The board of Sila Realty Trust Inc., a publicly registered, non-traded real estate investment trust, has declared a net asset value per share of $8.69 for its Class A, Class I, Class T, and Class T2 shares of common stock, as of September 30, 2020.
In October 2020, the REIT completed an internalization transaction and changed its name from Carter Validus Mission Critical REIT II to Sila Realty Trust.
The REIT’s previous net asset value per share is $8.65, as of October 31, 2019. Shares originally sold for $10.00 each.
The NAV per share is based on the estimated value of the company’s assets ($3.5 billion), less the estimated value of its liabilities ($1.5 billion), divided by the number of outstanding shares (221.5 million), all as of September 30, 2020.
Last year, total assets were $3.3 billion, total liabilities were $1.4 billion, and there were 221.4 million shares outstanding.
Cushman & Wakefield Western Inc., a third-party firm, assisted with the valuation process and appraised 152 of the 153 properties in the REIT’s real estate portfolio.
“The increase in the estimated value of our same-store real estate portfolio, which drove a net increase in the NAV of the company, signals strength and stability in the total portfolio, while also demonstrating the effectiveness of our proactive response to challenges faced during the unprecedented COVID-19 pandemic,” said Michael Seton, president and chief executive officer.
He added, “Although pandemic-driven macroeconomic trends, particularly reductions in market interest rates as a result of the Federal Reserve’s support for the economy, impacted our interest rate hedges and borrowings, and an increase in debt incurred in conjunction with completing the internalization transaction contributed to the offset, we anticipate the projected cost savings from the company’s recently internalized management structure and our experienced administration of the portfolio will continue to drive stockholder value in the future.”
Sila Realty Trust focuses on net-leased data center and healthcare properties and raised approximately $1.2 billion in investor equity after launching its initial primary offering in May 2014. Its follow-on offering closed in November 2018 and raised $129.3 million.
As of September 30, 2020, the REIT owned 153 real estate properties, consisting of 29 data centers and 124 healthcare properties located in 70 markets across the United States.