Silver Bay Realty Trust (SBY) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 28, 2016
Document and Entity Information
Entity Registrant Name	SILVER BAY REALTY TRUST CORP.
Entity Central Index Key	1,557,255
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
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		35,461,613
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments in real estate:
Land and land improvements	$ 219,112	$ 220,110
Building and improvements	989,182	989,574
Investments in real estate, gross	1,208,294	1,209,684
Accumulated depreciation	(83,499)	(74,907)
Investments in real estate, net	1,124,795	1,134,777
Assets held for sale	10,146	11,184
Cash	29,395	29,028
Escrow deposits	17,035	15,472
Resident security deposits	12,739	12,521
Other assets	10,677	13,298
Total assets	1,204,787	1,216,280
Liabilities:
Securitization loan, net	296,386	295,741
Revolving credit facility	331,330	326,472
Accounts payable and accrued expenses	16,064	16,752
Resident prepaid rent and security deposits	14,800	14,462
Total liabilities	658,580	653,427
10% cumulative redeemable preferred stock at liquidation value, $0.01 par; 50,000,000 shares authorized, 1,000 shares issued and outstanding	1,000	1,000
Stockholders’ equity:
Common stock $0.01 par; 450,000,000 shares authorized; 35,610,886 and 36,063,187, respectively, shares issued and outstanding	354	359
Additional paid-in capital	644,681	651,987
Accumulated other comprehensive loss	(2,063)	(1,613)
Cumulative deficit	(129,915)	(121,620)
Total stockholders’ equity	513,057	529,113
Noncontrolling interests - Operating Partnership	32,150	32,740
Total equity	545,207	561,853
Total liabilities and equity	$ 1,204,787	$ 1,216,280

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
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	35,610,886	36,063,187
Common stock, shares outstanding	35,610,886	36,063,187

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue:
Rental income	$ 30,424	$ 21,703
Other income	712	549
Total revenue	31,136	22,252
Expenses:
Property operating and maintenance	5,884	4,357
Real estate taxes	4,452	3,551
Homeowners’ association fees	436	405
Property management	2,771	2,147
Depreciation and amortization	9,366	7,111
Portfolio acquisition expense	0	755
General and administrative	3,853	3,984
Share-based compensation	572	497
Severance and other	1,667	0
Interest expense	6,212	3,486
Total expenses	35,213	26,293
Loss before other income, income taxes and non-controlling interests	(4,077)	(4,041)
Other income:
Net gain on disposition of real estate	1,285	0
Other (expense) income	(330)	266
Total other income	955	266
Loss before income taxes and non-controlling interests	(3,122)	(3,775)
Income tax expense, net	(467)	(66)
Net loss	(3,589)	(3,841)
Net loss attributable to noncontrolling interests - Operating Partnership	210	222
Net loss attributable to controlling interests	(3,379)	(3,619)
Preferred stock distributions	(25)	(25)
Net loss attributable to common stockholders	$ (3,404)	$ (3,644)
Loss per share - basic and diluted:
Net loss attributable to common shares (in dollars per share)	$ (0.09)	$ (0.10)
Weighted average common shares outstanding	36,022,953	36,428,809
Comprehensive Loss:
Net loss	$ (3,589)	$ (3,841)
Other comprehensive loss:
Change in fair value of interest rate cap agreements	(474)	(59)
Losses reclassified into earnings from other comprehensive loss	24	0
Other comprehensive loss	(450)	(59)
Comprehensive loss	(4,039)	(3,900)
Less comprehensive loss attributable to noncontrolling interests - Operating Partnership	238	222
Comprehensive loss attributable to controlling interests	$ (3,801)	$ (3,678)

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Cumulative Deficit	Noncontrolling Interests - Operating Partnership
Balance at Dec. 31, 2015	$ 561,853	$ 529,113	$ 359	$ 651,987	$ (1,613)	$ (121,620)	$ 32,740
Balance (in shares) at Dec. 31, 2015	36,063,187		36,063,187
Increase (Decrease) in Stockholders' Equity
Non-cash equity awards, net	$ 547	547		547
Non-cash equity awards, net (in shares)			123,251
Repurchase and retirement of common stock	(8,238)	(8,238)	$ (5)	(8,233)
Repurchase and retirement of common stock (in shares)			(575,552)
Dividends declared	(4,916)	(4,916)				(4,916)
Net loss	(3,589)	(3,379)				(3,379)	(210)
Change in fair value of interest rate cap agreements	(474)	(474)			(474)
Losses reclassified into earnings from other comprehensive loss	24	24			24
Adjustment to noncontrolling interests - Operating Partnership	0	380		380			(380)
Balance at Mar. 31, 2016	$ 545,207	$ 513,057	$ 354	$ 644,681	$ (2,063)	$ (129,915)	$ 32,150
Balance (in shares) at Mar. 31, 2016	35,610,886		35,610,886

