Portfolio and Revenue - As of December 31, 2025, the Company’s portfolio consists of 143 healthcare facilities with an aggregate of 15,602 licensed beds, generating approximately $142.7 million in annualized average base rent [198]. - Rental revenues increased by $37.9 million, or 32%, from $117.1 million in 2024 to $155.0 million in 2025, driven by contributions from recent property acquisitions and re-tenanting efforts [212][213]. - The Company completed several acquisitions in 2025, including nine skilled nursing facilities in Missouri for $59 million, which increased annual rents by $5.5 million [205]. Financial Performance - Net income increased from $26.5 million in 2024 to $33.3 million in 2025, reflecting a 26% growth attributed to higher rental revenues [218]. - Net income for the year ended December 31, 2025, was $33,306,000, an increase from $26,505,000 in 2024, representing a growth of 25.5% [254]. - Funds from Operations (FFO) for 2025 were $79,567,000, up from $60,193,000 in 2024, indicating a year-over-year increase of 32.2% [254]. - Adjusted Funds from Operations (AFFO) for 2025 were $72,465,000, compared to $55,825,000 in 2024, reflecting a growth of 29.8% [254]. Expenses and Debt - Interest expense rose by $16.0 million, or 49%, primarily due to higher bond interest and new note payables, totaling $50.9 million [217]. - General and administrative expenses increased by $1.8 million, or 25.6%, primarily due to higher payroll expenses [215]. - The company had total fixed rate loans of $634,168 thousand and variable rate loans of $160,484 thousand as of December 31, 2025, resulting in a gross note payable and other debt of $794,652 thousand [250]. - The company’s total debt included $417.3 million in senior debt notes, with $160.5 million (20.20% of total debt) bearing a variable interest rate [279]. Cash Flow and Liquidity - Net cash provided by operating activities increased by $30.7 million to $90,037 thousand for the year ended December 31, 2025, compared to $59,330 thousand for 2024 [228]. - Cash used in investing activities decreased by $24.9 million to $111,872 thousand for the year ended December 31, 2025, primarily due to a $27.9 million decrease in cash used for property acquisitions [229]. - Cash flows generated from financing activities decreased by $138.4 million to a net cash outflow of $5,063 thousand for the year ended December 31, 2025, compared to a net inflow of $133,344 thousand for 2024 [230]. - The Company plans to maintain liquidity through operating cash flows and potential future equity or debt offerings to fund acquisitions [222][223]. Bonds and Interest Rates - The Company issued Series B Bonds worth approximately $89.5 million at a fixed interest rate of 6.70%, with repayment scheduled from 2026 to 2029 [204]. - As of December 31, 2025, the company had outstanding Series A Bonds of NIS 302.2 million ($94.7 million), Series B Bonds of $107.2 million, Series C Bonds of NIS 247.9 million ($77.7 million), and Series D Bonds of approximately NIS 175.8 million ($55.1 million) [240][243][245][249]. - The average interest rate on HUD guaranteed loans as of December 31, 2025, was 3.91% per annum, with total non-recourse mortgage loans amounting to $254.1 million [232][231]. - If one-month SOFR increases by 100 basis points, the company's annual cash flow would decrease by approximately $1.6 million [279]. Tenant Management and Risks - The company actively monitors the credit risk of its tenants, reviewing periodic financial statements and operating data [273]. - The company aims to reduce dependence on related party tenants to diversify its tenant base [272]. - The company is exposed to inflation risk, but expects most leases to include provisions that protect against inflation impacts [277]. - The company expects to generate sufficient positive cash flow from operations to meet ongoing debt service obligations and distribution requirements for maintaining REIT status [227]. - The company is in compliance with financial covenants related to its credit facilities, including a maximum indebtedness to EBITDA ratio of 8.0 to 1 [237][238]. Dividends - The company plans to maintain quarterly dividend payments in cash, with an annual dividend amount no less than 90% of its annual REIT taxable income [254].

Dividend Announcement - The Company declared a cash dividend of $0.16 per share, payable on March 31, 2026, to stockholders of record as of March 17, 2026 [1] Annual Stockholder Meeting - The 2026 Annual Meeting of Stockholders is scheduled for May 7, 2026, at 10:00 a.m. EST, with stockholders of record as of April 1, 2026, entitled to participate [2] Company Overview - Strawberry Fields REIT, Inc. is a self-administered real estate investment trust focused on the ownership, acquisition, development, and leasing of skilled nursing and healthcare-related properties, with a portfolio of 143 facilities and over 15,600 beds across multiple states [3]

Core Viewpoint - Lake Street analyst Mark Smith raised the price target on Strawberry Fields REIT (STRW) to $16 from $14.50, maintaining a Buy rating after the company reported Q4 results that exceeded expectations [1] Group 1: Financial Performance - Strawberry Fields REIT's Q4 results were generally ahead of the firm's expectations, indicating strong financial performance [1] Group 2: Growth Potential - The analyst highlighted Strawberry Fields' proven ability to grow through acquisition, suggesting that there are ample opportunities in existing states to acquire new properties and expand [1]

