• It's like a landlord for nursing homes and long-term care facilities, similar to how Simon Property Group (SPG) is a landlord for shopping malls.
• Think of it as a specialized real estate company, much like Prologis (PLD) for warehouses, but Strawberry Fields REIT provides the buildings for healthcare operators like nursing homes.

• Leasing of Skilled Nursing Facilities: Providing real estate space specifically designed and equipped for skilled nursing and rehabilitation services to healthcare operators.
• Leasing of Other Healthcare Properties: Offering various long-term care and healthcare-related real estate, which may include assisted living facilities or memory care, for lease to healthcare providers.

As Strawberry Fields REIT (STRW) is a fictional company, its specific customer base cannot be determined from real-world data. However, as a Real Estate Investment Trust (REIT), its major customers would typically be the entities that lease its properties.

For the purpose of this exercise, let's assume Strawberry Fields REIT (STRW) operates as an Industrial REIT, specializing in the ownership and leasing of logistics facilities, warehouses, and distribution centers. In this scenario, STRW sells primarily to other companies.

Major Customers (Assumed Industrial REIT Model):

Strawberry Fields REIT's primary customers would be large enterprises that require extensive logistics and distribution infrastructure. These include:

• E-commerce Retailers: Companies that need vast warehouse and fulfillment centers to support their online sales operations. These tenants often require modern, large-scale facilities in strategic locations.
  • Amazon.com, Inc. (AMZN)
• Third-Party Logistics (3PL) Providers: Firms that manage warehousing, inventory, and transportation services for other businesses. They lease space to provide efficient supply chain solutions to their diverse client base.
  • FedEx Corporation (FDX)
  • United Parcel Service, Inc. (UPS)
• Traditional Retailers and Manufacturers: Businesses that require distribution centers to store and move goods to their physical stores, direct to consumers, or to other points in their supply chain.
  • Walmart Inc. (WMT)

These companies would enter into long-term lease agreements with Strawberry Fields REIT (STRW) for its industrial properties.

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Moishe Gubin, Chairman of the Board and Chief Executive Officer

Moishe Gubin has served as the Chief Executive Officer and a director of Strawberry Fields REIT since its organization, and as Chairman of the Board since June 2021. He founded Strawberry Fields REIT in 2014. Prior to this, from 2004 to 2014, he was the Chief Financial Officer and a manager of Infinity Healthcare Management, LLC, a company involved in managing skilled nursing and other healthcare facilities. Mr. Gubin's career began in the nursing home business, which underpins Strawberry Fields' focus on skilled nursing and acute care industries. He is also the founder of the Midwest Torah Center Inc., a non-profit spiritual outreach center.

Greg Flamion, Chief Financial Officer and Principal Accounting Officer

Greg Flamion joined Strawberry Fields REIT as Chief Financial Officer in January 2024. Before this, he served as CFO of Zimmerman Advertising, an agency under Omnicom Group Inc., from 2014 to 2023. Mr. Flamion has also held various accounting and finance positions at publicly traded companies, including Diageo and Bristol Myers Squibb. He is a licensed Certified Public Accountant in the State of Indiana.

Jeffrey Bajtner, Chief Investment Officer and Chief Operating Officer

Jeffrey Bajtner has served as Strawberry Fields REIT's Chief Investment Officer since March 2022 and Chief Operating Officer. He joined the company in June 2021 to oversee all acquisition and disposition activities and also serves as Director of Investor Relations. From 2015 until joining Strawberry Fields REIT, Mr. Bajtner oversaw acquisitions and asset management at BlitzLake Partners, a Chicago-based real estate developer. From 2012 to 2015, he worked with the asset management and capital market teams at NorthStar Realty Finance Corp.

The key risks for Strawberry Fields REIT (STRW) primarily revolve around its financial structure, tenant relationships, and dependence on government healthcare programs.

1. High Leverage and Interest Rate Risk: Strawberry Fields REIT carries a significant debt load, with an extremely high debt-to-equity ratio of 54.45, making it an outlier compared to its peers. The company's interest expense has substantially increased, rising by $4.4 million or 51%, primarily due to new commercial bank loans and bond issuances. This high leverage exposes STRW to considerable risk, particularly in an environment of rising interest rates, as its interest payments are not well covered by earnings.
2. Tenant Concentration and Related Party Leases: A substantial portion of Strawberry Fields REIT's portfolio, 50.8% of its facilities, are leased to related parties, including 67 facilities leased to affiliates of two of its directors. This high degree of tenant concentration and reliance on related-party leases introduces potential risks related to conflicts of interest, less diversified income streams, and the stability of these leases compared to those with independent third parties.
3. Reliance on Government Reimbursement: The operators of Strawberry Fields REIT's properties are heavily dependent on government subsidies, with almost 80% of the rent roll being subsidized by the government, primarily through Medicare and Medicaid. While Medicare rates have historically increased, any changes in government healthcare policies, funding levels, or regulatory reimbursement rates could significantly impact the profitability and financial stability of the REIT's tenants, and consequently, STRW's rental income. States' reliance on federal dollars also makes them vulnerable to disruptions in federal funding, which could indirectly affect the company's operators.

