Sila Realty Trust, Inc. Announces Closing of Sale of 29-Property Data Center Portfolio to Mapletree Industrial Trust, Increased Per Share NAV, and Special Cash Distribution to Stockholders
July 22, 2021 | Sila Realty Trust, Inc.
TAMPA, Fla.–(BUSINESS WIRE)–Sila Realty Trust, Inc. (the “Company”) announced today that it has sold a 29-property data center portfolio (the “Portfolio”), to wholly owned subsidiaries of Mapletree Industrial Trust (“MIT”), a real estate investment trust listed on the Singapore Exchange, for an aggregate sale price of $1,320,000,000 (the “Transaction”).
Michael A. Seton, Chief Executive Officer and President of the Company, stated, “We are pleased to announce the completion of the Transaction with MIT. The sale of the data center Portfolio represents a substantial gain for the Company and firmly positions Sila Realty Trust, Inc. as a pure-play healthcare REIT. We believe that our strong healthcare portfolio, diversified by geography and tenancy, coupled with our fortress-like balance sheet composed of significant net worth, low leverage and ample liquidity for growth opportunities and further diversification of the portfolio, will enhance the overall strength and position of the Company for a liquidity event through a public market listing, subject to, among other considerations, market conditions, within the time frame communicated during our offering.”
The original aggregate acquisition cost of the Portfolio determined in accordance with GAAP, inclusive of capital improvements on the properties, was approximately $965,215,000.
Moelis & Company LLC acted as lead financial advisor to the Company, and Holland & Knight LLP serves as legal counsel to the Company.
Estimated Net Asset Value
The Company announced today that its board of directors (the “Board”) unanimously approved an updated estimated net asset value (or “NAV”) of $9.95 per share for each of the Company’s Class A common stock, Class I common stock, Class T common stock and Class T2 common stock, calculated as of May 31, 2021.
The aggregate real estate value of the Company’s same-store portfolio, defined as properties owned by the Company as of September 30, 2020 (the calculation date of the last estimated per share NAV) increased primarily due to the increase in the fair market value of the properties owned by the Company, including those which were part of the Transaction.
“The increase in the estimated value of our same-store real estate portfolio, resulting in an increase in the NAV of the Company, is, we believe, a testament to our diverse portfolio which continues to demonstrate resilience and durable income streams through this unusual time and global pandemic,” stated Mr. Seton.
