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Related Party Transactions and Economic Dependence | 12 Months Ended
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Dec. 31, 2025
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
Operating entities | See list below
Lease Agreements with Related Parties As of December 31, 2025 and 2024, 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 66 tenants out of 143 who were related parties as of December 31, 2025 and 66 tenants out of 124 who were related parties as of December 31, 2024. Most of the lease agreements are triple net leases. On February 20, 2024, the Company entered into a new, replacement master lease for these properties. The tenant remains a group of tenants affiliated with two of the Company’s directors, Moishe Gubin and Michael Blisko. The new master lease has an initial term of ten years and is subject to 2 five-year extensions. The initial annual base rent for the properties is $14.5 million dollars and is subject to annual increases of 3%. In connection with the new master lease, the existing purchase option held by the tenant, which was granted by the prior owner of the properties, of $127.0 million was terminated. Consideration for the termination of the purchase option and inducement for entering into the new, replacement master lease was $18.0 million paid to the tenants. The $18.0 million payment was funded by cash and the proceeds from the additional Series D Bond issuance in February 2024. On May 31, 2024, the Company acquired a property for $5.85 million comprised of a 68-bed skilled nursing facility and 10 bed assisted living facility near Georgetown, Indiana. The initial annual rent amount is $585 thousand and was leased to Infinity, a related party operator. The property was added to the Indiana Master Lease 1. The Company funded the acquisition utilizing cash from its consolidated balance sheets. On September 25, 2024, the Company completed the acquisition of a property comprised of an 83-bed skilled nursing facility and 25 bed assisted living facility near Nashville, Tennessee. The acquisition was for $6.7 million and the Company funded the acquisition by assuming $2.8 million of existing debt on the facilities, $3.1 million in common stock to the seller, and transferring $0.8 million of other assets to the seller. The property was leased to Infinity, a related party operator. The property annual rent is $670 thousand and the property was added to the Tennessee Master Lease 1. On October 11, 2024, the Company acquired an 86-bed skilled nursing facility in Indianapolis, Indiana. The acquisition was for $6.0 million and the Company funded the acquisition utilizing cash from its consolidated balance sheets. The facility was leased to Infinity, a related party operator and was added to the Indiana Master Lease 1. STRAWBERRY FIELDS REIT, INC. and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 11. Related Party Transactions and Economic Dependence (cont.) 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
State |  | Lessor/ Company Subsidiary |  | Tenant/ Operator |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) Moishe Gubin/Gubin Enterprises LP |  |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) Michael Blisko/Blisko Enterprises LP |  |  |  | Average annual rent over life of lease |  |  |  | Annual Escalation |  |  |  | % of total rent |  |  |  | Lease maturity |  |  | Extension options
|  |  |  |  |  | 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 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IN |  | 1020 West Vine Street Realty, LLC |  | The Waters of Princeton II, LLC |  |  | 49.49 | % |  |  | 50.51 | % |  | $ | 1,224,215 |  |  |  | 3.00 | % |  |  | 0.9 | % |  |  | 2034 |  |  | 2 five year
IN |  | 12803 Lenover Street Realty LLC |  | The Waters of Dillsboro – Ross Manor II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,585,037 |  |  |  | 3.00 | % |  |  | 1.1 | % |  |  | 2034 |  |  | 2 five year
IN |  | 1350 North Todd Drive Realty, LLC |  | The Waters of Scottsburg II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,275,761 |  |  |  | 3.00 | % |  |  | 0.9 | % |  |  | 2034 |  |  | 2 five year
