Slides
Page 1
Strawberry Fields REIT NYSE American: “STRW” February 19, 2026
Page 2
Legal Disclaimer Forward-Looking Statements Certain statements in this presentation are “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements provide our current expectations or forecasts of future events and are not statements of historical fact. These forward-looking statements include information about possible or assumed future events, including, among other things, discussion and analysis of our future financial condition, results of operations, FFO, our strategic plans and objectives, cost management, potential property acquisitions, anticipated capital expenditures (and access to capital), amounts of anticipated cash distributions to our stockholders in the future and other matters. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates” and variations of these words and other similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and/or could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Forward-looking statements involve inherent uncertainty and may ultimately prove to be incorrect or false. You are cautioned to not place undue reliance on forward-looking statements. Except as otherwise may be required by law, we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or actual operating results. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management’s control, risks, uncertainties and other factors described in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Form S-3/A filed with the Securities and Exchange Commission (the “SEC”) on July 25, 2024. Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this presentation, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein and the risk factors of the Company described above. The Company undertakes no duty to update these forward-looking statements. Use of Projections This presentation contains projected financial information with respect to the Company. Such projected financial information constitutes forward-looking information and is for illustrative purposes only. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in such prospective financial information. 2
Page 3
Legal Disclaimer Disclaimer Regarding Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures not based on generally accepted accounting principles. The Company presents non-GAAP financial measures when it believes that the additional information is useful and meaningful to investors. The Company believes that net income as defined by GAAP is the most appropriate earnings measure. We also believe that funds from operations (“FFO”), as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“NAREIT”), and adjusted funds from operations (“AFFO”) are important non-GAAP supplemental measures of our operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that use historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization. AFFO is defined as FFO excluding the impact of straight-line rent, above-/below-market leases, non-cash compensation and certain non-recurring items. We believe that the use of FFO, combined with the required GAAP presentations, improves the understanding of our operating results among investors and makes comparisons of operating results among REITs more meaningful. We consider FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare our operating performance between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of REITs, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to our real estate assets nor do they purport to be indicative of cash available to fund our future cash requirements. Further, our computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other REITs that do not define FFO in accordance with the current NAREIT definition or that interpret the current NAREIT definition or define AFFO differently than we do. EBITDARM is a non-GAAP measure that for any period of determination, the aggregate net operating income of Tenant for such period to the extent derived from the operation of the Premises as reflected in their financials, adjusted to add thereto, to the extent allocable to the Premises for the applicable period of determination, without duplication, (1) interest expense, (2) income tax expense, (3) depreciation and amortization expense, (4) base rent, and (5) management fee expenses. Net Debt, is a non-GAAP financial measure, represents principal debt outstanding less cash and cash equivalents. Net debt provides useful information by calculating and monitoring the Company’s leverage metrics. 3
