SILVER BAY REALTY TRUST CORP.

REPORTS FIRST QUARTER 2015 FINANCIAL RESULTS

Reported Core Funds from Operations of $0.12 per Share and Stabilized Occupancy of 96%

NEW YORK, May 6, 2015 - Silver Bay Realty Trust Corp. (NYSE: SBY) (“the Company” or “Silver Bay”) today announced its financial results for the quarter ended March 31, 2015.

Quarterly Highlights

▪ Total revenue of $22.3 million for the first quarter of 2015, an increase of 23% compared to the first quarter of 2014

▪ Net operating income of $11.9 million for the first quarter of 2015, an increase of 29% compared to the first quarter of 2014

▪ Core FFO of $0.12 per share, an increase of 71% compared to the first quarter of 2014

▪ Increased stabilized occupancy to 96% on portfolio of 6,608 single-family properties

▪ Increased aggregate occupancy to 92% on portfolio of 6,864 single-family properties

“We are pleased with our first quarter 2015 performance as we made steady incremental improvement across our core operating and financial metrics,” said David N. Miller, Silver Bay’s President and Chief Executive Officer. “In addition, subsequent to quarter end we closed a strategically important transaction that will create significant value for our stockholders through increased cash flow and net asset value growth in coming quarters.”

Recent Announcements

On April 1, 2015, the Company completed the acquisition of the portfolio of properties (the “Portfolio”) from The American Home. The Company acquired 2,373 properties in the transaction and had an additional 89 properties under contract with The American Home to acquire at subsequent closings. The aggregate purchase price for the Portfolio acquisition, inclusive of the 89 properties not acquired as of April 1, 2015, was $263.0 million. The Portfolio consists of homes primarily located in Atlanta, Charlotte, Tampa and Orlando.

Financial Results

Silver Bay reported total revenue of $22.3 million for the first quarter of 2015, a 23% increase compared to total revenue of $18.1 million for the first quarter of 2014. The increase was primarily attributable to an increase in leased properties generating rental income during the first quarter and to a lesser extent, rental growth. Net loss attributable to common stockholders for the first quarter of 2015 was $3.6 million, or $(0.10) per common share,compared to net loss attributable to common stockholders for the first quarter of 2014 of $4.4 million, or $(0.11) per common share.

The Company reported net operating income (“NOI”) of $11.9 million for the first quarter of 2015, a 29% increase compared to NOI of $9.2 million for the first quarter of 2014. Core Funds From Operations (“Core FFO”) for the first quarter of 2015 was $4.5 million, or $0.12 per share, a 71% increase on a per share basis compared to Core FFO for the first quarter of 2014 of $2.7 million, or $0.07 per share⁽¹⁾. NOI and Core FFO are non-GAAP financial measures. Reconciliations of net loss to NOI and Core FFO are included in the financial and operating tables accompanying this press release.

(1) Per share means per weighted average common share and common units of the Operating Partnership.

Portfolio Summary and Operating Metrics

Silver Bay owned a portfolio of6,864 single-family properties as of March 31, 2015. The following table provides a summary of Silver Bay’s portfolio and operating metrics for the first quarter of 2015 and the fourth quarter of 2014:

1

PORTFOLIO AND OPERATING SUMMARY
	As of March 31, 2015			As of December 31, 2014
Estimated net asset value per share	$	20.11		$	19.93
Book value per share	$	15.19		$	15.43
	As of March 31, 2015			As of December 31, 2014
Occupancy Rate
Stabilized properties	96		%	94		%
Aggregate portfolio	92		%	86		%
Average monthly rent on the aggregate portfolio	$	1,200		$	1,194

Estimated Net Asset Value

Silver Bay reported an estimated net asset value (“Estimated NAV”) per share of $20.11, based on an estimated fair market value (“Estimated Portfolio Value”) of the Company’s properties of $1.1 billion as of March 31, 2015.The Company’s book value per share was $15.19 as of March 31, 2015. The difference between Estimated NAV and book value per share is attributable to multiple factors, including aggregate home price appreciation in Silver Bay markets, purchasing at discounts to market prices, value created by the Company’s renovations in excess of the cost of the renovations, and the exclusion of accumulated depreciation in the calculation of Estimated Portfolio Value.

