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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2024
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _______________________ to __________
Commission
File Number: 001-41628
Strawberry
Fields REIT, Inc.
(Exact
name of registrant as specified in its charter)
Maryland |
|
84-2336054 |
(State or other jurisdiction
of |
|
(IRS Employer |
incorporation or organization) |
|
Identification No.) |
6101
Nimtz Parkway, South Bend, IN, 46628
(Address
of principal executive offices)
(574)
807-0800
(Registrant’s
telephone number, including area code)
N/A
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12 (b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common stock, par value
$0.0001 per share |
|
STRW |
|
NYSE American LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
☐ |
Accelerated filer |
☐ |
Non-accelerated filer |
☒ |
Smaller reporting company |
☒ |
|
|
Emerging growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 6,878,876
shares of common stock, $0.0001
par value, issued and outstanding as of August
12, 2024.
STRAWBERRY
FIELDS REIT, INC.
FORM
10-Q
June
30, 2024
TABLE
OF CONTENTS
PART
I – FINANCIAL INFORMATION
Item
1 - Financial Statements
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Amounts
in $000’s, except share data)
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(unaudited) | | |
| |
Assets | |
| | | |
| | |
Real estate investments,
net | |
$ | 509,925 | | |
$ | 518,314 | |
Cash and cash equivalents | |
| 16,122 | | |
| 12,173 | |
Restricted cash and equivalents | |
| 25,996 | | |
| 25,585 | |
Straight-line rent receivable,
net | |
| 25,269 | | |
| 23,334 | |
Right of use lease asset | |
| 4,267 | | |
| 1,542 | |
Goodwill, other intangible
assets and lease rights | |
| 24,493 | | |
| 8,604 | |
Deferred financing expenses | |
| 5,712 | | |
| 6,035 | |
Notes receivable, net | |
| 17,142 | | |
| 17,706 | |
Other
assets | |
| 6,948 | | |
| 3,502 | |
Total
Assets | |
$ | 635,874 | | |
$ | 616,795 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Accounts payable and accrued
liabilities | |
$ | 16,648 | | |
$ | 16,907 | |
Bonds, net | |
| 122,819 | | |
| 100,294 | |
Notes payable and other debt | |
| 429,050 | | |
| 436,192 | |
Operating lease liability | |
| 4,267 | | |
| 1,542 | |
Other liabilities | |
| 12,422 | | |
| 14,587 | |
Total
Liabilities | |
$ | 585,206 | | |
$ | 569,522 | |
Commitments
and Contingencies (Note 8) | |
| - | | |
| | |
Equity | |
| | | |
| | |
Common
stock, $.0001 par value, 500,000,000 shares authorized, 6,898,867 shares and 6,487,856 issued and outstanding | |
$ | - | | |
$ | - | |
Preferred
stock, $.0001 par value, 100,000,000 shares authorized, 0 shares issued and outstanding | |
| - | | |
| - | |
Additional paid in capital | |
| 5,086 | | |
| 5,746 | |
Accumulated other comprehensive
income | |
| 1,048 | | |
| 529 | |
Retained
earnings | |
| 1,304 | | |
| 1,232 | |
Total Stockholders’
Equity | |
$ | 7,438 | | |
$ | 7,507 | |
Non-controlling
interest | |
$ | 43,230 | | |
$ | 39,766 | |
Total
Equity | |
$ | 50,668 | | |
$ | 47,273 | |
Total
Liabilities and Equity | |
$ | 635,874 | | |
$ | 616,795 | |
See
accompanying notes to condensed consolidated financial statements.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(unaudited)
(Amounts
in $000’s, except share and per share data)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Six
Months Ended June 30, | | |
Three
Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Revenues | |
| | | |
| | | |
| | | |
| | |
Rental
revenues | |
$ | 57,106 | | |
$ | 48,554 | | |
$ | 29,272 | | |
$ | 24,307 | |
| |
| | | |
| | | |
| | | |
| | |
Expenses: | |
| | | |
| | | |
| | | |
| | |
Depreciation | |
$ | 14,214 | | |
$ | 12,461 | | |
$ | 7,020 | | |
$ | 6,230 | |
Amortization | |
| 2,111 | | |
| 1,514 | | |
| 1,207 | | |
| 757 | |
Loss on
real estate investment impairment | |
| - | | |
| 2,451 | | |
| - | | |
| - | |
General
and administrative expenses | |
| 3,643 | | |
| 2,413 | | |
| 2,101 | | |
| 951 | |
Property
taxes | |
| 7,161 | | |
| 7,435 | | |
| 3,446 | | |
| 3,717 | |
Facility
rent expenses | |
| 393 | | |
| 272 | | |
| 200 | | |
| 136 | |
Total
expenses | |
$ | 27,522 | | |
$ | 26,546 | | |
$ | 13,974 | | |
$ | 11,791 | |
Income
from operations | |
| 29,584 | | |
| 22,008 | | |
| 15,298 | | |
| 12,516 | |
| |
| | | |
| | | |
| | | |
| | |
Interest
expense, net | |
$ | (15,438 | ) | |
$ | (10,118 | ) | |
$ | (7,706 | ) | |
$ | (5,310 | ) |
Amortization
of deferred financing costs | |
| (323 | ) | |
| (253 | ) | |
| (161 | ) | |
| (123 | ) |
Mortgage
insurance premium | |
| (791 | ) | |
| (833 | ) | |
| (391 | ) | |
| (418 | ) |
Total
interest expense | |
$ | (16,552 | ) | |
$ | (11,204 | ) | |
$ | (8,258 | ) | |
$ | (5,851 | ) |
Other loss: | |
| | | |
| | | |
| | | |
| | |
Other expense | |
| - | | |
| (983 | ) | |
| - | | |
| (983 | ) |
Net income | |
$ | 13,032 | | |
$ | 9,821 | | |
$ | 7,040 | | |
$ | 5,682 | |
Less - | |
| | | |
| | | |
| | | |
| | |
Net
income attributable to non-controlling interest | |
| (11,348 | ) | |
| (8,628 | ) | |
| (6,102 | ) | |
| (4,984 | ) |
Net income attributable to
common stockholders | |
| 1,684 | | |
| 1,193 | | |
| 938 | | |
| 698 | |
Other comprehensive income: | |
| | | |
| | | |
| | | |
| | |
Gain due to foreign currency
translation | |
| 3,985 | | |
| 4,284 | | |
| 2,635 | | |
| 1,966 | |
Comprehensive
income attributable to non-controlling interest | |
| (3,466 | ) | |
| (3,765 | ) | |
| (2,284 | ) | |
| (1,724 | ) |
Comprehensive
income | |
$ | 2,203 | | |
$ | 1,712 | | |
$ | 1,289 | | |
$ | 940 | |
Net income attributable to
common stockholders | |
$ | 1,684 | | |
$ | 1,193 | | |
| 938 | | |
| 698 | |
Basic
and diluted income per common share | |
$ | .26 | | |
$ | .19 | | |
$ | .14 | | |
$ | .11 | |
Weighted average number
of common shares outstanding | |
| 6,478,173 | | |
| 6,365,856 | | |
| 6,478,058 | | |
| 6,365,856 | |
See
accompanying notes to condensed consolidated financial statements
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
CONDENSED
CONSOLIDATED STATEMENTS OF EQUITY
(Amounts
in $000’s)
| |
Number of
common
shares | | |
Additional
Paid-in
Capital | | |
Accumulated
other
comprehensive
income | | |
Retained
Earnings | | |
Non-
controlling
interest | | |
Total |
|
Balance, December 31, 2022 | |
| 6,365,856 | | |
$ | 5,792 | | |
$ | 386 | | |
$ | 1,608 | | |
$ | 41,598 | | |
$ | 49,384 |
|
OP Units Converted to Common
Stock (unaudited) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
OP
Units Converted to Common Stock (unaudited), shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common Stock
Retirement (unaudited) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
Stock Retirement (unaudited), shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Dividends (unaudited) | |
| - | | |
| - | | |
| - | | |
| (700 | ) | |
| - | | |
| (700 |
) |
Non-controlling interest distributions
(unaudited) | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,999 | ) | |
| (4,999 |
) |
Net change in foreign currency
translation (unaudited) | |
| - | | |
| - | | |
| 277 | | |
| - | | |
| 2,041 | | |
| 2,318 |
|
Net
income (unaudited) | |
| - | | |
| - | | |
| - | | |
| 495 | | |
| 3,644 | | |
| 4,139 |
|
Balance, March 31, 2023 (unaudited) | |
| 6,365,856 | | |
$ | 5,792 | | |
$ | 663 | | |
$ | 1,403 | | |
$ | 42,284 | | |
$ | 50,142 |
|
Dividends (unaudited) | |
| - | | |
| - | | |
| - | | |
| (700 | ) | |
| - | | |
| (700 |
) |
Non-controlling interest distributions
(unaudited) | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,998 | ) | |
| (4,998 |
) |
Net change in foreign currency
translation (unaudited) | |
| - | | |
| - | | |
| 242 | | |
| - | | |
| 1,724 | | |
| 1,966 |
|
Net income (unaudited) | |
| - | | |
| - | | |
| - | | |
| 698 | | |
| 4,984 | | |
| 5,682 |
|
Balance, June 30, 2023
(unaudited) | |
| 6,365,856 | | |
$ | 5,792 | | |
$ | 905 | | |
$ | 1,401 | | |
$ | 43,994 | | |
$ | 52,092 |
|
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
|
Balance,
December 31, 2023 | |
| 6,487,856 | | |
$ | 5,746 | | |
$ | 529 | | |
$ | 1,232 | | |
$ | 39,766 | | |
$ | 47,273 | |
Common Stock
Retirement (unaudited) | |
| (19,348 | ) | |
| (153 | ) | |
| - | | |
| - | | |
| - | | |
| (153 | ) |
Dividends (unaudited) | |
| - | | |
| - | | |
| - | | |
| (778 | ) | |
| - | | |
| (778 | ) |
Non-controlling interest distributions
(unaudited) | |
| - | | |
| - | | |
| - | | |
| - | | |
| (5,460 | ) | |
| (5,460 | ) |
Net change in foreign currency
translation (unaudited) | |
| - | | |
| - | | |
| 168 | | |
| - | | |
| 1,182 | | |
| 1,350 | |
Net
income (unaudited) | |
| - | | |
| - | | |
| - | | |
| 746 | | |
| 5,246 | | |
| 5,992 | |
Balance,
March 31, 2024 (unaudited) | |
| 6,468,508 | | |
$ | 5,593 | | |
$ | 697 | | |
$ | 1,200 | | |
$ | 40,734 | | |
$ | 48,224 | |
Balance | |
| 6,468,508 | | |
$ | 5,593 | | |
$ | 697 | | |
$ | 1,200 | | |
$ | 40,734 | | |
$ | 48,224 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common Stock Retirement (unaudited) | |
| (53,787 | ) | |
| (507 | ) | |
| - | | |
| - | | |
| - | | |
| (507) | |
OP Units Converted to Common
Stock (unaudited) | |
| 484,146 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Dividends
(unaudited) | |
| - | | |
| - | | |
| - | | |
| (834 | ) | |
| - | | |
| (834 | ) |
Non-controlling interest distributions
(unaudited) | |
| - | | |
| - | | |
| | | |
| - | | |
| (5,890 | ) | |
| (5,890 | ) |
Net change in foreign currency
translation (unaudited) | |
| - | | |
| - | | |
| 351 | | |
| - | | |
| 2,284 | | |
| 2,635 | |
Net
income (unaudited) | |
| - | | |
| - | | |
| - | | |
| 938 | | |
| 6,102 | | |
| 7,040 | |
Balance,
June 30, 2024 (unaudited) | |
| 6,898,867 | | |
$ | 5,086 | | |
$ | 1,048 | | |
$ | 1,304 | | |
$ | 43,230 | | |
$ | 50,668 | |
Balance | |
| 6,898,867 | | |
$ | 5,086 | | |
$ | 1,048 | | |
$ | 1,304 | | |
$ | 43,230 | | |
$ | 50,668 | |
See
accompanying notes to condensed consolidated financial statements
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts
in $000’s)
| |
2024 | | |
2023 | |
| |
Six
Months Ended June
30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Cash
flows from operating activities: | |
| | | |
| | |
Net
income | |
$ | 13,032 | | |
$ | 9,821 | |
Adjustments
to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation
and amortization | |
| 16,325 | | |
| 13,975 | |
Amortization
of bond issuance costs | |
| 162 | | |
| 251 | |
Loss
on real estate investment impairment | |
| - | | |
| 2,451 | |
Amortization
of deferred financing costs | |
| 323 | | |
| 253 | |
Increase
in other assets | |
| (3,446 | ) | |
| (774 | ) |
Amortization
of right of use asset | |
| 292 | | |
| 158 | |
Foreign
currency translation adjustments | |
| 657 | | |
| (324 | ) |
Increase
in straight-line rent receivables, net | |
| (1,935 | ) | |
| (787 | ) |
(Decrease)
increase in accounts payable and accrued liabilities and other liabilities | |
| (2,424 | ) | |
| 687 | |
Repayment
of operating lease liability | |
| (292 | ) | |
| (158 | ) |
Net
cash provided by operating activities | |
$ | 22,694 | | |
$ | 25,553 | |
| |
| | | |
| | |
Cash
flow from investing activities: | |
| | | |
| | |
Purchase
of real estate investments | |
$ | (5,825 | ) | |
$ | (6,031 | ) |
Purchase
of lease rights | |
| (18,000 | ) | |
| - | |
Principal
payments of notes receivable | |
| 564 | | |
| 1,610 | |
Net
cash used in investing activities | |
$ | (23,261 | ) | |
$ | (4,421 | ) |
| |
| | | |
| | |
Cash
flows from financing activities: | |
| | | |
| | |
Proceeds
from senior debt, net | |
$ | - | | |
$ | 3,096 | |
Proceeds
from issuance of bonds, net | |
| 25,691 | | |
| 32,689 | |
Repayment
of senior debt | |
| (7,142 | ) | |
| (8,371 | ) |
Repayment
of non-controlling interest redemption liability | |
| - | | |
| (15,753 | ) |
Payment
of dividends | |
| (1,612 | ) | |
| (1,400 | ) |
Non-controlling
interest distributions | |
| (11,350 | ) | |
| (9,997 | ) |
Common
Stock Retirement | |
| (660 | ) | |
| - | |
Net
cash provided by financing activities | |
$ | 4,927 | | |
$ | 264 | |
Increase
in cash and cash equivalents and restricted cash and equivalents | |
$ | 4,360 | | |
$ | 21,396 | |
Cash
and cash equivalents and restricted cash and equivalents at the beginning of the period | |
$ | 37,758 | | |
$ | 45,704 | |
Cash
and cash equivalents and restricted cash and equivalents at the end of the period | |
$ | 42,118 | | |
$ | 67,100 | |
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS, continued
(Amounts
in $000’s)
| |
Six
Months Ended June 30, | |
| |
2024 | | |
2023 | |
Supplemental
Disclosure of Cash Flow Information: | |
| | | |
| | |
| |
| | | |
| | |
Cash paid during
the period for interest | |
$ | 15,075 | | |
$ | 10,255 | |
Supplemental schedule of noncash
activities: | |
| | | |
| | |
Accumulated other comprehensive
income: | |
| | | |
| - | |
Foreign currency translation
adjustments | |
$ | 3,985 | | |
$ | 4,284 | |
Right of use lease asset obtained
in exchange for operating lease liabilities | |
$ | 3,017 | | |
$ | - | |
See
accompanying notes to condensed consolidated financial statements
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1. Business
Overview
The
Company
STRAWBERRY
FIELDS REIT, Inc. (the “Company”) is a Maryland corporation formed in July 2019. The Company commenced operations on June
8, 2021. The Company conducts its business through a traditional UPREIT structure in which substantially all of its assets are owned
by subsidiaries of Strawberry Fields Realty, LP, a Delaware limited partnership formed in July 2019 (the “Operating Partnership”).
The Company is the general partner of the Operating Partnership. The Company owns approximately 13.3% and 12.6% of the outstanding OP
units as of June 30, 2024 and December 31, 2023, respectively.
As
the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage
and conduct the business affairs of the Operating Partnership, subject to certain limited approval and voting rights of the limited partners.
The Company may cause the Operating Partnership to issue additional OP units in connection with property acquisitions, compensation or
otherwise. The Company became a publicly traded entity on September 21, 2022.
The
Company is engaged in the ownership, acquisition, financing and triple-net leasing of skilled nursing facilities and other post-acute
healthcare properties. The Company’s portfolio consists of 101 healthcare properties with an aggregate of 12,527 licensed beds.
The Company holds fee title to 98 of these properties and holds 3 properties under a long-term lease. These properties are located in
Arkansas, Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee and Texas. The Company generates substantially all of its
revenues by leasing its properties to tenants under long-term leases primarily on a triple-net basis, under which the tenant pays the
cost of real estate taxes, insurance and other operating costs of the facility and capital expenditures. Each healthcare facility located
at its properties is managed by a qualified operator with an experienced management team.
Interim
Condensed Consolidated Financial Statements
The
accompanying unaudited, condensed consolidated financial statements of the Company have been prepared in accordance with GAAP for interim
financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Certain
information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with
generally accepted accounting principles in the United States of America (“GAAP”) have been omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying interim condensed
consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company’s condensed
consolidated financial position as of June 30, 2024, and the condensed consolidated results of operations and cash flows for the periods
presented. The condensed consolidated results of operations for interim periods are not necessarily indicative of the results of operations
to be expected for any subsequent interim period or for the fiscal year ending December 31, 2024.
Variable
Interest Entity
The
Company consolidates the Operating Partnership, a variable interest entity (“VIE”) in which the Company is considered the
primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact
the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the
VIE that could be significant to the VIE.
Non-Controlling
Interest
A
non-controlling interest is defined as the portion of the equity in an entity not attributable, directly or indirectly, to the primary
beneficiary. Non-controlling interests are required to be presented as a separate component of equity on a condensed consolidated balance
sheet. Accordingly, the presentation of net income is modified to present the income attributed to controlling and non-controlling interests.
The non-controlling interest on the Company’s condensed consolidated balance sheets represents OP units not held by the Company
and represents approximately 86.7% and 87.4% of the outstanding OP Units issued by the Operating Partnership as of June 30, 2024 and
December 31, 2023, respectively. The holders of these OP units are entitled to share in cash distributions from the Operating Partnership
in proportion to their percentage ownership of OP units. Net income is allocated to the non-controlling interest based on the weighted
average of OP units outstanding during the period.
Basis
of Presentation
The
Company maintains its accounting records on an accrual basis in accordance with generally accepted accounting principles in the United
States of America (“GAAP”).
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies
Use
of Estimates
Management
is required to make estimates and assumptions in the preparation of the condensed consolidated financial statements in conformity with
GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the
reporting period. Actual results may differ from management’s estimates.
Principles
of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company and the Operating Partnership and its wholly-owned
subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation.
Cash
and Cash Equivalents
Cash
and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased.
The
Company’s cash, cash equivalents and restricted cash and cash equivalents periodically exceed federally insurable limits. The
Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash
balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial
markets. To date, the Company has experienced no loss or lack of access to the cash in its operating accounts. On June 30, 2024 and
December 31, 2023, the Company had $27.9 million and $22.7
million, respectively, on deposit in excess of federally insured limits. On June 30, 2023, the Company entered into Interbank Cash
Sweep accounts to minimize exposure to loss of funds not federally insured. These sweep accounts held approximately $8.1
million and $0.9 million as of June 30, 2024 and December 31, 2023, respectively.
Restricted
Cash and Cash Equivalents
Restricted
cash primarily consists of amounts held by mortgage lenders to provide for real estate tax expenditures, tenant improvements, capital
expenditures and security deposits, as well as escrow accounts related to principal and interest payments on Bonds.
Real
Estate Depreciation
Real
estate costs related to the acquisition and improvement of properties are capitalized and depreciated over the expected life of the asset
on a straight-line basis. The Company considers the period of future benefit of an asset to determine its appropriate useful life. The
Company does not incur expenditures for tenant improvements as they are the responsibility of the tenant per their respective leases.
