Sila Realty Trust, Inc. First Quarter 2022 Results

TAMPA, Fla.--(BUSINESS WIRE)--May 13, 2022--

Sila Realty Trust, Inc., or the Company, a public, non-traded real estate investment trust focused on healthcare properties, today announced operating results for the first quarter ended March 31, 2022.

Highlights of the Quarter Ended March 31, 2022 and Subsequent Events

  • Net income attributable to common stockholders totaled $1.4 million; net income attributable to common stockholders per diluted share was $0.01.
  • Net operating income, or NOI*, attributable to our operating healthcare properties totaled $41.3 million.
  • Funds from operations, or FFO*, attributable to common stockholders equaled $26.0 million; FFO attributable to common stockholders per diluted share was $0.12.
  • Adjusted funds from operations, or AFFO*, attributable to common stockholders equaled $28.9 million; AFFO attributable to common stockholders per diluted share was $0.13.
  • On February 8, 2022, the Company placed one operating healthcare property into service.
  • On February 10, 2022, the Company sold one land parcel that formerly contained a healthcare property in the Houston, TX market for $24.0 million and generated net proceeds at closing of approximately $22.7 million, after transaction costs and other prorations.
  • On February 15, 2022, the Company entered into a new revolving credit agreement and term loan agreement. Upon closing of the new revolving credit agreement, the Company extinguished all commitments associated with the prior revolving line of credit. The new term loan agreement was entered into to replace the Company's prior term loan, which was paid off in its entirety upon closing of the new revolving credit agreement and the new term loan agreement.
  • On March 10, 2022, the Company acquired one healthcare property in the Yukon, OK market for an aggregate purchase price of $19.6 million. The property is approximately 45,624 rentable square feet and is 100% leased to a single tenant.
  • On May 12, 2022, the Company acquired one healthcare property in the Pittsburgh, PA market for an aggregate purchase price of $14.0 million. The property is approximately 33,712 rentable square feet and is 100% leased to four tenants.

“The first quarter of 2022 resulted in increases in healthcare rental revenue and NOI, as compared to the first quarter of 2021; however, total revenues, including discontinued operations, were lower due to the Company selling a substantial portion of properties comprised of its Data Center portfolio in July 2021,” stated Michael Seton, the Company’s President and Chief Executive Officer. “Consistent with repositioning ourselves as a pure-play healthcare REIT, we continue to seek out high quality assets to complement our diversified healthcare portfolio across the continuum of care while repositioning any assets that no longer meet our strategic focus. Our balance sheet remains strong and flexible, as evidenced by the recent closing of our new revolving credit agreement and term loan agreement, which extended our debt maturities and reduced pricing while offering substantial borrowing capacity to continue capitalizing on growth opportunities.”

* An explanation of FFO, AFFO, and NOI, as well as reconciliations of such non-United States generally accepted accounting principles ("GAAP") financial measures, which should not be considered alternatives to GAAP measures, to the most directly comparable U.S. GAAP measures, are included at the end of this release.

Financial Results

Quarter Ended March 31, 2022, Compared to Quarter Ended March 31, 2021

  • Net income attributable to common stockholders was $1.4 million for the quarter ended March 31, 2022, a decrease of 52%, compared to net income attributable to common stockholders of $2.9 million for the quarter ended March 31, 2021.
  • FFO attributable to common stockholders was $26.0 million for the quarter ended March 31, 2022, a decrease of 34%, compared to $39.3 million for the quarter ended March 31, 2021.
  • AFFO attributable to common stockholders was $28.9 million for the quarter ended March 31, 2022, a decrease of 20%, compared to $36.1 million for the quarter ended March 31, 2021.

 

Three Months Ended

March 31,

 

 

 

 

 

2022

 

2021

 

$ Change

 

% Change

Net income attributable to common stockholders per common share - basic, diluted

$

0.01

 

$

0.01

 

$

 

 

%

FFO per common share - basic, diluted

$

0.12

 

$

0.18

 

$

(0.06

)

 

(33.33

)%

AFFO per common share - basic, diluted

$

0.13

 

$

0.16

 

$

(0.03

)

 

(18.75

)%

The decrease in net income attributable to common stockholders, FFO and AFFO during the periods presented above is primarily due to the Company owning a substantially smaller portfolio of properties subsequent to selling the Data Center portfolio on July 22, 2021, which was partially offset by an increase in rental revenue due to the acquisition of five operating properties and the placement of two development properties in service since January 1, 2021.

