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Leases | 12 Months Ended
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Dec. 31, 2023
Leases |
Leases | NOTE 6. Leases As of December 31, 2023, the Company had leased 98 properties to tenant/operators in the States of Illinois, Indiana, Michigan, Ohio, Texas, Kentucky, Tennessee, Oklahoma and Arkansas. As of December 31, 2022 the company leased 79 properties. In both December 31, 2023 and 2022 all of the Company’s healthcare facilities were leased. Most of these facilities are leased on a triple-net basis, meaning that the lessee (i.e., operator of the facility) is obligated under the lease for all expenses of the property in respect to insurance, taxes and property maintenance, as well as the lease payments. The following table provides additional information regarding the properties owned/leased for the periods indicated: Schedule of Properties Own and Leased Information
|  | December 31, |
|  | 2023 |  |  | 2022 |
Cumulative number of properties |  |  | 98 |  |  |  | 79 |
Cumulative number of operational beds |  |  | 12,201 |  |  |  | 10,332 |
The following table provides additional information regarding the properties/facilities leased by the Company as of December 31, 2023: Schedule of Additional Information on Properties Facilities Leased
State |  | Number of Operational Beds/Units |  |  | Owned by Company |  |  | Leased by Company |  |  | Total |
Illinois |  |  | 4,226 |  |  |  | 20 |  |  |  | - |  |  |  | 20 |
Indiana |  |  | 3,240 |  |  |  | 33 |  |  |  | 1 |  |  |  | 34 |
Michigan |  |  | 100 |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
Ohio |  |  | 238 |  |  |  | 4 |  |  |  | - |  |  |  | 4 |
Tennessee |  |  | 1,056 |  |  |  | 12 |  |  |  | - |  |  |  | 12 |
Kentucky |  |  | 1,163 |  |  |  | 10 |  |  |  | - |  |  |  | 10 |
Arkansas |  |  | 1,568 |  |  |  | 13 |  |  |  | - |  |  |  | 13 |
Oklahoma |  |  | 137 |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
Texas |  |  | 473 |  |  |  | 3 |  |  |  | - |  |  |  | 3 |
Total properties |  |  | 12,201 |  |  |  | 97 |  |  |  | 1 |  |  |  | 98 |
Facility Type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Skilled Nursing Facilities |  |  | 11,865 |  |  |  | 96 |  |  |  | 1 |  |  |  | 97 |
Long-Term Acute Care Hospitals(1) |  |  | 63 |  |  |  | 2 |  |  |  | - |  |  |  | 2 |
Assisted Living Facility |  |  | 273 |  |  |  | 8 |  |  |  | - |  |  |  | 8 |
Total facilities |  |  | 12,201 |  |  |  | 106 |  |  |  | 1 |  |  |  | 107 |
(1) | Each property is comprised of a skilled nursing facility and long-term acute care hospital.
As of December 31, 2023, total future minimum rental revenues for the Company’s tenants are as follows: Schedule of Future Minimum Rental Revenues
Year |  | Amount |
(Amounts in $000’s) |  |  |
2024 |  | $ | 93,923 |
2025 |  |  | 86,439 |
2026 |  |  | 69,687 |
2027 |  |  | 70,250 |
2028 |  |  | 66,360 |
Thereafter |  |  | 148,589 |
Total |  | $ | 535,248 |
STRAWBERRY FIELDS REIT, INC. and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 6. Leases (cont.) The following table provides summary information regarding the number of operational beds associated with a property leased by the Company and subleased to third-party operators: Schedule of Property Leases to Third Parties
|  | December 31, |
|  | 2023 |  |  | 2022 |
Number of facilities leased and subleased to third-parties |  |  | 1 |  |  |  | 1 |
Number of operational beds |  |  | 68 |  |  |  | 68 |
Right of use assets and operating lease liabilities are disclosed as separate line items in the consolidated balance sheets and are valued based on the present value of the future minimum lease payments at lease commencement. As the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense is recognized on a straight-line basis over the lease term. The Company’s operating lease obligation is for one skilled nursing facility. The lease expires on March 1, 2028 and has two five-year renewal options. The lease is a triple net lease, which requires the Company to pay real and personal property taxes, insurance expenses and all capital improvements. The Company subleases the building as part of the Indiana master lease. Based on the sublease with the Company’s tenant, the tenant is required to pay real and personal property taxes, insurance expenses and all capital improvements. The components of lease expense and other lease information are as follows (dollars in thousands): Schedule of Components of Lease Expense
|  | Years ended December 31, |
|  | 2023 |  |  | 2022 |
Operating lease cost |  | $ | 405 |  |  | $ | 392 |
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Operating lease right of use asset |  | $ | 1,542 |  |  | $ | 1,833 |
Operating lease liability |  | $ | 1,542 |  |  | $ | 1,833 |
Weighted average remaining lease term-operating leases (in years) |  |  | 4.25 |  |  |  | 5.25 |
Weighted average discount rate |  |  | 4.1 | % |  |  | 4.1 | %
Future minimum operating lease payments under non-cancellable leases as of December 31, 2023, reconciled to the Company’s operating lease liability presented on the consolidated balance sheets: Schedule of Future Minimum Lease Payments On Non-Cancellable Leases
|  | (Amounts in $000s) |
2024 |  | $ | 397 |
2025 |  |  | 397 |
2026 |  |  | 397 |
2027 |  |  | 397 |
2028 |  |  | 99 |
Total |  | $ | 1,687 |
Less Interest |  |  | (145 | )
Total operating lease liability |  | $ | 1,542 |
Other Properties leased by the Company The Company, through one of its subsidiaries, leases its office spaces from a related party. Rental expense under the leases for the year ended December 31, 2023 and 2022, was $209,000 and $203,500, respectively. STRAWBERRY FIELDS REIT, INC. and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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