South Bend, Indiana-headquartered Strawberry Fields REIT Inc. (NYSE American:STRW), a self-administered real estate investment trust focused on skilled nursing and certain other healthcare-related properties, has entered into a $24 million purchase and sale agreement with an unaffiliated seller for six healthcare facilities located in Kansas.
The six facilities are comprised of five skilled nursing facilities and one assisted living facility with 354 licensed beds. The facilities will be leased to Advena Living for an initial 10-year period and includes two 5-year tenant options on a triple-net basis. The lease will increase the company’s annual rents by $2.4 million and is subject to 3% annual increases.
The company added that it planned to purchase the facilities utilizing its current working capital, with the closing anticipated before the end of the year.
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