Strawberry Fields REIT LLC (STRW) 10-Year Financial Performance & Capital Metrics

STRW • • REIT / Real Estate

Real EstateHealthcare REITsSenior Housing & Skilled Nursing REITsSkilled Nursing Specialists

AboutStrawberry Fields REIT LLC, a self-managed and self-administered real estate investment trust, engages in the acquisition, ownership, and leasing of skilled nursing facilities and other post-acute healthcare properties. Its portfolio consists of 79 healthcare properties with an aggregate of 10,426 licensed beds. These properties are located across Arkansas, Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee, and Texas. The company is based in South Bend, Indiana.Show more

Revenue $117M +17.3%
FFO $38M +19.6%
FFO/Share 5.37 +6.8%
FFO Payout 10.54% +17.5%
FFO per Share 5.37 +6.8%
NOI Margin 87% +2.4%
FFO Margin 32.71% +1.9%
ROE 6.26% +21.2%
ROA 0.58% +36.0%
Debt/Assets 85.29% -2.2%
Net Debt/EBITDA 6.53 -4.5%
Book Value/Share 11.73 +58.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FFO growing 39.4% TTM
✓Sustainable FFO payout ratio of 10.5%
✓High NOI margin of 87.0%
✓Healthy dividend yield of 4.2%
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 8.0x
✗Shares diluted 11.9% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y10.38%

TTM29.76%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-8.45%

TTM110.17%

EPS CAGR

10Y-

5Y-

3Y104.35%

TTM21.15%

ROCE

10Y Avg8.25%

5Y Avg8.25%

3Y Avg8.85%

Latest8.96%

Peer Comparison

Skilled Nursing Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SBRASabra Health Care REIT, Inc.	4.75B	19.05	35.28	8.61%	23.5%	6.19%	6.54%	0.89
OHIOmega Healthcare Investors, Inc.	13.15B	44.48	28.70	10.7%	46.83%	10.27%	5.7%	1.02
STRWStrawberry Fields REIT LLC	175.02M	13.34	23.40	17.29%	4.83%	11.22%	20.19%	8.04

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	84.09M	87.03M	92.54M	99.81M	117.06M
Revenue Growth %	-	0.03%	0.06%	0.08%	0.17%
Property Operating Expenses	10.34M	11.36M	13.66M	15.02M	15.22M
Net Operating Income (NOI)+	-	-	-	-	-
NOI Margin %	-	-	-	-	-
Operating Expenses+	34.21M	38.91M	28.93M	37.35M	40.54M
G&A Expenses	6.24M	8.07M	7.72M	7.33M	8.4M
EBITDA+	66.45M	64.53M	78.73M	76.97M	95.5M
EBITDA Margin %	-	-	-	-	-
Depreciation & Amortization+	26.92M	27.77M	28.79M	29.53M	34.19M
D&A / Revenue %	-	-	-	-	-
Operating Income+	39.54M	36.76M	49.95M	47.44M	61.3M
Operating Margin %	-	-	-	-	-
Interest Expense+	23.76M	21.37M	21.21M	25.43M	33.64M
Interest Coverage	1.66x	1.72x	2.35x	1.87x	1.82x
Non-Operating Income	3.89M	6.97M	12.31M	1.76M	1.16M
Pretax Income+	11.89M	8.42M	16.42M	20.24M	26.5M
Pretax Margin %	-	-	-	-	-
Income Tax+	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-
Net Income+	11.89M	5.34M	1.85M	2.5M	4.09M
Net Margin %	-	-	-	-	-
Net Income Growth %	-	-0.55%	-0.65%	0.35%	0.64%
Funds From Operations (FFO)+	-	-	-	-	-
FFO Margin %	-	-	-	-	-
FFO Growth %	-	-0.15%	-0.07%	0.05%	0.2%
FFO per Share+	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-
EPS (Diluted)+	-2.06	0.07	0.31	0.39	0.57
EPS Growth %	-	1.03%	3.64%	0.26%	0.46%
EPS (Basic)	-2.07	0.07	0.31	0.39	0.57
Diluted Shares Outstanding	5.88M	5.88M	6.01M	6.37M	7.12M

