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Related Party Transactions and Economic Dependence | 12 Months Ended
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Dec. 31, 2023
Related Party Transactions [Abstract] |
Related Party Transactions and Economic Dependence | NOTE 11. Related Party Transactions and Economic Dependence The following entities and individuals are considered to be Related Parties:
Moishe Gubin | Chairman of the Board
Michael Blisko | Director
Nahman Eingal | Former Chief Financial Officer
Operating entities | See list below
Lease Agreements with Related Parties As of December 31, 2023 and 2022, each of the Company’s facilities were leased and operated by separate tenants. Each tenant is an entity that leases the facility from one of the Company’s subsidiaries and operates the facility as a healthcare facility. The Company had 64 tenants out of 107 who were related parties as of December 31, 2023 and 41 tenants out of 79 who were related parties as of December 31, 2022. Most of the lease agreements are triple net leases. On April 4, 2022, an affiliated tenant in Illinois notified the Company of its intent to default with respect to two master lease agreements. Each lease included three nursing home facilities with a combined rent of $225,000 per month, or $2.7 million annually. Default occurred on June 30, 2022, and the Company recognized a loss of $1,075,000 due to the write-offs of straight-line rent receivables during the year ended December 31, 2022. On July 1, 2022, the Company entered into new lease agreements with an unaffiliated third-party operator to lease these properties. The new leases have terms of 10 years each and provide for a combined average base rent of $180,000 per month, or $2.3 million per year, on average, over the life of the leases. In February 2023 one facility under this master lease was closed. The closure was a result of the tenant request and mainly for efficiency reasons. This facility is under a master lease with 5 other facilities and the rent payment is continuing with no interruption and at the same amount. The following table sets forth details of the lease agreements in force between the Company and its subsidiaries and lessees that are related parties: Schedule of Related Party Transactions
|  |  |  |  |  |  | (1)(2) |  |  |  | (1)(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
State |  | Lessor/ Company Subsidiary |  | Tenant/ Operator |  | Moishe Gubin/Gubin Enterprises LP |  |  | Michael Blisko/Blisko Enterprises LP |  |  | Average annual rent over life of lease |  |  | Annual Escalation |  |  | % of total rent |  |  | Lease maturity |  | Extension options
|  | Master Lease Indiana |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IN |  | 1020 West Vine Street Realty, LLC |  | The Waters of Princeton II, LLC |  |  | 49.49 | % |  |  | 50.51 | % |  | $ | 1,045,506 |  |  |  | 3.00 | % |  |  | 1.07 | % |  | 8/1/2025 |  | 2 five year
IN |  | 12803 Lenover Street Realty LLC |  | The Waters of Dillsboro – Ross Manor II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,353,655 |  |  |  | 3.00 | % |  |  | 1.39 | % |  | 8/1/2025 |  | 2 five year
IN |  | 1350 North Todd Drive Realty, LLC |  | The Waters of Scottsburg II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,089,527 |  |  |  | 3.00 | % |  |  | 1.12 | % |  | 8/1/2025 |  | 2 five year
IN |  | 1600 East Liberty Street Realty LLC |  | The Waters of Covington II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,309,634 |  |  |  | 3.00 | % |  |  | 1.35 | % |  | 8/1/2025 |  | 2 five year
IN |  | 1601 Hospital Drive Realty LLC |  | The Waters of Greencastle II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,100,532 |  |  |  | 3.00 | % |  |  | 1.13 | % |  | 8/1/2025 |  | 2 five year
IN |  | 1712 Leland Drive Realty, LLC |  | The Waters of Huntingburg II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,045,506 |  |  |  | 3.00 | % |  |  | 1.07 | % |  | 8/1/2025 |  | 2 five year
IN |  | 2055 Heritage Drive Realty LLC |  | The Waters of Martinsville II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,133,548 |  |  |  | 3.00 | % |  |  | 1.16 | % |  | 8/1/2025 |  | 2 five year
