Sila Realty Trust Inc 2024年度报告

SKILLFUL ANDTHOUGHTFULINVESTING To My Fellow Shareholders, First, I would like to express my sincere appreciationto all our shareholders, including those who havebeen with us for years as early investors, as wellas our newer investors since our public listing ofthe company last June. In this year’s annual letter– my first since Sila Realty Trust listed on the NewYork Stock Exchange – I would like to go beyondreflecting on the events of 2024 and demonstrate toour shareholders how your trust and support driveSila in all that we do. Accretive Transactions We believe that our seasoned team’s ability to sourceandunderwrite new transaction opportunities,aswell as our competitive position, with low leverageand ample liquidity, provides Sila with the ability tomake skillful and thoughtful investments in assetsthat meet our high standards. For Sila to acquire,the asset must fit within our stringent underwritingcriteria, which includes high quality, mission critical,andhighly utilized facilities,in locations withexpandingdemographics,leased to strong creditworthy tenancy with healthcare system affiliations.At our current size, each accretive transaction cancontribute meaningfully to growth and our corporatemetrics. Shareholders First Putting shareholders first is foundational in everydecisionwe make.Our approach to skillful andthoughtful investing is rooted in our mission to beresponsible stewards of your capital. In 2024, we acquired eight healthcare properties fora total investment of approximately $164.1 million,including: In June of 2024, we listed Sila on the New York StockExchange. We believe this momentous event providesthecompany with future access to scale capitalthrough the public equity markets, while providingimmediate liquidity optionality to shareholders. Ourstrong liquidity position, along with access to thepublic capital markets, should allow us to strategicallygrowour robust portfolio of high-quality medicaloutpatient buildings, inpatient rehabilitation facilities,and surgical and specialty facilities. •Brownsburg (Indiana) Inpatient RehabilitationFacility for $39.1 million•A portfolio of healthcare facilities in Arizonaand Texas, including four micro-hospitals andone freestanding emergency department for$85.8 million•Reading(Pennsylvania)Medical OutpatientBuilding for $10.8 million•Fort Smith (Arkansas) Inpatient RehabilitationFacility for $28.4 million Westrongly believe that our existing institutionalquality and diverse portfolio of healthcare properties,along with our strategy of investing in net leasedassets to leading operators along the continuum of thehealthcare delivery system, provides investors witha differentiated opportunity in the REIT space. Ourdisciplined approach to acquisitions incorporates acommitment to tenant partnerships, which we believeresults in repeat business with tenants and developerswhichunderscores our strong relationships,andleads to better transactions for tenants, for Sila and,consequently,for shareholders.With the strongtailwinds of increasing demand, demographics andquality of care, we are well positioned and firmly onthe path of delivering sustainable, long-term value toour shareholders. We also closed two mezzanine loans totaling $17.5million to facilitate the development of an inpatientrehabilitationfacility and a behavioral healthcarefacility in Lynchburg, Virginia, further expanding ouralready diversified portfolio while also building futurepipeline opportunities. We believe transactions likethese, where Sila can realize unleveraged mid-teensreturns during the development phase, and have theability to acquire each property at completion areexemplary examples of unique capital deployment.We are seeing more of these types of opportunitiesarisethrough our relationships,including thosewith developers, brokers and some of the largesthealthcareoperators in the U.S.Including thesemezzanine loans, in an already “action-packed” yearof listing on the NYSE, our 2024 total investmentvolume was more than $180 million. I would also like to acknowledge the support wehave received from public market investors and theequity research community, including the three sellside analysts who initiated coverage of Sila in 2024.Building public market sponsorship was a high priorityin 2024, and we are proud of the sell side coverageand buy side interest we have received since listing. Operational Strength Overcoming Challenges Throughout2024,we executed over one millionsquare feet of lease activity, further solidifying ourportfolio for years of expected predictable, durablegrowth. This activity included the extension of all 15leases that we have with Post Acute Medical, ourlargest tenant, to 20-year terms. These extensionshelped drive our weighted average remaining leaseterm at year-end to 9.7 years, up from 8.5 years atyear-end 2023. During 2024, our team worked to resolve certainproperties associated with the bankruptcies of two ofour tenants, GenesisCare and Steward.