Strawberry Inc.

Earnings Release • Aug 8, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) August 8, 2025

Strawberry Fields REIT, Inc.

(Exact name of registrant as specified in its charter)

Maryland 001-41628 84-2336054 (Commission file number)

(IRS employer identification no.)

of incorporation) 6101 Nimtz Parkway

(State or other jurisdiction

(Address of principal executive offices) (Zip Code)

South Bend, Indiana 46628

(574) 807-0800 (Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered pursuant to Section 12(b) of the Act:

Title of each class registered	Trading Symbol(s)	Name of exchange on which registered
Common Stock, \$0.00001 par value	STRW	NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1933 (§240.12b-2 of this chapter)

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K filed by Strawberry Fields REIT, Inc. (the "Company") includes information that may constitute forward-looking statements. These forward-looking statements are based on the Company's current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. Forward-looking statements include, without limitation, statements relating to projected industry growth rates, the Company's current growth rates and the Company's present and future cash flow position. A variety of factors could cause actual events and results, as well as the Company's expectations, to differ materially from those expressed in or contemplated by the forward-looking statements. Risk factors affecting the Company are discussed in detail in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable securities laws.

Item 7.01 Regulation FD Disclosure.

On August 8, 2025, the Company issued a press release and a presentation regarding its financial results for the three months ended June 30, 2025. Such press release and presentation are attached as Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.

In accordance with General Instruction B.2 of Form 8-K, the information set forth in Item 7.01, including Exhibit 99.1 and Exhibit 99.2, is deemed to be "furnished" and shall not be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or the Securities Act of 1933, as amended (the "Securities Act"), and shall not be incorporated by reference into any filing by the Company under the Exchange Act or the Securities Act, regardless of any general incorporation language in such filing except as shall be expressly set forth by specific reference in any such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit
Number	Exhibit Name	Filed Herewith
99.1	Press Release Dated August 8, 2025	*
99.2	Investor Presentation Dated August 8, 2025	*
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

STRAWBERRY FIELDS REIT, INC.

Date: August 8, 2025

By: /s/ Moishe Gubin Moishe Gubin Chief Executive Officer and Chairman

Exhibit 99.1

STRAWBERRY FIELDS REIT ANNOUNCES SECOND QUARTER 2025 OPERATING RESULTS

South Bend, IN. August 8, 2025 (GLOBENEWSWIRE) –Strawberry Fields REIT, Inc. (NYSE AMERICAN: STRW) (the "Company") reported today its operating results for the quarter ended June 30, 2025.

FINANCIAL HIGHLIGHTS

• 100% of contractual rents collected.
• On April 4, 2025, the Company completed the acquisition for a skilled nursing facility with 112 licensed beds near Houston, Texas. The acquisition was for \$11.5 million. The Company funded the acquisition utilizing cash from the balance sheet. The facility was leased to an existing third party operator and added to their Master Lease (Texas Master Lease 2). The initial annual base rents are \$1.3 million dollars and subject to 3% annual rent increases.
• On May 22, 2025, the Company entered into a \$59,000,000 purchase agreement for nine skilled nursing facilities, comprised of 686 beds, located in Missouri. Eight of the facilities will be added to the Tide Group's master lease the Company entered into in August 2024. This acquisition will increase Tide Group's annual rents by \$5.5 million. The ninth facility will be added to the Reliant Care Group L.L.C.'s master lease the Company assumed in December 2024 increasing their annual rents by \$0.6 million. The Company closed on the acquisition on July 1, 2025 and funded the acquisition utilizing working capital.
• On June 24, 2025, the Company issued 312.0 million NIS in Series B Bonds on the Tel Aviv stock exchange ("TASE"), which is approximately \$90.0 million. The bonds are unsecured, were issued at par and have a fixed interest rate of 6.70%. Repayment of the bond principal, at 4% of the principal, will be paid in the years 2026 through 2028, with the remaining 88% due in June 2029. Interest payments will be due semiannually on June 30th and December 30th of the years 2025 through maturity in 2029. Subsequent to this issuance, \$30.0 million was used to pay down existing higher interest secured bank debt; these savings are ~100 basis points.
• For the quarters ended June 30, 2025, and June 30, 2024:
  • FFO was \$20.0 million and \$15.2 million, respectively.
  • AFFO was \$18.9 million and \$14.3 million, respectively.
  • Net income was \$8.7 million and \$7.2 million, respectively.
• Rental income received was \$37.9 million and \$29.2 million, respectively.
• For the six months ended June 30, 2025, and June 30, 2024:
  -
  • FFO was \$38.2 million and \$29.3 million, respectively. ● AFFO was \$35.2 million and \$27.4 million, respectively.
  • Net income was \$15.7 million and \$13.0 million, respectively.
  • Rental income received was \$75.2 million and \$57.1 million, respectively.