The Estimated Portfolio Value of the Company’s properties is calculated by Silver Bay’s proprietary automated valuation model (“AVM”) which estimates the value of the Company’s properties on an individual basis based on comparable sales in the residential real estate market, without reference to the intended use for the properties. Estimated NAV does not ascribe any value to in-place leases or to the portfolio as a whole (as compared to the sum of the values of the individual properties), nor does it consider cash flow or other yield metrics. Estimated NAV and Estimated Portfolio Value are non-GAAP financial measures. A reconciliation of book value to Estimated NAV is included in the financial and operating tables accompanying this press release.

Operating Metrics

Silver Bay reported an occupancy rate of 96% on stabilized properties as of March 31, 2015, an increase of two percentage points from the prior quarter.Silver Bay reported an occupancy rate of 92% for the aggregate portfolio as of March 31, 2015, an increase of six percentage points compared to an occupancy rate of 86% on the aggregate portfolio as of December 31, 2014.The Company acquired 85 single-family properties in the first quarter of 2015. The increase in the stabilized occupancy percentage was primarily a function of positive leasing momentum in the Jacksonville, Atlanta and Phoenix markets. A summary of Silver Bay’s occupancy rates is included in the financial and operating tables accompanying this press release.

Silver Bay reported an average monthly rent for the aggregate portfolio of $1,200 for the first quarter of 2015, compared to an average monthly rent of $1,194 for the fourth quarter of 2014.

Dividend Declaration

The Company’s Board of Directors declared a quarterly dividend of $0.09 per share of common stock for the quarter ended March 31, 2015.The dividend was paid April 17, 2015 to common stockholders of record at the close of business on April 6, 2015.

Liquidity and Capital Resources

The Company's liquidity and capital resources as of March 31, 2015 consisted of cash and cash equivalents of $32.9 million, escrow deposits of $22.2 million and $317.8 million borrowing capacity on its revolving credit facility.

The American Home Portfolio acquisition was financed using proceeds obtained under the Company's revolving credit facility, which was amended during the first quarter of 2015 to increase the borrowing capacity to $400.0 million. As of April 1, 2015, the Company had $51.0 million in additional borrowing capacity after funding for the Portfolio acquisition and transaction related expenses. 

2

Share Repurchase Plan

During the first quarter of 2015,the Company repurchased and retired 470,417 shares under the program for a total cost of $7.6 million, at an average purchase price of $16.16, inclusive of commissions.

Conference Call

Silver Bay will host a conference call on May 7, 2015 at 10:00 a.m. EDT to discuss first quarter 2015 financial results and business highlights. To participate in the teleconference, please call toll-free (888) 338-9509 (or (412) 902-4187 for international callers and (855) 669-9657 for Canadian callers) approximately 10 minutes prior to the above start time. You may also listen to the teleconference live via the internet on the Company's website at www.silverbayrealtytrustcorp.com in the Investor Relations section under the Events Calendar link. For those unable to attend, a telephone playback will be available beginning at 1:00 p.m. EDT on May 7, 2015 through 9:00 a.m. EDT on May 22, 2015. The playback can be accessed by calling (877) 344-7529 (or (412) 317-0088 for international callers and (855) 669-9658 for Canadian callers) and providing Conference Number 10063551. The call will also be archived on the Company's website in the Investor Relations section under the Events Calendar link.

Silver Bay Realty Trust Corp.

Silver Bay Realty Trust Corp. is an internally managed Maryland corporation focused on the acquisition, renovation, leasing and management of single-family properties for rental income and long-term capital appreciation. Silver Bay owns single-family properties in Arizona, California, Florida, Georgia, Nevada, North Carolina, Ohio and Texas. Silver Bay has elected to be taxed as a REIT for U.S. federal tax purposes.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “target,” “assume,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Factors that could cause actual results to differ include: adverse economic or real estate developments in Silver Bay’s markets; defaults on, early terminations of or non-renewal of leases by residents; difficulties in identifying properties to acquire and completing acquisitions; increased time and/or expense to gain possession and renovate properties; increased vacancy, resident turnover, or turnover costs; Silver Bay’s ability to control or reduce operating expenses, including repairs and maintenance expense and other costs such as real estate taxes, homeowners’ association fees, insurance and other costs outside the Company’s control; Silver Bay’s failure to successfully operate its properties; Silver Bay’s ability to obtain financing arrangements; Silver Bay’s failure to meet the conditions to draw under the revolving credit facility; maintenance or capital improvement costs related to the Portfolio that exceed Silver Bay's assumptions, defaults among residents of the Portfolio that exceed Silver Bay's assumptions, difficulties with successfully integrating the Portfolio into Silver Bay’s existing portfolio; the Company’s ability to hire and retain skilled managerial, investment, financial and operational personnel; the Company’s ability to perform under the covenants of its revolving credit facility and securitization loan; general volatility of the markets in which it participates; interest rates and the market value of Silver Bay’s assets; the impact of changes in governmental regulations, tax law and rates, and similar matters.

Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Silver Bay does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Additional information concerning these and other risk factors is contained in Silver Bay’s most recent filings with the Securities and Exchange Commission (“SEC”). All subsequent written and oral forward looking statements concerning Silver Bay or matters attributable to Silver Bay or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

3

Non-GAAP Financial Measures

Estimated Portfolio and Estimated Net Asset Value

The Estimated Portfolio Value reflects the value of Silver Bay’s properties calculated by the Company’s proprietary AVM, less the Company’s estimate of the remaining cost to renovate such properties, or Estimated Renovation Reserve. The AVM estimates the value of the Company’s properties on an individual basis based on prior comparable sales in the residential real estate market, without reference to the intended use for the properties. These individual property values are then aggregated and reduced by the Estimated Renovation Reserve, which accounts for the AVM assumption that renovations for all properties have been completed, to derive the Estimated Portfolio Value of the Company’s properties. The difference between the Estimated Portfolio Value and net investments in real estate as of March 31, 2015 is attributable to multiple factors, including aggregate home price appreciation in Silver Bay markets, purchasing at discounts to market prices, value created by the Company’s renovations in excess of the cost of the renovations, and the exclusion of accumulated depreciation in the calculation of Estimated Portfolio Value.

Estimated NAV is intended to be an estimate of the value of all of the Company’s assets net of liabilities. To calculate Estimated NAV, the Company starts with its historical book value, subtracts its historical net investments in real estate and adds its Estimated Portfolio Value. For purposes of calculating Estimated Portfolio Value and Estimated NAV, the Company does not deduct the estimated costs of selling the properties in the portfolio, including commissions and closing costs. Further, the Company ascribes no value to existing leases or to the portfolio as a whole (as compared to the sum of the values of the individual properties), nor does it consider cash flow or other yield metrics.

Estimated Portfolio Value and Estimated NAV are non-GAAP financial measures. Silver Bay provides the Estimated Portfolio Value and Estimated NAV as additional tools for investors seeking to value the Company. These metrics should be considered along with other available information in valuing and assessing Silver Bay, including the Company’s GAAP financial measures and other cash flow and yield metrics, and these metrics should not be viewed as a substitute for book value, net investments in real estate, equity, net income or cash flows from operations prepared in accordance with GAAP, or as a measure of the Company’s profitability or liquidity.

Net Operating Income

Net operating income (“NOI”) is a non-GAAP financial measure defined by the Company as total revenue less property operating and maintenance, real estate taxes, homeowners’ association fees, property management expenses, and certain other non-cash or unrelated non-operating expenses. NOI excludes depreciation and amortization, the former advisory management fees, portfolio acquisition expense, general and administrative expenses, share-based compensation, interest expense, and other non-comparable items as applicable. Additionally, NOI excludes certain property management add backs such as the former 5% property management fee payable prior to the Internalization because it more closely represented additional advisory management fee, expensed acquisition fees and costs, and certain other property management costs.

NOI should not be considered an alternative to net loss or net cash flows from operating activities, as determined in accordance with GAAP, as indications of Silver Bay’s performance or as measures of liquidity. Although the Company uses this non-GAAP measure for comparability in assessing its performance against other REITs, not all REITs compute this non-GAAP measure in the same manner. Accordingly, there can be no assurance that the Company’s basis for computing this non-GAAP measure is comparable with that of other REITs.

Funds From Operations and Core Funds From Operations

Funds From Operations ("FFO") is a non-GAAP financial measure that the Company believes, when considered with the financial statements determined in accordance with GAAP, is helpful to investors in understanding performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciable assets.  The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss), computed in accordance with GAAP, excluding gains or losses from sales of, and impairment losses recognized with respect to, depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated on the same basis to determine FFO.