Operating Results

Quarter Ended March 31, 2022, Compared to Quarter Ended March 31, 2021

  • NOI attributable to our operating healthcare properties was $41.3 million for the quarter ended March 31, 2022, an increase of 5%, compared to $39.2 million for the quarter ended March 31, 2021.
  • Rental revenue attributable to our operating healthcare properties was $44.3 million for the quarter ended March 31, 2022, an increase of 4%, compared to $42.4 million for the quarter ended March 31, 2021.
  • Same store NOI attributable to our operating healthcare properties was $39.3 million for the quarter ended March 31, 2022, an increase of 0.5%, compared to $39.1 million for the quarter ended March 31, 2021.

The increase in NOI and rental revenue attributable to operating healthcare properties during the quarter ended March 31, 2022, as compared to the quarter ended March 31, 2021, is primarily attributable to the acquisition of five operating properties and the placement of two development properties in service since January 1, 2021.

Portfolio Overview

During the first quarter of 2022, the Company acquired one healthcare property, located in the Yukon, OK market, for an aggregate purchase price of $19.6 million. The property is composed of 45,624 rentable square feet and is 100% leased to one tenant. The Company also disposed of one land parcel that formerly contained a healthcare property, located in the Houston, TX market, for an aggregate sale price of $24.0 million, which generated net proceeds of $22.7 million and resulted in a gain on sale of $0.5 million.

As of March 31, 2022, the Company owned 126 real estate properties, located in 56 markets, composed of approximately 5.3 million rentable square feet with a total real estate investment of approximately $2.2 billion. The Company's properties had a weighted average occupancy of 99.4% and weighted-average remaining lease term of 9.5 years.

Balance Sheet and Liquidity

As of March 31, 2022, the Company had liquidity of approximately $334.6 million, consisting of $19.6 million in cash and cash equivalents and $315.0 million in borrowing base availability under its credit facility.

As of March 31, 2022, the Company had total principal debt outstanding of $485.0 million under the Company's credit facility, with a net debt leverage ratio, which is the ratio of principal debt outstanding less cash to fair market value of real estate plus the total aggregate cost of properties acquired after the net asset value date of May 31, 2021, of 20.2%. The Company’s outstanding debt was composed of 82.5% fixed rate debt through the use of interest rate swaps and 17.5% variable rate debt.

On February 15, 2022, the Company, Sila Realty Operating Partnership, LP, or the Operating Partnership, and certain of its subsidiaries, entered into a senior unsecured revolving credit agreement, or the Revolving Credit Agreement, with Truist Bank, as Administrative Agent for the lenders, for aggregate commitments available of up to $500.0 million, which may be increased, subject to lender approval, through incremental term loans and/or revolving loan commitments in an aggregate amount not to exceed $1,000.0 million. The maturity date for the Revolving Credit Agreement is February 15, 2026, which, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to certain conditions, including the payment of an extension fee. The Revolving Credit Agreement was entered into to replace the Company's prior $500.0 million revolving line of credit, which had a maturity date of April 27, 2022, with the option to extend for one twelve-month period. The Company did not exercise the option to extend. Upon closing of the Revolving Credit Agreement, the Company extinguished all commitments associated with the prior revolving line of credit.

Simultaneously with the Revolving Credit Agreement’s execution, on February 15, 2022, the Company, the Operating Partnership, and certain of its subsidiaries, entered into the senior unsecured term loan agreement, or the Term Loan Agreement, with Truist Bank, as Administrative Agent for the lenders. The Term Loan Agreement was fully funded at closing, and is made up of aggregate commitments of $300.0 million, which may be increased, subject to lender approval, to an aggregate amount not to exceed $600.0 million. The Term Loan Agreement has a maturity date of December 31, 2024, and, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee. The Term Loan Agreement was entered into to replace the Company's prior term loan, which was paid off in its entirety upon closing of the Revolving Credit Agreement and the Term Loan Agreement. The Revolving Credit Agreement and the Term Loan Agreement have aggregate commitments available of $800.0 million.

