Sila Realty Trust, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Sila Realty Trust, Inc. has filed its Q1 2024 10-Q report detailing financial activities and corporate information.</b>

AI Summary

Sila Realty Trust, Inc. (SILA) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Sila Realty Trust, Inc. (formerly Carter Validus Mission Critical REIT II, Inc.) filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. The company is incorporated in Maryland (MD). The filing includes data related to common stock, additional paid-in capital, and accumulated distributions.

Why It Matters

For investors and stakeholders tracking Sila Realty Trust, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for Sila Realty Trust, Inc. Understanding the details within this report is crucial for assessing the company's current financial health and future prospects in the real estate investment trust sector.

Risk Assessment

Risk Level: low — Sila Realty Trust, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures apparent from the header information.

Analyst Insight

Review the detailed financial statements and management discussion within the full 10-Q filing to understand the company's performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-08 — Filed As Of Date (Conformed filing date)
• 12/31 — Fiscal Year End (Company's fiscal year end)
• MD — State of Incorporation (State where the company is incorporated)

Key Players & Entities

• Sila Realty Trust, Inc. (company) — Filer and company name
• Carter Validus Mission Critical REIT II, Inc. (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-08 (date) — Filed as of date
• 1001 WATER STREET SUITE 800 (address) — Business and mail address
• TAMPA (location) — City for business and mail address
• FL (location) — State for business and mail address
• 33602 (zip_code) — ZIP code for business and mail address

FAQ

Industry Context

Sila Realty Trust, Inc. operates as a real estate investment trust (REIT), focusing on acquiring and managing mission-critical real estate assets.

Regulatory Implications

As a publicly traded REIT, Sila Realty Trust is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Examine any disclosures regarding asset impairments or significant operational changes.
3. Review management's discussion and analysis (MD&A) for insights into performance drivers and future outlook.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following previous filings which would include annual reports (10-K) and potentially prior quarterly reports.

Filing Documents

• cik0001567925-20240331.htm (10-Q) — 927KB
• ex311q1202410-q.htm (EX-31.1) — 10KB
• ex312q1202410-q.htm (EX-31.2) — 10KB
• ex321q1202410-q.htm (EX-32.1) — 7KB
• ex322q1202410-q.htm (EX-32.2) — 7KB
• cik0001567925-20240331_g1.jpg (GRAPHIC) — 646KB
• 0001567925-24-000032.txt (&nbsp;) — 7453KB
• cik0001567925-20240331.xsd (EX-101.SCH) — 46KB
• cik0001567925-20240331_cal.xml (EX-101.CAL) — 75KB
• cik0001567925-20240331_def.xml (EX-101.DEF) — 173KB
• cik0001567925-20240331_lab.xml (EX-101.LAB) — 550KB
• cik0001567925-20240331_pre.xml (EX-101.PRE) — 380KB
• cik0001567925-20240331_htm.xml (XML) — 818KB

FINANCIAL INFORMATION (Unaudited)

PART I. FINANCIAL INFORMATION (Unaudited) 3

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 6 Notes to the Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION 30

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 32

SIGNATURES

SIGNATURES Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements. SILA REALTY TRUST, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Real estate: Land $ 165,768 $ 157,821 Buildings and improvements, less accumulated depreciation of $ 239,098 and $ 227,156 , respectively 1,558,951 1,470,831 Total real estate, net 1,724,719 1,628,652 Cash and cash equivalents 90,242 202,019 Intangible assets, less accumulated amortization of $ 106,706 and $ 102,456 , respectively 142,907 134,999 Goodwill 17,700 17,700 Right-of-use assets 36,118 36,384 Other assets 82,628 79,825 Total assets $ 2,094,314 $ 2,099,579 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Credit facility, net of deferred financing costs of $ 3,991 and $ 1,847 , respectively $ 521,009 $ 523,153 Accounts payable and other liabilities 30,723 30,381 Intangible liabilities, less accumulated amortization of $ 7,790 and $ 7,417 , respectively 9,065 10,452 Lease liabilities 41,010 41,158 Total liabilities 601,807 605,144 Stockholders' equity: Preferred stock, $ 0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding — — Common stock, $ 0.01 par value per share, 510,000,000 shares authorized; 61,537,771 and 61,154,404 shares issued (1) , respectively; 57,223,648 and 56,983,564 shares outstanding (1) , respectively 572 570 Additional paid-in capital 2,047,457 2,044,450 Distributions in excess of accumulated earnings ( 574,993 ) ( 567,188 ) Accumulated other comprehensive income 19,471 16,603 Total stockholders' equity 1,492,507 1,494,435 Total liabilities and stockholders' equity $ 2,094,314 $ 2,099,579 (1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information). The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents SILA R

View Full Filing

View this 10-Q filing on SEC EDGAR