Core Funds From Operations ("Core FFO") is a non-GAAP financial measure that the Company uses as a supplemental measure of performance. The Company believes that Core FFO is further helpful to investors as it provides a more consistent measurement of performance across reporting periods by removing the impact of certain items that are not comparable from

4

period to period. The Company adjusts FFO for expensed acquisition fees and costs, including those associated with the Portfolio acquisition, certain fees and expenses related to the securitization transaction, share-based compensation, write-offs of expenses associated with changes in debt structure, and certain other non-comparable costs to arrive at Core FFO.

FFO and Core FFO should not be considered alternatives to net income (loss) or net cash flows from operating activities, as determined in accordance with GAAP, as indications of our performance or as measures of liquidity. These non-GAAP measures are not necessarily indicative of cash available to fund future cash needs. In addition, although the Company uses these non-GAAP measures for comparability in assessing performance against other REITs, not all REITs compute the same non-GAAP measures. Accordingly, there can be no assurance that the Company's basis for computing these non-GAAP measures is comparable with that of other REITs. This is due in part to the differences in capitalization policies used by different companies and the significant effect these capitalization policies have on FFO and Core FFO.  Real estate costs which are accounted for as capital improvements are added to the carrying value of the property and depreciated over time, whereas real estate costs that are expenses are accounted for as a current period expense.  This affects FFO and Core FFO because costs that are accounted for as expenses reduce FFO and Core FFO.  Conversely, real estate costs associated with assets that are capitalized and then subsequently depreciated are added back to net income to calculate FFO and Core FFO.

FFO and Core FFO are calculated on a gross basis and, as such, do not reflect adjustments for the noncontrolling interests - Operating Partnership.    

Additional Information

Stockholders of Silver Bay, and other interested persons, may find additional information regarding the Company at the SEC's website at www.sec.gov or by directing requests to: Silver Bay Realty Trust Corp., Attn: Investor Relations, 3300 Fernbrook Lane North, Suite 210, Plymouth, MN 55447, telephone (952) 358-4400.

Contact

Anh Huynh, Director of Investor Relations, Silver Bay Realty Trust Corp., ahuynh@silverbaymgmt.com, (952) 358-4400.

5

SUPPLEMENTAL FINANCIAL AND OPERATING DATA

FIRST QUARTER 2015

TABLE OF CONTENTS

ITEM	Page
CONDENSED CONSOLIDATED BALANCE SHEETS	7
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS	8
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	10
PORTFOLIO SUMMARY OF SINGLE-FAMILY PROPERTIES	11
PORTFOLIO SUMMARY OF LEASING STATUS OF PROPERTIES	12
DEFINITIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES	13

6

SILVER BAY REALTY TRUST CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(AMOUNTS IN THOUSANDS EXCEPT SHARE DATA)

	March 31, 2015 (unaudited)			December 31, 2014
Assets
Investments in real estate:
Land	$	170,065		$	167,780
Building and improvements	797,359			780,590
	967,424			948,370
Accumulated depreciation	(49,890		)	(43,150		)
Investments in real estate, net	917,534			905,220
Assets held for sale	769			2,010
Cash and cash equivalents	32,897			49,854
Escrow deposits	22,158			20,211
Resident security deposits	9,338			8,595
In-place lease and deferred lease costs, net	755			688
Deferred financing costs, net	15,827			11,960
Other assets	6,395			3,842
Total assets	$	1,005,673		$	1,002,380
Liabilities and Equity
Liabilities:
Securitization loan, net of unamortized discount of $1,312 and $1,387, respectively	$	310,220		$	310,665
Revolving credit facility	82,221			67,096
Accounts payable and accrued property expenses	15,251			13,090
Resident prepaid rent and security deposits	10,655			9,634
Total liabilities	418,347			400,485
10% cumulative redeemable preferred stock, $0.01 par; 50,000,000 authorized, 1,000 issued and outstanding	1,000			1,000
Equity:
Stockholders’ equity:
Common stock $0.01 par; 450,000,000 shares authorized; 36,363,059 and 36,711,694, respectively, shares issued and outstanding	361			366
Additional paid-in capital	653,900			660,776
Accumulated other comprehensive loss	(145		)	(86		)
Cumulative deficit	(101,691		)	(94,593		)
Total stockholders’ equity	552,425			566,463
Noncontrolling interests - Operating Partnership	33,901			34,432
Total equity	586,326			600,895
Total liabilities and equity	$	1,005,673		$	1,002,380