Distributions

The following table summarizes the Company's distributions paid and distributions declared during the first quarter of 2022 (amounts in thousands, except per share amounts):

Common Stock

 

Cash

 

DRIP (1)

 

Total Distributions

 

Distributions Declared Per Share (2)

Class A

 

$

13,000

 

$

3,616

 

$

16,616

 

$

0.10

Class I

 

 

912

 

 

625

 

 

1,537

 

$

0.10

Class T

 

 

1,962

 

 

1,734

 

 

3,696

 

$

0.10

Class T2

 

 

32

 

 

37

 

 

69

 

$

0.08

 

 

$

15,906

 

$

6,012

 

$

21,918

 

 

__________________
(1)

Distribution reinvestment plan (DRIP).

 
(2)

The Company declared weighted average distributions per share of common stock in the amount of $0.10.

Supplemental Information

The Company routinely provides information for investors and the marketplace through press releases, SEC filings and the Company's website at investors.silarealtytrust.com. The information that the Company posts to its website may be deemed material. Accordingly, the Company encourages investors and others interested in the Company to routinely monitor and review the information that the Company posts on its website, in addition to following the Company's press releases and SEC filings. A glossary of definitions (including those of certain non-GAAP financial measures) and other supplemental information may be found attached to the Current Report on Form 8-K filed on May 13, 2022. A comprehensive listing of the Company's properties is available at silarealtytrust.com/portfolio.

About Sila Realty Trust, Inc.

Sila Realty Trust, Inc. is a public, non-traded real estate investment trust headquartered in Tampa, Florida, that invests in high-quality healthcare properties leased to tenants capitalizing on critical and structural economic growth drivers. The Company is focused on investing in and managing strategic healthcare assets across the continuum of care, with emphasis on lower cost patient settings, which generate predictable, durable and growing income streams. As of March 31, 2022, the Company owned 126 real estate properties located in 56 markets across the United States.

Forward-Looking Statements

Certain statements contained herein, including those regarding our seeking out of high quality assets to complement our diversified healthcare portfolio across the continuum of care while repositioning any assets that no longer meet our strategic focus, other than historical fact may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties. No forward-looking statement is intended to, nor shall it, serve as a guarantee of future performance. You can identify the forward-looking statements by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will” and other similar terms and phrases, including references to assumptions and forecasts of future results, strategic acquisitions and growth opportunities, and future distributions. Forward-looking statements are subject to various risks and uncertainties and factors that could cause actual results to differ materially from the Company's expectations, and you should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and could materially affect the Company's results of operations, financial condition, cash flows, performance or future achievements or events. Additional factors include the risk that the expected benefits for the Company’s pure-play healthcare REIT strategy are not achieved, and other factors, including those described under the section entitled Item 1A. "Risk Factors" of Part I of the Company's 2021 Annual Report on Form 10-K with the SEC a copy of which is available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Condensed Consolidated Balance Sheets (amounts in thousands, except share data)

 

 

(Unaudited)
March 31, 2022

 

December 31, 2021

ASSETS

Real estate:

 

 

 

Land

$

164,679

 

 

$

163,992

 

Buildings and improvements, less accumulated depreciation of $173,407 and $165,784, respectively

 

1,663,679

 

 

 

1,648,685

 

Construction in progress

 

 

 

 

14,628

 

Total real estate, net

 

1,828,358

 

 

 

1,827,305

 

Cash and cash equivalents

 

19,563

 

 

 

32,359

 

Acquired intangible assets, less accumulated amortization of $74,373 and $71,067, respectively

 

177,084

 

 

 

181,639

 

Goodwill

 

23,006

 

 

 

23,284

 

Right-of-use assets - operating leases

 

25,230

 

 

 

21,737

 

Right-of-use assets - finance lease

 

2,291

 

 

 

2,296

 

Other assets, net

 

77,599

 

 

 

66,365

 

Assets held for sale, net

 

 

 

 

22,570

 

Total assets

$

2,153,131

 

 

$

2,177,555

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

 

