July 21, 2022 10:24 AM Eastern Daylight Time
TAMPA, Fla.–(BUSINESS WIRE)–Sila Realty Trust, Inc. (the “Company”), a public, non-traded real estate investment trust focused on investing in high quality healthcare properties along the continuum of care, today announced the acquisition of an inpatient rehabilitation facility (the “TGH Rehabilitation Hospital” or “Tampa IRF”) located in Tampa, Florida, for a contract purchase price of $51.2 million, excluding acquisition costs.
The TGH Rehabilitation Hospital is 100% leased to Tampa Rehabilitation Hospital, LLC, a joint venture between Tampa General Hospital (“TGH”) and Kindred Rehabilitation Services (“Kindred”). The newly constructed facility began accepting patients in May 2022 and offers services including physiatry, physical and occupational therapy, speech-language pathology, rehabilitation nursing, internal medicine, medical and surgical subspecialty consultation, and nutritional services for patients recovering from debilitating injuries, illnesses, surgeries, and chronic medical conditions. The state-of-the-art facility is a freestanding, newly constructed, 80-bed inpatient rehabilitation facility situated on 3.8 acres less than two miles from downtown Tampa and encompasses nearly 88,000 rentable square feet.
TGH is one of the largest hospitals in the nation and is the region’s only center for Level I trauma. In addition, TGH’s rehabilitation services are ranked among the top 50 in the nation by U.S. News and World Report’s 2021-2022 Best Hospitals.
Kindred, a business unit of LifePoint Health, is a partner of choice for many leading hospital systems in the creation of joint venture rehabilitation operations. Kindred currently has 30 standalone inpatient rehabilitation facilities across 18 states, inclusive of the TGH Rehabilitation Hospital.
“The acquisition of the TGH Rehabilitation Hospital is an exceptional opportunity to strengthen our healthcare portfolio right in our own backyard, as the property is located less than two miles from the corporate office of Sila Realty Trust. The facility was build-to-suit for the TGH and Kindred partnership, and the tenancy, location and construction exemplify, we believe, our strategy of acquiring institutional quality healthcare assets across the continuum of care,” commented Michael A. Seton, President and Chief Executive Officer of the Company. “The strong presence and reputation of TGH serving the Tampa Bay community is well known and we are excited to watch the impact on this facility of Kindred’s proven expertise in rehabilitation operations.”
The TGH Rehabilitation Hospital is the first completed building of several that is expected to comprise one end of the emerging Tampa Medical and Research District. This medical district begins in downtown Tampa and encompasses the TGH Rehabilitation Hospital, which is scheduled to ultimately be accompanied by a freestanding behavioral health hospital and TGH emergency room. The construction of these medical facilities is central to establishing the Tampa Medical and Research District as one of the premier locations for health care and innovation across the state of Florida.
About Sila Realty Trust, Inc.
Sila Realty Trust, Inc. is a public, non-traded real estate investment trust headquartered in Tampa, Florida, that invests in high-quality healthcare properties leased to tenants capitalizing on critical and structural economic growth drivers. The Company is focused on investing in and managing strategic healthcare assets across the continuum of care, with emphasis on lower cost patient settings, which generate predictable, durable, and growing income streams. As of March 31, 2022, the company owned 126 operating healthcare properties located in 56 markets across the United States.
Certain statements contained herein, other than historical fact, may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties. No forward-looking statement is intended to, nor shall it, serve as a guarantee of future performance. You can identify the forward-looking statements by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will” and other similar terms and phrases, including references to the Company’s strategies and accretive growth opportunities and expectations for the emerging Tampa Medical and Research District. Forward-looking statements are subject to various risks and uncertainties and factors that could cause actual results to differ materially from the Company’s expectations, and you should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company’s control and could materially affect the Company’s results of operations, financial condition, cash flows, performance or future achievements or events. Additional factors include the risk that the expected benefits for the Company’s pure-play healthcare REIT strategy are not achieved and other factors, including those described under the section entitled Item 1A. “Risk Factors” of Part I of the Company’s 2021 Annual Report on Form 10-K with the SEC, copies of which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Miles Callahan, Vice President of Capital Markets and Investor Relations
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