Sila Realty Trust, Inc.

SILA

Real EstateREIT - Healthcare FacilitiesNYSE

$30.58

Market Cap: $1.69B

Sila Realty Trust, Inc. (SILA) Valuation Summary

Updated May 11, 2026 10:08

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$29.89 – $230.96	$57.75	+88.9%
Growth Exit 10Y	$32.44 – $227.57	$59.82	+95.6%
EBITDA Exit 5Y	$28.52 – $58.47	$42.27	+38.2%
EBITDA Exit 10Y	$31.46 – $67.25	$46.85	+53.2%
▸ Trading Multiples
P/E	$8.90 – $18.93	$9.68	-68.4%
EV/EBITDA	$19.95 – $34.71	$43.33	+41.7%
EV/Revenue	$2.62 – $30.97	$34.55	+13.0%
▸ PEG
PEG Fair Value	$15.39 – $15.39	$15.39	-49.7%
▸ Earnings Power Value
Earnings Power Value	$19.67 – $38.38	$26.92	-12.0%
▸ Dividend Discount
Dividend Discount	$19.77 – $46.48	$26.93	-11.9%

Valuation History

DCF Analysis

Fair Value

$57.75

Market Price

$30.58

Upside / Downside

+88.9%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Sila Realty Trust, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 5.1% to 2.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 102, DPO 124, DIO 60). At a 6.6% WACC with mid-year discounting, the terminal value (83% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $57.75 per share, suggesting SILA is undervalued by 88.9% at the current price of $30.58.

FCFF Present Value Calculation

WACC

6.64%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	128	139	149	143	146	150
(−) Net Interest	31	34	36	35	36	37
(+) D&A	10	7	8	9	11	12
EBITDA	169	179	192	188	193	198

(−) Tax	0	0	0	0	0	0
(−) CapEx	11	12	13	12	13	13
(−) ΔWC	46	5	4	-2	1	1
Free Cash Flow (FCFF)	111	163	175	178	179	184

Terminal Value						4,434
WACC / Discount Rate	6.6%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	108	148	149	142	134	3,214

Enterprise Value	3,895
Projection Period	681	17.5%
Terminal Value	3,214	82.5%

(−) Current Net Debt	689

Equity Value	3,206
(/) Outstanding Shares	56

Fair Price	$57.75

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.6%	$84	$100	$123	$161	$231
5.6%	$61	$69	$80	$95	$117
6.6%	$46	$52	$58	$66	$76
7.6%	$37	$40	$44	$49	$55
8.6%	$30	$32	$35	$38	$42

Current price: $30.58. Green = undervalued, Red = overvalued.

Fair Value

$59.82

Market Price

$30.58

Upside / Downside

+95.6%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Sila Realty Trust, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 5.1% to 3.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 102, DPO 124, DIO 60). At a 6.6% WACC with mid-year discounting, the terminal value (68% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $59.82 per share, suggesting SILA is undervalued by 95.6% at the current price of $30.58.

FCFF Present Value Calculation

WACC

6.64%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	128	139	149	143	146	151	156	161	166	171	175
(−) Net Interest	31	34	36	35	36	37	38	39	41	42	43
(+) D&A	10	7	8	9	11	12	13	13	13	14	14
EBITDA	169	179	192	188	193	200	207	213	220	226	232

(−) Tax	0	0	0	0	0	0	0	0	0	0	0
(−) CapEx	11	12	13	12	13	13	14	14	14	15	15
(−) ΔWC	46	5	4	-2	1	2	2	2	2	2	2
Free Cash Flow (FCFF)	111	163	175	178	179	185	191	197	203	209	215

Terminal Value											5,177
WACC / Discount Rate	6.6%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	108	148	149	142	134	130	126	122	118	114	2,721

Enterprise Value	4,010
Projection Period	1,289	32.1%
Terminal Value	2,721	67.9%

(−) Current Net Debt	689

Equity Value	3,321
(/) Outstanding Shares	56

Fair Price	$59.82

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.6%	$91	$106	$128	$162	$228
5.6%	$66	$73	$83	$96	$116
6.6%	$50	$55	$60	$67	$75
7.6%	$40	$43	$46	$50	$54
8.6%	$32	$34	$36	$39	$42

Current price: $30.58. Green = undervalued, Red = overvalued.