Revenue Growth - Rental revenues increased by $37.9 million, or 32.4%, compared to fiscal year 2024, driven by new leases and acquisitions[5] - Rental revenues increased to $154,999,000 in 2025 from $117,058,000 in 2024, representing a growth of 32.3%[25] - Net income rose to $33.3 million in 2025 from $26.5 million in 2024, attributed to increased rental revenues[11] - Net income attributable to common shareholders was $7,575,000 in 2025, compared to $4,095,000 in 2024, reflecting an increase of 85.5%[25] Funds from Operations - Funds from Operations (FFO) reached $79.6 million, up from $60.2 million, with FFO per share increasing to $1.43 from $1.15[8] - Funds from Operations (FFO) reached $79,567,000 in 2025, a 32.2% increase from $60,193,000 in 2024[28] - Adjusted Funds from Operations (AFFO) amounted to $72,465,000 in 2025, up from $55,825,000 in 2024, indicating a growth of 29.7%[28] Acquisitions - The Company acquired 6 facilities in Kansas for $24.0 million, increasing annual rents by $2.4 million, with a 3% annual increase[2] - The Company completed the acquisition of nine skilled nursing facilities in Missouri for $59.0 million, increasing annual rents by $5.5 million[2] - The Company plans to continue seeking accretive deals while maintaining a disciplined acquisition approach in 2026[4] Expenses - General and administrative expenses increased by $1.8 million, or 25.6%, primarily due to higher payroll expenses[7] - Depreciation expense increased by $6.7 million, or 23.2%, due to acquisitions and new real estate investments[6] - Total expenses rose to $70,713,000 in 2025, up from $55,755,000 in 2024, marking an increase of 26.8%[25] - Depreciation and amortization expenses totaled $46,249,000 in 2025, compared to $33,688,000 in 2024, reflecting a rise of 37.2%[28] Assets and Stock - Total assets increased to $885.2 million in 2025 from $787.6 million in 2024[23] - The weighted average number of common stock outstanding increased to 12,696,831 in 2025 from 7,124,158 in 2024, an increase of 78.5%[25] Other Financial Metrics - The Company issued Series B Bonds totaling approximately $89.5 million at a fixed interest rate of 6.70%[2] - Basic and diluted income per common share increased to $0.60 in 2025 from $0.57 in 2024, a rise of 5.3%[25] - The company reported a loss from real estate disposition of $12,000 in 2025, while there was no such loss in 2024[28] - Comprehensive income was $(447,000) in 2025, a decrease from $3,906,000 in 2024, indicating a decline of 111.5%[25]

Core Insights - Strawberry Fields REIT, Inc. reported its best operating results since inception, with significant growth in funds from operations (FFO) and rental revenues in 2025 compared to 2024 [5][6]. Financial Performance - FFO for 2025 was $79.6 million, up from $60.2 million in 2024, representing a growth of 32% [6][25]. - FFO per share increased to $1.43 from $1.15, marking a 24% rise [6][25]. - Adjusted FFO (AFFO) was $72.5 million, compared to $55.8 million in 2024, reflecting a 30% increase [6][25]. - AFFO per share rose to $1.30 from $1.07, a 21% increase [6][25]. - Net income increased to $33.3 million from $26.5 million, driven by higher rental revenues [11][21]. Revenue Growth - Rental revenues increased by $37.9 million, or 32.4%, compared to 2024, primarily due to new leases and acquisitions [6][11]. - The new Kentucky Master Lease contributed $13.1 million to the revenue growth, alongside contributions from acquisitions in Missouri, Kansas, and other states [6][11]. Acquisitions and Leases - The company entered into a new master lease for 10 properties in Kentucky with an annual base rent of $23.3 million, subject to CPI adjustments [4]. - Acquisitions included six facilities in Kansas for $24 million, nine skilled nursing facilities in Missouri for $59 million, and additional properties in Oklahoma and Missouri, totaling over $90 million in investments [4][6]. Expenses - Depreciation expense rose by $6.7 million, or 23.2%, due to new real estate investments [7]. - General and administrative expenses increased by $1.8 million, or 25.6%, primarily from higher payroll costs [8]. - Interest expense increased by $16 million, or 49.1%, mainly due to new bond issuance and additional notes payable [10]. Future Outlook - The company plans to pursue accretive deals while maintaining a disciplined acquisition strategy to sustain growth [5]. - The CEO expressed optimism about the investor perception of the senior housing sector and hopes for the stock price to reflect the company's strengths [5].

Core Viewpoint - Strawberry Fields REIT, Inc. will report its year-end 2025 financial results on February 19, 2026, after market close, followed by a conference call on February 20, 2026, at 11:00 a.m. Eastern Time to discuss these results [1][2]. Company Overview - Strawberry Fields REIT, Inc. is a self-administered real estate investment trust focused on the ownership, acquisition, development, and leasing of skilled nursing and other healthcare-related properties [3]. - The company's portfolio consists of 143 healthcare facilities with over 15,600 beds, located across several states including Arkansas, Illinois, Indiana, Kansas, Kentucky, Missouri, Ohio, Oklahoma, Tennessee, and Texas [3]. - The 143 facilities include 131 skilled nursing facilities, 10 assisted living facilities, and two long-term acute care hospitals [3].