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities:
Net loss	$ (3,589)	$ (3,841)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	9,366	7,111
Non-cash share-based compensation	547	478
Losses reclassified into earnings from other comprehensive loss	24	0
Amortization and write-off of deferred financing costs	1,153	1,023
Amortization of discount on securitization loan	75	75
Net gain on disposition of real estate	(1,285)	0
Other	415	219
Net change in assets and liabilities:
(Increase) decrease in escrow cash for operating activities and debt reserves	(1,570)	2,683
Decrease (increase) in other assets	397	(966)
(Decrease) increase in accounts payable, accrued expenses, and prepaid rent	(80)	1,477
Net cash provided by operating activities	5,453	8,259
Cash Flows From Investing Activities:
Purchase of investments in real estate	0	(9,897)
Capital improvements of investments in real estate	(4,068)	(9,502)
Decrease (increase) in escrow cash for investing activities	7	(4,630)
Proceeds from disposition of real estate	7,342	1,240
Other	0	(43)
Net cash provided by (used in) investing activities	3,281	(22,832)
Cash Flows From Financing Activities:
Payments on securitization loan	0	(520)
Proceeds from revolving credit facility	7,732	15,125
Payments on revolving credit facility	(2,874)	0
Deferred financing costs paid	(9)	(4,712)
Purchase of interest rate cap agreements	0	(2,250)
Repurchase and retirement of common stock	(8,238)	(7,668)
Dividends paid	(4,978)	(2,359)
Net cash used in financing activities	(8,367)	(2,384)
Net change in cash	367	(16,957)
Cash at beginning of period	29,028	49,854
Cash at end of period	29,395	32,897
Supplemental disclosure of cash flow information:
Decrease in fair value of interest rate cap agreements	474	59
Noncash investing and financing activities:
Common stock and unit dividends declared, but not paid	4,916	3,454
Financing costs in accounts payable	0	178
Capital improvements in accounts payable	$ 487	$ 1,543

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations Silver Bay Realty Trust Corp. ("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, 2016 , the Company owned 8,981 single-family properties for rental purposes in Arizona, California, Florida, Georgia , Nevada, North Carolina, Ohio, South Carolina and Texas, excluding properties reflected as assets held for sale on its condensed consolidated balance sheets. In connection with its initial public offering, the Company restructured its ownership to conduct its business through a traditional umbrella partnership in which substantially all of its assets are held by, and its operations are conducted through, Silver Bay Operating Partnership L.P. (the "Operating Partnership"), a Delaware limited partnership. This structure is commonly referred to as an "UPREIT". The Company's wholly owned subsidiary, Silver Bay Management LLC, is the sole general partner of the Operating Partnership. As of March 31, 2016 , the Company owned, through a combination of direct and indirect interests, 94.1% of the partnership interests in the Operating Partnership. The Company has elected to be treated as a real estate investment trust ("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 ("TRS") that the Company owns will be subject to taxation at regular corporate rates. During 2015, the Company acquired a portfolio of 2,461 properties from The American Home Real Estate Investment Trust, Inc. (the "Portfolio Acquisition"). The acquisition was substantially completed on April 1, 2015 with an aggregate purchase price of $263,000 . The Portfolio Acquisition was financed using proceeds obtained under the Company's revolving credit facility, which was amended and restated on February 18, 2015 to increase the borrowing capacity to $400,000 from $200,000 . The properties acquired in the Portfolio Acquisition are primarily located in Atlanta, GA, Charlotte, NC, Tampa, FL and Orlando, FL.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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 ("SEC"). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("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, 2015 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2016 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2016 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 ("VIE") 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 regarding future events that may affect the reported amounts and disclosures in the financial statements. The Company’s estimates are inherently subjective in nature and actual results could differ from these estimates. Reclassifications Certain reclassifications have been made to amounts in prior period financial statements to conform to current period presentation. These reclassifications have not changed the previously reported results of operations or stockholders' equity. Income Taxes The Company intends to operate and to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and intends to comply with the requirements of the Code relating to REITs. The Company has TRSs where certain investments may be made and activities conducted that may have otherwise been subject to the prohibited transactions tax and may not be favorably treated for purposes of complying with the various requirements for REIT qualification. The income and losses within the TRSs are subject to federal, state, and local income taxes. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The Company recognized income tax expense of $467 in the three months ended March 31, 2016 compared to $66 in the prior year period primarily related to income taxes on net gain on disposition of real estate in the TRS entities. Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act (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. The Company considers the applicability and impact of all accounting standard updates ("ASUs"). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's consolidated financial position or results of operations. In May 2014, the FASB issued ASU 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, 2017 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is only allowed as of the original effective date, annual periods beginning after December 15, 2016. The Company is currently evaluating the impact the adoption of Topic 606 will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. This update is intended to improve targeted areas of consolidation guidance by simplifying the consolidation evaluation process, and by placing more emphasis on risk of loss when determining a controlling financial interest. The Company adopted ASU 2015-02 during the quarter ended March 31, 2016. Based on the Company's review and subsequent analysis of its legal entities structure, the Company concluded that the Operating Partnership is a VIE as the limited partners of the Operating Partnership do not have substantive kick-out rights. As the general partner and controlling owner of 94.1% of the Operating Partnership, the Company will continue to consolidate the Operating Partnership under this new guidance. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the original issue discount rather than as an asset. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU and will continue to be reported as interest expense. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. The Company adopted this ASU as of January 1, 2016 and as a result of the retrospective adoption of this guidance, deferred financing costs, net of amortization of $7,569 and $8,139 at March 31, 2016 and December 31, 2015 , respectively, are netted against the carrying values of the securitization loan. Previously, these costs were recorded as part of deferred financing costs, net. Additionally, in accordance with ASU No. 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, issued in August 2015, the Company will continue to present debt issuance costs related to its revolving credit facility as an asset within other assets on the condensed consolidated balance sheets and amortize them ratably over the term of the related facility. In February 2016, the FASB issued ASU 2016-02, Leases , which will require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. Lessor accounting will remain similar to lessor accounting under previous GAAP, while aligning with the FASB's new revenue recognition guidance. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The amendments in this ASU include multiple provisions intended to simplify various aspects of the accounting for share-based payments. The guidance will be effective for annual reporting periods beginning after December 15, 2016, and for interim reporting periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements.