Moishe Gubin, the Company's Chairman & CEO, noted: "I am pleased to be reporting a very strong second quarter. Our earnings are the strongest they have been since the Company was founded 10 years ago. With the recent closing of the Missouri deal, the Company continues to demonstrate that the master lease structure is beneficial for both the landlord and the tenant and is easy to grow."

Mr. Gubin continued to say "Hopefully the Company's current and prospective investors will take notice of these strong earnings and it will be reflected by an increase in our share price as the Company is still trading at a significant discount to market."

Q2 2025 Quarterly Results of Operations:

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024:

Rental revenues: The increase in rental revenues of \$8.6 million or 29% is due to higher income from the purchase of additional properties and lease renewals.

Depreciation and amortization: The increase in depreciation and amortization of \$3.1 million or 37% is primarily due to new properties and lease rights purchased since June 30, 2024 offset by lower depreciation from fully depreciated assets.

General and administrative expenses: The decrease in general and administrative expenses of \$0.1 million or (5)% reflects lower amounts for repairs and maintenance, lower compensation expenses, offset by higher professional fees.

Interest expense, net: The increase in interest expense of \$3.7 million or 48% is primarily due to an increase in the additional interest from a new loan from a commercial bank, the Series A and Series B Bond issuances, as well as additional sales of existing bond series that occurred since 2Q 2024.

Net income: The increase in net income from \$7 million during the second quarter of 2024, to \$8.7 million income during the second quarter of 2025 is primarily a result of higher rental income and new purchases since the second quarter of 2024 offset by higher depreciation and amortization expenses, and an increase in interest expense.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024:

Rental revenues: The increase in rental revenue of \$18.1 million or 32% is due to the acquisition of new properties and the renegotiation of certain leases.

Depreciation and amortization: The increase in depreciation of \$6.3 million or 38% is primarily due to purchases of new properties and lease rights offset by lower depreciation from fully depreciated assets.

General and administrative: The increase in general and administrative of \$0.4 million or 11% is primarily a result of higher professional fees offset by lower legal fees, and insurance costs

Interest expense, net: The increase in interest expense of \$8.6 million or 55% is primarily related to an increase in the additional interest on a new loan from a commercial bank and Series A and B Bond issuances, as well as additional sales of existing bond series that occurred since 2Q 2024.

Net income: The increase in net income to \$15.7 million in 2025 is primarily a result of higher rental income and acquisitions since 2Q 2024 offset by higher interest expenses and higher depreciation and amortization expenses.

Safe Harbor Statement

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements regarding: future financing plans, business strategies, growth prospects and operating and financial performance; expectations regarding the making of distributions and the payment of dividends; and compliance with and changes in governmental regulations.

