- Strawberry Fields REIT announced financial results for the quarter ending September 30th 2025, and also held a conference call to discuss the results.
- Highlights from the Q3 2025 results include several new acquisitions, lease renewals, and increases to FFO, AFFO, rental income, and net income compared to Q3 2024.
- In the earnings call, members of the STRW leadership team spoke about the Q3 2025 results and answered questions from analysts and others on the call.
Strawberry Fields REIT (NYSE American: STRW) (the “Company”), a self-administered Real Estate Investment Trust (“REIT”) that specializes in healthcare-related properties, recently announced financial results for Q3 2025, which ended on September 30th 2025 (https://ibn.fm/u29pL).
Financial highlights included major acquisitions:
- Acquiring nine skilled nursing facilities in Missouri for $59 million. These facilities contain 686 beds, and eight of the facilities were leased to the Tide Group, while the remaining facility was leased to an affiliate of Reliant Care Group, LLC. The acquisition boosted Tide Group’s annual rents by $5.5 million and Reliant Care Group’s annual rents by $0.6 million, and both are subject to 3% annual rent increases.
- Acquiring a skilled nursing facility with 80 licensed beds in Oklahoma for $4.25 million. The initial annual base rents are $0.4 million, and the facility is subject to 3% annual rent increases.
- Acquiring a healthcare facility with 108 skilled nursing beds and 16 assisted living beds in Missouri for $5.3 million. The facility was added to the tenant’s existing master lease, and annual base rents are $0.5 million, and are also subject to 3% annual rent increases.
Strawberry Fields funded each of these acquisitions with working capital. In addition to these acquisitions, the Company reported that 100% of contractual rents were collected.
STRW saw solid financial growth for the quarters of Q3 2025 compared to Q3 2024. This includes:
- FFO of $20.7 million vs. $15.2 million in Q3 2024.
- AFFO of $18.1 million vs. $14.3 million in Q3 2024.
- Rental income received of $39.7 million vs. $29.5 million in Q3 2024.
- Net income of $8.9 million vs. $6.9 million in Q3 2024.
Also, for the nine months ended September 30th 2025, compared to the nine months ended September 30th 2024, the Company had:
- FFO of $58.9 million vs. $44.6 million, respectively.
- AFFO of $53.4 million vs. $41.6 million, respectively.
- Rental income received of $114.9 million vs. $86.6 million, respectively.
- Net income of $24.5 million vs. $19.9 million, respectively.
STRW CEO and Chairman, Moishe Gubin, commented on the results: “2025 has been the strongest year for the Company to date. Between multiple large acquisitions, coupled with lease renewals, the Company’s AFFO CAGR has continued to be in excess of 13%. As we near year-end, I anticipate the Company being able to maintain this momentum and close the year strong.”
Strawberry Fields REIT also held the Company’s quarterly earnings conference call and discussed the Q3 results (Strawberry Fields REIT Q3 2025 Earnings.mp4). The call featured several members of the leadership team, including CEO Gubin, COO and Chief Investment Officer Jeffrey Bajtner, and Chief Financial Officer Greg Flamion.
The call opened with Mr. Bajtner highlighting the Company’s recent acquisitions, sharing that the Board of Directors approved a $0.16 dividend per share, which is a 14% jump from previous quarters. He also stated that the Company is continuing to see deals come from around the country, saying that STRW prefers the master lease structure and that 89% of the Company’s facilities are in master leases.
CFO Greg Flamion then spoke about the overall financial performance of the Company. In addition to covering the revenue and key financial metrics mentioned earlier, he also stated that the total assets of the Company reached $880 million, which is 33.1% higher than Q3 2024. Mr. Flamion indicated that this growth is mainly driven by the Company’s strong lease acquisition and retention strategy, and highlighted key financial metrics:
- A projected AFFO of $72.7 million in 2025, which is a 28.2% increase over last year.
- A projected Adjusted EBITDA of $126.1 million in 2025, which is a 38.9% increase year-over-year.
- A net debt-to-asset ratio of 49.2%, maintaining a balanced capital structure.
CEO Moishe Gubin highlighted the Company’s growth rate, base rent growth, adjusted FFO growth, and more. He also spoke about the Company’s stock being currently undervalued, considering the market performance of the Company vs. peers, and how STRW’s AFFO trading multiples are the lowest compared to these peers, pointing to a significant value opportunity. Gubin also touched on the Company’s low payout ratio, solid dividend yield, debt structure, and went over a facility map and investment strategy.
About Strawberry Fields REIT Inc. (NYSE American: STRW)
Strawberry Fields REIT is a self-managed REIT that acquires, owns, and leases healthcare-related companies. The Company has a portfolio of more than 142 healthcare facilities, totalling over 15,500 beds, in 10 different states across the country. The facilities are leased to experienced third parties, under long-term triple-net lease agreements.
For more information, visit the Company’s website at www.StrawberryFieldsReit.com.
NOTE TO INVESTORS: The latest news and updates relating to STRW are available in the Company’s newsroom at https://ibn.fm/STRW
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