Strawberry Fields REIT, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with rental revenues rising to $117.1 million, a 17.3% increase from $99.8 million in 2023. The company also achieved a net income of $26.5 million, up 30.9% from $20.2 million the previous year. This growth was attributed to the renegotiation of certain leases, the acquisition of additional properties, and increased property tax reimbursements from tenants. The basic and diluted income per common share rose to $0.57, reflecting a 46.2% increase compared to $0.39 in the prior year.
In terms of operational developments, Strawberry Fields expanded its portfolio to 130 healthcare facilities, comprising 14,540 licensed beds across eleven states, including Arkansas, Illinois, Indiana, and Texas. The company acquired 21 skilled nursing and assisted living facilities for a total of $154.3 million from January 1, 2024, to March 13, 2025, which are expected to generate initial annual cash revenues of approximately $17.7 million. The average remaining lease term for its properties is 7.2 years, with annual rent escalators averaging 2.8%. As of December 31, 2024, the company had 9 full-time employees, maintaining a stable workforce.
The company’s strategic initiatives included the establishment of an at-the-market equity program to enhance liquidity and facilitate growth, alongside the issuance of Series A, C, and D bonds totaling approximately $213.3 million. Notably, the Series A Bonds were repaid in full during 2023, while the Series C and D Bonds had outstanding balances of $73.3 million and $51.5 million, respectively, as of December 31, 2024. The company also reported a total indebtedness of approximately $673.9 million, with a significant portion secured by HUD-guaranteed loans.
Looking ahead, Strawberry Fields REIT aims to continue diversifying its portfolio by acquiring additional healthcare properties and reducing its reliance on related-party tenants, which currently account for 55.2% of its annualized base rent. The company plans to leverage its management team's extensive experience in the healthcare real estate sector to identify and capitalize on attractive investment opportunities. The outlook remains cautiously optimistic, with expectations of sustained demand for skilled nursing services driven by an aging population and favorable market conditions.
About Strawberry Fields REIT, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.