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v3.25.2

Leases | 6 Months Ended
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Jun. 30, 2025
Leases |
Leases | NOTE 6. Leases As of June 30, 2025, and December 31, 2024, the Company had leased 122 properties and 114 properties, respectively, to tenant/operators in the States of Arkansas, Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri, Ohio, Oklahoma, Tennessee and Texas. As of June, 30, 2025 and December 31, 2024, all the Company’s 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 by the Company for the periods indicated: Schedule of Properties Own and Leased Information
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Cumulative number of properties |  |  | 122 |  |  |  | 114 |
Cumulative number of operational beds |  |  | 14,752 |  |  |  | 14,186 |
The following table provides additional information regarding the facilities leased by the Company as of June 30, 2025: Schedule of Additional Information on Properties Facilities Leased
State |  | Number of Operational Beds/Units |  |  | Owned by Company |  |  | Leased by Company |  |  | Total Number of Facilities |
State |  | Number of Operational Beds/Units |  |  | Owned by Company |  |  | Leased by Company |  |  | Total |
Illinois |  |  | 4,226 |  |  |  | 20 |  |  |  | - |  |  |  | 20 |
Indiana |  |  | 3,404 |  |  |  | 35 |  |  |  | 1 |  |  |  | 36 |
Michigan |  |  | 100 |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
Ohio |  |  | 238 |  |  |  | 4 |  |  |  | - |  |  |  | 4 |
Tennessee |  |  | 1,412 |  |  |  | 15 |  |  |  | - |  |  |  | 15 |
Kentucky |  |  | 1,163 |  |  |  | 10 |  |  |  | - |  |  |  | 10 |
Arkansas |  |  | 1,568 |  |  |  | 13 |  |  |  | - |  |  |  | 13 |
Oklahoma |  |  | 337 |  |  |  | 3 |  |  |  | - |  |  |  | 3 |
Texas |  |  | 839 |  |  |  | 6 |  |  |  | - |  |  |  | 6 |
Missouri |  |  | 1,111 |  |  |  | 8 |  |  |  | - |  |  |  | 8 |
Kansas |  |  | 354 |  |  |  | 6 |  |  |  | - |  |  |  | 6 |
Total Properties |  |  | 14,752 |  |  |  | 121 |  |  |  | 1 |  |  |  | 122 |
Facility Type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Skilled Nursing Facilities |  |  | 14,345 |  |  |  | 119 |  |  |  | 1 |  |  |  | 120 |
Long-Term Acute Care Hospitals |  |  | 63 |  |  |  | 2 |  |  |  | - |  |  |  | 2 |
Assisted Living Facility |  |  | 344 |  |  |  | 10 |  |  |  | - |  |  |  | 10 |
Total facilities |  |  | 14,752 |  |  |  | 131 |  |  |  | 1 |  |  |  | 132 |
As of June 30, 2025, total future minimum rental revenues for the Company’s tenants are as follows: Schedule of Future Minimum Rental Revenues
Year |  | Amount |
(Amounts in $000s) |  |  |
2025 (six month period) |  | $ | 63,344 |
2026 |  |  | 118,687 |
2027 |  |  | 120,806 |
2028 |  |  | 118,514 |
2029 |  |  | 112,179 |
Thereafter |  |  | 456,709 |
Total |  | $ | 990,239 |
STRAWBERRY FIELDS REIT, INC. and Subsidiaries NOTES TO CONDENSED 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 a third-party operator: Schedule of Property Leases to Third Parties
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Number of facilities leased and subleased to third parties |  |  | 1 |  |  |  | 1 |
Number of operational beds |  |  | 68 |  |  |  | 68 |
Right of use asset and operating lease liability are disclosed as separate line items in the condensed consolidated balance sheets and are valued based on the present value of the future minimum lease payments at the 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 in Indiana. The Indiana lease has an initial term that 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
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Six Month Period ended June 30, |  |  | Three Month Period ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating lease cost |  | $ | 198 |  |  |  | 384 |  |  |  | 99 |  |  |  | 132 |
|  | June 30, 2025 |  |  | December 31, 2024 |
Operating lease right of use asset |  | $ | 1,029 |  |  | $ | 1,204 |
Operating lease liability |  | $ | 1,029 |  |  | $ | 1,204 |
Weighted average remaining lease term-operating leases (in years) |  |  | 2.75 |  |  |  | 3.25 |
Weighted average discount rate |  |  | 4.1 | % |  |  | 4.1 | %
Future minimum operating lease payments under non-cancellable leases as of June 30, 2025, reconciled to the Company’s operating lease liability presented on the condensed consolidated balance sheets are: Schedule of Future Minimum Lease Payments on Non-Cancellable Leases
|  | (Amounts in $’000s) |
2025 (six month period) |  | $ | 199 |
2026 |  |  | 397 |
2027 |  |  | 397 |
2028 |  |  | 99 |
Total |  | $ | 1,092 |
Less Interest |  |  | (63 | )
Total operating lease liability |  | $ | 1,029 |
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 six-month periods ended June 30, 2025 and 2024, was $110,000 and $107,000, respectively. Rental expense under the leases for the three-month periods ended June 30, 2025 and 2024, were $55,000 and $53,000, respectively.

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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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