Fair Value

$42.26

Market Price

$30.58

Upside / Downside

+38.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Sila Realty Trust, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 5.1% to 2.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 102, DPO 124, DIO 60). At a 6.6% WACC with mid-year discounting, the terminal value (78% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 16.4x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $42.27 per share, suggesting SILA is undervalued by 38.2% at the current price of $30.58.

FCFF Present Value Calculation

WACC

6.64%

3% – 20%

EV/EBITDA Exit Multiple

16.40x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	128	139	149	143	146	150
(−) Net Interest	31	34	36	35	36	37
(+) D&A	10	7	8	9	11	12
EBITDA	169	179	192	188	193	198

(−) Tax	0	0	0	0	0	—
(−) CapEx	11	12	13	12	13	—
(−) ΔWC	46	5	4	-2	1	—
Free Cash Flow (FCF)	111	163	175	178	179	—

Peers' EBITDA Multiple						16.4x
Terminal Value						3,247
WACC / Discount Rate	6.64%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	108	148	149	142	134	2,354

Enterprise Value	3,035
Projection Period	681	22.4%
Terminal Value	2,354	77.6%

(−) Current Net Debt	689
Equity Value	2,346
(÷) Outstanding Shares	56M
Fair Price	$42	+38.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	12.4x	14.4x	16.4x	18.4x	20.4x
4.6%	$36	$41	$47	$53	$58
5.6%	$34	$39	$45	$50	$55
6.6%	$32	$37	$42	$47	$53
7.6%	$30	$35	$40	$45	$50
8.6%	$29	$33	$38	$43	$47

Current price: $30.58. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$46.84

Market Price

$30.58

Upside / Downside

+53.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Sila Realty Trust, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 5.1% to 3.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 102, DPO 124, DIO 60). At a 6.6% WACC with mid-year discounting, the terminal value (61% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 16.4x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $46.85 per share, suggesting SILA is undervalued by 53.2% at the current price of $30.58.

FCFF Present Value Calculation

WACC

6.64%

3% – 20%

EV/EBITDA Exit Multiple

16.40x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	128	139	149	143	146	151	156	161	166	171	175
(−) Net Interest	31	34	36	35	36	37	38	39	41	42	43
(+) D&A	10	7	8	9	11	12	13	13	13	14	14
EBITDA	169	179	192	188	193	200	207	213	220	226	232

(−) Tax	0	0	0	0	0	0	0	0	0	0	—
(−) CapEx	11	12	13	12	13	13	14	14	14	15	—
(−) ΔWC	46	5	4	-2	1	2	2	2	2	2	—
Free Cash Flow (FCF)	111	163	175	178	179	185	191	197	203	209	—

Peers' EBITDA Multiple											16.4x
Terminal Value											3,805
WACC / Discount Rate	6.64%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	108	148	149	142	134	130	126	122	118	114	2,000

Enterprise Value	3,289
Projection Period	1,289	39.2%
Terminal Value	2,000	60.8%

(−) Current Net Debt	689
Equity Value	2,600
(÷) Outstanding Shares	56M
Fair Price	$47	+53.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	12.4x	14.4x	16.4x	18.4x	20.4x
4.6%	$46	$51	$57	$62	$67
5.6%	$42	$47	$52	$56	$61
6.6%	$38	$42	$47	$51	$56
7.6%	$35	$39	$43	$47	$51
8.6%	$31	$35	$39	$42	$46

Current price: $30.58. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$9.68

Market Price

$30.58

Upside / Downside

-68.4%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Sila Realty Trust, Inc. (SILA) has a fair value of $9.68 based on 8 comparable companies in the REIT - Healthcare Facilities industry.

