$SILA
Sila Realty Trust, Inc.

2016 Q2 Form 10-Q Financial Statement

#000156792516000016 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $12.20M $3.067M
YoY Change 297.88%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $9.638M $4.661M
YoY Change 106.78% 8374.55%
Operating Profit $2.565M -$1.594M
YoY Change -260.92% 2798.18%
Interest Expense -$732.0K $291.0K
YoY Change -351.55%
% of Operating Profit -28.54%
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $1.833M -$1.885M
YoY Change -197.24% 3327.27%
Net Earnings / Revenue 15.02% -61.46%
Basic Earnings Per Share $0.03 -$0.08
Diluted Earnings Per Share $0.03 -$0.08
COMMON SHARES
Basic Shares Outstanding 63.51M shares 24.06M shares
Diluted Shares Outstanding 63.53M shares 24.06M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $35.65M $37.27M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $673.0M $258.2M
YoY Change 160.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $117.2M $7.287M
YoY Change 1508.23%
SHAREHOLDERS EQUITY
Retained Earnings -$10.83M
YoY Change
Common Stock $680.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $555.8M $250.9M
YoY Change
Total Liabilities & Shareholders Equity $673.0M $258.2M
YoY Change 160.66%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $1.833M -$1.885M
YoY Change -197.24% 3327.27%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2016Q2 cik0001567925 Number Of Metropolitan Statistical Areas In Which Company Owns Rental Property
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CY2016Q2 cik0001567925 Number Of Real Estate Investments
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CY2016Q2 cik0001567925 Numberof Micropolitan Statistical Areas In Which Company Owns Rental Property
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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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dei Document Period End Date
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dei Entity Registrant Name
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us-gaap Increase Decrease In Due To Affiliates
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825000 USD
us-gaap Increase Decrease In Other Operating Assets
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1366000 USD
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2000 USD
us-gaap Increase Decrease In Restricted Cash
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2515000 USD
us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
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us-gaap Interest Income Expense Nonoperating Net
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CY2016Q2 us-gaap Interest Income Expense Nonoperating Net
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us-gaap Interest Income Expense Nonoperating Net
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CY2015Q4 us-gaap Land
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CY2016Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2015Q4 us-gaap Minority Interest
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us-gaap Number Of Businesses Acquired
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us-gaap Number Of Reportable Segments
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CY2016Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
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us-gaap Operating Leases Income Statement Lease Revenue
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CY2016Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2016Q2 us-gaap Real Estate Investment Property Net
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-101000 USD
us-gaap Payments For Capital Improvements
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us-gaap Payments For Capital Improvements
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2087000 USD
us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
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1133000 USD
us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
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-443000 USD
us-gaap Operating Leases Income Statement Lease Revenue
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20909000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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0 USD
us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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1135000 USD
us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Common Stock
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7493000 USD
us-gaap Payments Of Financing Costs
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us-gaap Payments Of Financing Costs
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Payments To Acquire Real Estate
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us-gaap Payments To Acquire Real Estate
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CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
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CY2015Q4 us-gaap Preferred Stock Shares Authorized
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CY2015Q4 us-gaap Preferred Stock Value
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CY2015Q4 us-gaap Prepaid Expense And Other Assets
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16150000 USD
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Long Term Lines Of Credit
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45000000 USD
us-gaap Profit Loss
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-2164000 USD
us-gaap Profit Loss
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3443000 USD
CY2015Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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10947000 USD
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us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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us-gaap Repayments Of Long Term Lines Of Credit
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39500000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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40000000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2015Q2 us-gaap Revenues
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us-gaap Revenues
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us-gaap Revenues
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555769000 USD
us-gaap Straight Line Rent
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us-gaap Tenant Reimbursements
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CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Concentration Risk Credit Risk
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;">Concentration of Credit Risk and Significant Leases</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;30, 2016</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, the Company had cash on deposit, including restricted cash, in certain financial institutions that had deposits in excess of current federally insured levels; however, the Company has not experienced any losses in such accounts. The Company limits its cash investments to financial institutions with high credit standings; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has experienced no loss of or lack of access to cash in its accounts. Concentration of credit risk with respect to accounts receivable from tenants is limited.