Strawberry Fields REIT completes $102M acquisition of 24 Indiana healthcare facilities

Strawberry Fields REIT, Inc.

Purchase price of $102M, funded via $66M new bank facility, $19.2M Series D bonds at 9.1%, and working capital.
Acquired 19 skilled nursing facilities (1,659 beds) and 5 assisted living facilities (193 beds) in Indiana.
Pro forma combined rental revenue of $94.8M for 2022, up from $92.5M; net income slightly reduced due to interest.
Tenants are affiliated with directors Moishe Gubin and Michael Blisko; master lease terms unchanged at $9.5M annual rent.
Loan of $6.5M to sellers due within 60 days; closing occurred August 25, 2023.

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