Slide 1: Strawberry Fields REIT Investor Presentation Q2 2026
142 Facilities 10 States Strawberry Fields REIT 15,500 Investor Presentation | Q2 2026 Licensed Beds NYSE: “STRW” $143M Base Rent Skilled Nursing Facility REIT | Pure-Play SNF REIT | 22+ Years Performance | Internally Managed
Slide 2: Important Disclosures
Important Disclosures 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 histor
Slide 3: Legal Disclaimer
Legal Disclaimer items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization. AFFO is defined as FFO excluding the impact of straight-line rent, abo
Slide 4: The Investment Case
The Investment Case Durable Cash Flows 01 NNN leases with ~2.8% escalations | 100% rent collection | Government-backed revenue Proven Growth Track Record 02 33 to 142 facilities since 2015 | 11%+ CAGR on AFFO and EBITDA over 5 years Structural Demographic Tailwinds 03 72M+ Americans 65+ by 2035 | Lo
Slide 5: Company Snapshot
Company Snapshot Strawberry Fields REIT | NYSE: STRW | as of June 30, 2026 2003 2023* 142 Founded NYSE Listed Total Facilities Moishe Gubin and Michael Blisko Founders Ticker: STRW 130 SNFs | 10 ALFs | 2 LTACHs 55+ years of collective SNF experience 15,500 PURE-PLAY SNF $143M Licensed Beds Asset Typ
Slide 6: Portfolio At-A-Glance
Portfolio At-A-Glance as of June 30, 2026 100% $200M $225M+ Contractual Rent Collected Corporate Credit Facility Acquisition Pipeline SOFR+2.75% | $140M dry powder strong institutional network $73.9M * $127.5M 5.7x * * Adjusted FFO Adjusted EBITDA Net Debt / EBITDA Q2 2026 Annualized | 11.0% 5-Yr CA
Slide 7: Disciplined Underwriting and Acquisition Strategy
Disciplined Underwriting and Acquisition Strategy NYSE: STRW 01 02 03 04 Investment Criteria Due Diligence Asset Management Recent Acquisitions • 10%+ projected ROI • Operator-Level financials (3+ • Analysis of tenant-furnished • 1 SNF in Oklahoma near Grove (50 • 20% projected levered IRR over a ye
Slide 8: Geographic Footprint
Geographic Footprint Diversified across 10 states with strategic concentration | As of June 30, 2026 CONSULTANTS / % OF BASE RENT BY STATE OPERATORS Advena Healthcare Indiana 25.2% AOM Healthcare Bria Health Services Kentucky 18.3% Hull Valley HC Illinois 15.7% Infinity of Illinois Tennessee 12.5% I
Slide 9: Dual Growth Engine
Dual Growth Engine Internal income growth combined with external acquisition growth Internal Growth External Growth • Built-in rent escalations (~2.8% avg • $225M+ active acquisition pipeline annual) • Off-market, smaller deals (less • 100% contractual rent collection competition) • Long-term NNN le
Slide 10: Repeatable Acquisition Model
Repeatable Acquisition Model Systematic sourcing, underwriting, and integration 01 › 02 › 03 › 04 Source Underwrite Structure Integrate Off-market deal flow through Long-term NNN leases** with Standardized onboarding. Rigorous due diligence with established operator ~3% annual increases. Leases Oper
Slide 11: Proven Acquisition Strategy
Proven Acquisition Strategy Disciplined, off-market acquisitions and strong execution driving compounding portfolio and valuation growth 2015 – 2017 2017 – 2020 2021 – 2023 2024 2025 – 2026 2015: Strawberry Fields REIT, LLC, 2017-2018: Purchased 9 properties in 2021: Created an UPREIT, with the Jan:
Slide 12: The Demographic Tailwinds
The Demographic Tailwinds A 30-year structural advantage for skilled nursing operators 10 Years — 2035 20 Years — 2045 30 Years — 2055 72M+ 83M+ 95M+ Americans aged 65+ Americans aged 65+ Americans aged 65+ Up from 58M today. Peak baby boomer aging. Sustained demand growth. Medicare SNF spending 83.
