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Silver Bay Realty Trust Corp. Message Board

  • alkkov alkkov Nov 14, 2013 8:54 PM Flag

    So when are they going to retire that PFD?

    10% yield and still paying.. It's disturbing because it seems like a way to squeeze the company/operations at the loss of shareholders of common. Senior in capital structure, much higher payout.. repayment of principal..

    Yeah, I want that one.

    Instead I get the "common". I bought some SBY today at 15.11 and 15.158.. My cost basis is 15.39, 1600 shares here. In it for that super duper distribution.. jk.. covered calls supplement (lack) of income.

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    • My biggest concern is the expense related to initial renovations and turnover renovations. If management is right, these expenses should taper off as the portfolio matures.

      My belief is that the company should internalize the management portion of the business in order to limit expenses in most markets.

      At such a steep discount to book value and estimated NAV, the reality is we are buying houses on the cheap and reaping the eventual income for the rental portion of the houses. If you back out depreciation expenses, the loss is much smaller this quarter. I believe we will make headway as the percentage goes from 81% leased in aggregate to about 85-90% leased.

14.80+0.45(+3.14%)May 24 4:02 PMEDT