$SILA
Sila Realty Trust, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156792519000066 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $46.94M $43.95M
YoY Change 6.79% 59.23%
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 $30.78M $28.56M
YoY Change 7.79% 59.64%
Operating Profit $16.16M $15.40M
YoY Change 4.95% 58.48%
Interest Expense -$9.893M -$8.209M
YoY Change 20.51% 61.82%
% of Operating Profit -61.23% -53.32%
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $6.264M $7.186M
YoY Change -12.83% 54.84%
Net Earnings / Revenue 13.35% 16.35%
Basic Earnings Per Share $0.05 $0.06
Diluted Earnings Per Share $0.05 $0.06
COMMON SHARES
Basic Shares Outstanding 136.1M shares 129.9M shares
Diluted Shares Outstanding 136.2M shares 129.9M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $66.05M $73.24M
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 $1.941B $1.902B
YoY Change 2.08% 24.37%
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 $938.0M $870.8M
YoY Change 7.72% 18.89%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.364M $1.311M
YoY Change 4.04% 31.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.003B $1.031B
YoY Change
Total Liabilities & Shareholders Equity $1.941B $1.902B
YoY Change 2.08% 24.37%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $6.264M $7.186M
YoY Change -12.83% 54.84%
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
cik0001567925 Annual Cumulative Non Compounded Return Threshold Of Capital To Investors
AnnualCumulativeNonCompoundedReturnThresholdOfCapitalToInvestors
0.06
cik0001567925 Additions To Real Estate Held For Investment And Capital Improvements
AdditionsToRealEstateHeldForInvestmentAndCapitalImprovements
138961000 USD
cik0001567925 Additions To Real Estate Held For Investment And Capital Improvements
AdditionsToRealEstateHeldForInvestmentAndCapitalImprovements
6169000 USD
CY2018Q1 cik0001567925 Adjustmentsto Additional Paidin Capital Distributionand Servicing Fees
AdjustmentstoAdditionalPaidinCapitalDistributionandServicingFees
374000 USD
CY2018Q2 cik0001567925 Adjustmentsto Additional Paidin Capital Distributionand Servicing Fees
AdjustmentstoAdditionalPaidinCapitalDistributionandServicingFees
320000 USD
CY2018Q1 cik0001567925 Adjustmentsto Additional Paid In Capital Commissionson Saleof Common Stockand Related Dealer Manager Fees
AdjustmentstoAdditionalPaidInCapitalCommissionsonSaleofCommonStockandRelatedDealerManagerFees
1689000 USD
CY2018Q2 cik0001567925 Adjustmentsto Additional Paid In Capital Commissionson Saleof Common Stockand Related Dealer Manager Fees
AdjustmentstoAdditionalPaidInCapitalCommissionsonSaleofCommonStockandRelatedDealerManagerFees
1540000 USD
CY2019Q1 cik0001567925 Adjustmentsto Additional Paidin Capital Distributionand Servicing Fees
AdjustmentstoAdditionalPaidinCapitalDistributionandServicingFees
-52000 USD
CY2019Q2 cik0001567925 Adjustmentsto Additional Paidin Capital Distributionand Servicing Fees
AdjustmentstoAdditionalPaidinCapitalDistributionandServicingFees
-42000 USD
CY2018 cik0001567925 Below Market Leases Weighted Average Remaining Life
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P17Y7M6D
cik0001567925 Below Market Leases Weighted Average Remaining Life
BelowMarketLeasesWeightedAverageRemainingLife
P17Y1M6D
cik0001567925 Deal Costs Incurred But Not Yet Paid
DealCostsIncurredButNotYetPaid
0 USD
cik0001567925 Deal Costs Incurred But Not Yet Paid
DealCostsIncurredButNotYetPaid
322000 USD
CY2018Q4 cik0001567925 Debt Issuance Costs Notes Payable Net
DebtIssuanceCostsNotesPayableNet
3441000 USD
CY2019Q2 cik0001567925 Debt Issuance Costs Notes Payable Net
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CY2019Q2 cik0001567925 Debt Issuance Costs Term Loan Of Credit Facility Net
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cik0001567925 Derivative Numberof Instruments During Period
DerivativeNumberofInstrumentsDuringPeriod
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cik0001567925 Increase Decrease In Right Of Use Assetsand Operating Lease Liabilities Net
IncreaseDecreaseInRightOfUseAssetsandOperatingLeaseLiabilitiesNet
0 USD
cik0001567925 Increase Decrease In Right Of Use Assetsand Operating Lease Liabilities Net
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cik0001567925 Lineof Credit Facility Recourse Debt Restriction Percentage
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CY2019Q2 cik0001567925 Lineof Credit Facility Recourse Debt Restriction Percentage
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CY2019Q2 cik0001567925 Notes Payable Gross
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CY2019Q2 cik0001567925 Number Of Metropolitan Statistical Areas In Which Company Owns Rental Property
NumberOfMetropolitanStatisticalAreasInWhichCompanyOwnsRentalProperty
42 metropolitan
CY2019Q2 cik0001567925 Number Of Real Estate Investments
NumberOfRealEstateInvestments
62 real_estate_investment
CY2019Q2 cik0001567925 Numberof Ground Leases With Operating Lease Liabilities
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CY2019Q2 cik0001567925 Numberof Ground Leases Without Operating Lease Liabilities
NumberofGroundLeasesWithoutOperatingLeaseLiabilities
3 lease
CY2019Q2 cik0001567925 Numberof Micropolitan Statistical Areas In Which Company Owns Rental Property
NumberofMicropolitanStatisticalAreasInWhichCompanyOwnsRentalProperty
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cik0001567925 Period Of Notice Required For Changes To Share Repurchase Program
PeriodOfNoticeRequiredForChangesToShareRepurchaseProgram
P30D
CY2019Q2 cik0001567925 Provision For Doubtful Accounts Operating Lease Revenue
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cik0001567925 Provision For Doubtful Accounts Operating Lease Revenue
ProvisionForDoubtfulAccountsOperatingLeaseRevenue
570000 USD
cik0001567925 Share Repurchase Program Percentageof Outstanding Common Stock Maximum
ShareRepurchaseProgramPercentageofOutstandingCommonStockMaximum
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Period End Date
DocumentPeriodEndDate
2019-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001567925
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
true
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2019Q2 dei Entity Number Of Employees
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dei Entity Registrant Name
EntityRegistrantName
Carter Validus Mission Critical REIT II, Inc.
