Strawberry Fields REIT, Inc. · AMEX:STRW
Strawberry Fields REIT — Investor Presentation (November 2026)
29 slides from Strawberry Fields REIT's investor presentation, Nov 5, 2026
Slide 1: Strawberry Fields REIT Investor Presentation Q3 2026
STRAWBERRY FIELDS Strawberry Fields REIT Investor Presentation | Q3 2026 NYSE: “STRW” Skilled Nursing Facility REIT | Pure-Play SNF REIT | 23+ Years Performance | Internally Managed 145 Facilities 10 15,600+ Licensed Beds $144M Base Rent
Slide 2: Important Disclosures
Important Disclosures Forward-Looking Statements Certain statements in this presentation are "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements provide our current expectations or forecasts of future events and are not statements of histor
Slide 3: Legal Disclaimer
Legal Disclaimer “! if PERRY items, from net income. as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization. AFFO is defined as FFO excluding the impact of straight-li
Slide 4: The Investment Case
The Investment Case sHheRR ey Durable Cash Flows N leases with ~2.8% escalations | 100% rent collection | Government-backed revenue Proven Growth Track Record’ 33 to 145 facilities since 2015 | 11%+ CAGR on AFFO and EBITDA over 5 years Structural Demographic Tailwinds 72M+ Americans 65+ by 2035 | Lo
Slide 5: Company Snapshot
Company Snapshot Strawberry Fields REIT | NYSE: STRW | as of September 30, 2026 2003 Founded Moishe Gubin and Michael Blisko Founders 55+ years of collective SNF experience 15,655 Licensed Beds Across 10 states *completed direct listing in September 2022 on the OTCQX NYSE: STRW | Investor Presentati
Slide 6: Portfolio At-A-Glance as of September 30, 2026
as of September 30, 2026 100% Contractual Rent Collected $74.5M Adjusted FFO Q3 2026 Annualized | 11.1% 5-¥r CAGR 48.0% Net Debt / Net Assets Portfolio At-A-Glance $200M Corporate Credit Facility SOFR+2.75% | $30M dry powder $129.5M_ Adjusted EBITDA Q3 2026 Annualized | 13.9% 5-Yr CAGR 2.24x EBITDAR
Slide 7: Disciplined Underwriting and Acquisition Strategy
Disciplined Underwriting and Acquisition Strategy NYSE: STRW 01 02 Investment Criteria Due Diligence + 10% projected ROM + Operator-Level financials (3+ + 20% projected levered IRR over a years) and evaluation of existing and anticipated future 10-year investment horizon (initial term of the lease)
Slide 8: Geographic Footprint
Geographic Footprint Diversified across 10 states with strategic concentration | As of September 30, 2026 CONSULTANTS OPERATORS Advena Healthcare AOM Healthcare Bria Health Services Hill Valley HC Infinity of Hinois Infinity of Indiana Infinity of Tennessee Oasis Health Care Group Reliant Care Manag
Slide 9: Dual Growth Engine
Dual Growth Engine sheet FIELDS, Internal income growth combined with external acquisition growth Internal Growth External Growth ¢ Built-in rent escalations (~2.8% avg * $400M+* active acquisition pipeline annual) ¢ Off-market, smaller deals (less * 100% contractual rent collection competition) * L
Slide 10: Repeatable Acquisition Model
Repeatable Acquisition Model si RFR Systematic sourcing, underwriting, and integration SSS Source Underwrite Structure Integrate Off-market deal flow through - 7 . Long-term NNN leases** with Standardized onboarding. : Rigorous due diligence with : wes established operator - ~3% annual increases. Le
Slide 11: Proven Acquisition Strategy
2015 — 2017 2015: Strawbemy Fields REIT, LLC. founded by Mr. Gubin, Mr. Blisko and other investors who acquired portfolio of 33, SNF properties. 2015: Issued $68.3 million of Series A ‘bonds on the Tel Aviv Stock Exchange, with an initial S&P Israel “WA rating; and paid off in November 2023 2015: Ex
Slide 12: The Demographic Tailwinds
The Demographic Tailwinds ‘A 30-year structural advantage for skilled nursing operators 72M+ Americans aged 65+ Up from 58M today. Medicare SNF spending growing at 4.63% CAGR. Supply Constraints < 1% net new bed supply | High regulatory barriers Rising construction costs | Certificate of Need limits
Slide 13: Aging Demographics Driving Structural Demand
Aging Demographics Driving Structural Demand By 2030, the U.S. population aged 65 and older is projected to exceed 72 million, supporting sustained demand and reinforcing strong barriers to entry. STRAY % of Total Population 20.0% 20.2% 19.3% = 022 GE 65+ 16.1% 13.0% es 43% 7 23% AGE 85+ 2010 2020 2
Slide 14: High Barriers-to-Entry
. 7 2=RRY FIELDS High Barriers-to-Entry sti The Company has achieved scale in targeted markets where set-up and operational costs are prohibitively expensive for operators who do not have specialized knowledge of the industry and economies of scale. An aging population combined with lack of new supp
Slide 15: Financial Performance and Portfolio Growth
