2023 Q1 Form 10-Q Financial Statement

#000156792523000024 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $49.64M $44.28M
YoY Change 12.11% 4.38%
Cost Of Revenue $4.850M $3.025M
YoY Change 60.33% -5.88%
Gross Profit $44.79M $41.26M
YoY Change 8.57% 5.23%
Gross Profit Margin 90.23% 93.17%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit $9.486M
YoY Change 156.52%
Interest Expense -$5.616M -$8.115M
YoY Change -30.79% -7.41%
% of Operating Profit -85.55%
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $14.20M $1.371M
YoY Change 935.74% -52.43%
Net Earnings / Revenue 28.6% 3.1%
Basic Earnings Per Share $0.25 $0.01
Diluted Earnings Per Share $0.25 $0.01
COMMON SHARES
Basic Shares Outstanding 226.6M shares 224.5M shares
Diluted Shares Outstanding 228.4M shares 225.9M shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $22.23M $19.56M
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 $21.37M $23.01M
YoY Change -7.13% -41.44%
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 $2.197B $2.153B
YoY Change 2.05% -32.28%
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 $654.9M $556.0M
YoY Change 17.8% -63.83%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.267M $2.246M
YoY Change 0.93% 0.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.542B $1.597B
YoY Change
Total Liabilities & Shareholders Equity $2.197B $2.153B
YoY Change 2.05% -32.28%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $14.20M $1.371M
YoY Change 935.74% -52.43%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $32.75M $26.77M
YoY Change 22.32% -27.89%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities
YoY Change
Cash From Investing Activities $4.353M -$1.240M
YoY Change -451.05% -91.34%
FINANCING ACTIVITIES
Cash Dividend Paid $16.26M $15.91M
YoY Change 2.25%
Common Stock Issuance & Retirement, Net $3.502M $2.827M
YoY Change 23.88% 67.58%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$27.79M -$38.68M
YoY Change -28.16% 71.0%
NET CHANGE
Cash From Operating Activities $32.75M $26.77M
Cash From Investing Activities $4.353M -$1.240M
Cash From Financing Activities -$27.79M -$38.68M
Net Change In Cash $9.313M -$13.15M
YoY Change -170.82% -7021.05%
FREE CASH FLOW
Cash From Operating Activities $32.75M $26.77M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2022Q1 cik0001567925 Increase Decrease In Accounts Payable And Other Liabilities Related To Capital Expenditures And Investments In Real Estate
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 cik0001567925 Note Receivable Issued For Disposition Of Real Estate
NoteReceivableIssuedForDispositionOfRealEstate
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CY2022Q1 cik0001567925 Note Receivable Issued For Disposition Of Real Estate
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CY2023Q1 us-gaap Nature Of Operations
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Organization and Business Operations <div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sila Realty Trust, Inc., or the Company, is a Maryland corporation, headquartered in Tampa, Florida, that has 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. The Company invests in high-quality properties leased to long-term tenants. The Company is primarily focused on investing in healthcare assets across the continuum of care, with emphasis on lower cost patient settings, which the Company believes typically generate predictable, durable and growing income streams. The Company may also make other real estate-related investments, which may include equity or debt interests in other real estate entities. </span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Substantially all of the Company’s business is conducted through Sila Realty Operating Partnership, LP, a Delaware limited partnership, or the Operating Partnership. The Company is the sole general partner of the Operating Partnership and directly and indirectly owns 100% of the Operating Partnership.</span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Except as the context otherwise requires, the “Company” refers to Sila Realty Trust, Inc., the Operating Partnership and their wholly-owned subsidiaries.</span></div>
CY2023Q1 us-gaap Use Of Estimates
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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed consolidated 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.</span></div>
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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13083000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32880000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19563000 usd
CY2023Q1 us-gaap Restricted Cash
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CY2022Q1 us-gaap Restricted Cash
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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22396000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19730000 usd
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company determined that certain expenses, previously presented within general and administrative expenses, are more closely related to the operations of its properties. As a result, these amounts have been reclassified to rental expenses for the prior period to conform to the current period presentation.</span></div>
CY2023Q1 us-gaap Asset Impairment Charges
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CY2022Q1 us-gaap Asset Impairment Charges
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2023Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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CY2022 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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CY2023Q1 us-gaap Amortization Of Intangible Assets
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CY2022Q1 us-gaap Amortization Of Intangible Assets
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6042000 usd
CY2023Q1 us-gaap Below Market Lease Accumulated Amortization
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CY2022Q4 us-gaap Below Market Lease Accumulated Amortization
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CY2023Q1 cik0001567925 Below Market Leases Weighted Average Remaining Life
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P8Y1M6D
CY2022 cik0001567925 Below Market Leases Weighted Average Remaining Life
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CY2023Q1 us-gaap Below Market Lease Net
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CY2022Q4 us-gaap Below Market Lease Net
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CY2023Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
374000 usd
CY2022Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
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CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
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CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
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CY2023Q1 cik0001567925 Lessor Operating Lease Payment To Be Received Thereafter
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CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P37Y2M12D
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2746000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2768000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2715000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q1 cik0001567925 Lessee Operating Lease Liability To Be Paid After Year Four
