Strawberry Fields (STRW) investor relations material

Executive summary

• Contractual rents were collected at 100%; portfolio rent coverage was 2.24x at quarter-end.

• The portfolio comprised 145 facilities and 15,655 licensed beds across 10 states; annualized base rent was $144.1M.

• A $24.6M foreign-currency transaction loss tied to bond retirements drove a Q3 net loss of $14.761M, despite higher rental income and AFFO.

Financial highlights

• Q3 rental revenue was $40.0M, up 0.7% YoY; operating income rose to $23.4M from $22.5M and total expenses fell to $16.6M from $17.2M.

• Q3 AFFO was $18.8M versus $18.1M; AFFO per share was $0.34 versus $0.33.

• Nine-month revenue was $120.0M, up 4.5% YoY; net income was $3.651M versus $24.526M, primarily reflecting the FX loss.

• Nine-month AFFO was $55.879M versus $53.353M; AFFO per share was $1.00 versus $0.96.

• Q3 cash and restricted cash totaled $38.8M, down from $66.8M at year-end 2025.

Outlook and guidance

• The 2026 acquisition target was $100M–$150M; the active pipeline exceeded $400M, with $123.5M of deals expected to close before year-end.

• 2026 annualized AFFO was projected at $74.505M, or $1.30 per share; projected AFFO/share growth was 10.1%.

• Management expected 2027 acquisitions to exceed $150M; a potential large Q1 transaction could lift market-value assets above $2B, subject to contract and execution.

• Q4 G&A was expected near $2M, with no planned financing-related one-off costs.