P/E Valuation — REIT - Healthcare Facilities

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Sila Realty Trust, Inc.SILA	1,698	51.0x	47.0x
Veris Residential, Inc.VRE	1,781	23.7x	—
Xenia Hotels & Resorts, Inc.XHR	1,554	26.3x	97.2x
Apollo Commercial Real Estate Finance, Inc.ARI	1,461	13.6x	—
Ellington Financial Inc.EFC	1,355	11.4x	9.6x
Ladder Capital CorpLADR	1,310	20.1x	12.9x
Alexander's, Inc.ALX	1,256	44.7x	—
Empire State Realty Trust, Inc.ESRT	971	31.7x	6.1x
TPG RE Finance Trust, Inc.TRTX	657	14.9x	7.6x
Industry Median		21.9x	9.6x
(*) Profit after tax		33	36
Equity Value		726	348
(/) Outstanding shares		56	56
Fair Price		$13	$6

Selected Fair Value (avg of trailing + forward)

$9.68

-68.4%

Fair Value

$43.33

Market Price

$30.58

Upside / Downside

+41.7%

Verdict

Undervalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Sila Realty Trust, Inc. (SILA) has a fair value of $43.33 based on 10 comparable companies in the REIT - Healthcare Facilities industry.

EV/EBITDA Valuation — REIT - Healthcare Facilities

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Sila Realty Trust, Inc.SILA	1,698	16.7x	15.9x
Diversified Healthcare TrustDHC	2,046	23.8x	25.1x
Veris Residential, Inc.VRE	1,781	12.6x	12.8x
Xenia Hotels & Resorts, Inc.XHR	1,554	10.0x	10.4x
Apollo Commercial Real Estate Finance, Inc.ARI	1,461	15.4x	62.5x
Ellington Financial Inc.EFC	1,355	39.5x	84.0x
Ladder Capital CorpLADR	1,310	17.4x	26.2x
Alexander's, Inc.ALX	1,256	18.0x	17.7x
Empire State Realty Trust, Inc.ESRT	971	8.7x	8.9x
TPG RE Finance Trust, Inc.TRTX	657	14.7x	31.1x
KKR Real Estate Finance Trust Inc.KREF	425	18.3x	48.2x
Industry Median		16.4x	25.6x
(*) EBITDA		143	150
= Enterprise Value		2,343	3,846
(-) Net Debt		689	689
Equity Value		1,655	3,157
(/) Outstanding shares		56	56
Fair Price		$30	$57

Selected Fair Value (avg of trailing + forward)

$43.33

+41.7%

Fair Value

$34.55

Market Price

$30.58

Upside / Downside

+13.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Sila Realty Trust, Inc. (SILA) has a fair value of $34.55 based on 10 comparable companies in the REIT - Healthcare Facilities industry.

EV/Revenue Valuation — REIT - Healthcare Facilities

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Sila Realty Trust, Inc.SILA	1,698	12.1x	11.5x
Diversified Healthcare TrustDHC	2,046	2.8x	3.0x
Veris Residential, Inc.VRE	1,781	10.9x	11.1x
Xenia Hotels & Resorts, Inc.XHR	1,554	2.6x	2.7x
Apollo Commercial Real Estate Finance, Inc.ARI	1,461	13.0x	52.6x
Ellington Financial Inc.EFC	1,355	26.9x	57.1x
Ladder Capital CorpLADR	1,310	12.2x	18.4x
Alexander's, Inc.ALX	1,256	9.7x	9.5x
Empire State Realty Trust, Inc.ESRT	971	4.2x	4.3x
TPG RE Finance Trust, Inc.TRTX	657	11.6x	24.5x
KKR Real Estate Finance Trust Inc.KREF	425	11.0x	29.0x
Industry Median		10.9x	14.7x
(*) Revenue		198	208
= Enterprise Value		2,159	3,055
(-) Net Debt		689	689
Equity Value		1,470	2,366
(/) Outstanding shares		56	56
Fair Price		$26	$43

Selected Fair Value (avg of trailing + forward)

$34.55

+13.0%

PEG Fair Value

Fair Value

$15.39

Market Price

$30.58

Upside / Downside

-49.7%

Verdict

Overvalued

Using the PEG framework with analyst consensus forward EPS growth of 23.7% plus 5.3% dividend yield, the company has a fair value of $15.39 based on NTM EPS (FY2026) of $0.65. The current PEG ratio is 1.99.

