Sila Realty Trust (SILA) Q4 2025 earnings summary

Executive summary

• Achieved first full year as a public company, added to major equity indices, and transitioned to a predominantly institutional shareholder base.

• Reported net income of $5.0 million for Q4 2025 and $33.1 million for the year, with $0.09 and $0.60 per diluted share, respectively.

• Acquired six healthcare facilities for $150 million and completed a $43.1 million post-year-end acquisition, expanding relationships with key operators.

• Completed over $7 million in redevelopment projects and committed to further capital investments in existing properties for higher returns.

• Declared and paid $1.60 per share in dividends for the year.

Financial highlights

• Cash NOI for 2025 was $169.9 million, up 0.8% year-over-year; same-store cash NOI grew 0.9%.

• FFO per share rose 3.6% to $2.16; AFFO per share declined 5.8% to $2.18, mainly due to higher interest expense.

• Rental revenue for 2025 was $196.3 million, up from $186.9 million in 2024.

• Portfolio-wide EBITDARM rent coverage improved to 5.9x from 5.3x year-over-year; excluding a sold asset, coverage was 5.7x.

• Dividend payout to AFFO ratio was 72.6% for Q4 2025.

Outlook and guidance

• Positioned for continued disciplined capital allocation and growth, with $200 million in deployable debt capital and over $480 million in liquidity.

• Expecting further expansion opportunities in existing assets, typically yielding 150-200 basis points higher than recent acquisitions.

• Anticipates stable acquisition volume in 2026, with potential for increased activity later in the year.