Page 4
Legal Disclaimer We believe that the use of FFO, AFFO, EBITDA, Adjusted EBITDA (which can be defined as EBITDA net of the effects of straight -line rent, gain/loss on currency translation costs and the effects of credit provision for doubtful accounts), EBITDARM and Net Debt are helpful to our investors as these metrics are used by management in assessing the health of our business and our operating performance. The non-GAAP financial measures used in this presentation are reconciled to the most directly comparable GAAP measures on page 31 of this presentation. Additional information about such measures are contained in our annual and quarterly reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission. Such reconciliations are also available on our website at www.strawberryfieldsreit.com. This presentation also contains estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information. This presentation includes industry data obtained from publicly available third-party sources. The Company is not aware of any misstatements contained in such industry data, but it has not independently verified it and does not guarantee the accuracy or completeness of such information contained in this presentation. No Offer This presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No public offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THIS PRESENTATION. 4
Page 5
Strawberry Fields REIT Company Highlights 5 • The history of our Company began 22+ years ago when our CEO & Chairman, Moishe Gubin & one of our Directors, Michael Blisko began acquiring skilled nursing facilities in Indiana • In 2015 Strawberry Fields REIT (the “Company”) was spun out as a Propco with 33 facilities in Indiana/Illinois • The Chairman & CEO, Moishe Gubin, is a founder of the Company and has been involved in every acquisition • The Company has strong/experienced regional operators leasing its facilities on a NNN basis • Currently the Company owns and leases 143 facilities located in 10 states • The Company has financial strength and stable cash flows: • YE 2025 annualized dividend yield of 4.9% (Based on the December 31, 2025 “STRW” closing price of $13.10) • 2025 AFFO of $72.5mm • 2025 AFFO/share of $1.30 • 2024 AFFO/share was $1.07 • 2025 AEBITDA of $125.3mm • 2025 AEBITDA/share of $2.25 • 2024 AEBITDA/share was $1.80 • Majority of the Company's debt is fixed rate which includes, long-term HUD guaranteed debt. • This HUD debt has a maturity of 20+ years and weighted average interest rate of 3.91%
Page 6
About Strawberry Fields REIT Inc. (the “Company”) The Company is an income producing real estate investment company that owns 132 properties and also holds leasehold interests in an additional property under a long- term lease. These properties are leased to third-party operators which use them to operate 131 Skilled Nursing Facilities (SNFs), 2 Long Term Acute Care Hospitals (LTACHs) and 10 Assisted Living Facilities (ALFs). These facilities have a total of 15,602 licensed beds. Our properties are located across 10 states: Arkansas, Illinois, Indiana, Kansas, Kentucky, Missouri, Ohio, Oklahoma, Tennessee and Texas. The Company specializes in leasing healthcare properties utilized as SNFs, LTACHs and ALFs. The demand for these types of facilities is expected to continue to grow consistently due the aging population in the U.S. Our business is financed through a combination of bond debt, HUD guaranteed loans and commercial bank loans. The operators of our properties primarily provide care to long-term residents who require constant care and rehabilitation. We primarily lease our properties on a triple net, long term basis, with average rent escalations of 2.8%. 46.2% of our facilities are leased to related parties, including 66 facilities leased to affiliates of two of our Directors. For the period 2020 through 2025, the Company has shown strong growth in Adjusted EBITDA (CAGR: 13.5%) and Adjusted FFO (CAGR: 13.3%). 6
Page 7
132 15,600+ *Data as of December 31, 2025, unless noted otherwise. **For non-GAAP numbers/calculations please see the reconciliations on page 31. ***EBITDARM is a non-GAAP measure; please see the back page for a further explanation. This amount is not audited and is based on annualized operator results as of November 30, 2025. Owned assets, plus one asset under a long-term lease Total number of beds Demonstrated Operating Results and Financial Strength 143 Total number of facilities $250M+ Acquisition Pipeline $125.3M** 2025 Adjusted EBITDA 2024 Adjusted EBITDA: $90.6M $72.5M** 2025 Adjusted FFO 2024 Adjusted AFFO: $55.8M 2.07x*** TTM EBITDARM Rent Coverage 49.5%** Net Debt to Net Assets Portfolio Summary as of December 31, 2025* 7 5.7x** Net Debt to AEBITDA Ratio