PEG Ratio

1.99Pricey

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 47.0 ÷ (18.4% + 5.3%) = 1.99

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG highly applicable

PEG is most informative for high-growth companies — the PEG sweet spot.

Fair Value Calculation

EPS Growth RateForward	18.4%
Dividend Yield	+5.3%
Adjusted Growth (clamped 8–25%)	23.7%
Fair P/E	23.7x
NTM EPS (FY2026)	$0.65
Fair Value	$15.39

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$0.60	—	—
FY2026E	$0.65	+8.3%	3
FY2027E	$0.63	-3.1%	4
FY2028E	$0.60	-4.8%	4
FY2029E	$1.18	+96.7%	3

4Y Forward EPS CAGR: 18.4%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$402.7M	$7.16	—
FY2022	$-8.0M	$-0.14	-102.0%
FY2023	$24.0M	$0.42	—
FY2024	$42.7M	$0.75	+78.6%
FY2025	$33.1M	$0.60	-20.0%

4Y Historical EPS CAGR: -46.2%

Earnings Power Value

Fair Value

$26.92

Market Price

$30.58

Upside / Downside

-12.0%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 6.6% and normalized earnings of $145.0M, the company has a fair value of $26.92 per share. The EPV range is $19.67 – $38.38 based on WACC sensitivity (5.1% – 8.1%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	145	145	145
(/) WACC	8.1%	6.6%	5.1%
Enterprise Value	1,781	2,183	2,820
(-) Net debt	689	689	689
Equity Value	1,092	1,494	2,131
(/) Outstanding shares	56	56	56
Fair Price	$19.67	$26.92	$38.38

Dividend Discount Model

Fair Value

$26.93

Market Price

$30.58

Upside / Downside

-11.9%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 7.9% and projected dividend growth of 0.0%, the fair value is $26.93 per share. The DDM range is $19.77 – $46.48 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$1.60

Dividend Yield

5.26%

Payout Ratio

268.1%

Dividend Coverage

0.37x

FCF Payout Ratio80.1%

DPS CAGR (4Y)-33.7%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.60	268.1%	+11.4%
2024	$1.44	190.7%	+23.7%
2023	$1.16	276.7%	+0.1%
2022	$1.16	—	-86.0%
2021	$8.27	115.7%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.60	0.0%	0.9264	$1.48
2027	$1.60	0.0%	0.8582	$1.37
2028	$1.60	0.0%	0.7950	$1.27
2029	$1.60	0.0%	0.7365	$1.18
2030	$1.60	0.0%	0.6823	$1.09
Terminal Value	$1.64 DPS	2.5%		$20.53

PV of Projected Dividends$6.39

PV of Terminal Value$20.53

Fair Value per Share$26.93

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
5.9%	$42	$42	$42	$44	$46
6.9%	$33	$33	$33	$34	$36
7.9%	$27	$27	$27	$28	$29
8.9%	$23	$23	$23	$24	$25
9.9%	$20	$20	$20	$21	$22

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Sila Realty Trust, Inc. (SILA) Valuation Summary

Updated May 11, 2026 10:08

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$29.89 – $230.96	$57.75	+88.9%
Growth Exit 10Y	$32.44 – $227.57	$59.82	+95.6%
EBITDA Exit 5Y	$28.52 – $58.47	$42.27	+38.2%
EBITDA Exit 10Y	$31.46 – $67.25	$46.85	+53.2%
▸ Trading Multiples
P/E	$8.90 – $18.93	$9.68	-68.4%
EV/EBITDA	$19.95 – $34.71	$43.33	+41.7%
EV/Revenue	$2.62 – $30.97	$34.55	+13.0%
▸ PEG
PEG Fair Value	$15.39 – $15.39	$15.39	-49.7%
▸ Earnings Power Value
Earnings Power Value	$19.67 – $38.38	$26.92	-12.0%
▸ Dividend Discount
Dividend Discount	$19.77 – $46.48	$26.93	-11.9%

Valuation History

DCF Analysis

Fair Value

$57.75

Market Price

$30.58

Upside / Downside

+88.9%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.64%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	128	139	149	143	146	150
(−) Net Interest	31	34	36	35	36	37
(+) D&A	10	7	8	9	11	12
EBITDA	169	179	192	188	193	198

