Strawberry Fields REIT, Inc.

Good day and welcome to the Strawberry Fields REIT first quarter 2026 earnings 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 Beidner, Chief Investment Officer. You may begin.

Thank you and welcome to Strawberry Fields REIT's Q1 2026 earnings call. I am the chief investment officer and joining me today on the call are Maish Gubin, our chairman and CEO, and Greg Flamian, our CFO. Earlier today, the company issued its Q1 2026 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 being controlled. Additionally, references will be made during the call to non-GAAP financial results. Investors are encouraged to review these non-GAAP financial measures as well as 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 on to discussing Strawberry Fields REIT and our Q1 2026 performance. I wanted to start by sharing some key highlights for the quarter. During the quarter, the company collected 100% of its contractual rents. The company signed a term sheet for a corporate credit facility with availability of up to $300 million. The facility will be comprised of a $100 million term loan and a $200 million revolving line of credit, both having initial three-year terms and two one-year options. Proceeds from the facility will be used to refinance our existing secured bank debt, and the remainder will be available to support acquisition growth. The rates on the facility will be sold for a plus 275. The company expects to close on the facility during Q2 2026. Deal-wise, while we did not close on any deals during the quarter, we were quite busy underwriting deals. As we have detailed in past presentations and investor calls, we have our disciplined acquisition model of 10-cap acquisitions that we have been true to over time and expect to stay on this course for the foreseeable future. I am pleased to report that subsequent to quarter end, a company entered into a contract for the acquisition of a hospital campus comprising of a licensed 60-bed hospital, licensed 99-bed nursing facility, and ancillary medical office buildings near Kansas City, Missouri. The purchase price will be $8.6 million and the company expects to fund the acquisition from the balance sheet. The hospital campus will be added to an existing master lease of a tenant in Missouri with initial base rents of $860,000 a year and subject to 3% annual rent increases. Yesterday, the Board of Directors approved the Q2 2026 dividend, which will be $0.17 a share and will be paid on June 30th to shareholders of record on June 16th. Lastly, I'd like to point out that Strawberry Fields REIT remains the closest pure place skilled nursing REIT in the market, with 91.5% of our facilities being skilled nursing facilities. Additionally, we have not changed our investment approach, of all our investments being triple net leases subject to annual rent increases. I would now like to have Greg Flaman, our Chief Financial Officer, discuss the quarter-end financials.

Thank you, Jeff. And welcome, everyone, to the Strawberry Field's first quarter earnings call. Let's begin with a look at our balance sheet. Told assets are $878.6 million, an increase of $43.8 million, or 5.2%, compared to March 31, 2025. Our asset growth was driven primarily by recent real estate acquisitions, including $112 million of acquisitions completed in 2025. 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, these factors contributed to an overall growth in our debt balances. Equity declined, reflecting lower other comprehensive income driven again by foreign currency translation adjustments. Continuing now to the consolidated statement of income. 2026 revenue was $40 million. of 2.7 million compared to March 31st, 2025. This represents a 7.1% increase, which was driven by the timing and integration of properties acquired in 2025. While we experienced higher revenues, the income growth was offset by higher depreciation in interest expense, which was driven by the new property acquisitions. General administrative expenses were also higher due to professional fees, corporate salaries, and other operating expenses. These increases were offset by lower amortization expense. The results in the year-to-date net income of $9.4 million, or 17 cents per share, compared to 6.9 million, or 13 cents a share, in Q1 2025. Finally, I would like to end my presentation with some financial highlights. Our 2026 projected AFFO is $75.4 million, representing an 11.4% compound annual growth rate. The 2026 projected AFFO per share growth is 10.7%. The 2026 projected adjusted EBITDA is $128.1 million, representing a 13.5% compound annual growth rate. Our yield on leases is 14.2%. The company's net debt to net asset ratio currently sits at 49.0%. As of March 31st, 2026, our dividend was 16 cents a share, representing a 5.4% yield and an AFFO payout of 47.3%. The company recently increased the dividend for Q2 to 17 cents a share. This concludes the financial portion of the earnings call presentation. I'll now turn it back over to Jeff Batner, who will walk us through the additional portfolio highlights.