The Company anticipates the estimated useful lives of its assets by class to be generally as follows:
Schedule
of Assets Useful Lives
Building
and improvements |
|
7-45
years |
Equipment
and personal property |
|
2-18
years |
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
Real
Estate Valuation
In
determining fair value and the allocation of the purchase price of acquisitions, the Company uses current appraisals or third-party valuations
services. The most significant components of these allocations are typically the allocation of fair value to land and buildings and,
for certain of its acquisitions, in place leases and other intangible assets. In the case of the fair value of buildings and the allocation
of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization
the Company records over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of
in place leases, the Company makes best estimates based on the evaluation of the specific characteristics of each tenant’s lease.
Factors considered include estimates of carrying costs during hypothetical expected lease up periods, market conditions and costs to
execute similar leases. These assumptions affect the amount of future revenue that the Company will recognize over the remaining lease
term for the acquired in place leases.
The
Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs
related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction
costs related to acquisitions that are deemed to be businesses are expensed as incurred. All of the Company’s acquisitions of investment
properties qualified as asset acquisitions during the periods ended June 30, 2024 and 2023.
Revenue
Recognition
Rental
income from operating leases is generally recognized on a straight-line basis over the terms of the leases. Substantially all of the
Company’s leases contain provisions for specified annual increases over the rents of the prior year and are generally computed
in one of three methods depending on specific provisions of each lease as follows:
|
(i) |
a
specified annual increase over the prior year’s rent, generally between 1.0% and 3.0%; |
|
|
|
|
(ii) |
a
calculation based on the Consumer Price Index; or |
|
|
|
|
(iii) |
specific
dollar increases. |
Contingent
revenue is not recognized until all possible contingencies have been eliminated. The Company considers the operating history of the lessee
and the general condition of the industry when evaluating whether all possible contingencies have been eliminated and have historically,
and expect in the future, to not include contingent rents as income until received. The Company follows a policy related to rental income
whereby the Company considers a lease to be non-performing after 60 days of non-payment of past due amounts and does not recognize unpaid
rental income from that lease until the amounts have been received.
Rental
revenues relating to non-contingent leases that contain specified rental increases over the life of the lease are recognized on the straight-line
basis. Recognizing income on a straight-line basis requires us to calculate the total non-contingent rent containing specified rental
increases over the life of the lease and to recognize the revenue evenly over that life. This method results in rental income in the
early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset included in our accompanying
condensed consolidated balance sheets. At some point during the lease, depending on its terms, the cash rent payments eventually exceed
the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term.
The Company assesses the collectability of straight-line rent in accordance with the applicable accounting standards and reserve policy.
If the lessee becomes delinquent in rent owed under the terms of the lease, the Company may provide a reserve against the recognized
straight-line rent receivable asset for a portion, up to its full value, that the Company estimates may not be recoverable.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
Revenue
Recognition (Cont.)
Capitalized
above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized
below-market leases are accreted to rental income over the remaining terms of the respective leases and expected below-market renewal
option periods.
The
Company reports revenues and expenses within our triple-net leased properties for real estate taxes that are escrowed and obligations
of the tenants in accordance with their respective lease with us.
Gain
from sale of real estate investments is recognized when control of the property is transferred and it is probable that substantially
all consideration will be collected.
Allowance
for Doubtful Accounts
The
Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s
evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity
and other factors. The Company’s tenants, borrowers and operators furnish property, portfolio and guarantor/operator-level financial
statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the
lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated
together with other property, portfolio and operator performance information, including revenue, expense, net operating income, occupancy,
rental rate, reimbursement trends, capital expenditures and EBITDA (defined as earnings before interest, tax, depreciation and amortization),
along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance,
its tenants’, operators’ and borrowers’ ability to service their obligations with the Company.
The
Company maintains an allowance for doubtful accounts for straight-line rent receivables resulting from tenants’ inability to make
contractual rent and tenant recovery payments or lease defaults. For straight-line rent receivables, the Company’s assessment is
based on amounts estimated to be recoverable over the lease term.
Impairment
of Long-Lived Assets and Goodwill
The
Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes
in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by
comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future
undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash
flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss
will be recognized to the extent that the carrying value of the real estate assets is greater than their fair value. See Note 4 below.
Goodwill
is tested for impairment at least annually based on certain qualitative factors to determine if it is more likely than not that the fair
value of a reporting unit is less than its carrying value. Potential impairment indicators include a significant decline in real estate
values, significant restructuring plans, current macroeconomic conditions, state of the equity and capital markets or a significant decline
in the Company’s market capitalization. If the Company determines that it is more likely than not that the fair value of a reporting
unit is less than its carrying value, the Company applies the required two-step quantitative approach. The quantitative procedures of
the two-step approach (i) compare the fair value of a reporting unit with its carrying value, including goodwill, and, if necessary,
(ii) compare the implied fair value of reporting unit goodwill with the carrying value as if it had been acquired in a business combination
at the date of the impairment test. The excess fair value of the reporting unit over the fair value of assets and liabilities, excluding
goodwill, is the implied value of goodwill and is used to determine the impairment amount, if any. The Company has selected the fourth
quarter of each fiscal year to perform its annual impairment test.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
Concentrations
of Credit Risk
Financial
instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted
cash and cash equivalents, notes receivable and operating leases on owned properties. These financial instruments are subject to the
possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations
or changes in market prices which may make the instrument less valuable. Cash and cash equivalents, restricted cash and equivalents are
held with various financial institutions. From time to time, these balances exceed the federally insured limits. These balances are maintained
with high quality financial institutions which management believes limits the risk.
With
respect to notes receivable, the Company obtains various collateral and other protective rights, and continually monitors these rights,
in order to reduce such possibilities of loss. In addition, the Company provides reserves for potential losses based upon management’s
periodic review of our portfolio.
On
June 30, 2024, the Company held four notes receivable with an outstanding balance of $17.1 million. The notes have maturities ranging
from 2024 through 2046, and interest rates ranging from 2% to 11.25%. One of the notes is collateralized by tenants’ accounts receivable.
All other notes receivable are uncollateralized as of June 30, 2024. As of December 31, 2023, the Company held four notes receivable
for a total amount of $17.7 million. As of June 30, 2024 all of these notes are paid monthly and are current.
Market
Concentration Risk
As
of June 30, 2024 and December 31, 2023, the Company owned 98 and 97 properties and leased 3 and 1 properties, respectively. The facilities are
located in 9 states, with 40 of its total facilities in Indiana (which include 3,318 skilled nursing beds or 26% of the
Company’s total beds) and 20 of its total facilities are located in Illinois (which include 4,226 skilled nursing beds
or 33.7% of the Company’s total beds). Since tenant revenue is primarily generated from Medicare and Medicaid, the operations
of the Company are indirectly subject to the administrative directives, rules and regulations of federal and state regulatory
agencies, including, but not limited to the Centers for Medicare & Medicaid Services, and the Department of Health and Aging in
all states in which the Company operates. Such administrative directives, rules and regulations, including budgetary
reimbursement funding, are subject to change by an act of Congress, the passage of laws by the state regulators or an administrative
change mandated by one of the executive branch agencies. Such changes may occur with little notice or inadequate funding to pay for
the related costs, including the additional administrative burden, to comply with a change.
Debt
and Capital Raising Issuance Costs
Costs
incurred in connection with the issuance of equity interests are recorded as a reduction of additional paid-in capital. Debt issuance
costs related to debt instruments, excluding line of credit arrangements, are deferred, recorded as a reduction of the related debt liability,
and amortized to interest expense over the remaining term of the related debt liability utilizing the interest method. Deferred financing
costs related to line of credit arrangements are deferred, recorded as an asset and amortized to interest expense over the remaining
term of the related line of credit arrangement utilizing the interest method.
Penalties
incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts and premiums are recognized as income or expense
in the condensed consolidated statements of income at the time of extinguishment.
Segment
Reporting
Accounting
guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which
public business enterprises report information about operating segments. The Company’s investment decisions in health care properties,
and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes.
Therefore, the Company has concluded that it operates as a single segment.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
Basic
and Diluted Income Per Common Share
The
Company calculates basic income per common share by dividing net income attributable to common stockholders by the weighted average number
of common shares outstanding during the period. At June 30, 2024 and 2023, there were 44,889,469 and 45,436,232 OP units outstanding
which were potentially dilutive securities. During the six month periods ended June 30, 2024 and 2023, the assumed conversion of the
OP units had no impact on basic income per share.
Foreign
Currency Translation and Transactions
Assets
and liabilities denominated in foreign currencies that are translated into U.S. dollars use exchange rates in effect at the end of the
period, and revenues and expenses denominated in foreign currencies that are translated into U.S. dollars use average rates of exchange
in effect during the related period. Gains or losses resulting from translation are included in accumulated other comprehensive income,
a component of equity on the condensed consolidated balance sheets.
Gains
or losses resulting from foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates
of the transactions. The effects of transaction gains or losses, if any, are included in other income (loss), in the condensed consolidated
statements of income.
Fair
Value Measurement
The
Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation
techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace.
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market
assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value
hierarchy:
●
Level 1—quoted prices for identical instruments in active markets;
●
Level 2—quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets
that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active
markets; and
●
Level 3—fair value measurements derived from valuation techniques in which one or more significant inputs or significant value
drivers are unobservable.
The
Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are
required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third-party source
to determine fair value and classifies such items in Level 1. In instances where a market price is available, but the instrument is in
an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies the
asset or liability in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation
models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads
and/or market capitalization rates. Items valued using such internally generated valuation techniques are classified according to the
lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either
Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques
used by the Company include discounted cash flow valuation models.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
Real
Estate Investments – Held for Sale
On
June 30, 2024, the Company had one property included in real estate investments which was held for sale and carried at the lower of
its net book value or fair value on a non-recurring basis on the condensed consolidated balance sheets. On December 31, 2023, the Company
had one property included in real estate investments which was held for sale and carried at the lower of its net book value or fair value
on a non-recurring basis on the condensed consolidated balance sheets. The Company’s real estate investments held for sale were
classified as Level 3 of the fair value hierarchy.
Stock-Based
Compensation
The
Company accounts for share-based payment awards in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC
718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the condensed consolidated
financial statements. ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment
transactions. The Company recognizes share-based payments over the vesting period.
Recent
Accounting Pronouncements
In
November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07,
Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The main provisions are:
1.
Require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the
chief operating decision maker (CODM) and included within each reported measure of segment profit or loss (collectively referred to as
the “significant expense principle”).
2.
Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a
description of its composition. The other segment items category is the difference between segment revenue less the segment expenses
disclosed under the significant expense principle and each reported measure of segment profit or loss.
3.
Require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required
by Topic 280 in interim periods.
4.
Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding
how to allocate resources, a public entity may report one or more of those additional measures of segment profit
5.
Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s)
of segment profit or loss in assessing segment performance and deciding how to allocate resources.
6.
Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this Update
and all existing segment disclosures in Topic 280.
This
update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December
15, 2024.
This
adoption is not expected to have a significant impact on our condensed consolidated financial statements.
In
2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial
Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference
rate reform on financial reporting. The objective of the guidance in Topic 848 is to provide temporary relief during the transition period.
The Board included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would
cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent
that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset
provision was set for December 31, 2022- 12 months after the expected cessation date of all currencies and tenors of LIBOR. In March
2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12- month tenors of USD LIBOR would be June
30, 2023, which is beyond the current sunset date of Topic 848. Because the current relief in Topic 848 may not cover a period of time
during which a significant number of modifications may take place, the amendments in ASU 2022-06 issued in December 2022, defer the sunset
date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief
in Topic 848. The Company does not expect this standard to have a material impact on its condensed consolidated financial statements.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
3. Restricted Cash and Equivalents
The
following table presents the Company’s restricted cash and equivalents and escrow deposits:
Schedule of Restricted Cash and Equivalents and Escrow Deposits
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
| |
| (amounts
in $000’s) | |
MIP escrow accounts | |
$ | 1,250 | | |
$ | 794 | |
Other escrow and debt deposits | |
| 728 | | |
| 737 | |
Property tax and insurance
escrow | |
| 6,156 | | |
| 6,842 | |
Interest and expense reserve
bonds escrow | |
| 5,132 | | |
| 3,924 | |
HUD
replacement reserves | |
| 12,730 | | |
| 13,288 | |
Total
restricted cash and equivalents | |
$ | 25,996 | | |
$ | 25,585 | |
MIP
escrow accounts - The Company is required to make monthly escrow deposits for mortgage insurance premiums on the HUD guaranteed mortgage
loans.
Other
escrow and debt deposits – The Company funds various escrow accounts under certain of its loan agreements, primarily to cover
debt service on underlying loans.
Property
tax and insurance escrow - The Company funds escrows for real estate taxes and insurance under certain of its loan agreements.
Interest
and expense reserve bonds escrow - The indentures for the Series C and D Bonds require the funding of a six-month interest reserve
as well as an expense reserve. See Note 7 - Notes Payable and Other Debt.
HUD
replacement reserves - The Company is required to make monthly payments into an escrow for replacement and improvement of the project
assets covered by HUD guaranteed mortgage loans. A portion of the replacement reserves are required to be maintained until the applicable
loan is fully paid.
NOTE
4. Real Estate Investments, net
Real
estate investments consist of the following:
Schedule of Real Estate Investment
| |
Estimated
Useful Lives | |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Years) | |
(Amounts
in $000’s) | |
Buildings and
improvements | |
7-45 | |
$ | 580,489 | | |
$ | 576,044 | |
Equipment and personal property | |
2-18 | |
| 98,218 | | |
| 97,359 | |
Land | |
- | |
| 64,830 | | |
| 64,309 | |
Real
estate investments, gross | |
| |
| 743,537 | | |
| 737,712 | |
Less:
accumulated depreciation | |
| |
| (233,612 | ) | |
| (219,398 | ) |
Real
estate investments, net | |
| |
$ | 509,925 | | |
$ | 518,314 | |
For
the three-month periods ended June 30, 2024 and 2023, total depreciation expense was $7.0 million and $6.2 million, respectively. For
the six-month periods ended June 30, 2024 and 2023, total depreciation expense was $14.2 million and $12.5 million, respectively.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
4. Real Estate Investments, net (Cont.)
Acquisition
of Properties
On
May 31, 2024, the Company purchased a property comprised of a 68-bed skilled nursing facility and 10-bed assisted living facility in
Georgetown, IN. The acquisition was for $5.83
million and the Company funded the acquisition utilizing cash from the balance sheet.
Other
Properties
In
February 2023, one facility under our southern Illinois master lease was closed. The closure was made at the request of the tenant
and mainly for efficiency reasons. This facility is under a master lease with two other facilities. The closing did not affect the
aggregate rent payable under the master lease, which has been paid without interruption. As a result of the closure, the Company has
elected to sell the property. The Company has written off the remaining book value of this property and has recorded a loss on real
estate investment impairment of approximately $2.5
million during the six-month period ended June 30, 2023, since the facility is no longer licensed to operate as a skilled nursing
facility. The tenant continued to be responsible for ensuring the building is secure and paid utilities, real estate taxes and
insurance bills. On April 30, 2024, the company sold the property to The Village of Smithton, a municipality in Illinois, and paid
off the outstanding mortgage. The building was sold to the municipality for $1.
The Company paid $1.2
million in related debt and closing costs.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
5. Intangible Assets and Goodwill
Intangible
assets consist of the following goodwill, Certificate of Need (“CON”) licenses and lease rights:
Schedule of Intangible Assets and Goodwill
| |
Goodwill including
CON Licenses | | |
Lease
Rights | | |
Total | |
| |
(Amounts
in $000’s) | |
Balances, December
31, 2022 | |
| | | |
| | | |
| | |
Gross | |
$ | 1,323 | | |
$ | 54,577 | | |
$ | 55,900 | |
Accumulated
amortization | |
| - | | |
| (44,268 | ) | |
| (44,268 | ) |
Net
carrying amount | |
| 1,323 | | |
| 10,309 | | |
| 11,632 | |
Acquisition of lease rights | |
| | | |
| | | |
| | |
Amortization | |
| - | | |
| (1,514 | ) | |
| (1,514 | ) |
Balances, June 30,
2023 | |
| | | |
| | | |
| | |
Gross | |
| 1,323 | | |
| 54,577 | | |
| 55,900 | |
Accumulated
amortization | |
| - | | |
| (45,782 | ) | |
| (45,782 | ) |
Net
carrying amount | |
$ | 1,323 | | |
$ | 8,795 | | |
$ | 10,118 | |
| |
| | | |
| | | |
| | |
Balances, December
31, 2023 | |
| | | |
| | | |
| | |
Gross | |
$ | 1,323 | | |
$ | 54,577 | | |
$ | 55,900 | |
Accumulated
amortization | |
| - | | |
| (47,296 | ) | |
| (47,296 | ) |
Net
carrying amount | |
| 1,323 | | |
| 7,281 | | |
| 8,604 | |
Acquisition of lease rights | |
| - | | |
| 18,000 | | |
| 18,000 | |
Amortization | |
| - | | |
| (2,111 | ) | |
| (2,111 | ) |
Balances, June 30,
2024 | |
| | | |
| | | |
| | |
Gross | |
| 1,323 | | |
| 72,577 | | |
| 73,900 | |
Accumulated
amortization | |
| - | | |
| (49,407 | ) | |
| (49,407 | ) |
Net
carrying amount | |
$ | 1,323 | | |
$ | 23,170 | | |
$ | 24,493 | |
Estimated
amortization expense for all lease rights for each of the future years ending December 31, is as follows:
Schedule
of Estimated Amortization Expenses
| |
Amortization of
Lease Rights | |
| |
(Amounts in
$000’s) | |
2024 (six months) | |
$ | 2,414 | |
2025 | |
| 4,840 | |
2026 | |
| 2,475 | |
2027 | |
| 2,261 | |
2028 | |
| 1,876 | |
Thereafter | |
| 9,304 | |
Total | |
$ | 23,170 | |
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
6. Leases
As
of June 30, 2024, and December 31, 2023, the Company had leased 110 facilities (98 properties) and 107 facilities (97 properties), respectively,
to tenant/operators in the States of Arkansas, Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee and Texas. As of June
30, 2024, and December 31, 2023, all of the Company’s facilities were leased. Most of these facilities are leased on a triple net
basis, meaning that the lessee (i.e., operator of the facility) is obligated under the lease for all expenses of the property
in respect to insurance, taxes and property maintenance, as well as the lease payments.
The
following table provides additional information regarding the properties owned/leased by the Company for the periods indicated:
Schedule of Properties Own and Leased Information
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Cumulative number of facilities
(properties) | |
| 110
(98 | ) | |
| 107
(97 | ) |
Cumulative number
of operational beds | |
| 12,527 | | |
| 12,201 | |
The
following table provides additional information regarding the facilities leased by the Company as of June 30, 2024:
Schedule of Additional Information on Properties Facilities Leased
| |
| Number of Operational Beds/Units | | |
| Owned by Company | | |
| Leased by Company | | |
| Total
Number of Facilities | |
State | |
Number
of Operational Beds/Units | | |
Owned
by Company | | |
Leased
by Company | | |
Total | |
Illinois | |
| 4,226 | | |
| 20 | | |
| - | | |
| 20 | |
Indiana | |
| 3,318 | | |
| 39 | | |
| 1 | | |
| 40 | |
Michigan | |
| 100 | | |
| 1 | | |
| - | | |
| 1 | |
Ohio | |
| 238 | | |
| 4 | | |
| - | | |
| 4 | |
Tennessee | |
| 1,304 | | |
| 12 | | |
| 2 | | |
| 14 | |
Kentucky | |
| 1,163 | | |
| 11 | | |
| - | | |
| 11 | |
Arkansas | |
| 1,568 | | |
| 14 | | |
| - | | |
| 14 | |
Oklahoma | |
| 137 | | |
| 2 | | |
| - | | |
| 2 | |
Texas | |
| 473 | | |
| 4 | | |
| - | | |
| 4 | |
Total
Facilities | |
| 12,527 | | |
| 107 | | |
| 3 | | |
| 110 | |
| |
| | | |
| | | |
| | | |
| | |
Facility
Type | |
| | | |
| | | |
| | | |
| | |
Skilled Nursing Facilities | |
| 12,181 | | |
| 97 | | |
| 3 | | |
| 100 | |
Long-Term Acute Care Hospitals | |
| 63 | | |
| 2 | | |
| - | | |
| 2 | |
Assisted
Living Facility | |
| 283 | | |
| 8 | | |
| - | | |
| 8 | |
Total
facilities | |
| 12,527 | | |
| 107 | | |
| 3 | | |
| 110 | |
As
of June 30, 2024, total future minimum rental revenues for the Company’s tenants are as follows:
Schedule of Future Minimum Rental Revenues
Year | |
Amount | |
(Amounts
in $000s) | |
| |
2024 (six month period) | |
$ | 49,648 | |
2025 | |
| 96,711 | |
2026 | |
| 87,677 | |
2027 | |
| 88,935 | |
2028 | |
| 85,763 | |
Thereafter | |
| 332,085 | |
Total | |
$ | 740,819 | |
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
6. Leases (Cont.)
The
following table provides summary information regarding the number of operational beds associated with a property leased by the Company
and subleased to third-party operators:
Schedule of Property Leases to Third Parties
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Number of facilities
leased and subleased to third parties | |
| 3 | | |
| 1 | |
Number of operational beds | |
| 314 | | |
| 68 | |
Right
of use assets and operating lease liabilities are disclosed as separate line items in the condensed consolidated balance sheets and are
valued based on the present value of the future minimum lease payments at the lease commencement. As the Company’s leases do not
provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the adoption date in
determining the present value of future payments. Lease expense is recognized on a straight-line basis over the lease term. The Company’s
operating lease obligation is for one skilled nursing facility in Indiana and two skilled nursing facilities in Tennessee. The Tennessee
facilities are under one lease. The Indiana lease has an initial term that expires on March 1, 2028, and has two five-year renewal options.
