Welcome to our dedicated page for Strawberry Fields REIT news (Ticker: STRW), a resource for investors and traders seeking the latest updates and insights on Strawberry Fields REIT stock.
Strawberry Fields REIT, Inc. (NYSE American: STRW) is a self-managed and self-administered real estate investment trust that specializes in the acquisition, ownership, and triple-net leasing of skilled nursing facilities and other healthcare properties. As of March 2024, the company's portfolio includes 109 healthcare facilities comprising 99 skilled nursing facilities, eight assisted living facilities, and two long-term acute care hospitals with an aggregate of 12,449 beds, located throughout Arkansas, Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee, and Texas.
Strawberry Fields REIT has shown resilient growth through strategic acquisitions and robust financial performance. Notably, the company completed a $102 million acquisition of 24 healthcare facilities in Indiana in 2023, and it aims to continue this momentum into 2024 by expanding its portfolio with new and existing operators. The company's financial condition remains strong, with a focus on generating sufficient cash flows to service its outstanding indebtedness and maintain its REIT status.
Strawberry Fields' business model revolves around triple-net leasing, where tenants are responsible for property-related expenses, including maintenance, insurance, and taxes. This model has enabled the company to maintain steady rent collections and increase dividends consistently. In November 2023, the Board of Directors declared a cash dividend of $0.12 per share, reflecting the company's commitment to providing shareholder returns.
The company has also announced a share repurchase program of up to $5 million, emphasizing its belief that the current share price does not reflect the true value of the company. This initiative, alongside other strategic moves, aligns with the company's focus on delivering long-term growth and shareholder value.
With a dual listing on the Tel Aviv Stock Exchange, Strawberry Fields REIT has broadened its investor base, attracting institutional Israeli investment companies. This dual listing complements its existing presence on the NYSE American, further enhancing its market visibility and investor reach.
Overall, Strawberry Fields REIT, Inc. stands out as a significant player in the healthcare real estate sector, with a well-diversified portfolio, strategic growth initiatives, and a commitment to shareholder value.
Strawberry Fields REIT (NYSE AMERICAN:STRW) has completed two separate acquisitions of four Skilled Nursing Facilities (SNFs) for a total of $19.25 million. The first acquisition, valued at $15.25 million, includes two SNFs in Texas with a combined 254 beds. These facilities will be leased to the Tide Group for an initial 10-year period, increasing the Company's annual rents by $1.525 million. The second acquisition, worth $4 million, comprises two SNFs in Tennessee with a total of 248 beds. This acquisition will increase annual rents by $400,000. Both leases are subject to 3% annual increases.
CEO Moishe Gubin expressed enthusiasm for the acquisitions, highlighting the company's growth in Tennessee and Texas. The transactions are expected to contribute positively to Strawberry Fields REIT's portfolio and rental income.
Strawberry Fields REIT (NYSE American: STRW) reported strong Q2 2024 results. Highlights include:
- 100% rent collection
- Renewed Indiana Master lease for 10 years with $15.5M base rent
- Completed dual listing on Tel Aviv Stock Exchange
- Acquired a 78-bed facility in Indiana for $5.85M
- Added to Russell 3000 Index
Financial results for Q2 2024 vs Q2 2023:
- FFO: $15.2M vs $12.7M
- AFFO: $14.3M vs $13.4M
- Net income: $7.0M vs $5.7M
- Rental income: $29.2M vs $21.8M
The company declared a $0.13 per share cash dividend payable on September 30, 2024.
Strawberry Fields REIT Inc. (NYSE AMERICAN:STRW) has successfully completed a bond issuance on the Tel Aviv Stock Exchange, raising approximately NIS 146 million (about $38 million). The company issued new Series A Bonds due in September 2026, which are unsecured obligations denominated in Israeli shekels. These bonds will pay an interest rate of 6.97% per year until maturity.
The net proceeds from this bond sale will be utilized for working capital and general corporate purposes, potentially including the redemption of the company's outstanding debt. It's important to note that these bonds are not registered under the U.S. Securities Act and were offered exclusively to investors outside the United States.
Strawberry Fields REIT (NYSE AMERICAN:STRW) has established an at-the-market (ATM) equity program to enhance its financing flexibility. The program allows the company to issue and sell newly issued common stock to the public, subject to SEC volume limitations. Sales will be conducted through the NYSE at prevailing market prices, with timing and volume determined by the company. The ATM program is capped at $24 million over its lifetime.
The company aims to use the net proceeds to increase stock liquidity and facilitate growth. B. Riley Securities, Inc. and A.G.P. / Alliance Global Partners have been retained as agents for the program. The ATM is established under a prospectus in a Registration Statement on Form S-3, which became effective on August 1, 2024.
Strawberry Fields REIT (NYSE AMERICAN: STRW) has announced its participation in NAREIT's REITweek 2024 Investor Conference in New York City.
Management will present on June 5, 2024, at 9:30 AM Eastern Time, moderated by David Auerbach of Hoya Capital.
The company will also hold investor meetings from June 4-5, 2024. Interested investors can arrange meetings via ir@sfreit.com.
Materials presented at the conference will be available on the company's website before the event.
Strawberry Fields REIT (NYSE AMERICAN: STRW) will hold its Annual Shareholder Meeting and Investor Day on May 30, 2024, at 10:00 AM ET in Ft. Lauderdale, Florida. The event will be held at 2477 E. Commercial Dr., Ft. Lauderdale, FL 33308. For those unable to attend in person, a webcast link will be provided, and all materials discussed during the meeting will be posted online on the webcast link and the company's website, Strawberryfieldsreit.com.
Strawberry Fields REIT (NYSE American: STRW) announced its Q1 2024 results, highlighting a 14.8% increase in rental revenue to $27.8 million, net income of $6 million, and FFO of $14.1 million. The company collected 100% of contractual rents and entered into multiple leasing and acquisition agreements. Key transactions include a new master lease for properties acquired in Indiana, issuance of Series D Bonds raising $26.7 million, and a $5.85 million purchase agreement for a nursing facility in Indiana. The company also declared a cash dividend of $0.13 per share, payable on June 28, 2024.
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