Words such as "anticipate(s)," "expect(s)," "intend(s)," "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)" and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained. Factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to: (i) the COVID-19 pandemic and the measures taken to prevent its spread and the related impact on our business or the businesses of our tenants; (ii) the ability and willingness of our tenants to meet and/or perform their obligations under the triple-net leases we have entered into with them, including, without limitation, their respective obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (iii) the ability of our tenants to comply with applicable laws, rules and regulations in the operation of the properties we lease to them; (iv) the ability and willingness of our tenants to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant, as well as any obligations, including indemnification obligations, we may incur in connection with the replacement of an existing tenant; (v) the availability of and the ability to identify (a) tenants who meet our credit and operating standards, and (b) suitable acquisition opportunities, and the ability to acquire and lease the respective properties to such tenants on favorable terms; (vi) the ability to generate sufficient cash flows to service our outstanding indebtedness; (vii) access to debt and equity capital markets; (viii) fluctuating interest rates; (ix) the ability to retain our key management personnel; (x) the ability to maintain our status as a real estate investment trust ("REIT"); (xi) changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs; (xii) other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and (xiii) any additional factors included under "Risk Factors" in our Form S-3/ A filed with the SEC on July 25, 2024, including in the section entitled "Risk Factors" in Item 1A of Part I of such report, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC.

Forward-looking statements speak only as of the date of this press release. Except in the normal course of our public disclosure obligations, we expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any statement is based.

Non-GAAP Financial Measures

Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this release can be found below.

About Strawberry Fields REIT

Strawberry Fields REIT, Inc., is a self-administered real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing and certain other healthcare-related properties. The Company's portfolio includes 141 healthcare facilities with an aggregate of 15,400+ beds, located throughout the states of Arkansas, Illinois, Indiana, Kansas, Kentucky, Missouri, Ohio, Oklahoma, Tennessee and Texas. The 140 healthcare facilities comprise 129 skilled nursing facilities, eight assisted living facilities, and two long-term acute care hospitals.

Investor Relations: Strawberry Fields REIT, Inc. IR@sfreit.com +1 (773) 747-4100 x422

Funds From Operations ("FFO")

The Company believes that funds from operations ("FFO"), as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts ("NAREIT"), and adjusted funds from operations ("AFFO") are important non-GAAP supplemental measures of our operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization. AFFO is defined as FFO excluding the impact of straight-line rent, above-/below-market leases, non-cash compensation and certain non-recurring items. We believe that the use of FFO, combined with the required GAAP presentations, improves the understanding of our operating results among investors and makes comparisons of operating results among REITs more meaningful. We consider FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare our operating performance between periods or as compared to other companies.

While FFO and AFFO are relevant and widely used measures of operating performance of REITs, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to our real estate assets nor do they purport to be indicative of cash available to fund our future cash requirements. Further, our computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other REITs that do not define FFO in accordance with the current NAREIT definition or that interpret the current NAREIT definition or define AFFO differently than we do.

The following table reconciles our calculations of FFO and AFFO for the six and three months ended June 30, 2025 and 2024, to net income the most directly comparable GAAP financial measure, for the same periods:

FFO and AFFO

	Six Months Ended June 30,				Three Months Ended June 30,
	2025		2024		2025		2024
(dollars in \$1,000s)
Net income	\$ 15,653	\$	13,032	\$	8,662	\$	7,040
Depreciation and amortization	22,594		16,324		11,324		8,228
Funds from Operations	38,247		29,356		19,986		15,268
Adjustments to FFO:
Straight-line rent	(3,022)		(1,935)		(1,087)		(967)
Funds from Operations, as Adjusted	\$ 35,225	\$	27,421	\$	18,899	\$	14,301

Exhibit 99.2

Disclaime

The information contained in this presentation does all-inclusive and neither the Company nor any of its subsidiaries or their respective stockholders, affiliates, representatives, control permaners, managers, directors, officers, conployes, advisers or agents nake any representation or warranty, express or implied, as to the acuracy, completences or reliability of the information ontained in this presentation. Your over over counsel and tax and financial advisors as to legal and related matters described herein. To the fullest extent permitted by law, in no circumstances will the Company of its subsidiaries or their respectives sockholders, affiliates, control persons, partners, manbers, directors, officers, employees, advisers or agats be or lable for any direct, indirect or consequential loss of profit arising from the use of this presentation, its contents, its onission contained within it, or on opinions communicated in relation thereto or othervise arising in connection therewith