Investments in Real Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Investments in Real Estate	Investments in Real Estate Sale of Real Estate Assets During the three months ended March 31, 2016 and 2015 , the Company sold certain properties for an aggregate sales price of $7,342 and $1,240 , respectively, resulting in an aggregate net gain of $1,285 and $0 , respectively, which has been classified as net gain on disposition of real estate in the condensed consolidated statements of operations and comprehensive loss. In connection with these asset sales, certain debt repayments were made. In accordance with ASU 2014-08, the disposals were not considered a discontinued operation. Any holding costs associated with homes being sold are reflected within held for sale expenses and are classified as other (expense) income in the condensed consolidated statements of operations and comprehensive loss. In connection with assets held for sale, the Company recognized $59 and $0 in impairment charges for the three months ended March 31, 2016 and 2015 classified within other (expense) income on the condensed consolidated statements of operations and comprehensive loss.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt The following table presents the Company's debt as of March 31, 2016 and December 31, 2015 : Carrying Amount Interest Rate as of March 31, 2016 Maturity Date March 31, 2016 December 31, 2015 Securitization loan 2.41 % (1) September 9, 2019 (2) $ 304,966 $ 304,966 Unamortized original issue discount (3) (1,011 ) (1,086 ) Unamortized deferred financing costs (7,569 ) (8,139 ) Securitization loan, net 296,386 295,741 Revolving credit facility 3.63 % (4) February 18, 2018 (5) 331,330 326,472 Total $ 627,716 $ 622,213 (1) The securitization loan provides for monthly payments at a blended rate equal to the one-month LIBOR plus 1.84% and a monthly servicing fee of 0.1355% (excluding the amortization of the original issue discount and deferred financing costs). (2) The securitization loan has an initial term of two years, with three , 12 -month extension options, resulting in a fully extended maturity date of September 9, 2019. The extension options may be executed provided there is no event of default under the securitization loan, a replacement interest rate cap agreement is obtained in a form reasonably acceptable to the lender and the other terms set forth in the loan agreement are complied with. (3) The original issue discount will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. (4) As amended, the revolving credit facility bears interest at a varying rate of three-month LIBOR plus 3.0% LIBOR floor of 0.0% . (5) The revolving credit facility provides for a borrowing capacity of up to $400,000 and has a maturity date of February 18, 2018. In the final year of the revolving credit facility, all cash generated by the properties in the Pledged Subsidiaries (as defined below) must be used to pay down the principal amount outstanding under the revolving credit facility. Securitization Loan On August 12, 2014, the Company completed a securitization transaction (the "Securitization Transaction") in which a newly-formed special purpose entity (the "Borrower") entered into a loan with a third-party lender for $312,667 represented by a promissory note (the "Securitization Loan"). The Borrower is wholly-owned by another special purpose entity (the "Equity Owner"), and the Equity Owner is wholly-owned by the Operating Partnership. The Borrower and Equity Owner are separate legal entities, but continue to be reported in the Company’s condensed consolidated financial statements. The Securitization Loan provides for monthly payments at a blended rate equal to the one-month LIBOR plus 1.84% and a monthly servicing fee of 0.1355% (excluding the amortization of the original issue discount and deferred financing costs). The Securitization Loan has a blended effective rate of one-month LIBOR plus 1.94% , including the amortization of the original issue discount, plus monthly servicing fees of 0.1355% . The Securitization Loan was issued at a discount of $1,503 , which will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. In the three months ended March 31, 2016 and 2015 , the Company incurred gross interest expense of $1,839 and $1,655 , respectively, excluding amortization of the discount, deferred financing costs and other fees. As of March 31, 2016 and December 31, 2015, the loan had a weighted-average interest rate of 2.41% and 2.30% , respectively, which is inclusive of the monthly servicing fees, but excludes amortization of the original issue discount and deferred financing costs. The Securitization Loan has an initial term of two years, with three , 12 -month extension options, resulting in a fully extended maturity date of September 9, 2019. The Borrower may execute the extension options provided there is no event of default under the Securitization Loan, the Borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to the lender and the Borrower complies with the other terms set forth in the loan agreement. As part of the Securitization Transaction, the Securitization Loan (including the related promissory note) was transferred by the third-party lender to one of the Company's subsidiaries and subsequently deposited into a REMIC trust in exchange for pass-through certificates. The pass-through certificates represent the entire beneficial interest in the trust and were sold to investors in a private offering through the placement agents retained for the transaction for gross proceeds of $311,164 , net of the original issue discount of $1,503 . All amounts outstanding under the Securitization Loan are secured by first priority mortgages on the Securitization Properties, a pool of approximately 3,000 properties, in addition to the equity interests in, and certain assets of, the Borrower. The amounts outstanding under the Securitization Loan and certain obligations contained therein are guaranteed by the Operating Partnership only in the case of certain bad acts (including bankruptcy) as outlined in the transaction documents. As long as the Securitization Loan is outstanding, the assets of the Borrower and Equity Owner are not available to satisfy the debts and obligations of the Company or its other consolidated subsidiaries and the liabilities of the Borrower and Equity Owner are not liabilities of the Company (excluding, for this purpose, the Borrower and Equity Owner) or its other consolidated subsidiaries. The Company is permitted to receive distributions from the Borrower out of unrestricted cash as long as the Borrower is current with all payments and in compliance with all other obligations under the Securitization Loan. The Securitization Loan provides for the restriction of cash whereby the Company must set aside funds for payment of real estate taxes, capital expenditures and other reserves associated with the Securitization Properties. As of March 31, 2016 and December 31, 2015, the Company had $2,982 and $2,281 , respectively, included in escrow deposits associated with the required reserves. There is also a cash management account controlled by the lender for the collection of all rents and cash generated by the Borrower's properties. In the event of default, the lender may apply funds, as the lender elects, from the cash management account, foreclose on its security interests, appoint a new property manager, and in limited circumstances, enforce the Company's guaranty. As of March 31, 2016 and December 31, 2015 , the cash management account had a balance of $2,816 and $2,858 , respectively, classified as escrow deposits on the condensed consolidated balance sheets. The Securitization Loan does not contractually restrict the Company's ability to pay dividends but certain covenants contained therein may limit the amount of cash available for distribution. The Securitization Loan documents require the Company to maintain certain covenants, including a minimum debt yield on the Securitization Properties, and contain customary events of default for a loan of this type, including payment