Sila Realty Trust Terminated Chief Accounting and Chief Investment Officers in Lead-up to NYSE Listing

As previously disclosed within a U.S. Securities and Exchange Commission filing in late March, Sila Realty Trust Inc. notified Robert R. Labenski, its former chief accounting officer, of the termination of his employment on March 20, effective immediately; and then notified Jon C. Sajeski, its former chief investment officer, of the termination of his employment on March 25, effective immediately.

This news preceded the recent announcement by Sila, a non-traded real estate investment trust focused on investing in U.S. healthcare properties (and formerly known as Carter Validus Mission Critical REIT II), that it intends to pursue a listing on the New York Stock Exchange in the late second quarter or early third quarter of 2024.

In connection with their terminations from the REIT, Labenski and Sajeski subsequently each executed a general release of claims against the company in exchange for certain benefits in accordance with Sila’s severance plan. For each, the benefits include a cash severance payment equal to the product of his base salary and target annual bonus, and a severance multiple of 1.5 and his target annual bonus for 2024 prorated for the portion of the year he was employed. Each is to receive full and immediate vesting of his time-based equity incentive awards, immediate vesting of a pro-rated portion of his performance-based equity incentive awards, and a cash payment relating to dividends on his vested performance-based equity incentive awards.

Among other things, each are subject to certain non-solicitation and non-competition covenants: Labenski for 24 months following employment termination, and Sajeski for 18 months following employment termination.

The listing is subject to, among other things, the REIT meeting the NYSE listing requirements and receiving NYSE listing authorization, as well as market conditions.

Sila Realty Trust Inc. is a net lease real estate investment trust headquartered in Tampa, Fla., with a strategic focus on investing in the significant, growing, and resilient healthcare sector of the U.S. economy. As of Dec. 31, 2023, Sila Realty Trust owned 131 real estate properties and two undeveloped land parcels located in 62 markets across the United States.

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