IN |  | 3895 South Keystone Avenue Realty LLC |  | The Waters of Indianapolis II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 891,431 |  |  |  | 3.00 | % |  |  | 0.92 | % |  | 8/1/2025 |  | 2 five year
IN |  | 405 Rio Vista Lane Realty LLC |  | The Waters of Rising Sun II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 638,309 |  |  |  | 3.00 | % |  |  | 0.66 | % |  | 8/1/2025 |  | 2 five year
IN |  | 950 Cross Avenue Realty LLC |  | The Waters of Clifty Falls II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,518,735 |  |  |  | 3.00 | % |  |  | 1.56 | % |  | 8/1/2025 |  | 2 five year
IN |  | 958 East Highway 46 Realty LLC |  | The Waters of Batesville II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 946,458 |  |  |  | 3.00 | % |  |  | 0.97 | % |  | 8/1/2025 |  | 2 five year
IN |  | 2400 Chateau Drive Realty, LLC |  | The Waters of Muncie II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 792,383 |  |  |  | 3.00 | % |  |  | 0.81 | % |  | 8/1/2025 |  | 2 five year
IN |  | The Big H2O LLC |  | The Waters of New Castle II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 726,351 |  |  |  | 3.00 | % |  |  | 0.75 | % |  | 8/1/2025 |  | 2 five year
STRAWBERRY FIELDS REIT, INC. and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.)
|  |  |  |  |  |  | (1)(2) |  |  |  | (1)(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
State |  | Lessor / Company Subsidiary |  | Tenant/ Operator |  | Moishe Gubin/Gubin Enterprises LP |  |  | Michael Blisko/Blisko Enterprises LP |  |  | Average annual rent over life of lease |  |  | Annual Escalation |  |  | % of total rent |  |  | Lease maturity |  | Extension options
|  | Master Lease Tennessee |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TN |  | 115 Woodlawn Drive, LLC |  | Lakebridge, a Waters Community, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,514,820 |  |  |  | 3.00 | % |  |  | 1.55 | % |  | 8/1/2031 |  | 2 five year
TN |  | 146 Buck Creek Road, LLC |  | The Waters of Roan Highlands, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,111,794 |  |  |  | 3.00 | % |  |  | 1.14 | % |  | 8/1/2031 |  | 2 five year
TN |  | 704 5th Avenue East, LLC |  | The Waters of Springfield, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 917,230 |  |  |  | 3.00 | % |  |  | 0.94 | % |  | 8/1/2031 |  | 2 five year
TN |  | 2501 River Road, LLC |  | The Waters of Cheatham, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,111,794 |  |  |  | 3.00 | % |  |  | 1.14 | % |  | 8/1/2031 |  | 2 five year
TN |  | 202 Enon Springs Road East, LLC |  | The Waters of Smyrna, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,264,666 |  |  |  | 3.00 | % |  |  | 1.30 | % |  | 8/1/2031 |  | 2 five year
TN |  | 140 Technology Lane, LLC |  | The Waters of Johnson City, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,167,384 |  |  |  | 3.00 | % |  |  | 1.20 | % |  | 8/1/2031 |  | 2 five year
TN |  | 835 Union Street, LLC |  | The Waters of Shelbyville, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,334,153 |  |  |  | 3.00 | % |  |  | 1.37 | % |  | 8/1/2031 |  | 2 five year
|  | Master Lease Tennessee 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TN |  | 505 North Roan, LLC |  | Agape Rehabilitation & Nursing Center, A Water’s Community LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,628,910 |  |  |  | 3.00 | % |  |  | 1.67 | % |  | 7/1/2031 |  | 2 five year
TN |  | 14510 Highway 79, LLC |  | Waters of McKenzie, A Rehabilitation & Nursing Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,279,858 |  |  |  | 3.00 | % |  |  | 1.31 | % |  | 7/1/2031 |  | 2 five year
TN |  | 6500 Kirby Gate Boulevard, LLC |  | Waters of Memphis, A Rehabilitation & Nursing Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,745,261 |  |  |  | 3.00 | % |  |  | 1.79 | % |  | 7/1/2031 |  | 2 five year
TN |  | 978 Highway 11 South, LLC |  | Waters of Sweetwater, A Rehabilitation & Nursing Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,745,261 |  |  |  | 3.00 | % |  |  | 1.79 | % |  | 7/1/2031 |  | 2 five year
TN |  | 2830 Highway 394, LLC |  | Waters of Bristol, A Rehabilitation & Nursing Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 2,327,014 |  |  |  | 3.00 | % |  |  | 2.38 | % |  | 7/1/2031 |  | 2 five year
STRAWBERRY FIELDS REIT, INC. and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.)