Forward-Looking Statements

Certain statements in this presentation at "forward-looking statements" within the meaning of the U.S. Forvard-looking statents provide our current expectations of future events and are not statements of historical fact. These forwards nellede information about possible or assuned future events, includings, discussion and analysis of our future financial condition, results of operations, FFC, our strategic plans and objectives, cost mangenters. Vords such st "anicipated capital capendintes (and access no capital), annumis of antininates, "seds," "caliners" "believes", "seds," " variations of these words and other finitions, some of which and one statements. These statements are not enaments of fuure to differ materially from those expressed or forecasted in the forward-looking statements.

Forvard-looking statements. Except as other with the prove to be incorrect or false You are contined to not preview forward-looking statements to release changed assumptions, the occurrence of unanticipated events or actual operating results.

Factors that nay cause actual results to differ materially from current expectations include, various factors beyond management's control, risks, uncertainies and other fictors described "Risk Fictors" and "Cautionary Note Regarding Forvard-Looking Statenents" in the Company's Form S-3/A filed with the Scurities and Exchange Commission (the "SEC") on July 25, 2024. Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not pliance on forvard-looking statements in this presentation, which speak only as of the date they are made and are qualified in their entirety by reference to the nisk factors of the Company described above. The Company andertakes no duty to update these forward-looking statements.

Use of Projections

This presentation contains projected financial internation with respected financial information constitutes forvard-looking information and is for illustrative purposes only. The such financial forcast information are interestly uncertain and are subject to a wide variety of significant business, connectives and uncertaintes that could cause actual results to differ naterially from those contained in such prospective financial information.

Disclaimer Regarding Non-GAAP Financial Measures

This presentation includes certain non-GAAP financial measures not based on generally accepted accounting principles. The Company presents non-GAAP financial measures when it believes that the additional information is useful and meaningful to investors.

The Company believes that net income as defined by GAAP is the nost appropriate carnings measure. We also believe that funds from operations ("FFO"), as defined in accordance with the definition is do be lesse internet Thuse ("NACE")", and acounting onvention used on real or real or real or asses requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate asses diminishes predicably over time. However, since real estate values lave historically risen or fallen with market and other conditions of operating results for a RETT that use listorical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of REITs that excludes historical cost deprecation and anone other items, from net income, as defined by GAAP. FFO is defined as net income, onipuled in accordance with GAAP, excluding gains or losstate dispositions, plus real estate depreciation and anortization. AFFO is defined as FFO excluding the impact of straight-line rent, above-below-marks compensation and certain non-recurring itens. We believe that the use of FFO, combined vith the required GAAP presentations, inproves the understanding of our operating results and makes comparisons of operating results anong REITs more meaningful. We consider FFO and AFFO to be useful measures for reviewing and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare our operiods or as compared to other companies.

While FFO and AFFO are relevant and widely used mance of RET's, they do not represent ash flows from operations or ne income as doffined by GAAP and should not be consideres to those messures in culture of consting performance. FFO and AFFO also de cash requirences. Furler, our conputation of FFO and AFFO may no FFO and AFFO crowted by other RETTs that do not deline FPO in
accordance with the curcul NARET definition or

EBITDARM is a non-GAAP measure that for any period of determination, the aggregate net operating income of Tenant for such derived from the operation of the Premiss as relected in the entered to add thereo, to the creat allocable to the Premises for the applicable priod of decemination, without duplication, (1) income tax expense, (3) depreciation and anortization expense, (4) base rent, and (5) management fec expenses.

Net Debt, is a non-GAAP financial neasure, represents principal debt outstanding less cash and cash provides useful information by calculating and monitoring the Company's leverage metrics.

