2015 Q4 Form 10-K Financial Statement

#000156792517000028 Filed on March 16, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue $9.025M $6.884M $3.067M
YoY Change 3218.01% 10490.77%
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 $9.184M $8.103M $4.661M
YoY Change 375.61% 1543.61% 8374.55%
Operating Profit -$159.0K -$1.219M -$1.594M
YoY Change -90.42% 184.81% 2798.18%
Interest Expense -$683.0K $542.0K $291.0K
YoY Change 596.94% 903.7%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$842.0K -$1.761M -$1.885M
YoY Change -52.08% 265.35% 3327.27%
Net Earnings / Revenue -9.33% -25.58% -61.46%
Basic Earnings Per Share -$0.02 -$0.05 -$0.08
Diluted Earnings Per Share -$0.02 -$0.05 -$0.08
COMMON SHARES
Basic Shares Outstanding 43.74M shares 34.79M shares 24.06M shares
Diluted Shares Outstanding 43.74M shares 34.79M shares 24.06M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $31.26M $50.36M $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 $506.6M $403.2M $258.2M
YoY Change 417.67%
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 $106.3M $78.30M $7.287M
YoY Change 160.77%
SHAREHOLDERS EQUITY
Retained Earnings -$26.06M -$18.19M -$10.83M
YoY Change 754.74%
Common Stock $485.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $400.3M $324.9M $250.9M
YoY Change
Total Liabilities & Shareholders Equity $506.6M $403.2M $258.2M
YoY Change 417.67%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income -$842.0K -$1.761M -$1.885M
YoY Change -52.08% 265.35% 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

Frame Concept Type Concept / XBRL Key Value Unit
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0 USD
CY2015Q4 us-gaap Derivative Assets
DerivativeAssets
0 USD
CY2016Q4 us-gaap Derivative Assets
DerivativeAssets
1782000 USD
CY2016Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 USD
CY2016Q4 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
0 USD
CY2016Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2016Q4 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
0 USD
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
1782000 USD
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
1782000 USD
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
798000 USD
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
798000 USD
CY2016 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
744000 USD
CY2016 us-gaap Derivative Instruments Loss Reclassified From Accumulated Oci Into Income Effective Portion
DerivativeInstrumentsLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortion
96000 USD
CY2015Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
0 USD
CY2016Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
798000 USD
CY2016Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
0 USD
CY2016Q4 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
844000 USD
CY2014Q4 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
0 instrument
CY2015Q4 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
0 instrument
CY2015Q4 us-gaap Development In Process
DevelopmentInProcess
0 USD
CY2016Q4 us-gaap Development In Process
DevelopmentInProcess
20123000 USD
CY2014 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
51000 USD
CY2015 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
2836000 USD
CY2016 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
8164000 USD
CY2014 us-gaap Dividends Common Stock
DividendsCommonStock
755000 USD
CY2015 us-gaap Dividends Common Stock
DividendsCommonStock
18245000 USD
CY2016 us-gaap Dividends Common Stock
DividendsCommonStock
42336000 USD
CY2015Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
2548000 USD
CY2016Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
4336000 USD
CY2015Q4 us-gaap Earnest Money Deposits
EarnestMoneyDeposits
443000 USD
CY2016Q4 us-gaap Earnest Money Deposits
EarnestMoneyDeposits
290000 USD
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.86
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2015Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2015 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.17
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2016Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.86
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2015Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2015 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2016Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2007000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
7995000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
55769000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
9096000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
7852000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
7911000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
8414000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
9011000 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
54633000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
98053000 USD
CY2014 us-gaap Gain Loss On Interest Rate Cash Flow Hedge Ineffectiveness
GainLossOnInterestRateCashFlowHedgeIneffectiveness
0 USD
CY2015 us-gaap Gain Loss On Interest Rate Cash Flow Hedge Ineffectiveness
GainLossOnInterestRateCashFlowHedgeIneffectiveness
0 USD
CY2016 us-gaap Gain Loss On Interest Rate Cash Flow Hedge Ineffectiveness
GainLossOnInterestRateCashFlowHedgeIneffectiveness
144000 USD
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
351000 USD
CY2015 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2133000 USD
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3105000 USD
CY2016Q4 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
303000 USD
CY2014 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
102000 USD
CY2015 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
389000 USD
CY2016 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1588000 USD
CY2014 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
2922000 USD
CY2015 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-995000 USD
CY2016 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
2491000 USD
CY2016 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
524000 USD
CY2014 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-152000 USD
CY2015Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-370000 USD
CY2015Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-291000 USD
CY2015Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-542000 USD
CY2015Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-683000 USD
CY2015 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-1886000 USD
CY2015 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4915000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1307000 USD
CY2016 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
531000 USD
CY2014 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
88000 USD
CY2015 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2534000 USD
CY2016Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-879000 USD
CY2016Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-732000 USD
CY2016Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-626000 USD
CY2016Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-2153000 USD
CY2016 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-4390000 USD
CY2014 us-gaap Interest Paid Net
InterestPaidNet
23000 USD
CY2015 us-gaap Interest Paid Net
InterestPaidNet
1055000 USD
CY2016 us-gaap Interest Paid Net
InterestPaidNet
3341000 USD
CY2015Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
221000 USD
CY2016Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
945000 USD
CY2016Q4 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
-755000 USD
CY2015Q4 us-gaap Land
Land
48882000 USD
CY2016Q4 us-gaap Land
Land
154385000 USD
CY2015Q4 us-gaap Liabilities
Liabilities
106291000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
401610000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
506627000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1070038000 USD
CY2015Q4 us-gaap Line Of Credit
LineOfCredit
89897000 USD
CY2016Q4 us-gaap Line Of Credit
LineOfCredit
219124000 USD
CY2016Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
279358000 USD
CY2016Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
315000000 USD
CY2016Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
425000000 USD
CY2016Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
265000000 USD
CY2016Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
59358000 USD
CY2016Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
0 case
CY2015Q4 us-gaap Minority Interest
MinorityInterest
2000 USD
CY2016Q4 us-gaap Minority Interest
MinorityInterest
2000 USD
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
97712000 USD
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
398811000 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
540252000 USD
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-92513000 USD
CY2015 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-374533000 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-546038000 USD
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1705000 USD
CY2016Q2 us-gaap Net Income Loss
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1833000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
2508000 USD
CY2015 us-gaap Net Income Loss
NetIncomeLoss
-4767000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
1610000 USD
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-2294000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-279000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-1885000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-1761000 USD
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
-842000 USD
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3290000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
24970000 USD
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
5346000 USD
CY2016 us-gaap Net Income Loss
NetIncomeLoss
11297000 USD
CY2014 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
0 USD
CY2015 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
0 USD
CY2016 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
1236000 USD
CY2014 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
2000 USD
CY2015Q4 us-gaap Notes Payable
NotesPayable
0 USD
CY2016Q4 us-gaap Notes Payable