7

SILVER BAY REALTY TRUST CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(AMOUNTS IN THOUSANDS EXCEPT SHARE DATA)

(UNAUDITED)

	Three Months Ended   March 31,
	2015			2014
Revenue:
Rental income	$	21,703		$	17,671
Other income	549			460
Total revenue	22,252			18,131
Expenses:
Property operating and maintenance	4,357			3,610
Real estate taxes	3,551			2,486
Homeowners’ association fees	405			304
Property management	2,147			2,895
Depreciation and amortization	7,111			6,145
Advisory management fee - affiliates	—			2,201
Portfolio acquisition expense	755			—
General and administrative	4,050			1,919
Share-based compensation	497			198
Interest expense	3,486			2,327
Other	(266		)	411
Total expenses	26,093			22,496
Net loss	(3,841		)	(4,365		)
Net loss attributable to noncontrolling interests - Operating Partnership	222			—
Net loss attributable to controlling interests	(3,619		)	(4,365		)
Preferred stock distributions	(25		)	(25		)
Net loss attributable to common stockholders	$	(3,644	)	$	(4,390	)
Loss per share - basic and diluted:
Net loss attributable to common shares	$	(0.10	)	$	(0.11	)
Weighted average common shares outstanding	36,428,809			38,542,728
Comprehensive Loss:
Net loss	$	(3,841	)	$	(4,365	)
Other comprehensive loss:
Change in fair value of interest rate cap agreements	(59		)	(86		)
Other comprehensive loss	$	(59	)	$	(86	)
Comprehensive loss	(3,900		)	(4,451		)
Less comprehensive loss attributable to noncontrolling interests - Operating Partnership	222			—
Comprehensive loss attributable to controlling interests	$	(3,678	)	$	(4,451	)

8

SILVER BAY REALTY TRUST CORP.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(AMOUNTS IN THOUSANDS EXCEPT SHARE DATA)

(UNAUDITED)

	Common Stock								Accumulated  Other Comprehensive Loss						Total Stockholders’ Equity			Noncontrolling Interests - Operating Partnership
	Shares		Par Value Amount			Additional Paid-In Capital						Cumulative Deficit									Total Equity
Balance at January 1, 2015	36,711,694		$	366		$	660,776		$	(86	)	$	(94,593	)	$	566,463		$	34,432		$	600,895
Non-cash equity awards, net	125,990		—			478			—			—			478			—			478
Repurchase and retirement of common stock	(474,625	)	(5		)	(7,663		)	—			—			(7,668		)	—			(7,668		)
Dividends declared	—		—			—			—			(3,479		)	(3,479		)	—			(3,479		)
Net loss	—		—			—			—			(3,619		)	(3,619		)	(222		)	(3,841		)
Other comprehensive loss	—		—			—			(59		)	—			(59		)	—			(59		)
Adjustment to noncontrolling interests - Operating Partnership	—		—			309			—			—			309			(309		)	—
Balance at March 31, 2015	36,363,059		$	361		$	653,900		$	(145	)	$	(101,691	)	$	552,425		$	33,901		$	586,326

9

SILVER BAY REALTY TRUST CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(AMOUNTS IN THOUSANDS)

(UNAUDITED)

	Three Months Ended   March 31,
	2015			2014
Cash Flows From Operating Activities:
Net loss	$	(3,841	)	$	(4,365	)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
Depreciation and amortization	7,111			6,145
Non-cash share-based compensation	478			198
Amortization and write-off of deferred financing costs	1,023			460
Amortization of discount on securitization loan	75			—
Other	219			541
Net change in assets and liabilities:
Decrease (increase) in escrow cash for operating activities and debt reserves	2,683			(7,839		)
Increase in deferred lease fees and other assets	(966		)	(672		)
Increase in accounts payable, accrued property expenses, and prepaid rent	1,477			465
Decrease in related party payables, net	—			(7,656		)
Net cash provided (used) by operating activities	8,259			(12,723		)
Cash Flows From Investing Activities:
Purchase of investments in real estate	(9,897		)	(13,065		)
Capital improvements of investments in real estate	(9,502		)	(7,789		)
Increase in escrow cash for investing activities	(4,630		)	(35		)
Proceeds from sale of real estate	1,240			1,232
Other	(43		)	(19		)
Net cash used by investing activities	(22,832		)	(19,676		)
Cash Flows From Financing Activities:
Payments on securitization loan	(520		)	—
Proceeds from revolving credit facility	15,125			33,650
Deferred financing costs paid	(4,712		)	(1,260		)
Purchase of interest rate cap agreements	(2,250		)	(100		)
Repurchase and retirement of common stock	(7,668		)	(2,438		)
Dividends paid	(2,359		)	(409		)
Net cash (used) provided by financing activities	(2,384		)	29,443
Net change in cash	(16,957		)	(2,956		)
Cash and cash equivalents at beginning of period	49,854			43,717
Cash and cash equivalents at end of period	$	32,897		$	40,761
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	$	2,288		$	1,808
Decrease in fair value of interest rate cap agreements	$	59		$	86
Noncash investing and financing activities:
Common stock and unit dividends declared, but not paid	$	3,454		$	1,150
Financing costs in accounts payable	$	178		$	—
Capital improvements in accounts payable	$	1,543		$	903

