Sila Realty Trust Inc., a publicly registered, non-traded real estate investment trust formerly known as Carter Validus Mission Critical REIT II, has sent a letter to its shareholders recommending that they reject an unsolicited tender offer made by Comrit Investments 1 LP.
Comrit is offering to purchase up to 399,334 Class A shares and 99,834 Class T shares of the REIT’s common stock for $6.01 per share in cash. Comrit’s offer price is less than 70 percent of the REIT’s net asset value per share of $8.69, declared in December 2020. Shares were originally priced at $10.00 each.
“We believe the Comrit offer represents an attempt by Comrit to catch current stockholders of the company off guard and acquire the shares at a low price in order to make a profit and, as a result, deprive the stockholders that tender their shares of the company’s common stock of the full potential long-term value of the shares,” the letter stated.
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. In October 2020, the company completed an internalization transaction and changed its name from Carter Validus Mission Critical REIT II to Sila Realty Trust.