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Real Estate Investments, net | 6 Months Ended
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Jun. 30, 2025
Real Estate [Abstract] |
Real Estate Investments, net | NOTE 4. Real Estate Investments, net Real estate investments consist of the following: Schedule of Real Estate Investment
|  | Estimated Useful Lives |  | June 30, 2025 |  |  | December 31, 2024 |
|  | (Years) |  | (Amounts in $000’s) |
Buildings and improvements |  | 7-45 |  | $ | 716,669 |  |  | $ | 683,582 |
Equipment and personal property |  | 2-18 |  |  | 113,952 |  |  |  | 104,869 |
Land |  | - |  |  | 71,609 |  |  |  | 69,036 |
Real estate investments, gross |  |  |  |  | 902,230 |  |  |  | 857,487 |
Less: accumulated depreciation |  |  |  |  | (265,806 | ) |  |  | (248,429 | )
Real estate investments, net |  |  |  | $ | 636,424 |  |  | $ | 609,058 |
For the three-month periods ended June 30, 2025 and 2024, total depreciation expense was $8.7 million and $7.0 million, respectively. For the six-month periods ended June 30, 2025 and 2024, total depreciation expense was $17.4 million and $14.2 million, respectively. STRAWBERRY FIELDS REIT, INC. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 4. Real Estate Investments, net (Cont.) Acquisition of Properties On January 1, 2025, the Company entered into a new master lease for 10 Kentucky properties formally part of the Landmark Master Lease. Base rent is $23.3 million a year and is subject to an increase based on CPI with a minimum increase of 2.50%. The initial lease term is 10 years with four 5-year extension options. Also, as part of the negotiation of the new Kentucky Master Lease, the Company entered into a 5 year note payable with the parent of the Landmark tenant for $50.9 million dollars, included in the note payable in the accompanying condensed consolidated balance sheets. On January 2, 2025, the Company acquired 6 facilities consisting of 354 beds in Kansas. The acquisition was $24.0 million and the Company funded the acquisition utilizing the cash from the condensed consolidated balance sheets. The Company formed a new master lease for an initial 10-year period that included two 5-year extension options on a triple-net basis. Additionally, the lease will increase the Company’s annual rents by $2.4 million and is subject to 3% annual increases. On March 31, 2025, the Company acquired a skilled nursing facility with 100 licensed beds near Oklahoma City, Oklahoma. The acquisition was $5.0 million and was funded utilizing cash from the condensed consolidated balance sheets. The initial term of the lease is 10 years and includes two 5-year extension options. Base rent for the property is $0.5 million dollars annually and is subject to 3% annual increases. On April 4, 2025, the Company completed the acquisition for a skilled nursing facility with 112 licensed beds near Houston, Texas. The acquisition was for $11.5 million. Base rent for this property is $1.3 million dollars annually. The property was added to an existing master lease and is subject an annual base rate increase of 3%. The initial term is approximately 10 years and includes two 5 year extensions.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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