|  |  |  |  |  |  | (1)(2) |  |  |  | (1)(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
State |  | Lessor/ Company Subsidiary |  | Tenant/ Operator |  | Moishe Gubin/Gubin Enterprises LP |  |  | Michael Blisko/Blisko Enterprises LP |  |  | Average annual rent over life of lease |  |  | Annual Escalation |  | % of total rent |  |  | Lease maturity |  |  | Extension options
|  | Master Lease Indiana 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IN |  | 8400 Clearvista Place LLC |  | The Waters of Castleton SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 804,694 |  |  | Varies(3)(4) |  |  | 0.83 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 524 Anderson Road LLC |  | The Waters of Chesterfield SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 423,523 |  |  | Varies(3)(4) |  |  | 0.43 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 640 West Ellsworth Street LLC |  | The Waters of Columbia City SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 592,933 |  |  | Varies(3)(4) |  |  | 0.61 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 11563 West 300 South LLC |  | The Waters of Dunkirk SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 324,701 |  |  | Varies(3)(4) |  |  | 0.33 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 5544 East State Boulevard LLC |  | The Waters of Fort Wayne SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 543,522 |  |  | Varies(3)(4) |  |  | 0.56 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 548 South 100 West LLC |  | The Waters of Hartford City SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 458,817 |  |  | Varies(3)(4) |  |  | 0.47 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 2901 West 37th Avenue LLC |  | The Waters of Hobart SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 776,459 |  |  | Varies(3)(4) |  |  | 0.80 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 1500 Grant Street LLC |  | The Waters of Huntington SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 599,991 |  |  | Varies(3)(4) |  |  | 0.62 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 787 North Detroit Street LLC |  | The Waters of LaGrange SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 705,872 |  |  | Varies(3)(4) |  |  | 0.72 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 981 Beechwood Avenue LLC |  | The Waters of Middletown SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 423,523 |  |  | Varies(3)(4) |  |  | 0.43 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 317 Blair Pike LLC |  | The Waters of Peru SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 917,634 |  |  | Varies(3)(4) |  |  | 0.94 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 815 West Washington Street LLC |  | The Waters of Rockport SNF |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 423,523 |  |  | Varies(3)(4) |  |  | 0.43 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 612 East 11th Street LLC |  | The Waters of Rushville SNF |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 691,755 |  |  | Varies(3)(4) |  |  | 0.71 | % |  |  | 2029 |  |  | One 3 years and two 5 years
STRAWBERRY FIELDS REIT, INC. and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.)
