Strawberry 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.

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.

Products and 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.

Customers and end 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.

Value-chain role

Real estate owner and lessor. STRW acquires healthcare properties and leases them to operators under net lease structures. It does not operate the facilities directly. Nine of ten states in the portfolio have Certificate of Need (CON) laws that restrict new facility construction, limiting supply-side competition.

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%).

Source: SEC 10-K, filed 2026-03-19

Industry: Real Estate Investment Trusts Peers: /entities/nhp Diversified Healthcare Trust Selectis Health Inc Chiron Real Estate Inc Welltower Inc NorthStar Healthcare Income, Inc. Universal Health Realty Income Trust