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	523.68M	569.96M	547M	616.79M	787.59M
Asset Growth %	-	0.09%	-0.04%	0.13%	0.28%
Real Estate & Other Assets+	5.52M	468.02M	444.88M	527.85M	620.5M
PP&E (Net)	408.47M	2.06M	1.83M	1.54M	1.2M
Investment Securities	0	0	0	0	0
Total Current Assets+	92M	85.22M	88.66M	78.8M	137.94M
Cash & Equivalents	17.81M	26.21M	20.2M	12.17M	48.37M
Receivables	1000K	1000K	1000K	1000K	1000K
Other Current Assets	52.96M	25.92M	25.51M	25.59M	45.28M
Intangible Assets	16.36M	13.34M	10.31M	7.28M	26.62M
Total Liabilities	510.26M	534.91M	497.62M	569.52M	704.02M
Total Debt+	488.81M	503.86M	457.25M	537.99M	671.74M
Net Debt	471M	477.66M	437.05M	525.81M	623.37M
Long-Term Debt	486.47M	501.8M	455.42M	536.44M	670.53M
Short-Term Borrowings	0	0	0	0	0
Capital Lease Obligations	2.35M	2.06M	1.83M	1.54M	1.2M
Total Current Liabilities+	13.15M	20.65M	13.72M	16.91M	18.72M
Accounts Payable	13.15M	0	0	0	0
Deferred Revenue	0	0	0	0	0
Other Liabilities	8.3M	10.4M	26.64M	14.63M	13.56M
Total Equity+	13.42M	35.05M	49.38M	47.27M	83.57M
Equity Growth %	-	1.61%	0.41%	-0.04%	0.77%
Shareholders Equity	13.42M	2.27M	7.79M	7.51M	18.17M
Minority Interest	0	32.78M	41.6M	39.77M	65.4M
Common Stock	0	0	0	0	1K
Additional Paid-in Capital	63.94M	4.33M	5.79M	5.75M	16.54M
Retained Earnings	-26.74M	393K	1.61M	1.23M	1.29M
Preferred Stock	0	0	0	0	0
Return on Assets (ROA)	0.02%	0.01%	0%	0%	0.01%
Return on Equity (ROE)	0.89%	0.22%	0.04%	0.05%	0.06%
Debt / Assets	0.93%	0.88%	0.84%	0.87%	0.85%
Debt / Equity	36.42x	14.38x	9.26x	11.38x	8.04x
Net Debt / EBITDA	7.09x	7.40x	5.55x	6.83x	6.53x
Book Value per Share	2.28	5.96	8.22	7.43	11.73

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	37.34M	44.79M	50.93M	54.94M	59.33M
Operating CF Growth %	-	0.2%	0.14%	0.08%	0.08%
Operating CF / Revenue %	-	-	-	-	-
Net Income	11.89M	8.42M	16.42M	2.5M	26.5M
Depreciation & Amortization	26.92M	27.77M	28.79M	29.53M	34.19M
Stock-Based Compensation	0	250K	0	0	0
Other Non-Cash Items	250K	1.09M	12.14M	19.17M	4.49M
Working Capital Changes	-1.71M	2.88M	-6.42M	3.75M	-5.86M
Cash from Investing+	-6.43M	-58.29M	-10.1M	-106.35M	-136.78M
Acquisitions (Net)	0	0	0	0	0
Purchase of Investments	0	0	-513K	-108.06M	0
Sale of Investments	0	-1000K	0	0	0
Other Investing	-6.43M	-54.45M	-9.59M	1.71M	-112.78M
Cash from Financing+	-26.1M	23.57M	-47.25M	43.46M	133.34M
Dividends Paid	0	-1.52M	-637K	-2.87M	-4.04M
Common Dividends	0	0	-637K	-2.87M	-4.04M
Debt Issuance (Net)	-1000K	1000K	-1000K	1000K	1000K
Share Repurchases	0	0	0	-46K	-2.47M
Other Financing	0	0	-12.35M	-37.16M	-24.24M
Net Change in Cash+	4.81M	10.07M	-6.42M	-7.95M	55.9M
Exchange Rate Effect	0	0	0	0	0
Cash at Beginning	37.24M	42.06M	52.13M	45.7M	37.76M
Cash at End	42.06M	52.13M	45.7M	37.76M	93.66M
Free Cash Flow+	37.34M	44.79M	50.93M	54.94M	35.33M
FCF Growth %	-	0.2%	0.14%	0.08%	-0.36%
FCF / Revenue %	-	-	-	-	-

Key Ratios

Metric	2020	2021	2022	2023	2024
FFO per Share	6.6	5.63	5.1	5.03	5.37
FFO Payout Ratio	0%	4.58%	2.08%	8.97%	10.54%
NOI Margin	87.7%	86.95%	85.24%	84.95%	87%
Net Debt / EBITDA	7.09x	7.40x	5.55x	6.83x	6.53x
Debt / Assets	93.34%	88.4%	83.59%	87.22%	85.29%
Interest Coverage	1.66x	1.72x	2.35x	1.87x	1.82x
Book Value / Share	2.28	5.96	8.22	7.43	11.73
Revenue Growth	-	3.5%	6.33%	7.85%	17.29%

Frequently Asked Questions

Valuation & Price

Strawberry Fields REIT LLC (STRW) has a price-to-earnings (P/E) ratio of 23.4x. This is roughly in line with market averages.

Growth & Financials

Strawberry Fields REIT LLC (STRW) reported $145.4M in revenue for fiscal year 2024. This represents a 73% increase from $84.1M in 2020.

Strawberry Fields REIT LLC (STRW) grew revenue by 17.3% over the past year. This is strong growth.

Yes, Strawberry Fields REIT LLC (STRW) is profitable, generating $7.0M in net income for fiscal year 2024 (3.5% net margin).

Dividend & Returns

Yes, Strawberry Fields REIT LLC (STRW) pays a dividend with a yield of 4.25%. This makes it attractive for income-focused investors.

Strawberry Fields REIT LLC (STRW) has a return on equity (ROE) of 6.3%. This is below average, suggesting room for improvement.

Industry Metrics

Strawberry Fields REIT LLC (STRW) generated Funds From Operations (FFO) of $50.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Strawberry Fields REIT LLC (STRW) offers a 4.25% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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