Here are a few analogies for Sila Realty Trust:

• It's like a real estate investment trust (REIT) that's a blend of a healthcare property owner (like Ventas) and a data center landlord (like Digital Realty).
• Imagine a landlord for two critical sectors: healthcare facilities (similar to Welltower) and the massive data centers powering technology (like Equinix).
• Think of it as a hybrid REIT, owning properties for medical needs much like Healthpeak Properties, and also for tech infrastructure like CoreSite Realty.

• Leasing of Healthcare Properties: Sila Realty Trust provides space in healthcare facilities to tenants operating within the healthcare sector.
• Leasing of Data Centers: Sila Realty Trust provides specialized real estate space in data center facilities to tenants requiring infrastructure for data storage and processing.

Sila Realty Trust (symbol: SILA) primarily leases its real estate properties to other companies.

Based on the company's public filings (specifically its 2020 10-K), no single tenant accounted for 10% or more of its total consolidated revenues for the year ended December 31, 2020. Therefore, Sila Realty Trust does not have individually identifiable "major customers" (i.e., those representing a significant concentration of revenue) to list by name and symbol.

However, its diverse customer base consists of companies that operate within two primary sectors:

• Healthcare Operators: These tenants include a variety of healthcare providers such as hospitals, large health systems, medical office tenants, physician groups, and other specialized healthcare service providers. These can be public or private entities.
• Data Center Users: These tenants encompass enterprises requiring data center capacity, including hyperscale cloud providers, colocation providers, telecommunication companies, and large corporate users with extensive IT infrastructure needs. These can also be public or private companies.

Michael A. Seton President and Chief Executive Officer

Mr. Seton has served as President and Chief Executive Officer of Sila Realty Trust, Inc. and a member of its Board of Directors since March 2015. He is responsible for the strategic vision and all day-to-day investment and operating activities. Mr. Seton has approximately 30 years of real estate investment and financial experience, having been directly involved in billions of dollars in real estate acquisitions and financings. He founded the company in 2014, leading its growth to over $2 billion in diversified healthcare properties. Mr. Seton previously worked as a Managing Director and Division Head in the Originations Group at Eurohypo AG (now part of Commerzbank AG) and began his career at The Sumitomo Bank, Ltd. in their Public Finance and Real Estate Departments. He was also the founder and President & Chief Executive Officer of Carter (founded in 2009) and Carter Validus REIT Management Company II LLC (founded in 2013), and previously served as President & Chief Executive Officer at Carter Validus Mission Critical REIT, Inc..

Kay C. Neely Executive Vice President and Chief Financial Officer

Ms. Neely joined Sila Realty Trust, Inc. in January 2016 and is responsible for the oversight of the company's financial operations, including capital markets, accounting and financial reporting, financial planning and analysis, and investor relations. She also oversees research and credit, human capital, and information technology. Ms. Neely brings approximately 25 years of real estate accounting and operations experience and is a member of the Investment Committee.

Miles F. Callahan Senior Vice President - Acquisitions, Capital Markets, Research & Credit

Mr. Callahan is a key member of the company's leadership team.

Samuel W. Brannan Senior Vice President and Chief Accounting Officer

Mr. Brannan joined the company in July 2024 and is responsible for the execution of Sila Realty Trust, Inc.'s financial reporting, accounting, and tax functions. He brings approximately 12 years of experience in both public and corporate accounting. Mr. Brannan began his career with PwC in the audit practice and later transitioned to Blackstone, where he was responsible for the financial reporting and accounting for a publicly traded mortgage real estate investment trust.

Jason R. Klein Senior Vice President – Investment Management

Mr. Klein joined the company in 2025 and is responsible for the execution of its investment management and lease administration functions. He possesses over 20 years of experience in healthcare real estate, including managing real estate portfolios for large healthcare systems both internally and as a consultant. Before joining Sila Realty Trust, Inc., Mr. Klein was the head of Corporate Real Estate for Adventist HealthCare, Inc..

Key Risks to Sila Realty Trust (SILA)

1. Economic Fluctuations and Interest Rate Risks: Sila Realty Trust's operations are highly susceptible to broader economic fluctuations and changes in interest rates. As a real estate investment trust (REIT) heavily reliant on debt financing, increasing interest rates directly impact its cost of capital, thereby reducing profitability and potentially affecting the value of its real estate investments. Recent financial reports underscore interest expense as a primary factor compressing net income.
2. Tenant Concentration and Tenant Bankruptcies: The company faces significant risk from its reliance on a limited number of key tenants. The bankruptcy filing of GenesisCare USA Inc., a tenant for 17 of Sila's radiation oncology properties, demonstrates the material impact of tenant financial distress, leading to concerns about reduced rental income and increased vacancy rates. Additionally, PAM Health-related leases represented 16.1% of Sila's rental revenue in 2025, highlighting ongoing tenant concentration.
3. Regulatory Changes Impacting the Healthcare Industry: Sila Realty Trust's primary investment in healthcare properties exposes it to the inherent regulatory risks of the healthcare sector. Changes in laws, policies, or reimbursement models, such as the No Surprises Act or increased antitrust scrutiny, can significantly affect the financial stability and operational capacity of its healthcare tenants. These regulatory shifts could consequently impact Sila's lease revenues and overall financial performance.