We believe that the use of FFO, EBITDA, Adjusted EBITDA (which can be defined as EBITDA net of the effects of straight-line rent, gainfoss on currency translation costs and the effects of cround of doubtil accounts), EBITD-ARM and Net Debt are helpful to our investors as these metrics are used
by management in ass

The not-GAAP financial neasures used in this presentation are reconciled to the most directly comparable GAAP measures on page 31 of this presentation. Additional information about such and and and and quartery reports on Form 10-X and Form 10-Q filed with the Securities and Exclonge

This presentation also contains and other information concerning our industry publications, surveys and foccass. This information includes industry dua obtained in the not independently verifed the secures or carvary of any misstations containct in such industry data, but it has not independently vertiled it accuracy or completencss of such information contained in this presentation.

No Offer

This presentation does not consition of an offer, to buy or sell any securities, investment or other specific product, or a soliciation of any vote or approval, nor skle of securites, investment or other specific product in which sche solcharion of sele vold be prospective the requirenters of Section 10 of the Securities Act, or an exempion therfrom NEITHER THE SECURITIES AND EXCHANGE
COMMISION NOR ANY STATE SECURITES COMMSSIO

Strawberry Fields REIT Company Highlights

• · The history of our Company began 21+ years ago when our CEO & Chairman Moishe Gubin & one of our Directors Michael Blisko began acquiring skilled nursing facilities in Indiana
  • · In 2015 Strawberry Fields REIT (the "Company") was spun out as a Propo with 33 facilities in Indiana/Illinois
  • · The Chairman & CEO, Moishe Gubin, is a founder of the Company and has been involved in every acquisition
• · The Company has strong/experienced regional operators leasing its facilities on a NNN basis
  • · Currently the Company owns and leases 141 facilities located in 10 states
• · The Company has financial strength and stable cash flows:
  • · June 2025 Annualized dividend yield of 5.3%
  • · 2025 Annualized AFFO is projected to be \$73.5mm
    • · 2025 forecasted AFFO/share of \$1.27
    • · 2024 AFFO/share was \$1.11

5

• · 2025 Annualized AEBITDA is projected to be \$125.4mm
  • · 2025 forecasted AEBITDA/share of \$2.21
  • · 2024 AEBITDA/share was \$1.80
• · Majority of the Company's debt is fixed rate which includes, long-term HUD guaranteed debt.
  • · This debt has a maturity of 20+ years and weighted average interest rate of 3.91%

About Strawberry Fields REIT Inc. (the "Company")

The Company is an income producing real estate investment company that owns 130 properties and also holds leasehold interests in an additional property under a longterm lease. These properties are leased to third-party operators which use them to operate 129 Skilled Nursing Facilities (SNFs), 2 Long Term Acute Care Hospitals (LTACHs) and 10 Assisted Living Facilities (ALFs). These facilities have a total of 15,418 licensed beds.

47.5% of our facilities are leased to related parties, including 67 facilities leased to affiliates of two of our Directors.

Missouri, Ohio, Oklahoma, Tennessee and Texas.

Our properties are located across 10 states: Arkansas, Illinois, Indiana, Kansas, Kentucky,

loans.

The operators of our properties primarily provide care to long-term residents who require constant care and rehabilitation.

Our business is financed through a

guaranteed loans and commercial bank

combination of bond debt, HUD

б

We primarily lease our properties on a triple net, long term basis, with average rent escalations of 2.7%.

The Company specializes in leasing healthcare properties utilized as SNFs, LTACHs and ALFs. The demand for these types of facilities is expected to continue to grow consistently due the aging population in the U.S.

For the period 2020 through projected 2025, the Company has shown strong growth in Adjusted EBITDA (CAGR: 13.5%) and Adjusted FFO (CAGR: 13.6%). WBERRY ﺮ ﺍﻟﻤﺴﺎﺣﺔ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤ FIFT LDS

Portfolio Summary as of June 30, 2025*

Demonstrated Operating Results and Financial Strength

*Data as of June 30, 2025, unless noted otherwise.

