Strawberry Fields (STRW) investor relations material

Executive summary

• Operates 142 healthcare facilities across 10 states with 15,500 licensed beds, focusing on skilled nursing facilities (SNFs) under a triple-net lease structure and maintaining 100% contractual rent collection.

• Closed a $300 million corporate credit facility in Q2 2026, refinancing debt and supporting acquisitions, with $140 million in dry powder available.

• Demonstrates a 22+ year performance history, is internally managed, and listed on both NYSE and Tel Aviv Stock Exchange.

• Maintains a disciplined, off-market acquisition strategy with a $225M+ pipeline and benefits from strong demographic tailwinds as the U.S. 65+ population grows.

• Announced a Q3 2026 dividend of $0.17 per share, payable September 30th, with a 4.9% yield and 50.6% payout ratio.

Financial highlights

• Annualized base rent reached $143 million as of Q2 2026, with a 13.0% five-year CAGR (2021-2026E).

• Q2 2026 revenue was $40 million, up $2.2 million from Q2 2025; six-month revenue was $80 million, up $4.8 million year-over-year.

• Q2 net income was $8.9 million; six-month net income was $18.4 million ($0.33/share), up 18% year-over-year.

• Annualized Q2 2026 AFFO reached $73.9 million, with an 11% five-year CAGR and AFFO per share CAGR of 10.1%.

• Adjusted EBITDA for 2026 is $135.7 million (15% CAGR); yield on leases is 14.4%.

Outlook and guidance

• $225M+ near-term acquisition pipeline, targeting 10%+ unlevered cash-on-cash yields.

• Expecting to close $100–$150 million in acquisitions by year-end, with potential for $155–$160 million in top-line rent and $81–$82 million in AFFO next year if all deals close.

• Built-in rent escalations (~2.8% annually) and disciplined capital deployment expected to drive further AFFO and portfolio growth.

• AFFO per share for 2026 annualized at $1.33, with incremental upside from late-year acquisitions.

• Ongoing refinancing of 2026 bond maturities to ladder debt maturities and maintain liquidity.