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STRAWBERRY FIELDS Strawberry Fields REIT Investor Presentation | Q2 2026 NYSE : " STRW " 142 Facilities 10 States 15,500 Licensed Beds Skilled Nursing Facility REIT | Pure - Play SNF REIT | 22+ Years Performance | Internally Managed $ 143M Base Rent
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Important Disclosures NYSE: STRW | Investor Presentation | Q2 2026 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. 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 REITsthat excludes historical cost depreciation and amortization, among other 2
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Legal Disclaimer 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 applicableitems 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 representing principal debt outstanding less cash and cash equivalents. Net debt provides useful information by calculating and monitoring the Company's leverage metrics. 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 in the appendix. 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 Section10 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. NYSE: STRW | Investor Presentation | Q2 2026 3
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The Investment Case Durable Cash Flows NNN leases with ~2.8% escalations | 100% rent collection | Government-backed revenue Proven Growth Track Record 33 to 142 facilities since 2015 | 11%+ CAGR on AFFO and EBITDA over 5 years Structural Demographic Tailwinds 72M+ Americans 65+ by 2035 | Low supply | High barriers-to-entry | Growing Medicare spend Disciplined Capital/Debt Structure Dually listed NYSE & Tel Aviv Stock Exchange| $200mm Corporate Credit Line | Access to fixed-rate HUD debt Active Pipeline & Valuation Opportunity $225M+ near-term pipeline | 10.5x AFFO multiple (deep discount to peers) | 4.9% dividend yield 01 02 03 04 05 NYSE: STRW | Investor Presentation | Q2 2026 4
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Company Snapshot Strawberry Fields REIT | NYSE: STRW | as of June 30, 2026 2003 Founded Moishe Gubin and Michael Blisko Founders 55+ years of collective SNF experience 2023* NYSE Listed Ticker: STRW 142 Total Facilities 130 SNFs | 10 ALFs | 2 LTACHs 15,500 Licensed Beds Across 10 states PURE-PLAY SNF Asset Type Triple-net lease structure $143M Annualized Base Rent 13.0% 5-Yr CAGR (2021–2026E) *completed direct listing in September 2022 on the OTCQX NYSE: STRW | Investor Presentation | Q2 2026 5
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Portfolio At-A-Glance as of June 30, 2026 $225M+ Acquisition Pipeline strong institutional network $73.9M * Adjusted FFO Q2 2026 Annualized | 11.0% 5-Yr CAGR $127.5M * Adjusted EBITDA Q2 2026 Annualized | 13.6% 5-Yr CAGR 49.8% ** Net Debt / Net Assets 2.17x *** EBITDARM Coverage 4.9% Dividend Yield at $13.75(Jun 30, 2026) NYSE: STRW | Investor Presentation | Q2 2026 6 *For non-GAAP numbers/calculations please see the reconciliations on page 27 & 28. **Net Assets valuation is based on annual base rents of the portfolio multiplied by a 10x cap (refer to page 7 for the Company’s investment criteria). See Page 28 for a cap rate sensitivity table. ***EBITDARM is a non-GAAP measure; please see page 28 for a further explanation. This amount is not audited and is based on annualized operator results as of May 31, 2026. 100% Contractual Rent Collected $200M Corporate Credit Facility SOFR+2.75% | $140M dry powder 5.7x * Net Debt / EBITDA $140M dry powder post-CCF · 3.91% HUD anchor, 20+ yr term