IN |  | 1600 East Liberty Street Realty LLC |  | The Waters of Covington II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,533,491 |  |  |  | 3.00 | % |  |  | 1.1 | % |  |  | 2034 |  |  | 2 five year
IN |  | 1601 Hospital Drive Realty LLC |  | The Waters of Greencastle II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,288,648 |  |  |  | 3.00 | % |  |  | 0.9 | % |  |  | 2034 |  |  | 2 five year
IN |  | 1712 Leland Drive Realty, LLC |  | The Waters of Huntingburg II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,224,215 |  |  |  | 3.00 | % |  |  | 0.9 | % |  |  | 2034 |  |  | 2 five year
IN |  | 2055 Heritage Drive Realty LLC |  | The Waters of Martinsville II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,327,307 |  |  |  | 3.00 | % |  |  | 0.9 | % |  |  | 2034 |  |  | 2 five year
IN |  | 3895 South Keystone Avenue Realty LLC |  | The Waters of Indianapolis II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,043,805 |  |  |  | 3.00 | % |  |  | 0.7 | % |  |  | 2034 |  |  | 2 five year
IN |  | 405 Rio Vista Lane Realty LLC |  | The Waters of Rising Sun II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 747,416 |  |  |  | 3.00 | % |  |  | 0.5 | % |  |  | 2034 |  |  | 2 five year
IN |  | 950 Cross Avenue Realty LLC |  | The Waters of Clifty Falls II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,778,334 |  |  |  | 3.00 | % |  |  | 1.2 | % |  |  | 2034 |  |  | 2 five year
IN |  | 958 East Highway 46 Realty LLC |  | The Waters of Batesville II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,108,237 |  |  |  | 3.00 | % |  |  | 0.8 | % |  |  | 2034 |  |  | 2 five year
IN |  | 2400 Chateau Drive Realty, LLC |  | The Waters of Muncie II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 927,826 |  |  |  | 3.00 | % |  |  | 0.7 | % |  |  | 2034 |  |  | 2 five year
IN |  | The Big H2O LLC |  | The Waters of New Castle II LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 850,507 |  |  |  | 3.00 | % |  |  | 0.6 | % |  |  | 2034 |  |  | 2 five year
IN |  | 1316 North Tibbs Avenue Realty, LLC |  | Westpark A Waters Community, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,146,896 |  |  |  | 3.00 | % |  |  | 0.8 | % |  |  | 2034 |  |  | 2 five year
IN |  | 1002 Sister Barbara Way LLC |  | The Waters of Georgetown LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,005,145 |  |  |  | 3.00 | % |  |  | 0.7 | % |  |  | 2034 |  |  | 2 five year
IN |  | 2640 Cold Spring Road, LLC |  | Alpha Home A Waters Community LLC |  |  | 49.49 | % |  |  | 50.51 | % |  |  | 1,108,237 |  |  |  | 3.00 | % |  |  | 0.8 | % |  |  | 2034 |  |  | 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.)
State |  | Lessor/ Company Subsidiary |  | Tenant/ Operator |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) Moishe Gubin/Gubin Enterprises LP |  |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) Michael Blisko/Blisko Enterprises LP |  |  |  | Average annual rent over life of lease |  |  |  | Annual Escalation |  |  |  | % of total rent |  |  |  | Lease maturity |  |  | Extension options
|  |  |  |  |  | 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 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TN |  | 115 Woodlawn Drive, LLC |  | Lakebridge, a Waters Community, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,026,061 |  |  |  | 3.00 | % |  |  | 0.7 | % |  |  | 2031 |  |  | 2 five year
TN |  | 146 Buck Creek Road, LLC |  | The Waters of Roan Highlands, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 753,072 |  |  |  | 3.00 | % |  |  | 0.5 | % |  |  | 2031 |  |  | 2 five year
TN |  | 704 5th Avenue East, LLC |  | The Waters of Springfield, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 621,284 |  |  |  | 3.00 | % |  |  | 0.4 | % |  |  | 2031 |  |  | 2 five year
TN |  | 2501 River Road, LLC |  | The Waters of Cheatham, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 753,072 |  |  |  | 3.00 | % |  |  | 0.5 | % |  |  | 2031 |  |  | 2 five year
TN |  | 202 Enon Springs Road East, LLC |  | The Waters of Smyrna, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 856,619 |  |  |  | 3.00 | % |  |  | 0.6 | % |  |  | 2031 |  |  | 2 five year
TN |  | 140 Technology Lane, LLC |  | The Waters of Johnson City, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 790,726 |  |  |  | 3.00 | % |  |  | 0.6 | % |  |  | 2031 |  |  | 2 five year