* heldes the \$50.0m acquistion of hillsouri ouly , 2025 and the \$4.25m acquisition of a ShF in Okahom
** For nor-GAP numbers calcultions on page 3.
*** EBTDAM is nor-GAP me

Proven Acquisition Strategy Driving Significant Growth in the Portfolio

Moishe Gubin, our Chairman and founder, has served as the Chief Executive Officer since inception of the Company. From 2004 to 2014, Mr. Gubin was the Chief Financial Officer and Manager of Infinity Healthcare Management, LLC, a company engaged in managing skilled nursing facilities and other healthcare facilities.

Jeffrey Bajtner has served as our Chief Investment Officer since March 2022 and our Chief Operating Com officer since March 2025. Mr. Bajtner's role with the Company focuses on acquisitions/dispositions of real estate and overseeing our investor relations. From 2015 to May 2021, Mr. Bajtner was a Vice President at BlitzLake Partners, where he oversaw acquisitions for mixed-use developments.

Greg Flamion, our Chief Financial Officer, since joining the Company in January 2024. Previously, Mr. For Flamion was a CFO of Zimmerman Advertising, an agency under Omnicom Group Inc. (NYSE: OMC) from 2014-2023. Mr. Flamion also held a number of diverse accounting and finance positions at a variety of publicly traded companies.

Steven Greenfield, our Gerenal Counsel, since joining the Company in April 2025. Previously, Mr. Greenfield served as Managing Attorney at HammondLaw, PC, a leading class action plaintiff firm co specializing in data privacy, healthcare and employment law. Prior to that Mr. Greenfield held executive positions at several startups in the specialty finance and consumer goods sectors. Mr. Greenfield has also practiced as a tax and securities attorney at Weil, Gotshal & Manges LLP and Mayer Brown LLP, advising Fortune 100 companies.

Experienced Management Team

Co Moishe Gubin, Chairman, who also serves as our Chief Executive Officer.

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Michael Blisko, Director, who is the Chief Executive Officer of Infinity Healthcare Management. Mr. Blisko is a veteran of leading healthcare consultancy portfolios, as well as the architect in creating edge leadership teams. Mr. Blisko is a o principal for a myriad of ancillary companies, including United Rx, a long-term pharmacy, and Bella Monte Recovery a behavioral health addiction center.

Jack Levine, Director, is a certified public accountant who has provided financial and consulting services to public and private companies for over 35 years. Since 2019, Mr. Levine has served on the Board of Directors for Blink Charging Co. (NASDAQ2 BLNK), a leading owner, operator, and supplier of proprietary electric vehicle ("EV") charging equipment and networked EV charging services.

Stanford Gertz, Director, runs a long-term care pharmacy operation which currently serves senior housing communities located in 6 states since 2017. Prior to that, Mr. Gertz spent 17 years in commercial financing, including a number of years specializing in the senior house suite 2017 - 11:5 career in commercial financing, monther or years are a provincial and generated in excess of \$200MM in loans.

Mark Meyers, Director, has more than 30 years of real estate experience co-leading a team responsible for the disposition of seniors housing and long-term care properties across the United States. Mr. Myers brings a wealth of expertise to the industry as one it's top brokers, receiving many prestigious awards. He was inducted into the Midwest Real Estate Hall of Fame in 2012. from Myers specializes in senior housing months of all types, including assisted living facilites, includes includes for facilities, includes and ano resident freestanding memory care facilities, skilties, continuing care retirement communities, and age-restricted apartments.

Ted Lerman, Director, is the CEO of a group of Companies owned by the Lerman family. The family is involved in Steel Warehouse a family-owned steel service center whose headquarters are based in South Bend, Indiana. Today, Steel Warehouse Ins 14 steel service center location the United States, Mexico, and Brail. Steel, Warlouse ships more than 1.5 million tons annually.

