Executive Summary

Strong 2024 finish driven by acquisitions and lease renewals: FY rental revenues rose to $117.06M (+17.3% YoY), FFO to $60.19M (+21.6% YoY), AFFO to $55.83M (+6.0% YoY). Company maintained 100% rent collection and expanded to 130 facilities (14,540 beds) across 11 states .
Q4 (calculated) sustained momentum: Q4 FFO ≈ $15.59M and Q4 net income ≈ $6.57M, consistent with Q2–Q3 run-rate, reflecting added rents from 2024 acquisitions and lease actions, partially offset by higher interest expense .
Capital actions and liquidity: December underwritten equity offering raised ~$35M gross; S-3/ATM in place. Bonds outstanding nearly doubled YoY as company funded growth, while equity base increased materially with share issuance .
Dividend: $0.14/share declared for Q1 2025 (maintained from Q4 pacing after raising from $0.13 in Q2), supporting an income narrative; no formal 2025 financial guidance provided. Earnings call scheduled Mar 3, 2025; transcript not available at time of analysis .

What Went Well and What Went Wrong

What Went Well
- Consistent rent collection and footprint expansion: 100% contractual rent collection; portfolio scaled to 130 facilities/14,540 beds via 2024 acquisitions, including $87.5M purchase of 8 Missouri facilities (1,111 beds) and subsequent 6 Kansas facilities ($24M, 354 beds, closed Jan 2, 2025) .
- Cash flow growth: FY FFO rose to $60.19M (from $49.48M) and AFFO to $55.83M (from $52.67M), reflecting rent escalations/renegotiations and accretive acquisitions; CEO highlighted a “strong year” and lease extensions into 2034 on two Indiana master leases (41 facilities) .
- Capital markets progress: Effected S-3, launched ATM, completed first underwritten equity offering (~$35M gross) to improve liquidity and fund growth .
What Went Wrong
- Higher interest expense: FY net interest expense increased to $34.81M (+30.5% YoY) tied to bond issuances and additional bank debt, pressuring earnings leverage despite higher rental revenue .
- Higher operating overhead: G&A rose to $6.85M (+20.9% YoY) on insurance, legal, and corporate costs; D&A also moved higher with the expanded asset base .
- Limited visibility on quarterly details and estimates: Company furnished primarily full-year figures; Q4 call transcript not available and Street estimates were unavailable via S&P Global during this request window, limiting beat/miss analysis .

Financial Results

Quarterly trend (oldest → newest) and FY context

Metric	Q2 2024	Q3 2024	Q4 2024 (calc)	FY 2024
Net Income ($USD Millions)	$7.040	$6.901	$6.572 (FY 2024 $26.505 − 9M 2024 $19.933)	$26.505
FFO ($USD Millions)	$15.268	$15.242	$15.594 (FY 2024 $60.193 − 9M 2024 $44.599)	$60.193
AFFO ($USD Millions)	$14.301	$14.275	$14.227 (FY 2024 $55.825 − 9M 2024 $41.598)	$55.825
Dividend Declared (per share)	$0.13 (paid 9/30/24)	$0.14 (paid 12/30/24)	$0.14 (declared 2/21/25, paid 3/31/25)	N/A
Contractual Rent Collection	100%	100%	100% (FY statement)	100%

Notes: Q4 values shown as calculations using FY 2024 minus nine months ended 9/30/24 as disclosed in Q3 8-K; company did not publish standalone GAAP Q4 tables in the year-end release .

Full-year margins and YoY comparison

Metric	FY 2023	FY 2024
Rental Revenues ($USD Millions)	$99.805	$117.058
Income from Operations ($USD Millions)	$47.439	$61.303
Net Income ($USD Millions)	$20.244	$26.505
Net Income Attributable to Common ($USD Millions)	$2.496	$4.095
Basic & Diluted EPS (Common)	$0.39	$0.57

Balance sheet snapshot

Metric	FY 2023	FY 2024
Total Assets ($USD Thousands)	$616,795	$787,589
Real Estate Investments, net ($USD Thousands)	$518,314	$609,058
Cash & Cash Equivalents ($USD Thousands)	$12,173	$28,573
Restricted Cash ($USD Thousands)	$25,585	$65,083
Bonds, net ($USD Thousands)	$100,294	$209,944
Notes Payable & Other Debt ($USD Thousands)	$436,192	$460,591
Total Liabilities ($USD Thousands)	$569,522	$704,018
Total Stockholders’ Equity ($USD Thousands)	$7,507	$44,235
Common Shares Outstanding	6,487,856	12,062,309

Portfolio KPIs (footprint growth)