10

SILVER BAY REALTY TRUST CORP.

PORTFOLIO SUMMARY OF SINGLE-FAMILY PROPERTIES

AS OF MARCH 31, 2015

Market	Number of Properties(1)	Aggregate Cost Basis (thousands)(2)		Average Cost Basis per Property (thousands)		Average Age (in years)(3)	Average Square Footage
Phoenix	1,424	$	201,719	$	142	26.2	1,636
Atlanta	1,133	143,403		127		18.5	1,983
Tampa	926	133,046		144		25.4	1,656
Dallas	503	66,948		133		23.0	1,619
Jacksonville	450	59,265		132		26.4	1,527
Southeast FL(4)	385	74,720		194		43.4	1,495
Northern CA(5)	384	72,591		189		46.4	1,401
Orlando	335	49,644		148		27.4	1,555
Las Vegas	291	41,298		142		18.7	1,717
Columbus	284	32,913		116		37.6	1,414
Charlotte	262	36,645		140		13.9	1,804
Tucson	209	17,347		83		42.0	1,330
Southern CA(6)	156	23,715		152		45.0	1,346
Houston	122	14,170		116		31.0	1,653
TOTALS	6,864	$	967,424	$	141	27.4	1,647

(1) Total properties exclude properties held for sale or sold by the Company’s taxable REIT subsidiary and any properties previously acquired in purchases that have been subsequently rescinded or vacated.

(2) Aggregate cost includes all capitalized costs, determined in accordance with U.S. generally accepted accounting principles, incurred through March 31, 2015 for the acquisition, stabilization, and significant post-stabilization renovation of properties, including land, building, possession costs and renovation costs. Aggregate cost includes $9.5 million in capital improvements, incurred from the Company's formation through March 31, 2015, made to properties that had been previously renovated, but does not include accumulated depreciation. 

 (3) As of March 31, 2015, approximately 8% of the properties in the aggregate portfolio were less than 10 years old, 33% were between 10 and 20 years old, 19% were between 20 and 30 years old, 19% were between 30 and 40 years old, 9% were between 40 and 50 years old and 12% were more than 50 years old. Average age is an annual calculation. 

(4) Southeast Florida market currently consists of Miami-Dade, Broward and Palm Beach counties.

(5) Northern California market currently consists of Contra Costa, Napa and Solano counties. 

(6) Southern California market currently consists of Riverside and San Bernardino counties.

11

SILVER BAY REALTY TRUST CORP.

PORTFOLIO SUMMARY OF LEASING STATUS OF PROPERTIES

AS OF MARCH 31, 2015

Market	Number of Properties	Number of Stabilized Properties(1)	Properties Leased	Properties Vacant	Aggregate Portfolio Occupancy Rate		Stabilized Occupancy Rate		Average Monthly Rent(2)
Phoenix	1,424	1,424	1,386	38	97.3	%	97.3	%	$	1,073
Atlanta	1,133	1,111	1,064	69	93.9	%	95.8	%	1,155
Tampa	926	926	884	42	95.5	%	95.5	%	1,285
Dallas	503	469	427	76	84.9	%	91.0	%	1,280
Jacksonville	450	414	392	58	87.1	%	94.7	%	1,115
Southeast FL	385	331	305	80	79.2	%	92.1	%	1,668
Northern CA	384	384	376	8	97.9	%	97.9	%	1,526
Orlando	335	319	316	19	94.3	%	99.1	%	1,214
Las Vegas	291	291	287	4	98.6	%	98.6	%	1,166
Columbus	284	284	275	9	96.8	%	96.8	%	1,047
Charlotte	262	169	145	117	55.3	%	85.8	%	1,194
Tucson	209	209	201	8	96.2	%	96.2	%	840
Southern CA	156	155	152	4	97.4	%	98.1	%	1,185
Houston	122	122	119	3	97.5	%	97.5	%	1,225
TOTALS	6,864	6,608	6,329	535	92.2	%	95.8	%	$	1,200

