Annual report pursuant to Section 13 and 15(d)

Subsequent Events (Notes)

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Subsequent Events (Notes)
 12 Months Ended
Dec. 31, 2011
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
Subsequent Events
On January 17, 2012, the Company completed a public offering of 34,000,000 shares of its common stock and subsequently issued an additional 5,100,000 shares of common stock pursuant to the underwriters' over-allotments at a price of $9.17 per share, for gross proceeds of approximately $358.5 million. Net proceeds to the Company from the offerings were approximately $354.5 million, net of issuance costs of approximately $4.0 million.
In January 2012, the Company announced its plan to begin acquiring residential real properties in certain metropolitan areas across the United States. The Company intends to hold the properties for investment and rent them for income.
On February 3, 2012, a subsidiary of the Company entered into an Acquisition Services Agreement, a Property Management Agreement and a side letter agreement regarding certain fees with Silver Bay Property Management LLC (“Silver Bay”), which is a joint venture between Provident Real Estate Advisors LLC and an affiliate, Pine River. Under the Acquisition Services Agreement, Silver Bay will assist the Company's subsidiary in identifying and acquiring a portfolio of residential real properties in various geographic areas throughout the U.S. Under the Property Management Agreement, Silver Bay will operate, maintain, repair, manage and lease the residential properties and collect rental income for the benefit of the Company and its affiliates. Pursuant to the side letter, the Company's subsidiary is obligated to pay Silver Bay for various services provided under the Acquisition Services and the Property Management Agreements.
On February 24, 2012, the Company completed a public offering of 30,000,000 shares of its common stock and subsequently issued an additional 4,500,000 shares of common stock pursuant to the underwriter's over-allotments at a price of $9.90 per share, for gross proceeds of approximately $341.6 million. Net proceeds to the Company from the offerings were approximately $337.4 million, net of issuance costs of approximately $4.2 million.
Events subsequent to December 31, 2011 were evaluated through the date these financial statements were issued and no additional events were identified requiring further disclosure in these Consolidated Financial Statements.