Core Insights - Enterprise Products Partners L.P. (EPD) secures stable, fee-based income through long-term contracts with shippers, ensuring predictable cash flow [1][8] - EPD's midstream assets include over 50,000 miles of pipeline and more than 300 million barrels of liquids storage [1][8] - Long-term contracts are inflation-protected, allowing EPD to raise fees to offset inflation-related costs [2][8] - EPD anticipates increased cash flow from key growth projects, including Athena and Mentone West 2, expected to be operational by the end of 2026 [2][3] Business Model Comparison - Kinder Morgan Inc. (KMI) and The Williams Companies, Inc. (WMB) also have stable business models similar to EPD, generating fee-based revenues through long-term contracts [4] - KMI and WMB expect to enhance their predictable cash flows through expansion projects, contributing to business stability [4] Financial Performance - EPD's shares have gained 0.7% over the past year, contrasting with a 1.1% decline in the broader industry [5] - EPD trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 10.49X, below the industry average of 12.31X [7]

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]