The accelerating trend of Aging in Place, enabled by advancements in remote monitoring technology, telehealth services, and the increasing availability of sophisticated home-based care options, poses a clear emerging threat. This trend could significantly reduce the long-term demand for traditional institutional senior living facilities, skilled nursing facilities, and other long-term care properties, fundamentally altering the real estate needs of the elderly care sector and impacting a REIT like Strawberry Fields, particularly if its portfolio includes such assets. This shift mirrors historical disruptions where new service delivery models (like Netflix displacing Blockbuster by offering a streaming alternative to physical rentals) undermined established physical asset-based businesses.

Strawberry Fields REIT (STRW) operates primarily in the U.S. healthcare real estate market, focusing on skilled nursing facilities (SNFs), assisted living facilities (ALFs), and long-term acute care hospitals (LTACHs).

The addressable markets for their main products and services in the U.S. are as follows:

• U.S. Skilled Nursing Facility (SNF) Market: This market was estimated at approximately USD 199.72 billion in 2024 and is projected to reach USD 290.02 billion by 2033, growing at a compound annual growth rate (CAGR) of 4.39% from 2025 to 2033. Another estimate places the U.S. skilled nursing facility market at USD 202.4 billion in 2025, anticipating it to reach USD 279.9 billion by 2035 with a CAGR of 3.3%. The market was also valued at USD 227.5 billion in 2022.
• U.S. Long-Term Care Market (which includes SNFs and ALFs): This broader market, encompassing services like nursing care, assisted living, and home healthcare, was estimated at USD 470.66 billion in 2024. It is expected to grow to USD 729.78 billion by 2030, with a CAGR of 7.71% from 2025. Another source valued the U.S. long-term care market at USD 474.03 billion in 2024 and projects it to reach around USD 922.06 billion by 2034, with a CAGR of 6.86% from 2025 to 2034.

Strawberry Fields REIT (STRW) is expected to experience revenue growth over the next 2-3 years, driven by several key factors:

1. Acquisition of New Properties: The company's strategy includes the ongoing acquisition of skilled nursing and other healthcare-related facilities. Recent examples include the acquisition of nine skilled nursing facilities in Missouri for $59 million and an 80-bed skilled nursing facility in Oklahoma for $4.25 million, both of which are anticipated to significantly boost annual rents. Management anticipates at least 10% asset growth in the coming year, indicating a continued focus on expanding its portfolio within its regional footprint.
2. Annual Rent Escalations: A consistent driver of revenue growth for STRW is the built-in rent escalators within its long-term, triple-net leases. These leases typically include annual rent increases ranging from 1% to 3%. This contractual feature provides a predictable and recurring source of revenue growth.
3. Re-tenanting and New Master Leases: Strawberry Fields REIT actively engages in re-tenanting activities and the establishment of new master leases for its properties. This process can lead to higher rental income, as demonstrated by increased rental revenues resulting from lease renegotiations and the commencement of new master leases, such as one in Kentucky.
4. Demographic Tailwinds from an Aging Population: The broader healthcare industry, particularly skilled nursing facilities, benefits from the increasing demand driven by an aging population. Projections indicate that spending on skilled nursing facility (SNF) care is expected to grow significantly, positioning Strawberry Fields REIT to capitalize on this long-term demographic trend and the constrained supply of such facilities.

Capital Allocation Decisions (2020-2025)

Share Repurchases

• On November 9, 2023, Strawberry Fields REIT's Board of Directors authorized a share repurchase program for up to $5 million of the company's common stock.

Share Issuance

• In July 2025, approximately $2.0 million in Operating Partnership (OP) Units of Strawberry Fields REIT LP were issued as part of an acquisition.
• As of November 6, 2025, the number of issued and outstanding common shares increased to 13,120,095 from 12,062,309 shares, as of a prior period (likely end of 2024 or Q3 2024).

Outbound Investments

• In July 2025, the company completed the acquisition of nine skilled nursing facilities in Missouri for $59.0 million.
• Strawberry Fields REIT acquired six healthcare facilities in Kansas for $24.0 million in January 2025.
• The company closed on the acquisition of eight skilled nursing facilities in Missouri for $87.5 million, as previously announced prior to January 2025.

Capital Expenditures

• The company primarily leases its properties on a triple-net basis, meaning the tenant is generally responsible for capital expenditures.
• Adjusted Funds From Operations (AFFO) and Funds From Operations (FFO) calculations by the company do not consider the costs associated with capital expenditures related to its real estate assets.