Carter Validus Mission Critical REIT II, Inc. Announces New Officers
September 20, 2018 | James Sprow | Blue Vault
On September 14, 2018, Carter Validus Mission Critical REIT II, Inc., a public non-traded real estate investment trust, announced that Lisa A. Drummond retired as Chief Operating Officer and Secretary of the Company, effective September 13, 2018. Todd M. Sakow was elected by the board of directors of the Company to become Chief Operating Officer and Secretary of the Company, effective September 13, 2018. In assuming such positions, Mr. Sakow resigned as Chief Financial Officer and Treasurer of the Company, positions he held since January 2013.
The board of directors of the Company also elected Kay C. Neely as Chief Financial Officer and Treasurer of the Company, effective September 13, 2018. In this capacity, Ms. Neely also will serve as the Company’s principal financial officer. Prior to becoming Chief Financial Officer and Treasurer of the Company, Ms. Neely was Senior Vice President of Accounting of Carter Validus Advisors II, LLC, the Company’s external advisor, since January 2016, where she has been responsible for the oversight of the accounting and financial reporting functions, as well as managing all accounting department personnel. Ms. Neely has over 13 years of real estate accounting experience from her various roles at a public accounting firm and Carter Validus.
Michael Seton, Chief Executive Officer and President of the Company and the Advisor stated, “We are pleased to have Mr. Sakow assume the role of Chief Operating Officer and Secretary of the Company; his partnership with and contribution to executive leadership have proven critical to our success in growing the Company. We are also excited to have Ms. Neely assume the role of Chief Financial Officer and Treasurer, and we are confident that our financial operations, reporting, and internal controls will continue to be successfully overseen through her leadership and experience.”
In addition, effective September 13, 2018, the new officers of the Advisor are Todd M. Sakow, Chief Operating Officer and Secretary, Kay C. Neely, Chief Financial Officer and Treasurer, and Jamie Yoakum, Chief Accounting Officer.
About Carter Validus Mission Critical REIT II, Inc.
Carter Validus Mission Critical REIT II invests in net leased data center and healthcare assets and raised approximately $1.326 billion in investor equity in its initial and follow-on offerings, including DRIP proceeds.
The company’s follow-on offering is scheduled to close on or about November 27, 2018. As of June 30, 2018, the REIT had a portfolio of 57 real estate investments consisting of 75 properties comprising 5,455,000 square feet that were 97.5% leased and acquired for an aggregate purchase price of approximately $1.738 billion. The portfolio included 46 healthcare and 28 data center properties. The REIT completed three acquisitions in Q2 2018 for approximately $74.8 million.
According to Blue Vault, the REIT’s Class A shares were priced at $10.20 and were making cash distributions at the annualized rate of 6.53%. Its Class T shares were priced at $9.77 and had a distribution yield of 5.79% after stockholder servicing fees. For Q2 2018, the REIT’s FFO Payout Ratio was 94%, and 93% for year-to-date 2018.
Sources: Carter Validus, SEC, Blue Vault
Learn more about Carter Validus on the Blue Vault Sponsor Focus page
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