Page 8
2015: Our predecessor, Strawberry Fields REIT, LLC, was founded by Mr. Gubin, Mr. Blisko and other investors acquired their portfolio of 33 SNF properties. 2018: We issued $67.1 million of Series B bonds that were listed on the Tel Aviv Stock Exchange with an initial S&P Israel “ilA+” rating. These bonds were paid off in March 2022. 2015: We expanded into Texas, Ohio, Oklahoma and Michigan through the purchase of 16 properties. 2016: We expanded into Tennessee and Kentucky through the purchase of 8 properties. We sold one property in Illinois. 2015: We issued $68.3 million of Series A bonds that were listed on the Tel Aviv Stock Exchange, with an initial S&P Israel “ilA-” rating. These bonds were paid off in November 2023 2017-2018: We purchased 9 properties in Arkansas, together with one in Indiana and one in Kentucky. Tenants engaged three additional consulting groups (Benchmark, Green Park, and Paramount). 2019 -2020: We purchased 14 additional properties in Arkansas, Kentucky, Illinois and Indiana. Proven Acquisition Strategy Driving Significant Growth in the Portfolio 2021: We acquired 5 properties in Tennessee and one in Kentucky. We sold 5 properties in Illinois. 8 2021: We created an UPREIT structure, with the Company as the general partner of our operating partnership which holds all of our properties. 2022: We began trading on the OTCQX under the ticker “STRW”. Jan 2023: We acquired a 120 bed SNF in Breathitt County, KY. Feb 2023: We up- listed to the NYSE American Aug 2023: We acquired 19 SNF’s & 5 ALF’s (1,852) beds located in Indiana for $102mm Aug & Sep 2024: We acquired 5 long -term facilities. 3 in TN (356 beds) and 2 in TX (254 beds) Jun 2024: We acquired a 78 bed SNF/ ALF located in Georgetown IN for $5.85mm July 2024: We were granted effectiveness on our Form S-3 and began selling shares to the market through an ATM Program Dec 2024/Jan 2025: We acquired 15 facilities with 1,500+ beds in Kansas/Missou ri/Oklahoma Dec 2024: We complete a Follow-On Offering for $35mm July 2024: We issued the first series of bonds on the Tel Aviv Stock Exchange under Strawberry Fields REIT Inc. and raised $76.5mm July 2025: We issued Series B Bond on the Tel Aviv Stock Exchange and raised $87.0mm July 2025: We completed the acquisition of 9 SNF’s (686 beds) in Missouri for $59mm New York Stock Exchange “STRW” 33 35 47 47 54 55 56 57 67 75 79 81 82 83 83 83 83 83 109 110 130 140 143 0 20 40 60 80 100 120 140 160 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 SF Growth (number of facilities)
Page 9
143 Facilities 15,600+ total beds across 10 states (Illinois, Indiana, Arkansas, Tennessee, Kansas, Kentucky, Missouri, Ohio, Oklahoma, and Texas) 12 buildings include two types of licensed facilities 9 Infinity of Illinois Hill Valley HC Infinity of Indiana Bria Health Services Infinity of Tennessee Advena Healthcare In order to leverage scale and efficiencies, the Company focuses on acquiring facilities that are geographically concentrated Oasis Health Care Group Reliant Care Management Tide Group Diversified Base of Consultants to Operators Portfolio Composition AOM Healthcare Misc. Operators
Page 10
Experienced Management Moishe Gubin, our Chairman and founder, has served as the Chief Executive Officer since inception of the Company. From 2004 to 2014, Mr. Gubin was the Chief Financial Officer and Manager of Infinity Healthcare Management, LLC, a company engaged in managing skilled nursing facilities and other healthcare facilities. Jeffrey Bajtner has served as our Chief Investment Officer since March 2022 and our Chief Operating Officer since March 2025. Mr. Bajtner’s role with the Company focuses on acquisitions/dispositions of real estate and overseeing our investor relations. From 2015 to May 2021, Mr. Bajtner was a Vice President at BlitzLake Partners, where he oversaw acquisitions for mixed-use developments. Greg Flamion, our Chief Financial Officer, since joining the Company in January 2024. Previously, Mr. Flamion was a CFO of Zimmerman Advertising, an agency under Omnicom Group Inc. (NYSE: OMC) from 2014-2023. Mr. Flamion also held a number of diverse accounting and finance positions at a variety of publicly traded companies. Steven Greenfield, our General Counsel, since joining the Company in April 2025. Previously, Mr. Greenfield served as Managing Attorney at HammondLaw, PC, a leading class action plaintiff firm specializing in data privacy, healthcare and employment law. Prior to that Mr. Greenfield held executive positions at several startups in the specialty finance and consumer goods sectors. Mr. Greenfield has also practiced as a tax and securities attorney at Weil, Gotshal & Manges LLP and Mayer Brown LLP, advising Fortune 100 companies. 10