TN |  | 835 Union Street, LLC |  | The Waters of Shelbyville, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 903,686 |  |  |  | 3.00 | % |  |  | 0.6 | % |  |  | 2031 |  |  | 2 five year
TN |  | 1340 North Grundy Quarles Highway |  | The Waters of Gainesboro, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,016,647 |  |  |  | 3.00 | % |  |  | 0.7 | % |  |  | 2031 |  |  | 2 five year
TN |  | 100 Netherland Lane, LLC |  | The Waters of Kinsport, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 630,698 |  |  |  | 3.00 | % |  |  | 0.4 | % |  |  | 2031 |  |  | 2 five year
TN |  | 2648 Sevierville Road, LLC |  | The Waters of Maryville, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,703,825 |  |  |  | 3.00 | % |  |  | 1.2 | % |  |  | 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 | % |  |  | 1.1 | % |  |  | 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 | % |  |  | 0.9 | % |  |  | 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 | % |  |  | 1.2 | % |  |  | 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 | % |  |  | 1.2 | % |  |  | 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 | % |  |  | 1.6 | % |  |  | 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.)
State |  | Lessor/ Company Subsidiary |  | Tenant/ Operator |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) Moishe Gubin/Gubin Enterprises LP |  |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) Michael Blisko/Blisko Enterprises LP |  |  |  | Average annual rent over life of lease |  |  |  | Annual Escalation |  |  |  | % of total rent |  |  |  | Lease maturity |  |  | Extension options
|  |  |  |  |  | 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 | % |  |  | 1,023,207 |  |  |  | 3.00 | % |  |  | 0.7 | % |  |  | 2034 |  |  | 2 five year
IN |  | 524 Anderson Road LLC |  | The Waters of Chesterfield SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 538,530 |  |  |  | 3.00 | % |  |  | 0.4 | % |  |  | 2034 |  |  | 2 five year
IN |  | 640 West Ellsworth Street LLC |  | The Waters of Columbia City SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 753,942 |  |  |  | 3.00 | % |  |  | 0.5 | % |  |  | 2034 |  |  | 2 five year
IN |  | 11563 West 300 South LLC |  | The Waters of Dunkirk SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 412,873 |  |  |  | 3.00 | % |  |  | 0.3 | % |  |  | 2034 |  |  | 2 five year
IN |  | 5544 East State Boulevard LLC |  | The Waters of Fort Wayne SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 691,113 |  |  |  | 3.00 | % |  |  | 0.5 | % |  |  | 2034 |  |  | 2 five year
IN |  | 548 South 100 West LLC |  | The Waters of Hartford City SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 583,407 |  |  |  | 3.00 | % |  |  | 0.4 | % |  |  | 2034 |  |  | 2 five year
IN |  | 2901 West 37th Avenue LLC |  | The Waters of Hobart SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 987,305 |  |  |  | 3.00 | % |  |  | 0.7 | % |  |  | 2034 |  |  | 2 five year
IN |  | 1500 Grant Street LLC |  | The Waters of Huntington SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 762,917 |  |  |  | 3.00 | % |  |  | 0.5 | % |  |  | 2034 |  |  | 2 five year
IN |  | 787 North Detroit Street LLC |  | The Waters of LaGrange SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 897,550 |  |  |  | 3.00 | % |  |  | 0.6 | % |  |  | 2034 |  |  | 2 five year
IN |  | 981 Beechwood Avenue LLC |  | The Waters of Middletown SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 538,530 |  |  |  | 3.00 | % |  |  | 0.4 | % |  |  | 2034 |  |  | 2 five year
IN |  | 317 Blair Pike LLC |  | The Waters of Peru SNF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,166,815 |  |  |  | 3.00 | % |  |  | 0.8 | % |  |  | 2034 |  |  | 2 five year
IN |  | 815 West Washington Street LLC |  | The Waters of Rockport SNF |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 538,530 |  |  |  | 3.00 | % |  |  | 0.4 | % |  |  | 2034 |  |  | 2 five year
IN |  | 612 East 11th Street LLC |  | The Waters of Rushville SNF |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 879,599 |  |  |  | 3.00 | % |  |  | 0.6 | % |  |  | 2034 |  |  | 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.)