The lease is a triple net lease, which requires the Company to pay real and personal property taxes, insurance expenses and all capital
improvements. The Company subleases the building as part of the Indiana master lease. Based on the sublease with the Company’s
tenant, the tenant is required to pay real and personal property taxes, insurance expenses and all capital improvements. The Tennessee
lease has an initial term that expires December 31, 2034, and has two five year renewal options. The lease is a triple net lease, which
requires the Company to pay real and personal property taxes, insurance expenses and all capital improvements. The Company subleases
the building as a separate master lease. Based on the sublease with the Company’s tenant, the tenant is required to pay real and
personal property taxes, insurance expenses and all capital improvements.
The
components of lease expense and other lease information are as follows (dollars in thousands):
Schedule of Components of Lease Expense
| |
| | | |
| | | |
| | | |
| | |
| |
Six
Month Period ended June
30, | | |
Three
Month Period ended June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating lease
cost | |
$ | 384 | | |
| 197 | | |
| 132 | | |
| 99 | |
| |
June
30, 2024 | | |
December
31,
2023 | |
Operating lease
right of use asset | |
$ | 4,267 | | |
$ | 1,542 | |
Operating lease liability | |
$ | 4,267 | | |
$ | 1,542 | |
Weighted average remaining
lease term-operating leases (in years) | |
| 7.68 | | |
| 4.25 | |
Weighted average discount rate | |
| 4.1 | % | |
| 4.1 | % |
Future
minimum operating lease payments under non-cancellable leases as of June 30, 2023, reconciled to the Company’s operating lease
liability presented on the condensed consolidated balance sheets are:
Schedule of Future Minimum Lease Payments On Non-Cancellable Leases
| |
(Amounts in
$’000s) | |
2024 (six month
period) | |
$ | 367 | |
2025 | |
| 744 | |
2026 | |
| 754 | |
2027 | |
| 764 | |
2028 | |
| 468 | |
Thereafter | |
| 1,926 | |
Total | |
$ | 5,023 | |
Less
Interest | |
| (756 | ) |
Total
operating lease liability | |
$ | 4,267 | |
Other
Properties leased by the Company
The
Company, through one of its subsidiaries, leases its office spaces from a related party. Rental expense under the leases for the six-month
periods ended June 30, 2024 and 2023, was $107,000 and $105,000, respectively. Rental expense under the leases for the three-month periods
ended June 30, 2024 and 2023, were $53,000 and $52,000, respectively.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt
Notes
Payable and Other Debt consist of the following:
Schedule of Notes Payable and Other Debt
| |
Weighted
Interest Rate at June 30, | | |
June
30, | | |
December
31, | |
| |
2024 | | |
2024 | | |
2023 | |
| |
| | |
(Amounts
in $’000s) | |
HUD guaranteed
loans | |
| 3.26 | % | |
$ | 266,086 | | |
$ | 271,340 | |
Bank loans | |
| 8.83 | % | |
| 162,964 | | |
| 164,810 | |
Series C and D Bonds | |
| 7.22 | % | |
| 125,912 | | |
| 102,995 | |
Gross
Notes Payable and other Debt | |
| | | |
$ | 554,962 | | |
$ | 539,145 | |
Debt
issuance costs | |
| | | |
| (3,093 | ) | |
| (2,659 | ) |
Net
Notes Payable and other Debt | |
| | | |
$ | 551,869 | | |
$ | 536,486 | |
Principal
payments on the Notes Payable and Other Debt payable through maturity are as follows (amounts in $’000s):
Schedule of Notes Payable and Other Debt Payables Maturity
Year
Ending December 31, | |
Amount | |
2024 (six-month
period) | |
$ | 14,036 | |
2025 | |
| 21,173 | |
2026 | |
| 122,426 | |
2027 | |
| 96,241 | |
2028 | |
| 70,384 | |
Thereafter | |
| 230,702 | |
Total | |
$ | 554,962 | |
Debt
Covenant Compliance
As
of June 30, 2024 and December 31, 2023, the Company was party to approximately 40 and 41 outstanding credit related instruments, respectively.
These instruments included credit facilities, mortgage notes, bonds and other credit obligations. Some of the instruments include financial
covenants. Covenant provisions include, but are not limited to, debt service coverage ratios, and minimum levels of EBITDA (defined as
earnings before interest, tax, and depreciation and amortization) or EBITDAR (defined as earnings before interest, tax, depreciation
and amortization and rental expense). Some covenants are based on annual financial metric measurements, and some are based on quarterly
financial metric measurements. The Company routinely tracks and monitors its compliance with its covenant provisions. As of June 30,
2024, the Company was in compliance with all financial and administrative covenants.
Senior
Debt – Commercial Bank Mortgage Loan Facility
On
March 21, 2022, the Company obtained a mortgage loan facility with a commercial bank pursuant to which the Company borrowed
approximately $105
million. The
facility provides for monthly payments of principal and interest based on a 20-year amortization with a balloon payment due in March
2027. The interest rate is based on the one-month Secured Overnight Financing Rate (“SOFR”) plus a margin of 3.5%
and a floor of 4%
(as of June 30, 2024 the interest rate was 8.83%).
As of June 30, 2024 and December 31, 2023, total amounts outstanding were $97.0
million and $98.8
million, respectively. This facility loan is collateralized by 21 properties owned by the Company. The loan proceeds were used to
repay the Series B Bonds and prepay commercial loans not secured by HUD guaranteed mortgages.
On
August 25, 2023, the Company closed a mortgage loan facility with a commercial bank pursuant to which the Company borrowed approximately
$66 million. The facility is an interest only facility for the first 12 months and provides for monthly payments of principal based on
a 20-year amortization starting in the second year with a balloon payment due in August 2028. The rate is based on the one-month Secured
Overnight Financing Rate (“SOFR”) plus a margin of 3.5% and a floor of 4% (as of March 31, 2024, the rate was 8.83%). As
of June 30, 2024 and December 31, 2023, total amounts outstanding were $66.0 million. This facility loan is collateralized by and used
for the acquisition of 19 properties (24 facilities).
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Senior
Debt – Commercial Bank Mortgage Loan Facility (Cont.)
Both
credit facilities financial covenants consist of (i) a covenant that the ratio of the Company’s indebtedness to its EBITDA cannot
exceed 8.0 to 1, (ii) a covenant that the ratio of the Company’s net operating income to its debt service before dividend distribution
is at least 1.20 to 1.00 for each fiscal quarter as measured pursuant to the terms of the loan agreement, (iii) a covenant that the ratio
of the Company’s net operating income to its debt service after dividend distribution is at least 1.05 to 1.00 for each fiscal
quarter as measured pursuant to the terms of the loan agreement, and (iii) a covenant that the Company’s GAAP equity is at least
$20.0 million. As of June 30, 2024, the Company was in compliance with these loan covenants.
Senior
Debt – Mortgage Loans Guaranteed by HUD
As
of June 30, 2024 and December 31, 2023, the Company had HUD guaranteed mortgage loans from financial institutions of approximately $266
million and $271 million, respectively. These loans were secured by first mortgage liens on the applicable properties, assignments of
rent and second liens on the operator’s assets. In addition to interest payments, the Company pays HUD annual mortgage insurance
premiums of 0.65% of the loan balances. As a result, the overall interest rate paid by the Company with respect to the HUD guaranteed
loans as of June 30, 2024 was 3.91% and December 31, 2023 was 3.93% (including the mortgage insurance premium).
Series
A Bonds
In
November 2015, the Company, through a subsidiary, issued Series A Bonds in the face amount of NIS 265.2 million ($68 million) and received
the net amount after issuance costs of NIS 251.2 million ($64.3 million). Since then, the Company increased the series amount twice in
September 2016 and May 2017 and received a combined net amount of $30.1 million. The Series A Bonds interest rate was 6.4% as of June
30, 2023. The effective weighted interest rate on these bonds, including those issued in the additional offering, is 7.4%. In June 2023,
Standard & Poor’s provided rating for the Series A Bonds of ilA. Series A bonds were paid off on November 8, 2023.
Series
C Bonds
In
July 2021, the British Virgins Islands Company (BVI Company) completed an initial offering on the Tel Aviv Stock Exchange (“TASE”) of Series C Bonds with a
par value of NIS 208.0 million ($64.7 million). These Series C Bonds were issued at par. Offering and issuance costs of approximately
$1.7 million were incurred at closing. During February 2023, the Company issued additional Series C Bonds with a par value of NIS 40.00
million ($11.3 million) and raised a gross amount of $10.73 million (NIS 38.1 million). The Bonds were issued at a price of 95.25%. As
of June 30, 2024 and December 31, 2023, the outstanding balances of the Series C Bonds were $58.7 million and $60.8 million, respectively.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Series
C Bonds (Cont.)
Interest
The
Series C Bonds initially bore interest at a rate of 5.7% per annum. In July 2021, Standard & Poor’s provided an initial rating
for the Series C Bonds of ilA+.
Interest
on the Series C Bonds is payable semi-annually in arrears on July 31 and January 31 of each year. The interest rate may increase if certain
financial ratios are not achieved, as discussed below.
Payment
Terms
The
principal amount of the Series C Bonds is payable in five annual installments due on July 31 of each of the years 2022 through 2026.
The first four principal payments are equal to 6% of the original principal amount of the Series C Bonds, and the last principal payments
is equal to the outstanding principal amount of the Series C Bonds.
Financial
Covenants
Until
the date of full repayment of the Series C Bonds, the BVI Company must comply with certain financial covenants described below. The application
of the covenants is based on the financial statements of the BVI Company as prepared under the IFRS accounting method. The financial
covenants are as follows:
●
The stockholders’ equity of the BVI Company may not be less than $230 million.
●
The ratio of the condensed consolidated stockholders’ equity of the BVI Company to its total condensed consolidated balance sheet
may not be less than 25%.
●
The ratio of the adjusted net financial debt to adjusted EBITDA of the BVI Company (for the past four quarters) may not exceed 12.
●
The ratio of the outstanding amount of the Series C Bonds to the fair market value of the collateral may not exceed 75%.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Series
C Bonds (Cont.)
Dividend
Restrictions
The
indenture for the Series C Bonds limits the amount of dividends that may be paid by the BVI Company to the Operating Partnership. The
BVI Company may not make any distribution unless all of the following conditions are fulfilled (with all amounts calculated under IFRS):
●
The distribution amount may not exceed 80% of the net profit after tax that is recognized in the most recent condensed consolidated financial
statements of the BVI Company, less profits or losses arising from a change in accounting methods, net of revaluation profits/losses
(that have not yet been realized) arising from a change in the fair value of the assets with respect to the fair value in the prior reporting
period.
●
The ratio of the consolidated stockholders’ equity of the BVI Company to its total consolidated balance sheet may not be less than
30%.
●
The distributable profits for which no distribution was performed in a specific year will be added to the following quarters.
●
The BVI Company’s equity at the end of the last quarter, before the distribution of dividends, less the dividends distributed,
may not be less than $250 million.
As
of June 30, 2024, the BVI Company met these financial conditions, and the BVI Company was not in violation of any of its material undertakings
to the holders of the Series C Bonds.
Increase
in Interest Rate
In
the event that:
(i)
the stockholders’ equity of the BVI Company (excluding minority interests) is less than $250 million;
(ii)
the ratio of the adjusted net financial debt to adjusted EBITDA (for the latest four quarters) exceeds 11;
(iii)
the ratio of the consolidated equity of the BVI Company to total consolidated assets of the BVI Company is below 27%; or
(iv)
the ratio of outstanding amount of the Series C Bonds to the fair market value of the collateral for the Series C Bonds exceeds 75%,
then,
in each case, the interest on the Series C Bonds will increase by an additional 0.5% annually, but only once with respect to each failure
to meet these requirements. Compliance with these financial covenants is measured quarterly.
Additionally,
if a decline in the rating of the Series C Bonds should take place, then for each single ratings decrease, the interest will be increased
by 0.25% per year, up to a maximum increment of 1.25% annually.
In
any case, the total increase in the interest rate as a result of the above adjustments will not exceed 1.5% per year. The increases in
the interest rate will also be reversed if the BVI Company regains compliance.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Series
C Bonds (Cont.)
Security
The
Series C Bonds are secured by first mortgage liens on nine properties. In addition, the Series C Bonds are also secured by interest and
expenses reserves. The BVI Company has agreed not to pledge its assets pursuant to a general lien without obtaining the prior consent
of the holders of the Series C Bonds, provided that the BVI Company is entitled to register specific liens on its properties and also
to provide guarantees and its subsidiaries are entitled to register general and specific liens on their assets.
Under
the terms of the indenture for the Series C Bonds, the BVI Company can take out properties from the collateral (in case of HUD refinancing)
or to add properties and increase the Series C Bonds as long as the ratio of outstanding amount of the Series C Bonds to fair market
value of the collateral is not more than 65%. In addition, starting from July 1, 2023, if the fair market value of the collateral is
below 55%, the BVI Company can request to release collateral so the fair market value will increase to 55%. As of June 30, 2024, the
ratio of outstanding Series C Bonds to fair value of the collateral was 50.2%.
Additional
Bonds
The
BVI Company can issue additional Series C Bonds at any time not to exceed a maximum outstanding of NIS 630 million (or $168 million).
Redemption
Provisions
The
BVI Company may, at its discretion, call the Series C Bonds for early repayment. In the event of the redemption of all of the Series
C Bonds, the BVI Company would be required to pay the highest of the following amounts:
● |
the
market value of the balance of the Series C Bonds in circulation which will be determined based on the average closing price of the
Series C Bonds for thirty (30) trading days before the date on which the board of directors resolves to undertake the early redemption; |
|
|
● |
the
par value of the Series C Bonds available for early redemption in circulation (i.e., the principal balance of the Series C Bonds
plus accrued interest until the date of the actual early redemption); or |
|
|
● |
the
balance of the payments under the Series C Bonds (consisting of future payments of principal and interest), when discounted to their
present value based on the annual yield of the Israeli government bonds plus an “additional rate.” The additional rate
will be 1.0% per annum for early repayment performed by September 30, 2022, 2.5% from October 1, 2022 to September 30, 2023, and
3.0% thereafter. |
Change
of Control
The
holders of a majority of the Series C Bonds may accelerate the outstanding balance of the Bonds if the control of the BVI Company is
transferred, directly or indirectly, unless the transfer of control is approved by the holders of a majority of the Series C Bonds.
For
purposes of the Series C Bonds, the “controlling stockholders” of the BVI Company are deemed to be Moishe Gubin and Michael
Blisko.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Change
of Control (Cont.)
For
the purpose of this provision, a transfer of control means a change of control of the BVI Company such that the BVI Company has a controlling
stockholder that is not any of the “controlling stockholders” and/or is in the hands of any of their immediate family members
(including through trusts that the controlling stockholders and/or any of their immediate family members are the beneficiaries under
and/or are their managers). In this regard, “control” is defined in the Israeli Companies Law.
Series
D Bonds
In
June 2023, the BVI Company completed an initial offering on the Tel Aviv Stock Exchange (“TASE”) of Series D Bonds with
a par value of NIS 82.9 million
($22.9 million).
These Series D Bonds were issued at par. Offering and issuance costs of approximately $0.6 million
were incurred at closing. During July 2023, the BVI Company issued additional Series D Bonds with a par value of NIS 70.0 million
and raised a gross amount of $19.2 million
(NIS 69.8 million).
The Bonds were issued at a price of 99.7%.
On February 8, 2024, the BVI Company issued additional Series D Bonds with a par value of NIS 100.0 million
and raised a net amount of $26.7 million
(NIS 98.2 million).
The Bonds were issued at a price of 106.3%.
As of June 30, 2024 and December 31, 2023, the outstanding balance of the Series D Bonds were $65.7 million
and $42.2 million,
respectively.
Interest
The
Series D Bonds initially bore interest at a rate of 9.1% per annum. In June 2023, Standard & Poor’s provided an initial rating
for the Series D Bonds of ilA.
Interest
on the Series D Bonds is payable semi-annually in arrears on March 31 and September 30 of each year. The interest rate may increase if
certain financial ratios are not achieved, as discussed below.
Payment
Terms
The
principal amount of the Series D Bonds is payable in three annual installments due on September 30 of each of the years 2024 through
2026. The first two principal payments are equal to 6% of the original principal amount of the Series D Bonds, and the last principal
payments is equal to the outstanding principal amount of the Series D Bonds.
Financial
Covenants
Until
the date of full repayment of the Series D Bonds, the BVI Company must comply with certain financial covenants described below. The application
of the covenants is based on the financial statements of the BVI Company as prepared under the IFRS accounting method. The financial
covenants are as follows:
●
The stockholders’ equity of the BVI Company may not be less than $230 million.
●
The ratio of the condensed consolidated stockholders’ equity of the BVI Company to its total condensed consolidated balance sheet
may not be less than 25%.
●
The ratio of the adjusted net financial debt to adjusted EBITDA of the BVI Company (for the past four quarters) may not exceed 12.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Series
D Bonds (Cont.)
Dividend
Restrictions
The
indenture for the Series D Bonds limits the amount of dividends that may be paid by the BVI Company to its stockholders. The BVI Company
may not make any distribution unless all of the following conditions are fulfilled (with all amounts calculated under IFRS):
●
The distribution amount may not exceed 80% of the net profit after tax that is recognized in the most recent condensed consolidated financial
statements of the BVI Company, less profits or losses arising from a change in accounting methods, net of revaluation profits/losses
(that have not yet been realized) arising from a change in the fair value of the assets with respect to the fair value in the prior reporting
period.
●
The ratio of the consolidated stockholders’ equity of the BVI Company to its total consolidated balance sheet may not be less than
30%.
●
The distributable profits for which no distribution was performed in a specific year will be added to the following quarters.
●
The BVI Company’s equity at the end of the last quarter, before the distribution of dividends, less the dividends distributed,
may not be less than $250 million.
●
The BVI Company meets the financial conditions described above, and the BVI Company is not in violation of all and/or any of its material
undertakings to the holders of the Series D Bonds as of June 30, 2024.
Increase
in Interest Rate
In
the event that:
(i)
the stockholders’ equity of the BVI Company (excluding minority interests) is less than $250 million;
(ii)
the ratio of the adjusted net financial debt to adjusted EBITDA (for the latest four quarters) exceeds 11;
(iii)
the ratio of the consolidated equity of the BVI Company to total consolidated assets of the BVI Company is below 27%; or
then,
in each case, the interest on the Series D Bonds will increase by an additional 0.5% annually, but only once with respect to each failure
to meet these requirements. Compliance with these financial covenants is measured quarterly.
