Sila Realty SILA Q4 2025 Earnings Call Transcript

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Date

Wednesday, Feb. 25, 2026 at 11 a.m. ET

Call participants

• President and Chief Executive Officer — Michael A. Seton
• Executive Vice President and Chief Financial Officer — Kay C. Neely
• Senior Vice President, Acquisitions, Capital Markets, Research and Credit — Miles Callahan

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Takeaways

• Total acquisitions -- Six healthcare facilities totaling 241,000 rentable square feet were acquired for $150 million in 2025, with an additional $43.1 million facility closed after year-end.
• Dispositions -- Three property sales agreements executed and one sale completed post-year-end for $14.5 million, with more dispositions expected to close in early 2026.
• Cash NOI -- $169.9 million, reflecting a 0.8% increase driven primarily by acquisitions and same-store growth of 0.9%, offset partially by dispositions and vacancy impact at the Stoughton facility.
• FFO per share -- $2.16, up 3.6% due to higher straight-line rent, improved interest income, and reduced G&A expenses.
• AFFO per share -- $2.18, representing a 5.8% decrease, mainly from elevated interest expense despite higher NOI and lower personnel costs.
• EBITDARM rent coverage -- Portfolio-wide coverage increased to 5.9x, or 5.7x excluding the Saginaw tenant, compared to 5.3x previously.
• Leverage -- Net debt to EBITDAre at 3.9x, below the targeted 4.5x-5.5x leverage range, with over $200 million immediate debt capacity available.
• Liquidity -- Year-end liquidity exceeded $480 million, supporting acquisition and internal growth flexibility.
• Weighted average lease term -- Increased to 10 years from 9.7 years due to early renewals and proactive lease extensions.
• Leasing activity -- 90% retention by square footage on 2025 expirations, with nonrenewals representing only 0.5% of annual base rent.
• Tenant credit quality -- Investment-grade tenant percentage rose 2.3 percentage points to 40.6% of portfolio annual base rent.
• Balance sheet -- $676 million in unsecured credit facility debt at a 4.7% average rate as of Dec. 31, 2025.
• Redevelopment capital deployed -- Over $7 million invested in redevelopment for the year, with future projects targeted at yields 150-200 basis points above recent acquisitions.
• Index inclusion -- Added to both the RMZ and the Russell 2000 during 2025, consistent with a shift to 70% institutional ownership.
• Property lease structure -- Triple-net leases in place at 99.9% of properties, supporting high predictability of rental income.

Summary

Sila Realty Trust (NYSE:SILA) reported continued portfolio expansion, improved tenant quality, and substantial balance sheet capacity, while emphasizing capital allocation discipline and stable long-term lease structures. Management underscored an active pipeline of acquisition and internal redevelopment opportunities, with multiple near-term projects anticipated to outpace returns observed in recent new asset purchases. New lease agreements and tenant transitions have increased both the weighted average lease term and annual base rent contribution from investment-grade sponsors, while property divestitures and proactive redeployment of capital remain central to portfolio optimization initiatives. Realignment activities—including tenant replacement through bankruptcy sales and strategic property marketing—have further diversified tenant concentration and improved risk-adjusted returns.

• CEO Seton said, "we would like to see, you know, a higher share price—fairly significantly higher—in order to raise equity," indicating a cautious approach to new capital raises under prevailing market conditions.
• Management cited potential inbound interest from institutional and private equity investors but described stock repurchases as a "tool in the toolbox" with liquidity and shareholder structure implications.
• Annual lease renewal efforts led to a single-tenant property conversion, with approximately 60% space renewal and the remainder actively marketed via a nationally recognized broker.
• Management expects transaction volume in the coming year to mirror recent levels, citing roughly 24 months of deployable buying capacity at the upper end of leverage targets.
• The upcoming sale of the Alexandria facility, which became vacant in December 2025, is projected to close by the end of the first or early in the second quarter of 2026.

Industry glossary

• EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent, and management fees—a common healthcare facility rent coverage metric.
• MOB: Medical Office Building, typically outpatient-focused real estate assets.
• LTAC: Long-Term Acute Care, referring to healthcare facilities specializing in extended patient recovery.
• ABR: Annual Base Rent, the contractual annual rental income from a property or portfolio.

