Sila Realty Trust, a net lease real estate investment trust (REIT) focused on investing in the growing and resilient healthcare sector, announced the $23.5 million acquisition of an inpatient rehabilitation facility in Dover, Delaware.
The Dover Healthcare Facility is a 34-bed inpatient rehabilitation facility offering comprehensive inpatient and outpatient care programs from physical and occupational therapies to speech and cognitive treatments. And the approximately 42,000 square foot facility was built in 2019 and is fully leased to a joint venture between Bayhealth Medical Center, an investment grade rated health system and the second largest health system in the state of Delaware, and a subsidiary of Post Acute Medical, one of the nation’s largest providers of post-acute healthcare.
The Dover Healthcare Facility is the only inpatient rehabilitation facility in Kent County and one of only four in Delaware. Since its opening, it has consistently maintained peak census. It is protected from competition by the state of Delaware’s Certificate of Public Review licensure process, creating a significant barrier to entry.
KEY QUOTE:
“The Dover Healthcare Facility’s joint venture tenancy between two national and state level leading healthcare providers, and exceptional performance since opening, exemplifies our pursuit of creating a portfolio of strong tenants that we expect will deliver stable and predictable income streams leading to long-term value to our shareholders. The Dover Healthcare Facility is our first acquisition in Delaware and demonstrates our team’s ability to leverage relationships to source and transact on accretive opportunities anywhere within United States. We believe that the combination of the state’s strong barriers to entry and heavy utilization at this facility provides for an opportunity for future expansion at the Dover Healthcare Facility.”
- Michael A. Seton, President and Chief Executive Officer of the company
