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Carter Validus Mission Critical Reit, Inc. (CZMR) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Carter Validus Mission Critical Reit, In

CIK: 1482974 Ticker: CZMR


Exhibit 99.1
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Carter Validus Mission Critical REIT, Inc.
Fourth Quarter and Full Year 2018 Results
TAMPA, FL (April 5, 2018) - Carter Validus Mission Critical REIT, Inc., or the Company, a public, non-traded real estate investment trust focused on mission critical healthcare properties, announced operating results for the fourth quarter and full year ended December 31, 2018.
Quarter Ended December 31, 2018, Highlights
Net income attributable to common stockholders totaled $2.1 million.
Net operating income from continuing operations, or NOI, totaled $17.5 million.
Funds from operations, or FFO, as defined by the National Association of Real Estate Investment Trusts, or NAREIT, attributable to common stockholders equaled $10.5 million.
Modified funds from operations, or MFFO, as defined by the Institute for Portfolio Alternatives, or the IPA, attributable to common stockholders equaled $7.3 million.
Effective October 1, 2018, the price per share of the Company's common stock issued pursuant to its distribution reinvestment plan, or DRIP, is $5.33, reflecting the net asset value per share established on September 27, 2018, by the Company's board of directors.
October 24, 2018, the Company entered into a lease agreement with a new tenant, the Board of Regents of the University of Texas System, which is an affiliate of the University of Texas Medical Branch and Aaa-rated by Moody’s Investors Service, to lease the UTMB Health Clear Lake Campus (formerly known as the Bay Area Regional Medical Center) property.

Michael Seton, Chief Executive Officer and President of the Company stated, “Our 2018 results are down from the prior year, primarily as a result of one-time charges related to the financial difficulty of a former tenant at our property formerly known as the Bay Area Regional Medical Center, which is now named the UTMB Health Clear Lake Campus. However, we demonstrated our real estate skillsets by re-leasing the property, which is an approximately 370,000 square foot building, to a Aaa-rated tenant that is an affiliate of the University of Texas Medical Branch, pursuant to a long-term lease agreement. Of particular significance this year, we completed the sale of all of the Company’s data center properties, which generated an approximately 10.5% aggregate unleveraged IRR and allowed us to make a special distribution of approximately $560 million to our stockholders. In addition to these successes, we had other positive outcomes, including the re-positioning of certain properties and completion of various capital improvement projects. We remain focused on maximizing stockholder value on our remaining 61 properties, which are well-diversified amongst tenancy and geography across the United States.”
An explanation of FFO, MFFO and NOI, as well as reconciliations of such non-GAAP financial measures to the most directly comparable U.S. GAAP measures, are included at the end of this exhibit.
Financial Results
The reductions in net income attributable to common stockholders during the periods presented below are primarily the result of the Company selling 15 of the 20 data center properties during the quarter and year ended December 31, 2017, resulting in gains on sale in that period that were greater than the comparable periods in 2018 and no longer having the related rental revenue from those properties. Additionally, net income was affected by one of the Company's former tenants, Bay Area Regional Medical



The following information was filed by Carter Validus Mission Critical Reit, Inc. (CZMR) on Friday, April 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Cash Flows (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Stockholders' Equity
Accounts Payable And Other Liabilities
Accounts Payable And Other Liabilities (Schedule Of Accounts Payable And Other Liabilities) (Details)
Accounts Payable And Other Liabilities (Tables)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Schedule Of Amounts Recognized In Accumulated Other Comprehensive Income) (Details)
Accumulated Other Comprehensive Income (Schedule Of Reclassifications Out Of Accumulated Other Comprehensive Income) (Details)
Accumulated Other Comprehensive Income (Tables)
Acquired Intangible Assets, Net
Acquired Intangible Assets, Net (Narrative) (Details)
Acquired Intangible Assets, Net (Schedule Of Acquired Intangible Assets, Net) (Details)
Acquired Intangible Assets, Net (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Narrative) (Details)
Derivative Instruments And Hedging Activities (Schedule Of Gains Or Losses Recognized On Derivative Instruments) (Details)
Derivative Instruments And Hedging Activities (Schedule Of Offsetting Of Derivative Positions) (Details)
Derivative Instruments And Hedging Activities (Schedule Of The Notional Amount And Fair Value Of Derivative Instruments) (Details)
Derivative Instruments And Hedging Activities (Tables)
Discontinued Operations
Discontinued Operations (Narrative) (Details)
Discontinued Operations (Schedule Of Discontinued Operations - Major Classes Of Assets And Liabilities Of Discontinued Operations) (Details)
Discontinued Operations (Schedule Of Discontinued Operations - Operations Of Discontinued Operations) (Details)
Discontinued Operations (Tables)
Fair Value
Fair Value (Narrative) (Details)
Fair Value (Schedule Of Fair Value, Assets Measured On Recurring Basis) (Details)
Fair Value (Tables)
Intangible Lease Liabilities, Net
Intangible Lease Liabilities, Net (Narrative) (Details)
Intangible Lease Liabilities, Net (Schedule Of Intangible Lease Liabilities, Net) (Details)
Intangible Lease Liabilities, Net (Tables)
Leases
Leases (Narrative) (Details)
Leases (Schedule Of Future Minimum Rent From Lessee For Ground Leases - Asc 840) (Details)
Leases (Schedule Of Future Minimum Rent From Lessee For Ground Leases) (Details)
Leases (Schedule Of Future Minimum Rent To Lessor From Operating Leases) (Details)
Leases (Tables)
Notes Payable And Unsecured Credit Facility
Notes Payable And Unsecured Credit Facility (Narrative) (Details)
Notes Payable And Unsecured Credit Facility (Schedule Of Debt) (Details)
Notes Payable And Unsecured Credit Facility (Schedule Of Future Principal Payments Due On Notes Payable And Unsecured Credit Facility) (Details)
Notes Payable And Unsecured Credit Facility (Tables)
Organization And Business Operations
Organization And Business Operations (Details)
Other Assets, Net
Other Assets, Net (Schedule Of Other Assets, Net) (Details)
Other Assets, Net (Tables)
Related-Party Transactions And Arrangements
Related-Party Transactions And Arrangements (Narrative) (Details)
Related-Party Transactions And Arrangements (Schedule Of Related-Party Transactions) (Details)
Related-Party Transactions And Arrangements (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Reconciliation Of Cash, Cash Equivalents And Restricted Cash) (Details)
Summary Of Significant Accounting Policies (Tables)

Material Contracts, Statements, Certifications & more

Carter Validus Mission Critical Reit, Inc. provided additional information to their SEC Filing as exhibits

Ticker: CZMR
CIK: 1482974
Form Type: 10-Q Quarterly Report
Accession Number: 0001482974-19-000032
Submitted to the SEC: Wed May 15 2019 3:32:41 PM EST
Accepted by the SEC: Wed May 15 2019
Period: Sunday, March 31, 2019
Industry: Real Estate Investment Trusts

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