defaults, covenant defaults, breaches of representations and warranties, bankruptcy and insolvency, judgments and cross-default with certain other indebtedness. As of March 31, 2016 and December 31, 2015 , the Company believes it was in compliance with all financial covenants. Revolving Credit Facility Certain of the Company's subsidiaries have a revolving credit facility (the "revolving credit facility") with a syndicate of banks. On February 18, 2015, the Company amended and restated the revolving credit facility to increase the borrowing capacity to $400,000 from $200,000 and subsequently amended the revolving credit facility to address certain interest calculation mechanics. As amended, the revolving credit facility bears interest at a varying rate of three-month LIBOR plus 3.0% subject to a LIBOR floor of 0.00% . Prior to the amendment, the revolving credit facility bore interest at varying rates of three-month LIBOR plus 3.50% subject to a LIBOR floor of 0.50% , payable monthly. The Company is also required to pay a monthly fee on the unused portion of the revolving credit facility at a rate of 0.50% per annum, when the balance outstanding is less than $200,000 , or 0.30% per annum when the balance outstanding is equal to or greater than $200,000 . As part of the amendment, the term of the revolving credit facility was extended to February 18, 2018 and the advance rate for borrowings was increased to 65% from 55% . The advance rate is based on the aggregate value of the eligible properties which value is calculated as 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 Company used proceeds from the revolving credit facility to fund the Portfolio Acquisition. The remaining proceeds were used for working capital and other corporate purposes, including the acquisition, financing and renovation of properties. As of March 31, 2016 and December 31, 2015 , $331,330 and $326,472 , respectively, was outstanding under the revolving credit facility. As of both March 31, 2016 and December 31, 2015 , the interest rate on the revolving credit facility was 3.63% . In the three months ended March 31, 2016 and 2015 , the Company incurred $3,055 and $973 , respectively, in gross interest expense on the revolving credit facility, excluding amortization of deferred financing costs and 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 ("Pledged Subsidiaries"), which exclude the owners of the Securitization Properties. 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. As of March 31, 2016 there were approximately 5,800 properties pledged as collateral under the revolving credit facility. 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 revolving credit facility 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. The Company believes it was in compliance with all financial covenants under the revolving credit facility as of March 31, 2016 , and December 31, 2015 . The revolving credit facility also provides for the restriction of cash whereby the Company must set aside funds for payment of insurance, real estate taxes and certain property operating and maintenance expenses associated with properties in the Pledged Subsidiaries' portfolios. As of March 31, 2016 and December 31, 2015 , the Company had $11,027 and $10,101 , respectively, included in escrow deposits associated with the required reserves. The revolving credit facility 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. Deferred Financing Costs Costs incurred in the placement of the Company’s debt are being amortized using the straight-line method, which approximates the effective interest method, over the terms of the related debt. Amortization of deferred financing costs is recorded as interest expense in the accompanying condensed consolidated statements of operations and comprehensive loss. In connection with its Securitization Loan, the Company incurred no deferred financing costs for the three months ended March 31, 2016 and deferred financing costs of $477 for the three months ended March 31, 2015 . The costs are being amortized through September 9, 2019, the fully extended maturity date of the Securitization Loan. In connection with its revolving credit facility, the Company incurred deferred financing costs of $9 and $4,413 , respectively, for the three months ended March 31, 2016 and 2015 . Interest Expense The following table presents the Company's total interest expense for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Gross interest expense (1) $ 4,894 $ 2,628 Amortization of discount on Securitization Loan 75 75 Amortization and write-off of deferred financing costs 1,153 1,023 Other interest (2) 90 30 Capitalized interest (3) — (270 ) Total interest expense $ 6,212 $ 3,486 (1) Includes the Securitization Loan's monthly servicing fees. (2) Includes monitoring service fees and losses reclassified from accumulated other comprehensive loss into income (see Note 7). (3) The Company capitalizes interest for properties undergoing renovation activities and purchased subsequent to the Company obtaining debt in May 2013. Interest Rate Cap Agreements The variable rate of interest on the Company's debt exposes the Company to interest rate risk. The Company seeks to manage this risk through the use of interest rate cap agreements. As of March 31, 2016 , the Company had one interest rate cap agreement at LIBOR of 3.1085% with a notional amount of $312,667 and a termination date of September 15, 2016 to hedge interest rate risk associated with our Securitization Loan and one forward-starting interest rate cap agreement at LIBOR of 3.1085% with a notional amount of $200,000 to hedge interest rate risk associated with its Securitization Loan for the period September 15, 2016 through September 15, 2019. As of March 31, 2016 , the Company also had two interest rate cap agreements at LIBOR of 3.0% with an aggregate notional amount of $349,100 and termination dates of February 17, 2018 and February 18, 2018 to hedge interest rate risk associated with its revolving credit facility. During the three months ended March 31, 2016 and 2015 , the Company incurred $0 and $2,250 , respectively, in connection with the purchase of interest rate cap agreements. The Company determined that the interest rate caps held as of March 31, 2016 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 corresponding debt.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock 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. On November 25, 2014, the Company's board of directors authorized an increase of 2,500,000 shares to the previously authorized share repurchase program for a total of 5,000,000 shares. 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, 2016 , the Company repurchased and retired 545,223 shares under the program for a total cost of $7,867 , at an average purchase price of $14.43 per share, inclusive of commissions. During the three months ended March 31, 2015 , the Company repurchased and retired 470,417 shares under the program for a total cost of $7,601 , at an average purchase price of $16.16 per share, inclusive of commissions. Common Stock Dividends The following table presents cash dividends declared by the Company on its common stock during the three months ended March 31, 2016 , and the four immediately preceding quarters: Declaration Date Record Date Payment Date Cash Dividend per Share March 23, 2016 April 4, 2016 April 15, 2016 $ 0.13 December 17, 2015 December 28, 2015 January 8, 2016 0.13 September 25, 2015 October 6, 2015 October 16, 2015 0.12 June 17, 2015 June 29, 2015 July 10, 2015 0.12 March 25, 2015 April 6, 2015 April 17, 2015 0.09 Preferred Stock Dividends The following table presents cash dividends declared by the Company on its 10% cumulative redeemable preferred stock during the three months ended March 31, 2016 , and the four immediately preceding quarters: Declaration Date Payment Date Cash Dividend per Share March 30, 2016 April 15, 2016 $ 26.94 January 8, 2016 January 8, 2016 22.78 September 29, 2015 October 16, 2015 26.67 June 17, 2015 June 30, 2015 23.06 March 25, 2015 April 17, 2015 27.22