Page 11
Board Moishe Gubin, Chairman, who also serves as our Chief Executive Officer. Michael Blisko, Director, who is the Chief Executive Officer of Infinity Healthcare Management. Mr. Blisko is a veteran of leading healthcare consultancy portfolios, as well as the architect in creating cutting edge leadership teams. Mr. Blisko is a principal for a myriad of ancillary companies, including United Rx, a long-term pharmacy, and Bella Monte Recovery a behavioral health addiction center. Jack Levine, Director, is a certified public accountant who has provided financial and consulting services to public and private companies for over 35 years. Since 2019, Mr. Levine has served on the Board of Directors for Blink Charging Co. (NASDAQ: BLNK), a leading owner, operator, and supplier of proprietary electric vehicle (“EV”) charging equipment and networked EV charging services. Stanford Gertz, Director, runs a long-term care pharmacy operation which currently serves senior housing communities located in 6 states since 2017. Prior to that, Mr. Gertz spent 17 years in commercial financing, including a number of years specializing in the senior housing market. Throughout his career in commercial financing, Mr. Gertz has held numerous leadership positions and generated in excess of $200MM in loans. Mark Meyers, Director, has more than 30 years of real estate experience co-leading a team responsible for the disposition of seniors housing and long-term care properties across the United States. Mr. Myers brings a wealth of expertise to the industry as one it’s top brokers, receiving many prestigious awards. He was inducted into the Midwest Real Estate Hall of Fame in 2012. Mr. Myers specializes in seniors housing properties of all types, including assisted living facilities, independent living facilities, freestanding memory care facilities, skilled nursing facilities, continuing care retirement communities, and age-restricted apartments. Ted Lerman, Director, is the CEO of a group of Companies owned by the Lerman family. The family is involved in Steel Warehouse, a family-owned steel service center whose headquarters are based in South Bend, Indiana. Today, Steel Warehouse has 14 steel service center locations throughout the United States, Mexico, and Brazil. Steel Warehouse ships more than 1.5 million tons annually. 11
Page 12
Disciplined Underwriting and Acquisition Strategy Investment Criteria 10% projected ROI 20% projected levered IRR over a 10-year investment horizon (initial term of the lease) 12% projected ROE at 50% LTV with 8% interest Annual lease payment of no more than 80% of operator’s pro-forma adjusted EBITDAR* Focus on smaller deals that are typically off- market and not typically sought by larger REITs. Asset Management Analysis of tenant-furnished operator-level financials, along with operating data, on a monthly basis Oversee upkeep of the facilities and review annual surveys to ensure residents are properly cared for Evaluation of individual and portfolio property performance, liquidity metrics, lease and debt coverage, occupancy, planned capital expenditures, and other measures In-person visits to each facility in the portfolio at least 2 – 3 times per year Recent Acquisitions • Acquisition of 1 SNF in Oklahoma near Grove (50 beds) for $3.0mm in November 2025. • Acquisition of 1 SNF/ALF (124 beds) in Missouri for $5.3mm in Aug. 2025 • Acquisition of a SNF in Harrah, Oklahoma (80 beds) for $4.3mm in Aug. 2025 • Acquisition of 9 SNF’s (684 beds) in Missouri for $59.0mm in Jul. 2025 • Acquisition of a SNF in Texas near Houston (112 beds) for $11.5mm in April 2025 Due Diligence Diligence includes review of operator-level financials (3+ years) and evaluation of existing and anticipated future reimbursements in proposed area Thorough review of facility information, including licensing status, zoning and tenant leasehold improvements Careful review of potential operators, including background checks and personal financial statements 12 • “EBITDAR” is defined as earnings before interest, taxes, depreciation, amortization and rent.
