Strawberry Fields Reit Inc
strawberryfieldsreit.comStrawberry Fields REIT Inc (NYSE American: STRW) is a healthcare real estate investment trust that acquires and leases skilled nursing facilities and other healthcare-related properties to operators serving elderly patients. Revenue comes from triple-net and master lease rental income paid by facility operators across a portfolio of 133 properties with 15,602 licensed beds as of December 31, 2025. The portfolio spans 10 states, primarily Indiana (36 properties, 25.2% of annualized base rent), Kentucky (10 properties, 18.3%), Illinois (20 properties, 15.7%), Tennessee (15 properties, 12.5%), and Missouri (18 properties, 12.2%), generating $142.7 million in annualized average base rent as of December 31, 2025. Elected REIT status beginning with the taxable year ending December 31, 2022. Moishe Gubin serves as Chairman and CEO, with Greg Flamion as CFO. A material concentration exists: 48.5% of annualized base rent as of December 31, 2025 comes from tenants affiliated with CEO Gubin and director Michael Blisko.
Products & Services
Ownership and net-leasing of healthcare real estate: 131 SNFs, 10 ALFs, and 2 LTACHs totaling 15,602 licensed beds as of December 31, 2025. Properties are leased under individual and master lease agreements to operators including affiliated 'Waters of' branded SNF operators.
Revenue Model
Rental income from triple-net and master leases on skilled nursing facilities (SNFs), assisted living facilities (ALFs), and long-term acute care hospitals (LTACHs). Annualized average base rent totaled $142.7 million across 133 properties as of December 31, 2025. No single tenant accounts for more than 4.0% of annualized base rent; 143 tenants in total as of December 31, 2025.
Customers & Markets
Tenants are skilled nursing and post-acute care operators who serve elderly patients. Related-party tenants affiliated with CEO Moishe Gubin and director Michael Blisko (operating under the 'Waters' brand) represent 48.5% of all rental income for the year ended December 31, 2025. End-market demand is driven by Medicare and Medicaid reimbursement programs for elderly long-term and post-acute care.
Geographic Exposure
Ten U.S. states as of December 31, 2025: Indiana (25.2% of annualized base rent), Kentucky (18.3%), Illinois (15.7%), Tennessee (12.5%), Missouri (12.2%), Arkansas (7.7%), Texas (3.9%), Oklahoma (2.1%), Kansas (1.9%), Ohio (0.6%).
Financial Snapshot
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