Disciplined Underwriting and Acquisition Strategy

• interest
• · Annual lease payment of no more than 80% of operator's pro-forma adjusted EBITDAR*
• Focus on smaller deals that are typically off-. market and not typically sought by larger REITS.
• Thorough review of facility information, including licensing status, zoning and tenant
  leasehold improvements
• . Careful review of potential operators, including background checks and personal financial statements
• annual surveys to ensure residents are properly cared for
• 1070 Evaluation of individual and portfolio property performance, liquidity metrics, lease and debt coverage, occupancy, planned capital
  expenditures, and other measures
• . In-person visits to each facility in the portfolio at least 2 - 3 times per year
• Acquisition of 1 SNF in Oklahoma near Oklahoma City (100 beds) for \$5.0mm in March 2025.
• . Acquisition of 5 SNF's & 1 ALF (362 beds) in Kansas for \$24.0mm in Jan. 2025
• . Acquisition of a SNF in Grove, Oklahoma (100 beds) for \$5.0mm in December 2024

12 · · "EBITDAR" is defined as earnings before interest, taxes, depreciation, amortization and rent.

Strong Relationships with Experienced Consulting Groups & Operators

· Our 121 properties are leased to 132 operators that receive consulting services from 16 experienced consulting groups across 11 states.	· Provides consulting services to 81 operators with 9.600+ beds (including 68 Strawberry facilities with 7,645 licensed beds) · Founded in 2008 by Michael Blisko and Moishe Gubin, who are directors of the Company.
· We seek to ensure that our tenants have the benefit of experienced consulting groups with a proven track record of assisting operators to provide first class care while maintaining profitability.	· Founded in 2023 by Brian Ramos Provides consulting services to 11 Strawberry facilities in Missouri and Texas with 992 licensed beds
	· Founded in 2021 by Matis Herzka. Abraham Schreiber and Zalmen Scheinbaum
· Consulting groups provide the following services to each operator: -Billing	· Provides consulting services to 14 operators in Arkansas with 1,568 licensed beds (all 14 properties are leased from Strawberry)
-Collections HIRTIN	· Founded in 2018 by Steven Schwartz and Shimmy Idels
-Regulatory Monitoring	Provides consulting services to 60+ operators in 8 states; 11 of which are Strawberry facilities in Kentucky with 1,163 HILL VALLEY HEALTHCARE licensed beds
- Appropriate Medical Care
-Sales & Marketing	Founded in 1995 by Rick DeStefane RELIANT · Provides consulting services to 35 operators in Missouri
Strawberry's operators have demonstrated ability to generate	and Kansas (including 8 Strawberry facilities with 1,111 licensed beds).
consistent and strong profitability despite operating in states that	Founded in the 2000 by Gary and Malisa Blake
other skilled nursing competitors have had difficulties navigating.	Provides consulting services to 165+ operators in Texas (including 3 Strawberry facilities with 441 licensed beds).
	* Affiliated Consulting Group

Nursing Home Industry in the U.S - Summary

Age Demographic of the Average SNF Resident* 8 The services that a longterm resident receives at a SNF is geared towards those who need constant care or cannot take care of themselves anymore. The percentage of residents that are in SNF's aged 65+ is 83.5%.

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Increased Spend on Aging

Population

Due to the increase in life expectancy in the United States, which will result in a greater amount of the population being individuals aged 65+ there will be an increase in spending on care for this demographic. *

Adjusted FFO and Adjusted EBITDA Growth 2020 - Projected 2025

Adjusted FFO Growth (\$/thousands)

Adjusted EBITDA Growth (S/thousands)

Assets Growth and Base Rent Growth 2020 - Projected 2025

Total Assets Growth (GAAP) CAGR (\$/thousands)

Average Base Rent CAGR (\$/thousands)*

** Average Base Rent is calculated as the addeded from tenants, including straight-lies adjusments.
**2025 projections include an additional \$3.0mm of rent that will be colle 21