Full Conference Call Transcript

Operator: Good morning, and welcome to Sila Realty Trust, Inc. Fourth Quarter 2025 Earnings Conference Call and Webcast. All participants will be in listen-only mode. To reach an operator, please press the star key followed by zero. I will now turn the conference over to your host, Miles Callahan, Senior Vice President of Acquisitions, Capital Markets, Research and Credit for Sila Realty Trust, Inc. You may begin.

Miles Callahan: Good morning, and welcome to Sila Realty Trust, Inc.'s fourth quarter 2025 earnings conference call. Yesterday evening, we issued our earnings release and supplement, which are available on the Investor Relations section of our website at investors.silarealtytrust.com. With me today are Michael A. Seton, President and Chief Executive Officer, and Kay C. Neely, Executive Vice President and Chief Financial Officer. Before we begin, I would like to remind you that today's comments will include forward-looking statements under federal securities laws. Forward-looking statements are identified by words such as “will,” “be,” “intend,” “believe,” “expect,” “anticipate,” and other comparable words and phrases. Statements that are not historical facts, such as statements about expected financial performance, are also forward-looking statements.

Actual results may differ materially from those contemplated by such forward-looking statements. A discussion of the factors that could cause a material difference in our results compared to these forward-looking statements is contained in our SEC filings. Please note that on today's call, we will be referring to non-GAAP measures. You can find the reconciliation of these historical non-GAAP measures to the most directly comparable GAAP measures in our fourth quarter earnings release and our earnings supplement, both of which can be found on the Investor Relations section of our website and in the Form 8-Ks we file with the SEC. With that, I will now turn the call over to Michael A. Seton, our President and Chief Executive Officer.

Michael A. Seton: Thank you, Miles, and good morning to everyone joining us today. As we begin a new year, I look back on 2025, our first full calendar year as a publicly traded company, as one during which we faithfully executed our strategy of growing Sila Realty Trust, Inc. in a skillful and thoughtful manner. Sila Realty Trust, Inc. was added to several prominent equity indices during the year, including the RMZ and the Russell 2000, and our shareholder base has continued to evolve to larger institutional investors from an entirely retail ownership at one time prior.

We believe our ownership transition reflects the market's recognition of what we have been building at Sila Realty Trust, Inc. for many years: a high-quality necessity-based healthcare real estate portfolio designed to deliver predictable, durable, and growing income streams through any market cycle. During 2025, we acquired six healthcare facilities for an aggregate purchase price of approximately $150 million, which equated to 241,000 rentable square feet. Each of these new facilities fits well within what we call the Sila mold, exhibiting the characteristics that we seek in new opportunities: modern construction, high utilization, favorable market demographics, and quality tenant sponsorship. After the year-end, we closed on another purpose-built, state-of-the-art inpatient rehabilitation facility in Oklahoma City for $43.1 million.

This well-utilized facility further expands our relationship with Novus Rehabilitation Partners, a well-respected and strong operator in the post-acute space. The property was originally constructed in 2022 and has experienced such strong demand since opening that it has recently undergone an expansion, increasing its licensed bed count from 40 to 58 beds. With the support of a long-term lease with contractual lease escalators, strong EBITDARM coverage, experienced sponsorship, and limited competition, we believe this facility aligns firmly within our objective to deliver lasting value to Sila Realty Trust, Inc. and its shareholders.

Sila Realty Trust, Inc.'s ownership of high-quality, diverse healthcare assets with best-in-class tenancy creates opportunities to invest additional capital in existing properties which experience outsized demand for healthcare services within current building envelopes. Over the past year, we have completed over $7 million of redevelopment opportunities at compelling risk-adjusted returns. We are readily prepared to provide capital to our strong and growing tenant base when it aligns with our mutual interest to address market-driven demand requirements with minimal operating execution risk.

Consistent with this approach, we have already committed to providing additional capital at our Dover healthcare facility, as previously disclosed during our third quarter earnings call, and intend to execute a similar investment at our Overland Park healthcare facility, both of which are inpatient rehabilitation facilities leased to PAM Health, our largest tenant and one of the strongest and most respected post-acute operators. We foresee additional expansion opportunities in the near future, which typically offer more favorable returns compared to recent acquisition opportunities, frequently yielding 150 to 200 basis points higher than going-in capitalization rates.

