Sila Realty Trust, Inc. Completes Acquisition of $85.5 Million Healthcare Portfolio in Arizona and Texas
The Portfolio is comprised of four built-to-suit micro-hospitals and one freestanding emergency department, totaling approximately 158,000 square feet on a combined 17.5 acres.
Sila Realty Trust, Inc. (the “Company”), a net lease real estate investment trust focused on investing in high quality healthcare properties across the continuum of care, today announced the acquisition of five Class A healthcare facilities located in Arizona and Texas (the “Portfolio”), for a contract purchase price of $85.5 million.
The Portfolio is comprised of four built-to-suit micro-hospitals and one freestanding emergency department, totaling approximately 158,000 square feet on a combined 17.5 acres. Each of the micro-hospitals is licensed for 8-inpatient beds, and offers a 13-bed emergency department, operating room, laboratory, diagnostic imaging suite, and a pharmacy. The freestanding emergency department is a 13-bed full-service emergency center, constructed to also offer the same services as the micro-hospitals.
The Portfolio is 100% leased by Tenet Healthcare Corporation (“Tenet”), one of the nation’s largest healthcare systems, with over 15,000 licensed beds, which designed and developed these facilities from 2019 through 2021. Each property is operated under the name of the local affiliated hospital brand of Tenet. Two of the micro-hospitals are in the Phoenix-Mesa-Chandler, Arizona metropolitan statistical area (“MSA”) and operate under the brand of Abrazo Health. One micro-hospital and the freestanding emergency department are in the Tucson, Arizona MSA and operate under the brand of Carondelet Health. The additional micro-hospital is in the McAllen-Edinburg-Mission, Texas MSA and operates under the brand of Valley Baptist Health. Tenet strategically chose each of these locations due to its belief that each exhibits strong population density and demographics, and positive growth characteristics.
“We are pleased to announce the closing of this portfolio of properties which are emblematic of the healthcare facilities that Sila Realty Trust is focused on acquiring – high quality, well located, strong credit tenancy with healthcare system affiliations,” stated Michael A. Seton, President and Chief Executive Officer of the Company. “This acquisition demonstrates our ability to source property and invest capital in what we believe to be an accretive manner to the Company while others remain on the sidelines.”
About Sila Realty Trust, Inc.
Sila Realty Trust, Inc. is a net lease real estate investment trust headquartered in Tampa, Florida, with a strategic focus on investing in the significant, growing, and resilient healthcare sector of the U.S. economy. The Company invests in high quality healthcare facilities along the continuum of care, which, we believe, generate predictable, durable, and growing income streams. Our portfolio is comprised of high quality tenants in geographically diverse facilities which are positioned to capitalize on the dynamic delivery of healthcare to patients. As of December 31, 2023, the Company owned 131 real estate properties and two undeveloped land parcels located in 62 markets across the U.S.
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