Strawberry Fields REIT, Inc.

Good day and thank you for standing by. Welcome to the Strawberry Fields REIT Q2 2026 earnings call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question and answer session. To ask a question, please press star 1 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 1 again. I would now like to hand the conference over to your speaker today, Jeff Bajtner, Chief Investment Officer.

Thank you and welcome to Strawberry Fields REIT's Q2 2026 earnings call. I am the Chief Investment Officer and joining me today on the call are Moishe Gubin, our Chairman and CEO, and Greg Flamion, our CFO. Yesterday evening, the company issued its Q2 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 Fields REIT's 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 explanation and reconciliation of these measures to the comparable GAAP results included on the non-GAAP measure reconciliation pages at the back of our investor presentation. and now onto discussing Strawberry Fields REIT and our Q2 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. On June 18th, the company closed on its corporate credit facility with availability up to $300 million. The credit facility is 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 extension options. Proceeds from the credit facility were used to refinance existing secured bank debt and the remainder will be available to support acquisition growth. The rate on the credit facility is SOFR plus 275. On April 21st, the company entered into a contract for the acquisition of a hospital campus comprised of a licensed 60-bed hospital, licensed 99-bed skilled nursing facility and ancillary medical office buildings near Kansas City, Missouri. The purchase price will be $10.4 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 annual base rents of $1.04 million and subject to 3% annual rent increases. The company expects to close on this acquisition during Q3. Deal-wise, we have been very busy looking at deals and existing in new states. After a little bit of a lull, Beginning with the above-mentioned hospital, it seems that deals are starting to make sense again, and we are hopeful that Q4 is going to be a busy quarter closing some of these deals. Yesterday, the Board of Directors approved the Q3 2026 dividend, which will be $0.17 a share. The dividend will be paid on September 30th to shareholders of record on September 16th. I would now like to have Greg Flamion, our Chief Financial Officer, discuss the quarter and financials.

Thank you, Jeff, and welcome everyone to the Strawberry Field second quarter earnings call. Let's begin with a look at our balance sheet. Total assets are $878.5 million, an increase of 18.8% to 2.1% compared to June 30th, 2025. The year-over-year decline in assets is driven by elevated cash balances at the end of the second quarter of 2025. These funds were used to acquire property later in that fiscal year. On the liability side, higher debt balances were driven by financing associated with our acquisitions, together with foreign currency translation effects. Equity was lower year over year, primarily due to the decline in accumulated other comprehensive income related to foreign currency translation adjustments. Continuing now with the consolidated statement of income for the sixth month ended July 2026. 2026 revenue was $80 million, up $4.8 million compared to June 30th, 2025. This represents a 6.4% 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, which was driven by the new property acquisitions. General and administrative expenses were also higher due to higher closing costs, corporate salaries, and other operating expenses. These increases were offset by lower amortization. The results in a year-to-date income of $18.4 million, or 33 cents a share, compared to 15.7 or 29 cents a share for the six-month-ended Q2 2025. Going to the next slide, we're now going to look at a quarterly income statement comparison of Q2 2026 to Q2 2025. The second quarter revenues were $40 million, which is $2.2 million higher than Q2 2025. Expenses were mostly aligned, however, quarterly increases were driven by higher G&A expenses. Q2 net income was $8.9 million, which is marginally higher than the net income from the prior year quarter. Finally, I'd like to end my presentation with some financial highlights. Our 2026 AFFO is $73.9 million, representing an 11% compound annual growth rate. The 2026 projected AFFO per share growth is 10.1%. The 2026 adjusted EBITDA is $135.7 million, representing a 15% compound annual growth rate. Our yield on leases is 14.4%. The company's net debt to net asset ratio currently sits at 49.8%. And as of June 30th, 2026, our dividend is 70 cents a share, representing a 4.9% yield and an AFFO payout of 50.6%. This concludes the financial portion of the Earnings Club presentation. I'll now turn it back over to Jeff Bajtner, who will walk us through additional portfolio highlights.