|  |  |  |  |  |  | (1)(2) |  |  |  | (1)(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
State |  | Lessor/ Company Subsidiary |  | Tenant/ Operator |  | Moishe Gubin/Gubin Enterprises LP |  |  | Michael Blisko/Blisko Enterprises LP |  |  | Average annual rent over life of lease |  |  | Annual Escalation |  | % of total rent |  |  | Lease maturity |  |  | Extension options
IN |  | 505 West Wolfe Street LLC |  | The Waters of Sullivan SNF |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 656,461 |  |  | Varies(3)(4) |  |  | 0.67 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 500 East Pickwick Drive LLC |  | The Waters of Syracuse SNF |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 465,876 |  |  | Varies(3)(4) |  |  | 0.48 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 300 Fairgrounds Road LLC |  | The Waters of Tipton SNF |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,058,808 |  |  | Varies(3)(4) |  |  | 1.09 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 1900 Alber Street LLC |  | The Waters of Wabash SNF East |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 592,933 |  |  | Varies(3)(4) |  |  | 0.61 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 1720 Alber Street LLC |  | The Waters of Wabash SNF West |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 310,584 |  |  | Varies(3)(4) |  |  | 0.32 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 300 North Washington Street LLC |  | The Waters of Wakarusa SNF |  |  | 50.00 |  |  |  | 50.00 | % |  |  | 938,810 |  |  | Varies(3)(4) |  |  | 0.96 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 8400 Clearvista Place LLC |  | The Waters of Castleton ALF, LLC |  |  | 50.00 |  |  |  | 50.00 | % |  |  | 381,171 |  |  | Varies(3)(4) |  |  | 0.39 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 787 North Detroit Street LLC |  | The Waters of LaGrange ALF, LLC |  |  | 50.00 |  |  |  | 50.00 | % |  |  | 119,998 |  |  | Varies(3)(4) |  |  | 0.12 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 612 East 11th Street LLC |  | The Waters of Rushville ALF, LLC |  |  | 50.00 |  |  |  | 50.00 | % |  |  | 204,703 |  |  | Varies(3)(4) |  |  | 0.21 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 505 West Wolfe Street LLC |  | The Waters of Sullivan ALF, LLC |  |  | 50.00 |  |  |  | 50.00 | % |  |  | 225,879 |  |  | Varies(3)(4) |  |  | 0.23 | % |  |  | 2029 |  |  | One 3 years and two 5 years
IN |  | 300 North Washington Street LLC |  | The Waters of Wakarusa ALF, LLC |  |  | 50.00 |  |  |  | 50.00 | % |  |  | 430,582 |  |  | Varies(3)(4) |  |  | 0.44 | % |  |  | 2029 |  |  | One 3 years and two 5 years
STRAWBERRY FIELDS REIT, INC. and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.)
|  |  |  |  |  |  | (1)(2) |  |  |  | (1)(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
State |  | Lessor/ Company Subsidiary |  | Manager/ Tenant/ Operator |  | Moishe Gubin/Gubin Enterprises LP |  |  | Michael Blisko/Blisko Enterprises LP |  |  | Average Annual rent over life of lease |  |  | Annual Escalation |  |  | % of total rent |  |  | Lease maturity |  | Extension options
IL |  | 516 West Frech Street, LLC |  | Parker Rehab & Nursing Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 498,351 |  |  |  | Varies between $12,000 and $24,000 annually |  |  |  | 0.51 | % |  | 3/31/2031 |  | None
IN |  | 1316 North Tibbs Avenue Realty, LLC |  | Westpark A Waters Community, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 549,885 |  |  |  | 3.00 | % |  |  | 0.56 | % |  | 6/1/2024 |  | 2 five year
IL |  | Ambassador Nursing Realty, LLC |  | Ambassador Nursing and Rehabilitation Center II, LLC |  |  | 40.00 | % |  |  | 40.00 | % |  |  | 1,005,313 |  |  |  | 3.00 | % |  |  | 1.03 | % |  | 2/28/2026 |  | 2 five year
IL |  | Momence Meadows Realty, LLC |  | Momence Meadows Nursing and Rehabilitation Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,038,000 |  |  |  | None |  |  |  | 1.07 | % |  | 12/30/2025 |  | None
IL |  | Forest View Nursing Realty, LLC |  | Forest View Rehabilitation and Nursing Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,215,483 |  |  |  | 3.00 | % |  |  | 1.25 | % |  | 12/1/2024 |  | 2 five year
IL |  | Lincoln Park Holdings, LLC |  | Lakeview Rehabilitation and Nursing Center, LLC |  |  | 40.00 | % |  |  | 40.00 | % |  |  | 1,260,000 |  |  |  | None |  |  |  | 1.29 | % |  | 5/31/2031 |  | None
