Carter Validus Mission Critical REIT, Inc.

CIK:0001482974|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue:
Rental revenue	$ 20,373	$ 17,182	$ 41,289	$ 18,717
Expenses:
Rental expenses	1,949	2,960	3,558	5,960
General and administrative expenses	6,112	1,268	9,003	2,877
Asset management fees	2,400	2,479	4,804	4,944
Depreciation and amortization	7,304	7,245	16,097	36,066
Impairment loss on real estate	0	5,831	0	5,831
Loss (gain) on real estate dispositions	3	(218)	3	(218)
Total expenses	17,768	19,565	33,465	55,460
Income (loss) from operations	2,605	(2,383)	7,824	(36,743)
Other expense:
Interest and other expense, net	(2,806)	(2,984)	(5,877)	(5,198)
Provision for loan losses	0	(989)	0	(2,179)
Total other expense	(2,806)	(3,973)	(5,877)	(7,377)
(Loss) income from continuing operations	(201)	(6,356)	1,947	(44,120)
Income from discontinued operations	0	11,950	0	32,483
Net (loss) income	(201)	5,594	1,947	(11,637)
Net loss attributable to noncontrolling interests in consolidated partnerships	0	48	0	48
Net (loss) income attributable to common stockholders	(201)	5,642	1,947	(11,589)
Other comprehensive (loss) income:
Unrealized (loss) income on interest rate swaps, net	(362)	(212)	(648)	424
Other comprehensive (loss) income	(362)	(212)	(648)	424
Comprehensive (loss) income	(563)	5,382	1,299	(11,213)
Comprehensive loss attributable to noncontrolling interests in consolidated partnerships	0	48	0	48
Comprehensive (loss) income attributable to common stockholders	$ (563)	$ 5,430	$ 1,299	$ (11,165)
Weighted average number of common shares outstanding:
Basic (in shares)	179,408,235	181,128,292	180,010,221	183,388,291
Diluted (in shares)	179,408,235	181,128,292	180,032,622	183,388,291
Basic:
Continuing operations (in dollars per share)	$ 0.00	$ (0.04)	$ 0.01	$ (0.24)
Discontinued operations (in dollars per share)	0.00	0.07	0.00	0.18
Net income (loss) attributable to common stockholders (in dollars per share)	0.00	0.03	0.01	(0.06)
Diluted:
Continuing operations (in dollars per share)	0.00	(0.04)	0.01	(0.24)
Discontinued operations (in dollars per share)	0.00	0.07	0.00	0.18
Net income (loss) attributable to common stockholders (in dollars per share)	0.00	0.03	0.01	(0.06)
Distributions declared per common share (in dollars per share)	$ 0.08	$ 0.10	$ 0.16	$ 3.29

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 1,947	$ (11,637)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	16,097	36,066
Amortization of deferred financing costs	833	1,224
Amortization of above-market leases	127	154
Amortization of acquired intangible liabilities	(841)	(604)
Amortization of operating leases	57	0
Loss (gain) on real estate dispositions from continuing operations	3	(218)
Gain on real estate dispositions from discontinued operations	0	(29,244)
Impairment loss on real estate	0	5,831
Provision for credit losses	451	18,395
Provision for loan losses	0	2,179
Loss on debt extinguishment	0	207
Straight-line rent	(8,265)	13,941
Stock-based compensation	41	45
Changes in operating assets and liabilities:
Accounts payable and other liabilities	1,555	(9,822)
Accounts payable due to affiliates	(56)	(717)
Other assets	1,604	(12,899)
Net cash provided by operating activities	13,553	12,901
Cash flows from investing activities:
Proceeds from real estate disposals of continuing and discontinued operations	958	226,410
Capital expenditures	(1,543)	(3,683)
Capital distributions from unconsolidated partnership	0	962
Notes receivable, net	0	(7,200)
Net cash (used in) provided by investing activities	(585)	216,489
Cash flows from financing activities:
Payments on notes payable	(18,570)	(99,132)
Proceeds from credit facility	41,000	285,000
Payments on credit facility	0	(75,000)
Proceeds from debt extinguishment	0	338
Payments of deferred financing costs	(826)	(1,942)
Repurchase of common stock	(29,467)	(64,212)
Other offering costs	0	(4)
Distributions to stockholders	(20,036)	(582,432)
Distributions to noncontrolling interests	0	(4,233)
Net cash used in financing activities	(27,899)	(541,617)
Net change in cash, cash equivalents and restricted cash	(14,931)	(312,227)
Cash, cash equivalents and restricted cash - Beginning of period	43,301	351,914
Cash, cash equivalents and restricted cash - End of period	28,370	39,687
Supplemental cash flow disclosure:
Interest paid, net of interest capitalized of $6 and $217, respectively	5,166	6,487
Supplemental disclosure of non-cash transactions:
Common stock issued through distribution reinvestment plan	8,799	25,290
Accrued capital expenditures	$ 708	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real estate:
Land	$ 72,451	$ 72,700
Buildings and improvements, less accumulated depreciation of $112,894 and $100,897, respectively	796,134	806,637
Total real estate, net	868,585	879,337
Cash and cash equivalents	28,202	43,133
Acquired intangible assets, less accumulated amortization of $25,288 and $23,822, respectively	54,675	59,681
Right-of-use assets - operating leases	16,103
Other assets, net	45,905	40,964
Assets of discontinued operations, net	0	401
Total assets	1,013,470	1,023,516
Liabilities:
Notes payable, net of deferred financing costs of $65 and $75, respectively	17,654	36,214
Credit facility	231,000	190,000
Accounts payable due to affiliates	1,289	1,329
Accounts payable and other liabilities	17,982	16,703
Acquired intangible liabilities, less accumulated amortization of $5,330 and $5,712, respectively	10,920	16,537
Operating lease liabilities	19,808
Liabilities of discontinued operations, net	0	13
Total liabilities	298,653	260,796
Stockholders’ equity:
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized; none issued and outstanding
Common stock, $0.01 par value per share, 300,000,000 shares authorized; 204,769,944 and 203,114,678 shares issued, respectively; 179,208,640 and 183,081,839 shares outstanding, respectively	1,792	1,831
Additional paid-in capital	1,592,381	1,612,969
Accumulated distributions in excess of earnings	(879,133)	(852,505)
Accumulated other comprehensive (loss) income	(223)	425
Total stockholders’ equity	714,817	762,720
Total liabilities and stockholders’ equity	$ 1,013,470	$ 1,023,516