Slide 13: Aging Demographics Driving Structural Demand
Aging Demographics Driving Structural Demand By 2030, the U.S. population aged 65 and older is projected to exceed 72 million, supporting sustained demand and reinforcing strong barriers to entry. % of Total Population Total Population for Age Group 88.5 20.0% 20.2% 19.3% AGE 81.2 AGE 65+ 72.1 16.1%
Slide 14: High Barriers-to-Entry
High Barriers-to-Entry The Company has achieved scale in targeted markets where set-up and operational costs are prohibitively expensive for operators who do not have specialized knowledge of the industry and economies of scale. An aging population combined with lack of new supply creates high-barri
Slide 15: Financial Performance and Portfolio Growth
Financial Performance and Portfolio Growth Strong, consistent growth across all key metrics (2021–2026E) Adjusted FFO ($M)* Portfolio Growth CAGR ($M)** 73.9 1,427.2 72.5 1,426.8 55.8 52.7 1,043.9 51.1 43.9 868.4 821.6 777.4 2021 2022 2023 2024 2025 2026E 2021 2022 2023 2024 2025 2026E 11.0% AFFO CA
Slide 16: Growth in AFFO
Growth in AFFO Significant AFFO growth driven by accretive reinvestment of cash flow, scaling operations and utilizing HUD debt Illustrative Reinvestment of Cash Flow AFFO/Share Growth* Projected 2026 AFFO* $73,890,000 $1.33 Payout Ratio 50.6% $1.30 $1.11 $1.02 Retained Cash Flow $37,394,000 $0.96 $
Slide 17: Q2 2026 Debt Structure
Q2 2026 Debt Structure Conservative, long-duration debt profile | $200M Corporate Credit Facility closed in Q2 5.9% 20+ 49.8% 5.7x Blended Years Avg. Net Debt / Net Debt / Interest Rate HUD Debt Maturity Net Assets AEBITDA Debt Maturity Schedule ($M) Debt Composition 300 Corporate Bonds 250 $359M |
Slide 18: Operator Health & Risk Framework
Operator Health & Risk Framework Transparent, institutional-grade approach to portfolio risk management Operator Concentration Coverage Metrics • Diversified exposure across 16 consulting groups. • EBITDARM rent coverage at 2.17x (TTM May 2026). • No single operator exceeds 25% of revenue. • Consist
Slide 19: Valuation Context
Valuation Context Attractive entry point relative to healthcare REIT peers Metric STRW Peer Range Takeaway AFFO Multiple 10.5x 12.9x - 21.5x Significant discount to peers STRW trades at a meaningful Attractive yield with lowest discount to healthcare REIT Dividend Yield 4.9% 3.8% - 5.9% payout ratio
Slide 20: A Persistent Valuation Gap
A Persistent Valuation Gap STRW vs. SNF healthcare REIT peers | Sources: Company filings, S&P Capital IQ, Bloomberg AFFO Trading Multiple STRW Leading peers on the fundamentals 10.5x SBRA 12.9x #1 Most SNF-focused 92% of portfolio vs. 36–63% peers #1 Fastest LTC 13.1x AFFO/share growth +11% CAGR ‘21
Slide 21: Market Performance and Value Opportunity
Market Performance and Value Opportunity Performance for STRW over the Last Year (June 30, 2025 – June 30, 2026) 1-Year Total Return vs. Peers STRW Stock Price Performance (TTM June 2025 – June 2026) $15 TTM 27.9% Price/Inc. 38.4% 37.2% 37.1% $14 $13 18.3% $12 14.0% 12.5% $11 Jul Aug Sep Oct Nov Dec
Slide 22: 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 91.5% 63.4% 60.2% 56.9% 37.1% 36.3% STRW CTRE OHI SBRA NHI LTC Represents owned portfolios; CTRE, NHI, and LTC concentrations as of Q1 2026;.others as of Q2 2026. N
Slide 23: Peer Comparison
Peer Comparison STRW vs. SNF Healthcare REIT peers | Sources: Company filings, S&P Capital IQ, Bloomberg AFFO Payout Ratio (%) 2021-Q2 2026 Ann. AFFO/Share CAGR (%) 87.2% 10.2% 81.3% 75.0% 77.0% 72.9% 5.6% 50.6% 3.5% 0.1% 0.0% -0.8% STRW NHI SBRA LTC CTRE OHI Note; CTRE, NHI, and LTC data as of Q1 2
Slide 24: Leadership
Leadership Experienced management team with deep healthcare real estate expertise Moishe Gubin Jeffrey Bajtner Greg Flamion Steven Greenfield Chairman & CEO CIO & COO CFO General Counsel • Founder with 22+ years in skilled • Oversees acquisitions, dispositions, • Leads capital structure, HUD • Overs
Slide 25: Board of Directors
Board of Directors Independent oversight with deep healthcare and capital markets expertise Moishe Gubin Michael Blisko Jack Levine Chairman & CEO Director Director • Founder with deep sector expertise in SNF real estate • CEO of Infinity Healthcare • CPA with public company board experience (Blink
Slide 26: Thank You
Thank You Strawberry Fields REIT | NYSE: STRW INVESTOR RELATIONS Moishe Gubin, Chairman & CEO | Mgubin@sfreit.com Jeff Bajtner, CIO | Jbajtner@sfreit.com 6101 Nimtz Parkway, South Bend, IN 46628 | 574.807.0800 www.strawberryfieldsreit.com
Slide 27: Non-GAAP Measure Reconciliation
Non-GAAP Measure Reconciliation Appendix: Adjustments to FFO ("AFFO") Six Months Ended June 30, (dollars in $1,000s) 2026 2025 Net income $ 18,412 $ 15,653 Depreciation and amortization 22,623 22,594 Funds from Operations 41,035 38,247 Straight-line rent (4,090) (3,022) Funds from Operations, as Adj
Slide 28: Non-GAAP Measure Reconciliation
Non-GAAP Measure Reconciliation Appendix: • EBITDARM is a non-GAAP measure that for any period of determination, the aggregate net operating income of Tenant for such period to the extent derived from the operation of the Premises as reflected in their financials, adjusted to add thereto, to the ext