Additionally,
if a decline in the rating of the Series D Bonds should take place, then for each single ratings decrease, the interest will be increased
by 0.25% per year, up to a maximum increment of 1.25% annually.
In
any case, the total increase in the interest rate as a result of the above adjustments will not exceed 1.5% per year. The increases in
the interest rate will also be reversed if the BVI Company regains compliance.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Series
D Bonds (Cont.)
Security
The
BVI Company has committed not to pledge its assets under general liens without obtaining the consent in advance of the Bond holders.
Nevertheless, the BVI Company is entitled to register specific liens on its properties and also to provide guarantees; and its subsidiaries
are entitled to register liens, including general and specific, on their assets.
Additional
Bonds
The
BVI Company can issue additional Series D Bonds at any time not to exceed a maximum outstanding of NIS 450 million (or $120 million).
Redemption
Provisions
The
BVI Company may, at its discretion, call the Series D Bonds for early repayment. In the event of the redemption of all of the Series
D Bonds, the BVI Company would be required to pay the highest of the following amounts:
● |
the
market value of the balance of the Series D Bonds in circulation which will be determined based on the average closing price of the
Series D Bonds for thirty (30) trading days before the date on which the board of directors resolves to undertake the early redemption; |
|
|
● |
the
par value of the Series D Bonds available for early redemption in circulation (i.e., the principal balance of the Series D Bonds
plus accrued interest until the date of the actual early redemption); or |
|
|
● |
the
balance of the payments under the Series D Bonds (consisting of future payments of principal and interest), when discounted to their
present value based on the annual yield of the Israeli government bonds plus an “additional rate.” The additional rate
will be 1.0% per annum for early repayment performed by September 30, 2024, and 3.0% thereafter. |
Change
of Control
The
holders of a majority of the Series D Bonds may accelerate the outstanding balance of the Bonds if the control of the BVI Company is
transferred, directly or indirectly, unless the transfer of control is approved by the holders of a majority of the Series D Bonds.
For
purposes of the Series D Bonds, the “controlling stockholders” of the BVI Company are deemed to be Moishe Gubin and Michael
Blisko.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Change
of Control (Cont.)
For
the purpose of this provision, a transfer of control means a change of control of the BVI Company such that the BVI Company has a controlling
stockholder that is not any of the “controlling stockholders” and/or is in the hands of any of their immediate family members
(including through trusts that the controlling stockholders and/or any of their immediate family members are the beneficiaries under
and/or are their managers). In this regard, “control” is defined in the Israeli Companies Law.
NOTE
8. Commitments and Contingencies
Commitments
The
Company guarantees from time-to-time obligations of its wholly-owned subsidiaries.
Contingencies
The
Company’s operating results and financial condition are dependent on the ability of its tenants to meet their lease obligations
to us.
We
are not currently a party to any material legal proceedings, that are not covered by insurance and expected to be resolved within policy
limits, other than the following:
In
March 2020, Joseph Schwartz, Rosie Schwartz and certain companies owned by them filed a complaint in the U.S. District Court for the
Northern District of Illinois against Moishe Gubin, Michael Blisko, the Predecessor Company and 21 of its subsidiaries, as well as the
operators of 17 of the facilities operated at our properties. The complaint was related to the Predecessor Company’s acquisition
of 16 properties located in Arkansas and Kentucky that were completed between May 2018 and April 2019 and the attempt to purchase an
additional five properties located in Massachusetts. The complaint was dismissed by the Court in 2020 on jurisdictional grounds. The
plaintiffs did not file an appeal with respect to this action, and the time for an appeal has expired.
In
August 2020, Joseph Schwartz, Rosie Schwartz and several companies controlled by them filed a second complaint in the Circuit Court in
Pulaski County, Arkansas. The second complaint had nearly identical claims as the federal case, but was limited to matters related to
the Predecessor Company’s acquisition of properties located in Arkansas. The sellers, which were affiliates of Skyline Health Care,
had encountered financial difficulties and requested the Predecessor Company to acquire these properties. The defendants have filed an
answer denying the plaintiffs’ claims and asserting counterclaims based on breach of contract. This case has been dismissed without
prejudice
In
January 2021, Joseph Schwartz, Rosie Schwartz and certain companies owned by them filed a third complaint in Illinois state court in
Cook County, Illinois, which has nearly identical claims to the initial federal case but was limited to claims related to the Kentucky
and Massachusetts properties. The complaint has not been properly served on any of the defendants, and, accordingly, the defendants did
not respond to the complaint. On January 11, 2023, the Cook County Circuit Court granting a motion to quash service on all defendants.
In March 2023, the plaintiffs filed a new complaint and again attempted to serve it on the defendants. It is the defendants’ position
that service was (once again, potentially) defective and sought a dismissal of the matter for want of prosecution by Joseph Schwartz,
Rosie Schwartz and certain companies owned by them. The dismissal was granted, but has been appealed to the Illinois Appellate Court,
and now has been dismissed.
In
April of 2024, Joseph Schwartz, Rosie Schwartz and several companies controlled by them filed a third complaint in the Circuit Court
in Pulaski County, Arkansas. This third complaint had nearly identical claims as the federal case and the Illinois state court matter.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
8. Commitments and Contingencies (Cont.)
In
each of these complaints, the plaintiffs asserted claims for fraud, breach of contract and rescission arising out of the defendants’
alleged failure to perform certain post-closing obligations under the purchase contracts. We have potential direct exposure for these
claims because the subsidiaries of the Predecessor Company that were named as defendants are now subsidiaries of the Operating Partnership.
Additionally, the Operating Partnership is potentially liable for the claims made against Moishe Gubin, Michael Blisko and the Predecessor
Company pursuant to the provisions of the contribution agreement, under which the Operating Partnership assumed all of the liabilities
of the Predecessor Company and agreed to indemnify the Predecessor Company and its affiliates for such liabilities. We and the named
defendants believe that the claims set forth in the complaints are without merit. The named defendants intend to vigorously defend the
litigation and to assert counterclaims against the plaintiffs based on their failure to fulfill their obligations under the purchase
contracts, interim management agreement, and operations transfer agreements. We believe this matter will be resolved without a material
adverse effect to the Company.
As
noted above, the March 2020 and January 2021 and April 2024 complaints also related to the Predecessor Company’s planned acquisition
of five properties located in Massachusetts. A subsidiary of the Predecessor Company purchased loans related to these properties in 2018
for a price of $7.74 million with the expectation that the subsidiaries would acquire title to the properties and the loans would be
retired. The subsidiary subsequently advanced $3.1 million under the loans to satisfy other liabilities related to the properties. The
planned acquisition/settlement with the sellers/owners and/borrowers was not consummated because the underlying tenants of the properties
surrendered their licenses to operate healthcare facilities on these properties.
The
Predecessor Company intends to institute legal proceedings to collect the outstanding amount of these loans and to assert related claims
against the sellers and their principals for the unpaid principal balances as well as protective advances and collection costs. In connection
with enforcing their rights, in July 2022, the Company foreclosed, and (as lender) sold four of the five properties at auction for the
total amount of $4.4 million. In December 2022, the Company took title on the fifth property with an estimated fair value of $1.2 million.
Note
9. Equity Incentive Plan
The
Company has adopted the 2021 Equity Incentive Plan (the “Plan”). The Plan permits the grant of both options qualifying under
Section 422 of the Internal Revenue Code (“incentive stock options”) and options not so qualifying, and the grant of stock
appreciation rights, stock awards, incentive awards, performance units, and other equity-based awards. A total of 250,000 shares have
been authorized to be granted under the Plan. On May 30, 2024, shareholders approved an amendment to increase the number of shares authorized to be granted under
the plan to 1,000,000 shares.
As
of June 30, 2024, 1,000,000 shares were available for grant. No shares were issued during the six month periods ended June 30, 2024 and
2023.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
10. Stockholders’ Equity and Distributions
The
Company elected and qualified to be treated as a REIT commencing with the taxable year ended December 31, 2022. U.S. federal income tax
law requires that a REIT distribute annually at least 90% of its net taxable income, excluding net capital gains, and that it pays tax
at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income, including net capital
gains. In addition, a REIT is required to pay a 4% nondeductible excise tax on the amount, if any, by which the distributions that it
makes in a calendar year are less than the sum of 85% of its ordinary income, 95% of its capital gain net income and 100% of its undistributed
income from prior years.
As
of June 30, 2024, there were a total of 6,898,867 shares of common stock issued and outstanding. The outstanding shares were held by
a total of approximately 1,331 stockholders of record, including certain affiliates of the Company who held 793,143 of these shares.
At
June 30, 2024, there were 44,889,469 OP units outstanding. Under the terms of the partnership agreement for the Operating Partnership,
such holders have the right to request the cash redemption of their OP units. If a holder requests redemption, the Company has the option
of issuing shares of common stock to the requesting holder instead of cash. The OP unit holders are required to obtain Company approval
prior to the sale or transfer of any or all of such holder’s OP units.
The
Company has reserved a total of 44,889,469 shares of common stock that may be issued, at the Company’s option, upon redemption
of the OP units outstanding as of June 30, 2024.
NOTE
11. Related Party Transactions and Economic Dependence
The
following entities and individuals are considered to be Related Parties:
Moishe
Gubin |
CEO
& Chairman of the Board and a stockholder of the Company |
Michael
Blisko |
Director
and a stockholder of the Company |
Operating
entities |
See
list below |
Lease
Agreements with Related Parties
As
of June 30, 2024 and December 31, 2023, each of the Company’s facilities was 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 110 who were related parties as of June 30, 2024, and 64 tenants out of 107 who were related parties
as of December 31, 2023. Most of the lease agreements are triple net leases.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
11. Related Party Transactions and Economic Dependence (cont.)
Lease
Agreements with Related Parties (cont.)
The
related party interests were via Gubin Enterprises LP and Blisko Enterprises LP. Gubin Enterprises LP is controlled by Moishe Gubin,
Chairman of the Board. Blisko Enterprises LP is controlled by Michael Blisko, who serves as Director on the Board of Directors. The related
party facilities are concentrated in 3 states: Indiana, Illinois and Tennessee. As of June 30, 2024, in these states, the Company leased
40, 14 and 13 facilities, respectively to related parties.
Balances
with Related Parties
Schedule of Balances with Related Parties
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
(amounts in $000s) | |
Straight-line rent receivable | |
$ | 15,865 | | |
$ | 15,204 | |
Tenant portion of replacement reserve | |
$ | 9,831 | | |
$ | 9,683 | |
Notes receivable | |
$ | 6,690 | | |
$ | 7,075 | |
Payments
from and to Related Parties
Schedule of Payments From and to Related Parties
| |
| | | |
| | | |
| | | |
| | |
| |
Six Months ended June 30, | | |
Three Months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| (amounts in $000s) | | |
| (amounts in $000s) | |
Rental income received from related parties | |
$ | 35,149 | | |
| 26,286 | | |
$ | 18,435 | | |
| 14,448 | |
Other
Related Party Relationships
On
June 30, 2024 and December 31, 2023, the Company had approximately $3.1 million and $1.2 million, respectively, on deposit with OptimumBank.
Mr. Gubin is the Chairman of the Board of OptimumBank, and Mr. Blisko is a director.
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.
NOTE
12. Income Taxes
The
Company elected and qualified to be taxed as a REIT for federal income tax purposes commencing with the year ended December 31, 2022.
As
a REIT, the Company generally is not subject to federal income tax on its net taxable income that it distributes currently to its stockholders.
Under the Code, REITs are subject to numerous organizational and operational requirements, including a requirement that they distribute
each year at least 90% of their REIT taxable income, determined without regard to the deduction for dividends paid and excluding any
net capital gains. If the Company fails to qualify for taxation as a REIT in any taxable year and does not qualify for certain statutory
relief provisions, the Company’s income for that year will be taxed at regular corporate rates, and the Company would be disqualified
from taxation as a REIT for the four taxable years following the year during which the Company ceased to qualify as a REIT. Even if the
Company qualifies as a REIT for federal income tax purposes, it may still be subject to state and local taxes on its income and assets
and to federal income and excise taxes on its undistributed income.
The
Company follows recent accounting guidance relating to accounting for uncertainty in income taxes, which sets out a consistent framework
to determine the appropriate level of tax reserves to maintain for uncertain tax positions.
A
tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of
tax benefit that has a greater than fifty percent likelihood of being realized upon settlement with a taxing authority that has full
knowledge of all relevant information. The determination of whether or not a tax position has met the more-than-likely-than-not recognition
threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
13. Fair Value of Financial Instruments
The
Company is required to disclose the fair value of financials instruments for which it is practicable to estimate that value. The fair
value of short-term financial instruments such as cash and cash equivalents, restricted cash, accounts payable and accrued expenses approximate
their carrying value on the condensed consolidated balance sheets due to their short-term nature. The Company’s foreclosed real
estate is recorded at fair value on a non-recurring basis and is included in real estate investments on the condensed consolidated balance
sheets. Estimates of fair value are determined based on a variety of information, including the use of available appraisals, estimates
of market values by licensed appraisers or local real estate brokers and knowledge and experience of management. The fair values of the
Company’s remaining financial instruments that are not reported at fair value on the condensed consolidated balance sheets are
reported below:
Schedule
of Fair Value on the Consolidated Balance Sheets
| |
| | |
June 30, 2024 | |
December 31, 2023 | |
(amounts in $000s) | |
Level | | |
Carrying Amount | |
Fair Value | | |
Carrying Amount | | |
Fair Value | |
Note payable, other debt, and bonds | |
| 3 | | |
$ | 554,962 | | |
$ | 556,158 | | |
$ | 539,145 | | |
$ | 533,055 | |
Notes receivable, net | |
| 3 | | |
$ | 17,142 | | |
| 17,045 | | |
$ | 17,706 | | |
$ | 17,460 | |
The
fair value of the notes payable, other debt, bonds and notes receivable are estimated using a discounted cash flow analysis.
NOTE
14. Subsequent Events
On
July 12, 2024 the Company filed a Registration Statement on Form S-3 with the Securities and Exchange Commission (“SEC”).On
August 1, 2024 the SEC declared the Registration Statement effective. In connection the Registration Statement the Company established
an at-the-market equity program (the “ATM Program”). The ATM Program will allow the Company to issue and sell to the public
from time to time, at the Company’s discretion, newly issued shares of common stock. The ATM Program is expected to provide the Company
with additional financing flexibility and intends to use the net proceeds from the ATM Program to increase stock liquidity and facilitate
growth.
On
July 18, 2024 the Company entered into a purchase agreement for a property comprised of an 83-bed skilled nursing facility and 23 bed
assisted living facility near Nashville, Tennessee. The acquisition is for $6.7 million. The Company expects to fund the acquisition
by assuming existing debt on the facilities of $3.0 million and the balance of $3.7 million will be paid by the Company issuing common
stock to the seller. The closing date of the transaction is expected before the end of third quarter in 2024.
On
August 5, 2024, the Company issued 150 million NIS in Series A Bonds on the Tel Aviv stock exchange (“TASE”), which is approximately
$38.0 million. The bonds are unsecured, were issued at par and have a fixed interest rate of 6.97%. Repayment of the bond principal will
occur in three annual payments on September 30th of the years 2024, 2025 and 2026. 6% of the principal will be paid in the years 2024
and 2025, with the remaining 88% due in 2026. Interest payments will be due concurrent with the principal payments on September 30th
of the years 2024, 2025 and 2026. In addition, the investors in Series D bond were offered to exchange their holdings with certificates
of Series A bonds at a conversion rate of 1.06884 bond A for each certificate of bond D. The conversion window has not yet been closed
and the conversion has not yet been completed.
On August 5, 2024 the Company entered into a purchase agreement for two skilled nursing facilities with 254 licensed
beds near San Antonio, TX. The acquisition is for $15.25 million. The Company expects to fund the acquisition utilizing cash from the
balance sheet. The closing date of the transaction is expected before the end of third quarter in 2024.
NOTE
15. Financing Income (Expenses), Net
Schedule of Financing Income (Expenses), Net
| |
| | | |
| | | |
| | | |
| | |
| |
Six months ended June 30, | | |
Three months ended June 30 | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
(amounts in $000s) | | |
(amounts in $000s) | |
Financing expenses | |
| | | |
| | | |
| | | |
| | |
Interest expenses with respect to bonds | |
$ | (4,735 | ) | |
$ | (2,657 | ) | |
$ | (2,451 | ) | |
$ | (1,443 | ) |
Interest expenses on loans from banks and others | |
| (11,118 | ) | |
| (7,982 | ) | |
| (5,487 | ) | |
| (4,124 | ) |
Interest expenses with respect to leases | |
| (92 | ) | |
| (37 | ) | |
| (45 | ) | |
| (18 | ) |
Total financing expenses | |
$ | (15,945 | ) | |
$ | (10,676 | ) | |
$ | (7,983 | ) | |
$ | (5,585 | ) |
Financing income | |
$ | 507 | | |
$ | 558 | | |
$ | 277 | | |
$ | 275 | |
Interest Expense, Net | |
$ | (15,438 | ) | |
$ | (10,118 | ) | |
$ | (7,706 | ) | |
$ | (5,310 | ) |
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Forward-Looking
Statements
Certain
statements in this quarterly Report on Form 10-Q 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
historical fact. This Form 10-Q also contains forward-looking statements by third parties relating to market and industry data and forecasts;
forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties
as the other forward-looking statements contained in this Form 10-Q. These forward-looking statements include information about possible
or assumed future events, including, among other things, discussion and analysis of our future financial condition, results of operations,
Funds From Operations (“FFO”), our strategic plans and objectives, cost management, potential property acquisitions, anticipated
capital expenditures (and access to capital), amounts of anticipated cash distributions to our stockholders in the future and other matters.
Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,”
“estimates” and variations of these words and other similar expressions are intended to identify forward-looking statements.
These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are
beyond our control, are difficult to predict and/or could cause actual results to differ materially from those expressed or forecasted
in the forward-looking statements.
Forward-looking
statements involve inherent uncertainty and may ultimately prove to be incorrect or false. Readers are cautioned to not place undue reliance
on forward-looking statements. Except as otherwise may be required by law, we undertake no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of unanticipated events or actual operating results. Our actual results could
differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited
to:
●
risks and uncertainties related to the national, state and local economies, particularly the economies of Arkansas, Illinois, Indiana,
Kentucky, Michigan, Ohio, Oklahoma, Tennessee and Texas, and the real estate and healthcare industries in general;
●
availability and terms of capital and financing;
●
the impact of existing and future healthcare reform legislation on our tenants, borrowers and guarantors;
●
adverse trends in the healthcare industry, including, but not limited to, changes relating to reimbursements available to our tenants
by government or private payors;
●
competition in the long-term healthcare industry and shifts in the perception of various types of long-term care facilities, including
skilled nursing facilities;
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Forward-Looking
Statements (continued)
●
our tenants’ ability to make rent payments;
●
our dependence upon key personnel whose continued service is not guaranteed;
●
availability of appropriate acquisition opportunities and the failure to integrate successfully;
●
ability to source target-marketed deal flow;
●
ability to dispose of assets held for sale for the anticipated proceeds or on a timely basis, or to deploy the proceeds therefrom on
favorable terms;
●
fluctuations in mortgage and interest rates;
●
changes in the ratings of our debt securities;
●
risks and uncertainties associated with property ownership and development;
●
the potential need to fund improvements or other capital expenditures out of operating cash flow;
●
potential liability for uninsured losses and environmental liabilities;
●
the outcome of pending or future legal proceedings;
●
changes in tax laws and regulations affecting REITs;
●
our ability to maintain our qualification as a REIT; and
●
the effect of other factors affecting our business or the businesses of our operators that are beyond our or their control, including
natural disasters, other health crises or pandemics and governmental action, particularly in the healthcare industry.
This
list of risks and uncertainties, however, is only a summary of some of the most important factors and is not intended to be exhaustive.
New risks and uncertainties may also emerge from time to time that could materially and adversely affect us.
