Sila Realty Trust, Inc. reported a total revenue of $186.9 million for the fiscal year ending December 31, 2024, a slight decrease of 1.2% compared to $189.1 million in 2023. The company's net income attributable to common stockholders increased significantly to $42.7 million, up from $24.0 million in the previous year. This growth in profitability was primarily driven by improved same-store rental revenue, which rose by 2.2% to $153.0 million, and an increase in tenant reimbursements, which grew by 5.6% to $12.7 million. However, non-same-store rental revenue saw a notable decline of 29.4%, reflecting the impact of property sales and lease terminations.
In 2024, Sila Realty Trust made strategic moves to enhance its portfolio, acquiring eight healthcare properties for approximately $164.1 million, while disposing of four properties for $18.7 million. The company also entered into a significant amended lease agreement with Post Acute Medical, LLC, extending lease terms to 20 years for 15 properties. Additionally, Sila Realty Trust successfully listed its common stock on the New York Stock Exchange under the ticker symbol "SILA" on June 13, 2024, following a one-for-four reverse stock split that took effect on May 1, 2024.
Operationally, Sila Realty Trust maintained a high occupancy rate of 96.0% across its portfolio of 135 healthcare properties, with a weighted average remaining lease term of 9.7 years. The company reported a total of 5.3 million rentable square feet, with 120 properties leased to single tenants. The firm also faced challenges, including the bankruptcy filings of key tenants, GenesisCare and Steward Health Care System, which impacted rental income and necessitated adjustments in revenue recognition.
Looking ahead, Sila Realty Trust expressed optimism about its financial outlook, emphasizing its commitment to acquiring high-quality healthcare properties and maintaining regular cash distributions to stockholders. The company plans to continue leveraging its credit facilities and exploring additional financing options to support its growth strategy. As of December 31, 2024, Sila Realty Trust had $39.8 million in cash and cash equivalents, positioning it well to meet its short-term liquidity needs and capitalize on future investment opportunities.
About Sila Realty Trust, Inc.
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