Sila Realty Trust, Inc. (SILA)

Sila Realty Trust, Inc. began as Carter Validus Mission Critical REIT II, a non-traded real estate investment trust sponsored by Carter Validus and based in Tampa, Florida. It began offering Class A shares at $10.00 each in 2014 and continued raising capital through 2018. The trust initially invested in healthcare properties and data centers leased on a net basis to creditworthy tenants.

On October 4, 2019, its sister fund, Carter Validus Mission Critical REIT, merged into REIT II, adding dozens of healthcare properties to the portfolio. In September 2020 the company changed its name to Sila Realty Trust and internalized its management, becoming a self-managed REIT. In July 2021 it sold its data center holdings to Mapletree Industrial Trust for about $1.32 billion, leaving it a pure-play healthcare real estate company.

After that sale, Sila concentrated on medical office buildings, inpatient rehabilitation hospitals, specialty hospitals, and other outpatient and acute-care facilities. Its leases were generally long-term and structured on a net basis, with tenants responsible for most property operating costs. The portfolio was spread across dozens of U.S. markets, with a focus on growing metropolitan areas and on health systems and operators with strong credit profiles.

As a non-traded REIT, Sila provided limited liquidity to its shareholders. It effected a one-for-four reverse stock split on May 1, 2024, and later that year listed its common stock on the New York Stock Exchange under the symbol SILA. A tender offer for shares at $22.60 per post-split share was conducted in connection with the listing. Trading on the NYSE gave investors a public market for shares that had previously been redeemable only through the company's programs.

On April 19, 2026, Sila announced a definitive merger agreement under which Sunshine Ultimate Parent LLC, an affiliate of private real estate funds managed by affiliates of Blue Owl Real Estate Capital, would acquire the company in an all-cash transaction. The $30.38 per-share price represented a premium of about 19 percent to the closing price on April 17, 2026, and the deal was valued at approximately $2.4 billion.

Stockholders approved the merger at a special meeting on June 26, 2026, with more than 98 percent of the votes cast in favor. The merger closed on July 1, 2026, and each outstanding share was converted into the right to receive $30.38 in cash. Sila became a privately held company controlled by Blue Owl-managed funds, and its common stock ceased trading on the NYSE.

Following the closing, Sila filed a Form 25 with the SEC to remove its shares from listing and, on July 13, 2026, a Form 15 to deregister its common stock under the Securities Exchange Act, reporting one holder of record. The company no longer files periodic reports with the SEC, and its shares are no longer available to public investors.