 

 

Credit facility, net of deferred financing costs of $681 and $3,226, respectively

 

484,319

 

 

 

496,774

 

Accounts payable and other liabilities

 

28,967

 

 

 

39,597

 

Acquired intangible liabilities, less accumulated amortization of $4,808 and $4,444, respectively

 

12,598

 

 

 

12,962

 

Operating lease liabilities

 

27,436

 

 

 

23,758

 

Finance lease liabilities

 

2,637

 

 

 

2,636

 

Liabilities held for sale, net

 

 

 

 

698

 

Total liabilities

 

555,957

 

 

 

576,425

 

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; 239,006,914 and 238,226,119 shares issued, respectively; 224,616,042 and 224,179,939 shares outstanding, respectively

 

2,246

 

 

 

2,242

 

Additional paid-in capital

 

2,008,481

 

 

 

2,004,404

 

Accumulated distributions in excess of earnings

 

(421,561

)

 

 

(400,669

)

Accumulated other comprehensive income (loss)

 

8,008

 

 

 

(4,847

)

Total stockholders’ equity

 

1,597,174

 

 

 

1,601,130

 

Total liabilities and stockholders’ equity

$

2,153,131

 

 

$

2,177,555

 

Condensed Consolidated Quarterly (Unaudited) Statements of Comprehensive Income (amounts in thousands, except share data and per share amounts)

 

 

Three Months Ended

March 31,

 

2022

 

2021

Revenue:

 

 

 

Rental revenue

$

44,282

 

$

42,422

 

Expenses:

 

 

 

Rental expenses

 

3,025

 

 

3,214

 

General and administrative expenses

 

6,856

 

 

6,623

 

Depreciation and amortization

 

17,988

 

 

18,224

 

Impairment loss on real estate

 

7,109

 

 

10,423

 

Impairment loss on goodwill

 

278

 

 

240

 

Total expenses

 

35,256

 

 

38,724

 

Gain on real estate disposition

 

460

 

 

 

Income from operations

 

9,486

 

 

3,698

 

Interest and other expense, net

 

8,115

 

 

8,764

 

Income (loss) from continuing operations

 

1,371

 

 

(5,066

)

Income from discontinued operations

 

 

 

7,948

 

Net income attributable to common stockholders

$

1,371

 

$

2,882

 

Other comprehensive income:

 

 

 

Unrealized income on interest rate swaps, net

$

12,855

 

$

5,792

 

Other comprehensive income

 

12,855

 

 

5,792

 

Comprehensive income attributable to common stockholders

$

14,226

 

$

8,674

 

Weighted average number of common shares outstanding:

 

 

 

Basic

 

224,499,307

 

 

222,481,179

 

Diluted

 

225,865,366

 

 

222,481,179

 

Net income (loss) per common share attributable to common stockholders:

 

 

 

Basic:

 

 

 

Continuing operations

$

0.01

 

$

(0.02

)

Discontinued operations

 

 

 

0.03

 

Net income attributable to common stockholders

$

0.01

 

$

0.01

 

Diluted:

 

 

 

Continuing operations

$

0.01

 

$

(0.02

)

Discontinued operations

 

 

 

0.03

 

Net income attributable to common stockholders

$

0.01

 

$

0.01

 

Distributions declared per common share

$

0.10

 

$

0.12

 

Use of Non-GAAP Information

Net operating income, a non-GAAP financial measure, is defined as rental revenue, less rental expenses, which excludes general and administrative expenses, depreciation and amortization, impairment loss on real estate, impairment loss on goodwill, gain on real estate disposition, interest and other expense, net, and income from discontinued operations. The Company believes that net operating income serves as a useful supplement to net income because it allows investors and management to measure unlevered property-level operating results and to compare operating results to the operating results of other real estate companies between periods on a consistent basis. Net operating income should not be considered as an alternative to net income determined in accordance with GAAP as an indicator of financial performance, and accordingly, the Company believes that in order to facilitate a clear understanding of the consolidated historical operating results, net operating income should be examined in conjunction with net income as presented in the condensed consolidated financial statements and data included on the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 13, 2022.