Overview
Strawberry
Fields REIT, Inc. (the “Company”) is engaged in the ownership, acquisition, financing and triple-net leasing of skilled nursing
facilities and other post-acute healthcare properties. Currently, our portfolio consists of 101 healthcare properties with an aggregate
of 12,527 licensed beds. We hold fee title to 98 of these properties and hold three properties under a long-term lease. These properties
are located in Arkansas, Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee and Texas. We generate substantially all our
revenues by leasing our properties to tenants under long-term leases primarily on a triple-net basis, under which the tenant pays the
cost of real estate taxes, insurance and other operating costs of the facility and capital expenditures. Each healthcare facility located
at our properties is managed by a qualified operator with an experienced management team.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Overview
(continued)
We
employ a disciplined approach in our investment strategy by investing in healthcare real estate assets. We seek to invest in assets that
will provide attractive opportunities for dividend growth and appreciation in asset value, while maintaining balance sheet strength and
liquidity, thereby creating long-term stockholder value. We expect to grow our portfolio by diversifying our investments by tenant, facility
type and geography.
We
are entitled to monthly rent paid by the tenants and we do not receive any income or bear any expenses from the operations of such facilities.
As of June 30, 2024, the aggregate annualized average base rent under the leases for our properties was approximately $106.7 million.
We
elected a REIT status for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2022. We are organized
in an UPREIT structure in which we own substantially all of our assets and conduct substantially all of our business through the Operating
Partnership. We are the general partner of the Operating Partnership and as of the date of the report own approximately 13.3% of
outstanding OP units.
Recent
Developments
On
January 1, 2024 the Company commenced its lease for two skilled nursing facilities with 226 licensed beds near Johnson City, Tennessee.
The lease includes a purchase option which the Company intends to exercise once certain conditions precedent are met.
On
February 8, 2024, the BVI Company issued additional Series D Bonds with a par value of NIS 100.0 million and raised a gross amount of
$26.7 million (NIS 98.2 million). The Bonds were issued at a price of 106.3%; which equates to a coupon of approximately 7.7%.
On
February 20, 2024 the Company entered into a new, replacement master lease for the properties included in the Indiana acquisition completed
in August of 2023. The tenants remain a group 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
March 25, 2024 the Company entered into a purchase agreement for a property comprised of an 68-bed skilled nursing facility and 10 bed
assisted living facility near Georgetown, Indiana. The Company closed on the property May 31, 2024 for $5.83 million in an all cash transaction.
On
April 1, 2024 the Company renewed the IN Master lease (original expiration date July 31, 2025) for 10 years with two 5 years options
and added to the lease one more entity that was not part of the original lease. The base rent for the first year is $15.5 million with
3% annual escalations. On June 1, 2024 a second amendment was filed with this Master Lease to include the new property purchased in Georgetown,
Indiana.
On
April 30, 2024 the company sold a property 107 South Lincoln Street to The Village of Smithton, a municipality in Illinois and paid
off the existing mortgage. The building was sold to the municipality for $1. The Company paid $1.2 million in related debt and
closing fees for this transaction.
As
of the date of this report, none of the Company’s tenants are delinquent on the payment of rent, and there have been no requests
to amend the terms of their respective leases or to reduce current or future lease payments.
Related
Party Tenants
As
a landlord, the Company does not control the operations of its tenants, including related party tenants, and is not able to cause its
tenants to take any specific actions to address trends in occupancy at the facilities operated by its tenants, other than to monitor
occupancy and income of its tenants, discuss trends in occupancy with tenants and possible responses, and, in the event of a default,
exercise its rights as a landlord. However, Moishe Gubin, our Chairman and Chief Executive Officer, and Michael Blisko, one of our directors,
as the controlling members of 66 of our tenants and related operators, have the ability to obtain information regarding these tenants
and related operators and cause the tenants and operators to take actions, including with respect to occupancy.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Results
of Operations
Operating
Results
Three
Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023:
| |
Three Months Ended June 30, | | |
Increase / | | |
Percentage | |
(dollars in thousands except per share data) | |
2024 | | |
2023 | | |
(Decrease) | | |
Difference | |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Rental revenues | |
$ | 29,272 | | |
$ | 24,307 | | |
$ | 4,965 | | |
| 20.4 | % |
| |
| | | |
| | | |
| | | |
| | |
Expenses: | |
| | | |
| | | |
| | | |
| | |
Depreciation | |
| 7,020 | | |
| 6,230 | | |
| 790 | | |
| 12.7 | % |
Amortization | |
| 1,207 | | |
| 757 | | |
| 450 | | |
| 59.4 | % |
General and administrative expenses | |
| 2,101 | | |
| 951 | | |
| 1,150 | | |
| 120.9 | % |
Property and other taxes | |
| 3,446 | | |
| 3,717 | | |
| (271 | ) | |
| (7.3 | )% |
Facility rent expenses | |
| 200 | | |
| 136 | | |
| 64 | | |
| 47.1 | % |
Total Expenses | |
| 13,974 | | |
| 11,791 | | |
| 2,183 | | |
| 15.6 | % |
Interest expense, net | |
| 7,706 | | |
| 5,310 | | |
| 2,396 | | |
| 45.1 | % |
Amortization of interest expense | |
| 161 | | |
| 123 | | |
| 38 | | |
| 30.9 | % |
Mortgage insurance premium | |
| 391 | | |
| 418 | | |
| (27 | ) | |
| (6.5 | )% |
Total Interest Expenses | |
| 8,258 | | |
| 5,851 | | |
| 2,407 | | |
| 41.1 | % |
Other expense | |
| | | |
| | | |
| | | |
| | |
Miscellaneous expense | |
| - | | |
| (983 | ) | |
| 983 | | |
| 100 | % |
Net income | |
| 7,040 | | |
| 5,682 | | |
| 1,358 | | |
| 23.9 | % |
Net income attributable to non-controlling interest | |
| (6,102 | ) | |
| (4,984 | ) | |
| (1,118 | ) | |
| (22.4 | )% |
Net income attributable to common stockholders | |
| 938 | | |
| 698 | | |
| 240 | | |
| 34.4 | % |
Basic and diluted income per common share | |
$ | 0.14 | | |
$ | 0.11 | | |
$ | (0.03 | ) | |
| (27.3 | )% |
Rental
revenues: The increase in Rental Revenues of $5.0 million or 20.4% is due to higher income from the purchase of additional properties,
annual lease escalations, and lease renewals.
Depreciation
and Amortization: The increase in depreciation and amortization of $1.2 million or 17.7% is primarily due to new properties and
lease rights purchased since June 30, 2023 offset by lower depreciation from fully depreciated assets.
General
and administrative expenses: The increase in general and administrative expenses of $1.1 million or 120.9% reflects higher amounts
for legal, insurance, corporate salaries and expenses.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Results
of Operations (continued)
Interest
expense, net: The increase in interest expense of $2.4 million or 45.1% is primarily due to an increase in the additional interest
on a new loan from Popular Bank and a Series D Bonds issuance that occurred since 2Q 2023.
Miscellaneous
expense: The decrease in miscellaneous expense of $1.0 million is a result of a fee paid in 2023 to an investment banking firm to
cancel an agreement with respect to a proposed financing transaction.
Net
Income: The increase in net income from $5.7 million during the second quarter of 2023, to $7.0 million income during the second
quarter of 2024 is primarily a result of higher rental income in the second quarter of 2024 offset by higher depreciation and amortization
expenses, higher general and administrative expenses, higher property taxes, and an increase in interest expense.
Six
Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023:
| |
Six Months Ended June 30, | | |
Increase / | | |
Percentage | |
(dollars in thousands) | |
2024 | | |
2023 | | |
(Decrease) | | |
Difference | |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Rental revenues | |
$ | 57,106 | | |
$ | 48,554 | | |
$ | 8,552 | | |
| 17.6 | % |
| |
| | | |
| | | |
| | | |
| | |
Expenses: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Depreciation | |
| 14,214 | | |
| 12,461 | | |
| 1,753 | | |
| 14.1 | % |
Amortization | |
| 2,111 | | |
| 1,514 | | |
| 597 | | |
| 39.4 | % |
Loss on real estate investment impairment | |
| - | | |
| 2,451 | | |
| (2,451 | ) | |
| (100.0 | )% |
General and administrative expenses | |
| 3,643 | | |
| 2,413 | | |
| 1,231 | | |
| 51.0 | % |
Property and other taxes | |
| 7,161 | | |
| 7,435 | | |
| (274 | ) | |
| (3.7 | )% |
Facility rent expenses | |
| 393 | | |
| 272 | | |
| 121 | | |
| 44.5 | % |
Total Expenses | |
| 27,522 | | |
| 26,546 | | |
| 977 | | |
| 3.7 | % |
Interest expense, net | |
| 15,438 | | |
| 10,118 | | |
| 5,320 | | |
| 52.6 | % |
Amortization of interest expense | |
| 323 | | |
| 253 | | |
| 70 | | |
| 27.7 | % |
Mortgage insurance premium | |
| 791 | | |
| 833 | | |
| (42 | ) | |
| (5.0 | )% |
Total Interest Expenses | |
| 16,552 | | |
| 11,204 | | |
| 5,348 | | |
| 47.7 | % |
Other expense | |
| | | |
| | | |
| | | |
| | |
Miscellaneous expense | |
| - | | |
| (983 | ) | |
| 983 | | |
| 100.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
| 13,032 | | |
| 9,821 | | |
| 3,211 | | |
| 32.7 | % |
Net income attributable to non-controlling interest | |
| (11,348 | ) | |
| (8,628 | ) | |
| (2,720 | ) | |
| (31.5 | )% |
Net income attributable to common stockholders | |
| 1,684 | | |
| 1,193 | | |
| 491 | | |
| 41.2 | % |
Basic and diluted income per common share | |
$ | 0.26 | | |
$ | 0.19 | | |
$ | 0.07 | | |
| 36.8 | % |
Rental
revenues: The increase in Rental revenue of $8.6 million or 17.6% is due to renegotiation of certain leases, acquisition of new properties,
annual rent increases and renewal of leases.
Depreciation
and Amortization: The increase in depreciation of $2.3 million or 16.8% is primarily purchases of new properties and lease rights
offset by lower depreciation from fully depreciated assets.
Loss
on real estate investment impairment: In February 2023, one facility under one of our southern Illinois master leases was
closed. The closure was made at the request of the tenant and was mainly for efficiency reasons. This facility was leased under a
master lease with two other facilities. The closure did not result in any reduction in the aggregate rent payable under the master
lease, which was paid without interruption. However, the closure did result in a write off of the remaining book value of the
property and an impairment loss on the P&L. On April 30, 2024, the company sold the property to The Village of Smithton,
a municipality in Illinois, and paid off the outstanding mortgage. The sale of the property did not result in any material P&L
impact.
General
and administrative: The increase in general and administrative of $1.2 million or 51.0% is primarily a result of higher insurance,
higher corporate salaries and other expenses.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Results
of Operations (continued)
Interest
expense, net: The increase in interest expense of $5.3 million or 47.7% is primarily related to an increase in the additional interest
on a new loan from Popular Bank and a Series D Bonds issuance that occurred since 2Q 2023
Miscellaneous
Expense: The decrease in miscellaneous expense of $1.0 million is the result of a fee paid to an investment banking firm in connection
with the cancellation of an agreement with respect to a proposed financing transaction.
Net
Income: The increase in net income to $13.0 million in 2024 is primarily a result of higher rental income in 2024 offset by higher
interest expenses, higher depreciation and amortization expenses, higher general and administrative expenses and the absence of a real
estate impairment loss.
Liquidity
and Capital Resources
To
qualify as a REIT for federal income tax purposes, we are required to distribute at least 90% of our REIT taxable income, determined
without regard to the dividends paid deduction and excluding any net capital gains, to our stockholders on an annual basis. Accordingly,
we intend to make, but are not contractually bound to make, regular quarterly dividends to common stockholders from cash flow from operating
activities. All such dividends are at the discretion of our board of directors.
As
of June 30, 2024, we had cash and cash equivalents and restricted cash and equivalents of $42.1 million. We also had the ability to offer
an additional $168 million in Series C Bonds and an additional $120 million in Series D Bonds subject to compliance with covenants and
market conditions.
Liquidity
is a measure of our ability to meet potential cash requirements, including ongoing commitments to repay borrowings, fund and maintain
our assets and operations, make distributions to our stockholders and other general business needs. Our primary sources of cash include
operating cash flows, stock sales and borrowings. Our primary uses of cash include funding acquisitions and investments consistent with
our investment strategy, repaying principal and interest on any outstanding borrowings, making distributions to our equity holders, funding
our operations and paying accrued expenses.
Our
long-term liquidity needs consist primarily of funds necessary to pay for the costs of acquiring additional healthcare properties and
principal and interest payments on our debt. We expect to meet our long-term liquidity requirements through various sources of capital,
including future equity issuances or debt offerings, net cash provided by operations, long-term mortgage indebtedness and other secured
and unsecured borrowings.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Liquidity
and Capital Resources (continued)
We
may utilize various types of debt to finance a portion of our acquisition activities, including long-term, fixed-rate mortgage loans,
variable-rate term loans and secured revolving lines of credit. As of June 30, 2024, on a condensed consolidated basis, we had total
indebtedness of approximately $555.0 million, consisting of $266.1 million in HUD guaranteed debt, $125.9 million in Series C Bonds and
Series D Bonds outstanding and $163.0 million in commercial mortgages loans. Under our bonds and our commercial mortgages loans, we are
subject to continuing covenants, and future indebtedness that we may incur may contain similar provisions. In the event of a default,
the lenders could accelerate the timing of payments under the debt obligations, and we may be required to repay such debt with capital
from other sources, which may not be available on attractive terms, or at all, which would have a material adverse effect on our liquidity,
financial condition, results of operations and ability to make distributions to our stockholders.
Through
2028 there are four balloon payment obligations consisting of a payment of $50.8 million due under the Series C Bonds in 2026, a payment
of $57.8 million due under the Series D Bonds in 2026, a payment of $86.1 million due under our commercial bank mortgage loan facility
due in 2027, and a payment of $60.7 million due under our commercial bank mortgage loan facility due in 2028. We may also obtain additional
financing that contains balloon payment obligations. These types of obligations may materially adversely affect us, including our cash
flows, financial condition and ability to make distributions.
The
Company believes that its overall level of indebtedness is appropriate for the Company’s business in light of its cash flow from
operations and value of its properties and is generally typical for owners of multiple healthcare properties. The Company expects to
generate sufficient positive cash flow from operations to meet its ongoing debt service obligations and the distribution requirements
for maintaining REIT status.
Cash
Flows
The
following table presents selected data from our condensed consolidated statements of cash flows for the periods presented:
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
(dollars in thousands) | |
| | | |
| | |
Net cash provided by operating activities | |
$ | 22,694 | | |
$ | 25,553 | |
Net cash used in investing activities | |
| (23,261 | ) | |
| (4,421 | ) |
Net cash provided by financing activities | |
| 4,927 | | |
| 264 | |
Net increase in cash and cash equivalents and restricted cash and cash equivalents | |
| 4,360 | | |
| 21,396 | |
Cash and cash equivalents, and restricted cash and cash equivalents beginning of period | |
| 37,758 | | |
| 45,704 | |
Cash and cash equivalents and restricted cash and cash equivalents, end of period | |
$ | 42,118 | | |
$ | 67,100 | |
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Cash
Flows (continued)
Net
cash provided by operating activities was $22.7 million for the six months ended June 30, 2024 and primarily consisted of net
earnings of $13.0 million adjusted by depreciation and amortization of $16.3 million offset by an increase in assets of $3.4 million
and a decrease in other accrued liabilities of $2.4 million. Net cash provided by operating activities was $25.6 million for the six
months ended June 30, 2023 and primarily consisted of net earnings of $9.8 million adjusted by depreciation and amortization of
$14.0 million and a loss on real estate impairment of $2.5 million.
Cash
used in investing activities for the six months ended June 30, 2024 was comprised of $23.3 million for the acquisition of the rights
to the Indiana Master Lease 2 as well as the new facility in Georgetown, Indiana. This was offset by $0.6 million in principal
payments on notes receivable. Cash used in investing activities for the six months ended June 30, 2023 was comprised of the
acquisition of a new facility in Kentucky for $6.0 million offset by $1.6 million of principal payments on notes
receivable.
Cash
provide by financing activities for the six months ended June 30, 2024 was comprised of proceeds from the issuance of Series D Bonds
$25.7 million offset by Non-controlling interest distributions of $11.4 million, repayments of senior debt $7.1 million, dividend
payments of $1.6 million and stock buybacks of $0.7 million. Cash provided by financing activities for the six months ended June 30,
2023 were primarily comprised of a private placement of Series C Bonds which netted $10.4 million, issuance of Series D Bonds which
netted $22.3 million and a new HUD loan of $3.1 million. These amounts were offset by $8.4 million in principal debt payments,
dividends paid to common shareholders of $1.4 million, a $10.0 million distribution to the non-controlling interest holders and
repayment of non-controlling interest redemption liability of $15.8 million.
Indebtedness
Mortgage
Loans Guaranteed by HUD
As
of June 30, 2024, we had non-recourse mortgage loans of $266.1 million from third party lenders that were guaranteed by HUD.
Each
loan is secured by first mortgages on certain specified properties, interests in the leases for these properties and second liens on
the operator’s assets. In the event of default on any single loan, the loan agreement provides that the applicable lender may require
the tenants for the property securing the loan to make all rental payments directly to the lender. In exchange for the HUD guarantee,
we pay HUD, on an annual basis, 0.65% of the principal balance of each loan as mortgage insurance premium, in addition to the interest
rate denominated in each loan agreement. As a result, the overall average interest rate paid with respect to the HUD guaranteed loans
as of June 30, 2024, was 3.91% per annum (including the mortgage insurance payments). The loans have an average maturity of 25.0 years.
Commercial
Bank Term Loan
On
March 21, 2022, the Company closed a mortgage loan with a commercial bank pursuant to which the Company borrowed approximately $105
million. The loan agreement provides for monthly payments of principal and interest based on a 20-year amortization with a balloon
payment due in March 2027. The rate is based on the one-month Secured Overnight Financing Rate (“SOFR”) plus a margin of
3.5% and a floor of 4% (as of the June 30, 2024 the rate was 8.83%). As of June 30, 2024 and December 31, 2023, total outstanding
principal amount was $97.0 million and $98.8 million, respectively. This loan is collateralized by 21 properties owned by the
Company.
On
August 25, 2023, the Company closed a mortgage loan facility with a commercial bank pursuant to which the Company borrowed approximately
$66 million. The facility is an interest only facility for the first 12 months and beginning in the second year monthly payments of principal
and interest based on a 20-year amortization schedule with a balloon payment due in August 2028. The rate is based on the one-month Secured
Overnight Financing Rate (“SOFR”) plus a margin of 3.5% and a floor of 4% (as of June 30, 2024, the rate was 8.83%). As of
June 30, 2024, and December 31, 2023, total amounts outstanding were $66.0 million. This facility loan is collateralized by and was used
for the acquisition of 19 properties (24 facilities). See note 4 of the financial statements included in Part I to this Form 10-Q.
The
loan agreement covenants consist of (i) a covenant that the ratio of the Company’s indebtedness to its EBITDA cannot exceed 8.0
to 1, (ii) a covenant that the ratio of the Company’s net operating income to its debt service before dividend distribution is
at least 1.20 to 1.00 for each fiscal quarter as measured pursuant to the terms of the loan agreement, (iii) a covenant that the ratio
of the Company’s net operating income to its debt service after dividend distribution is at least 1.05 to 1.00 for each fiscal
quarter as measured pursuant to the terms of the loan agreement, and (iii) a covenant that the Company’s GAAP equity is at least
$20.0 million. As of June 30, 2024, the Company was in compliance with the loan covenants.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Indebtedness
(continued)
Outstanding
Bond Debt
The
Company has issued Series C Bonds and Series D Bonds.
Series
C Bonds
In
July 2021, the Company completed an initial offering of Series C Bonds with a par value of NIS 208.0 million ($64.7 million). The Series
C Bonds were issued at par. During February 2023, the BVI Company issued additional Series C Bonds in the face amount of NIS 40.0 million
($11.2 million) and raised a net amount of NIS 38.1 million ($10.7 million). These Series C Bonds were issued at a price of 95.25%. The
Series C Bonds interest rate is 5.7% at June 30, 2024.
