Company Overview - Strawberry Fields REIT (STRW) owns and leases 130 facilities across 11 states, specializing in skilled nursing facilities (SNFs), long-term acute care hospitals (LTACHs), and assisted living facilities (ALFs)[23, 25] - The company's history began over 21 years ago with the acquisition of skilled nursing facilities in Indiana[23] - The company has demonstrated strong growth in Adjusted EBITDA (CAGR of 82%) and Adjusted FFO (CAGR of 126%) from 2019 through 2024[29] Financial Performance - The company's 2024 Adjusted FFO was $558 million, or $111 per share, compared to $102 per share in 2023[23] - The company's 2024 Adjusted EBITDA was $906 million, or $180 per share, compared to $153 per share in 2023[23] - The company's annualized dividend yield as of December 2024 was 53%[23] Portfolio and Strategy - The company's portfolio includes 118 owned assets plus one asset under a long-term lease, totaling 14,540 licensed beds[25, 32] - The company has an acquisition pipeline of over $350 million[32] - The company focuses on smaller, off-market deals with a projected 10% ROI and 20% levered IRR over a 10-year investment horizon[56] Debt Structure - Most of the company's debt is fixed/low interest, long-term HUD guaranteed debt with a maturity of 20+ years and a weighted average interest rate of 391%[23] - The company's net debt leverage ratio is 519%[32]

Financial Performance & Guidance - Kinetik achieved record financial results in 2024, with Adjusted EBITDA of $971.1 million, representing a 16% year-over-year growth[7, 12] - The company anticipates 2025 Adjusted EBITDA to be in the range of $1.09 billion to $1.15 billion, with a midpoint of $1.12 billion, reflecting a 15% year-over-year increase[19, 31] - Kinetik expects its 4Q25E annualized Adjusted EBITDA to exceed $1.2 billion[19] - Capital expenditures for 2024 were $264.5 million, resulting in a reinvestment ratio of 27%[11, 12] - The company projects 2025 capital expenditures to be between $450 million and $540 million, with a midpoint of $495 million[19, 31] Segment Performance - Midstream Logistics contributed $614.1 million, or 62%, to the total Adjusted EBITDA in 2024[12] - Pipeline Transportation accounted for $377.6 million, or 38%, of the total Adjusted EBITDA in 2024[12] - In 4Q24, Midstream Logistics Adjusted EBITDA was $150 million, a 3% increase year-over-year, while Pipeline Transportation Adjusted EBITDA was $92 million, a 9% increase year-over-year[17, 18] Growth & Strategy - Kinetik is strategically investing in projects like the Kings Landing Complex (adding 220 Mmcfpd of processing capacity), the Eddy County Project, and the ECCC Pipeline to drive future growth[19, 30] - The company expects approximately 20% year-over-year growth in gas processed volumes across its system in 2025[31, 40] - Kinetik aims for a leverage target of 3.5x and is currently at 3.4x, with a goal of achieving investment-grade credit ratings[5, 54]

4Q24 Unaudited Financial Information February 27, 2025 Confidencial Disclaimer Any estimates and forward-looking statements made during this presentation regarding our strategy and opportunities for future growth are primarily based on our current expectations and estimates or projections of future events and trends that affect or may affect our business and operational results. Although we believe that these estimates and forward-looking statements are based on reasonable assumptions, they are subject to v ...