What is the market's earnings forecast for Strawberry next quarter?

What is the revenue and EPS growth rate for Strawberry year over year?

What is Strawberry's gross profit margin?

What does Strawberry do and what are its main business segments?

What were the key takeaways from Strawberry's earnings call?

What guidance did Strawberry's management provide for the next earnings period?

What is Strawberry's latest dividend and current dividend yield?

What factors drove the changes in Strawberry's revenue and profit?

- **Record Financial Performance**: 32.4% revenue growth ($155M), 29.8% AFFO growth ($72.5M), and 13.3% CAGR in AFFO
- **Strong Dividend Policy**: 47% payout ratio with $0.16/share dividend (14% increase)
- **Growth Momentum**: $250M acquisition pipeline and 2026 guidance of $100M-$150M in accretive deals
- **Resilient Model**: 100% rent collection, 2.07x EBITDARM coverage, and no direct Medicare risk
- **Valuation Discount**: Stock at $14/share vs. intrinsic value of $18-$20, trading at 9.5x AFFO (industry average 12.8x)

**【Management Opening Remarks】**
- 100% of contractual rents collected for the year, reflecting strong tenant performance.
- Acquired 6 Kansas facilities (354 beds) for $24M and 9 Missouri facilities (686 beds) for $59M, expanding master lease agreements with existing operators.
- Issued $89.5M in Series 312 bonds at 6.7% interest rate on the Tel Aviv Stock Exchange.
- Dividend increased by 14% to $0.16/share in August 2025, with a 4.9% yield.

**【CFO Financial Commentary】**
- Total revenue: $155M (32.4% YoY growth)
- Net income: $33.3M ($0.60/share) vs. $26.5M ($0.57/share) in 2024
- AFFO: $72.5M (29.8% YoY growth, 13.3% CAGR)
- Adjusted EBITDA: $125.3M (38.2% YoY growth, 13.5% CAGR)
- Net debt to EBITDA: 49.5%
- AFFO payout ratio: 47%

**【CEO Portfolio & Strategy】**
- Portfolio: 143 facilities, 15,602 licensed beds across 10 states
- EBITDARM rent coverage: 2.07x
- 2025 AFFO growth: $38M → $72M (13.3% CAGR)
- 2026 guidance: $100M-$150M in acquisitions
- Stock price at $14/share vs. estimated intrinsic value of $18-$20
- Dividend strategy: 47% payout ratio, targeting annual increases

**【Q&A Highlights】**
1. **Medicare Impact**: No direct exposure to fee-for-service risk; leases based on fixed rent rather than operator performance
2. **Debt Refinancing**: $100M+ available under new credit facility; targeting 6.25% bond refinancing
3. **Acquisition Pipeline**: $250M pipeline at 10% cap rate; preference for sale-leaseback deals with proven operators
4. **Occupancy Trends**: Focus on rent coverage (2.07x) over occupancy rates (76% average)
5. **Silver Tsunami**: Long-term demographic tailwind for skilled nursing demand

Strawberry Fields REIT, Inc. (STRW) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 2025 revenue up 28.3% YoY to $114.9 million, driven by $68.55 million in facility acquisitions.
- **Dividend Expansion**: 14% dividend increase to $0.16 per share, with 100% rent collection and 46.8% AFFO payout ratio.
- **Financial Strength**: 2025 AFFO of $72.7 million (28.2% YoY growth), 13.3% CAGR since 2020, and 49.2% net debt-to-asset ratio.
- **Pipeline Momentum**: $250 million acquisition pipeline, targeting $150-200 million annual spend in existing states via master leases.
- **Strategic Discipline**: 89% master lease portfolio, 91.5% SNF concentration, and 2.01x EBITDARM coverage, compared to peers' higher payout ratios and lower growth rates.

**Core Details - Detail Page**

**CEO Summary Section**
- Acquired three skilled nursing facilities in Q3 2025, totaling $68.55 million, with annual base rents of $958,000 and 3% annual rent increases.
- Increased dividend to $0.16 per share (14% YoY), reflecting 100% rent collection and disciplined capital allocation.
- Portfolio now includes 142 facilities (130 SNFs, 10 ALFs, 2 LTACHs) across 10 states, with 15,542 licensed beds.
- Projected 2025 AFFO of $72.7 million (28.2% YoY growth) and Adjusted EBITDA of $126.1 million (38.9% YoY growth).
- Undervalued stock with AFFO trading multiple of 11.3%, compared to peers' higher payout ratios and lower growth rates.