(1) The Company considers a property stabilized at the earlier of (a) its first authorized occupancy or (b) 90 days after the renovations for such property are complete regardless of whether the property is leased. Properties acquired with in-place leases are considered stabilized even though such properties may require future renovation to meet the Company's standards and may have existing residents who would not otherwise meet the Company's resident screening requirements.

(2) Average monthly rent for leased properties was calculated as the average of the contracted monthly rent for all leased properties as of March 31, 2015 and reflects rent concessions amortized over the life of the related lease.

12

SILVER BAY REALTY TRUST CORP.

DEFINITIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

(AMOUNTS IN THOUSANDS EXCEPT SHARE DATA)

Estimated Portfolio and Estimated Net Asset Value

Estimated Portfolio Value and Estimated NAV are non-GAAP financial measures. Silver Bay provides the Estimated Portfolio Value and Estimated NAV and believes such metrics are useful as additional tools for investors seeking to value the Company. These metrics should be considered along with other available information in valuing and assessing Silver Bay, including the Company’s GAAP financial measures or other cash flow or yield metrics and should not be viewed as a substitute for book value, net investments in real estate, equity, net income or cash flows from operations prepared in accordance with GAAP, or as a measure of the Company’s profitability or liquidity.

A description of the Company’s AVM along with certain assumptions and limitations related to its AVM and its calculations of Estimated Portfolio Value and Estimated NAV can be found on the Company’s website at www.silverbayrealtytrustcorp.com in the Investor Relations section under the non-GAAP Reconciliations link.

The following is a reconciliation of the Company’s investments in real estate to Estimated Portfolio Value and book value to Estimated NAV:

(amounts in thousands except share data)	March 31, 2015
	Amount			Per Share(1)
Investments in real estate, gross	$	967,424		$	25.06
Accumulated depreciation	(49,890		)	(1.29		)
Investments in real estate, net	917,534			23.77
Add: Increase in estimated fair market value of investments in real estate(2)	191,490			4.96
Less: Estimated Renovation Reserve(3)	(1,685		)	(0.04		)
Estimated Portfolio Value	$	1,107,339		$	28.69
Book value(4)	$	586,326		$	15.19
Less: Investments in real estate, net	(917,534		)	(23.77		)
Add: Estimated Portfolio Value	1,107,339			28.69
Estimated Net Asset Value	$	776,131		$	20.11

(1) Per share amounts are based upon common shares outstanding of 36,363,059 plus 2,231,511 common units for a total of 38,594,570 fully diluted shares outstanding as of March 31, 2015.

(2) Difference between AVM derived value of the Company’s portfolio of properties of $1.1 billion which assumes all properties are fully renovated, and net investments in real estate.

(3) Estimated renovation reserve is calculated on properties in the portfolio that are not currently stabilized and for which the initial renovation has not been completed.

(4) Book value as defined by U.S. generally accepted accounting principles represents total assets less total liabilities and less preferred stock in mezzanine or total equity.

Net Operating Income

Net operating income (“NOI”) is a non-GAAP financial measure defined by the Company as total revenue less property operating and maintenance, real estate taxes, homeowners’ association fees, property management expenses, and certain other non-cash or unrelated non-operating expenses. NOI excludes depreciation and amortization, the former advisory management fees, portfolio acquisition expense, general and administrative expenses, share-based compensation, interest expense, and other non-comparable items as applicable. Additionally, NOI excludes certain property management add backs such as the former 5% property management fee payable prior to the Internalization because it more closely represented additional advisory management fee, expensed acquisition fees and costs, and certain other property management costs.

13

The Company considers NOI to be a meaningful financial measure when considered with the financial statements determined in accordance with U.S. GAAP. The Company believes NOI is helpful to investors in understanding the core performance of our real estate operations.