• The increasing adoption and technological advancement of telemedicine and remote healthcare services could reduce the long-term demand for certain physical healthcare properties, such as traditional medical office buildings, thereby impacting occupancy rates and rental income for healthcare REITs.
• Major cloud providers and hyperscalers are increasingly opting to build and operate their own large-scale data centers rather than relying solely on third-party colocation and wholesale providers. This trend could limit the pool of potential large, credit-worthy tenants for data center REITs, potentially increasing competition for existing tenants and impacting rental growth.

For Sila Realty Trust, the addressable markets for their main products or services are as follows:

U.S. Healthcare Real Estate Market

The U.S. healthcare real estate market size was estimated at USD 1,324.52 billion in 2024. This market is projected to reach an estimated revenue of US$ 2,270,404.3 million by 2030, expanding at a CAGR of 6.2% in the forecast period.

U.S. Data Center Market

The U.S. data center market size by investment was valued at USD 208.38 billion in 2024. This market is expected to grow to USD 308.83 billion by 2030, with a compound annual growth rate (CAGR) of 6.78% during the forecast period.

For Sila Realty Trust (SILA), several key drivers are expected to contribute to future revenue growth over the next 2-3 years:

1. Strategic Acquisitions and Portfolio Expansions: Sila Realty Trust plans to drive revenue growth through disciplined acquisitions, redevelopments, and in-portfolio expansions of healthcare properties. Management anticipates funding investment opportunities ranging from $225 million to $375 million in 2026, which are expected to yield higher returns than recent acquisitions. This strategy includes acquiring new operating healthcare facilities, as demonstrated by six acquisitions in 2025 and an additional inpatient rehabilitation facility in early 2026.
2. Rent Escalations in Long-Term Leases: The company benefits from long-weighted average lease terms that include annual rent escalations. As of December 31, 2024, the weighted average fixed rent escalation rate was 2.2%, excluding leases tied to the consumer price index. These embedded rent increases contribute to predictable and sustained growth in rental income.
3. Demographic Tailwinds in the Healthcare Sector: Sila Realty Trust is well-positioned to capitalize on robust demand for healthcare services, driven by significant demographic trends. Key tailwinds include the aging baby boomer population and the rising prevalence of chronic conditions, which are expected to increase the volume of healthcare services and the demand for healthcare facilities.
4. High Tenant Retention and Extended Lease Terms: Sila Realty Trust maintains strong tenant relationships, leading to high retention rates and longer lease terms. In 2025, the company retained 90% of expiring tenancy by square footage, with non-renewals representing only 0.5% of annual base rent. The weighted average remaining lease term has extended to 10 years, providing stable and predictable cash flows.
5. Improving Tenant Credit Quality and Rent Coverage: Enhancements in tenant credit quality and strong rent coverage ratios are also expected to support revenue growth. The percentage of investment-grade rated tenants or guarantors increased by 2.3 percentage points to 40.6% in 2025. Furthermore, the portfolio-wide EBITDARM rent coverage ratio climbed to 5.9x in 2025, indicating healthy financial performance among tenants and a strong ability to cover rent obligations.

Share Repurchases

• An Amended and Restated Share Repurchase Program (A&R SRP) was authorized in December 2020, applying from the first quarter of 2021, primarily for repurchases due to death and involuntary exigent circumstances, subject to quarterly and annual share limitations.
• On August 6, 2025, Sila Realty Trust announced a new share repurchase program authorizing the repurchase of up to $75 million worth of its shares, with a limitation of $25 million in gross purchase proceeds in any twelve-month period, valid for three years from August 4, 2025.

Share Issuance

• Sila Realty Trust opted for a direct listing in June 2024 rather than an initial public offering (IPO), stating that it did not need to raise equity capital at that time.
• The company has an ATM (At-The-Market) Equity Offering Sales Agreement in place, which provides a flexible mechanism for potential future equity issuances.

Inbound Investments

• No information is available regarding large equity investments made in Sila Realty Trust by third-party strategic partners or private equity firms within the last 3-5 years.

Outbound Investments

• In 2025, Sila Realty Trust acquired six healthcare facilities for approximately $148.9 million.
• In January 2026, the company acquired one inpatient rehabilitation facility for $43.1 million in Oklahoma City.
• In 2021, Sila Realty Trust completed the sale of a portfolio of data center assets for $1.3 billion, aligning with its strategic focus on healthcare properties.

Capital Expenditures

• In 2025, over $7 million was invested in redevelopment opportunities and committed capital for expansions at existing properties, including the Dover and Overland Park Healthcare Facilities.
• Management projects $225 million to $375 million in investment opportunities for 2026, which are expected to include property expansions and acquisitions in the healthcare real estate sector.
• The company undertook the demolition of the vacant Stoughton Healthcare Facility as part of its portfolio optimization efforts.