Page 13
13 Strong Relationships with Experienced Consulting Groups & Operators Provides consulting services to 81 operators with 9,600+ beds (including 67 Strawberry facilities with 7,645 licensed beds) Founded in 2008 by Michael Blisko and Moishe Gubin, who are directors of the Company. Founded in 2018 by Steven Schwartz and Shimmy Idels Provides consulting services to 60+ operators in 8 states; 11 of which are Strawberry facilities in Kentucky with 1,163 licensed beds Founded in 2023 by Brian Ramos Provides consulting services to 11 Strawberry facilities in Missouri and Texas with 992 licensed beds Founded in 1995 by Rick DeStefane Provides consulting services to 35 operators in Missouri and Kansas (including 10 Strawberry facilities with 1,295 licensed beds). Our 133 properties are leased to 142 operators that receive consulting services from 17 experienced consulting groups across 10 states. We seek to ensure that our tenants have the benefit of experienced consulting groups with a proven track record of assisting operators to provide first class care while maintaining profitability. Consulting groups provide the following services to each operator: ―Billing ―Collections ―Regulatory Monitoring ―Appropriate Medical Care ―Sales & Marketing Strawberry’s operators have demonstrated ability to generate consistent and strong profitability despite operating in states that other skilled nursing competitors have had difficulties navigating. * * Affiliated Consulting Group Founded in 2021 by Matis Herzka, Abraham Schreiber and Zalmen Scheinbaum Provides consulting services to 14 operators in Arkansas with 1,568 licensed beds (all 14 properties are leased from Strawberry) 13 Founded in 2000 by Gary and Malisa Blake Provides consulting services to 165+ operators in Texas (including 3 Strawberry facilities with 441 licensed beds).
Page 14
Skilled Nursing Industry in the U.S
Page 15
Nursing Home Industry in the U.S - Summary The Company’s properties are diversly located in the following states: Arkansas, Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee and Texas. The Company specializes in a growing market that’s historically proven to be recession proof. Cash flows have proven to be stable over time. High barriers to entry: -Significant set-up costs -Regulatory restrictions -Specialized knowledge Growing demand due to an increase in life expectancy Federal and state-level subsidies through Medicaid & Medicare Low supply of new nursing homes and restriction on licensing 15
Page 16
5.8 6.6 8.7 14.2 19.0 40.2 54.8 72.1 81.2 88.5 0.0 20.0 40.0 60.0 80.0 100.0 2010 2020 2030 2040 2050 Total Population for Age Group % of Total Population 13.0% 16.1% 19.3% 20.0% 20.2% 1.9% 1.9% 2.3% 3.5% 4.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2010 2020 2030 2040 2050 65+ 85+ age age 65+ 85+ age age Trends in population As a result of an increase in life expectancy in the United States, by 2030 the population of individuals aged 65 and over is expected to be more than 72 million.(1) (1) United State Census Bureau 16
Page 17
Age Demographic of the Average SNF Resident* The services that a long- term resident receives at a SNF is geared towards those who need constant care or cannot take care of themselves anymore. The percentage of residents that are in SNF’s aged 65+ is 83.5%. * Source: CDC.gov National Center for Health Statistics 17 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% Under 65 65-74 75-84 85 and Over AGE 83.5%
Page 18
Increased Spend on Aging Population Due to the increase in life expectancy in the United States, which will result in a greater amount of the population being individuals aged 65+ there will be an increase in spending on care for this demographic*. *Centers for Medicare & Medicaid Services 18 4.63% CAGR $181.6 $188.1 $197.6 $207.9 $217.9 $227.9 $238.6 $250.3 $262.1 $273.0 - 50 100 150 200 250 300 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Projected Medicare $’s to be Spent on the Aging Population in SNF’s Year
