Operating cash flow of $24.2M in 2026Q2 comfortably exceeds $13.3M of FFO, but with capex undisclosed in most periods and dividends of roughly $2.3M per quarter against $13.3M to $13.9M of quarterly AFFO, distributable coverage appears adequate yet remains unverified.
Strawberry Fields REIT, Inc. (STRW) cash flow statement — 6-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Cash from Operations | 62.29M | 90.04M | 59.33M | 54.94M | 50.93M | 44.79M | 37.34M |
| Operating CF Growth % | -43.58% | 51.76% | 7.98% | 7.89% | 13.71% | 19.93% | - |
| Operating CF / Revenue % | 51.85% | 58.09% | 50.68% | 55.05% | 55.03% | 51.46% | 44.41% |
| Net Income | 2.82M | 33.31M | 26.5M | 2.5M | 16.42M | 8.42M | 11.89M |
| Depreciation & Amortization | 34.93M | 46.25M | 34.19M | 29.53M | 28.79M | 27.77M | 26.92M |
| Stock-Based Compensation | 3.2M | 1.69M | 0 | 0 | 0 | 250K | 0 |
| Other Non-Cash Items | -2.73M | 6.54M | 4.49M | 19.17M | 12.14M | 1.09M | 250K |
| Working Capital Changes | -11.06M | 2.26M | -5.86M | 3.75M | -6.42M | 2.88M | -1.71M |
| Cash from Investing | -3.71M | -111.87M | -136.78M | -106.35M | -10.1M | -58.29M | -6.43M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -81.04M | 0 | 0 | -108.06M | -513K | 0 | 0 |
| Sale of Investments | 12K | 0 | 0 | 0 | 0 | -3.84M | 0 |
| Other Investing | 77.31M | -111.87M | -112.78M | 1.71M | -9.59M | -54.45M | -6.43M |
| Cash from Financing | -36.92M | -5.06M | 133.34M | 43.46M | -47.25M | 23.57M | -26.1M |
| Dividends Paid | -6.53M | -7.63M | -4.04M | -2.87M | -637K | -1.52M | 0 |
| Common Dividends | -6.53M | -7.63M | -4.04M | -2.87M | -637K | -1.52M | 0 |
| Debt Issuance (Net) | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K |
| Share Repurchases | 0 | -652K | -2.47M | -46K | 0 | 0 | 0 |
| Other Financing | 30.4M | -27.63M | -24.24M | -37.16M | -12.35M | 0 | 0 |
| Net Change in Cash | 21.66M | -26.9M | 55.9M | -7.95M | -6.42M | 10.07M | 4.81M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | - | 93.66M | 37.76M | 45.7M | 52.13M | 42.06M | 37.24M |
| Cash at End | - | 66.76M | 93.66M | 37.76M | 45.7M | 52.13M | 42.06M |
| Free Cash Flow | 62.29M | 90.04M | 35.33M | 54.94M | 50.93M | 44.79M | 37.34M |
| FCF Growth % | - | 154.85% | -35.7% | 7.89% | 13.71% | 19.93% | - |
| FCF / Revenue % | 51.85% | 58.09% | 30.18% | 55.05% | 55.03% | 51.46% | 44.41% |
Quick answers to the most common questions about buying STRW stock.
Strawberry Fields REIT, Inc. (STRW) generated $90.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Strawberry Fields REIT, Inc. (STRW) generated $90.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Strawberry Fields REIT, Inc. (STRW) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Strawberry Fields REIT, Inc. (STRW) returned $7.6M to shareholders via cash dividends and spent $0.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
AFFO coverage unverifiable from data
Metrics are mathematically derived from official filings.
Reported Cash Figures May Overstate Durable Strength
Based on reported figures, STRW's 2026Q2 operating cash flow of $24.2M sits well above its $13.3M FFO and $2.2M net income, a divergence that may reflect working capital timing rather than durable property-level cash generation.
The gap between operating cash flow, FFO, and GAAP net income across quarters suggests collection timing, non-cash adjustments, or classification effects may be driving much of the recent strength. Free cash flow margins swung from negative 57.0 percent in 2024Q1 to 60.5 percent in 2026Q2, which warrants further investigation before treating the latest quarter as representative. Investors should monitor whether operating cash flow converges toward FFO over subsequent periods, since persistent divergence would weaken confidence in the reported cash profile.
AFFO Coverage Appears Thin Relative to Payouts
As reported in the supplied cash flow data, STRW's AFFO ran at roughly $13.3M to $13.9M per quarter across the last five periods, while dividend payments in the sampled quarters were comparatively small, though the AFFO-to-dividend coverage ratio cannot be fully verified from the disclosed figures.
The Div/AFFO ratios shown in the data range from about 0.09 to 0.17, which would imply substantial retained AFFO if accurate. However, dividend payment entries are blank for most recent quarters, so true payout coverage cannot be confirmed and investors should monitor whether distributions have been reduced or suspended. The apparent buffer may reflect incomplete dividend reporting rather than a conservative payout policy.
Capex Disclosure Gaps Limit Maintenance Assessment
As reported in the financial statements, STRW recorded material capital expenditure entries of negative $6.0M in 2024Q4 and $18.0M in 2024Q1, with all other quarters showing no reported capex, data that is unavailable for recurring maintenance assessment.
Zero or blank capex entries across most quarters do not establish that the portfolio required no maintenance spending, and the data cannot separate acquisition spending from recurring capital needs. The absence of reported recurring capex means AFFO may be overstated relative to true distributable cash flow. Analysts should treat reported AFFO figures as provisional until capex detail is available.
Net Income Understates Cash Earnings Power
Based on the supplied figures, STRW's 2026Q2 GAAP net income of $2.2M compares with FFO of $13.3M, a ratio of roughly 6 times, suggesting depreciation and other non-cash charges account for a large share of the gap.
The FFO-to-net-income multiple has ranged widely across the ten quarters, indicating persistent and variable non-cash add-backs. Depreciation detail is not provided, so the magnitude of this distortion cannot be attributed with confidence. The wide gap reinforces that GAAP earnings are a poor guide to REIT cash generation for this company.
Financing Activity Remains Largely Undisclosed
According to the reported data, STRW's external funding picture is largely undisclosed, with no clear share issuance or debt draw figures provided to test whether dividends are covered by retained cash or new capital.
Without disclosed equity or debt flows, it is not possible to determine whether distributions rely on external financing. Investors should monitor filings for ATM issuance and borrowing activity, as dependence on capital markets would materially change the sustainability assessment. The gap in financing data is itself a point of analytical uncertainty rather than evidence of either strength or weakness.