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Disciplined Underwriting and Acquisition Strategy NYSE: STRW 01 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. 02 Due Diligence • Operator-Level financials (3+ years) and evaluation of existing and anticipated future reimbursements in proposed area • Facility information, including licensing status, zoning and tenant leasehold improvements • Potential operators, including background checks and personal financial statements 03 Asset Management • Analysis of tenant-furnished operator-level financials, along with monthly operating data • 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 times per year 04 Recent Acquisitions • 1 SNF in Oklahoma near Grove (50 beds) for $3.0mm in November 2025. • 1 SNF/ALF (124 beds) in Missouri for $5.3mm in Aug. 2025 • 1 SNF in Harrah, Oklahoma (80 beds) for $4.3mm in Aug. 2025 • 9 SNF’s (684 beds) in Missouri for $59.0mm in Jul 2025 • SNF in Texas near Houston (112 beds) for $11.5mm in April 2025. * “EBITDAR” is defined as earnings before interest, taxes, depreciation, amortization and rent. **Year-1 yield unlevered cash on cash return NYSE: STRW | Investor Presentation | Q2 2026 10% YIELD* $225M+ Pipeline142 FacilitiesSustainable Portfolio 7
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Geographic Footprint Diversified across 10 states with strategic concentration | As of June 30, 2026 % OF BASE RENT BY STATE 142 Facilities 15,500 Licensed Beds 10 States 16 Consultants CONSULTANTS / OPERATORS Infinity of Illinois Oasis Health Care Group Bria Health Services AOM Healthcare Hull Valley HC Reliant Care Management Infinity of Tennessee Infinity of Indiana Tide Group Advena Healthcare 0.6% 1.9% 2.1% 3.9% 7.7% 12.2% 12.5% 15.7% 18.3% 25.2% Ohio Kansas Oklahoma Texas Arkansas Missouri Tennessee Illinois Kentucky Indiana NYSE: STRW | Investor Presentation | Q2 2026 8
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Dual Growth Engine Internal income growth combined with external acquisition growth • Built-in rent escalations (~2.8% avg annual) • 100% contractual rent collection • Long-term NNN lease structures • Government-backed tenant revenue (Medicare/Medicaid) • Organic portfolio value appreciation • $225M+ active acquisition pipeline • Off-market, smaller deals (less competition) • Disciplined underwriting (10% year-1 yield unlevered cash on cash) • Scalable acquisition model (33 to 142 facilities) • Strategic geographic expansion Internal Growth External Growth NYSE: STRW | Investor Presentation | Q2 2026 9
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Repeatable Acquisition Model Systematic sourcing, underwriting, and integration 01 › Source Off-market deal flow through established operator relationships and industry network 02 › Underwrite Rigorous due diligence with 10% ROI target*. Facility-level cash flow analysis 03 › Structure Long-term NNN leases** with ~3% annual increases. Leases include security deposit and guarantees 04 Integrate Standardized onboarding. Operator monitoring framework. Coverage ratio tracking $225M+ Active Pipeline | Off-market sourcing | 10% ROI | 33 to 142 facilities since 2015 NYSE: STRW | Investor Presentation | Q2 2026 10 *Year-1 yield unlevered cash on cash return **Standard leases are for 10-year initial terms with 2 x 5 -year extension options
