Strawberry Fields REIT, Inc.

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Strawberry Fields REIT Q3 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question, you will need to press star 1-1 on your telephone keypad. As a reminder, this conference call is being recorded. At this time, I would like to turn the conference over to Mr. Jeff Beitner, Chief Investment Officer. Sir, please begin.

Thank you and welcome to Strawberry Fields REIT's Q3 2025 earnings call. I am the Chief Investment Officer and joining me today on the call are Marsh Gubin, our Chairman and CEO, and Greg Flamian, our CFO. Yesterday evening, the company issued its Q3 2025 earnings results, which are available on the company's Investor Relations website. Participants should be aware that this call is being recorded and listeners are advised that any forward-looking statements made on today's call are based on management's current expectations, assumptions, and beliefs about Strawberry Field's REITs business and the environment in which it operates. These statements may include projections regarding future financial performance, dividends, acquisitions, investments, returns, financings. and may or may not reference other matters affecting the company's business or the businesses of its tenants, including factors that are beyond its control. Additionally, references will be made during this call to non-GAAP financial results. Investors are encouraged to review these non-GAAP financial measures, as well as the explanation and reconciliation of these measures to the comparable GAAP results included on the non-GAAP measure reconciliation page in our investor presentation. And now onto discussing Strawberry Fields REIT and our Q3 2025 performance. I wanted to start by sharing some key highlights. During the quarter, the company collected 100% of its contractual rents. As we discussed in last quarter's conference call, on July 1st, 2025, the company completed the acquisition of nine skilled nursing facilities comprised of 686 beds located in Missouri. The acquisition was for $59 million. On August 5th, 2025, The company completed the acquisition for a skilled nursing facility with 80 licensed beds near McLeod, Oklahoma. The acquisition was for $4.25 million. The company funded the acquisition utilizing working capital. The initial annual base rents are $425,000 and are subject to 3% annual rent increases. On August 29th, the company completed the acquisition for a healthcare facility comprised of 108 skilled nursing beds and 16 assisted living beds near Poplar Bluff, Missouri. The acquisition was for $5.3 million. The company funded the acquisition utilizing working capital and the initial annual base rents are $530,000 and subject to 3% annual rent increases. A couple other items I wanted to mention. During Q3, the Board of Directors approved increasing the dividend to $0.16 a share. This increase represented a 14% increase over previous quarters. Yesterday, the Board of Directors approved the Q4 2024 dividend, which will also be $0.16 a share and will be paid on December 30th to shareholders of record on December 16th. On the acquisition front, we continue to see deals coming from around the country. As we have discussed in previous investor presentations, we are a big fan of the master lease structure, and currently 89% of our facilities are in master leases. With our disciplined approach, if there is a deal in an existing state, our current operators are looking to grow, and we can simply add the new facility to an existing master lease. If we were to enter and grow in a new state, we would be looking to acquire a sizable portfolio of at least 500 beds. As a final point, I'd like to point out that Strawberry Fields REIT is currently the closest pure play skilled nursing REIT in the market, with 91.5% of our facilities being skilled nursing facilities. I would now like to have Greg Flamian, our Chief Financial Officer, discuss the quarter-end financials.

Thank you, Jeff, and welcome everyone to Strawberry Fields REIT third quarter 2025 earnings call. Let's begin with the balance sheet. Total assets reached $880 million, which is a 33.1% increase compared to Q3 of 2024. This growth is primarily driven by our acquisition strategy and the successful retention of specific leases. On the liabilities and equity side, we saw increases aligned with our financing activities and some foreign currency exchange losses, which impacted other comprehensive incomes. Overall, the balance sheet reflects our continued investment in long-term growth. Turning to our income statement, year-to-date revenue through September was $114.9 million, up $28.3 million versus September of last year. This increase is largely due to the timing and integration of properties acquired over the past year, as well as the retention of activity that began in January. While revenue is up, we've also seen higher expenses, mostly driven by depreciation, amortization, and interest. These higher expenses are a result of the acquisitions discussed earlier in the presentation. That income year to date is $24.5 million or 44 cents a share compared to 19.9 million or 40 cents a share last year. Looking at our quarterly performance, the drivers are similar to our year to date results. Revenue increased by 10.2 million, again, due to the acquisitions and lease transitions. Expenses rose as well, driven by higher depreciation, amortization and interest from new assets. Net income for the quarter was 8.8 million or 16 cents a share up from 6.9 or 14 cents per share in Q3, 2024. To close, I'd like to highlight some key financial metrics. Projected AFFO for 2025 is 72.7 million, a 28.2% increase over the last year with a compound annual growth rate or CAGR of 13.3% since 2020. Adjusting EBITDA projected at 126.1 million with 38.9% year over year with a 13.6 CAGR. Our net debt to asset ratio is 49.2%, maintaining a balanced capital structure. As of September 30th, our dividend was 16 cents a share, representing a 5.2% yield. With an AFFO payout ratio of 46.8%, we're delivering strong results while preserving capital for future growth. These results reflect our disciplined execution and commitment to long-term shareholder value. With that, I'll turn it back over to Jeff Baitner, who will walk us through the portfolio highlights.