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107456000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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120342000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
78917000 usd
CY2023Q1 us-gaap Operating Lease Liability
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41425000 usd
CY2023Q1 us-gaap Operating Lease Payments
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233000 usd
CY2022Q1 us-gaap Operating Lease Payments
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148000 usd
CY2023Q1 us-gaap Accumulated Amortization Of Debt Issuance Costs Line Of Credit Arrangements
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1144000 usd
CY2022Q4 us-gaap Accumulated Amortization Of Debt Issuance Costs Line Of Credit Arrangements
AccumulatedAmortizationOfDebtIssuanceCostsLineOfCreditArrangements
889000 usd
CY2023Q1 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
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2924000 usd
CY2022Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
3178000 usd
CY2023Q1 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
145000 usd
CY2022Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
167000 usd
CY2023Q1 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
598000 usd
CY2022Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
775000 usd
CY2023Q1 us-gaap Notes Receivable Net
NotesReceivableNet
7515000 usd
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
0 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
166000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
166000 usd
CY2023Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
1148000 usd
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
1736000 usd
CY2023Q1 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
63706000 usd
CY2022Q4 us-gaap Deferred Rent Receivables Net
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62457000 usd
CY2023Q1 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
3030000 usd
CY2022Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
3865000 usd
CY2023Q1 us-gaap Derivative Assets
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20628000 usd
CY2022Q4 us-gaap Derivative Assets
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CY2023Q1 us-gaap Prepaid Expense And Other Assets
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5387000 usd
CY2023Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
1910000 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
1941000 usd
CY2023Q1 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
2298000 usd
CY2022Q4 us-gaap Taxes Payable Current And Noncurrent
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2421000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
1219000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
3940000 usd
CY2023Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
7739000 usd
CY2022Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
7719000 usd
CY2023Q1 cik0001567925 Performance Based Deferred Stock Unit Awards Distributions Payable
PerformanceBasedDeferredStockUnitAwardsDistributionsPayable
643000 usd
CY2022Q4 cik0001567925 Performance Based Deferred Stock Unit Awards Distributions Payable
PerformanceBasedDeferredStockUnitAwardsDistributionsPayable
573000 usd
CY2023Q1 us-gaap Deposit Liability Current
DepositLiabilityCurrent
877000 usd
CY2022Q4 us-gaap Deposit Liability Current
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877000 usd
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
9358000 usd
CY2022Q4 us-gaap Deferred Revenue
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CY2023Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
902000 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
0 usd
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
29204000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
30619000 usd
CY2023Q1 cik0001567925 Long Term Line Of Credit Gross
LongTermLineOfCreditGross
575000000 usd
CY2022Q4 cik0001567925 Long Term Line Of Credit Gross
LongTermLineOfCreditGross
583000000 usd
CY2023Q1 cik0001567925 Debt Issuance Costs Term Loan Of Credit Facility Net
DebtIssuanceCostsTermLoanOfCreditFacilityNet
2266000 usd
CY2022Q4 cik0001567925 Debt Issuance Costs Term Loan Of Credit Facility Net
DebtIssuanceCostsTermLoanOfCreditFacilityNet
2412000 usd
CY2023Q1 us-gaap Line Of Credit
LineOfCredit
572734000 usd
CY2022Q4 us-gaap Line Of Credit
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580588000 usd
CY2023Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
8000000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0 usd
CY2023Q1 cik0001567925 Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
275000000 usd
CY2023Q1 us-gaap Debt Instrument Carrying Amount
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CY2023Q1 cik0001567925 Long Term Debt Extension Period
LongTermDebtExtensionPeriod
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CY2023Q1 cik0001567925 Number Of Long Term Debt Extensions
NumberOfLongTermDebtExtensions
2 extension
CY2023Q1 cik0001567925 Long Term Line Of Credit Gross
LongTermLineOfCreditGross
575000000 usd
CY2022Q4 cik0001567925 Long Term Line Of Credit Gross
LongTermLineOfCreditGross
583000000 usd
CY2023Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
13894000 usd
CY2023Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-5616000 usd
CY2022Q1 us-gaap Interest Income Expense Nonoperating Net
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-8115000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
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20628000 usd
CY2023Q1 us-gaap Derivative Asset Fair Value Gross Liability
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0 usd
CY2023Q1 us-gaap Derivative Assets
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20628000 usd
CY2023Q1 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
902000 usd
CY2023Q1 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
19726000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
27990000 usd
CY2022Q4 us-gaap Derivative Asset Fair Value Gross Liability
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0 usd
CY2022Q4 us-gaap Derivative Assets
DerivativeAssets
27990000 usd
CY2022Q4 us-gaap Derivative Collateral Obligation To Return Securities
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0 usd
CY2022Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
27990000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
902000 usd
CY2023Q1 us-gaap Derivative Liability Fair Value Gross Asset
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0 usd
CY2023Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
902000 usd
CY2023Q1 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
902000 usd
CY2023Q1 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
0 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2022Q4 us-gaap Derivative Liabilities
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CY2022Q4 us-gaap Derivative Collateral Right To Reclaim Securities
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CY2022Q4 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
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0 usd
CY2023Q1 us-gaap Loss Contingency Pending Claims Number
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0 legalproceeding
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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1843000 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1366000 shares
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1242000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
896000 usd

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