ae Financial Performance and Portfolio Growth STR ERR Strong, consistent growth across all key metrics (2021-2026E) Adjusted FFO Portfolio Growth CAGR ($M)** 2021 2022 2023 2024 2025 2026E 2021 2022 2023 2024 2025 2026E 11.1% AFFO CAGR 2021-2026E) ( 13.1% Portfolio Growth CAGR (2021—2026E) *STRW has
Slide 16: Growth in AFFO
Growth in AFFO Significant AFFO growth driven by accretive reinvestment of cash flow, scaling operations and utilizing HUD debt Illustrative Reinvestment of Cash Flow Projected 2026 AFFO* Payout Ratio Retained Cash Flow Targeted Acquisition ROE Incremental AFFO Organic AFFO Growth AFFO/Share Growth*
Slide 17: Q3 2026 Debt Structure
Q3 2026 Debt Structure STRANTERRY Conservative, long-duration debt profile 5.8% 20+ 48.0% 5.4x Blended Years Avg. Net Debt / Net Debt / Interest Rate HUD Debt Maturity Net Assets AEBITDA Debt Maturity Schedule (SM) Debt Composition 400 Corporate Bonds 300 $177M | 6.70-7.50% Tel Aviv Stock Exchange |
Slide 18: Operator Health & Risk Framework
Operator Health & Risk Framework sh RR Transparent, institutional-grade approach to portfolio risk management Operator Concentration Coverage Metrics * Diversified exposure across 16 consulting groups. ¢ EBITDARM rent coverage at 2.24x (TTM Aug. 2026). * No single operator exceeds 25% of revenue. *
Slide 19: STRW trades at a meaningful discount to healthcare REIT peers
STRW trades at a meaningful discount to healthcare REIT peers despite delivering superior AFFO growth and maintaining a well-covered, growing dividend Metric AFFO Multiple Dividend Yield AFFO/Share CAGR (2021-2026E) Payout Ratio SNF Concentration EBITDARM Coverage Valuation Context Attractive entry
Slide 20: A Persistent Valuation Gap
A Persistent Valuation Gap STEEDS FIELDS STRW vs. SNF healthcare REIT peers | Sources: Company filings, S&P Capital IQ. Bloomberg AFFO Trading Multiple Leading peers on the fundamentals # Most SNF-focused 92% of portfolio vs. 27-63% peers Fastest AFFO/share growth +11% CAGR ‘21 —26E vs. <7% peers Lo
Slide 21: Market Performance and Value Opportunity
Market Performance and Value Opportunity STREREERRY Performance for STRW over the Last Year (September 30, 2025 — September 30, 2026) 1-Year Total Return vs. Peers® STRW Stock Price Performance (TTM September 2025-2026) sis sia 16.3% 9.8% $13 $12 su . = Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Se
Slide 22: Skilled Nursing Focus Magnified
Skilled Nursing Focus Magnified STRW is the closest pure-play SNF real estate investor in the market SNF Properties as a % of Portfolio 59.9% 63.4% 56.9% 37.1% ASABRA QQOMEGA ynust SriecaNTES care: @ = ¥ ‘Represents owned portfolios; CTRE and NHI concentrations as of Q2 2026; others as of Q3 2026. N
Slide 23: Peer Comparison
Peer Comparison STRW vs. SNF Healthcare REIT peers | Sources: Company filings, S&P Capital IQ. Bloomberg AFFO Payout Ratio AFFO / Share CAGR 10.0% 74.0% 76.0% 76.5% 66.7% week ad Ty | 1% ere sndirerry = SS SABRA = OMEGA Q@OMEGA & \SABRA kd ok ane Nur & caneynver « emery Note: CTRE and NHI data as of
Slide 24: Facility Operator & State Diversification
Facility Operator & State Diversification sR Base Rent by Related Consultant Base Rent by State NYSE: STRW | Investor Presentation | Q3 2026
Slide 25: Leadership
Leadership Experienced management team with deep healthcare real estate expertise Moishe Gubin Chairman & CEO Founder with 22+ years in skilled nursing and healthcare real estate Leads strategy, acquisitions, and portfolio growth Direct involvement in all investments since inception Deep operator re
Slide 26: Board of Directors
Board of Directors Independent oversight with deep healthcare and capital markets expertise Moishe Gubin Chairman & CEO + Founder with deep sector expertise in SNF real estate + Provides strategic leadership and investment oversight + Long-standing track record in acquisitions and operations Stanfor
Slide 27: Thank You
STRAWBERRY FIELDS Thank You Strawberry Fields REIT | NYSE: STRW INVESTOR RELATIO! ishe Gubin, Chairman & | [email protected] Jeff Bajtner, CIO | [email protected] 6101 Nimtz Parkway, South Bend, IN 46628 | 574.807.0800 www.strawberryfieldsreit.com
Slide 28: Appendix: Non-GAAP Measure Reconciliation
Appendix Non-GAAP Measure Reconciliation Investor Presentatio ‘Adjustments to FFO ("AFFO") (dollars in $1,000s) [Net income lLoss from real estate disposition |Depreciation and amortization lFunds from Operations Straight-line rent lLoss on foreign currency transaction lFunds from Operations, as Adj
Slide 29: Non-GAAP Measure Reconciliation
Non-GAAP Measure Reconciliation 7 2=RRY FIELDS Appendix + EBITDARM is a non-GAAP measure that for any period of determination, the aggregate net operating income of Tenant for such period to the extent derived from the operation of the Premises as reflected in their financials, adjusted to add there
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