Strawberry Fields REIT (STRW) said Thursday it priced an underwritten public offering of about 3.3 million common shares for gross proceeds of about $35 million.

The underwriters have a 30-day option to buy up to 500,000 more shares at the public offering price, minus commissions, the company said.

The offering is expected to close Friday, the company added.

The company said it plans to contribute most of the net proceeds to its Strawberry Fields Realty operating partnership, which in turn will use the proceeds for new investments and general corporate purposes.

Strawberry Fields REIT said it will keep part of the net proceeds to pay down debt and for general corporate purposes.

The company's shares slipped nearly 18% in recent trading.

Price: 10.24, Change: -2.18, Percent Change: -17.55