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2016
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 ("EPS") for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Net loss attributable to controlling interests $ (3,379 ) $ (3,619 ) Preferred stock distributions (25 ) (25 ) Net loss attributable to common stockholders $ (3,404 ) $ (3,644 ) Basic and diluted weighted average common shares outstanding 36,022,953 36,428,809 Net loss per common share - basic and diluted $ (0.09 ) $ (0.10 ) A total of 2,231,511 common units not owned by the Company were outstanding for the three months ended March 31, 2016 and 2015 , but have been excluded from the calculation of diluted EPS as their inclusion would not be dilutive. In addition, 105,000 and 165,000 performance stock units have been excluded from the calculation of diluted EPS for the three months ended March 31, 2016 and 2015 , respectively, as their inclusion would not be dilutive.

Derivative and Other Fair Value

Derivative and Other Fair Value Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Derivative and Other Fair Value Instruments	Derivative and Other Fair Value Instruments Codification Topic Fair Value Measurement (“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 4). 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, 2016 and December 31, 2015 , respectively: Fair Value Measurements at Reporting Date Using Description Balance Sheet Location March 31, 2016 Quoted Prices (Unadjusted) for Identical Assets/Liabilities Quoted Prices for Similar Assets and Liabilities in Active Markets Significant Unobservable Inputs Interest Rate Caps (cash flow hedges) Other Assets $ 244 $ — $ 244 $ — Interest Rate Caps Other Assets 3 — 3 — $ 247 $ — $ 247 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location December 31, 2015 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 $ 712 $ — $ 712 $ — Interest Rate Caps Other Assets 9 — 9 — $ 721 $ — $ 721 $ — 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, 2016 : 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 $ (474 ) Interest Expense $ (24 ) N/A $ — 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, 2015 : 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 $ (59 ) Interest Expense $ — N/A $ — As of March 31, 2016 and December 31, 2015 , there were $2,063 and $1,613 , respectively, in deferred losses in accumulated other comprehensive loss related to interest rate cap agreements. The Company expects to recognize $319 in interest expense during the twelve months ending March 31, 2017, pertaining to the interest rate cap agreements, which will be reclassified out of accumulated other comprehensive loss in accordance with the amortization schedules established upon designation of the interest rate caps as cash flow hedges. Nonrecurring Fair Value For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset at the time the Company has determined to sell the asset. Assets held for sale are valued based on comparable sales data, less estimates of third-party broker commissions, which are gathered from the markets. 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, 2016 . • Cash, escrow deposits, resident prepaid rent and security deposits, resident rent receivable (included in other assets), accounts payable, and accrued property expenses 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 as of March 31, 2016 . The Company categorizes the fair value measurement of this liability as Level 2. • The fair value of the Company's Securitization Loan was $ 291,936 as of March 31, 2016 , based on an average of market quotations. 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, 2016 . The Company categorizes the fair value measurement of this instrument as Level 2.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Concentrations As of March 31, 2016 , approximately 58% of the Company’s properties were located in Atlanta, GA, Phoenix, AZ, and Tampa, FL, 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, 2016 , the Company had $12,739 in resident security deposits. Security deposits are refundable, net of any outstanding charges and fees, upon expiration of the underlying lease. 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 adverse effect on the Company's condensed consolidated financial statements, and therefore no accrual has been recorded as of March 31, 2016 .