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33 35 47 47 54 55 56 57 67 75 79 81 82 83 83 83 83 83 109 110 130 140 143 142 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 Jul-26 SF Growth (number of facilities) Proven Acquisition Strategy Disciplined, off-market acquisitions and strong execution driving compounding portfolio and valuation growth NYSE: STRW | Investor Presentation | Q2 2026 2015 – 2017 2015: Strawberry Fields REIT, LLC, founded by Mr. Gubin, Mr. Blisko and other investors who acquired portfolio of 33 SNF properties. 2015: Issued $68.3 million of Series A bonds on the Tel Aviv Stock Exchange, with an initial S&P Israel “ilA-” rating; and paid off in November 2023. 2015: Expanded into Texas, Ohio, Oklahoma and Michigan through the purchase of 16 properties. 2016: Expanded into Tennessee and Kentucky through the purchase of 8 properties. We sold one property in Illinois. 2017 – 2020 2017-2018: 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). 2018: Issued $67.1 million of Series B bonds on the Tel Aviv Stock Exchange with an initial S&P Israel “ilA+” rating and paid off in March 2022. 2019-2020: Purchased 14 additional properties in Arkansas, Kentucky, Illinois and Indiana. 2021 – 2023 2021: Created an UPREIT, with the Company as GP of the operating partnership that holds all properties. Acquired 5 properties in Tennessee and 1 in Kentucky. Sold 5 properties in Illinois. 2022: Began trading on the OTCQX under the ticker “STRW”. Jan 2023: Acquired a 120-bed SNF in Breathitt County, KY. Feb 2023: Uplisted to NYSE American Exchange. Aug 2023: Acquired 19 SNF’s & 5 ALF’s (1,852 beds) located in Indiana for $102M. 2024 Jan: Acquired 8-bed SNF/ALF located in Georgetown, IN for $5.85M Jul: issued the first series of bonds on the Tel Aviv Stock Exchange under Strawberry Fields REIT Inc. and raised $76.5M. Jul: Went Effective on Form S-3; began selling shares via ATM Program. Aug & Sep: We acquired 5 long -term facilities. 3 in TN (356 beds) and 2 in TX (254 beds). Dec: Completed $35M follow-on stock offering. Dec: Acquired 9 facilities with 1,000+ beds in Missouri/Oklahoma. 2025 – 2026 Jan: Acquired 6 facilities/500+ beds in Kansas. Apr: Acquired a 112 bed SNF in Houston for $12MM. Jul: Raised $87M by issuing Series B Bonds on Tel Aviv Exchange. Jul: Acquired 9 SNF’s (686 beds) in Missouri for $59M. 2026 YTD: Created $225M+ near-term acquisition pipeline; closed $200M Corporate Credit Facility. 11
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The Demographic Tailwinds A 30-year structural advantage for skilled nursing operators 10 Years — 2035 72M+ Americans aged 65+ Up from 58M today. Medicare SNF spending growing at 4.63% CAGR. 20 Years — 2045 83M+ Americans aged 65+ Peak baby boomer aging. 83.5% of SNF residents are in 65+ demographic. 30 Years — 2055 95M+ Americans aged 65+ Sustained demand growth. Low new supply from regulatory barriers. Supply Constraints < 1% net new bed supply | High regulatory barriers Rising construction costs | Certificate of Need limits Demand Drivers 4.63% Medicare CAGR | 83.5% SNF residents 65+ Post-acute care shift | Expanding Medicaid coverage Sources: U.S. Census Bureau; CDC National Center for Health Statistics; Centers for Medicare & Medicaid Services. NYSE: STRW | Investor Presentation | Q2 2026 12
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Aging Demographics Driving Structural Demand 5.8 6.6 8.7 14.2 19.0 40.2 54.8 72.1 81.2 88.5 2010 2020 2030 2040 2050 % of Total Population 13.0% 16.1% 19.3% 20.0% 20.2% 1.9% 1.9% 2.3% 3.5% 4.3% 2010 2020 2030 2040 2050 AGE 65+ AGE 85+ AGE 85+ AGE 65+ Total Population for Age Group By 2030, the U.S. population aged 65 and older is projected to exceed 72 million, supporting sustained demand and reinforcing strong barriers to entry. Source: United States Census Bureau NYSE: STRW | Investor Presentation | Q2 2026 13