As
of June 30, 2024, the outstanding principal amount of the Series C Bonds was NIS 270.5 million ($58.7 million).
The
Series C Bonds are traded on the Tel Aviv Stock Exchange (TASE).
Series
D Bonds
On
June 19, 2023, the Company completed an initial offering of Series D Bonds with a par value of NIS 82.9 million ($22.9 million). The
Series D Bonds were issued at par and the interest rate is 9.1%. During July 2023, the BVI Company issued additional Series D Bonds with
a par value of NIS 70.0 million and raised a gross amount of $19.2 million (NIS 69.8 million). The Bonds were issued at a price of 99.7%.
See Note 7 to the condensed consolidated Financial Statements included under Item 1 to this Form 10-Q .
On
February 8, 2024, the BVI Company issued additional Series D Bonds with a par value of NIS 100.0 million and raised a net amount of $26.7
million (NIS 98.2 million). The Bonds were issued at a price of 106.3%.
As
of June 30, 2024, the outstanding principal amount of the Series D Bonds was NIS 247.0 million ($65.7 million).
The
Series D Bonds are traded on the Tel Aviv Stock Exchange (TASE).
Summary
of fixed and variable loans
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
| |
(Amounts in $000s) | |
Fixed rate loans | |
$ | 391,998 | | |
$ | 374,335 | |
Variable rate loans | |
| 162,964 | | |
| 164,810 | |
Gross Notes Payable and other Debt | |
$ | 554,962 | | |
$ | 539,145 | |
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Funds
From Operations (“FFO”)
The
Company believes that funds from operations (“FFO”), as defined in accordance with the definition used by the National Association
of Real Estate Investment Trusts (“NAREIT”), and adjusted funds from operations (“AFFO”) are important non-GAAP
supplemental measures of our operating performance. Because the historical cost accounting convention used for real estate assets requires
straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably
over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating
results for a REIT that uses historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental
measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other 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-line rent, above-/below-market
leases, non-cash compensation and certain non-recurring items. We believe that the use of FFO, combined with the required GAAP presentations,
improves the understanding of our operating results among investors and makes comparisons of operating results among REITs more meaningful.
We consider FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the
applicable items listed above, FFO and AFFO can help investors compare our operating performance between periods or as compared to other
companies.
While
FFO and AFFO are relevant and widely used measures of operating performance of REITs, they do not represent cash flows from operations
or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating
performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to our real estate assets nor do
they purport to be indicative of cash available to fund our future cash requirements. Further, our computation of FFO and AFFO may not
be comparable to FFO and AFFO reported by other REITs that do not define FFO in accordance with the current NAREIT definition or that
interpret the current NAREIT definition or define AFFO differently than we do.
The
following table reconciles our calculations of FFO and AFFO for the six and three months ended June 30, 2024 and 2023, to net income
the most directly comparable GAAP financial measure, for the same periods:
FFO
and AFFO
|
|
Six
Months Ended
June
30, |
|
|
Three
Months Ended
June
30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
(dollars
in $1,000s) |
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
13,032 |
|
|
$ |
9,821 |
|
|
$ |
7,040 |
|
|
$ |
5,682 |
|
Depreciation
and amortization |
|
|
16,324 |
|
|
|
13,975 |
|
|
|
8,228 |
|
|
|
6,987 |
|
Funds
from Operations |
|
|
29,356 |
|
|
|
23,796 |
|
|
|
15,268 |
|
|
|
12,669 |
|
Adjustments
to FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line
rent |
|
|
(1,935 |
) |
|
|
(787 |
) |
|
|
(967 |
) |
|
|
(296 |
) |
Loss
on real estate investment impairment |
|
|
- |
|
|
|
2,451 |
|
|
|
- |
|
|
|
- |
|
Contract
cancellation expense for proposed financing* |
|
|
- |
|
|
|
1,000 |
|
|
|
- |
|
|
|
1,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds
from Operations, as Adjusted |
|
$ |
27,421 |
|
|
$ |
26,460 |
|
|
$ |
14,301 |
|
|
$ |
13,373 |
|
*
The Company incurred a non-recurring expense of $1.0 million in the second quarter of 2023 in connection the cancellation of a contract
with an investment banking firm related to a proposed financing.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Subsequent
Events
On
July 12, 2024 the Company filed a Registration Statement on Form S-3 with the Securities and Exchange Commission (“SEC”).On
August 1, 2024 the SEC declared the Registration Statement effective. In connection the Registration Statement the Company established
an at-the-market equity program (the “ATM Program”). The ATM Program will allow the Company to issue and sell to the public
from time to time, at the Company’s discretion, newly issued shares of common stock. The ATM Program is expected to provide the Company
with additional financing flexibility and intends to use the net proceeds from the ATM Program to increase stock liquidity and facilitate
growth.
On
July 18, 2024 the Company entered into a purchase agreement for a property comprised of an 83-bed skilled nursing facility and 23 bed
assisted living facility near Nashville, Tennessee. The acquisition is for $6.7 million. The Company expects to fund the acquisition
by assuming existing debt on the facilities of $3.0 million and the balance of $3.7 million will be paid by the Company issuing common
stock to the seller. The closing date of the transaction is expected before the end of third quarter in 2024.
On
August 5, 2024, the Company issued 150 million NIS in Series A Bonds on the Tel Aviv stock exchange (“TASE”), which is approximately
$38.0 million. The bonds are unsecured, were issued at par and have a fixed interest rate of 6.97%. Repayment of the bond principal will
occur in three annual payments on September 30th of the years 2024, 2025 and 2026. 6% of the principal will be paid in the years 2024
and 2025, with the remaining 88% due in 2026. Interest payments will be due concurrent with the principal payments on September 30th
of the years 2024, 2025 and 2026. In addition, the investors in Series D bond were offered to exchange their holdings with certificates
of Series A bonds at a conversion rate of 1.06884 bond A for each certificate of bond D. The conversion window has not yet been closed
and the conversion has not yet been completed.
On August 5, 2024 the Company entered into a purchase agreement for two skilled nursing facilities with 254 licensed
beds near San Antonio, TX. The acquisition is for $15.25 million. The Company expects to fund the acquisition utilizing cash from the
balance sheet. The closing date of the transaction is expected before the end of third quarter in 2024.
Critical
Accounting Policies and Estimates
Our
condensed consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q have been prepared in accordance
with GAAP for interim financial information set forth in the Accounting Standards Codification, as published by the Financial Accounting
Standards Board. GAAP requires us to make estimates and assumptions regarding future events that affect the reported amounts of assets
and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting periods. We base these estimates on our experience and assumptions we believe to be reasonable
under the circumstances. However, if our judgment or interpretation of the facts and circumstances relating to various transactions or
other matters had been different, we may have applied a different accounting treatment, resulting in a different presentation of our
financial statements. We periodically reevaluate our estimates and assumptions, and in the event they prove to be different from actual
results, we make adjustments in subsequent periods to reflect more current estimates and assumptions about matters that are inherently
uncertain. Please refer to “Critical Accounting Policies and Estimates” in the “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” section of our 2023 Annual Report on 10-K filed on March 19, 2024 for further
information regarding the critical accounting policies that affect our more significant estimates and judgments used in the preparation
of our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. There have been
no material changes in such critical accounting policies during the six months ended June 30, 2024.
Item
3. Quantitative and Qualitative Disclosures about Market Risks
Market
risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other
market changes that affect market sensitive instruments. In pursuing our business and investment objectives, we expect that the primary
market risk to which we will be exposed is interest rate risk.
We
may be exposed to the effects of interest rate changes primarily as a result of long-term debt used to acquire properties. As of June
30, 2024, we had $ $58.7 million outstanding under our Series C Bonds, which bear interest at a fixed rate of 5.7% per annum, $65.7 million
outstanding under our Series D Bonds, which bear interest at a fixed rate of 9.1% per annum, and $429.1 million in senior debt notes,
of which $266.1 million are HUD guaranteed debt at a fixed interest rate of 3.91% and $163.0 million (29.4% of total debt) are floating
rate debt, which bears interest at a variable rate equal to one-month SOFR plus a margin of 3.5% and a floor of 4% (as of June 30, 2024
the rate was 8.83%). At June 30, 2024, one-month SOFR was 5.33%. Assuming no increase in the amount of our variable interest rate debt,
if one-month SOFR increased 100 basis points, our annual cash flow would decrease by approximately $1.6 million. Our interest rate risk
management objectives are to limit the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs.
To achieve our objectives, we may borrow at fixed rates or variable rates. We also may enter into derivative financial instruments such
as interest rate swaps and caps in order to mitigate our interest rate risk on a related financial instrument.
Item
3. Quantitative and Qualitative Disclosures about Market Risks (continued)
In
addition to changes in interest rates, the value of our future investments is subject to fluctuations based on changes in local and regional
economic conditions, changes in currency rates between the Israeli Shekel and the U.S. Dollar and changes in the creditworthiness of
tenants/operators, which may affect our ability to refinance our debt if necessary.
Item
4. Controls and Procedures
Disclosure
Controls and Procedures
We
maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act
of 1934, as amended (“Exchange Act”) that are designed to ensure that information required to be disclosed in our reports
under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and
regulations and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief
Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure
controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide
only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating
the cost-benefit relationship of possible controls and procedures.
As
of June 30, 2024, we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive
Officer and Chief Financial Officer, regarding the effectiveness of our disclosure controls and procedures. Based on the foregoing, our
Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, at the reasonable
assurance level, as of June 30, 2024.
Changes
in Internal Control over Financial Reporting
There
has been no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the
Exchange Act) that occurred during the quarter ended June 30, 2024 that has materially affected, or is reasonably likely to materially
affect, our internal control over financial reporting.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings
We
are not currently a party to any material legal proceedings, that are not covered by insurance and expected to be resolved within policy
limits, other than the following:
In
March 2020, Joseph Schwartz, Rosie Schwartz and certain companies owned by them filed a complaint in the U.S. District Court for the
Northern District of Illinois against Moishe Gubin, Michael Blisko, the Predecessor Company and 21 of its subsidiaries, as well as the
operators of 17 of the facilities operated at our properties. The complaint was related to the Predecessor Company’s acquisition
of 16 properties located in Arkansas and Kentucky that were completed between May 2018 and April 2019 and the attempt to purchase an
additional 5 properties located in Massachusetts. The complaint was dismissed by the court in 2020 for lack of subject matter jurisdiction.
The plaintiffs did not file an appeal with respect to this action, and the time for an appeal has expired.
In
August 2020, Joseph Schwartz, Rosie Schwartz and several companies controlled by them filed a second complaint in the Circuit Court in
Pulaski County, Arkansas. The second complaint had nearly identical claims as the federal case, but was limited to matters related to
the Predecessor Company’s acquisition of properties located in Arkansas. The sellers, which were affiliates of Skyline Health Care,
had encountered financial difficulties and requested the Predecessor Company to acquire these properties. The defendants have filed an
answer denying the plaintiffs’ claims and asserting counterclaims based on breach of contract. This case has been dismissed without
prejudice.
In
January 2021, Joseph Schwartz, Rosie Schwartz and certain companies owned by them filed a third complaint in Illinois state court in
Cook County, Illinois, which has nearly identical claims to the initial federal case but was limited to claims related to the Kentucky
and Massachusetts properties. The complaint has not been properly served on any of the defendants, and, accordingly, the defendants did
not respond to the complaint. Instead, the defendants filed a motion to quash service of process. On January 11, 2023, the Cook County
Circuit Court entered an order granting such motion, quashing service of process on all defendants. In March 2023, the plaintiffs filed
a new complaint and again attempted to serve it on the defendants. It is the defendants’ position that service was (once again,
potentially) defective and sought a dismissal of the matter for want of prosecution by Joseph Schwartz, Rosie Schwartz and certain companies
owned by them. The dismissal was granted, but has been appealed to the Illinois Appellate Court, and now has been dismissed.
In
April of 2024 . Joseph Schwartz, Rosie Schwartz and several companies controlled by them filed a third complaint in the Circuit Court
in Pulaski County, Arkansas. This third complaint had nearly identical claims as the federal case and the Illinois state court matter.
In
each of these complaints, the plaintiffs asserted claims for fraud, breach of contract and rescission arising out of the defendants’
alleged failure to perform certain post-closing obligations under the purchase contracts. We have potential direct exposure for these
claims because the subsidiaries of the Predecessor Company that were named as defendants are now subsidiaries of the Operating Partnership.
Additionally, the Operating Partnership is potentially liable for the claims made against Moishe Gubin, Michael Blisko and the Predecessor
Company pursuant to the provisions of the contribution agreement, under which the Operating Partnership assumed all of the liabilities
of the Predecessor Company and agreed to indemnify the Predecessor Company and its affiliates for such liabilities. We and the named
defendants believe that the claims set forth in the complaints are without merit. The named defendants intend to vigorously defend the
litigation and to assert counterclaims against the plaintiffs based on their failure to fulfil their obligations under the purchase
contracts, interim management agreement, and operations transfer agreements. We believe this matter will be resolved without a material
adverse effect to the Company.
As
noted above, the March 2020 and January 2021 and April 2024 complaints also related to the Predecessor Company’s planned acquisition
of five properties located in Massachusetts. A subsidiary of the Predecessor Company purchased loans related to these properties in 2018
for a price of $7.74 million with the expectation that the subsidiaries would acquire title to the properties and the loans would be
retired. The subsidiaries subsequently advanced $3.1 million under the loans to satisfy other liabilities related to the properties.
The planned acquisition/settlement with the sellers/owners and borrowers was not consummated because the underlying tenants of the properties
surrendered their licenses to operate healthcare facilities on these properties.
The
Predecessor Company intends to institute legal proceedings to collect the outstanding amount of these loans and to assert related claims
against the sellers and their principals for the unpaid principal balances as well as protective advances and collection costs. In connection
with enforcing their rights, in July 2022, the Company foreclosed, and (as lender) sold four of the five properties at auction for the
total amount of $4.4 million. In December 2022, the Company took title on the fifth property with an estimated fair value of $1.2 million.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
No
redemptions occurred in the first half of 2024.
Item
5. Other Information
None
Item
6. Exhibits
Exhibit
No. |
|
|
3.1 |
|
Articles of Amendment and Restatement of Strawberry Fields REIT, Inc., incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form 10 filed with the Securities and Exchange Commission as of July 12, 2022. |
3.2 |
|
Amended and Restated Bylaws of Strawberry Fields REIT, Inc., incorporated herein by reference to Exhibit to the Registration Statement on Form 10 filed with the Securities and Exchange Commission as of July 12, 2022. |
4.1 |
|
Description of Capital Stock incorporated herein by reference to Exhibit 4.1 to the Form 10-K filed with the Securities and Exchange Commission as of March 19, 2024. |
31.1 |
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of Strawberry Fields REIT, Inc.* |
31.2 |
|
Rule
13a-14(a)/15d-14(a) Certification of Chief Financial Officer of Strawberry Fields REIT, Inc.* |
32.1 |
|
Section
1350 Certification of the Chief Executive Officer of Strawberry Fields REIT, Inc.** |
32.2 |
|
Section 1350 Certification of the Chief Financial Officer of Strawberry Fields REIT, Inc.** |
101 |
|
The
following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted
in Inline XBRL: (i) condensed consolidated Balance Sheets, (ii) condensed consolidated Statements of Income and Comprehensive Income,
(iii) condensed consolidated Statements of Changes in Equity, (iv) condensed consolidated Statements of Cash Flows, and (v) Notes
to condensed consolidated Financial Statements, tagged as blocks of text and including detailed tags. |
104 |
|
Cover
Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101). |
*
Exhibits that are filed herewith.
**
Exhibits that are furnished herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
Strawberry
Fields REIT, Inc. |
|
|
Date:
August 12, 2024 |
By: |
/s/
Moishe Gubin |
|
Name:
|
Moishe
Gubin |
|
Title: |
Chief
Executive Officer and Chairman |
|
|
|
Date:
August 12, 2024 |
By: |
/s/
Greg Flamion |
|
Name:
|
Greg
Flamion |
|
Title: |
Chief
Financial Officer |
EXHIBIT
31.1
CERTIFICATION
OF THE PRINCIPAL EXECUTIVE OFFICER
REQUIRED
BY RULE 13A-14(A)/15D-14(A)
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
I
certify that:
1. |
I
have reviewed this report on Form 10-Q of Strawberry Fields REIT, Inc. (the “Company”); |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the Company and have: |
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within that entity, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Company’s auditors and the Audit Committee of the Company’s Board of Directors: |
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
|
/s/
Moishe Gubin |
|
Moishe
Gubin |
|
Principal
Executive Officer |
|
Date:
August 12, 2024 |
EXHIBIT
31.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
REQUIRED
BY RULE 13A-14(A)/15D-14(A)
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
I
certify that:
1. |
I
have reviewed this report on Form 10-Q of Strawberry Fields REIT, Inc. (the “Company”); |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the Company and have: |
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within that entity, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Company’s auditors and the Audit Committee of the Company’s Board of Directors: |
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
|
/s/
Greg Flamion |
|
Greg Flamion |
|
Principal
Financial Officer |
|
Date:
August 12, 2024 |
EXHIBIT
32.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350,
AS
ADDED BY
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Strawberry Fields REIT, Inc. (the “Company”) on Form 10-Q for the three and six
months ended June 30, 2024 as filed with the Securities and Exchange Commission (the “Report”), I, as the Principal
Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as added by § 906 of the Sarbanes-Oxley Act of
2002, that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
2. |
To
my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company as of and for the period covered by the Report. |
|
/s/
Moishe Gubin |
|
Moishe
Gubin |
|
Principal
Executive Officer |
|
Date:
August 12, 2024 |
EXHIBIT
32.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350,
AS
ADDED BY
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Strawberry Fields REIT, Inc. (the “Company”) on Form 10-Q for the three and six
months ended June 30, 2024 as filed with the Securities and Exchange Commission (the “Report”), I, as the Principal
Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as added by § 906 of the Sarbanes-Oxley Act of
2002, that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
2. |
To
my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company as of and for the period covered by the Report. |
|
/s/
Greg Flamion |
|
Greg
Flamion |
|
Principal
Financial Officer |
|
Date:
August 12, 2024 |
v3.24.2.u1
Cover - $ / shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 12, 2024 |
Cover [Abstract] |
|
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Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
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false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-41628
|
|
Entity Registrant Name |
Strawberry
Fields REIT, Inc.
