Strawberry Fields REIT, Inc.

For the 6 months ended July 2026, revenue was $80 million, up $4.8 million, or 6.4%, versus the prior-year period; net income was $18.4 million, or $0.33 per share, versus $15.7 million, or $0.29 per share. For Q2 2026, revenue was $40 million, up $2.2 million year over year, and net income was $8.9 million, modestly higher than the prior-year quarter. Total assets were $878.5 million, up 2.1% year over year. Management said 2026 AFFO is $73.9 million, projected AFFO per share growth is 10.1%, and 2026 adjusted EBITDA is $135.7 million. The company’s net debt to net asset ratio was 49.8%, dividend was $0.70 per share as of June 30, and AFFO payout was 50.6%. Looking ahead, the Board approved a Q3 2026 dividend of $0.17 per share, payable September 30 to shareholders of record September 16. Management expects the Missouri hospital-campus acquisition to close in Q3, and said later-2026 deals could add meaningfully to FFO/AFFO.

Moishe Gubin framed the quarter as quiet operationally but constructive strategically, saying the company kept collecting all rent and continued building the platform. He stressed Strawberry Fields’ focus on nursing homes and master leases, while also noting the company is becoming more open-minded on healthcare assets that fit its structure, including the Kansas City hospital-campus deal. His tone was bullish on long-term valuation, repeatedly saying the company trades at a discount to peers and could become several times larger over time through organic acquisitions and possible combinations with other owner-operators.

Greg Flamion highlighted a solid balance sheet and specific financial metrics: total assets of $878.5 million, revenue of $80 million for the six-month period, and net income of $18.4 million, or $0.33 per share. He also cited 2026 AFFO of $73.9 million, projected AFFO per share growth of 10.1%, adjusted EBITDA of $135.7 million, a 14.4% lease yield, net debt to net asset ratio of 49.8%, and an AFFO payout ratio of 50.6%. On the capital side, he said the new credit facility provides up to $300 million of availability, including a $100 million term loan and $200 million revolver, both at SOFR plus 2.75%, and that it refinanced existing secured debt while preserving capacity for acquisitions.

Analysts focused on how much of the year’s expected FFO/AFFO is already baked in, with management clarifying that the $1.33 figure referenced was an annualized run-rate based on current AFFO, and that late-Q4 acquisitions would have the biggest impact on per-share results. They said the Missouri deal should help incrementally, and Moishe later said the company could see roughly an additional $12 million of AFFO from expected closings, with top-line rent potentially rising into the $155 million to $160 million range if deals come through. Questions also dug into the pipeline, with management saying about $130 million could close by year-end and that the current pipeline is mostly medium-to-high probability, plus the possibility of larger transactions over time.