Sila Realty Trust (SILA) Review: Taken Private at $30.38 a Share

Updated October 9, 2026 — nothing has changed since the July 1 closing: SILA is gone, there is no Q2 2026 report, and the merger proxy shows how the $30.38 was set. Sila's last periodic report is the Q1 2026 Form 10-Q; the Form 15-12G filed July 13, 2026 reports "1" holder of record, so no second-quarter 10-Q will ever be filed. How the price was set: per the definitive merger proxy filed May 22, 2026, Sila ran a bank-managed sale process (BofA Securities) in which Blue Owl's first indication on March 11, 2026 was $28.50 a share, the lowest Round I bid that was advanced, and its final letter on April 15 was $30.38 in cash. The board's proxy puts that at about a 19.0% premium to the April 17, 2026 close, the last trading day before the announcement, and about 25.6% to the 30-trading-day volume-weighted average price. By our arithmetic a 19.0% premium means the April 17 close was about $25.53, which is the "about $25.50" price used elsewhere on this page. Who held what: there were 55,241,098 shares outstanding at the May 19 record date, and the merger was approved at the June 26 special meeting by 34,955,162 votes for and 325,441 against. Tenants: the tenant bankruptcy still visible in the filings is Steward Health Care at the Stoughton Healthcare Facility, which the Q1 10-Q says was demolished on April 10, 2026; we found no mention of Prospect Medical in Sila's filings. The 3.1 rating is unchanged.

Why this review exists: a healthier vehicle, an honest-but-painful listing

Most of our "listed non-traded REIT" tier is a study in how wrong a board-set NAV can be — Peakstone listed about 83% below its stated value, SmartStop about 48% below, New York City REIT about 64% below. Sila sits in the middle of that ladder, and it is a more nuanced case than the wrecks: the present-day company is genuinely good, but the listing still repriced the board's NAV down by roughly a quarter, and original investors still lost 24.05% of their principal even after the buyout premium (about 36% at the pre-announcement price).

SILA was born as Carter Validus Mission Critical REIT II, Inc., a non-traded REIT raised between 2014 and 2018 that sold about $1.4 billion of stock to retail investors at $10.00 a share to buy "mission critical" net-leased real estate — data centers and healthcare. It internalized and renamed itself Sila Realty Trust in September 2020, then direct-listed on the NYSE in June 2024. This review is built from primary EDGAR filings under CIK 1567925 — the estimated-value 8-Ks, the internalization filing, the listing materials, and the FY2025 10-K and Q1 2026 results.

The listing math: about a 24% haircut at the close

Carter Validus carried a last estimated value of $7.48 a share (approved December 2023, valued as of October 31, 2023). After the 1-for-4 reverse split in May 2024, that becomes $29.92 split-adjusted. Then the market spoke.

Two things stand out. First, the board's own NAV was already about 25% below the $40 cost basis before the market ever traded a share — the non-traded value had eroded over the decade. Second, the market then discounted even that reduced NAV by roughly a quarter on day one, and the company's simultaneous self-tender effectively ratified the gap by capping its buyback below the stated NAV. On the NAV-discount ladder, Sila's roughly 24-36% gap sits between net-lease quality (shallow) and office (deep) — consistent with healthcare real estate that had taken real tenant-credit damage.

How original Carter Validus investors actually did

The honest summary is now final rather than provisional: an original $10 buyer exited at $30.38 in cash on July 1, 2026, down 24.05% on principal, partly cushioned by distributions. When this page was first written in June the reference point was the roughly $25.50 market price, which implied a ~36% loss; the take-private premium closed about twelve points of that gap, and we have corrected the figure upward accordingly. Note what that means: the buyer of last resort paid slightly more than the board's own last stated NAV — $30.38 against $29.92 — which is a better outcome than the public market ever offered these shareholders in two years of trading. Walk the numbers. The estimated value fell from $10.00 at the offering to $8.65 (2019), then $8.69 (2020), then $8.13 (March 2023), then $7.48 (October 2023) — it never recovered to par. The distribution was cut during COVID (2020) from about $0.62 annualized toward roughly $0.50. A one-time special distribution accompanied the 2021 data-center sale, returning some capital. And the share-repurchase program was partially suspended in April 2020 and stayed restricted until the 2024 listing — so for about four years, a holder who needed cash either sold to a lowball mini-tender (Comrit bid $6.01 a share in 2020) or waited.

