07:04 AM EST, 12/23/2024 (MT Newswires) -- Strawberry Fields REIT ( STRW ) said Monday it has entered into a purchase and sale agreement to acquire six health care facilities in Kansas for $24 million.

The company said the facilities include five skilled nursing facilities and one assisted living facility, with 354 licensed beds.

It added that the properties will be leased to Advena Living under a 10-year lease with two five-year tenant options on a triple-net basis.

The lease will increase the REIT's annual rent by $2.4 million, with a 3% yearly rent escalation.

The acquisition is planned to be funded using the company's current working capital and is expected to close before year-end, the company said.