|
|
Entity Central Index Key |
0001782430
|
|
Entity Tax Identification Number |
84-2336054
|
|
Entity Incorporation, State or Country Code |
MD
|
|
Entity Address, Address Line One |
6101
Nimtz Parkway
|
|
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South Bend
|
|
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IN
|
|
Entity Address, Postal Zip Code |
46628
|
|
City Area Code |
(574)
|
|
Local Phone Number |
807-0800
|
|
Title of 12(b) Security |
Common stock, par value
$0.0001 per share
|
|
Trading Symbol |
STRW
|
|
Security Exchange Name |
NYSE
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v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Assets |
|
|
Real estate investments, net |
$ 509,925
|
$ 518,314
|
Cash and cash equivalents |
16,122
|
12,173
|
Restricted cash and equivalents |
25,996
|
25,585
|
Straight-line rent receivable, net |
25,269
|
23,334
|
Right of use lease asset |
4,267
|
1,542
|
Goodwill, other intangible assets and lease rights |
24,493
|
8,604
|
Deferred financing expenses |
5,712
|
6,035
|
Notes receivable, net |
17,142
|
17,706
|
Other assets |
6,948
|
3,502
|
Total Assets |
635,874
|
616,795
|
Liabilities |
|
|
Accounts payable and accrued liabilities |
16,648
|
16,907
|
Bonds, net |
122,819
|
100,294
|
Notes payable and other debt |
429,050
|
436,192
|
Operating lease liability |
4,267
|
1,542
|
Other liabilities |
12,422
|
14,587
|
Total Liabilities |
585,206
|
569,522
|
Commitments and Contingencies (Note 8) |
|
|
Equity |
|
|
Common stock, $.0001 par value, 500,000,000 shares authorized, 6,898,867 shares and 6,487,856 issued and outstanding |
|
|
Preferred stock, $.0001 par value, 100,000,000 shares authorized, 0 shares issued and outstanding |
|
|
Additional paid in capital |
5,086
|
5,746
|
Accumulated other comprehensive income |
1,048
|
529
|
Retained earnings |
1,304
|
1,232
|
Total Stockholders’ Equity |
7,438
|
7,507
|
Non-controlling interest |
43,230
|
39,766
|
Total Equity |
50,668
|
47,273
|
Total Liabilities and Equity |
$ 635,874
|
$ 616,795
|
X |
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value per share |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
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6,898,867
|
6,487,856
|
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6,898,867
|
6,487,856
|
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$ 0.0001
|
$ 0.0001
|
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100,000,000
|
100,000,000
|
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0
|
0
|
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0
|
0
|
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v3.24.2.u1
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenues |
|
|
|
|
Rental revenues |
$ 29,272
|
$ 24,307
|
$ 57,106
|
$ 48,554
|
Expenses: |
|
|
|
|
Depreciation |
7,020
|
6,230
|
14,214
|
12,461
|
Amortization |
1,207
|
757
|
2,111
|
1,514
|
Loss on real estate investment impairment |
|
|
|
2,451
|
General and administrative expenses |
2,101
|
951
|
3,643
|
2,413
|
Property taxes |
3,446
|
3,717
|
7,161
|
7,435
|
Facility rent expenses |
200
|
136
|
393
|
272
|
Total expenses |
13,974
|
11,791
|
27,522
|
26,546
|
Income from operations |
15,298
|
12,516
|
29,584
|
22,008
|
Interest expense, net |
(7,706)
|
(5,310)
|
(15,438)
|
(10,118)
|
Amortization of deferred financing costs |
(161)
|
(123)
|
(323)
|
(253)
|
Mortgage insurance premium |
(391)
|
(418)
|
(791)
|
(833)
|
Total interest expense |
(8,258)
|
(5,851)
|
(16,552)
|
(11,204)
|
Other loss: |
|
|
|
|
Other expense |
|
(983)
|
|
(983)
|
Net income |
7,040
|
5,682
|
13,032
|
9,821
|
Less - |
|
|
|
|
Net income attributable to non-controlling interest |
(6,102)
|
(4,984)
|
(11,348)
|
(8,628)
|
Net income attributable to common stockholders |
938
|
698
|
1,684
|
1,193
|
Other comprehensive income: |
|
|
|
|
Gain due to foreign currency translation |
2,635
|
1,966
|
3,985
|
4,284
|
Comprehensive income attributable to non-controlling interest |
(2,284)
|
(1,724)
|
(3,466)
|
(3,765)
|
Comprehensive income |
1,289
|
940
|
2,203
|
1,712
|
Net income attributable to common stockholders |
$ 938
|
$ 698
|
$ 1,684
|
$ 1,193
|
Basic income per common share |
$ 0.14
|
$ 0.11
|
$ 0.26
|
$ 0.19
|
Diluted income per common share |
$ 0.14
|
$ 0.11
|
$ 0.26
|
$ 0.19
|
Weighted average number of common shares outstanding, Basic |
6,478,058
|
6,365,856
|
6,478,173
|
6,365,856
|
Weighted average number of common shares outstanding, Diluted |
6,478,058
|
6,365,856
|
6,478,173
|
6,365,856
|
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v3.24.2.u1
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Noncontrolling Interest [Member] |
Common Stock [Member] |
Balance at Dec. 31, 2022 |
$ 49,384
|
$ 5,792
|
$ 386
|
$ 1,608
|
$ 41,598
|
|
Balance, shares at Dec. 31, 2022 |
|
|
|
|
|
6,365,856
|
Dividends (unaudited) |
(700)
|
|
|
(700)
|
|
|
Non-controlling interest distributions (unaudited) |
(4,999)
|
|
|
|
(4,999)
|
|
Net change in foreign currency translation (unaudited) |
2,318
|
|
277
|
|
2,041
|
|
Net income (unaudited) |
4,139
|
|
|
495
|
3,644
|
|
Balance at Mar. 31, 2023 |
50,142
|
5,792
|
663
|
1,403
|
42,284
|
|
Balance, shares at Mar. 31, 2023 |
|
|
|
|
|
6,365,856
|
Balance at Dec. 31, 2022 |
49,384
|
5,792
|
386
|
1,608
|
41,598
|
|
Balance, shares at Dec. 31, 2022 |
|
|
|
|
|
6,365,856
|
Net income (unaudited) |
9,821
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
52,092
|
5,792
|
905
|
1,401
|
43,994
|
|
Balance, shares at Jun. 30, 2023 |
|
|
|
|
|
6,365,856
|
Balance at Mar. 31, 2023 |
50,142
|
5,792
|
663
|
1,403
|
42,284
|
|
Balance, shares at Mar. 31, 2023 |
|
|
|
|
|
6,365,856
|
Dividends (unaudited) |
(700)
|
|
|
(700)
|
|
|
Non-controlling interest distributions (unaudited) |
(4,998)
|
|
|
|
(4,998)
|
|
Net change in foreign currency translation (unaudited) |
1,966
|
|
242
|
|
1,724
|
|
Net income (unaudited) |
5,682
|
|
|
698
|
4,984
|
|
Balance at Jun. 30, 2023 |
52,092
|
5,792
|
905
|
1,401
|
43,994
|
|
Balance, shares at Jun. 30, 2023 |
|
|
|
|
|
6,365,856
|
Balance at Dec. 31, 2023 |
47,273
|
5,746
|
529
|
1,232
|
39,766
|
|
Balance, shares at Dec. 31, 2023 |
|
|
|
|
|
6,487,856
|
Common Stock Retirement (unaudited) |
(153)
|
(153)
|
|
|
|
|
Common Stock Retirement (unaudited), shares |
|
|
|
|
|
(19,348)
|
Dividends (unaudited) |
(778)
|
|
|
(778)
|
|
|
Non-controlling interest distributions (unaudited) |
(5,460)
|
|
|
|
(5,460)
|
|
Net change in foreign currency translation (unaudited) |
1,350
|
|
168
|
|
1,182
|
|
Net income (unaudited) |
5,992
|
|
|
746
|
5,246
|
|
Balance at Mar. 31, 2024 |
48,224
|
5,593
|
697
|
1,200
|
40,734
|
|
Balance, shares at Mar. 31, 2024 |
|
|
|
|
|
6,468,508
|
Balance at Dec. 31, 2023 |
47,273
|
5,746
|
529
|
1,232
|
39,766
|
|
Balance, shares at Dec. 31, 2023 |
|
|
|
|
|
6,487,856
|
Net income (unaudited) |
13,032
|
|
|
|
|
|
Balance at Jun. 30, 2024 |
50,668
|
5,086
|
1,048
|
1,304
|
43,230
|
|
Balance, shares at Jun. 30, 2024 |
|
|
|
|
|
6,898,867
|
Balance at Mar. 31, 2024 |
48,224
|
5,593
|
697
|
1,200
|
40,734
|
|
Balance, shares at Mar. 31, 2024 |
|
|
|
|
|
6,468,508
|
OP Units Converted to Common Stock (unaudited) |
|
|
|
|
|
|
OP Units Converted to Common Stock (unaudited), shares |
|
|
|
|
|
484,146
|
Common Stock Retirement (unaudited) |
(507)
|
(507)
|
|
|
|
|
Common Stock Retirement (unaudited), shares |
|
|
|
|
|
(53,787)
|
Dividends (unaudited) |
(834)
|
|
|
(834)
|
|
|
Non-controlling interest distributions (unaudited) |
(5,890)
|
|
|
|
(5,890)
|
|
Net change in foreign currency translation (unaudited) |
2,635
|
|
351
|
|
2,284
|
|
Net income (unaudited) |
7,040
|
|
|
938
|
6,102
|
|
Balance at Jun. 30, 2024 |
$ 50,668
|
$ 5,086
|
$ 1,048
|
$ 1,304
|
$ 43,230
|
|
Balance, shares at Jun. 30, 2024 |
|
|
|
|
|
6,898,867
|
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v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net income |
$ 13,032
|
$ 9,821
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
16,325
|
13,975
|
Amortization of bond issuance costs |
162
|
251
|
Loss on real estate investment impairment |
|
2,451
|
Amortization of deferred financing costs |
323
|
253
|
Increase in other assets |
(3,446)
|
(774)
|
Amortization of right of use asset |
292
|
158
|
Foreign currency translation adjustments |
657
|
(324)
|
Increase in straight-line rent receivables, net |
(1,935)
|
(787)
|
(Decrease) increase in accounts payable and accrued liabilities and other liabilities |
(2,424)
|
687
|
Repayment of operating lease liability |
(292)
|
(158)
|
Net cash provided by operating activities |
22,694
|
25,553
|
Cash flow from investing activities: |
|
|
Purchase of real estate investments |
(5,825)
|
(6,031)
|
Purchase of lease rights |
(18,000)
|
|
Principal payments of notes receivable |
564
|
1,610
|
Net cash used in investing activities |
(23,261)
|
(4,421)
|
Cash flows from financing activities: |
|
|
Proceeds from senior debt, net |
|
3,096
|
Proceeds from issuance of bonds, net |
25,691
|
32,689
|
Repayment of senior debt |
(7,142)
|
(8,371)
|
Repayment of non-controlling interest redemption liability |
|
(15,753)
|
Payment of dividends |
(1,612)
|
(1,400)
|
Non-controlling interest distributions |
(11,350)
|
(9,997)
|
Common Stock Retirement |
(660)
|
|
Net cash provided by financing activities |
4,927
|
264
|
Increase in cash and cash equivalents and restricted cash and equivalents |
4,360
|
21,396
|
Cash and cash equivalents and restricted cash and equivalents at the beginning of the period |
37,758
|
45,704
|
Cash and cash equivalents and restricted cash and equivalents at the end of the period |
42,118
|
67,100
|
Supplemental Disclosure of Cash Flow Information: |
|
|
Cash paid during the period for interest |
15,075
|
10,255
|
Accumulated other comprehensive income: |
|
|
Foreign currency translation adjustments |
3,985
|
4,284
|
Right of use lease asset obtained in exchange for operating lease liabilities |
$ 3,017
|
|
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v3.24.2.u1
Business
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Business |
NOTE
1. Business
Overview
The
Company
STRAWBERRY
FIELDS REIT, Inc. (the “Company”) is a Maryland corporation formed in July 2019. The Company commenced operations on June
8, 2021. The Company conducts its business through a traditional UPREIT structure in which substantially all of its assets are owned
by subsidiaries of Strawberry Fields Realty, LP, a Delaware limited partnership formed in July 2019 (the “Operating Partnership”).
The Company is the general partner of the Operating Partnership. The Company owns approximately 13.3% and 12.6% of the outstanding OP
units as of June 30, 2024 and December 31, 2023, respectively.
As
the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage
and conduct the business affairs of the Operating Partnership, subject to certain limited approval and voting rights of the limited partners.
The Company may cause the Operating Partnership to issue additional OP units in connection with property acquisitions, compensation or
otherwise. The Company became a publicly traded entity on September 21, 2022.
The
Company is engaged in the ownership, acquisition, financing and triple-net leasing of skilled nursing facilities and other post-acute
healthcare properties. The Company’s portfolio consists of 101 healthcare properties with an aggregate of 12,527 licensed beds.
The Company holds fee title to 98 of these properties and holds 3 properties under a long-term lease. These properties are located in
Arkansas, Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee and Texas. The Company generates substantially all of its
revenues by leasing its properties to tenants under long-term leases primarily on a triple-net basis, under which the tenant pays the
cost of real estate taxes, insurance and other operating costs of the facility and capital expenditures. Each healthcare facility located
at its properties is managed by a qualified operator with an experienced management team.
Interim
Condensed Consolidated Financial Statements
The
accompanying unaudited, condensed consolidated financial statements of the Company have been prepared in accordance with GAAP for interim
financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Certain
information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with
generally accepted accounting principles in the United States of America (“GAAP”) have been omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying interim condensed
consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company’s condensed
consolidated financial position as of June 30, 2024, and the condensed consolidated results of operations and cash flows for the periods
presented. The condensed consolidated results of operations for interim periods are not necessarily indicative of the results of operations
to be expected for any subsequent interim period or for the fiscal year ending December 31, 2024.
Variable
Interest Entity
The
Company consolidates the Operating Partnership, a variable interest entity (“VIE”) in which the Company is considered the
primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact
the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the
VIE that could be significant to the VIE.
Non-Controlling
Interest
A
non-controlling interest is defined as the portion of the equity in an entity not attributable, directly or indirectly, to the primary
beneficiary. Non-controlling interests are required to be presented as a separate component of equity on a condensed consolidated balance
sheet. Accordingly, the presentation of net income is modified to present the income attributed to controlling and non-controlling interests.
The non-controlling interest on the Company’s condensed consolidated balance sheets represents OP units not held by the Company
and represents approximately 86.7% and 87.4% of the outstanding OP Units issued by the Operating Partnership as of June 30, 2024 and
December 31, 2023, respectively. The holders of these OP units are entitled to share in cash distributions from the Operating Partnership
in proportion to their percentage ownership of OP units. Net income is allocated to the non-controlling interest based on the weighted
average of OP units outstanding during the period.
Basis
of Presentation
The
Company maintains its accounting records on an accrual basis in accordance with generally accepted accounting principles in the United
States of America (“GAAP”).
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
X |
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duration |
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
NOTE
2. Summary of Significant Accounting Policies
Use
of Estimates
Management
is required to make estimates and assumptions in the preparation of the condensed consolidated financial statements in conformity with
GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the
reporting period. Actual results may differ from management’s estimates.
Principles
of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company and the Operating Partnership and its wholly-owned
subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation.
Cash
and Cash Equivalents
Cash
and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased.
The
Company’s cash, cash equivalents and restricted cash and cash equivalents periodically exceed federally insurable limits. The
Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash
balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial
markets. To date, the Company has experienced no loss or lack of access to the cash in its operating accounts. On June 30, 2024 and
December 31, 2023, the Company had $27.9 million and $22.7
million, respectively, on deposit in excess of federally insured limits. On June 30, 2023, the Company entered into Interbank Cash
Sweep accounts to minimize exposure to loss of funds not federally insured. These sweep accounts held approximately $8.1
million and $0.9 million as of June 30, 2024 and December 31, 2023, respectively.
Restricted
Cash and Cash Equivalents
Restricted
cash primarily consists of amounts held by mortgage lenders to provide for real estate tax expenditures, tenant improvements, capital
expenditures and security deposits, as well as escrow accounts related to principal and interest payments on Bonds.
Real
Estate Depreciation
Real
estate costs related to the acquisition and improvement of properties are capitalized and depreciated over the expected life of the asset
on a straight-line basis. The Company considers the period of future benefit of an asset to determine its appropriate useful life. The
Company does not incur expenditures for tenant improvements as they are the responsibility of the tenant per their respective leases.
The Company anticipates the estimated useful lives of its assets by class to be generally as follows:
Schedule
of Assets Useful Lives
Building
and improvements |
|
7-45
years |
Equipment
and personal property |
|
2-18
years |
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
Real
Estate Valuation
In
determining fair value and the allocation of the purchase price of acquisitions, the Company uses current appraisals or third-party valuations
services. The most significant components of these allocations are typically the allocation of fair value to land and buildings and,
for certain of its acquisitions, in place leases and other intangible assets. In the case of the fair value of buildings and the allocation
of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization
the Company records over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of
in place leases, the Company makes best estimates based on the evaluation of the specific characteristics of each tenant’s lease.
Factors considered include estimates of carrying costs during hypothetical expected lease up periods, market conditions and costs to
execute similar leases. These assumptions affect the amount of future revenue that the Company will recognize over the remaining lease
term for the acquired in place leases.
The
Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs
related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction
costs related to acquisitions that are deemed to be businesses are expensed as incurred. All of the Company’s acquisitions of investment
properties qualified as asset acquisitions during the periods ended June 30, 2024 and 2023.
Revenue
Recognition
Rental
income from operating leases is generally recognized on a straight-line basis over the terms of the leases. Substantially all of the
Company’s leases contain provisions for specified annual increases over the rents of the prior year and are generally computed
in one of three methods depending on specific provisions of each lease as follows:
|
(i) |
a
specified annual increase over the prior year’s rent, generally between 1.0% and 3.0%; |
|
|
|
|
(ii) |
a
calculation based on the Consumer Price Index; or |
|
|
|
|
(iii) |
specific
dollar increases. |
Contingent
revenue is not recognized until all possible contingencies have been eliminated. The Company considers the operating history of the lessee
and the general condition of the industry when evaluating whether all possible contingencies have been eliminated and have historically,
and expect in the future, to not include contingent rents as income until received. The Company follows a policy related to rental income
whereby the Company considers a lease to be non-performing after 60 days of non-payment of past due amounts and does not recognize unpaid
rental income from that lease until the amounts have been received.
Rental
revenues relating to non-contingent leases that contain specified rental increases over the life of the lease are recognized on the straight-line
basis. Recognizing income on a straight-line basis requires us to calculate the total non-contingent rent containing specified rental
increases over the life of the lease and to recognize the revenue evenly over that life. This method results in rental income in the
early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset included in our accompanying
condensed consolidated balance sheets. At some point during the lease, depending on its terms, the cash rent payments eventually exceed
the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term.
The Company assesses the collectability of straight-line rent in accordance with the applicable accounting standards and reserve policy.
If the lessee becomes delinquent in rent owed under the terms of the lease, the Company may provide a reserve against the recognized
straight-line rent receivable asset for a portion, up to its full value, that the Company estimates may not be recoverable.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
Revenue
Recognition (Cont.)
Capitalized
above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized
below-market leases are accreted to rental income over the remaining terms of the respective leases and expected below-market renewal
option periods.
The
Company reports revenues and expenses within our triple-net leased properties for real estate taxes that are escrowed and obligations
of the tenants in accordance with their respective lease with us.
Gain
from sale of real estate investments is recognized when control of the property is transferred and it is probable that substantially
all consideration will be collected.
Allowance
for Doubtful Accounts
The
Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s
evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity
and other factors. The Company’s tenants, borrowers and operators furnish property, portfolio and guarantor/operator-level financial
statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the
lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated
together with other property, portfolio and operator performance information, including revenue, expense, net operating income, occupancy,
rental rate, reimbursement trends, capital expenditures and EBITDA (defined as earnings before interest, tax, depreciation and amortization),
along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance,
its tenants’, operators’ and borrowers’ ability to service their obligations with the Company.
The
Company maintains an allowance for doubtful accounts for straight-line rent receivables resulting from tenants’ inability to make
contractual rent and tenant recovery payments or lease defaults. For straight-line rent receivables, the Company’s assessment is
based on amounts estimated to be recoverable over the lease term.
Impairment
of Long-Lived Assets and Goodwill
The
Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes
in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by
comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future
undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash
flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss
will be recognized to the extent that the carrying value of the real estate assets is greater than their fair value. See Note 4 below.
Goodwill
is tested for impairment at least annually based on certain qualitative factors to determine if it is more likely than not that the fair
value of a reporting unit is less than its carrying value. Potential impairment indicators include a significant decline in real estate
values, significant restructuring plans, current macroeconomic conditions, state of the equity and capital markets or a significant decline
in the Company’s market capitalization. If the Company determines that it is more likely than not that the fair value of a reporting
unit is less than its carrying value, the Company applies the required two-step quantitative approach. The quantitative procedures of
the two-step approach (i) compare the fair value of a reporting unit with its carrying value, including goodwill, and, if necessary,
(ii) compare the implied fair value of reporting unit goodwill with the carrying value as if it had been acquired in a business combination
at the date of the impairment test. The excess fair value of the reporting unit over the fair value of assets and liabilities, excluding
goodwill, is the implied value of goodwill and is used to determine the impairment amount, if any. The Company has selected the fourth
quarter of each fiscal year to perform its annual impairment test.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
Concentrations
of Credit Risk
Financial
instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted
cash and cash equivalents, notes receivable and operating leases on owned properties. These financial instruments are subject to the
possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations
or changes in market prices which may make the instrument less valuable. Cash and cash equivalents, restricted cash and equivalents are
held with various financial institutions. From time to time, these balances exceed the federally insured limits. These balances are maintained
with high quality financial institutions which management believes limits the risk.
