A week ago, Sila Realty Trust's chief executive officer Michael Seton rang the bell at the New York Stock Exchange. The net-lease REIT, founded in 2014, has a $2.1 billion portfolio exclusively focused on the healthcare sector and high-demand properties.
"We were a traditional non-traded REIT," Seton tells GlobeSt.com. "Originally the REIT had raised its money through the broker-trader network." But now it has a direct listing on the NYSE. "We're about a $2 billion enterprise value company."
In addition, the company is doing a Dutch tender over the 20 days after the listing to repurchase up to $50 million of their shares. The purchase price range is $22.60 to $24,00 per share. The offer expires at 5:00 p.m., eastern time, on July 19, 2024. The Dutch auction structure means existing shareholders bid on the part of the range at which they want to sell their shares. There's no guarantee that a given shareholder will sell their shares. The company holding the tender starts at the cheapest bids. If the total shares at that price don't meet the total offer, the company then goes to the next bid level, and so on, until the money for buying shares has been used up.
