Affiliates of Blue Owl Capital will pay $30.38 per share to acquire Sila Realty Trust in an all-cash transaction valued at approximately $2.4 billion, the companies announced April 20, 2026.
The offer carries a 19.0% premium to Sila’s April 17 closing price of $25.53 and a 25.6% premium to its 30-trading-day volume-weighted average price.
Sila’s board voted unanimously to approve the merger agreement. The transaction is expected to close in the second or third quarter of 2026, subject to shareholder approval and other customary conditions.
The deal is structured through Blue Owl Real Estate Capital LLC, a subsidiary of Blue Owl Capital Inc., which manages more than $307 billion in assets across its credit, real assets, and GP strategic capital platforms.
Once completed, Sila’s shares will be de-registered under the Securities Exchange Act of 1934 and will no longer trade on the New York Stock Exchange. The company will operate as a privately held entity within Blue Owl’s real assets platform.
The Portfolio
Sila Realty Trust, headquartered in Tampa, Florida, was formed with a specific investment mandate: acquire healthcare real estate spanning what the company describes as the “continuum of care.”
That category encompasses outpatient clinics, inpatient rehabilitation facilities, surgical centers, behavioral health sites, and post-acute care settings that increasingly operate outside hospital campuses. As of March 31, 2026, the portfolio comprised 137 developed properties and three undeveloped land parcels distributed across 65 markets in the United States, totaling 5.3 million square feet.
The geographic footprint concentrates most heavily in Texas and Florida, with the balance spread across the East Coast and Midwest. These are markets characterized by aging residential populations and sustained growth in demand for ambulatory care. At year-end 2025, Sila’s properties were 98.7% leased with an average remaining lease term of 10 years. The portfolio is predominantly single-tenant. Of 140 properties counted at year-end, 14 were leased to multiple tenants and two were vacant.
Nearly all of Sila’s properties operate under triple-net lease arrangements. Under those structures, tenants, rather than the landlord, bear the costs of property taxes, insurance, and ongoing maintenance. The income stream that results is predictable and largely decoupled from building-level operating variability. For institutional buyers managing long-duration capital, that profile offers cash flow characteristics closer to fixed income than to most forms of real estate equity.
In a statement, Marc Zahr, co-president and global head of real assets at Blue Owl, described the portfolio as “a highly diversified collection of critically important healthcare assets across the continuum of care, underpinned by strong tenant fundamentals, long-term triple-net leases, and robust rent coverage.”
He said the deal delivers “a compelling opportunity to acquire a scaled portfolio with durable cash flows and attractive long-term growth characteristics, while further expanding Blue Owl managed funds’ exposure to an asset class and sector we view as both resilient and essential given its critical role in both society and the economy.”
Financial Profile
Sila reported $33.1 million in net income for full-year 2025 and distributed $1.60 per share in dividends over the year. Under the terms of the merger agreement, Sila is permitted to pay up to two additional regular quarterly dividends before the transaction closes, a provision that maintains income continuity for existing shareholders between announcement and completion.
In February 2025, the company closed a new $600 million revolving credit facility, replacing a $500 million predecessor that was not due to mature until February 2026. The early refinancing extended Sila’s liquidity runway and gave management operational flexibility ahead of the strategic review that ultimately produced the Blue Owl agreement.
Sila shares rose approximately 19% when markets opened on April 20, settling just below the $30.38 offer price. Sila will not host a first-quarter 2026 earnings call in light of the pending acquisition, though it will file the associated Form 10-Q with the SEC within applicable deadlines.
“Our success in curating a portfolio of high-quality net lease healthcare properties is a testament to the vision, skill, dedication, and culture to which all my colleagues have contributed,” said Michael Seton, Sila’s president and chief executive, in a statement on the Blue Owl deal. “The consummation of this transaction will provide significant and immediate realized benefit to our shareholders.”
A Broader Wave of REIT Take-Privates
The Sila acquisition is the sixth REIT take-private announced in 2026.
According to Bisnow, roughly $20 billion in REIT buyout transactions were announced during the first quarter of 2026 alone. Comparable recent deals include Brookfield Asset Management’s $1.2 billion acquisition of Peakstone Realty Trust in February and Ares Management’s $1.7 billion purchase of Whitestone REIT in April.
At $2.4 billion, the Sila deal is the largest healthcare-focused REIT take-private announced in the current cycle.
“We are extremely excited to acquire one of the best‑in‑class healthcare net lease portfolios in the market,” said Zahr, “This transaction provides us with a compelling opportunity to acquire a scaled portfolio with durable cash flows and attractive long‑term growth characteristics, while further expanding Blue Owl managed funds’ exposure to an asset class and sector we view as both resilient and essential given its critical role in both society and the economy.”
