,372

3,403

4,280

'

Property management fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

80

181

191

327

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

924

514

1,792

891

'

Acquisitions and renovation fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

159

1,329

388

2,643

'

Fee for leasing services

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

68

11

100

'

Amortization period for leases

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

Loss on Contract Termination

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$775

'

'

'

'

'

Fair_Value_Details

Fair Value (Details) (Other Assets [Member], Fair Value, Measurements, Recurring, Interest Rate Cap, USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Total	'	'
Recurring Fair Value	'	'
Interest Rate Caps (Cash Flow Hedges)	$43	$214
Level 2	'	'
Recurring Fair Value	'	'
Interest Rate Caps (Cash Flow Hedges)	$43	$214

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 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	96	'
Cash Flow Hedging | Interest Rate Cap	'	'
Effect of cash flow hedges	'	'
Amount of Gain (Loss) Recognized in Other Comprehensive Income Loss on Derivative	-223	'
Deferred losses in accumulated other comprehensive loss	499	276

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (Real estate properties, Geographically dispersed portfolio, Phoenix, AZ, Tampa, FL, and Atlanta, GA)	6 Months Ended
	Jun. 30, 2014
Real estate properties | Geographically dispersed portfolio | Phoenix, AZ, Tampa, FL, and Atlanta, GA	'
Concentrations	'
Concentration (as a percent)	57.00%

Commitments_and_Contingencies_1

Commitments and Contingencies (Details 2) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Resident security deposits	'
Resident security deposits	$8,029
Earnest deposits	'
Amount of property purchases for which earnest deposits have been made	243
Aggregate amount of offers accepted to purchase residential properties	$11,144

Commitments_and_Contingencies_2

Commitments and Contingencies (Details 3) (Threatened Litigation, USD $)	Jun. 30, 2014
Threatened Litigation	'
Legal and Regulatory	'
Liability for legal claims	$0

Subsequent_Events_Details

Subsequent Events (Details) (Subsequent Event, Anticipated, USD $)	0 Months Ended
	Jul. 31, 2014	Aug. 04, 2014
	property
Securitization Transaction	'	'
Number of single-family properties pledged as security	3,089	'
Face amount of debt instrument	$312,000	'
Variable interest rate basis	'LIBOR	'
Interest rate margin (as a percent)	1.92%	'
Internalization Transaction	'	'
Percentage of additional common stock redeemable	'	5.80%
Silver Bay Operating Partnership L.P.	'	'
Internalization Transaction	'	'
Number of common units issued	'	2,231,511
Conversion ratio of common units issued to common stock	'	1
Manager | Greater Or Less Than	'	'
Internalization Transaction	'	'
Closing net worth amount in which cash payment is required	'	0