Sila Realty Trust Completes $23.5 Million Acquisition of Dover Inpatient Rehabilitation Facility
TAMPA, Fla. – Sila Realty Trust, Inc. (NYSE: SILA) (the “Company”, “we”, or “our”), a net lease real estate investment trust (“REIT”) with a strategic focus on investing in the growing and resilient healthcare sector, today announced the $23.5 million acquisition of an inpatient rehabilitation facility located in Dover, Delaware (the “Dover Healthcare Facility”).
The Dover Healthcare Facility is a 34-bed, inpatient rehabilitation facility offering comprehensive inpatient and outpatient care programs from physical and occupational therapies to speech and cognitive treatments. The approximately 42,000 square foot facility was built in 2019 and is fully leased to a joint venture between Bayhealth Medical Center, Inc., an investment grade rated health system and the second largest health system in the state of Delaware, and a subsidiary of Post Acute Medical, LLC, one of the nation’s largest providers of post-acute healthcare. The Dover Healthcare Facility is the only inpatient rehabilitation facility in Kent County and one of only four in the state of Delaware. The facility has consistently maintained peak census since its opening and is protected from competition by the state of Delaware’s Certificate of Public Review licensure process, creating a significant barrier to entry.
“The Dover Healthcare Facility’s joint venture tenancy between two national and state level leading healthcare providers, and exceptional performance since opening, exemplifies our pursuit of creating a portfolio of strong tenants that we expect will deliver stable and predictable income streams leading to long-term value to our shareholders,” stated Michael A. Seton, President and Chief Executive Officer of the Company. “The Dover Healthcare Facility is our first acquisition in Delaware and demonstrates our team’s ability to leverage relationships to source and transact on accretive opportunities anywhere within United States. We believe that the combination of the state’s strong barriers to entry and heavy utilization at this facility provides for an opportunity for future expansion at the Dover Healthcare Facility.”
About Bayhealth Medical Center and Post Acute Medical
Bayhealth Medical Center, Inc. (“Bayhealth”) is a not-for-profit, tax-exempt corporation with two acute care hospitals, including the 316-bed Bayhealth Hospital-Kent Campus, located in Dover, Delaware, and the 128-bed Bayhealth Hospital-Sussex Campus, located in Milford, Delaware. Bayhealth employs nearly 4,000 people, including a medical staff of more than 450 physicians and 200 advanced practice clinicians. Post Acute Medical, LLC (“PAM”), a private, leading healthcare provider headquartered in Enola, Pennsylvania, was formed in 2006 and is one of the nation’s largest operators of both inpatient and outpatient rehabilitation facilities, long-term acute care hospitals, and behavioral health hospitals in the United States. PAM currently provides high-quality patient care at over 70 hospitals owned or operated by PAM in 17 states across the country.
About Sila Realty Trust, Inc.
Sila Realty Trust, Inc., headquartered in Tampa, Florida, is a net lease real estate investment trust with a strategic focus on investing in the growing and resilient healthcare sector. The Company invests in high quality healthcare facilities along the continuum of care in the pursuit of generating predictable, durable, and growing income streams. Sila’s portfolio comprises high quality tenants in geographically diverse facilities, which are positioned to capitalize on the dynamic delivery of healthcare to patients. As of March 31, 2025, the Company owned 136 real estate properties, and two undeveloped land parcels, located in 66 markets across the United States. For more information, please visit the Company’s website at www.silarealtytrust.com.
Forward-Looking Statements
Certain statements contained herein, 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 the barriers to entry, the Dover Healthcare Facility’s delivery of stable and predictable income streams, and the opportunity for future expansion at the Dover Healthcare Facility. 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 those described under the section entitled Item 1A. “Risk Factors” of Part I of the Company’s 2024 Annual Report on Form 10-K, as filed with the SEC on March 3, 2025, a copy of which are 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.
