$STRW

Strawberry Fields REIT, Inc.

CIK:0001782430|SEC Filings

Condensed Consolidated Statements of Income and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Rental revenues	$ 40,049	$ 37,861	$ 80,033	$ 75,193
Expenses:
Depreciation	9,183	8,695	18,423	17,377
Amortization	1,987	2,629	4,200	5,217
General and administrative expenses	3,247	1,999	5,769	4,056
Property taxes	3,962	3,775	7,699	7,425
Facility rent expenses	175	147	304	294
Total expenses	18,554	17,245	36,395	34,369
Income from operations	21,495	20,616	43,638	40,824
Interest expense, net	(11,820)	(11,365)	(23,906)	(24,001)
Amortization of deferred financing costs	(209)	(201)	(410)	(402)
Mortgage insurance premium	(377)	(388)	(759)	(776)
Total interest expense	(12,406)	(11,954)	(25,075)	(25,179)
Other (loss) income:
Other (loss) income	(151)		(151)	8
Net income	8,938	8,662	18,412	15,653
Less -
Net income attributable to non-controlling interest	(6,780)	(6,706)	(13,974)	(12,113)
Net income attributable to common stockholders	2,158	1,956	4,438	3,540
Other comprehensive loss:
Loss due to foreign currency translation	(22,526)	(20,820)	(25,001)	(16,746)
Comprehensive loss attributable to non-controlling interest	16,980	16,118	18,859	12,967
Comprehensive loss	(3,388)	(2,746)	(1,704)	(239)
Net income attributable to common stockholders	$ 2,158	$ 1,956	$ 4,438	$ 3,540
Basic income per common share	$ 0.16	$ 0.16	$ 0.33	$ 0.29
Diluted income per common share	$ 0.16	$ 0.16	$ 0.33	$ 0.29
Weighted average number of common shares outstanding, Basic	13,454,882	12,457,560	13,400,894	12,327,563
Weighted average number of common shares outstanding, Diluted	13,454,882	12,457,560	13,400,894	12,327,563

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 18,412	$ 15,653
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,623	22,594
Amortization of bond issuance costs	1,246	1,380
Stock based compensation	1,763	72
Amortization of deferred financing costs	410	402
Loss on sale of real estate investments	151
Increase in other assets	(1,039)	(723)
Amortization of right of use lease asset	182	175
Foreign currency translation adjustments	3,089	4,086
Increase in straight-line rent receivables, net	(4,090)	(3,022)
(Decrease) Increase in accounts payable and accrued liabilities and other liabilities	(835)	8,339
Repayment of operating lease liability	(182)	(175)
Net cash provided by operating activities	41,730	48,781
Cash flow from investing activities:
Sale (purchase) of real estate investments	4,250	(40,500)
(Increases) decreases in notes receivable	(3,350)	77
Net cash provided by (used in) investing activities	900	(40,423)
Cash flows from financing activities:
Proceeds from issuance of bonds, net	52,221	85,979
Deferred financing cost	(1,514)
Proceeds from issuance of ATM sales, net	1,735	2,244
Repayment of bonds	(56,691)
Repayment of senior debt	(4,673)	(36,593)
Repayment of note payable	(4,447)	(4,026)
Payment of dividends	(4,433)	(3,456)
Non-controlling interest distributions	(13,975)	(12,040)
OP unit retirement		(2,026)
Common stock retirement		(652)
Net cash (used in) provided by financing activities	(31,777)	29,430
Increase in cash and cash equivalents and restricted cash and equivalents	10,853	37,788
Cash and cash equivalents and restricted cash and equivalents at the beginning of the period	66,758	93,656
Cash and cash equivalents and restricted cash and equivalents at the end of the period	77,611	131,444
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest	37,778	22,925
Supplemental schedule of noncash activities:
Stock Warrants associated with bond offering	3,608
Foreign currency translation adjustments	(25,001)	(16,746)
Note Payable in exchange for acquisition of intangible asset		50,880
Transfer of other assets to real estate Investments, net		4,243
Transfer of accrued stock based compensation to equity	$ 1,500

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Real estate investments, net	$ 664,327	$ 687,151
Cash and cash equivalents	42,153	31,812
Restricted cash and equivalents	35,458	34,946
Straight-line rent receivable, net	38,894	34,804
Right of use lease asset	669	851
Goodwill, other intangible assets and lease rights	64,152	68,352
Deferred financing expenses	6,462	5,358
Note receivable, net	24,171	20,821
Other assets	2,169	1,130
Total Assets	878,455	885,225
Liabilities
Accounts payable and accrued liabilities	20,708	22,369
Bonds, net	351,870	330,612
Note payable	38,177	42,624
Senior debt	412,589	417,262
Operating lease liability	669	851
Other liabilities	21,809	20,983
Total Liabilities	845,822	834,701
Commitments and Contingencies (Note 8)
Equity
Preferred stock, $.0001 par value, 100,000,000 shares authorized, no shares issued and outstanding
Common stock, $.0001 par value, 500,000,000 shares authorized, 14,069,238 shares and 13,257,425 issued and outstanding	1	1
Additional paid in capital	20,841	18,554
Accumulated other comprehensive loss	(13,824)	(7,682)
Retained earnings	1,238	1,233
Total Stockholders’ Equity	8,256	12,106
Non-controlling interest	24,377	38,418
Total Equity	32,633	50,524
Total Liabilities and Equity	$ 878,455	$ 885,225