Turning to an update on the Stoughton healthcare facility, I am pleased to report that the building demolition has been completed and the removal of building debris is well underway, which work we currently expect to be entirely finished by the end of the first quarter 2026. The decision to raze the existing building structures has allowed us to already significantly reduce carrying costs of the property, which will be reduced to approximately $35,000 per month from as much as $120,000 per month during the middle of last year. I would like to bring your attention to a few planned dispositions in 2026 and our continued pursuit to optimize our portfolio construction.

Toward year-end 2025, we executed purchase and sale agreements on three properties, our Henderson, Las Vegas 2, and Saginaw healthcare facilities. After year-end, we closed on the sale of the Saginaw healthcare facility for gross sales proceeds of $14.5 million, while the Henderson and Las Vegas 2 healthcare facilities are estimated to close in 2026. We also recently executed a purchase and sale agreement to sell the Alexandria healthcare facility, which became vacant in December 2025, with the departure of our ASC tenant. Subject to the typical due diligence process, we would expect this sale to close around the end of the first quarter or beginning of the second quarter.

We had approximately 4.8% of total gross leasable area scheduled to expire in 2025. Our leasing team successfully retained 90% of scheduled expiring tenancy on a square footage basis, while the 10% of tenants who did not renew represented only 0.5% of ABR. The Alexandria healthcare facility, which I just mentioned, accounted for 60% of that 10% nonrenewal. In addition, the tenant which had a lease expiry in 2025 at our Tampa healthcare facility did not fully vacate its space; it simply reduced its footprint in the building due to the departure of a subtenant.

This available space is only 2,100 square feet and has seen strong interest due to the facility's location in a bustling medical corridor in Tampa, in close proximity to BayCare's St. Joseph's Hospital and BayCare's newly planned HealthHUB. Our lease renewal activity and proactive early lease extensions at our other properties resulted in an increase to our weighted average remaining lease term from 9.7 years at the end of 2025 to 10 years by year-end. For leases scheduled to expire in 2026, we have already completed renewals for 34.8% of the 4.1% of total gross leasable area expiring in the year. For the renewal pipeline for 2026, we have a known conversion of a single-tenant property into a multi-tenant property.

With this change, the legacy tenancy will renew approximately 60% of the total space, leaving the balance, or 40%, which represents approximately 0.3% of company ABR, to be relet to new tenants. We have already engaged a well-known broker and are actively marketing the anticipated available space. Our portfolio continues to demonstrate significant strength, while our high credit quality remains a critical factor in ensuring Sila Realty Trust, Inc.’s sustained success. Notably, there have been meaningful improvements in our tenant credit quality during 2025, which have aided the growth in our investment-grade rated tenant guarantor and affiliate percentage by 2.3% on a year-over-year basis to 40.6%.

As an example of credit quality upgrade in 2025, Washington Regional Medical Center, an investment-grade rated best-in-class regional hospital system, executed a lease and took occupancy of our Fayetteville healthcare facility from Community Health Systems. This transition moves Community Health Systems from being our third-largest tenant to our seventh-largest tenant at year-end, further diversifying our tenant concentration and upgrading our overall sponsorship profile. In addition, subsequent to year-end, Community Health Systems completed the divestiture of its three Pennsylvania hospitals, including our Wilkes-Barre healthcare facility, to Tenner Health Foundation effective 02/01/2026, which will further reduce our CHS exposure going forward.

In the fourth quarter, our tenant at our Savannah healthcare facility was successfully sold through the bankruptcy process to Select Medical, an existing tenant in Sila Realty Trust, Inc.’s portfolio, moving Select up to be our fourth-largest tenant and providing operational strength and stability to the Savannah asset going forward. Lastly, on the tenant sponsorship front, late in 2025, Syncora, one of the largest Fortune 500 companies, announced that it has entered into a definitive agreement to acquire the majority of the outstanding equity interest that it does not already own in OneOncology. Syncora, with over $300 billion in annual revenue, will be the common control at our seven former GenesisCare master-leased properties.

