Strawberry Fields REIT expands portfolio with 14 properties in Kansas, Missouri

Strawberry Fields REIT ended 2024 by acquiring 14 long-term care properties in Kansas and Missouri.

Bạn đang xem: Strawberry Fields REIT expands portfolio with 14 properties in Kansas, Missouri

The South Bend, IN-based real estate investment trust announced Dec. 23 its intended purchase of five skilled nursing facilities and one assisted living community in Kansas for $24 million. The portfolio collectively has 354 licensed beds. The seller was not named.

Xem thêm : East West Hospitality Adds The Residences of Bachelor Gulch to Portfolio

The properties will be leased to Advena Living. According to Strawberry Fields, the triple-net lease will be for 10 years initially, with the tenant having two five-year renewal options. The company’s annual rent will increase $2.4 million and will increase 3% annually, the REIT said.

Missouri purchase

Meanwhile, the closure of an eight-property, $87.5 million purchase in late December marked the REIT’s entry into Missouri.

The 1,111-bed portfolio currently is under a triple-net lease with a group of third-party tenants that pay $8.9 million annually, Strawberry Fields said.

Xem thêm : Pintchik Family Sells $100M Prospect Heights Portfolio

“Missouri is a new state for the company and brings a strong local third-party operator,” the REIT’s CEO and chairman, Moishe Gubin, said. “This acquisition is a great example of a deal type the company is looking for and anticipates similar future deals which will allow the company to continue to grow in its disciplined manner.”

The Missouri deal originally was announced in October.

The REIT went public in 2022 and trades under the ticker symbol “STRW.” The company’s portfolio consists of 112 SNFs, nine assisted living communities and two long-term acute care hospitals across Arkansas, Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma, Tennessee and Texas.

Gubin and co-founder Michael Blisko bought their first SNF in 2003 through a predecessor company. That company eventually became the Strawberry Fields REIT in 2015.

The firm got its name from a company-wide contest, Gubin previously told the McKnight’s Business Daily. The name Strawberry Fields won because of its association with the Beatles’ song of the same name. With a client base made up of baby boomers, turning 61 to 79 in 2025, the name seemed fitting to tie the REIT’s name to a band that the oldest members of the generation especially would identify with, he said. (The youngest boomers were five years old when the Beatles broke up.)