Strawberry Fields REIT (NYSE: STRW) on Wednesday announced plans to purchase 24 facilities in Indiana –19 SNFs and five assisted living facilities – for $102 million.
The SNFs make up a total of 1,659 licensed beds, while the assisted living properties have 193 beds between them, 29 of which are licensed.
Acquisition news comes just a few months after the REIT announced it would start trading on the NYSE, outgrowing the over-the-counter market place it had been trading on since September 2022.
At the time, Gubin said the company anticipates “controlled growth” in current regions along with expansion into new states.
Strawberry Fields was founded in 2004 with just 33 SNFs in Indiana and Illinois. The Indiana REIT’s portfolio now has a portfolio of 80-plus properties across nine states, according to its website.
The Indiana-based real estate investment trust (REIT) plans to purchase the facilities using working capital and funds from a third-party lender, and anticipates closing on the acquisition by August.
The facilities are currently leased under a master lease agreement to a group of tenants affiliated with Moishe Gubin and Michael Blisko, both directors at Strawberry Fields.
Under the master lease, tenants pay the annual first year of rent at $9.5 million on a triple net basis.