As we look ahead to the full year 2026, I see Sila Realty Trust, Inc. as a company in prime position to continue executing on its strategy. We have the balance sheet, strength, pipeline, team members, and discipline to continue to allocate capital skillfully and thoughtfully. The silver tsunami is imminent, with the entire baby boomer generation reaching 65 or older by 2030, which is expected to increase total outpatient healthcare spending to nearly $2 trillion. We continue to believe that this demographic shift should drive increasing patient volumes and case acuity, supporting stronger operator revenues and, therefore, more durable income streams for Sila Realty Trust, Inc.

As we know, healthcare is nondiscretionary, which means healthcare real estate is vital social infrastructure. Today, Sila Realty Trust, Inc. owns over $2 billion worth of institutional-quality healthcare facilities with high utilization, which, along with the triple-net lease structures that we have in place at 99.9% of our properties, provides a powerful combination for long-term success. I will now turn the call over to Kay to discuss our financial performance.

Kay C. Neely: Thank you, Michael, and good morning, everyone. I am pleased to report that our disciplined approach to operational integrity and capital allocation drove strong financial results throughout 2025. For the year ended 2025, cash NOI was $169.9 million compared to $168.6 million for the year ended 2024, representing a 0.8% increase. This increase was largely driven by acquisition activity and an increase in same-store cash NOI of 0.9%, partially offset by dispositions and the impact of the vacancy of the Stoughton healthcare facility. Year-over-year cash NOI growth was also impacted by the collection of over $6 million in one-time lease termination and lease severance fees in 2024 compared to less than $300,000 in termination fees in 2025.

If we were to exclude these one-time fees from cash NOI in 2025 and 2024, cash NOI and same-store cash NOI growth would have been 4.4% and 1.1%, respectively. Turning now to our earnings metrics, FFO per share for the full year was $2.16, or a 3.6% increase from the previous year, while AFFO per share for the full year was $2.18, or a 5.8% decrease from the previous year.

In addition to the cash NOI items just discussed, our increase in FFO per share was driven by several items: an increase in straight-line rent, which was largely driven by the new lease amendments that we entered into in connection with our PAM Health properties in December 2024; prior-year write-off of above-market rent related to the GenesisCare bankruptcy in 2024; higher revenue from interest income on our two outstanding mezzanine loans; and a reduction in G&A and other costs in 2025 stemming from the incurrence of one-time separation pay and higher personnel costs in 2024 and $3 million in one-time listing fees in relation to our New York Stock Exchange listing.

The FFO per share increase was partially offset by an increase in interest expense, largely related to new swaps that we entered into in 2024 due to the expiration of prior swap maturities. Our decrease in AFFO per share was driven by the increase in interest expense, partially offset by the cash NOI items previously discussed, lower G&A costs due to lower personnel costs, and an increase in interest income related to our fully funded mezzanine loans. As Michael mentioned earlier in the call, the strength and resilience of our tenant base continued, as demonstrated by the company's strong financial results. We now have 75.6% of our portfolio ABR reporting financial results at either the tenant or guarantor level.

We generated a portfolio-wide EBITDARM rent coverage of 5.9x in 2025, as compared to 5.3x in 2024. The tenant at our Saginaw healthcare facility, which we sold in late January 2026, was the tenant with an outsized EBITDARM coverage ratio that we described last quarter and drove our average up meaningfully. Without the Saginaw tenant included, our portfolio-wide EBITDARM rent coverage was 5.7x in 2025, still well above 2024 levels. Moving to our balance sheet, net debt to EBITDAre was a conservative 3.9x at year-end, remaining below our targeted leverage range of 4.5x to 5.5x. Our leverage level translates into over $200 million of debt capital we can readily deploy to reach the midpoint of our targeted leverage range.

Total liquidity at year-end exceeded $480 million, providing substantial dry powder for acquisitions and growth initiatives. As of 12/31/2025, we had $676 million of outstanding debt under our unsecured credit facilities at a weighted average interest rate of 4.7%. Our capital allocation philosophy remains unchanged. We will deploy capital in a manner that creates the most long-term value for our shareholders, be that through acquisitions, investment in existing properties in need of expansion, share repurchases, or other means. With that, we look forward to taking your questions.

