Strawberry Fields REIT (STRW) said Monday it has begun an underwritten public offering of its common stock.

The company said it also intends to give the underwriters a 30-day option to buy up to 15% more of the shares offered in the offering, with all additional shares to be offered at the public offering price per common share if the option is exercised.

The company plans to contribute the net proceeds to its Strawberry Fields Realty operating partnership, which in turn will use the proceeds to fund acquisitions of new investments, pay down debt and for general corporate purposes.

Shares of the company were down 5% in premarket activity Monday.