dei Entity Shell Company
EntityShellCompany
false
dei Entity Small Business
EntitySmallBusiness
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us-gaap Gain Loss On Interest Rate Cash Flow Hedge Ineffectiveness
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us-gaap Straight Line Rent
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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22000 shares
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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25000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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25000 shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q2 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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CY2018Q2 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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CY2019Q2 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
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;">June&#160;30, 2019</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 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 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;">June&#160;30, 2019</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;">one</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> micropolitan statistical area, and </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;">one</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 </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;">16.6%</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> of 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, 2019</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, 2019</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;">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, 2019</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">.</font></div></div>
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 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 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. As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;30, 2019</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;">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 under 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;">On April&#160;11, 2019, the Company, along with Carter Validus Mission Critical REIT, Inc. (&#8220;REIT I&#8221;), the Operating Partnership, Carter/Validus Operating Partnership, LP, the operating partnership of REIT I (&#8220;REIT I Operating Partnership&#8221;), and Lightning Merger Sub, LLC, a wholly-owned subsidiary of the Company (&#8220;Merger Sub&#8221;), entered into an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;).</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;">Subject to the terms and conditions of the Merger Agreement, REIT I will merge with and into Merger Sub (the &#8220;REIT Merger&#8221;), with Merger Sub surviving the REIT Merger (the &#8220;Surviving Entity&#8221;), such that following the REIT Merger, the Surviving Entity will continue as a wholly-owned subsidiary of the Company. In accordance with the applicable provisions of the Maryland General Corporation Law, the separate existence of REIT I shall cease.</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;">At the effective time of the REIT Merger and subject to the terms and conditions of the Merger Agreement, each issued and outstanding share of REIT I&#8217;s common stock (or a fraction thereof), </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$0.01</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> par value per share (the &#8220;REIT I Common Stock&#8221;), will be converted into the right to receive:</font></div><div style="line-height:120%;padding-left:48px;padding-top:8px;text-align:left;"><font style="padding-top:8px;text-align:left;font-family:Times New Roman;font-size:10pt;color:#000000;padding-right:48px;">(i)</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$1.00</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> in cash; and</font></div><div style="line-height:120%;padding-left:48px;padding-top:8px;text-align:left;"><font style="padding-top:8px;text-align:left;font-family:Times New Roman;font-size:10pt;color:#000000;padding-right:48px;">(ii)</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">0.4681</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> shares of the Company's Class&#160;A Common Stock, par value </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$0.01</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> per 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;">In addition, each share of REIT I Common Stock, if any, then held by any wholly-owned subsidiary of REIT I or by the Company or any of its wholly-owned subsidiaries will no longer be outstanding and will automatically be retired and cease to exist, and no consideration shall be paid, nor any other payment or right inure or be made with respect to such shares of REIT I Common Stock in connection with or as a consequence of the REIT Merger.</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 combined company after the REIT Merger (the &#8220;Combined Company&#8221;) will retain the name &#8220;Carter Validus Mission Critical REIT II, Inc.&#8221;</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, the &#8220;Company&#8221; refers to Carter Validus Mission Critical REIT II, Inc., the Operating Partnership and all wholly-owned subsidiaries.</font></div></div>
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, primarily related to the recently adopted accounting pronouncements discussed within this note. Amounts previously disclosed as rental and parking revenue and tenant reimbursements during the&#160;</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">three and six months</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">&#160;ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;30, 2019</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> and 2018,&#160;are now included in rental revenue and will no longer be presented separately on the condensed consolidated statements of comprehensive (loss) income.</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 condensed consolidated 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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