Page 19
Financial Highlights
Page 20
Adjusted FFO Growth ($/thousands) Adjusted EBITDA Growth ($/thousands) 13.5% CAGR Adjusted FFO and Adjusted EBITDA Growth 2020 – 2025 20 13.3% CAGR 38,844 43,935 51,076 52,668 55,825 72,465 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 2020 2021 2022 2023 2024 2025 AFFO 66,607 67,344 73,790 79,342 90,632 125,274 - 20,000 40,000 60,000 80,000 100,000 120,000 140,000 2020 2021 2022 2023 2024 2025 AEBITDA
Page 21
Total Assets Growth (GAAP) CAGR ($/thousands) Average Base Rent CAGR ($/thousands)* 11.7% CAGR 13.4% CAGR Assets Growth and Base Rent Growth 2020 – 2025 21 *Average Base Rent is calculated as the annual rents collected from tenants, including straight-line adjustments. 633,632 686,168 686,168 798,338 942,654 1,100,761 - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 2020 2021 2022 2023 2024 2025 REAL ESTATE INVESTMENT 75,323 77,738 82,158 86,839 104,386 142,675 - 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 2020 2021 2022 2023 2024 2025 BASE RENTS
Page 22
Growth In AFFO AFFO/Share Growth*Illustrative Reinvestment of Cash Flow Significant AFFO Growth driven Accretive reinvestment of cash flow, scaling operations and utilizing HUD debt 2025 AFFO $72,465,000 Payout Ratio 46.0% Retained Cash Flow $39,126,000 Targeted Acquisition ROE 15.0% Incremental AFFO $5,869,000 Organic AFFO Growth 8.1% *2020 shares calculated based on number of Operating Partnership units outstanding each year and assumed same conversion ratio as formation transaction 22 $0.75 $0.82 $0.96 $1.02 $1.11 $1.30 FY 2020* FY2021 FY 2022 FY 2023 FY 2024 FY 2025
Page 23
23 Well-Laddered Debt Maturity Schedule with Bond Refinancing In Progress 1) HUD loans mature between 2036 and 2055 with a weighted average maturity of 2047 Israeli bonds maturing in July & September 2026 and are subject to prepayment penalty until maturity date. Multiple options for refinancing including but not limited to refinancing of the bonds themselves, a new bank facility currently under negotiation and/or increased term loans HUD Guaranteed Debt (1) $254.1MM Weighted average interest rate: 3.91% SF REIT INC Bond Series B $107.2MM Interest rate: 6.70% Secured Bank Debt $163.2MM Weighted average interest rate: SOFR+3.32% SF REIT LTD Bond Series C $77.7MM Interest rate: 5.70% SF REIT INC Bond Series A $94.8MM Interest rate: 6.97% SF REIT LTD Bond Series D $55.1MM Interest rate: 9.10% (2) $8.3 $8.4 $ 8.5 $8.6 $220.3 $9.7 $57.1 $38.9 $57.5 $231.8 $4.3 $4.3 $94.3 $0.0 $50 .0 $10 0.0 $15 0.0 $20 0.0 $25 0.0 2026 2027 2028 2029 Thereafter HUD Bank Term Loans Bonds
Page 24
Operators Payor Mix SNF Facility Occupancy of 76.2%* SNF Average Facility Size of 109 Beds SNF PPD Average of 83 Residents** Medicare 5% Medicaid 78% Other 11%Private 6% *Based on 14,333 operating SNF beds. **PPD (“Per Patient Day”) is a metric used in the SNF industry to measure how much of any resource is used for residents in a 24-hour period. Strawberry Fields REIT Facility Statistics as of November 2025 24
Page 25
Facility Operator & State Diversification Base Rent by StateBase Rent by Related Consultant 25 Illinois 16% Indiana 25% Arkansas 8% Tennessee 13% Kentucky 18% Missouri 12% Other 8% Infinity of Illinois 11% Infinity of Indiana 25% Infinity of Tennessee 13% Hill Valley HC 18% Siena Healthcare 8% Reliant Care Management 8% Tide Group 7% Other 10%
Page 26
