Silver Bay Realty Prices IPO At $18.50/Shr

Silver Bay Realty Trust Q4 12 Earnings Conference Call At 9:00 AM ET

Trade SBY now with

12/14/2012 8:02 AM ET

Silver Bay Realty Trust Corp. (SBY: Quote) Friday priced its initial public offering of 13.25 million shares of common stock at a price of $18.50 per share. The shares are expected to begin trading on the NYSE on Friday.

The underwriters have been granted a 30-day option to purchase up to an additional approximately 1.98 million shares of common stock to cover over-allotments, if any.

Silver Bay is also planning to acquire an initial portfolio of more than 3 thousand single-family residential properties, in exchange for equity interests in Silver Bay or its operating subsidiary, or cash.

The acquisition will be carried out through entities associated with Two Harbors Investment Corp. (TWO), and Provident Real Estate Advisors LLC.

Click here to receive FREE breaking news email alerts for Silver Bay Realty Trust Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

<<Previous 189 Articles

Editors Pick

Autodesk Results Miss Estimates; Cuts Outlook

Design software maker Autodesk, Inc. (ADSK) Thursday reported a 30 percent decline in earnings from last year, hurt by lower revenue and weaker margins. The company's quarterly earnings per share, excluding items, came in below analysts' expectations as did its quarterly revenue. At the same time,...

Dell Profit Drops 79% On Sluggish PC Demand

Struggling PC maker Dell Inc. said Thursday after the markets closed that its first quarter profit dropped 79% from last year, as revenue declined and margins deteriorated amid sluggish demand for personal computers. The company's quarterly earnings per share, excluding items, also came in way below analysts' expectations, but its quarterly revenue beat analysts' forecast.

Cisco Results Top Estimates

Cisco Systems, Inc., the world's largest computer networking gear maker, said Wednesday after the markets closed that its third quarter profit rose 14.5% from last year, helped by higher sales and a tax benefit. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly sales.