2017 Q4 Form 10-K Financial Statement

#000156792519000013 Filed on March 22, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $37.27M $36.21M $27.60M
YoY Change 93.99% 166.33% 126.19%
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 $23.93M $23.98M $17.89M
YoY Change 104.3% 129.25% 85.6%
Operating Profit $13.34M $12.23M $9.714M
YoY Change 77.89% 290.08% 278.71%
Interest Expense -$6.932M -$6.786M -$5.073M
YoY Change 221.97% 984.03% 593.03%
% of Operating Profit -51.96% -55.51% -52.22%
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $6.408M $5.439M $4.641M
YoY Change 19.87% 116.87% 153.19%
Net Earnings / Revenue 17.2% 15.02% 16.81%
Basic Earnings Per Share $0.05 $0.05 $0.05
Diluted Earnings Per Share $0.05 $0.05 $0.05
COMMON SHARES
Basic Shares Outstanding 119.7M shares 105.4M shares 94.91M shares
Diluted Shares Outstanding 119.7M shares 105.4M shares 94.93M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $74.80M $74.49M $74.35M
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 $1.778B $1.586B $1.529B
YoY Change 66.16% 105.75% 127.22%
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 $787.4M $693.1M $732.5M
YoY Change 96.06% 331.96% 525.0%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.243M $1.122M $999.0K
YoY Change 50.3% 49.0% 46.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $990.5M $893.0M $796.7M
YoY Change
Total Liabilities & Shareholders Equity $1.778B $1.586B $1.529B
YoY Change 66.16% 105.75% 127.22%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $6.408M $5.439M $4.641M
YoY Change 19.87% 116.87% 153.19%
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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543700000 USD
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24546000 USD
CY2017 cik0001567925 Adjustmentsto Additional Paid In Capital Commissionson Saleof Common Stockand Related Dealer Manager Fees
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22713000 USD
CY2018 cik0001567925 Adjustmentsto Additional Paid In Capital Commissionson Saleof Common Stockand Related Dealer Manager Fees
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CY2018 cik0001567925 Adjustmentsto Additional Paidin Capital Distributionand Servicing Fees
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P18Y8M12D
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CY2018Q4 cik0001567925 Investment Building And Building Improvements Net
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CY2018Q4 cik0001567925 Number Of Ground Lease Obligations Paid By Lessee
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CY2018Q4 cik0001567925 Number Of Metropolitan Statistical Areas In Which Company Owns Rental Property
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CY2018 dei Document Period End Date
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CY2018 dei Document Type
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CY2018 dei Entity Central Index Key
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CY2018 dei Entity Registrant Name
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CY2018 dei Entity Shell Company
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CY2018 dei Entity Small Business
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CY2018 dei Entity Voluntary Filers
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CY2018 dei Entity Well Known Seasoned Issuer
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0 USD
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3934000 USD
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6204000 USD
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22000 USD
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0 USD
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22000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
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0 USD
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-96000 USD
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CY2018 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
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818000 USD
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22000 USD
CY2018Q4 us-gaap Derivative Liabilities
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0 USD
CY2017Q4 us-gaap Derivative Liability Fair Value Gross Asset
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0 USD
CY2018Q4 us-gaap Derivative Liability Fair Value Gross Asset
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0 USD
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0 USD
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12427000 USD
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100000 USD
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8164000 USD
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26096000 USD
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0.17
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0.06
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0.05
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0.05
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0.05
CY2017 us-gaap Earnings Per Share Basic
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0.21
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0.06
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0.06
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0.06
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0.05
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0.22
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0.17
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0.06
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0.05
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0.05
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0.05
CY2017 us-gaap Earnings Per Share Diluted
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0.21
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0.06
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0.06
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0.06
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0.05
CY2018 us-gaap Earnings Per Share Diluted
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0.22
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22162000 USD
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42081000 USD
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69262000 USD
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20472000 USD
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13669000 USD
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15064000 USD
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17470000 USD
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18267000 USD
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150554000 USD
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154204000 USD
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144000 USD
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-98000 USD
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3105000 USD
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4069000 USD
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58000 USD
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5396000 USD
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0 USD
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1307000 USD
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5385000 USD
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5151000 USD
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531000 USD
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645000 USD
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413000 USD
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1583000 USD
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524000 USD
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1179000 USD
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32503000 USD
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2410000 USD
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3219000 USD
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2738000 USD
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1777944000 USD
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1963829000 USD
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219399000 USD
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425000000 USD
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0 case
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2000 USD
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2000 USD
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542292000 USD
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613704000 USD
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24975000 USD
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51827000 USD
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1236000 USD
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6551000 USD
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0 USD
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464345000 USD
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3 lease
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85 property
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2 segment
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2 segment
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23980000 USD
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23926000 USD
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26049000 USD
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28556000 USD
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28863000 USD
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30627000 USD
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8555000 USD
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13340000 USD
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43834000 USD
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15246000 USD
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15394000 USD
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16655000 USD
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2861000 USD
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123000 USD
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123000 USD
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123000 USD
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123000 USD