Operator: Thank you, ladies and gentlemen. We will now begin the question and answer session. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star key followed by the number two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please while we assemble the queue. Your first question comes from Michael Lewis of Truist. Please go ahead.

Michael Lewis: Great, thank you. If this first one is too specific, I could follow up. But I was wondering how much rent you collected on the Alexandria building that you are selling. I think they had some holdover rent. And then also, the two redevelopments placed in service, I think they were placed in later in the quarter. I was wondering if they contributed significant rent in the quarter as well.

Michael A. Seton: Hi, Michael. This is Michael. Thank you for joining the call today. Great to hear from you. On the Alexandria property, their scheduled rent was essentially $40,000 per month. Their lease expired in August, and they paid holdover rent through November. The holdover rent was at 125% of the scheduled rent, so they ultimately ended up, essentially, if you count it this way, paying full rent for the year due to the holdover rent. So they paid total rent in the fourth quarter of $120,000.

Michael Lewis: Okay. And the redevelopments, I guess, I will tag on to that. Is there a material difference between the leased percentage you show on the supplemental versus what commenced? In other words, do you have some rent that may be on the come that we cannot see from that lease number?

Michael A. Seton: You mean our lease status at year-end?

Michael Lewis: Yeah. I think we—you know, you had two redevelopment projects placed in service during the quarter. Those were listed, I think, as leased, you know, last quarter, but they started pay—yeah. You understand?

Michael A. Seton: So, specifically, for instance, the El Segundo property, which has UCLA as a tenant, has a free rent period, so they are still in that free rent period. But they are considered—the building is considered—leased as of year-end. That one specifically comes to mind.

Michael Lewis: Okay. And my next question is about—I guess it is about acquisition yield, but I think you will see where I am going with this. When you acquire, you know, assets that are similar to what is in your portfolio, or you see similar assets trade in the market, what is the pricing like for, you know, for the types of assets you own?

Michael A. Seton: The pricing for the type of assets that we own today, consistent, I think, with what we have done on the acquisition side, is we generally see rehabs kind of in the—this is subject to, you know, performing assets, you know, longer-term leases, good national sponsors on the operational side—in the high 6s to, I would say, generally speaking, the low 7s to mid-7s. So, you know, generally speaking, 7%, 7.25%; can be a little tighter; it can be a little wider depending upon circumstances.

And the MOB outpatient, you know, call it ASC-type assets, we can see those get fairly tight, and those can get, you know, to as low as 6% or low 6s to, I would say, generally not the high 6s, so I will say mid—but MOB assets, 6% to 6.5%. On the LTAC side, because we do own some LTACs, we frankly do not see them trade much at all. So I cannot tell you the last time we saw an LTAC trade. We do not own too many. But we do own some surgical hospitals.

We have seen, I would say over the last, I would say, twelve months, kind of an interest—we saw, call it, pre-2022, a lot of interest in surgical hospitals. We have seen that kind of renewed interest, particularly over the last twelve months. We will see those trade, depending again on the credit circumstance, lease term, anywhere from the high 6s to around 7%. I think, you know, when we think about, you know, the portfolio of assets that we own, on a blended basis, we do see it somewhere in the 7% cap range, cash cap rate going in.

Michael Lewis: Okay. So it was a little bit of a leading question to my last question. So, on our calculate list, we have the stock a little bit north of an 8% implied cap rate. It has been moving in the right direction. But the question is, you know, as you sell some of these assets and you are below leverage, you know, what is kind of the—I know you have gotten this question before about potential stock repurchases. I also wonder, to the extent you could answer, if you get inbounds from institutions or private equity about the company at this price.

Michael A. Seton: So, as it relates specifically to stock repurchases, you know, I will tell you what we have always said, which is it is a tool in the toolbox. I will also say that, you know, one thing that makes us particularly cautious about stock repurchases is, as we are trying to build our institutional investor base, it does pull liquidity for our stock out of the market. So that is where it causes us pause, particularly. As it relates to, you know, inbounds, I would say, you know, over time, we have certainly had interest in our company, even pre-listing, by the way, up to listing.

