Tampa’s Multibillion-Dollar Real Estate Trust to List on NYSE

Tampa real estate investment trust Sila Realty is crossing a milestone a decade after its founding with approval to list on the New York Stock Exchange.

Sila has expanded into a $2.8 billion portfolio with more than 130 properties and 5.1 million rentable square feet across 64 markets in the U.S.

An NYSE listing will expand and diversify the firm’s investor base, provide access to capital, as well as more options for current shareholders, according to President and CEO Michael Seton, who announced the firm would pursue a listing in April. Sila will commence trading on the exchange on June 13 under the ticker symbol SILA, according to a statement.

Sila is also planning to raise $50 million through a modified Dutch auction tender offer that will be priced within a specific range at the time it launches, which is expected to occur on the same day as the listing. Dutch auctions start at a high starting price and descend until bidders converge at a certain value, making the offering an important indicator for Sila’s share price as it transitions from over-the-counter trading to the public markets.

Sila shares (OTC: CVMC) were priced at $19 at market close on Wednesday.

In contrast to other REITs, Sila focuses exclusively on single and multitenant health care properties. Its portfolio shifted to health care after the $1.32 billion sale of nearly 30 data center properties in 2021.

Sila is one of a handful of REITs based in Tampa. Generation Income Properties Inc. is the largest publicly traded REIT in the region, with close to $105 billion in total assets. It is followed by RAD Diversified REIT, which reported $82 million in net assets at the end of 2022.
“Are you on social media? Check out our profile for more videos! Follow @TampaLatest for up-to-the-minute updates in Tampa, Florida.”Instagram.com/tampalatest