Add it up and the realistic total return for an original holder over roughly a decade is modestly negative to around break-even, depending on entry year and reinvestment — a poor result versus listed healthcare-REIT peers over the same span, and a clean illustration of non-traded-REIT cost-and-illiquidity drag.

How the $30.38 was set: an eight-group auction, and the bids that lost

The merger proxy is the only place the price is explained, and it is more informative than the headline. After its board authorized a marketing process, BofA Securities began contacting buyers on January 20, 2026. On March 11 the company received preliminary whole-company bids from Blue Owl ($28.50 a share in cash), a two-party Consortium A ($30.25 in cash), Party C ($29.00 in stock), Party D ($29.98 in cash), Party E ($28.20 in cash) and Party F ($25.50 to $26.50 in cash); Party G ($29.00) and Party H ($27.00 to $28.50) followed on March 12 and 13. The company's share price on March 11 was $25.03. Blue Owl was told on March 16 that it had the lowest Round I bid advanced to Round II and that improvement was expected; on April 15 it came back at $30.38. The only other final price in the proxy is Consortium B's $26.00, and Consortium A, whose $30.25 indication was the highest in Round I, never submitted a final proposal. Two terms matter to a holder: the deal was taxable to stockholders, and they had no appraisal rights. The merger agreement let Sila pay two regular quarterly dividends of up to $0.40 a share before closing; the last one authorized, on May 6, 2026, was $0.40 payable June 4, 2026. In the listed cases Sila would have owed Blue Owl a $55,746,219 termination fee, and BofA Securities' fee was estimated at about $24.9 million.

Our arithmetic on the share count: 55,241,098 shares outstanding at the May 19 record date times $30.38 is about $1.68 billion for the equity, against the $2.45 billion total ORENT reports paying once Sila's debt and costs are included.

What the business was, at the moment it stopped being public

Strip away the non-traded history and SILA at its last report (Q1 2026) was, frankly, one of the better-run vehicles in this tier. The 2021 decision to sell the entire 29-property data-center portfolio to Mapletree for about $1.32 billion — near the top of the data-center valuation cycle — was a sharp capital-allocation call that left the REIT focused and well-capitalized. At March 31, 2026 it was a pure-play healthcare net-lease REIT: 137 properties and three undeveloped land parcels, 98.7% leased, roughly a 10-year weighted-average lease term, financed conservatively at about 3.5x net debt to EBITDAre (the lowest leverage in this tier), roughly 76% fixed-rate, with about $466 million of liquidity and no near-term maturity wall. The $1.60 annualized dividend (about 6.3% yield at $25.50) was well covered by Q1 2026 AFFO of $0.61 a share — a 67% payout ratio with genuine headroom.

The honest negatives are concentration and tenant credit, not the balance sheet. PAM Health (Post Acute Medical) is about 16% of rental revenue — single-tenant risk that matters. And the recent history is not spotless: GenesisCare USA filed Chapter 11 in June 2023, affecting 17 Sila radiation-oncology properties, which had to be re-tenanted. The other tenant failure still visible in the filings is Steward Health Care, the owner of the former tenant at the Stoughton Healthcare Facility: a bankruptcy court approved rejection of Sila's lease there on September 19, 2024, and Sila completed demolishing the building on April 10, 2026. Those qualities are precisely why it was bought. A pure-play healthcare net-lease portfolio at 98.7% leased on a ten-year weighted-average lease term, levered at about 3.5x, trading below its own board's NAV, is exactly the asset a large private buyer wants and exactly the situation a public market discount creates. You can no longer buy it at any price — the shares were cancelled for cash on July 1, 2026 and the 141 properties now sit inside Blue Owl Real Estate Net Lease Trust, an accredited-only private REIT. For the original $10 investor it remained an expensive lesson, just a less expensive one than the tape suggested in June.

How it sits in the cluster

Sila lands at 3.1, alongside SmartStop (3.1) and just above Modiv (3.0) and InvenTrust (3.0). Its conservative balance sheet and well-covered yield are the best in the tier, which lifts it above the office wrecks of Peakstone (2.4) and New York City REIT (1.7) and above GNL (2.7). What keeps it from scoring higher is the original-investor record: a roughly 24-36% day-one discount, a 24.05% final principal loss, a four-year redemption freeze, and real tenant concentration. Its contribution to the NAV-discount ladder is the reminder that a healthy operating REIT and a fair deal for the original retail buyer are two different questions. For the broader lesson on how these vehicles trap capital before any listing, see our real estate crowdfunding liquidity analysis, and for accredited-investor healthcare and net-lease alternatives, our best real estate crowdfunding for accredited investors guide.

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