Strawberry Fields REIT, Inc.

Good day and thank you for standing by. Welcome to the Strawberry Field's fourth quarter and year-end 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 during the session, you will need to press star 1-1 on your telephone keypad. I will now hand the call over to Jeff Feigner, Chief Investment Officer. You may begin.

Thank you and welcome to Strawberry Fields REIT's year-end 2025 earnings call. I am the chief investment officer and joining me today on the call are Marge Shkuben, our chairman and CEO, and Greg Fleming, our CFO. Yesterday, the company issued its year-end 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 2025 performance. I wanted to start by sharing some key highlights for the year. Throughout 2025, the company collected 100% of its contractual rents. This is something we are very proud of, as collecting our rents year in, year out shows our disciplined investment approach works. On January 1, 2025, the company re-tenanted its 10 Kentucky properties, formerly part of the landmark master lease. The new tenant, Hill Valley, has a strong background in operating skilled nursing facilities and was a great fit for this portfolio. The new rents, the new base rents are $23.3 million a year and are subject to annual increases of 2.5%. The initial lease term is 10 years with four five-year extension options. Also in January, the company entered the state of Kansas by acquiring six facilities consisting of 354 beds for $24 million. the company entered into a new triple net master lease with Willie and Michelle Novotny of Advenacare for an initial 10-year term that included two five-year extension options. In June, the company issued 312 million shekels in Series B bonds on the Tel Aviv Stock Exchange, which is approximately $89.5 million. The bonds are unsecured and were issued at par with a fixed interest rate of 6.7%. This was the company's sixth Series It completed on the Telvive Stock Exchange since the company was founded in 2015, and we look forward to maintaining this longstanding relationship that Marsh has grown into future series. In July, the company completed the $59 million acquisition of nine skilled nursing facilities comprised of 686 beds located in Missouri. Eight of the facilities were leased to the Tide Group, led by Brian Ramos, and were added to its existing master lease the company entered into in August of 2024. The ninth facility was leased to an affiliate of Reliant Care Group, led by Rick and Nick DiStefane, and were added to their master lease the company assumed in December 2024. This deal highlights the company's goal to grow its master leases. When there is a deal in an existing state or with an existing operator, it is very easy for the company to get the deal done. It's almost like plug and play as we do not need to renegotiate the lease or other terms with our tenant. We can simply add the new facility to the existing master lease and business goes on as usual. During 2025, the company continued to pay a dividend of around 5%. We started in Q1 with a dividend of 14 cents a share, and in August, the board of directors increased the dividend by 2 cents to 16 cents a share, which represented a 14% increase. As a final point, as we detailed in our earnings release yesterday, and as both Marcia and Greg will discuss further, 2025 was the best year the company has had since its inception. Over the last five years, the company has had 13 plus percent growth of the adjusted FFO, adjusted EBITDA, and the average base rates. I believe that these numbers reflect the success of the company's disciplined investment approach and our ability to close on deals that are accretive to the balance sheet. I would now like to have Greg Fleming, our Chief Financial Officer, discuss the year-end financials.

Thank you, Jeff, and welcome, everyone, to the Strawberry Field's fourth quarter earnings call. Let's begin with a look at our balance sheet. Whole assets are $885 million, an increase of $97.9 million, or 12.4%, compared to December 31, 2024. Our asset growth was driven by a couple of key factors. First is our recent real estate acquisitions. This includes 112 million of acquisitions in 2025. Second is the retenanting of key leases, namely the landmark master lease into the Kentucky master lease. On the liabilities and equity side, increases were driven by financing activity associated with our acquisitions, along with the impact of foreign currency translation adjustments. Together, Both of these factors contributed to the overall growth in our debt balances. Equity declined, reflecting lower other comprehensive income, driven again by the foreign currency translation adjustments. Continuing now to the consolidated statement of income. 2025 revenue was $155 million, up 37.9 million compared to December 31st, 2024. This represents a 32.4% increase, which was driven by the time and integration of properties acquired in 2024 and 2025, and the landmark to Kentucky master lease retenanting that began in January 2025. While we experienced higher revenues, the income growth was offset by higher depreciation, amortization, and interest expense, which is driven by new property acquisitions. This results in a year-to-date net income of $33.3 million or 60 cents per share compared to 26.5 million or 57 cents per share in 2024. Finally, I'd like to end my presentation with some financial highlights. Our 2025 AFFO is $72.5 million. This is a growth of 29.8% versus 2024 and represents a 13.3% compound annual growth rate. The 2025 adjusted EBITDA is $125.3 million. This represents a 38.2% increase compared to 2024 and a 13.5% compound annual growth rate. Our net debt to net asset ratio currently sits at 49.5%. As of December 31st, 2025, our dividend was 16 cents a share, representing a 4.9% yield and an ASFO payout of 46%. This concludes the financial portion of the earnings call presentation. I'll now turn it back to Jeff, who will walk us through additional portfolio highlights.