Revenue and Income Growth - 2024 rental revenues increased by $17.3 million or 17.3% compared to fiscal year 2023, totaling $104.4 million[4] - Net income rose from $20.2 million in 2023 to $26.5 million in 2024, reflecting increased rental revenue and lower losses on real estate[11] - Rental revenues increased to $117,058,000 in 2024 from $99,805,000 in 2023, representing a growth of 17.2%[22] - Net income rose to $26,505,000 in 2024, compared to $20,244,000 in 2023, an increase of 31.0%[22] - Funds from Operations (FFO) for 2024 were $60,193,000, up from $49,479,000 in 2023, reflecting a growth of 21.5%[25] - Adjusted Funds from Operations (AFFO) increased to $55,825,000 in 2024 from $52,668,000 in 2023, a rise of 5.4%[25] - Basic and diluted income per common share improved to $0.57 in 2024, compared to $0.39 in 2023, an increase of 46.2%[22] - Comprehensive income attributable to common stockholders was $3,906,000 in 2024, compared to $2,639,000 in 2023, an increase of 48.0%[22] Expenses and Liabilities - General and administrative expenses increased by $1.2 million or 20.9% compared to fiscal year 2023[7] - Interest expense increased by $8.1 million or 30.5% compared to fiscal year 2023, primarily due to additional interest payments on bonds[8] - Total expenses increased to $55,755,000 in 2024 from $52,366,000 in 2023, a rise of 6.6%[22] - Interest expense increased to $34,808,000 in 2024, compared to $26,674,000 in 2023, an increase of 30.5%[22] - Total liabilities rose to $704.0 million in 2024 from $569.5 million in 2023[21] Assets and Acquisitions - Total assets increased to $787.6 million in 2024 from $616.8 million in 2023[21] - The company acquired 15 facilities (1,985 beds) for $130.3 million in 2024, expanding into Missouri[3] - The company closed the acquisition of six healthcare facilities in Kansas for $24 million in January 2025[2] Rent Collection and Dividends - The company collected 100% of its contractual rents for the year ended December 31, 2024[2] - The company declared a cash dividend of $0.14 per share, payable on March 31, 2025[12] Stock and Shareholder Information - The weighted average number of common stock outstanding increased to 7,124,158 in 2024 from 6,365,196 in 2023, an increase of 11.9%[22] - The company recognized a loss on real estate investment impairment of $2,451,000 in 2023, which was not present in 2024[22][26]
Strawberry Fields(STRW) - 2024 Q4 - Annual Results