NotesPayable
151045000 USD
CY2016 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
23 real_estate_investment
CY2016Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
51 property
CY2015 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2016 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2014 us-gaap Operating Expenses
OperatingExpenses
2479000 USD
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
2219000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
4661000 USD
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
8103000 USD
CY2015Q4 us-gaap Operating Expenses
OperatingExpenses
9184000 USD
CY2015 us-gaap Operating Expenses
OperatingExpenses
24167000 USD
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
8935000 USD
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
9638000 USD
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
10460000 USD
CY2016Q4 us-gaap Operating Expenses
OperatingExpenses
11711000 USD
CY2016 us-gaap Operating Expenses
OperatingExpenses
40744000 USD
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
-2142000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
91000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1594000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1219000 USD
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-159000 USD
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
-2881000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2489000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2565000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
3134000 USD
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
7499000 USD
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
15687000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
8000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
8000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
821000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
8000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
8000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
8000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
70378000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
781000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
964888000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
69485000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
70877000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
69628000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
70209000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
614311000 USD
CY2014 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
296000 USD
CY2015 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
19000000 USD
CY2016 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
49699000 USD
CY2014 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
0 USD
CY2015 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
0 USD
CY2016 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
840000 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
840000 USD
CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0 USD
CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
840000 USD
CY2014 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
0 USD
CY2015 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
1289000 USD
CY2016 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
8253000 USD
CY2014 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
350000 USD
CY2015 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
75000 USD
CY2016 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
-153000 USD
CY2014 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2015 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
311000 USD
CY2016 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3114000 USD
CY2016Q4 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
24198000 USD
CY2014 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
160000 USD
CY2015 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6379000 USD
CY2016 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
17659000 USD
CY2014 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1825000 USD
CY2015 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1799000 USD
CY2016 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
4133000 USD
CY2014 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
7839000 USD
CY2015 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
46611000 USD
CY2016 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
30628000 USD
CY2014 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
89241000 USD
CY2015 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
374164000 USD
CY2016 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
535447000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
10218000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
24539000 USD
CY2015Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
604000 USD
CY2016Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1087000 USD
CY2014 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
70034000 USD
CY2015 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
401411000 USD
CY2016 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
314836000 USD
CY2014 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
40393000 USD
CY2015 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
92000000 USD
CY2016 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
240000000 USD
CY2014 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
2000 USD
CY2015 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2016 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2014 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
CY2015 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
CY2016 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
152990000 USD
CY2014 us-gaap Profit Loss
ProfitLoss
-2294000 USD
CY2015 us-gaap Profit Loss
ProfitLoss
-4767000 USD
CY2016 us-gaap Profit Loss
ProfitLoss
11297000 USD
CY2013Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
0 USD
CY2014Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
133000 USD
CY2015Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
5262000 USD
CY2016Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
18521000 USD
CY2016Q4 us-gaap Real Estate And Accumulated Depreciation Amount Of Encumbrances
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CY2016 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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;">December&#160;31, 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 standing; 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 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;">December&#160;31, 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;">29</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> MSAs, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">three</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> of which accounted for 10.0% or more of contractual rental revenue. Real estate investments located in the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Oklahoma City, Oklahoma MSA, the Houston-The Woodlands-Sugar Land, Texas MSA, and the Dallas-Fort Worth-Arlington, Texas 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;">15.7%</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;">, and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">10.5%</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, respectively, of contractual rental revenue for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">year</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;">December&#160;31, 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;">December&#160;31, 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;">two</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> exposures to tenant concentration that accounted for 10.0% or more of contractual rental revenue. The leases with </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">tenants under common control of the guarantor Post Acute Medical, LLC and the leases with Healthcare Partners Investments, LLC</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, each accounted for </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">11.1%</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> of contractual rental revenue for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">year</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;">December&#160;31, 2016</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">.</font></div></div>
CY2016 us-gaap Nature Of Operations
NatureOfOperations
<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 29, 2014. As of December 31, 2016, we were offering Class&#160;A shares and Class T shares of common stock, in any combination with a dollar value up to the maximum primary offering amount. On January 20, 2017, the Company filed a Post-Effective Amendment to the Registration Statement to register Class I shares of common stock, which was declared effective on February 10, 2017 by the SEC. </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;">December&#160;31, 2016</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, the Company had issued approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">83,102,000</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;">$819,283,000</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;">$69,185,000</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;">$15,877,000</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;">December&#160;31, 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;">$1,530,717,000</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;">December&#160;31, 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;">37</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;">51</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;">29</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>
CY2016 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">consolidated</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> financial position or results of operations.</font></div></div>
CY2016 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;">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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