The following are reconciliations of net income attributable to common stockholders, which is the most directly comparable GAAP financial measure, to net operating income for the three months ended March 31, 2022 and 2021 (amounts in thousands):

 

Three Months Ended
March 31,

 

2022

 

2021

Revenue:

 

 

 

Rental revenue

$

44,282

 

$

42,422

 

Expenses:

 

 

 

Rental expenses

 

3,025

 

 

3,214

 

Net operating income

 

41,257

 

 

39,208

 

 

 

 

 

Expenses:

 

 

 

General and administrative expenses

 

6,856

 

 

6,623

 

Depreciation and amortization

 

17,988

 

 

18,224

 

Impairment loss on real estate

 

7,109

 

 

10,423

 

Impairment loss on goodwill

 

278

 

 

240

 

Gain on real estate disposition

 

460

 

 

 

Income from operations

 

9,486

 

 

3,698

 

Interest and other expense, net

 

8,115

 

 

8,764

 

Income (loss) from continuing operations

 

1,371

 

 

(5,066

)

Income from discontinued operations

 

 

 

7,948

 

Net income attributable to common stockholders

$

1,371

 

$

2,882

 

The Company generates its net operating income from property operations. In order to evaluate the overall portfolio, management analyzes the net operating income of same store properties. The Company defines "same store properties" as operating properties that were owned and operated for the entirety of both calendar periods being compared and excludes properties under development and properties or land classified as held for sale. By evaluating the net operating income of the same store properties, management is able to monitor the operations of the Company's existing properties for comparable periods to measure the performance of the current portfolio and determine the effects of new acquisitions and dispositions on net income.

The following table represents the breakdown of the three months ended March 31, 2022, total rental revenue and rental expenses and compares with amounts for the 2021 corresponding periods (amounts in thousands). The Company believes that the below presentation of total rental revenue is not, and is not intended to be, a presentation in accordance with GAAP and allows investors and management to evaluate the Company’s performance.

 

Three Months Ended
March 31,

 

2022

 

2021

Revenue:

 

 

 

Same store rental revenue

$

39,622

 

$

39,591

Same store tenant reimbursements (1)

 

2,283

 

 

2,136

Non-same store rental revenue

 

2,126

 

 

441

Non-same store tenant reimbursements (1)

 

250

 

 

253

Other operating income

 

1

 

 

1

Total rental revenue

 

44,282

 

 

42,422

Expenses:

 

 

 

Same store rental expenses

 

2,626

 

 

2,587

Non-same store rental expenses

 

399

 

 

627

Net operating income

$

41,257

 

$

39,208

_________________

(1)

Tenant reimbursements represent expenses, which are paid back to the Company by a tenant.

Funds From Operations (“FFO”) and Adjusted Funds From Operations ("AFFO") are non-GAAP financial measures. FFO is calculated using the NAREIT definition: net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property and asset impairment write-downs, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. It should be noted, however, that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than the Company does, making comparisons less meaningful. In addition to FFO, the Company uses AFFO as a supplemental financial performance measure because the Company believes it provides to stakeholders a more complete understanding of its sustainable performance. AFFO is a metric used by management to evaluate the Company's dividend policy. The Company calculates AFFO, a non-GAAP measure, by further adjusting FFO for the following items included in the determination of GAAP net income: amortization of above- and below-market leases, along with amortization of operating leases and finance lease, resulting from above-and below-market leases, straight-line rent adjustments, discount amortization related to the deferred liability in connection with the internalization transaction, impairment loss on goodwill, (gain) loss on extinguishment of debt, amortization of deferred financing costs and stock-based compensation. Other REITs may use different methodologies for calculating AFFO and, accordingly, the Company’s AFFO may not be comparable to other REITs.

FFO and AFFO should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operational performance. The method used to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operating performance and considered more prominent than the non-GAAP FFO and AFFO measures and the adjustments to GAAP in calculating FFO and AFFO.