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123000 USD
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141915000 USD
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144560000 USD
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149142000 USD
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146826000 USD
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49821000 USD
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152975000 USD
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840000 USD
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2870000 USD
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2390000 USD
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840000 USD
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2870000 USD
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2390000 USD
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744000 USD
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1484000 USD
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3208000 USD
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8253000 USD
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32511000 USD
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15583000 USD
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-153000 USD
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-190000 USD
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3114000 USD
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17159000 USD
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43230000 USD
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17659000 USD
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28994000 USD
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40296000 USD
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4133000 USD
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3564000 USD
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4958000 USD
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30628000 USD
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32079000 USD
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12388000 USD
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535447000 USD
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604372000 USD
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217332000 USD
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0.01
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0.01
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100000000 shares
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100000000 shares
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0 shares
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0 shares
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
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CY2018Q4 us-gaap Preferred Stock Value
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47182000 USD
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67533000 USD
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6117000 USD
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8344000 USD
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314836000 USD
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386091000 USD
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118605000 USD
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240000000 USD
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240000000 USD
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155000000 USD
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152990000 USD
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309452000 USD
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0 USD
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11297000 USD
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21279000 USD
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28873000 USD
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5262000 USD
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18521000 USD
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45789000 USD
CY2018Q4 us-gaap Real Estate Accumulated Depreciation
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84594000 USD
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
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1511536000 USD
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CY2018 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;">December&#160;31, 2018</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. 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. </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, 2018</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;">42</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> metropolitan statistical areas, or MSAs, </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;"> of which accounted for 10.0% or more of revenue. Real estate investments located in the</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> Atlanta-Sandy Springs-Roswell, Georgia MSA and the Houston-The Woodlands-Sugar Land, 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;">16.8%</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;">10.0%</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, respectively, of 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, 2018</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, 2018</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;">no</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> exposure to tenant concentration that accounted for 10.0% or more of 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, 2018</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">.</font></div></div>
CY2018 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. The Company elected, and currently qualifies, to be taxed as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes. 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 special 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 commenced the initial public offering 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, or the Initial Offering, 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 May 29, 2014 pursuant to a Registration Statement on Form S-11 filed with the SEC. The Company ceased offering shares of common stock pursuant to the Initial Offering on November 24, 2017. At the completion of the Initial Offering, the Company had accepted investors' subscriptions for and issued approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">125,095,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> shares of Class A, Class I and Class T common stock, including shares of common stock issued pursuant to the DRIP, resulting in gross proceeds of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$1,223,803,000</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;">On October 13, 2017, the Company filed a Registration Statement on Form S-3 to register </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">10,893,246</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> shares of common stock under the DRIP for a proposed maximum offering price of </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, or the DRIP Offering. The Company will continue to issue shares of common stock under the DRIP Offering until such time as the Company sells all of the shares registered for sale under the DRIP Offering, unless the Company files a new registration statement with the U.S. Securities and Exchange Commission, or the SEC, or the DRIP Offering is terminated by the Company's board of directors. </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;">On November 27, 2017, the Company commenced its follow-on offering of up to </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$1,000,000,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> in shares of common stock, or the Offering, and collectively with the Initial Offering and the DRIP Offering, or the Offerings. On March 14, 2018, the Company ceased offering shares of Class T common stock in the Offering and began offering shares of Class T2 common stock on March 15, 2018. The Company continues to offer shares of Class T common stock in the DRIP Offering. The Company ceased offering shares of common stock pursuant to the Offering on November 27, 2018. At the completion of the Offering, the Company had accepted investors' subscriptions for and issued approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">13,491,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> shares of Class A, Class I, Class T and Class T2 common stock resulting in gross proceeds of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$129,308,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">. The Company deregistered the remaining </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$870,692,000</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> of shares of Class A, Class I, Class T and Class T2 common stock.</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 Company's acquisition and operational stages. The Advisor will also be eligible to receive fees during the Company's liquidation stage. SC Distributors, LLC, an affiliate of the Advisor, or the Dealer Manager, served as the dealer manager of the Initial Offering and the Offering. The Dealer Manager has received fees for services related to both, the Initial Offering and the Offering. The Company continues to pay the Dealer Manager a distribution and servicing fee with respect to its Class T and T2 shares that were sold in the Company's Initial Offering and 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 creditworthy tenants, as well as to make other real estate-related investments that relate to such property types, which 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. As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">December&#160;31, 2018</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;">62</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;">85</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> properties. </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>
CY2018 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 consolidated financial position or results of operations.</font></div></div>
CY2018 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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