Slide 1: Strawberry Fields REIT
Strawberry Fields REIT NYSE American: “STRW” November 6, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements in this presentation are “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements provide our current expectations or forecasts of future events and are not statements of historical fact. These forwa
Slide 3: Disclaimer Regarding Non-GAAP Financial Measures
Disclaimer Regarding Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures not based on generally accepted accounting principles. The Company presents non-GAAP financial measures when it believes that the additional information is useful and meaningful to investo
Slide 4: Legal Disclaimer
We believe that the use of FFO, AFFO, EBITDA, Adjusted EBITDA (which can be defined as EBITDA net of the effects of straight-line rent, gain/loss on currency translation costs and the effects of credit provision for doubtful accounts), EBITDARM and Net Debt are helpful to our investors as these metr
Slide 5: Strawberry Fields REIT Company Highlights
Strawberry Fields REIT Company Highlights • The history of our Company began 22+ years ago when our CEO & Chairman, Moishe Gubin & one of our Directors, Michael Blisko began acquiring skilled nursing facilities in Indiana • In 2015 Strawberry Fields REIT (the “Company”) was spun out as a Propco with
Slide 6: About Strawberry Fields REIT Inc. (the Company)
About Strawberry Fields REIT Inc. (the “Company”) The Company is an income Our business is financed through a producing real estate investment 47.2% of our facilities are leased to related parties, combination of bond debt, HUD company that owns 131 properties including 67 facilities leased to affil
Slide 7: Portfolio Summary as of September 30, 2025
Portfolio Summary as of September 30, 2025* Demonstrated Operating Results and Financial Strength 131 $250M+ Owned assets, plus one asset 49.2%** under a long-term lease Acquisition Pipeline Net Debt to Net Assets 15,500+ $72.7M** 5.6x** Q3 Annualized Total number of beds Adjusted FFO Net Debt to AE
Slide 8: Proven Acquisition Strategy Driving Significant Growth in the Portfolio
Proven Acquisition Strategy Driving Significant Growth in the Portfolio 2015: Our predecessor, 2015: We issued $68.3 2018: We issued $67.1 2021: We created an 2022: We Feb Jun 2024: We July 2025: We Strawberry Fields REIT, million of Series A bonds million of Series B bonds UPREIT structure, with Ne
Slide 9: Portfolio Composition
Diversified Base of Consultants to Portfolio Composition Operators 142 Facilities 15,500+ total beds across 10 states (Illinois, Indiana, Arkansas, Tennessee, Kansas, Kentucky, Missouri, Ohio, Oklahoma, and Texas) 12 buildings include two types of licensed facilities In order to leverage scale and e
Slide 10: Experienced Management
Moishe Gubin, our Chairman and founder, has served as the Chief Executive Officer since inception of the Company. From 2004 to 2014, Mr. Gubin was the Chief Financial Officer and Manager of Infinity Healthcare Management, LLC, a company engaged in managing skilled nursing facilities and other health
Slide 11: Board
Moishe Gubin, Chairman, who also serves as our Chief Executive Officer. Michael Blisko, Director, who is the Chief Executive Officer of Infinity Healthcare Management. Mr. Blisko is a veteran of leading healthcare consultancy portfolios, as well as the architect in creating cutting edge leadership t
Slide 12: Disciplined Underwriting and Acquisition Strategy
Disciplined Underwriting and Acquisition Strategy Investment Criteria Due Diligence Asset Management Recent Acquisitions 10% projected ROI Diligence includes review of operator-level Analysis of tenant-furnished operator-level • Acquisition of 1 SNF/ALF (124 beds) in financials (3+ years) and
Slide 13: Strong Relationships with Experienced Consulting Groups & Operators
Strong Relationships with Experienced Consulting Groups & Operators 13 Provides consulting services to 81 operators with 9,600+ * beds (including 67 Strawberry facilities with 7,645 Our 133 properties are leased to 142 operators that receive licensed beds) Founded in 2008 by Michael Blisko and
Slide 14: Skilled Nursing Industry in the U.S
Skilled Nursing Industry in the U.S
Slide 15: Nursing Home Industry in the U.S - Summary
Nursing Home Industry in the U.S - Summary High barriers to entry: Federal and state-level -Significant set-up costs subsidies through -Regulatory restrictions Medicaid & Medicare -Specialized knowledge The Company specializes in a growing market that’s historically proven to be recession proof. Cas
Slide 16: Trends in Population
% of Total Population Trends in 25.0% 20.2% population 19.3% 20.0% 20.0% 16.1% age 15.0% 13.0% 65+ As a result of an increase 10.0% 2.3% 3.5% 4.3% in life expectancy in the United States, by 2030 5.0% 1.9% 1.9% age 0.0% 85+ 2010 2020 2030 2040 2050 the population of individuals aged 65 and Total Pop
