Sila Realty Trust, Inc.(SILA) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $11.1 million, or$ 0.20 per diluted share, compared to a net loss of $9.0 million, or$ (0.16) per diluted share in Q4 2023[13]. - For the year ended 2024, net income was $42.7 million, or$ 0.75 per diluted share, up from $24.0 million, or$ 0.42 per diluted share in 2023[13]. - Net income attributable to common stockholders increased to $42,657,000 for the year ended December 31, 2024, compared to$ 24,042,000 in 2023, reflecting a growth of approximately 77.4%[36]. - The company reported a comprehensive income of $37,410,000 for the year ended December 31, 2024, compared to$ 12,655,000 in 2023, an increase of approximately 195.5%[36]. Revenue and Income Metrics - Cash net operating income (NOI) for Q4 2024 was $41.0 million, down from$ 42.8 million in Q4 2023, primarily due to lost NOI from dispositions[14]. - Rental revenue for the year ended December 31, 2024 was $186,856,000, down from$ 189,065,000 in 2023, representing a decrease of about 1.1%[36]. - Funds From Operations (FFO) for the year ended December 31, 2024 was $118,186,000, a decrease from$ 122,474,000 in 2023, showing a decline of about 3.6%[39]. - Core FFO for the year ended December 31, 2024 was $126,025,000, down from$ 128,847,000 in 2023, indicating a decrease of approximately 2.2%[39]. - Adjusted Funds From Operations (AFFO) for the year ended December 31, 2024 was $131,079,000, slightly down from$ 132,657,000 in 2023, a decrease of about 1.2%[43]. - The company recognized $2,000,000 in severance fees from GenesisCare, which will be recognized in rental revenues over the remaining lease term[47]. Expenses and Liabilities - The company incurred rental expenses of$ 23,138,000 for the year ended December 31, 2024, which is an increase from $20,196,000 in 2023, reflecting an increase of about 9.6%[36]. - General and administrative expenses for the year ended December 31, 2024, were$ 25,336,000, compared to $23,896,000 in 2023, an increase of 6%[46]. - Interest expense for the year ended December 31, 2024, was$ 21,220,000, down from $23,110,000 in 2023, reflecting a decrease of 8.2%[46]. - Total liabilities remained relatively stable, decreasing slightly from$ 605,144,000 in December 31, 2023 to $603,889,000 in December 31, 2024[34]. Cash and Liquidity - As of December 31, 2024, the company had a strong liquidity position totaling approximately$ 539.8 million, including $39.8 million in cash[22]. - Cash and cash equivalents significantly decreased from$ 202,019,000 in December 31, 2023 to $39,844,000 in December 31, 2024, a decline of approximately 80.3%[34]. Dividends and Shareholder Returns - The company approved a quarterly cash dividend of$ 0.40 per share, representing an annualized amount of $1.60 per share[26]. - The company's dividend payout to AFFO ratio was 73.3% for Q4 2024[25]. Property and Acquisitions - The company acquired eight healthcare properties for approximately$ 164.1 million, comprising about 307,000 rentable square feet[10]. - The weighted average remaining lease term was approximately 9.7 years, with 20.3% of annualized base rent maturing in the next five years[20]. - The company entered into two mezzanine loans totaling $17.5 million for the development of healthcare facilities, with purchase options upon completion[18]. Operational Metrics - Same store cash NOI for the year ended December 31, 2024, was$ 147,457,000, compared to $146,064,000 in 2023, reflecting a slight increase of 0.95%[46]. - The company’s net operating income (NOI) for the year ended December 31, 2024, was$ 163,718,000, compared to $168,869,000 in 2023, a decrease of 3.1%[46]. - There were 125 same store properties analyzed for the quarters ended December 31, 2024, and 2023, allowing for consistent performance evaluation[49].