9.5x 11.9x 12.8x 14.6x 14.6x 19.7x Market Performance and Value Opportunity Performance for STRW over the Last Year(1) Note: Please refer to the final page of this presentation for a reconciliation of Adjusted FFO and Adjusted EBITDA. Sources: Company filings, S&P Capital IQ, Bloomberg. 1) 1-year period from January 1, 2025 to December 31, 2025. 2) Reflects annualized Q4 2025 normalized AFFO (in some cases FAD when AFFO is not explicitly reported); based on stock priceas of December 31, 2025. 1-Year Total Return vs. Peers(1) AFFO Trading Multiple(2) 30.6% 16.9% 6.2% 25.5% 15.7% 26 39.3%
Page 27
46.7% 70.4% 72.8% 79.2% 81.1% 88.2% 3.7% 4.8% 4.9% 6.0% 6.3% 6.6% Low Payout Ratio with Solid Dividend Yield STRW Boasts Lowest Payout Ratio Among Peers Note: Please refer to the final page of this presentation for a reconciliation of Adjusted FFO and Adjusted EBITDA. Sources: Company filings, S&P Capital IQ, Bloomberg. 1) Reflects annualized Q4 2025 normalized AFFO (in some cases FAD when AFFO is not explicitly reported) and Q4 2025 annualized dividend. 2) Based on stock price as of December 31, 2025. AFFO Payout Ratio(1) Dividend Yield(2) 27
Page 28
91.6% 63.4% 61.6% 58.3% 37.6% 36.4% Skilled Nursing Focus Magnified SNF Properties as a % of Portfolio(1) STRW is the Closest Pure-Play SNF Real Estate Investor in the Market 1) Represents owned portfolios; NHI and LTC shown as of Q3 2025. 28
Page 29
-3.2% -0.6% -0.2% -0.1% 4.7% 12.8% 1.93x 2.07x 2.15x 2.38x 3.17x 3.17x Portfolio Strength Paired with Accretion Strong SNF Performance with Higher AFFO/Share Growth than Peers Note: EBITDARM is a non-GAAP measure – please refer to the disclosures for further explanation. Sources: Company filings, S&P Capital IQ, Bloomberg. 1) For STRW: TTM period as of November 2025; for NHI and LTC: TTM period as of June 2025; for all others: TTM period as of September 2025; OHI reflects EBITDARM coverage for full portfolio. 2) Reflects annualized Q4 2025 normalized AFFO (in some cases FAD when AFFO is not explicitly reported). SNF TTM EBITDARM Coverage(1) 2020-2025E AFFO/Share CAGR(2) 29
Page 30
6101 Nimtz Parkway South Bend, IN 46628 574.807.0800 Moishe Gubin Chairman & CEO Mgubin@sfreit.com Jeff Bajtner Chief Investment Officer Jbajtner@sfreit.com
Page 31
Non-GAAP Measure Reconciliation 31 EBITDARM is a non-GAAP measure that for any period of determination, the aggregate net operating income of Tenant for such period to the extent derived from the operation of the Premises as reflected in their financials, adjusted to add thereto, to the extent allocable to the Premises for the applicable period of determination, without duplication, (1) interest expense, (2) income tax expense, (3) depreciation and amortization expense, (4) base rent, and (5) management fee expenses. Net Debt is a non-GAAP financial measure, represents principal debt outstanding less cash and cash equivalents. Net debt provides useful information by calculating and monitoring the Company’s leverage metrics. *Represents annual base rents of the portfolio multiplied by a 10x cap (refer to page 12 for the Company’s investment criteria). Total Debt 747,874$ Cas h 31,812 Net Debt 716,062 Portfolio Market V alue* 1,426,755$ Notes Receivable 20,821 Net Assets 1,447,576 Net Debt/Net Asset Ratio 49.5% Adjustments to FFO ("AFFO"): (dollars in $1,000s) 2025 2024 Net income $ 33,306 $ 26,505 Loss from real estate disposition 12 - Depreciation and amortization 46,249 33,688 Funds from Operations 79,567 60,193 Adjustm ents to FFO: Straight-line rent (7,102) (4,368) Funds from Operati ons , as Adjus ted $ 72,465 $ 55,825 December 31, Adjustments to EBITDA ("AEBITDA"): (dollars in $1,000s) 2025 2024 Net income (loss) $ 33,306 $ 26,505 Loss from real estate disposition 12 - Depreciation and amortization 46,249 33,688 Interest ex pense 52,809 34,807 EB ITDA 132,376 95,000 Straight-line rent (7,102) (4,368) Adjus ted EB ITDA $ 125,274 $ 90,632 December 31, Total Debt 747,874$ Cas h 31,812 Net Debt 716,062 A EBITDA 125,274$ Net Debt/AEBITDA 5.72 x