**CFO Financial Commentary**
- Year-to-date revenue: $114.9 million (28.3% YoY growth), driven by acquisitions and retenanting.
- Net income: $24.5 million ($0.44 per share), up 23.2% YoY.
- Q3 2025 net income: $8.8 million ($0.16 per share), up 28.1% YoY.
- Key metrics: AFFO payout ratio of 46.8%, net debt-to-asset ratio of 49.2%, and EBITDARM coverage of 2.01x.
- Projected 2025 dividend yield of 5.2%, with surplus cash from depreciation ($40 million) allocated to acquisitions.

**Q&A Key Highlights**
- **Acquisition Pipeline**: $250 million pipeline, focusing on $150-200 million annual spend in existing states via master leases or new state portfolios of at least 500 beds.
- **Dividend Strategy**: Board prioritizes dividend growth (e.g., $0.16 per share in Q3 2025, 100% of net income) over share buybacks, despite 40% stock undervaluation.
- **Debt Management**: Series D bond refinancing in Q3 2026 to reduce 10% coupon to sub-6%, with $880 million balance sheet supporting 13.3% CAGR since 2020.
- **Operational Discipline**: 100% rent collection, 89% master lease portfolio, and 91.5% SNF concentration, compared to peers' declining SNF exposure.
- **Risk Mitigation**: Illinois (price-based reimbursement) laggard, but 1.25x EBITDARM coverage threshold protects margins; government shutdown has no financial impact, only regulatory delays.


Strawberry Fields REIT, Inc. (STRW) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 31.7% YoY to $75.2 million, driven by acquisitions and lease retenanting.
- **Dividend Boost**: 14% increase to $0.16/share, payout ratio 44.1%.
- **AFFO Outlook**: 2025 projection of $73.4 million (31.5% growth), 13.6% CAGR 2020-2025.
- **Debt Management**: 50% net debt-to-asset ratio, $30 million debt paydown saving 100bps.
- **Strategic Focus**: Missouri/Tennessee expansion, diversifying away from Illinois (25% of portfolio), targeting 12x AFFO multiple.
- **Q&A Highlights**: 100% rent collection, 1.98x EBITDARM coverage, Israel bond market success.

**【Management Opening Remarks】**
- Acquired a 112-bed skilled nursing facility in Texas for $11.5 million, generating $1.3 million in annual base rent with 3% annual increases.
- Completed a $59 million acquisition of 9 Missouri facilities, adding $6.1 million in annual rent, funded through working capital.
- Issued $90 million in Series B bonds at 6.70%, using $30 million to reduce higher-cost debt, saving 100 basis points annually.
- Announced a 14% dividend increase to $0.16 per share, maintaining a payout ratio below 50%.

**【CFO Financial Commentary】**
- Year-to-date revenue through June 2025: $75.2 million, up 31.7% YoY, driven by acquisitions and lease retenanting.
- Q2 2025 net income: $8.7 million ($0.16 EPS), up 24% YoY.
- Projected 2025 AFFO: $73.4 million (31.5% YoY growth), with a 13.6% CAGR from 2020-2025.
- Adjusted EBITDA: $125.4 million (38.4% YoY growth), 13.5% CAGR over 5 years.
- Net debt-to-asset ratio: 49.1%, AFFO payout ratio: 44.1%.

**【CEO Strategic Remarks】**
- Portfolio: 141 facilities, 15,418 beds, 16 master leases, weighted average lease term 7.4 years.
- EBITDARM rent coverage: 1.98x, net debt-to-EBITDA: 5.6x.
- Projected 2025 AFFO growth: 31.5%, targeting 12x AFFO multiple vs. current 10x.
- Stock price undervalued; peers trade at 12-15x AFFO, while STRW is at 9.5x.
- Acquisition pipeline exceeds $300 million, focusing on states with strong reimbursement (Missouri, Tennessee) and diversifying away from Illinois (25% of portfolio).
- Long-term strategy: 1/3 HUD, 1/3 unsecured bonds, 1/3 bank debt, with Israel bond market a key funding source.

**【Q&A Highlights】**
- **Tenant Risk**: 100% rent collection; Illinois (25% of portfolio) faces reimbursement challenges but tenants remain solvent. No individual tenant at risk.
- **Acquisition Financing**: Target debt range 45%-55%; current 50%, with flexibility to grow. Prefer debt over equity to maintain dividend yield.
- **Rent Coverage**: Missouri and Tennessee rate increases boosted coverage to 1.98x; long-term target 2.25x+ with silver tsunami demand.
- **Stock Performance**: 5.3% dividend yield, 14% AFFO growth, and 16%-17% total return potential vs. peers' negative growth.


