2024 Q1 Form 10-Q Financial Statement

#000156792524000032 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $50.64M $49.64M
YoY Change 2.0% 12.11%
Cost Of Revenue $5.554M $4.850M
YoY Change 14.52% 60.33%
Gross Profit $45.09M $44.79M
YoY Change 0.65% 8.57%
Gross Profit Margin 89.03% 90.23%
Selling, General & Admin $13.78M
YoY Change
% of Gross Profit 30.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.90M
YoY Change
% of Gross Profit 41.92%
Operating Expenses $32.68M
YoY Change
Operating Profit $12.40M
YoY Change
Interest Expense $5.294M -$5.616M
YoY Change -194.27% -30.79%
% of Operating Profit 42.68%
Other Income/Expense, Net
YoY Change
Pretax Income $14.98M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $14.98M $14.20M
YoY Change 5.49% 935.74%
Net Earnings / Revenue 29.58% 28.6%
Basic Earnings Per Share $0.26 $0.25
Diluted Earnings Per Share $0.26 $0.25
COMMON SHARES
Basic Shares Outstanding 57.11M shares 226.6M shares
Diluted Shares Outstanding 57.66M shares 228.4M shares

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.24M
YoY Change
Cash & Equivalents $90.24M $22.23M
Short-Term Investments
Other Short-Term Assets $3.315M
YoY Change
Inventory
Prepaid Expenses
Receivables $56.86M
Other Receivables $0.00
Total Short-Term Assets $150.4M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.761B
YoY Change
Goodwill $17.70M $21.37M
YoY Change -17.16% -7.13%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.45M
YoY Change
Total Long-Term Assets $1.944B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $150.4M
Total Long-Term Assets $1.944B
Total Assets $2.094B $2.197B
YoY Change -4.69% 2.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.95M
YoY Change
Accrued Expenses $3.444M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $29.11M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $521.0M
YoY Change
Other Long-Term Liabilities $51.69M
YoY Change
Total Long-Term Liabilities $572.7M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $29.11M
Total Long-Term Liabilities $572.7M
Total Liabilities $601.8M $654.9M
YoY Change -8.11% 17.8%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $572.0K $2.267M
YoY Change -74.77% 0.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.493B $1.542B
YoY Change
Total Liabilities & Shareholders Equity $2.094B $2.197B
YoY Change -4.69% 2.05%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $14.98M $14.20M
YoY Change 5.49% 935.74%
Depreciation, Depletion And Amortization $18.90M
YoY Change
Cash From Operating Activities $36.57M $32.75M
YoY Change 11.68% 22.32%
INVESTING ACTIVITIES
Capital Expenditures $125.4M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $1.439M
YoY Change
Cash From Investing Activities -$123.9M $4.353M
YoY Change -2946.77% -451.05%
FINANCING ACTIVITIES
Cash Dividend Paid $17.62M $16.26M
YoY Change 8.35% 2.25%
Common Stock Issuance & Retirement, Net $4.286M $3.502M
YoY Change 22.39% 23.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$24.43M -$27.79M
YoY Change -12.09% -28.16%
NET CHANGE
Cash From Operating Activities $36.57M $32.75M
Cash From Investing Activities -$123.9M $4.353M
Cash From Financing Activities -$24.43M -$27.79M
Net Change In Cash -$111.8M $9.313M
YoY Change -1300.23% -170.82%
FREE CASH FLOW
Cash From Operating Activities $36.57M $32.75M
Capital Expenditures $125.4M
Free Cash Flow -$88.79M
YoY Change

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CY2024Q1 cik0001567925 Increase Decrease In Accrued Distributions To Common Shareholders
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CY2023Q1 cik0001567925 Increase Decrease In Accrued Distributions To Common Shareholders
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91000 usd
CY2024Q1 cik0001567925 Increase Decrease In Accounts Payable And Other Liabilities Related To Investing Activities
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CY2023Q1 cik0001567925 Increase Decrease In Accounts Payable And Other Liabilities Related To Investing Activities
IncreaseDecreaseInAccountsPayableAndOtherLiabilitiesRelatedToInvestingActivities
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CY2024Q1 cik0001567925 Note Receivable Issued For Disposition Of Real Estate
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CY2023Q1 cik0001567925 Note Receivable Issued For Disposition Of Real Estate
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CY2024Q1 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 is primarily focused on investing in high quality healthcare assets across the continuum of care, 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%">On April 8, 2024, the Company announced that its board of directors, or the Board, intends to pursue a listing of a class of the Company’s common stock on the New York Stock Exchange, or the NYSE, under the ticker symbol "SILA" in the late second quarter or early third quarter of 2024, or the Listing.</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%">In anticipation of the Listing, on April 8, 2024, the Company amended its charter to effect a one-for-four reverse stock split, or the Reverse Stock Split, of each issued and outstanding share of each class of common stock, $0.01 par value per share, or the Common Stock, of the Company, effective May 1, 2024, and the Company also amended its charter to decrease the par value of each issued and outstanding share of the Company's Common Stock from $0.04 par value per share to $0.01 par value per share immediately after the Reverse Stock Split. In connection with the Listing, the Company expects to arrange for the disposition of fractional shares upon the Listing, that were owned prior to, or are the result of, the Reverse Stock Split.</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%">In addition, equitable adjustments were made to the maximum number of shares of the Company's Common Stock that may be issued pursuant to the Company’s Amended and Restated 2014 Restricted Share Plan, or the A&amp;R Incentive Plan, and the maximum number of shares of the Company's Common Stock that may be granted under incentive stock awards under the A&amp;R Incentive Plan, in each case, to reflect the Reverse Stock Split. The number of shares of the Company's Common Stock subject to outstanding awards under the A&amp;R Incentive Plan were also equitably adjusted to reflect the Reverse Stock Split.</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 Reverse Stock Split affected all record holders of the Company’s Common Stock uniformly and did not affect any record holder’s percentage ownership interest. The Reverse Stock Split did not affect the number of the Company’s authorized shares of Common Stock.</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%">All references made to share or per share amounts in the accompanying condensed consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the Reverse Stock Split.</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>
CY2024Q1 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>
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CY2024Q1 us-gaap Below Market Lease Net
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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