Strawberry Fields REIT

What Strawberry Fields REIT does

Strawberry Fields REIT, Inc. (NYSE American: STRW) is a self-administered, externally-managed healthcare real estate investment trust incorporated in Maryland and headquartered in South Bend, Indiana. The company owns, acquires, develops, and leases skilled nursing facilities (SNFs), assisted living facilities (ALFs), and long-term acute care hospitals, holding a portfolio of approximately 140-143 facilities with 15,300-15,600 state-licensed beds and a stated portfolio value of $1.35 billion across 10 U.S. states concentrated in the Midwest and South. Founded in 2019 (corporate entity formed 2022; direct listing February 2023), the REIT runs an extremely lean organization of approximately 7 corporate employees and lists Infinity Healthcare Management and other independent operator tenants on its portfolio page.

The core business model is a classic triple-net lease platform: Strawberry Fields acquires healthcare real estate and rents it to operator-tenants under long-duration contracts, with tenants responsible for operating expenses, taxes, and insurance. Full-year 2025 rental revenues reached $155.0 million, up 32.4% year-over-year, with FY2025 FFO of $79.6 million. Q1 2026 revenue was $39.98 million (down 7.1% YoY) but Q1 2026 FFO per share grew 14% to $0.38. The REIT has executed an aggressive acquisition program, deploying $112.1 million across 17 facilities in 2025 and continuing into 2026 with a $21.8 million 252-bed Louisville SNF and an $8.6 million Kansas City hospital campus.

The go-to-market relies on direct property transactions rather than third-party brokerage at scale. Capital sourcing is multi-channel: an at-the-market (ATM) equity program on NYSE American, a $56 million Regulation S bond and warrant offering listed on the Tel Aviv Stock Exchange (May 2026), and a $300 million corporate credit facility (term sheet signed May 2026). Customer outreach is investor-relations-led via GlobeNewsWire, microcap conferences, and SEC filings. Customer concentration is a defining structural feature: Infinity Healthcare Management, a related-party operator with which CEO Moishe Gubin has a 2004-2014 executive history, accounts for approximately 50% of revenue. The dividend policy targets 6%-7% annual yield with sub-50% payout ratio, and dividends have been raised for four consecutive years (Q2 2026: $0.17 per share).

Name

Strawberry Fields REIT

Legal name

Strawberry Fields REIT, Inc.

Website

https://strawberryfieldsreit.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Strawberry Fields REIT is a publicly traded self-administered healthcare REIT (NYSE American: STRW) that owns and triple-net leases approximately 143 skilled nursing, assisted living, and long-term acute care facilities with 15,600+ beds across 10 U.S. states to healthcare operator-tenants, primarily Infinity Healthcare Management.

Ownership category

akta.pro rank

Product category

Healthcare Real Estate Investment Trust (REIT)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Data Center Real Estate (REITs) & Leasing (HDABACAL)

akta.pro secondary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Healthcare real estate
• Skilled nursing facilities
• Triple-net leasing
• Assisted living properties
• REIT investments

Headquarters

HQ city

South Bend

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Rental Income from Triple-Net Leases: Primary revenue stream from leasing skilled nursing, assisted living, and long-term acute care facilities to healthcare operators under triple-net lease arrangements. Rental income increased 7.1% to $40.0 million in Q1 2026 and 32.4% to $155.0 million in full-year 2025.
2. Israeli Bond and Warrant Offerings: Secondary capital markets activity including $56 million bond and warrant offering on Tel Aviv Stock Exchange (Regulation S), and prior NIS 146 million Tel Aviv issuance, providing funding for acquisitions and debt refinancing.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Strawberry Fields REIT is a self-administered healthcare real estate investment trust that owns, acquires, develops, and leases skilled nursing facilities, assisted living communities, and long-term acute care hospitals. The company's 143-facility portfolio is operated by healthcare tenants under triple-net lease arrangements across 10 U.S. states. Strawberry Fields generates rental income from these leases and distributes cash to shareholders via quarterly dividends.