State |  | Lessor/ Company Subsidiary |  | Tenant/ Operator |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) Moishe Gubin/Gubin Enterprises LP |  |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) Michael Blisko/Blisko Enterprises LP |  |  |  | Average annual rent over life of lease |  |  |  | Annual Escalation |  |  |  | % of total rent |  |  |  | Lease maturity |  |  | Extension options
|  |  |  |  |  | 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 | % |  |  | 834,721 |  |  |  | 3.00 | % |  |  | 0.6 | % |  |  | 2034 |  |  | 2 five year
IN |  | 500 East Pickwick Drive LLC |  | The Waters of Syracuse SNF |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 592,383 |  |  |  | 3.00 | % |  |  | 0.4 | % |  |  | 2034 |  |  | 2 five year
IN |  | 300 Fairgrounds Road LLC |  | The Waters of Tipton SNF |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,346,325 |  |  |  | 3.00 | % |  |  | 0.9 | % |  |  | 2034 |  |  | 2 five year
IN |  | 1900 Alber Street LLC |  | The Waters of Wabash SNF East |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 753,942 |  |  |  | 3.00 | % |  |  | 0.5 | % |  |  | 2034 |  |  | 2 five year
IN |  | 1720 Alber Street LLC |  | The Waters of Wabash SNF West |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 394,922 |  |  |  | 3.00 | % |  |  | 0.3 | % |  |  | 2034 |  |  | 2 five year
IN |  | 300 North Washington Street LLC |  | The Waters of Wakarusa SNF |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,193,741 |  |  |  | 3.00 | % |  |  | 0.8 | % |  |  | 2034 |  |  | 2 five year
IN |  | 8400 Clearvista Place LLC |  | The Waters of Castleton ALF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 484,677 |  |  |  | 3.00 | % |  |  | 0.3 | % |  |  | 2034 |  |  | 2 five year
IN |  | 787 North Detroit Street LLC |  | The Waters of LaGrange ALF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 152,583 |  |  |  | 3.00 | % |  |  | 0.1 | % |  |  | 2034 |  |  | 2 five year
IN |  | 612 East 11th Street LLC |  | The Waters of Rushville ALF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 260,289 |  |  |  | 3.00 | % |  |  | 0.2 | % |  |  | 2034 |  |  | 2 five year
IN |  | 505 West Wolfe Street LLC |  | The Waters of Sullivan ALF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 287,216 |  |  |  | 3.00 | % |  |  | 0.2 | % |  |  | 2034 |  |  | 2 five year
IN |  | 300 North Washington Street LLC |  | The Waters of Wakarusa ALF, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 547,505 |  |  |  | 3.00 | % |  |  | 0.4 | % |  |  | 2034 |  |  | 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.)