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High Barriers-to-Entry The Company has achieved scale in targeted markets where set -up and operational costs are prohibitively expensive for operators who do not have specialized knowledge of the industry and economies of scale. An aging population combined with lack of new supply creates high- barriers to entry for other investors and operators. NYSE: STRW | Investor Presentation | Q2 2026 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 14
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11.0% AFFO CAGR (2021–2026E) 12.9% Portfolio Growth CAGR (2021–2026E) Financial Performance and Portfolio Growth 777.4 821.6 868.4 1,043.9 1,426.8 1,427.2 2021 2022 2023 2024 2025 2026E Portfolio Growth CAGR ($M)** . NYSE: STRW | Investor Presentation | Q2 2026 15 43.9 51.1 52.7 55.8 72.5 73.9 2021 2022 2023 2024 2025 2026E Adjusted FFO ($M)* *STRW has delivered 11.0% AFFO CAGR over five years, driven by disciplined 10-cap acquisitions, built-in ~2.8% rent escalations, and efficient capital deployment. Q2 2026 annualized AFFO of $73.9M extends this trajectory. **Portfolio Growth is calculated as the average base rents collected from tenants, including straight-line adjustments and multiplied by 10x Cap (refer to page 12 for the Company’s investment criteria). See Page 28 for a cap rate sensitivity table. Strong, consistent growth across all key metrics (2021–2026E)
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Growth in AFFO Significant AFFO growth driven by accretive reinvestment of cash flow, scaling operations and utilizing HUD debt Illustrative Reinvestment of Cash Flow Projected 2026 AFFO* $73,890,000 Payout Ratio 50.6% Retained Cash Flow $37,394,000 Targeted Acquisition ROE 15.0% Incremental AFFO $5,474,000 Organic AFFO Growth 7.4% $0.82 $0.96 $1.02 $1.11 $1.30 $1.33 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 2026E AFFO/Share Growth* 10.1% AFFO/Share CAGR (2021–2026E) *Projected 2026 AFFO and shares based on Q2 2026 annualized results; historical shares calculated based on Operating Partnership units outstanding each year. NYSE: STRW | Investor Presentation | Q2 2026 16
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Q2 2026 Debt Structure Conservative, long-duration debt profile | $200M Corporate Credit Facility closed in Q2 5.9% Blended Interest Rate 20+ Years Avg. HUD Debt Maturity 49.8% Net Debt / Net Assets 5.7x Net Debt / AEBITDA 2026 2027 2028 2029 2030 2031 Thereafter Bonds* $166.5 $6.8 $6.8 $101.1 $48.1 $0.0 $0.0 Bank Loans** $1.7 $1.7 $1.7 $154.9 $0.0 $2.7 $0.0 HUD $8.3 $8.3 $8.3 $8.3 $8.3 $8.3 $220.8 0 50 100 150 200 250 300 Debt Maturity Schedule ($M) Debt Composition HUD/FHA Insured $250M | 3.91% wtd avg 30+ year terms, government-backed Corporate Bonds $359M | 5.70-9.10% | refinancing in progress Tel Aviv Stock Exchange | maturities laddered beyond 2031 Bank / CCF $163M outstanding | $200M CCF @ SOFR+2.75% $100M term + $200M revolver | 3-yr + two 1-yr extensions *BOND REFINANCING IN PROGRESS: Company is refinancing 2026 Israeli bond maturities (Series A, C, D) via two new TASE bond issuances at ~ 6.85% (4.5-year tenor) plus the $200M Corporate Credit Facility (SOFR+ 2.75%). Post-refinancing, debt will be approximately equally laddered across 2027-2031 with ~$140M of dry powder available. **The Bank Loans maturing in 2029 include two 1-year extensions which are not reflected on this table. NYSE: STRW | Investor Presentation | Q2 2026 17
