South Bend-based Strawberry Fields REIT has begun trading on the OTC Markets Group Inc. (OTCQX) under the symbol STRW. The real estate investment trust owns and leases skilled nursing and assisted living facilities, as well as long-term acute care hospitals throughout the Midwest and Southern United States.
Strawberry Fields CEO Moishe Gubin says the public status will help the REIT continue to grow and invest in properties.
“This is the right time to move to a public platform,” said Gubin. “Utilizing this platform will allow our company to leverage the benefits of a public market with the ability to easily raise equity and access to corporate bonds. Our move to the OTCQX will enhance our ability to grow our portfolio and continue to serve the aging U.S. population. This is a passion of mine and my partners, that was key to us building our company.”
Strawberry Fields says its average facility occupancy is about 65% as of June. The average size of facilities within its portfolio is about 130 beds.
“Despite the current economic environment; with a variety of issues including staffing challenges, rising labor costs, and regulatory challenges, our Operators continue to perform well,” said Gubin. “This enabled Strawberry Fields REIT to continue its active investing and management approach.”
The REIT’s payor mix is 73% Medicaid, 13% Medicare, 8% insurance and 6% private.
“My partners and I invested significant time and energy to build our company, starting with the acquisition of 33 properties in Indiana and Illinois from 2005 through 2014,” said Moishe Gubin, CEO of Strawberry Fields. “Since 2014, we have since expanding our regional footprint to where we are today with, 74 standalone facilities and four dual-purpose properties.”
Strawberry Fields says it owns and leases properties in Indiana, Arkansas, Illinois, Kentucky, Michigan, Ohio, Oklahoma, Tennessee and Texas. OTCQX operates trading markets for 12,000 U.S. and international securities.