$SILA
Sila Realty Trust, Inc.

2024 Q3 Form 10-Q Financial Statement

#000156792524000082 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $46.12M $43.55M
YoY Change -4.99% -3.14%
Cost Of Revenue $5.823M $5.849M
YoY Change 16.34% 20.03%
Gross Profit $40.30M $37.71M
YoY Change -7.45% -5.95%
Gross Profit Margin 87.37% 86.57%
Selling, General & Admin $10.62M $11.20M
YoY Change 8.03%
% of Gross Profit 26.36% 29.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.90M $21.19M
YoY Change -68.08%
% of Gross Profit 44.41% 56.21%
Operating Expenses $28.49M $31.44M
YoY Change 2.0%
Operating Profit $11.81M $6.263M
YoY Change -24.35%
Interest Expense -$4.871M -$4.142M
YoY Change -13.48% -25.0%
% of Operating Profit -41.26% -66.13%
Other Income/Expense, Net -$4.871M
YoY Change -13.47%
Pretax Income $11.94M $4.628M
YoY Change -20.34%
Income Tax
% Of Pretax Income
Net Earnings $11.94M $4.628M
YoY Change -20.34% 20.05%
Net Earnings / Revenue 25.88% 10.63%
Basic Earnings Per Share $0.21 $0.08
Diluted Earnings Per Share $0.21 $0.08
COMMON SHARES
Basic Shares Outstanding 55.02M shares 57.23M shares
Diluted Shares Outstanding 56.08M shares 57.60M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.61M $86.97M
YoY Change 96.43%
Cash & Equivalents $28.61M $86.97M
Short-Term Investments
Other Short-Term Assets $3.412M $5.759M
YoY Change -16.21%
Inventory
Prepaid Expenses
Receivables $59.87M $58.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $91.89M $150.9M
YoY Change 7.59%
LONG-TERM ASSETS
Property, Plant & Equipment $1.757B $1.759B
YoY Change -8.59%
Goodwill $17.70M $17.70M
YoY Change -12.06% -12.06%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.01M $21.17M
YoY Change -69.22%
Total Long-Term Assets $1.916B $1.931B
YoY Change -10.23%
TOTAL ASSETS
Total Short-Term Assets $91.89M $150.9M
Total Long-Term Assets $1.916B $1.931B
Total Assets $2.007B $2.082B
YoY Change -9.54% -4.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.54M $15.94M
YoY Change 23.68%
Accrued Expenses $4.180M $3.722M
YoY Change 58.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $32.86M $34.17M
YoY Change 4.33%
LONG-TERM LIABILITIES
Long-Term Debt $521.6M $521.3M
YoY Change -13.5%
Other Long-Term Liabilities $52.49M $53.22M
YoY Change 4.02%
Total Long-Term Liabilities $574.1M $574.5M
YoY Change -12.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.86M $34.17M
Total Long-Term Liabilities $574.1M $574.5M
Total Liabilities $607.0M $608.7M
YoY Change -11.39% -5.54%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $550.0K $572.0K
YoY Change -75.83% -74.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.400B $1.473B
YoY Change
Total Liabilities & Shareholders Equity $2.007B $2.082B
YoY Change -9.54% -4.52%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $11.94M $4.628M
YoY Change -20.34% 20.05%
Depreciation, Depletion And Amortization $17.90M $21.19M
YoY Change -68.08%
Cash From Operating Activities $29.05M $31.64M
YoY Change -70.3%
INVESTING ACTIVITIES
Capital Expenditures $28.60M $11.19M
YoY Change -59.95%
Acquisitions
YoY Change
Other Investing Activities $14.93M -$250.0K
YoY Change 20.53%
Cash From Investing Activities -$13.67M -$11.43M
YoY Change -76.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -73.92M -23.48M
YoY Change 98.85%
NET CHANGE
Cash From Operating Activities 29.05M 31.64M
Cash From Investing Activities -13.67M -11.43M
Cash From Financing Activities -73.92M -23.48M
Net Change In Cash -58.53M -3.271M
YoY Change -3655.95%
FREE CASH FLOW
Cash From Operating Activities $29.05M $31.64M
Capital Expenditures $28.60M $11.19M
Free Cash Flow $455.0K $20.45M
YoY Change -98.28%

Facts In Submission

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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 facilities 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. Except as the context otherwise requires, the “Company” refers to Sila Realty Trust, Inc., the Operating Partnership and their wholly-owned subsidiaries.</span></div><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%">New York Stock Exchange Listing and 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%">On June 13, 2024, the Company's common stock, par value $0.01 per share, or the Common Stock, was listed and began trading on the New York Stock Exchange, or the NYSE, under the ticker symbol "SILA", or the Listing. Upon the Listing, all outstanding shares of Class I Common Stock and Class T Common Stock were automatically converted into shares of Class A Common Stock on a one-for-one basis and authorized but unissued shares of Class I Common Stock, Class T Common Stock and Class T2 Common Stock were reclassified into additional shares of Class A Common Stock. Class A Common Stock was then immediately renamed “Common Stock” and is the sole class of stock traded on the NYSE. </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, in anticipation of the Listing, 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 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 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. 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. All references made to share or per share amounts in the accompanying condensed consolidated financial statements and applicable disclosures have been retroactively adjusted as though the Reverse Stock Split had been effected prior to all periods presented.</span></div><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%">"Dutch Auction" Tender Offer</span></div>On June 13, 2024, in conjunction with the Listing, the Company commenced a modified "Dutch Auction" tender offer, or the Tender Offer, to purchase shares of its Common Stock for cash at a price per share of not greater than $24.00 nor less than $22.60, net to the seller in cash, less any applicable withholding taxes and without interest, for a maximum aggregate purchase price of no more than $50,000,000. The Company incurred deferred costs of $1,863,000 related to the Tender Offer as of June 30, 2024, which are included in other assets on the accompanying condensed consolidated balance sheets, and will be applied as a component of additional paid-in capital upon the successful completion of the Tender Offer. The Tender Offer was successfully completed subsequent to June 30, 2024. See Note 16—"Subsequent Events" for additional information.
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Files In Submission

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cik0001567925-20240630_htm.xml Edgar Link completed
0001567925-24-000082-index-headers.html Edgar Link pending
0001567925-24-000082-index.html Edgar Link pending
0001567925-24-000082.txt Edgar Link pending
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