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Operator Health & Risk Framework Transparent, institutional-grade approach to portfolio risk management Operator Concentration • Diversified exposure across 16 consulting groups. • No single operator exceeds 25% of revenue. • Master leases comprise 90.1% of facilities. Coverage Metrics • EBITDARM rent coverage at 2.17x (TTM May 2026). • Consistent monitoring across operator cohorts. • Proactive identification of coverage trends. Internal Monitoring • Monthly analysis of operator-level financials. • In-person facility visits 2x per year. • Occupancy, survey, and CapEx tracking. Risk Mitigation • Proactive credit assessment framework. • Early intervention protocols. • Geographic and operator diversification strategy. NYSE: STRW | Investor Presentation | Q2 2026 18
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Valuation Context Attractive entry point relative to healthcare REIT peers Metric STRW Peer Range Takeaway AFFO Multiple 10.5x 12.9x - 21.5x Significant discount to peers Dividend Yield 4.9% 3.8% - 5.9% Attractive yield with lowest payout ratio AFFO/Share CAGR (2021–2026E) 10.2% -0.8% to 5.6% Best-in-class growth profile Payout Ratio 50.6% 72.9% - 87.2% Maximum room for dividend growth SNF Concentration 91.5% 36.3% - 63.4% Closest pure-play SNF REIT EBITDARM Coverage 2.17x 2.01x - 3.41x Healthy coverage in-line with peers STRW trades at a meaningful discount to healthcare REIT peers despite delivering superior AFFO growth and maintaining a well-covered, growing dividend Peers: CareTrust REIT (CTRE), Omega Healthcare (OHI), Sabra Health Care (SBRA), National Health Investors (NHI), LTC Properties (LTC). Sources: Company filings, S&P Capital IQ, Bloomberg. Note; CTRE, NHI, and LTC data as of Q1 2026. NYSE: STRW | Investor Presentation | Q2 2026 19
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21.5x 15.7x 14.7x 13.1x 12.9x 10.5x CTRE OHI NHI LTC SBRA STRW Peer avg 14.7x A Persistent Valuation Gap STRW vs. SNF healthcare REIT peers | Sources: Company filings, S&P Capital IQ, Bloomberg AFFO Trading Multiple 14.6x ~40% discount to the peer-average AFFO multiple Leading peers on the fundamentals #1 Most SNF-focused 92% of portfolio vs. 36–63% peers #1 Fastest AFFO/share growth +11% CAGR ‘21 –’26E vs. ≤6% peers #1 Lowest AFFO payout ~50%: most dividend coverage of the group NYSE: STRW | Investor Presentation | Q2 2026 20 Note; CTRE, NHI, and LTC data as of Q1 2026. .
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$11 $12 $13 $14 $15 Jul 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2025 Jan 2026 Feb 2026 Mar 2026 Apr 2026 May 2026 Jun 2026 Market Performance and Value Opportunity Performance for STRW over the Last Year (June 30, 2025 – June 30, 2026) 1-Year Total Return vs. Peers 38.4% 37.2% 37.1% 18.3% 14.0% 12.5% OHI STRW CTRE LTC NHI SBRA STRW Stock Price Performance (TTM June 2025 – June 2026) Note: Sources: Company filings, S&P Capital IQ, Bloomberg. 1) 1-year period from June 30, 2025 to June 30, 2026. NYSE: STRW | Investor Presentation | Q2 2026 TTM 27.9% Price/Inc. 21
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91.5% 63.4% 60.2% 56.9% 37.1% 36.3% STRW CTRE OHI SBRA NHI LTC Skilled Nursing Focus Magnified STRW is the closest pure-play SNF real estate investor in the market SNF Properties as a % of Portfolio Represents owned portfolios; CTRE, NHI, and LTC concentrations as of Q1 2026;.others as of Q2 2026. NYSE: STRW | Investor Presentation | Q2 2026 22
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Peer Comparison STRW vs. SNF Healthcare REIT peers | Sources: Company filings, S&P Capital IQ, Bloomberg 50.6% 72.9% 75.0% 77.0% 81.3% 87.2% STRW NHI SBRA LTC CTRE OHI AFFO Payout Ratio (%) -0.8% 0.1% 0.0% 3.5% 5.6% 10.2% 2021-Q2 2026 Ann. AFFO/Share CAGR (%) NYSE: STRW | Investor Presentation | Q2 2026 23 Note; CTRE, NHI, and LTC data as of Q1 2026.
