Financial Performance - Net income for Q3 2024 was $11.9 million, or $0.21 per diluted share, compared to $15.0 million, or $0.26 per diluted share in Q3 2023[8]. - Adjusted funds from operations (AFFO) for Q3 2024 were $31.7 million, or $0.57 per diluted share, compared to $34.1 million, or $0.60 per diluted share in Q3 2023[13]. - Total revenue for the three months ended September 30, 2024, was $46,118,000, a decrease of 5.0% compared to $48,542,000 for the same period in 2023[33]. - Net income attributable to common stockholders for the three months ended September 30, 2024, was $11,935,000, down 20.0% from $14,983,000 in the prior year[33]. - Funds From Operations (FFO) for the three months ended September 30, 2024, was $30,568,000, down 7.5% from $33,055,000 in the prior year[35]. - Rental revenue for the three months ended September 30, 2024, was $46,118,000, a decline of 5.0% compared to $48,542,000 in the same period of 2023[42]. - Net operating income (NOI) for the three months ended September 30, 2024, was $40,295,000, down 6.0% from $43,537,000 in the same period of 2023[42]. - Adjusted Funds From Operations (AFFO) for the three months ended September 30, 2024, was $31,714,000, a decrease of 7.0% from $34,128,000 in the same period of 2023[35]. - Same store cash NOI for the three months ended September 30, 2024, was $36,924,000, a slight decrease of 0.6% from $37,142,000 in the same period of 2023[42]. - The company reported a comprehensive income attributable to common stockholders of $565,000 for the three months ended September 30, 2024, down from $17,298,000 in the prior year[33]. Cash Flow and Liquidity - Cash net operating income (Cash NOI) for Q3 2024 was $40.8 million, down from $44.2 million in Q3 2023, primarily due to lost Cash NOI from dispositions[9]. - The company had a strong balance sheet with approximately $528.6 million in total liquidity as of September 30, 2024[18]. - Cash and cash equivalents decreased significantly to $28,606,000 from $202,019,000 as of December 31, 2023[30]. - The dividend payout to AFFO ratio was 70.7% for Q3 2024, with cash distributions of approximately $7.4 million paid to stockholders[22]. Asset Management - Total assets as of September 30, 2024, amounted to $2,007,433,000, a decrease from $2,099,579,000 as of December 31, 2023[30]. - Total liabilities increased slightly to $606,958,000 as of September 30, 2024, compared to $605,144,000 at the end of 2023[30]. - Rental expenses for the three months ended September 30, 2024, were $5,823,000, an increase of 16.3% from $5,005,000 in the same period of 2023[33]. - The weighted average percentage of rentable square feet leased was 95.5%, reflecting a 2.0% decrease during Q3 2024[17]. - Weighted average number of common shares outstanding for the three months ended September 30, 2024, was 55,571,298, a decrease from 56,859,076 in the same period of 2023[33]. Strategic Initiatives - The company acquired a $28.4 million inpatient rehabilitation facility in Fort Smith, Arkansas, during the quarter[2]. - The company sold the Fort Myers Healthcare Facilities for a sales price of $15.5 million, generating net proceeds of $14.7 million[15]. - The company plans to change the frequency of cash distributions to quarterly, effective in 2025[22]. - The company plans to continue its acquisition and growth strategy, focusing on strategic acquisitions and potential stock repurchases[25]. - The company accepted for purchase approximately 2.2 million shares of common stock at a purchase price of $22.60 per share, totaling approximately $50.0 million[20]. Other Income - The company received $2,000,000 in severance fees from GenesisCare, which will be recognized in rental revenues over the remaining lease term[45]. - The nine months ended September 30, 2024, included $4,098,000 in lease termination fee income received, compared to $5,650,000 in the same period of 2023[43]. - The company reported a net operating income (NOI) of $123,085,000 for the nine months ended September 30, 2024, down from $128,423,000 in the same period of 2023[42]. - The company had 126 same store properties for the quarters ended September 30, 2024, and 2023, allowing for consistent performance comparison[47].
Sila Realty Trust, Inc.(SILA) - 2024 Q3 - Quarterly Results