Core Insights - Strawberry Fields REIT focuses on disciplined acquisition and long-term stability in healthcare-related properties, particularly skilled nursing facilities [1][9] - The company has significantly expanded its portfolio since 2015, now holding interests in 142 facilities with over 15,500 licensed beds, representing about 1% of U.S. nursing home capacity [3][9] - The U.S. elderly care market is projected to grow from $49.29 billion in 2024 to $98.19 billion by 2032, indicating a favorable environment for the company's growth strategy [3] Acquisition Strategy - The company employs a conservative acquisition strategy, reviewing approximately 300 potential acquisitions annually and closing five to ten properties each year [4] - Strawberry Fields utilizes master leases to group properties, reducing risk and ensuring consistent rent collection, which has been at 100% for seven to eight consecutive years [5][9] Financial Performance - For Q3 2025, the company reported rental income of $39.7 million, an increase of $6.6 million from the previous year, and Funds From Operations (FFO) rose to $20.7 million [10][11] - The company maintains a conservative payout ratio of approximately 47%, allowing for retained cash flow to support acquisitions and long-term growth [11][12] Portfolio and Market Position - Strawberry Fields' portfolio includes 142 healthcare facilities across ten states, with a diverse tenant base that has expanded from initial concentrations in two states [8][14] - The company reports approximately $1.1 billion in assets and a market capitalization of about $750 million, with plans to secure a traditional unsecured line of credit to enhance liquidity [12]

Core Insights - The introduction of LED lighting in greenhouses in West Sussex allows for year-round strawberry production, reducing reliance on imported fruits [1][2] - The operation supports local employment, providing year-round work for 50 individuals [5] - The UK currently has low self-sufficiency levels in fruit and vegetables, with only 16% of fruit and approximately 50% of vegetables being domestically grown [7] Group 1: Technology and Production - LED lighting is crucial for successful strawberry growth, enabling energy absorption even on non-sunny days, resulting in optimal sweetness, shape, and size of the berries [2] - The greenhouses cover 36,000 square meters and are partially powered by renewable energy, enhancing sustainability [2] Group 2: Environmental Impact - While the new greenhouse technology reduces food miles, it still has an environmental impact due to the energy required to maintain warm growing conditions in winter [5][6] - The need for significant heat and light to replicate summer conditions raises concerns about the energy sources used [6] Group 3: Market and Consumption - An estimated 1.5 million punnets of strawberries are expected to be harvested during the winter season, allowing for British strawberries to be available during Christmas [9] - There is a cultural sentiment that strawberries should be consumed in summer, despite the benefits of local winter production [9]

Core Insights - Albert Anthony is a Croatian-American business author and analyst contributing to Seeking Alpha and other financial platforms, with a focus on Real Estate Investment Trusts (REITs) [1] - He has a background in business information systems and experience at Charles Schwab, which supports his analytical capabilities in equities research [1] - Anthony operates his own boutique equities research firm, Albert Anthony & Company, remotely from Texas, and is actively involved in the REIT investment space [1] Company Background - Albert Anthony & Company is a Texas-registered business that provides general market commentary and research based on publicly available data [1] - The firm does not manage client funds or provide personalized financial advisory services, focusing instead on delivering actionable insights [1] Author's Credentials - Anthony holds a B.A. in Political Science from Drew University and is certified in Microsoft Fundamentals and CompTIA Project+ [1] - He is currently pursuing further certifications in Capital Markets & Securities Analyst (CMSA) and business intelligence/data analysis through the Corporate Finance Institute [1] Media Presence - The author has a growing presence on YouTube, where he discusses REITs and shares insights from his investment portfolio [1] - He has participated in numerous business and innovation conferences, enhancing his visibility in the financial community [1]

Company Overview - Strawberry Fields REIT is a self-administered real estate investment trust focused on the ownership, acquisition, development, and leasing of healthcare-related properties [3] - The company's portfolio consists of 143 healthcare facilities with over 15,500 beds, including 131 skilled nursing facilities, 10 assisted living facilities, and 2 long-term acute care hospitals, located across multiple states [3] Upcoming Presentation - Moishe Gubin, the Chairman & CEO of Strawberry Fields REIT, will present at NobleCon21 on December 3rd at 4:30 PM Eastern Standard Time [1] - The presentation will be available via a high-definition video webcast on Noble Capital Markets' Conference website and Channelchek, with the archive accessible for 90 days post-event [2] Noble Capital Markets - Noble Capital Markets is a full-service broker-dealer established in 1984, providing investment and advisory services, and has raised billions for companies over its 40-year history [4] - The firm hosts various conferences, including the annual NobleCon, and has published over 45,000 equity research reports [4]