Basis of Presentation and Sig15

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
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 ("SEC"). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("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, 2015 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2016 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2016 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 ("VIE") 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 regarding future events that may affect the reported amounts and disclosures in the financial statements. The Company’s estimates are inherently subjective in nature and actual results could differ from these estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to amounts in prior period financial statements to conform to current period presentation. These reclassifications have not changed the previously reported results of operations or stockholders' equity.
Income Taxes	Income Taxes The Company intends to operate and to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and intends to comply with the requirements of the Code relating to REITs. The Company has TRSs where certain investments may be made and activities conducted that may have otherwise been subject to the prohibited transactions tax and may not be favorably treated for purposes of complying with the various requirements for REIT qualification. The income and losses within the TRSs are subject to federal, state, and local income taxes. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The Company recognized income tax expense of $467 in the three months ended March 31, 2016 compared to $66 in the prior year period primarily related to income taxes on net gain on disposition of real estate in the TRS entities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act (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. The Company considers the applicability and impact of all accounting standard updates ("ASUs"). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's consolidated financial position or results of operations. In May 2014, the FASB issued ASU 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, 2017 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is only allowed as of the original effective date, annual periods beginning after December 15, 2016. The Company is currently evaluating the impact the adoption of Topic 606 will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. This update is intended to improve targeted areas of consolidation guidance by simplifying the consolidation evaluation process, and by placing more emphasis on risk of loss when determining a controlling financial interest. The Company adopted ASU 2015-02 during the quarter ended March 31, 2016. Based on the Company's review and subsequent analysis of its legal entities structure, the Company concluded that the Operating Partnership is a VIE as the limited partners of the Operating Partnership do not have substantive kick-out rights. As the general partner and controlling owner of 94.1% of the Operating Partnership, the Company will continue to consolidate the Operating Partnership under this new guidance. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the original issue discount rather than as an asset. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU and will continue to be reported as interest expense. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. The Company adopted this ASU as of January 1, 2016 and as a result of the retrospective adoption of this guidance, deferred financing costs, net of amortization of $7,569 and $8,139 at March 31, 2016 and December 31, 2015 , respectively, are netted against the carrying values of the securitization loan. Previously, these costs were recorded as part of deferred financing costs, net. Additionally, in accordance with ASU No. 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, issued in August 2015, the Company will continue to present debt issuance costs related to its revolving credit facility as an asset within other assets on the condensed consolidated balance sheets and amortize them ratably over the term of the related facility. In February 2016, the FASB issued ASU 2016-02, Leases , which will require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. Lessor accounting will remain similar to lessor accounting under previous GAAP, while aligning with the FASB's new revenue recognition guidance. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The amendments in this ASU include multiple provisions intended to simplify various aspects of the accounting for share-based payments. The guidance will be effective for annual reporting periods beginning after December 15, 2016, and for interim reporting periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company's debt as of March 31, 2016 and December 31, 2015 : Carrying Amount Interest Rate as of March 31, 2016 Maturity Date March 31, 2016 December 31, 2015 Securitization loan 2.41 % (1) September 9, 2019 (2) $ 304,966 $ 304,966 Unamortized original issue discount (3) (1,011 ) (1,086 ) Unamortized deferred financing costs (7,569 ) (8,139 ) Securitization loan, net 296,386 295,741 Revolving credit facility 3.63 % (4) February 18, 2018 (5) 331,330 326,472 Total $ 627,716 $ 622,213 (1) The securitization loan provides for monthly payments at a blended rate equal to the one-month LIBOR plus 1.84% and a monthly servicing fee of 0.1355% (excluding the amortization of the original issue discount and deferred financing costs). (2) The securitization loan has an initial term of two years, with three , 12 -month extension options, resulting in a fully extended maturity date of September 9, 2019. The extension options may be executed provided there is no event of default under the securitization loan, a replacement interest rate cap agreement is obtained in a form reasonably acceptable to the lender and the other terms set forth in the loan agreement are complied with. (3) The original issue discount will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. (4) As amended, the revolving credit facility bears interest at a varying rate of three-month LIBOR plus 3.0% LIBOR floor of 0.0% . (5) The revolving credit facility provides for a borrowing capacity of up to $400,000 and has a maturity date of February 18, 2018. In the final year of the revolving credit facility, all cash generated by the properties in the Pledged Subsidiaries (as defined below) must be used to pay down the principal amount outstanding under the revolving credit facility.
Total Interest Expense	The following table presents the Company's total interest expense for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Gross interest expense (1) $ 4,894 $ 2,628 Amortization of discount on Securitization Loan 75 75 Amortization and write-off of deferred financing costs 1,153 1,023 Other interest (2) 90 30 Capitalized interest (3) — (270 ) Total interest expense $ 6,212 $ 3,486 (1) Includes the Securitization Loan's monthly servicing fees. (2) Includes monitoring service fees and losses reclassified from accumulated other comprehensive loss into income (see Note 7). (3) The Company capitalizes interest for properties undergoing renovation activities and purchased subsequent to the Company obtaining debt in May 2013.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Common Stock Dividends
Stockholders' equity
Schedule of cash dividends declared by the Company since its formation	The following table presents cash dividends declared by the Company on its common stock during the three months ended March 31, 2016 , and the four immediately preceding quarters: Declaration Date Record Date Payment Date Cash Dividend per Share March 23, 2016 April 4, 2016 April 15, 2016 $ 0.13 December 17, 2015 December 28, 2015 January 8, 2016 0.13 September 25, 2015 October 6, 2015 October 16, 2015 0.12 June 17, 2015 June 29, 2015 July 10, 2015 0.12 March 25, 2015 April 6, 2015 April 17, 2015 0.09
Preferred Stock Dividends
Stockholders' equity
Schedule of cash dividends declared by the Company since its formation	The following table presents cash dividends declared by the Company on its 10% cumulative redeemable preferred stock during the three months ended March 31, 2016 , and the four immediately preceding quarters: Declaration Date Payment Date Cash Dividend per Share March 30, 2016 April 15, 2016 $ 26.94 January 8, 2016 January 8, 2016 22.78 September 29, 2015 October 16, 2015 26.67 June 17, 2015 June 30, 2015 23.06 March 25, 2015 April 17, 2015 27.22

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Summary of elements used in calculating basic and diluted EPS computations	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 ("EPS") for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Net loss attributable to controlling interests $ (3,379 ) $ (3,619 ) Preferred stock distributions (25 ) (25 ) Net loss attributable to common stockholders $ (3,404 ) $ (3,644 ) Basic and diluted weighted average common shares outstanding 36,022,953 36,428,809 Net loss per common share - basic and diluted $ (0.09 ) $ (0.10 )