IL |  | Continental Nursing Realty, LLC |  | Continental Nursing and Rehabilitation Center, LLC |  |  | 40.00 | % |  |  | 40.00 | % |  |  | 1,575,348 |  |  |  | None |  |  |  | 1.62 | % |  | 3/1/2031 |  | None
IL |  | Westshire Nursing Realty, LLC |  | City View Multicare Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,788,365 |  |  |  | 3.00 | % |  |  | 1.84 | % |  | 9/1/2025 |  | 2 five year
IL |  | Belhaven Realty, LLC |  | Belhaven Nursing and Rehabilitation Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 2,134,570 |  |  |  | 3.00 | % |  |  | 2.19 | % |  | 2/28/2026 |  | 2 five year
IL |  | West Suburban Nursing Realty, LLC |  | West Suburban Nursing and Rehabilitation Center, LLC |  |  | 40.00 | % |  |  | 40.00 | % |  |  | 1,961,604 |  |  |  | None |  |  |  | 2.01 | % |  | 11/1/2027 |  | None
IN |  | 1585 Perry Worth Road, LLC |  | The Waters of Lebanon, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 116,678 |  |  |  | 3.00 | % |  |  | 0.12 | % |  | 6/1/2027 |  | 2 five year
IL |  | Niles Nursing Realty LLC |  | Niles Nursing & Rehabilitation Center LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 2,409,998 |  |  |  | 3.00 | % |  |  | 2.48 | % |  | 2/28/2026 |  | 2 five year
IL |  | Parkshore Estates Nursing Realty, LLC |  | Parkshore Estates Nursing and Rehabilitation Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 2,454,187 |  |  |  | 3.00 | % |  |  | 2.52 | % |  | 12/1/2024 |  | 2 five year
IL |  | Midway Neurological and Rehabilitation Realty, LLC |  | Midway Neurological and Rehabilitation Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 2,547,713 |  |  |  | 3.00 | % |  |  | 2.62 | % |  | 2/28/2026 |  | 2 five year
IL |  | Oak Lawn Nursing Realty, LLC |  | Oak Lawn Respiratory and Rehab center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  | $ | 637,092 |  |  |  | None |  |  |  | 0.65 | % |  | 6/1/2031 |  | None
STRAWBERRY FIELDS REIT, INC. and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.)
(1) | The interests of the two listed related parties are not held through any commonly owned holding companies. Mr. Gubin’s interests are held directly/indirectly by Gubin Enterprises LP. Mr. Blisko’s interests are held by Blisko Enterprises LP and New York Boys Management, LLC.
(2) | Each of the tenants is a limited liability company. The percentages listed reflect the owners’ percentage ownership of the outstanding membership interests in each tenant.
(3) | For the initial two years of the lease there is no escalation, commencing with year three the escalation will be 22.3%, year four the escalation will be 22.8% and for years 5 through maturity the annual escalation will be 2%.
(4) | The tenants have an option to buy the properties after 6 years for $127 million.
Guarantees from Related Parties As of December 31, 2023 and 2022, Mr. Gubin and Mr. Blisko were not parties to any guarantees of any debt of the Company and its subsidiaries. Balances with Related Parties Schedule of Balances with Related Parties
|  | 2023 |  |  | 2022 |
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (amounts in $000s) |
Straight-line rent receivable |  | $ | 18,921 |  |  | $ | 11,591 |
Tenant portion of replacement reserve |  | $ | 9,683 |  |  | $ | 10,227 |
Notes receivable |  | $ | 7,075 |  |  | $ | 7,816 |
Payments from Related Parties Schedule of Payments From and to Related Parties
|  | 2023 |  |  | 2022 |
|  | Years ended December 31, |
|  | 2023 |  |  | 2022 |
|  | (amounts in $000s) |
Rental income received from related parties |  | $ | 56,988 |  |  | $ | 54,386 |
STRAWBERRY FIELDS REIT, INC. and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 11. Related Party Transactions and Economic Dependence (cont.) Other Related Party Relationships On December 31, 2023 and 2022, the Company had approximately $1.2 million and $4.7 million, respectively, on deposit with OptimumBank. Mr. Gubin is the Chairman of the Board of OptimumBank. On June 14, 2022, the Company purchased a 7% note receivable with an outstanding balance of $8 million from Infinity Healthcare Management, a company controlled by Mr. Blisko and Mr. Gubin. The note is interest only with a balloon payment due July 1, 2024. The note receivable is due from certain unaffiliated tenants.

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