KPI	Q2 2024	Q3 2024	FY 2024
Facilities (count)	110	114	130
Beds (approx.)	12,500+	12,800+	14,540
Notable Acquisitions	IN SNF/ALF, $5.85M (Jun)	TX (2 SNFs), $15.25M (Aug); TN SNF+ALF, $6.7M (Sep)	MO (8 assets), $87.5M (Dec); KS (6 assets), $24M (Jan 2, 2025)

Non-GAAP Definitions: FFO follows NAREIT; AFFO adjusts for straight-line rent, above/below-market leases, non-cash comp, and certain non-recurring items; see company discussion for limitations and reconciliation .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Dividend per share	Q2 2024 → Q3 2024	$0.13 (Q2 declared)	$0.14 (Q3 declared)	Raised
Dividend per share	Q4 2024 pacing → Q1 2025	$0.14 (Q3)	$0.14 (declared 2/21/25 for 3/31/25)	Maintained

No quantitative 2025 guidance for revenue, margins, capex, or tax rate was provided in the Q4 materials .

Earnings Call Themes & Trends

Note: Company scheduled its 2024 year-end call for Mar 3, 2025; transcript was not available at the time of analysis. Themes below reflect management commentary in Q2–Q4 press releases .

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Capital markets / liquidity	Dual listing on TASE; added to Russell 3000	S-3 effective; ATM underway	Underwritten equity offering ~$35M; ATM in place	Strengthening access/liquidity
Acquisitions pipeline	IN asset $5.85M; evaluating deals	Closed TX and TN deals; robust pipeline	Closed 8 MO assets; signed 6 KS assets (closed Jan 2)	Accelerating external growth
Rent collection / leasing	100% collection; IN master lease renewal (10 yrs)	100% collection	100% collection; extended two IN master leases to 2034 (41 facilities)	Stable collections; extended duration
Interest expense / leverage	Higher interest expense YoY	Higher interest expense YoY	Interest expense +30.5% YoY; bonds up YoY	Headwind persists
Dividend policy	$0.13 declared	Raised to $0.14	Maintained at $0.14	Stable/increasing run-rate

Management Commentary

“I am excited to be reporting another strong year for Strawberry Fields REIT. The Company continued to collect 100% of its contractual rents. The Company also extended its two Indiana Master Leases (41 facilities) which now provides contractual rents into 2034.” — Moishe Gubin, Chairman & CEO .
“In 2024 the Company acquired 15 facilities (1,985 beds) for $130.3 million… 2025 has been off to a great start with the acquisition of 6 facilities in Kansas for $24 million… The deal flow remains strong and we look forward to continuing to growing the Company’s presence…” — Moishe Gubin .
“We have begun issuing shares under our ATM program… the first time that the Company has issued new shares to the Public Markets… strengthening our balance sheet and increasing our stock’s liquidity.” — Moishe Gubin, Q3 release .
“Over the 12 months the Company’s projected SL rents increased from $84.2mm to $106.7mm; mainly due to acquisitions and renegotiations of existing master leases.” — Moishe Gubin, Q2 release .

Q&A Highlights

The 2024 year-end earnings call was scheduled for Mar 3, 2025; a transcript was not available in the document system at the time of this analysis, so Q&A themes and specific clarifications cannot be provided yet .
We searched for “earnings call transcript” and “conference/webcast” for STRW between Jan 1–Mar 31, 2025, but found no transcript in the system. We will update Q&A highlights once the transcript is available.

Estimates Context

Consensus estimates (S&P Global) for Q4 2024/FY 2024 were unavailable during this request due to S&P Global daily request limits. As a result, we cannot provide a beat/miss analysis vs Street for revenue or EPS at this time. We will update once access is restored.

Key Takeaways for Investors

External growth remained the primary driver: sizable 2024 acquisitions (MO, TX, TN) and early-2025 Kansas deal support continued rent expansion and AFFO durability .
Balance sheet flexibility improved with equity issuance (~$35M gross) and an active ATM; however, higher interest expense remains a notable earnings headwind as bonds and bank debt increased YoY .
Lease duration/risk improved: extension of two Indiana master leases (41 facilities) through 2034 bolsters cash flow visibility alongside 100% rent collection .
Dividend momentum: step-up from $0.13 to $0.14 in Q3 and maintained at $0.14 for Q1 2025, signaling confidence in cash generation while the company scales .
Monitor integration and ramp of the 2024–early 2025 acquisitions, tenant performance under master leases, and the cadence of ATM utilization to fund incremental growth .
Watch interest-rate exposure and refinancing plans given the higher bond balance and bank debt; sustained FFO growth will need to outpace rising interest cost to support further dividend increases .
Near-term catalysts: publication of the Mar 3 earnings call transcript, potential 2025 acquisition announcements, and any updates on capital markets activity and dividend policy .

Strawberry Fields REIT, Inc. (STRW)·Q4 2024 Earnings Summary