Derivative and Other Fair Val19

Derivative and Other Fair Value Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair value measurements for interest rate cap agreements and location within condensed consolidated balance sheets	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, 2016 and December 31, 2015 , respectively: Fair Value Measurements at Reporting Date Using Description Balance Sheet Location March 31, 2016 Quoted Prices (Unadjusted) for Identical Assets/Liabilities Quoted Prices for Similar Assets and Liabilities in Active Markets Significant Unobservable Inputs Interest Rate Caps (cash flow hedges) Other Assets $ 244 $ — $ 244 $ — Interest Rate Caps Other Assets 3 — 3 — $ 247 $ — $ 247 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location December 31, 2015 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 $ 712 $ — $ 712 $ — Interest Rate Caps Other Assets 9 — 9 — $ 721 $ — $ 721 $ —
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 three months ended March 31, 2016 : 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 $ (474 ) Interest Expense $ (24 ) N/A $ — 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, 2015 : 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 $ (59 ) Interest Expense $ — N/A $ —

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	Apr. 01, 2015USD ($)	Mar. 31, 2016property	Dec. 31, 2015property	Feb. 18, 2015USD ($)	Feb. 17, 2015USD ($)
Organization and operations
Number of single-family properties owned | property		8,981
Silver Bay Operating Partnership L.P.
Organization and operations
Direct and indirect partnership interests in operating partnership		94.10%
Portfolio Acquisition
Organization and operations
Number of single-family properties owned | property			2,461
Aggregate purchase price | $	$ 263,000
Revolving Credit Facility
Organization and operations
Maximum borrowing capacity | $				$ 400,000	$ 200,000

Basis of Presentation and Sig21

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax expense, net	$ 467	$ 66
Silver Bay Operating Partnership L.P.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Direct and indirect partnership interests in operating partnership	94.10%
Accounting Standards Update 2015-03 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred finance costs, net	$ 7,569		$ 8,139

Investments in Real Estate - Na

Investments in Real Estate - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Combinations [Abstract]
Proceeds from disposition of real estate	$ 7,342	$ 1,240
Net gain on disposition of real estate	1,285	0
Impairment charges	$ 59	$ 0

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) $ in Thousands	Feb. 18, 2015USD ($)	Feb. 17, 2015USD ($)	Aug. 12, 2014extension	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2015
Debt Instrument [Line Items]
Securitization loan, net				$ 296,386	$ 295,741
Revolving credit facility				331,330	326,472
Total				$ 627,716	$ 622,213
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 400,000	$ 200,000
Secured Debt
Debt Instrument [Line Items]
Weighted-average interest rate (as a percent)				2.41%	2.30%
Secured Debt | Securitization Loan
Debt Instrument [Line Items]
Securitization loan				$ 304,966	$ 304,966
Unamortized original issue discount				(1,011)	(1,086)
Unamortized deferred financing costs				(7,569)	(8,139)
Securitization loan, net				$ 296,386	295,741
Weighted average interest rate (as a percent)				2.41%
Debt servicing fee				0.1355%
Term of debt instrument			2 years
Number of extension options | extension			3
Length of loan extensions			12 months
Secured Debt | Securitization Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Weighted-average interest rate (as a percent)						1.84%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility				$ 331,330	$ 326,472
Interest Rate (as a percent)				3.63%	3.63%
Interest rate margin (as a percent)		3.50%
Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate margin (as a percent)	3.00%
Line of Credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Interest rate margin (as a percent)		0.50%
Line of Credit | Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.00%

Debt - Securitization Loan (Det

Debt - Securitization Loan (Details) property in Thousands, $ in Thousands	Aug. 12, 2014USD ($)extension	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Gross interest expense		$ 4,894	$ 2,628
Escrow deposits		17,035		$ 15,472
Escrow Deposit
Debt Instrument [Line Items]
Cash management account		2,816		$ 2,858
Secured Debt
Debt Instrument [Line Items]
Gross interest expense		$ 1,839	$ 1,655
Weighted-average interest rate (as a percent)		2.41%		2.30%
Number of single-family properties pledged as security | property		3
Escrow deposits		$ 2,982		$ 2,281
Secured Debt | Securitization Loan
Debt Instrument [Line Items]
Face amount of debt instrument	$ 312,667
Debt servicing fee		0.1355%
Original issue discount	$ 1,503
Term of debt instrument	2 years
Number of extension options | extension	3
Length of loan extensions	12 months
Proceeds from securitization loan	$ 311,164
Secured Debt | Securitization Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Spread on effective rate (as a percent)		1.94%
Weighted-average interest rate (as a percent)			1.84%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details)	Feb. 18, 2015USD ($)	Feb. 17, 2015USD ($)	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Revolving credit facility			$ 331,330,000		$ 326,472,000
Gross interest expense			4,894,000	$ 2,628,000
Escrow deposits			17,035,000		15,472,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 400,000,000	$ 200,000,000
Baseline for unused commitment fee	$ 200,000,000
Maximum amount allowed to be drawn under credit facility as a percentage of aggregate value of eligible properties	65.00%	55.00%
Gross interest expense			3,055,000	$ 973,000
Escrow deposits			11,027,000		10,101,000
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Monthly fee on the unused portion of the credit facility (as a percent)	0.50%
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Monthly fee on the unused portion of the credit facility (as a percent)	0.30%
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
Revolving Credit Facility | Company and Operating Partnership
Line of Credit Facility [Line Items]
Maximum amount guaranteed for completion of certain property renovations			20,000,000
Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		3.50%
Revolving credit facility			$ 331,330,000		$ 326,472,000
Interest Rate (as a percent)			3.63%		3.63%
Number of single-family properties pledged as security | property			5,800
Line of Credit | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		0.50%
Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	3.00%
Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	0.00%