You know, the goal of our listing was, of course, to bring liquidity to our stockholders, which I think we have done. We have seen our shareholder base rotate, as I said in my remarks, from 100% retail to really what is now 70% institutional, and so we have seen that occur. We do see that disconnect, Michael, that you are referring to. I would say it makes us, you know, cautious on the acquisition side.

We are poised for growth, but we are also conscious of, you know, others out there, you know, who have run up leverage and, you know, find themselves in a box, and we are definitely not in a box today because we have got a lot of liquidity, and, you know, we are not going to find ourselves in that box. But we would like to see, you know, a higher share price—fairly significantly higher—in order to raise equity.

Michael Lewis: Okay. Great. Thank you.

Michael A. Seton: Thank you for joining.

Operator: Your next call comes from John from Wells Fargo. Please go ahead.

John Kilichowski: Hi. Can you hear me?

Michael A. Seton: Hi, John. I can hear you.

John Kilichowski: Perfect. Sorry, I just barks from another call, so forgive me. I am a little bit late; I hope I did not miss anything. But just kind of following up on that last question. You know, I guess it felt like I got part of the answer there. My question is, at what point here—and maybe we can start with remaining leverage capacity and where you are comfortable taking that—what that buying power means for 2026.

And then my second part of the question is going to be, at what point do you start to—not that maybe you are not taking it seriously today—but at what point do you get a little bit more aggressive if, you know, maybe that incremental growth does not get the stock working, that you start to look for other ways to realize NAV.

Michael A. Seton: Sure. Just in terms of liquidity, you know, ability to buy more, we essentially, to reach the midpoint of our targeted leverage, which would be 5x—because we have given some indications of between 4.5x and 5.5x—we could see investing about $200 to $250 million, roughly speaking. If we were to reach the high end of our leverage, it could be as much as $375 million. But again, we are being very discerning with the acquisitions. There is competition in the marketplace. I think we have a good brand in the marketplace on the acquisition front with the developer, with the brokerage community, etcetera, with the tenant community.

In terms of, you know, us looking at other ways to, you know, bring opportunity for our shareholders, I think we are always looking at that. In terms of timing, I cannot really give you an indication of timing. We think the company is very solid right now. It is been stronger than it has ever been before in terms of our portfolio, and I think you can see that in the results that we reported, you know, last evening. And when we think about the opportunities also within the portfolio to really get greater yield, which I mentioned in my remarks as well, those opportunities are coming more and more. So we mentioned some.

There are actually additional ones that we have where we can get yields north of—you heard just Michael Lewis talk about where he evaluates where we are trading on an implied cap rate basis—north of that. So we are going to take advantage of those opportunities within our portfolio that only exist when you own the existing real estate and have those existing direct tenant relationships. So we are going to continue to, you know, be forward-footed as it relates to taking advantage of opportunity, deploying our capital, but we are going to do it cautiously and thoughtfully. Mhmm.

John Kilichowski: And, you know, in that same vein, if you think about the $375 million of capacity that you mentioned at the high end, what is a fair cadence for that? You know, as we look at maybe the incremental opportunities that are starting to come to you—you know, yields have been relatively steady, transaction market seems to have improved for most. I am curious, is there an improved cadence relative to what we have seen in the past that could maybe accelerate AFFO growth from here?

Michael A. Seton: I think the market will drive the cadence. That being said, I think that gives us about 24 months of buying capacity. So from an indication perspective, you know, I would expect volume this year to be similar to what it would be last year. And, of course, we already made an acquisition this year. It could be more towards the end of this year as opposed to the beginning of this year, particularly as we are focused on investing capital in these development opportunities with our existing tenancy and existing assets.

John Kilichowski: Okay. Very helpful. Thank you.

Michael A. Seton: Thanks for joining, John. Good to hear from you.

Operator: There are no further questions at this time. I will now turn the call back over to Michael A. Seton, CEO. Please continue.

Michael A. Seton: I would like to once again extend my sincere thanks to the entire Sila Realty Trust, Inc. team. Their hard work, dedication, and commitment to excellence continue to drive our success. We deeply appreciate the support and confidence of our shareholders and remain excited about the opportunities that lie ahead in 2026. Thank you for joining today's call.

Operator: Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

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