Product overview

Strawberry Fields REIT is a self-administered Real Estate Investment Trust specializing in healthcare real estate. The company operates a portfolio of 140 healthcare facilities comprising skilled nursing facilities, assisted living facilities, and long-term acute care hospitals across 10 U.S. states. The portfolio includes 128 skilled nursing facilities, 10 assisted living facilities, and 2 long-term acute care hospitals totaling approximately 15,300 licensed beds with a portfolio value of $1.35 billion. The company focuses on skilled nursing and post-acute healthcare properties in America's heartland, partnering with operators through triple-net leasing arrangements.

Differentiator

Problem solved

Functional benefit

Products and services

• Skilled Nursing Facilities Portfolio The company's primary real estate portfolio segment, consisting of skilled nursing facilities leased to healthcare operators under triple-net leases. These facilities provide long-term care, post-acute rehabilitation, and skilled nursing services to residents across 10 U.S. states.
• Assisted Living Facilities Assisted living facilities leased to healthcare operators providing residential care for seniors who need assistance with daily activities but do not require full-time nursing care. The portfolio consists of 10 assisted living facilities across the REIT's footprint.
• Long-Term Acute Care Hospitals Specialty hospitals leased to healthcare operators that provide extended medical care for patients with complex medical conditions requiring longer hospital stays and daily physician attention. The portfolio consists of 2 long-term acute care hospitals.

Quantifiable outcome

• 14% FFO growth in Q1 2026 ($0.38 vs $0.33 per share YoY)
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Infinity Healthcare ManagementcoreStrategic or Co-development PartnerPrimary related-party tenant operator representing nearly 50% of REIT revenue. CEO Moishe Gubin previously served as CFO and manager of Infinity Healthcare Management from 2004-2014, creating deep operational ties and industry expertise.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• American Healthcare REIT: American Healthcare REIT (NYSE: AHR) is a diversified healthcare REIT with significant skilled nursing facility exposure. Comparable as a mid-cap peer with similar SNF and senior housing focus areas.
• National Health Investors: National Health Investors (NYSE: NHI) is a healthcare REIT focused on skilled nursing, senior housing, and hospital properties leased to operators. Directly comparable business model with similar operator-tenant relationships.
• Omega Healthcare Investors: Omega Healthcare Investors (NYSE: OHI) is the largest pure-play skilled nursing facility REIT with ~$7B+ portfolio. Most directly comparable peer given similar SNF-focused triple-net lease model, though at materially larger scale.
• Sabra Health Care REIT: Sabra Health Care REIT (NASDAQ: SBRA) operates a portfolio of skilled nursing, senior housing, and behavioral health facilities via triple-net leases and senior loans. Closely comparable in SNF focus and lease structure.
• CareTrust REIT: CareTrust REIT (NYSE: CTRE) is a healthcare REIT focused on skilled nursing, seniors housing, and healthcare-related properties. Highly comparable growth-oriented SNF/senior housing portfolio with similar operator relationships.
• Diversified Healthcare Trust: Diversified Healthcare Trust (NASDAQ: DHC) is a healthcare REIT with a portfolio of skilled nursing, senior living, and medical office properties. Comparable SNF focus though currently facing significant operator distress and restructuring.
• LTC Properties: LTC Properties (NYSE: LTC) is a small-cap healthcare REIT focused on skilled nursing and assisted living facilities under triple-net and operating leases. Highly comparable in scale, asset mix, and operator relationships.

Emerging players

• Global Medical REIT: Global Medical REIT (NYSE: GMRE) is a small-cap healthcare REIT focused on net-leased medical office buildings. Adjacent healthcare real estate focus though primarily MOB rather than SNF.

Broad incumbents

• Welltower: Welltower (NYSE: WELL) is the largest healthcare REIT with a senior housing and post-acute focus. Operates the same broad category as Strawberry Fields but at vastly greater scale with broader portfolio including outpatient medical.
• Ventas: Ventas (NYSE: VTR) is a major diversified healthcare REIT with exposure to senior housing, medical office, life science, and skilled nursing. Overlaps with Strawberry Fields in healthcare facility ownership but operates at much greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Strawberry Fields REIT