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;30, 2016</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, the Company owned real estate investments in </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">23</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> MSAs and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">one</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> &#181;SA, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">four</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> MSAs of which accounted for 10.0% or more of rental revenue. Real estate investments located in </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">the Houston-The Woodlands-Sugar Land, Texas MSA, the Oklahoma City, Oklahoma MSA, the Dallas-Fort Worth-Arlington, Texas MSA, and the Cincinnati, Ohio-Kentucky-Indiana MSA</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> accounted for </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">15.3%</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">12.8%</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">12.5%</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">10.1%</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, respectively, of rental revenue for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">six months</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;30, 2016</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;30, 2016</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, the Company had </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">one</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> tenant's exposure concentration that accounted for 10.0% or more of rental revenue. The leases with tenants under common control of the guarantor Post Acute Medical, LLC accounted for </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">13.2%</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> of rental revenue for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">six months</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;30, 2016</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the Company&#8217;s </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">condensed consolidated</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> financial position or results of operations.</font></div></div>
us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:18px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-weight:bold;">Organization and Business Operations</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;"> </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Carter Validus Mission Critical REIT II, Inc., or the Company, is a Maryland corporation that was formed on January&#160;11, 2013, which elected to be taxed as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with its taxable year ended December&#160;31, 2014. The Company commenced principal operations on July&#160;3, 2014 when it satisfied the minimum offering requirement and issued approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">213,333</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> shares of Class&#160;A common stock for gross proceeds of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$2,000,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">. Substantially all of the Company&#8217;s business is conducted through Carter Validus Operating Partnership II, LP, a Delaware limited partnership, or the Operating Partnership, formed on January&#160;10, 2013. The Company is the sole general partner of the Operating Partnership and Carter Validus Advisors II, LLC, or the Advisor, is the initial limited partner of the Operating Partnership. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The Company is offering for sale a maximum of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$2,350,000,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> in shares of common stock, consisting of up to </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$2,250,000,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> in shares in its primary offering and up to </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$100,000,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> in shares of common stock to be made available pursuant to the Company&#8217;s distribution reinvestment plan, or the DRIP, on a &#8220;best efforts&#8221; basis, or the Offering, pursuant to a registration statement on Form S-11, or the Registration Statement, filed with the Securities and Exchange Commission, or the SEC, under the Securities Act of 1933, as amended, or the Securities Act, which was declared effective on May&#160;29, 2014. The Company has registered for offering shares of Class A common stock and shares of Class&#160;T common stock, in any combination with a dollar value up to the maximum primary offering amount. The initial offering price for the shares in the primary offering is </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$10.00</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> per Class&#160;A share and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$9.574</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> per Class T share.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;30, 2016</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, the Company had accepted investors&#8217; subscriptions for and issued approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">68,168,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> shares of Class&#160;A and Class T common stock (including shares of common stock issued pursuant to the DRIP) in the Offering, resulting in receipt of gross proceeds of approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$674,158,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, before selling commissions and dealer manager fees of approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$59,583,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, distribution and servicing fees of approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$3,042,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> and other offering costs of approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$13,184,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">. As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;30, 2016</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, the Company had approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$1,675,842,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> in Class&#160;A shares and Class T shares of common stock remaining in the Offering.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Substantially all of the Company&#8217;s business is managed by the Advisor. Carter Validus Real Estate Management Services&#160;II, LLC, or the Property Manager, an affiliate of the Advisor, serves as the Company&#8217;s property manager. The Advisor and the Property Manager have received, and will continue to receive, fees for services related to the acquisition and operational stages. The Advisor will also be eligible to receive fees during the liquidation stage. SC Distributors, LLC, an affiliate of the Advisor, or the Dealer Manager, serves as the dealer manager of the Offering. The Dealer Manager has received, and will continue to receive, fees for services related to the Offering.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The Company was formed to invest primarily in quality income-producing commercial real estate, with a focus on data centers and healthcare properties, preferably with long-term net leases to investment grade and other creditworthy tenants, as well as to make other real estate-related investments that relate to such property types. Real estate-related investments may include equity or debt interests, including securities, in other real estate entities. The Company also may originate or invest in real estate-related notes receivable. The Company expects real estate-related notes receivable originations and investments to be focused on first mortgage loans, but also may include real estate-related bridge loans, mezzanine loans and securitized notes receivable. As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;30, 2016</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, the Company owned </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">29</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> real estate investments, consisting of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">42</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> properties, located in </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">23</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> metropolitan statistical areas, or MSAs, and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">one</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> micropolitan statistical area, or &#181;SA.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Except as the context otherwise requires, &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us,&#8221; and the &#8220;Company&#8221; refer to Carter Validus Mission Critical REIT&#160;II, Inc., the Operating Partnership and all wholly-owned subsidiaries.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The preparation of the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">condensed consolidated</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.</font></div></div>

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