Tampa, Florida-based Sila Realty Trust began trading on the New York Stock Exchange on June 13th. Poised for growth, and a healthy, flexible balance sheet, the newly listed REIT sees ample opportunity ahead to expand its presence across the health care real estate sector.
Sila Realty Trust, Inc., a net lease real estate investment trust focused on investing in high quality healthcare properties across the continuum of care, just announced the acquisition of five Class A healthcare facilities located in Arizona and Texas, for a contract purchase price of $85.5 million.
The Portfolio is comprised of four built-to-suit micro-hospitals and one freestanding emergency department, totaling approximately 158,000 square feet on a combined 17.5 acres. Each of the micro-hospitals is licensed for 8-inpatient beds, and offers a 13-bed emergency department, operating room, laboratory, diagnostic imaging suite, and a pharmacy. The freestanding emergency department is a 13-bed full-service emergency center, constructed to also offer the same services as the micro-hospitals.
The Portfolio is 100% leased by Tenet Healthcare Corporation, one of the nation’s largest healthcare systems, with over 15,000 licensed beds, which designed and developed these facilities from 2019 through 2021. Each property is operated under the name of the local affiliated hospital brand of Tenet.
Two of the micro-hospitals are in the Phoenix-Mesa-Chandler, Arizona metropolitan statistical area and operate under the brand of Abrazo Health. One micro-hospital and the freestanding emergency department are in the Tucson, Arizona MSA and operate under the brand of Carondelet Health. The additional micro-hospital is in the McAllen-Edinburg-Mission, Texas MSA and operates under the brand of Valley Baptist Health. Tenet strategically chose each of these locations due to its belief that each exhibits strong population density and demographics, and positive growth characteristics.
“We are pleased to announce the closing of this portfolio of properties which are emblematic of the healthcare facilities that Sila Realty Trust is focused on acquiring – high quality, well located, strong credit tenancy with healthcare system affiliations,” stated Michael A. Seton, President and Chief Executive Officer of the Company. “This acquisition demonstrates our ability to source property and invest capital in what we believe to be an accretive manner to the Company while others remain on the sidelines.”
Sila Realty Trust, Inc. is a net lease real estate investment trust headquartered in Tampa, Florida, with a strategic focus on investing in the significant, growing, and resilient healthcare sector of the U.S. economy. The Company invests in high quality healthcare facilities along the continuum of care, which, we believe, generate predictable, durable, and growing income streams. Our portfolio is comprised of high quality tenants in geographically diverse facilities which are positioned to capitalize on the dynamic delivery of healthcare to patients. As of December 31, 2023, the Company owned 131 real estate properties and two undeveloped land parcels located in 62 markets across the U.S.
Source: HREI
Zacks Investment Research upgraded shares of Global Medical REIT (NYSE:GMRE) from a hold rating to a buy rating in a research report just sent to investors.
Zacks Investment Research currently has $11.00 price target on the stock. According to Zacks, “Global Medical REIT Inc. is engaged primarily in the acquisition of licensed, state-of-the-art, purpose-built healthcare facilities and the leasing of these facilities to clinical operators. Global Medical REIT Inc. is based in Denver. “
Several other analysts also recently issued reports on the company. Janney Montgomery Scott downgraded Global Medical REIT from a buy rating to a neutral rating and set a $9.03 target price on the stock. in a research note on Wednesday, December 19th. B. Riley reissued a buy rating on shares of Global Medical REIT in a research note on Monday, November 12th. Finally, Boenning Scattergood raised Global Medical REIT from a neutral rating to a buy rating and set a $11.00 target price on the stock in a research note on Wednesday, November 7th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $10.43.
Shares of GMRE opened at $10.28 on Wednesday. The company has a market cap of $229.17 million, a P/E ratio of 19.04, a price-to-earnings-growth ratio of 1.25 and a beta of 0.58. Global Medical REIT has a 12-month low of $6.34 and a 12-month high of $10.47. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.09 and a current ratio of 0.09.
In other news, major shareholder Zh Usa, Llc acquired 1,111,111 shares of Global Medical REIT stock in a transaction on Friday, December 14th. The shares were acquired at an average price of $9.00 per share, with a total value of $9,999,999.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 13.00% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Schnieders Capital Management LLC bought a new stake in Global Medical REIT in the 4th quarter worth approximately $116,000. State Board of Administration of Florida Retirement System increased its stake in Global Medical REIT by 10.5% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 15,526 shares of the company’s stock worth $138,000 after acquiring an additional 1,474 shares during the last quarter.
Advisor Group Inc. increased its stake in Global Medical REIT by 84.7% in the 4th quarter. Advisor Group Inc. now owns 17,184 shares of the company’s stock worth $153,000 after acquiring an additional 7,881 shares during the last quarter.
B. Riley Wealth Management Inc. bought a new stake in Global Medical REIT in the 3rd quarter worth approximately $251,000.
Finally, Wiley BROS. Aintree Capital LLC bought a new stake in Global Medical REIT in the 4th quarter worth approximately $262,000. 42.68% of the stock is currently owned by institutional investors and hedge funds.
Global Medical REIT, Inc operates as a development stage company that intends to develop and manage a portfolio of healthcare real estate assets and properties. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.
Click here To get a free copy of the Zacks research report on Global Medical REIT (GMRE). For more information about research offerings from Zacks Investment Research, visit Zacks.com.
Source: Fairfield Current
Receive newly posted industry news and information delivered right to your email inbox!