(−) Tax	0	0	0	0	0	0
(−) CapEx	11	12	13	12	13	13
(−) ΔWC	46	5	4	-2	1	1
Free Cash Flow (FCFF)	111	163	175	178	179	184

Terminal Value						4,434
WACC / Discount Rate	6.6%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	108	148	149	142	134	3,214

Enterprise Value	3,895
Projection Period	681	17.5%
Terminal Value	3,214	82.5%

(−) Current Net Debt	689

Equity Value	3,206
(/) Outstanding Shares	56

Fair Price	$57.75

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.6%	$84	$100	$123	$161	$231
5.6%	$61	$69	$80	$95	$117
6.6%	$46	$52	$58	$66	$76
7.6%	$37	$40	$44	$49	$55
8.6%	$30	$32	$35	$38	$42

Current price: $30.58. Green = undervalued, Red = overvalued.

Fair Value

$59.82

Market Price

$30.58

Upside / Downside

+95.6%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.64%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	128	139	149	143	146	151	156	161	166	171	175
(−) Net Interest	31	34	36	35	36	37	38	39	41	42	43
(+) D&A	10	7	8	9	11	12	13	13	13	14	14
EBITDA	169	179	192	188	193	200	207	213	220	226	232

(−) Tax	0	0	0	0	0	0	0	0	0	0	0
(−) CapEx	11	12	13	12	13	13	14	14	14	15	15
(−) ΔWC	46	5	4	-2	1	2	2	2	2	2	2
Free Cash Flow (FCFF)	111	163	175	178	179	185	191	197	203	209	215

Terminal Value											5,177
WACC / Discount Rate	6.6%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	108	148	149	142	134	130	126	122	118	114	2,721

Enterprise Value	4,010
Projection Period	1,289	32.1%
Terminal Value	2,721	67.9%

(−) Current Net Debt	689

Equity Value	3,321
(/) Outstanding Shares	56

Fair Price	$59.82

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.6%	$91	$106	$128	$162	$228
5.6%	$66	$73	$83	$96	$116
6.6%	$50	$55	$60	$67	$75
7.6%	$40	$43	$46	$50	$54
8.6%	$32	$34	$36	$39	$42

Current price: $30.58. Green = undervalued, Red = overvalued.

Fair Value

$42.26

Market Price

$30.58

Upside / Downside

+38.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Sila Realty Trust, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 5.1% to 2.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 102, DPO 124, DIO 60). At a 6.6% WACC with mid-year discounting, the terminal value (78% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 16.4x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $42.27 per share, suggesting SILA is undervalued by 38.2% at the current price of $30.58.

FCFF Present Value Calculation

WACC

6.64%

3% – 20%

EV/EBITDA Exit Multiple

16.40x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	128	139	149	143	146	150
(−) Net Interest	31	34	36	35	36	37
(+) D&A	10	7	8	9	11	12
EBITDA	169	179	192	188	193	198

(−) Tax	0	0	0	0	0	—
(−) CapEx	11	12	13	12	13	—
(−) ΔWC	46	5	4	-2	1	—
Free Cash Flow (FCF)	111	163	175	178	179	—

Peers' EBITDA Multiple						16.4x
Terminal Value						3,247
WACC / Discount Rate	6.64%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	108	148	149	142	134	2,354

Enterprise Value	3,035
Projection Period	681	22.4%
Terminal Value	2,354	77.6%

(−) Current Net Debt	689
Equity Value	2,346
(÷) Outstanding Shares	56M
Fair Price	$42	+38.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	12.4x	14.4x	16.4x	18.4x	20.4x
4.6%	$36	$41	$47	$53	$58
5.6%	$34	$39	$45	$50	$55
6.6%	$32	$37	$42	$47	$53
7.6%	$30	$35	$40	$45	$50
8.6%	$29	$33	$38	$43	$47

Current price: $30.58. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$46.84

Market Price

$30.58

Upside / Downside

+53.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Sila Realty Trust, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 5.1% to 3.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 102, DPO 124, DIO 60). At a 6.6% WACC with mid-year discounting, the terminal value (61% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 16.4x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $46.85 per share, suggesting SILA is undervalued by 53.2% at the current price of $30.58.

