Strawberry Fields REIT(NYSEMKT) STRW

Strawberry Fields owns and leases healthcare properties to operators. Its facilities help provide care for elderly and recovering patients. The company’s work supports essential healthcare services in many U.S. states.

Products and Services

• Skilled Nursing Facility Leasing: Leases buildings to operators of nursing homes; about 92% of properties are skilled nursing facilities as of December 31, 2025.
• Assisted Living Facility Leasing: Rents properties to assisted living providers; about 7% of properties are assisted living facilities as of December 31, 2025.
• Long-Term Acute Care Hospital Leasing: Offers space for hospitals treating patients needing extended care; about 1% of the facilities as of December 31, 2025 are long-term acute care hospitals.
• Triple-Net Lease Structure: Tenants pay property taxes, insurance, and maintenance, reducing landlord risk.
• Secured Loans to Operators: Occasionally lends to healthcare operators, secured by receivables; minor revenue share.

Growth and Expansion

• Acquired 19 skilled nursing and 1 assisted living facility in 2025 for $112.1 million.
• Expanded into Kansas, Oklahoma, Texas, and Missouri with new properties in 2025.
• Issued $89.5 million in Series B Bonds on the Tel Aviv Stock Exchange in June 2025.
• Raised $2.3 million through an at-the-market equity program in 2025.
• Repurchased 319,584 shares in 2025 at an average price of $9.93 per share.

What Makes Strawberry Fields Stand Out

The company operates in states with strict healthcare facility licensing, limiting new competition. Its leases are long-term, with built-in rent increases, providing stable income. Management’s industry connections help secure off-market deals and turnaround opportunities.

Five Things You Need to Know

• Portfolio: 133 properties, 15,602 licensed beds across 10 states as of December 2025.
• Revenue was $40 million in Q4 2025, up 31.5% from Q4 2024.
• Net income was $2 million in Q4 2025, up 37.6% year-over-year.
• 48.5% of rental income comes from related parties, increasing concentration risk.
• Debt balloon payments due through 2029; interest expense rose 49% in 2025.

Bottom Line

Strawberry Fields has grown by acquiring and leasing healthcare properties in regulated markets. Its focus on long-term leases and geographic diversity shapes its stable, income-driven business model.