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Real Estate Investments, net | 12 Months Ended
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Dec. 31, 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
|  | Useful Lives |  |  | 2025 |  |  | 2024 |
|  | Estimated |  |  | December 31, |
|  | Useful Lives |  |  | 2025 |  |  | 2024 |
|  | (Years) |  |  | (Amounts in $000’s) |
Buildings and improvements |  |  | 7-45 |  |  | $ | 773,555 |  |  | $ | 683,582 |
Equipment and personal property |  |  | 2-18 |  |  |  | 123,072 |  |  |  | 104,869 |
Land |  |  | - |  |  |  | 72,586 |  |  |  | 69,036 |
Real estate investments, gross |  |  |  |  |  |  | 969,213 |  |  |  | 857,487 |
Less: accumulated depreciation |  |  |  |  |  |  | (282,062 | ) |  |  | (248,429 | )
Real estate investments, net |  |  |  |  |  | $ | 687,151 |  |  | $ | 609,058 |
For the years ended December 31, 2025 and 2024, total depreciation expense was $35.8 million and $29.0 million, respectively. STRAWBERRY FIELDS REIT, INC. and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 4. Real Estate Investments, net (cont.) Acquisition of Properties On March 25, 2024, the Company entered into a purchase agreement for a property comprised of a 68-bed skilled nursing facility and 10 bed assisted living facility near Georgetown, Indiana. The acquisition was closed on May 31, 2024 for $5.85 million and the Company funded the acquisition by utilizing cash from the balance sheet. On August 30, 2024 the Company completed the acquisition of two skilled nursing facilities with 254 licensed beds near San Antonio, Texas. The acquisition was for $15.25 million. The Company funded the acquisition utilizing cash from the balance sheet. On September 25, 2024 the Company completed the acquisition for 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 common stock to the seller, and transferring $0.8 million issuing of other assets to the seller. 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 balance sheet. The facility was added to an existing master lease with Infinity of Indiana. On December 20, 2024, the Company completed a purchase with an unaffiliated seller with respect to eight healthcare facilities located in Missouri. The purchase price for the facilities was $87.5 million. The facilities were currently leased under a master lease agreement to a group of third-party tenants. Under the master lease, the tenants currently pay annual rent on a triple net basis. The eight facilities are comprised of 1,111 licensed beds. The Company purchase the facilities utilizing cash from the balance sheet and funds provided by a third-party lender. On December 31, 2024 the Company completed the acquisition of a 100-bed skilled nursing facility in Oklahoma for $5.0 million. Under the lease, the tenants initial annual rents are $500,000 on a triple net basis. 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 Note Payable in the accompanying 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 cash from the 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 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 and was funded utilizing cash from the consolidated balance sheets. Base rent for this property is $1.3 million dollars annually. The property was added to an existing master lease and is subject to an annual base rent increase of 3%. The initial term is approximately 10 years and includes two 5 year extension options. On July 1, 2025, the Company completed the acquisition of nine skilled nursing facilities, comprised of 686 beds, located in Missouri. The acquisition was for $59 million and the Company funded the acquisition utilizing cash from the consolidated balance sheets. Eight of the facilities were leased to the Tide Group and were added to the master lease the Company entered into in August 2024. These properties are subject to annual rent increase of 3% and the initial term is 10 years. This acquisition increased Tide Group’s annual rents by $5.5 million. The ninth facility was leased to an affiliate of Reliant Care Group L.L.C. The facility was added to the master lease the Company assumed in December 2024 and increased Reliant Care Group’s annual rents by $0.6 million. On July 1, 2025, the Company sold Chalet of Niles, a property in Michigan that was formally part of the Landmark Master Lease, to a third-party purchaser. The property sold for $2.7 million dollars. A loss of $0.01 million dollars resulted from this sale. The buyer received financing from the Company for the acquisition. The financing was $2.4 million for three years and is interest only, with an annual interest rate of 10%. The financing has a balloon payment at the end of year three. On August 5, 2025, the Company completed the acquisition for a skilled nursing facility with 80 licensed beds near McLoud, Oklahoma. The acquisition was for $4.25 million. The Company funded the acquisition utilizing cash from the consolidated balance sheets. The initial annual base rents are $0.4 million dollars and subject to 3% annual rent increases. The initial term is 10 years and includes two 5 year extension options. On August 29, 2025, the Company completed the acquisition for a healthcare facility comprised of 108 skilled nursing beds and 16 assisted living beds near Poplar Bluff, Missouri. The acquisition was for $5.3 million. The Company funded the acquisition utilizing cash from the consolidated balance sheets. The initial annual base rents are $0.5 million dollars and subject to 3% annual rent increases. The property was assumed by the Reliant Care master lease and is subject to the terms of the master lease. On November 10, 2025, the Company purchased a skilled nursing facility with 60 licensed beds near Grove, Oklahoma. The acquisition was for $3.0 million. The Company will funded the acquisition utilizing cash from the consolidated balance sheet. The property was assumed by the Oklahoma master lease and is subject to terms of the lease. STRAWBERRY FIELDS REIT, INC. and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 4. Real Estate Investments, net (cont.) Other Properties In December 2022, the Company, through one of its subsidiaries, took title on a property in Massachusetts through a foreclosure. As of December 31, 2025 and 2024, the property is carried at estimated fair value of $1.2 million and is included in real estate investments in the accompanying consolidated balance sheets.

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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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