Strawberry Fields REIT Announces Acquisition of 4 Skilled Nursing Facilities for $19.25MM
SOUTH BEND, IN / ACCESSWIRE / September 3, 2024 / Strawberry Fields REIT, Inc. (NYSE:STRW) (the "Company") today announced, effective September 1st 2024, it completed two separate acquisitions for $19.25 million of four Skilled Nursing Facilities ("SNF") located in Tennessee and Texas.
The first acquisition for $15.25 million included:
75 bed SNF located in Hondo, TX.
179 bed SNF located in Kerrville, TX.
Both these facilities will be leased to the Tide Group led by its founder Brian Ramos. The lease is for an initial 10-year period and includes two 5-year tenant options on a triple-net basis. Additionally, the lease will increase the Company's annual rents by $1.525 million and is subject to 3% annual increases.
The second acquisition for $4 million included:
67 bed SNF located in Kingsport, TN.
181 bed SNF located in Maryville, TN.
This acquisition was associated with a lease purchase option that the Company entered into on January 1, 2024. The Kingsport facility was added to an existing Infinity of Tennessee Master Lease and the Maryville facility was leased to a third party tenant. Collectively these facilities increased the Company's annual rents by $400 thousand and are both subject to 3% annual increases.
Moishe Gubin, the Company's Chairman & CEO, noted: "I am happy to announce the acquisition of these facilities. Tennessee and Texas are both states we have previously expressed interest in growing in and the Company continues to look for opportunities of future growth. I am also excited to welcome Brian and his team to our Strawberry Fields REIT family; we look forward to them succeeding in these facilities and growing with them on future opportunities."
About Strawberry Fields REIT
Strawberry Fields REIT, Inc., is a self-administered real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing and certain other healthcare-related properties. The Company's portfolio includes 112 healthcare facilities with an aggregate of 12,700+ beds, located throughout the states of Arkansas, Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee and Texas. The 112 healthcare facilities comprise 102 skilled nursing facilities, eight assisted living facilities, and two long-term acute care hospitals.
Safe Harbor Statement
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements regarding: future financing plans, business strategies, growth prospects and operating and financial performance; expectations regarding the making of distributions and the payment of dividends; and compliance with and changes in governmental regulations.
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Forward-looking statements speak only as of the date of this press release. Except in the normal course of our public disclosure obligations, we expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any statement is based.
Investor Relations:
Strawberry Fields REIT, Inc.
[email protected]
+1 (773) 747-4100 x422
SOURCE: Strawberry Fields REIT LLC
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