The following is a reconciliation of NOI to net loss as determined in accordance with GAAP for the three months ended March 31, 2015 and 2014 (amounts in thousands):

	Three Months Ended March 31,
	2015			2014
Net loss	$	(3,841	)	$	(4,365	)
Depreciation and amortization	7,111			6,145
Advisory management fee - affiliates	—			2,201
Portfolio acquisition expense	755			—
General and administrative	4,050			1,919
Share-based compensation	497			198
Interest expense	3,486			2,327
Other	(266		)	411
Property operating and maintenance add back:
Market ready costs prior to initial lease and other	84			89
Property management add backs	—			298
Net operating income	$	11,876		$	9,223
Net operating income as a percentage of total revenue	53.4		%	50.9		%

Funds From Operations and Core Funds From Operations

Funds From Operations ("FFO") is a non-GAAP financial measure that the Company believes, when considered with the financial statements determined in accordance with GAAP, is helpful to investors in understanding performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciable assets.  The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss), computed in accordance with GAAP, excluding gains or losses from sales of, and impairment losses recognized with respect to, depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated on the same basis to determine FFO.

Core Funds From Operations ("Core FFO") is a non-GAAP financial measure that the Company uses as a supplemental measure of performance. The Company believes that Core FFO is further helpful to investors as it provides a more consistent measurement of performance across reporting periods by removing the impact of certain items that are not comparable from period to period. The Company adjusts FFO for expensed acquisition fees and costs, including those associated with the Portfolio acquisition, certain fees and expenses related to the securitization transaction, share-based compensation, write-offs of expenses associated with changes in debt structure, and certain other non-comparable costs to arrive at Core FFO.

FFO and Core FFO should not be considered alternatives to net income (loss) or net cash flows from operating activities, as determined in accordance with GAAP, as indications of our performance or as measures of liquidity. These non-GAAP measures are not necessarily indicative of cash available to fund future cash needs. In addition, although the Company uses these non-GAAP measures for comparability in assessing performance against other REITs, not all REITs compute the same non-GAAP measures. Accordingly, there can be no assurance that the Company's basis for computing these non-GAAP measures is comparable with that of other REITs. This is due in part to the differences in capitalization policies used by different companies and the significant effect these capitalization policies have on FFO and Core FFO.  Real estate costs which are accounted for as capital improvements are added to the carrying value of the property and depreciated over time, whereas real estate costs that are expenses are accounted for as a current period expense.  This affects FFO and Core FFO because costs that are accounted for as expenses reduce FFO and Core FFO.  Conversely, real estate costs associated with assets that are capitalized and then subsequently depreciated are added back to net income to

14

calculate FFO and Core FFO.

FFO and Core FFO are calculated on a gross basis and, as such, do not reflect adjustments for the noncontrolling interests - Operating Partnership.    

The following table sets forth a reconciliation of net loss as determined in accordance with GAAP and the Company's calculations of FFO and Core FFO for the three months ended March 31, 2015 and 2014. Also presented is information regarding the weighted-average number of shares of common stock and common units of the Operating Partnership outstanding used for the computation of FFO and Core FFO per share (amounts in thousands, except share and per-share amounts):

	Three Months Ended March 31,
	2015			2014
Net loss	$	(3,841	)	$	(4,365	)
Depreciation and amortization	7,111			6,145
Other	(286		)	295
Funds from operations	2,984			2,075
Adjustments:
Portfolio acquisition expense	755			—
Acquisition fees and costs expensed and other	—			60
Securitization fees and costs expensed(1)	—			110
Share-based compensation	497			198
Market ready costs prior to initial lease and other	84			89
System implementation costs	—			124
Write-off of deferred financing fees	31			—
Amortization of discount on securitization loan	75			—
Other(2)	64			—
Core funds from operations	$	4,490		$	2,656
FFO	$	2,984		$	2,075
Preferred stock distributions	(25		)	(25		)
FFO available to common shares and units	$	2,959		$	2,050
Core FFO	$	4,490		$	2,656
Preferred stock distributions	(25		)	(25		)
Core FFO available to common shares and units	$	4,465		$	2,631
Weighted average common shares and units outstanding(3)	38,660,320			38,542,728
FFO per share	$	0.08		$	0.05
Core FFO per share	$	0.12		$	0.07

(1) Represents non-capitalizable costs related to our securitization transaction for personnel and other matters.

(2) Non-comparable costs from prior periods.

(3) Represents the weighted average of common shares and common units in the Operating Partnership outstanding for the periods presented.

15