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TAMPA, Fla., April 17, 2025--(BUSINESS WIRE)--Sila Realty Trust, Inc. (NYSE: SILA) (the "Company", "we", or "our"), a net lease real estate investment trust ("REIT") with a strategic focus on investing in the growing and resilient healthcare sector, today announced the $23.5 million acquisition of an inpatient rehabilitation facility located in Dover, Delaware (the "Dover Healthcare Facility").
The Dover Healthcare Facility is a 34-bed, inpatient rehabilitation facility offering comprehensive inpatient and outpatient care programs from physical and occupational therapies to speech and cognitive treatments. The approximately 42,000 square foot facility was built in 2019 and is fully leased to a joint venture between Bayhealth Medical Center, Inc., an investment grade rated health system and the second largest health system in the state of Delaware, and a subsidiary of Post Acute Medical, LLC, one of the nation’s largest providers of post-acute healthcare. The Dover Healthcare Facility is the only inpatient rehabilitation facility in Kent County and one of only four in the state of Delaware. The facility has consistently maintained peak census since its opening and is protected from competition by the state of Delaware’s Certificate of Public Review licensure process, creating a significant barrier to entry.
"The Dover Healthcare Facility’s joint venture tenancy between two national and state level leading healthcare providers, and exceptional performance since opening, exemplifies our pursuit of creating a portfolio of strong tenants that we expect will deliver stable and predictable income streams leading to long-term value to our shareholders," stated Michael A. Seton, President and Chief Executive Officer of the Company. "The Dover Healthcare Facility is our first acquisition in Delaware and demonstrates our team’s ability to leverage relationships to source and transact on accretive opportunities anywhere within United States. We believe that the combination of the state’s strong barriers to entry and heavy utilization at this facility provides for an opportunity for future expansion at the Dover Healthcare Facility."
About Bayhealth Medical Center and Post Acute Medical
Bayhealth Medical Center, Inc. ("Bayhealth") is a not-for-profit, tax-exempt corporation with two acute care hospitals, including the 316-bed Bayhealth Hospital-Kent Campus, located in Dover, Delaware, and the 128-bed Bayhealth Hospital-Sussex Campus, located in Milford, Delaware. Bayhealth employs nearly 4,000 people, including a medical staff of more than 450 physicians and 200 advanced practice clinicians. Post Acute Medical, LLC ("PAM"), a private, leading healthcare provider headquartered in Enola, Pennsylvania, was formed in 2006 and is one of the nation’s largest operators of both inpatient and outpatient rehabilitation facilities, long-term acute care hospitals, and behavioral health hospitals in the United States. PAM currently provides high-quality patient care at over 70 hospitals owned or operated by PAM in 17 states across the country.