Growth In AFFO

Significant AFFO Growth driven Accretive reinvestment of cash flow, scaling operations and utilizing HUD debt

22

1) 2020 shares calculated based on number of Operating units outstanding each year and assumed same conversion ratio as formation transaction

Debt Structure as of June 30, 2025

"Since 2015 he Comput Incontrient of the issuaces of the Aris Stock Exchange, of witch two have beenpid off. The Inst four books were issued under the Strawlers Frieds RET L

SNF Facility Occupancy of 74.1%* SNF Average Facility Size of 111 Beds SNF PPD Average of 82 Residents ** Operators Payor Mix Other

Strawberry Fields REIT Facility Statistics as of May 2025

**PPD ("Per Pation Day") is a metric used in the SNF industry to measure is used for resource is used for residents in a 24-hour period.

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Facility Operator & State Diversification*

Market Performance and Value Opportunity

Performance for STRW over the Last Year(1)

Low Payout Ratio with Solid Dividend Yield

STRW Boasts Lowest Payout Ratio Among Peers

Skilled Nursing Focus Magnified

STRW is the Closest Pure-Play SNF Real Estate Investor in the Market

1) Represents owned portfolios as of Q2 2025.
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Portfolio Strength Paired with Accretion

Strong SNF Performance with Higher AFFO/Share Growth than Peers

Note: EBITDARM is a non-GAP neasere to fierher spanation.
Source: Crompelling S.A.P Capital Care (results of Martine and Mark (relies EBITDARA coverage for fill portibio.

Moishe Gubin Chairman & CEO Mgubin@sfreit.com

Jeff Bajtner Chief Investment Officer Jbajtner@sfreit.com

6101 Nimtz Parkway South Bend, IN 46628 574.807.0800

Non-GAAP Measure Reconciliation

Adjustments to FFO ("AFFO"):	Six Months Ended June 30,		Adjustments to EBITDA ("AEBITDA"):	Six Months Ended June 30.
(dollars in \$1,000s)	2025	2024	(dollars in \$1,000s)	2025	2024
Net income	\$ 15,653	\$ 13,032	Net income (loss)	\$ 15,653	\$ 13,032
Depreciation and amortization	22,594	16,324	Depreciation and amortization	22,594	16,324
Funds from Operations	38,247	29,356	Interest expense	25,966	17,082
Adjustments to FFO:			EBITDA	64,213	46,438
Straight-line rent	(3,022)	(1,935)	Straight-line rent	(3,022)	(1,935)
Funds from Operations, as Adjusted	\$ 35.225	S 27,421	Adjusted EBITDA	\$ 61,192	\$ 44,503
Q2 2025 AFFO Annualized	\$ 70,450		Q2 2025 AEBITDA Annualized	\$ 122,383
Projected 2025 AFFO (includes and additional \$3mm of rent for the MO deal closed on 7/1/25	\$ 73,450		Projected 2025 AFFO (includes and additional \$3mm of rent for the MO deal closed on 7/1/25	\$ 125,383

EBITDARM is a non-GAAP measure that for and Torino Tream Chemil The Maria Maria Maria Maria Maria Maria
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Na Feliori Aliani (Alaman Timesia (Alamania) (A expenses.

Net Deb is a not-GAP financial measure, represent principal debt outstanding, less cash and cash provides useful information by calculating,
and monitoring the Company's leverage metrics.

			Total Debt	S	742.133
Total Debt	5	742,133	Cash*		37.319
Cash*		37,319	Net Debt		704,815
Net Debt		704,815
			Portfolio Market Value **	S	1,419,422
Portfolio Market Value (10x cap)	S	1.419.422	Notes Receivable		16.508
Notes Receivable		16.508	Net Assets		1,435,930
Net Debt/Leverage Ratio		51.7%	Net Debt/Net Asset Ratio		49.1%

7/1/25 **Represents annual base rents of the portfolio multiplied by a 10x cap (refer to page 12 for the Company's investment criteria).

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