Strawberry Fields REIT, Inc. reported significant financial growth for the nine months ending September 30, 2024, compared to the same period in 2023. Rental revenues increased to $86.6 million, up 16.5% from $74.3 million, driven by new property acquisitions and lease renewals. For the third quarter alone, rental revenues rose to $29.5 million, a 14.3% increase from $25.8 million in Q3 2023.
Net income for the nine-month period reached $19.9 million, reflecting a 37.2% increase from $14.5 million in the prior year. In Q3 2024, net income was $6.9 million, a 46.7% rise from $4.7 million in Q3 2023. Net income attributable to common stockholders also saw a substantial increase, rising to $2.6 million for the nine months ended September 30, 2024, compared to $1.8 million in 2023. Basic and diluted income per common share improved from $0.28 to $0.40 over the same period.
Total assets increased to $661.5 million as of September 30, 2024, up from $616.8 million at the end of 2023. Real estate investments netted $528.7 million, a slight increase from $518.3 million. The company’s total liabilities also rose to $606.3 million, compared to $569.5 million at the end of 2023, primarily due to increased borrowing.
In terms of strategic developments, Strawberry Fields REIT made several acquisitions, including two skilled nursing facilities in Texas for $15.25 million and an 83-bed skilled nursing facility in Tennessee for $6.7 million. The company also exercised a purchase option for two facilities in Tennessee for $4 million. These acquisitions were funded through cash from the balance sheet and other financial instruments.
The company’s cash and cash equivalents significantly increased to $53.2 million from $35.0 million year-over-year, bolstered by improved operating cash flows. However, net cash provided by operating activities decreased to $34.5 million from $42.0 million, reflecting changes in working capital.
Overall, Strawberry Fields REIT's performance in the latest fiscal period demonstrates robust growth in revenues and net income, alongside strategic acquisitions that enhance its portfolio of healthcare properties.
About Strawberry Fields REIT, Inc.
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