Debt - Deferred Financing Costs

Debt - Deferred Financing Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Amortization and write-off of deferred financing costs	$ 1,153	$ 1,023
Secured Debt | Securitization Loan
Debt Instrument [Line Items]
Deferred finance costs	0	477
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Deferred finance costs	$ 9	$ 4,413

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt Disclosure [Abstract]
Gross interest expense	$ 4,894	$ 2,628
Amortization of discount on Securitization Loan	75	75
Amortization and write-off of deferred financing costs	1,153	1,023
Other interest	90	30
Capitalized interest	0	(270)
Total interest expense	$ 6,212	$ 3,486

Debt - Interest Rate Cap Agreem

Debt - Interest Rate Cap Agreements and Capitalized Interest (Details)	3 Months Ended
	Mar. 31, 2016USD ($)agreement	Mar. 31, 2015USD ($)
Debt Instrument [Line Items]
Aggregate purchase price	$ 0	$ 2,250,000
Interest Rate Cap | Secured Debt
Debt Instrument [Line Items]
Number of instruments held | agreement	1
Aggregate notional amount	$ 312,667,000
Interest Rate Cap | Secured Debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate cap	3.1085%
Interest Rate Cap | Line of Credit
Debt Instrument [Line Items]
Number of instruments held | agreement	2
Interest Rate Cap | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Aggregate notional amount	$ 349,100,000
Interest Rate Cap | Revolving Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate cap	3.00%
Forward-starting Interest Rate Cap | Secured Debt
Debt Instrument [Line Items]
Number of instruments held | agreement	1
Aggregate notional amount	$ 200,000,000
Forward-starting Interest Rate Cap | Secured Debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate cap	3.1085%

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Nov. 25, 2014	Jul. 01, 2013
Share Repurchase Plan
Number of shares authorized to be repurchased (in shares)			5,000,000
Increase in number of shares authorized to be repurchased (shares)			2,500,000
Share repurchase program
Share Repurchase Plan
Number of shares authorized to be repurchased (in shares)				2,500,000
Number of shares repurchased (in shares)	545,223	470,417
Total cost of shares repurchased	$ 7,867	$ 7,601
Average purchase price (in dollars per share)	$ 14.43	$ 16.16

Stockholders' Equity - Common a

Stockholders' Equity - Common and Preferred Stock Dividends (Details) - $ / shares	Apr. 15, 2016	Mar. 30, 2016	Mar. 23, 2016	Jan. 08, 2016	Dec. 17, 2015	Oct. 16, 2015	Sep. 29, 2015	Sep. 25, 2015	Jul. 10, 2015	Jun. 30, 2015	Jun. 17, 2015	Apr. 17, 2015	Mar. 25, 2015	Mar. 31, 2016	Dec. 31, 2015
Common and Preferred Stock Dividends
Cash dividend per share declared, common stock (in dollars per share)			$ 0.13		$ 0.13			$ 0.12			$ 0.12		$ 0.09
Cash dividend per share paid, common stock (in dollars per share)				$ 0.13		$ 0.12			$ 0.12			$ 0.09
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		22.78			$ 26.67				$ 23.06		$ 27.22
Cash dividend per share paid, preferred stock (in dollars per share)				$ 22.78		$ 26.67				$ 23.06		$ 27.22
Subsequent Event
Common and Preferred Stock Dividends
Cash dividend per share paid, common stock (in dollars per share)	$ 0.13
Cash dividend per share paid, preferred stock (in dollars per share)	$ 26.94

Earnings (Loss) Per Share (Det

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Calculation of basic and diluted earnings (loss) per share
Net loss attributable to controlling interests	$ (3,379)	$ (3,619)
Preferred stock distributions	(25)	(25)
Net loss attributable to common stockholders	$ (3,404)	$ (3,644)
Basic and diluted weighted average common shares outstanding	36,022,953	36,428,809
Net loss per common share - basic and diluted (in dollars per share)	$ (0.09)	$ (0.10)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of common units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares)	2,231,511	2,231,511
Performance Stock Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of common units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares)	105,000	165,000

Derivative and Other Fair Val32

Derivative and Other Fair Value Instruments (Details) - Other Assets - Recurring - Interest Rate Cap - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Recurring Fair Value
Interest Rate Caps (cash flow hedges)	$ 244	$ 712
Interest Rate Caps (not designated as hedging instruments)	3	9
Total	247	721
Level 2
Recurring Fair Value
Interest Rate Caps (cash flow hedges)	244	712
Interest Rate Caps (not designated as hedging instruments)	3	9
Total	$ 247	$ 721

Derivative and Other Fair Val33

Derivative and Other Fair Value Instruments (Details 2) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Effect of cash flow hedges
Reclassification from accumulated other comprehensive loss to interest expense	$ (24)	$ 0
Fair Value of Other Financial Instruments
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)	10.00%		10.00%
Securitization Loan | Level 2 | Secured Debt
Fair Value of Other Financial Instruments
Fair value of long term-debt	$ 291,936
Interest Rate Cap
Effect of cash flow hedges
Deferred losses in AOCL related to interest rate cap agreements	2,063		$ 1,613
Interest expense to be recognized within next twelve months which will be reclassified out of accumulated other comprehensive loss	319
Cash Flow Hedging | Interest Rate Cap
Effect of cash flow hedges
Amount of Gain (Loss) Recognized in Other Comprehensive Income Loss on Derivative	(474)	(59)
Cash Flow Hedging | Interest Rate Cap | Interest Expense
Effect of cash flow hedges
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income, Effective Portion	(24)	0
Reclassification from accumulated other comprehensive loss to interest expense	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Concentrations
Resident security deposits	$ 12,739
Real Estate Properties | Geographically Dispersed Portfolio | Phoenix, AZ, Tampa, FL, and Atlanta, GA
Concentrations
Concentration (as a percent)	58.00%