FCFF Present Value Calculation

WACC

6.64%

3% – 20%

EV/EBITDA Exit Multiple

16.40x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	128	139	149	143	146	151	156	161	166	171	175
(−) Net Interest	31	34	36	35	36	37	38	39	41	42	43
(+) D&A	10	7	8	9	11	12	13	13	13	14	14
EBITDA	169	179	192	188	193	200	207	213	220	226	232

(−) Tax	0	0	0	0	0	0	0	0	0	0	—
(−) CapEx	11	12	13	12	13	13	14	14	14	15	—
(−) ΔWC	46	5	4	-2	1	2	2	2	2	2	—
Free Cash Flow (FCF)	111	163	175	178	179	185	191	197	203	209	—

Peers' EBITDA Multiple											16.4x
Terminal Value											3,805
WACC / Discount Rate	6.64%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	108	148	149	142	134	130	126	122	118	114	2,000

Enterprise Value	3,289
Projection Period	1,289	39.2%
Terminal Value	2,000	60.8%

(−) Current Net Debt	689
Equity Value	2,600
(÷) Outstanding Shares	56M
Fair Price	$47	+53.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	12.4x	14.4x	16.4x	18.4x	20.4x
4.6%	$46	$51	$57	$62	$67
5.6%	$42	$47	$52	$56	$61
6.6%	$38	$42	$47	$51	$56
7.6%	$35	$39	$43	$47	$51
8.6%	$31	$35	$39	$42	$46

Current price: $30.58. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$9.68

Market Price

$30.58

Upside / Downside

-68.4%

Verdict

Overvalued

P/E Valuation — REIT - Healthcare Facilities

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Sila Realty Trust, Inc.SILA	1,698	51.0x	47.0x
Veris Residential, Inc.VRE	1,781	23.7x	—
Xenia Hotels & Resorts, Inc.XHR	1,554	26.3x	97.2x
Apollo Commercial Real Estate Finance, Inc.ARI	1,461	13.6x	—
Ellington Financial Inc.EFC	1,355	11.4x	9.6x
Ladder Capital CorpLADR	1,310	20.1x	12.9x
Alexander's, Inc.ALX	1,256	44.7x	—
Empire State Realty Trust, Inc.ESRT	971	31.7x	6.1x
TPG RE Finance Trust, Inc.TRTX	657	14.9x	7.6x
Industry Median		21.9x	9.6x
(*) Profit after tax		33	36
Equity Value		726	348
(/) Outstanding shares		56	56
Fair Price		$13	$6

Selected Fair Value (avg of trailing + forward)

$9.68

-68.4%

Fair Value

$43.33

Market Price

$30.58

Upside / Downside

+41.7%

Verdict

Undervalued

EV/EBITDA Valuation — REIT - Healthcare Facilities

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Sila Realty Trust, Inc.SILA	1,698	16.7x	15.9x
Diversified Healthcare TrustDHC	2,046	23.8x	25.1x
Veris Residential, Inc.VRE	1,781	12.6x	12.8x
Xenia Hotels & Resorts, Inc.XHR	1,554	10.0x	10.4x
Apollo Commercial Real Estate Finance, Inc.ARI	1,461	15.4x	62.5x
Ellington Financial Inc.EFC	1,355	39.5x	84.0x
Ladder Capital CorpLADR	1,310	17.4x	26.2x
Alexander's, Inc.ALX	1,256	18.0x	17.7x
Empire State Realty Trust, Inc.ESRT	971	8.7x	8.9x
TPG RE Finance Trust, Inc.TRTX	657	14.7x	31.1x
KKR Real Estate Finance Trust Inc.KREF	425	18.3x	48.2x
Industry Median		16.4x	25.6x
(*) EBITDA		143	150
= Enterprise Value		2,343	3,846
(-) Net Debt		689	689
Equity Value		1,655	3,157
(/) Outstanding shares		56	56
Fair Price		$30	$57

Selected Fair Value (avg of trailing + forward)