State |  | Lessor/ Company Subsidiary |  | Tenant/ Operator |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) Moishe Gubin/Gubin Enterprises LP |  |  |  | Related Party Ownership in Manager/Tenant/ Operator (1) (2) Michael Blisko/Blisko Enterprises LP |  |  |  | Average annual rent over life of lease |  |  |  | Annual Escalation |  |  |  | % of total rent |  |  |  | Lease maturity |  |  | Extension options
|  |  |  |  |  | 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 |  | Ambassador Nursing Realty, LLC |  | Ambassador Nursing and Rehabilitation Center II, LLC |  |  | 40.00 | % |  |  | 40.00 | % |  |  | 1,005,313 |  |  |  | 3.00 | % |  |  | 0.7 | % |  |  | 2031 |  |  | 2 five year
IL |  | Momence Meadows Realty, LLC |  | Momence Meadows Nursing and Rehabilitation Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,038,000 |  |  |  | None |  |  |  | 0.7 | % |  |  | 2025 |  |  | None
IL |  | Lincoln Park Holdings, LLC |  | Lakeview Rehabilitation and Nursing Center, LLC |  |  | 40.00 | % |  |  | 40.00 | % |  |  | 1,260,000 |  |  |  | None |  |  |  | 0.9 | % |  |  | 2031 |  |  | None
IL |  | Continental Nursing Realty, LLC |  | Continental Nursing and Rehabilitation Center, LLC |  |  | 40.00 | % |  |  | 40.00 | % |  |  | 1,575,348 |  |  |  | None |  |  |  | 1.1 | % |  |  | 2031 |  |  | None
IL |  | Westshire Nursing Realty, LLC |  | City View Multicare Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,082,928 |  |  |  | 3.00 | % |  |  | 0.8 | % |  |  | 2026 |  |  | 2 five year
IL |  | Belhaven Realty, LLC |  | Belhaven Nursing and Rehabilitation Center, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 2,134,570 |  |  |  | 3.00 | % |  |  | 1.5 | % |  |  | 2031 |  |  | 2 five year
IL |  | West Suburban Nursing Realty, LLC |  | West Suburban Nursing and Rehabilitation Center, LLC |  |  | 40.00 | % |  |  | 40.00 | % |  |  | 1,961,604 |  |  |  | None |  |  |  | 1.4 | % |  |  | 2027 |  |  | None
IN |  | 1585 Perry Worth Road, LLC |  | The Waters of Lebanon, LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 116,678 |  |  |  | 3.00 | % |  |  | 1.7 | % |  |  | 2027 |  |  | 2 five year
IL |  | Niles Nursing Realty LLC |  | Niles Nursing & Rehabilitation Center LLC |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 2,409,998 |  |  |  | 3.00 | % |  |  | 1.8 | % |  |  | 2031 |  |  | 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 | % |  |  | 0.7 | % |  |  | 2031 |  |  | 2 five year
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 |  |  |  | 0.4 | % |  |  | 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.
Guarantees from Related Parties As of December 31, 2025 and 2024, 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
|  | 2025 |  |  | 2024 |
|  | December 31, |
|  | 2025 |  |  | 2024 |
|  | (amounts in $000s) |
Straight-line rent receivable |  | $ | 16,324 |  |  | $ | 17,801 |
Tenant portion of replacement reserve |  | $ | 8,759 |  |  | $ | 9,664 |
Notes receivable |  | $ | 5,823 |  |  | $ | 6,295 |
Payments from Related Parties Schedule of Payments From and to Related Parties
|  | 2025 |  |  | 2024 |
|  | Years ended December 31, |
|  | 2025 |  |  | 2024 |
|  | (amounts in $000s) |
Rental income received from related parties |  | $ | 70,020 |  |  | $ | 71,390 |
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, 2025 and 2024, the Company had approximately $0.8 million and $5.9 million, respectively, on deposit with OptimumBank. Mr. Gubin is the Chairman of the Board of OptimumBank. On June 14, 2022, the Company purchased an $8 million note held by Infinity Healthcare Management, a company controlled by Mr. Blisko and Mr. Gubin. The note was issued by certain unaffiliated tenants. It bears interest at 7% per annum, payable annually. The principal amount of the note becomes payable 120 days after the date on which tenants are first able to exercise the purchase option for the properties contained in their lease. The purchase option becomes exercisable upon the Company’s ability to deliver fee simple title to the properties. If the tenants do not exercise the option within this period, then the outstanding balance of the note will thereafter be payable in thirty-six (36) equal monthly installments of principal and interest.

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