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Leadership Experienced management team with deep healthcare real estate expertise Moishe Gubin Chairman & CEO Jeffrey Bajtner CIO & COO • Oversees acquisitions, dispositions, and investor relations • Drives sourcing, underwriting, and execution discipline • Prior experience at BlitzLake Partners (mixed-use development) • Integrates capital markets with operating strategy Greg Flamion CFO • Leads capital structure, HUD financing, and financial reporting • Oversees balance sheet strategy and capital markets execution • Former CFO at Zimmerman Advertising (Omnicom Group) • Brings institutional finance and reporting rigor Steven Greenfield General Counsel • Oversees governance, compliance, and legal strategy • Manages related-party transactions and regulatory oversight • Previously at Weil, Gotshal & Manges and Mayer Brown • Extensive experience in complex legal frameworks • Founder with 22+ years in skilled nursing and healthcare real estate • Leads strategy, acquisitions, and portfolio growth • Direct involvement in all investments since inception • Deep operator relationships across core marketsNYSE: STRW | Investor Presentation | Q 1 2026 24
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Board of Directors Independent oversight with deep healthcare and capital markets expertise Chairman & CEO • Founder with deep sector expertise in SNF real estate • Provides strategic leadership and investment oversight • Long-standing track record in acquisitions and operations Stanford Gertz Mark Myers Ted Lerman Moishe Gubin Michael Blisko Jack Levine Director • CEO of Infinity Healthcare • Brings operator-level insight into skilled nursing performance • Deep experience in healthcare ops and reimbursement Director • CPA with public company board experience (Blink Charging) • Financial oversight, audit, and governance expertise • Strong capital markets and accounting background Director • Executive experience in LTC pharmacy operations • Adds clinical and ancillary services perspective • Supports operator performance and care delivery insight Director • 30+ years in seniors housing and healthcare real estate • Extensive experience across development and operations • Provides long-cycle industry perspective Director • CEO of Steel Warehouse • Brings operating, capital allocation, and leadership experience • Adds diversified industrial and governance perspective 150+ years experience | 140+ facilities | Multi-cycle capital markets and healthcare operating expertise NYSE: STRW | Investor Presentation | Q 1 2026 25
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Thank You Strawberry Fields REIT | NYSE: STRW INVESTOR RELATIONS Moishe Gubin, Chairman & CEO | Mgubin@sfreit.com Jeff Bajtner, CIO | Jbajtner@sfreit.com 6101 Nimtz Parkway, South Bend, IN 46628 | 574.807.0800 www.strawberryfieldsreit.com
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Non-GAAP Measure Reconciliation Appendix: NYSE: STRW | Investor Presentation | Q2 2026 27 (dollars in $1,000s) 2026 2025 Net income $ 18,412 $ 15,653 Depreciation and amortization 22,623 22,594 Funds from Operations 41,035 38,247 Straight-line rent (4,090) (3,022) Funds from Operati ons , as Adjus ted $ 36,945 $ 35,225 Q2 2026 AFFO Annualized 73,890$ (dollars in $1,000s) 2026 2025 Net income (loss) $ 18,412 $ 15,653 Depreciation and amortization 22,623 22,594 Interest ex pense 26,819 25,966 EB ITDA 67,854 64,213 Straight-line rent (4,090) (3,022) Adjus ted EB ITDA $ 63,764 $ 61,192 Q2 2026 AEBITDA Annualized 127,529$ June 30, Adjustments to FFO ("AFFO") Adjustments to EBITDA ("AEBITDA") Six Months Ended June 30, Six Months Ended
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Non-GAAP Measure Reconciliation Appendix: NYSE: STRW | Investor Presentation | Q2 2026 28 Total Debt 764,460$ Cas h 42,154 Net Debt 722,306 A EBITDA 127,529$ Net Debt/AEBITDA 5.7 x Net Debt/Net Asset Sensitivity Table • 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. Net Debt/AEBITA Total Debt 764,460$ Cash 42,154 Net Debt 722,306$ Q2 2026 Annualized Rents 142,715$ Cap Rate Property Val ue Notes Receivable Net Assets Net Debt/ Net Asset 10.00% $1,427,155 24,171 $1,451,325 49.8% 9.75% 1,463,748 24,171 1,487,919 48.5% 9.50% 1,502,268 24,171 1,526,439 47.3% 9.25% 1,542,870 24,171 1,567,040 46.1% 9.00% 1,585,727 24,171 1,609,898 44.9% 8.75% 1,631,034 24,171 1,655,204 43.6%