$43.33

+41.7%

Fair Value

$34.55

Market Price

$30.58

Upside / Downside

+13.0%

Verdict

Undervalued

EV/Revenue Valuation — REIT - Healthcare Facilities

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Sila Realty Trust, Inc.SILA	1,698	12.1x	11.5x
Diversified Healthcare TrustDHC	2,046	2.8x	3.0x
Veris Residential, Inc.VRE	1,781	10.9x	11.1x
Xenia Hotels & Resorts, Inc.XHR	1,554	2.6x	2.7x
Apollo Commercial Real Estate Finance, Inc.ARI	1,461	13.0x	52.6x
Ellington Financial Inc.EFC	1,355	26.9x	57.1x
Ladder Capital CorpLADR	1,310	12.2x	18.4x
Alexander's, Inc.ALX	1,256	9.7x	9.5x
Empire State Realty Trust, Inc.ESRT	971	4.2x	4.3x
TPG RE Finance Trust, Inc.TRTX	657	11.6x	24.5x
KKR Real Estate Finance Trust Inc.KREF	425	11.0x	29.0x
Industry Median		10.9x	14.7x
(*) Revenue		198	208
= Enterprise Value		2,159	3,055
(-) Net Debt		689	689
Equity Value		1,470	2,366
(/) Outstanding shares		56	56
Fair Price		$26	$43

Selected Fair Value (avg of trailing + forward)

$34.55

+13.0%

PEG Fair Value

Fair Value

$15.39

Market Price

$30.58

Upside / Downside

-49.7%

Verdict

Overvalued

PEG Ratio

1.99Pricey

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 47.0 ÷ (18.4% + 5.3%) = 1.99

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG highly applicable

PEG is most informative for high-growth companies — the PEG sweet spot.

Fair Value Calculation

EPS Growth RateForward	18.4%
Dividend Yield	+5.3%
Adjusted Growth (clamped 8–25%)	23.7%
Fair P/E	23.7x
NTM EPS (FY2026)	$0.65
Fair Value	$15.39

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$0.60	—	—
FY2026E	$0.65	+8.3%	3
FY2027E	$0.63	-3.1%	4
FY2028E	$0.60	-4.8%	4
FY2029E	$1.18	+96.7%	3

4Y Forward EPS CAGR: 18.4%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$402.7M	$7.16	—
FY2022	$-8.0M	$-0.14	-102.0%
FY2023	$24.0M	$0.42	—
FY2024	$42.7M	$0.75	+78.6%
FY2025	$33.1M	$0.60	-20.0%

4Y Historical EPS CAGR: -46.2%

Earnings Power Value

Fair Value

$26.92

Market Price

$30.58

Upside / Downside

-12.0%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	145	145	145
(/) WACC	8.1%	6.6%	5.1%
Enterprise Value	1,781	2,183	2,820
(-) Net debt	689	689	689
Equity Value	1,092	1,494	2,131
(/) Outstanding shares	56	56	56
Fair Price	$19.67	$26.92	$38.38

Dividend Discount Model

Fair Value

$26.93

Market Price

$30.58

Upside / Downside

-11.9%

Verdict

Overvalued

Dividend Profile

Current DPS

$1.60

Dividend Yield

5.26%

Payout Ratio

268.1%

Dividend Coverage

0.37x

FCF Payout Ratio80.1%

DPS CAGR (4Y)-33.7%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.60	268.1%	+11.4%
2024	$1.44	190.7%	+23.7%
2023	$1.16	276.7%	+0.1%
2022	$1.16	—	-86.0%
2021	$8.27	115.7%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.60	0.0%	0.9264	$1.48
2027	$1.60	0.0%	0.8582	$1.37
2028	$1.60	0.0%	0.7950	$1.27
2029	$1.60	0.0%	0.7365	$1.18
2030	$1.60	0.0%	0.6823	$1.09
Terminal Value	$1.64 DPS	2.5%		$20.53

PV of Projected Dividends$6.39

PV of Terminal Value$20.53

Fair Value per Share$26.93

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
5.9%	$42	$42	$42	$44	$46
6.9%	$33	$33	$33	$34	$36
7.9%	$27	$27	$27	$28	$29
8.9%	$23	$23	$23	$24	$25
9.9%	$20	$20	$20	$21	$22