The following is a reconciliation of net income attributable to common stockholders, which is the most directly comparable GAAP financial measure, to FFO and AFFO for the three months ended March 31, 2022 and 2021 (amounts in thousands, except share data and per share amounts):

 

Three Months Ended
March 31,

 

2022

 

2021

Net income attributable to common stockholders

$

1,371

 

 

$

2,882

 

Adjustments:

 

 

 

Depreciation and amortization (1)

 

17,966

 

 

 

25,962

 

Gain on real estate disposition from continuing operations

 

(460

)

 

 

 

Impairment loss on real estate

 

7,109

 

 

 

10,423

 

FFO attributable to common stockholders

$

25,986

 

 

$

39,267

 

Adjustments:

 

 

 

Amortization of intangible assets and liabilities (2)

 

119

 

 

 

(613

)

Amortization of operating leases and finance lease

 

254

 

 

 

269

 

Straight-line rent adjustments (3)

 

(2,510

)

 

 

(4,626

)

Amortization of discount of deferred liability

 

 

 

 

54

 

Impairment loss on goodwill (4)

 

278

 

 

 

240

 

Loss on extinguishment of debt

 

3,367

 

 

 

 

Amortization of deferred financing costs

 

490

 

 

 

996

 

Stock-based compensation

 

896

 

 

 

556

 

AFFO attributable to common stockholders

$

28,880

 

 

$

36,143

 

Weighted average common shares outstanding - basic

 

224,499,307

 

 

 

222,481,179

 

Weighted average common shares outstanding - diluted

 

225,865,366

 

 

 

222,481,179

 

Weighted average common shares outstanding - diluted for FFO and AFFO

 

225,865,366

 

 

 

223,420,969

 

Net income per common share - basic

$

0.01

 

 

$

0.01

 

Net income per common share - diluted

$

0.01

 

 

$

0.01

 

FFO per common share - basic

$

0.12

 

 

$

0.18

 

FFO per common share - diluted

$

0.12

 

 

$

0.18

 

AFFO per common share - basic

$

0.13

 

 

$

0.16

 

AFFO per common share - diluted

$

0.13

 

 

$

0.16

 

___________________

(1)

During the three months ended March 31, 2022 and 2021, the Company wrote off in-place intangible assets in the amounts of approximately $0.4 million and $1.1 million, respectively, by accelerating the amortization of the acquired intangible assets.

 

(2)

Under GAAP, certain intangibles are accounted for at cost and reviewed for impairment. However, because real estate values and market lease rates historically rise or fall with market conditions, management believes that by excluding charges related to amortization of these intangibles, AFFO provides useful supplemental information on the performance of the real estate.

 

(3)

Under GAAP, rental revenue is recognized on a straight-line basis over the terms of the related lease (including rent holidays, if applicable). This may result in income recognition that is significantly different than the underlying contract terms. During the three months ended March 31, 2022 and 2021, the Company wrote off approximately $0.0 million and $0.1 million, respectively, of straight-line rent. By adjusting for the change in straight-line rent receivable, AFFO may provide useful supplemental information on the realized economic impact of lease terms, providing insight on the expected contractual cash flows of such lease terms, and aligns with the Company's analysis of operating performance.

 

(4)

During the three months ended March 31, 2022, the Company wrote off goodwill related to one reporting unit in the amount of approximately $0.3 million and during the three months ended March 31, 2021, the Company wrote off goodwill related to one reporting unit in the amount of approximately $0.2 million. The reporting units were originally recognized as a part of the internalization transaction on September 30, 2020. The Company believes that adjusting for such non-recurring items provides useful supplemental information because such adjustments may not be reflective of ongoing operations and aligns with its analysis of operating performance.

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20220513005454/en/

CONTACT: Investor Relations:

[email protected]

Miles Callahan, Vice President of Capital Markets and Investor Relations

KEYWORD: FLORIDA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: HOSPITALS HEALTH COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY MANAGED CARE

SOURCE: Sila Realty Trust, Inc.

Copyright Business Wire 2022.

PUB: 05/13/2022 01:58 PM/DISC: 05/13/2022 01:58 PM

http://www.businesswire.com/news/home/20220513005454/en

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    4:00PM - 5:00PM
     
    Bloomberg Radio is the world's only global 24-hour business radio station.   >>
     
  • MN Score Radio's 'Ten Thousand Takes'
     
    Join hosts Eric Nelson and Wally Langfellow as they break down the all the sports news you need to know.
     

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