Sila Realty Trust is a healthcare-focused REIT that owns and leases medical facilities across the U.S. on a triple net lease basis. Sila's 140-property portfolio spans three primary property types: medical outpatient buildings (MOBs) and ambulatory surgery centers, inpatient rehabilitation facilities (IRFs), and specialty facilities such as long-term acute care hospitals and surgical hospitals. Tenants are healthcare operators — from large national post-acute providers to regional health systems — who sign long-term NNN leases, typically 15-20+ years, under which tenants pay base rent plus substantially all property-level operating expenses. PAM Health, Sila's largest tenant at roughly 16% of rental revenue, occupies 15 IRF properties under leases extending through 2044-2045. Sila grows through three channels: direct acquisitions of newly built, high-utilization facilities (typically at cash cap rates of 6%-7.5%); funded expansions of existing facilities, which Sila argues yield 150-300 bps above acquisition cap rates given captive tenant dynamics; and mezzanine development loans at mid-teens returns, often with options to acquire completed facilities. Leases include annual fixed rent bumps averaging roughly 2.2%, providing predictable internal growth. As a REIT, Sila distributes at least 90% of taxable income to shareholders, so external growth depends on debt and equity capital. Sila is internally managed, which eliminates external management fees and aligns management incentives with shareholders.