Strawberry Fields REIT, Inc. (STRW) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 2025 revenue up 34% YoY to $37.3M, driven by master lease expansions. 
- **Acquisition Momentum**: $40M+ in Q1 deals, targeting $100M-$200M for 2025, funded by cash and debt. 
- **Financial Strength**: AFFO of $16.8M (28% YoY growth), 46.2% payout ratio, and 1.9x EBITDARM coverage. 
- **Leverage Strategy**: 45%-55% target, using SOFR+300bps bank debt and 6.25%-7% bonds. 
- **Share Buybacks**: 100,000 shares repurchased at $10/share, unlocking 17.5% IRR. 
- **Valuation Gap**: Trading at $11.90 vs. $13 NAV, with 13x AFFO multiple potential. 
- **Regulatory Tailwind**: Medicaid rate increases in IL, KY, and reduced regulatory burden expected.

**【Jeffrey Bajtner Opening Remarks】**
- Q1 2025 Highlights: 100% rental collection, $40M+ in acquisitions (e.g., 6 Kansas facilities, Oklahoma City SNF), and new master lease agreements with 3% annual rent increases. 
- Recent Acquisitions: $11.5M Houston facility added to Texas master lease, boosting annual rents by $1.278M. 
- Pipeline: Expect $100M+ in Q2 acquisitions, targeting $100M-$200M for the year, funded by cash and debt. 
- Team Expansion: Hired two asset managers and a lawyer to support growth.

**【Greg Flamion Financial Overview】**
- Total Revenue: $37.3M (34.1% YoY growth), driven by Missouri Master Lease and Kentucky re-tenanting. 
- Net Income: $6.99M ($0.13/share), up 16.7% YoY. 
- AFFO: $16.8M (28% YoY growth), projecting $67.3M for 2025 (46.2% payout ratio). 
- Adjusted EBITDA: $30.4M (42% YoY growth), with $128.8M full-year forecast. 
- Dividend: $0.14/share, yielding 4.7% and below peer average.

**【Moishe Gubin Portfolio & Strategy】**
- Asset Scale: 132 facilities (102M beds) across 11 states, 90% in master leases. 
- Financial Metrics: 1.9x EBITDARM coverage, 7+ year WALT. 
- Growth Strategy: Focus on 10-year master leases (e.g., 15-year lease with 3% increases), targeting 15,000 beds. 
- Funding: 45%-55% leverage target, using cash ($20M/Q2), conventional loans (SOFR+300bps), and Israeli bonds (6.25%-7%). 
- Share Repurchases: Bought ~100,000 shares at $10/share in Q2, realizing ~17.5% IRR.

**【Q&A Key Themes】**
- **Acquisition Funding**: $60M Q2 plan includes $20M cash, $30M bank debt, $10M bonds. 
- **Regulatory Outlook**: Optimistic on reduced regulatory burden post-election, with Medicaid rate increases in IL, KY. 
- **Stock Valuation**: NAV ~$13/share vs. current $11.90, targeting 13x AFFO multiple. 
- **Line of Credit**: Seeking $200M-$500M unsecured facility at SOFR+200-300bps, aiming to close by end-2025. 
- **Tenant Diversification**: 50% of tenants now unrelated, with no state >28% of rents. 
- **Risk Management**: 100% rent collection, disciplined underwriting (1.25x+ coverage), and no operator risk (no RIDEA).

Actual								0.14	0.15	0.13	0.15	0.155	0.145
Forecast									0.1533	0.1	0.0675	0.105	0.1425
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.15%	+30.00%	+122.22%	+47.62%	+1.75%

Actual	--	--	--	--	--	--	--	29.46M	30.49M	37.33M	37.90M	39.70M	40.10M
Forecast	--	--	--	--	--	--	--	--	30.18M	32.55M	37.62M	38.40M	40.31M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+1.04%	+14.70%	+0.74%	+3.38%	-0.54%

STRW

STRW fundamentals

STRW Q4 2025 Earnings

Earnings Call

You can ask Aime

STRW

STRW fundamentals

STRW Q4 2025 Earnings

Earnings Call

STRW Earnings Call Summary for Q4/202511:00 AM on Feb 20, 2026

STRW Earnings Call Summary for Q3/202511:00 AM on Nov 7, 2025

STRW Earnings Call Summary for Q2/202512:00 PM on Aug 8, 2025

STRW Earnings Call Summary for Q1/202512:30 PM on May 9, 2025

STRW Earnings Call Summary for Q4/2024 Mar 30, 2026

You can ask Aime