Slide 17: Age Demographic of the Average SNF Resident
Age Demographic of the Average SNF Resident* 83.5% 45.0% 40.0% 35.0% The services that a long- term resident receives at 30.0% a SNF is geared towards those who need constant 25.0% care or cannot take care 20.0% of themselves anymore. The percentage of 15.0% residents that are in SNF’s aged 65+ is 1
Slide 18: Projected Medicare #039;s to be Spent on the Aging Population in SNF's
Increased Spend on 300 Aging Population Projected Medicare $’s to be Spent on the Aging Population in SNF’s $273.0 $262.1 250 4.63% $250.3 $238.6 CAGR $227.9 $207.9 $217.9 Due to the increase in life 200 $188.1 $197.6 expectancy in the United States, which will result $181.6 in a greater amount of t
Slide 19: Financial Highlights
a . ee a ; WBERRY Me FIELDS Financial Highlights
Slide 20: Adjusted FFO and Adjusted EBITDA Growth
Adjusted FFO and Adjusted EBITDA Growth 2020 – Projected 2025 Adjusted FFO Growth ($/thousands) Adjusted EBITDA Growth ($/thousands) 80,000 140,000 13.3% 72,653 126,115 70,000 13.6% CAGR 120,000 CAGR 60,000 55,825 100,000 52,668 90,632 51,076 50,000 79,342 43,935 80,000 73,790 AEBITDA 38,844 AFFO 40
Slide 21: Assets Growth and Base Rent Growth
Assets Growth and Base Rent Growth 2020 – Projected 2025 Total Assets Growth (GAAP) CAGR ($/thousands) Average Base Rent CAGR ($/thousands)* 1,200,000 140,973 1,097,755 140,000 11.6% 13.4% 1,000,000 CAGR 942,654 120,000 CAGR 104,386 REAL ESTATE INVESTMENT 798,338 100,000 800,000 686,168 86,839 686,1
Slide 22: Growth In AFFO
Growth In AFFO Significant AFFO Growth driven Accretive reinvestment of cash flow, scaling operations and utilizing HUD debt Illustrative Reinvestment of Cash Flow AFFO/Share Growth* Q3 2025 AFFO $71,137,000 $1.28 ** Payout Ratio 46.8% $1.11 $1.02 $0.96 Retained Cash Flow $37,821,000 $0.82 $0.75 Tar
Slide 23: Debt Structure as of September 30, 2025
Debt Structure as of September 30, 2025 Debt Maturity HUD Guaranteed Debt $256.1MM Weighted average cost: 3.91% Years 1-5 22.2% Secured Bank Debt Banks $164.5MM Interest rate: SOFR+3.5% Years SF REIT LTD* Secured Bond Series C 43.2% 1-5 $75.0MM Bonds Interest rate: 5.70% SF REIT LTD* Unsecured Bond
Slide 24: Strawberry Fields REIT Facility Statistics
SNF Facility Occupancy of 74.2%* SNF Average Facility Size of 109 Beds SNF PPD Average of 81 Residents** Strawberry Operators Payor Mix Fields REIT Private 6% Medicare 4% Other 11% Facility Statistics as of August 2025 Medicaid 79% *Based on 14,273 operating SNF beds. **PPD (“Per Patient Day”) is a
Slide 25: Facility Operator & State Diversification
Facility Operator & State Diversification Base Rent by Related Consultant Base Rent by State Other 10% Other 8% Tide Group Infinity of Illinois Illinois 7% 11% 16% Missouri 12% Reliant Care Management 8% Infinity of Indiana 25% Siena Healthcare Kentucky Indiana 8% 18% 25% Hill Valley HC 18% Infinity
Slide 26: Market Performance and Value Opportunity
Market Performance and Value Opportunity Performance for STRW over the Last Year(1) 1-Year Total Return vs. Peers (1) AFFO Trading Multiple(2) 17% 19.7x 11% 7% 15.2x 7% 13.4x 12.6x 12.8x 2% 9.6x (1%) STRW SBRA LTC OHI NHI CTRE Note: Please refer to the final page of this presentation for a reconcili
Slide 27: Low Payout Ratio with Solid Dividend Yield
Low Payout Ratio with Solid Dividend Yield STRW Boasts Lowest Payout Ratio Among Peers AFFO Payout Ratio(1) Dividend Yield(2) 84.8% 6.3% 6.4% 81.1% 6.2% 79.2% 76.1% 70.4% 5.2% 4.6% 3.9% 46.8% STRW NHI CTRE LTC SBRA OHI CTRE NHI STRW LTC OHI SBRA Note: Please refer to the final page of this presentat
Slide 28: Skilled Nursing Focus Magnified
Skilled Nursing Focus Magnified STRW is the Closest Pure-Play SNF Real Estate Investor in the Market SNF Properties as a % of Portfolio(1) 91.5% 59.8% 59.8% 51.3% 37.6% 33.3% STRW OHI SBRA CTRE NHI LTC 1) Represents owned portfolios as of Q3 2025. 28
Slide 29: Portfolio Strength Paired with Accretion
Portfolio Strength Paired with Accretion Strong SNF Performance with Higher AFFO/Share Growth than Peers SNF TTM EBITDARM Coverage(1) 2020-2025E AFFO/Share CAGR(2) 3.16x 3.17x 11.3% 2.35x 2.15x 2.01x 1.91x 3.8% 0.6% -0.2% -0.6% -3.2% SBRA LTC NHI OHI CTRE STRW OHI STRW LTC SBRA CTRE NHI Note: EBITDA
Slide 30: Moishe Gubin, Jeff Bajtner contact details
Moishe Gubin Jeff Bajtner Chairman & CEO Chief Investment Officer Mgubin@sfreit.com Jbajtner@sfreit.com 6101 Nimtz Parkway South Bend, IN 46628 574.807.0800
Slide 31: Non-GAAP Measure Reconciliation
Non-GAAP Measure Reconciliation Nine Months Ended Nine Months Ended Adjustments to FFO ("AFFO"): September 30, Adjustments to EBITDA ("AEBITDA"): September 30, (dollars in $1,000s) 2025 2024 (dollars in $1,000s) 2025 2024 Net income $ 24,526 $ 19,933 Net income (loss) $ 24,526 $ 19,933 Loss from rea