With
respect to notes receivable, the Company obtains various collateral and other protective rights, and continually monitors these rights,
in order to reduce such possibilities of loss. In addition, the Company provides reserves for potential losses based upon management’s
periodic review of our portfolio.
On
June 30, 2024, the Company held four notes receivable with an outstanding balance of $17.1 million. The notes have maturities ranging
from 2024 through 2046, and interest rates ranging from 2% to 11.25%. One of the notes is collateralized by tenants’ accounts receivable.
All other notes receivable are uncollateralized as of June 30, 2024. As of December 31, 2023, the Company held four notes receivable
for a total amount of $17.7 million. As of June 30, 2024 all of these notes are paid monthly and are current.
Market
Concentration Risk
As
of June 30, 2024 and December 31, 2023, the Company owned 98 and 97 properties and leased 3 and 1 properties, respectively. The facilities are
located in 9 states, with 40 of its total facilities in Indiana (which include 3,318 skilled nursing beds or 26% of the
Company’s total beds) and 20 of its total facilities are located in Illinois (which include 4,226 skilled nursing beds
or 33.7% of the Company’s total beds). Since tenant revenue is primarily generated from Medicare and Medicaid, the operations
of the Company are indirectly subject to the administrative directives, rules and regulations of federal and state regulatory
agencies, including, but not limited to the Centers for Medicare & Medicaid Services, and the Department of Health and Aging in
all states in which the Company operates. Such administrative directives, rules and regulations, including budgetary
reimbursement funding, are subject to change by an act of Congress, the passage of laws by the state regulators or an administrative
change mandated by one of the executive branch agencies. Such changes may occur with little notice or inadequate funding to pay for
the related costs, including the additional administrative burden, to comply with a change.
Debt
and Capital Raising Issuance Costs
Costs
incurred in connection with the issuance of equity interests are recorded as a reduction of additional paid-in capital. Debt issuance
costs related to debt instruments, excluding line of credit arrangements, are deferred, recorded as a reduction of the related debt liability,
and amortized to interest expense over the remaining term of the related debt liability utilizing the interest method. Deferred financing
costs related to line of credit arrangements are deferred, recorded as an asset and amortized to interest expense over the remaining
term of the related line of credit arrangement utilizing the interest method.
Penalties
incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts and premiums are recognized as income or expense
in the condensed consolidated statements of income at the time of extinguishment.
Segment
Reporting
Accounting
guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which
public business enterprises report information about operating segments. The Company’s investment decisions in health care properties,
and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes.
Therefore, the Company has concluded that it operates as a single segment.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
Basic
and Diluted Income Per Common Share
The
Company calculates basic income per common share by dividing net income attributable to common stockholders by the weighted average number
of common shares outstanding during the period. At June 30, 2024 and 2023, there were 44,889,469 and 45,436,232 OP units outstanding
which were potentially dilutive securities. During the six month periods ended June 30, 2024 and 2023, the assumed conversion of the
OP units had no impact on basic income per share.
Foreign
Currency Translation and Transactions
Assets
and liabilities denominated in foreign currencies that are translated into U.S. dollars use exchange rates in effect at the end of the
period, and revenues and expenses denominated in foreign currencies that are translated into U.S. dollars use average rates of exchange
in effect during the related period. Gains or losses resulting from translation are included in accumulated other comprehensive income,
a component of equity on the condensed consolidated balance sheets.
Gains
or losses resulting from foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates
of the transactions. The effects of transaction gains or losses, if any, are included in other income (loss), in the condensed consolidated
statements of income.
Fair
Value Measurement
The
Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation
techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace.
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market
assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value
hierarchy:
●
Level 1—quoted prices for identical instruments in active markets;
●
Level 2—quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets
that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active
markets; and
●
Level 3—fair value measurements derived from valuation techniques in which one or more significant inputs or significant value
drivers are unobservable.
The
Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are
required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third-party source
to determine fair value and classifies such items in Level 1. In instances where a market price is available, but the instrument is in
an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies the
asset or liability in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation
models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads
and/or market capitalization rates. Items valued using such internally generated valuation techniques are classified according to the
lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either
Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques
used by the Company include discounted cash flow valuation models.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
Real
Estate Investments – Held for Sale
On
June 30, 2024, the Company had one property included in real estate investments which was held for sale and carried at the lower of
its net book value or fair value on a non-recurring basis on the condensed consolidated balance sheets. On December 31, 2023, the Company
had one property included in real estate investments which was held for sale and carried at the lower of its net book value or fair value
on a non-recurring basis on the condensed consolidated balance sheets. The Company’s real estate investments held for sale were
classified as Level 3 of the fair value hierarchy.
Stock-Based
Compensation
The
Company accounts for share-based payment awards in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC
718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the condensed consolidated
financial statements. ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment
transactions. The Company recognizes share-based payments over the vesting period.
Recent
Accounting Pronouncements
In
November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07,
Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The main provisions are:
1.
Require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the
chief operating decision maker (CODM) and included within each reported measure of segment profit or loss (collectively referred to as
the “significant expense principle”).
2.
Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a
description of its composition. The other segment items category is the difference between segment revenue less the segment expenses
disclosed under the significant expense principle and each reported measure of segment profit or loss.
3.
Require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required
by Topic 280 in interim periods.
4.
Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding
how to allocate resources, a public entity may report one or more of those additional measures of segment profit
5.
Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s)
of segment profit or loss in assessing segment performance and deciding how to allocate resources.
6.
Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this Update
and all existing segment disclosures in Topic 280.
This
update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December
15, 2024.
This
adoption is not expected to have a significant impact on our condensed consolidated financial statements.
In
2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial
Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference
rate reform on financial reporting. The objective of the guidance in Topic 848 is to provide temporary relief during the transition period.
The Board included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would
cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent
that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset
provision was set for December 31, 2022- 12 months after the expected cessation date of all currencies and tenors of LIBOR. In March
2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12- month tenors of USD LIBOR would be June
30, 2023, which is beyond the current sunset date of Topic 848. Because the current relief in Topic 848 may not cover a period of time
during which a significant number of modifications may take place, the amendments in ASU 2022-06 issued in December 2022, defer the sunset
date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief
in Topic 848. The Company does not expect this standard to have a material impact on its condensed consolidated financial statements.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.2.u1
Restricted Cash and Equivalents
|
6 Months Ended |
Jun. 30, 2024 |
Cash and Cash Equivalents [Abstract] |
|
Restricted Cash and Equivalents |
NOTE
3. Restricted Cash and Equivalents
The
following table presents the Company’s restricted cash and equivalents and escrow deposits:
Schedule of Restricted Cash and Equivalents and Escrow Deposits
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
| |
| (amounts
in $000’s) | |
MIP escrow accounts | |
$ | 1,250 | | |
$ | 794 | |
Other escrow and debt deposits | |
| 728 | | |
| 737 | |
Property tax and insurance
escrow | |
| 6,156 | | |
| 6,842 | |
Interest and expense reserve
bonds escrow | |
| 5,132 | | |
| 3,924 | |
HUD
replacement reserves | |
| 12,730 | | |
| 13,288 | |
Total
restricted cash and equivalents | |
$ | 25,996 | | |
$ | 25,585 | |
MIP
escrow accounts - The Company is required to make monthly escrow deposits for mortgage insurance premiums on the HUD guaranteed mortgage
loans.
Other
escrow and debt deposits – The Company funds various escrow accounts under certain of its loan agreements, primarily to cover
debt service on underlying loans.
Property
tax and insurance escrow - The Company funds escrows for real estate taxes and insurance under certain of its loan agreements.
Interest
and expense reserve bonds escrow - The indentures for the Series C and D Bonds require the funding of a six-month interest reserve
as well as an expense reserve. See Note 7 - Notes Payable and Other Debt.
HUD
replacement reserves - The Company is required to make monthly payments into an escrow for replacement and improvement of the project
assets covered by HUD guaranteed mortgage loans. A portion of the replacement reserves are required to be maintained until the applicable
loan is fully paid.
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v3.24.2.u1
Real Estate Investments, net
|
6 Months Ended |
Jun. 30, 2024 |
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
| |
Estimated
Useful Lives | |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Years) | |
(Amounts
in $000’s) | |
Buildings and
improvements | |
7-45 | |
$ | 580,489 | | |
$ | 576,044 | |
Equipment and personal property | |
2-18 | |
| 98,218 | | |
| 97,359 | |
Land | |
- | |
| 64,830 | | |
| 64,309 | |
Real
estate investments, gross | |
| |
| 743,537 | | |
| 737,712 | |
Less:
accumulated depreciation | |
| |
| (233,612 | ) | |
| (219,398 | ) |
Real
estate investments, net | |
| |
$ | 509,925 | | |
$ | 518,314 | |
For
the three-month periods ended June 30, 2024 and 2023, total depreciation expense was $7.0 million and $6.2 million, respectively. For
the six-month periods ended June 30, 2024 and 2023, total depreciation expense was $14.2 million and $12.5 million, respectively.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
4. Real Estate Investments, net (Cont.)
Acquisition
of Properties
On
May 31, 2024, the Company purchased a property comprised of a 68-bed skilled nursing facility and 10-bed assisted living facility in
Georgetown, IN. The acquisition was for $5.83
million and the Company funded the acquisition utilizing cash from the balance sheet.
Other
Properties
In
February 2023, one facility under our southern Illinois master lease was closed. The closure was made at the request of the tenant
and mainly for efficiency reasons. This facility is under a master lease with two other facilities. The closing did not affect the
aggregate rent payable under the master lease, which has been paid without interruption. As a result of the closure, the Company has
elected to sell the property. The Company has written off the remaining book value of this property and has recorded a loss on real
estate investment impairment of approximately $2.5
million during the six-month period ended June 30, 2023, since the facility is no longer licensed to operate as a skilled nursing
facility. The tenant continued to be responsible for ensuring the building is secure and paid utilities, real estate taxes and
insurance bills. On April 30, 2024, the company sold the property to The Village of Smithton, a municipality in Illinois, and paid
off the outstanding mortgage. The building was sold to the municipality for $1.
The Company paid $1.2
million in related debt and closing costs.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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- DefinitionThe 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.
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v3.24.2.u1
Intangible Assets and Goodwill
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets and Goodwill |
NOTE
5. Intangible Assets and Goodwill
Intangible
assets consist of the following goodwill, Certificate of Need (“CON”) licenses and lease rights:
Schedule of Intangible Assets and Goodwill
| |
Goodwill including
CON Licenses | | |
Lease
Rights | | |
Total | |
| |
(Amounts
in $000’s) | |
Balances, December
31, 2022 | |
| | | |
| | | |
| | |
Gross | |
$ | 1,323 | | |
$ | 54,577 | | |
$ | 55,900 | |
Accumulated
amortization | |
| - | | |
| (44,268 | ) | |
| (44,268 | ) |
Net
carrying amount | |
| 1,323 | | |
| 10,309 | | |
| 11,632 | |
Acquisition of lease rights | |
| | | |
| | | |
| | |
Amortization | |
| - | | |
| (1,514 | ) | |
| (1,514 | ) |
Balances, June 30,
2023 | |
| | | |
| | | |
| | |
Gross | |
| 1,323 | | |
| 54,577 | | |
| 55,900 | |
Accumulated
amortization | |
| - | | |
| (45,782 | ) | |
| (45,782 | ) |
Net
carrying amount | |
$ | 1,323 | | |
$ | 8,795 | | |
$ | 10,118 | |
| |
| | | |
| | | |
| | |
Balances, December
31, 2023 | |
| | | |
| | | |
| | |
Gross | |
$ | 1,323 | | |
$ | 54,577 | | |
$ | 55,900 | |
Accumulated
amortization | |
| - | | |
| (47,296 | ) | |
| (47,296 | ) |
Net
carrying amount | |
| 1,323 | | |
| 7,281 | | |
| 8,604 | |
Acquisition of lease rights | |
| - | | |
| 18,000 | | |
| 18,000 | |
Amortization | |
| - | | |
| (2,111 | ) | |
| (2,111 | ) |
Balances, June 30,
2024 | |
| | | |
| | | |
| | |
Gross | |
| 1,323 | | |
| 72,577 | | |
| 73,900 | |
Accumulated
amortization | |
| - | | |
| (49,407 | ) | |
| (49,407 | ) |
Net
carrying amount | |
$ | 1,323 | | |
$ | 23,170 | | |
$ | 24,493 | |
Estimated
amortization expense for all lease rights for each of the future years ending December 31, is as follows:
Schedule
of Estimated Amortization Expenses
| |
Amortization of
Lease Rights | |
| |
(Amounts in
$000’s) | |
2024 (six months) | |
$ | 2,414 | |
2025 | |
| 4,840 | |
2026 | |
| 2,475 | |
2027 | |
| 2,261 | |
2028 | |
| 1,876 | |
Thereafter | |
| 9,304 | |
Total | |
$ | 23,170 | |
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
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- DefinitionThe entire disclosure for goodwill and intangible assets.
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v3.24.2.u1
Leases
|
6 Months Ended |
Jun. 30, 2024 |
Lessee Disclosure [Abstract] |
|
Leases |
NOTE
6. Leases
As
of June 30, 2024, and December 31, 2023, the Company had leased 110 facilities (98 properties) and 107 facilities (97 properties), respectively,
to tenant/operators in the States of Arkansas, Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee and Texas. As of June
30, 2024, and December 31, 2023, all of the Company’s facilities were leased. Most of these facilities are leased on a triple net
basis, meaning that the lessee (i.e., operator of the facility) is obligated under the lease for all expenses of the property
in respect to insurance, taxes and property maintenance, as well as the lease payments.
The
following table provides additional information regarding the properties owned/leased by the Company for the periods indicated:
Schedule of Properties Own and Leased Information
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Cumulative number of facilities
(properties) | |
| 110
(98 | ) | |
| 107
(97 | ) |
Cumulative number
of operational beds | |
| 12,527 | | |
| 12,201 | |
The
following table provides additional information regarding the facilities leased by the Company as of June 30, 2024:
Schedule of Additional Information on Properties Facilities Leased
| |
| Number of Operational Beds/Units | | |
| Owned by Company | | |
| Leased by Company | | |
| Total
Number of Facilities | |
State | |
Number
of Operational Beds/Units | | |
Owned
by Company | | |
Leased
by Company | | |
Total | |
Illinois | |
| 4,226 | | |
| 20 | | |
| - | | |
| 20 | |
Indiana | |
| 3,318 | | |
| 39 | | |
| 1 | | |
| 40 | |
Michigan | |
| 100 | | |
| 1 | | |
| - | | |
| 1 | |
Ohio | |
| 238 | | |
| 4 | | |
| - | | |
| 4 | |
Tennessee | |
| 1,304 | | |
| 12 | | |
| 2 | | |
| 14 | |
Kentucky | |
| 1,163 | | |
| 11 | | |
| - | | |
| 11 | |
Arkansas | |
| 1,568 | | |
| 14 | | |
| - | | |
| 14 | |
Oklahoma | |
| 137 | | |
| 2 | | |
| - | | |
| 2 | |
Texas | |
| 473 | | |
| 4 | | |
| - | | |
| 4 | |
Total
Facilities | |
| 12,527 | | |
| 107 | | |
| 3 | | |
| 110 | |
| |
| | | |
| | | |
| | | |
| | |
Facility
Type | |
| | | |
| | | |
| | | |
| | |
Skilled Nursing Facilities | |
| 12,181 | | |
| 97 | | |
| 3 | | |
| 100 | |
Long-Term Acute Care Hospitals | |
| 63 | | |
| 2 | | |
| - | | |
| 2 | |
Assisted
Living Facility | |
| 283 | | |
| 8 | | |
| - | | |
| 8 | |
Total
facilities | |
| 12,527 | | |
| 107 | | |
| 3 | | |
| 110 | |
As
of June 30, 2024, total future minimum rental revenues for the Company’s tenants are as follows:
Schedule of Future Minimum Rental Revenues
Year | |
Amount | |
(Amounts
in $000s) | |
| |
2024 (six month period) | |
$ | 49,648 | |
2025 | |
| 96,711 | |
2026 | |
| 87,677 | |
2027 | |
| 88,935 | |
2028 | |
| 85,763 | |
Thereafter | |
| 332,085 | |
Total | |
$ | 740,819 | |
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
6. Leases (Cont.)
The
following table provides summary information regarding the number of operational beds associated with a property leased by the Company
and subleased to third-party operators:
Schedule of Property Leases to Third Parties
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Number of facilities
leased and subleased to third parties | |
| 3 | | |
| 1 | |
Number of operational beds | |
| 314 | | |
| 68 | |
Right
of use assets and operating lease liabilities are disclosed as separate line items in the condensed consolidated balance sheets and are
valued based on the present value of the future minimum lease payments at the lease commencement. As the Company’s leases do not
provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the adoption date in
determining the present value of future payments. Lease expense is recognized on a straight-line basis over the lease term. The Company’s
operating lease obligation is for one skilled nursing facility in Indiana and two skilled nursing facilities in Tennessee. The Tennessee
facilities are under one lease. The Indiana lease has an initial term that expires on March 1, 2028, and has two five-year renewal options.
The lease is a triple net lease, which requires the Company to pay real and personal property taxes, insurance expenses and all capital
improvements. The Company subleases the building as part of the Indiana master lease. Based on the sublease with the Company’s
tenant, the tenant is required to pay real and personal property taxes, insurance expenses and all capital improvements. The Tennessee
lease has an initial term that expires December 31, 2034, and has two five year renewal options. The lease is a triple net lease, which
requires the Company to pay real and personal property taxes, insurance expenses and all capital improvements. The Company subleases
the building as a separate master lease. Based on the sublease with the Company’s tenant, the tenant is required to pay real and
personal property taxes, insurance expenses and all capital improvements.
The
components of lease expense and other lease information are as follows (dollars in thousands):
Schedule of Components of Lease Expense
| |
| | | |
| | | |
| | | |
| | |
| |
Six
Month Period ended June
30, | | |
Three
Month Period ended June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating lease
cost | |
$ | 384 | | |
| 197 | | |
| 132 | | |
| 99 | |
| |
June
30, 2024 | | |
December
31,
2023 | |
Operating lease
right of use asset | |
$ | 4,267 | | |
$ | 1,542 | |
Operating lease liability | |
$ | 4,267 | | |
$ | 1,542 | |
Weighted average remaining
lease term-operating leases (in years) | |
| 7.68 | | |
| 4.25 | |
Weighted average discount rate | |
| 4.1 | % | |
| 4.1 | % |
Future
minimum operating lease payments under non-cancellable leases as of June 30, 2023, reconciled to the Company’s operating lease
liability presented on the condensed consolidated balance sheets are:
Schedule of Future Minimum Lease Payments On Non-Cancellable Leases
| |
(Amounts in
$’000s) | |
2024 (six month
period) | |
$ | 367 | |
2025 | |
| 744 | |
2026 | |
| 754 | |
2027 | |
| 764 | |
2028 | |
| 468 | |
Thereafter | |
| 1,926 | |
Total | |
$ | 5,023 | |
Less
Interest | |
| (756 | ) |
Total
operating lease liability | |
$ | 4,267 | |
Other
Properties leased by the Company
The
Company, through one of its subsidiaries, leases its office spaces from a related party. Rental expense under the leases for the six-month
periods ended June 30, 2024 and 2023, was $107,000 and $105,000, respectively. Rental expense under the leases for the three-month periods
ended June 30, 2024 and 2023, were $53,000 and $52,000, respectively.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.24.2.u1
Notes Payable and Other Debt
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Notes Payable and Other Debt |
NOTE
7. Notes Payable and Other Debt
Notes
Payable and Other Debt consist of the following:
Schedule of Notes Payable and Other Debt
| |
Weighted
Interest Rate at June 30, | | |
June
30, | | |
December
31, | |
| |
2024 | | |
2024 | | |
2023 | |
| |
| | |
(Amounts
in $’000s) | |
HUD guaranteed
loans | |
| 3.26 | % | |
$ | 266,086 | | |
$ | 271,340 | |
Bank loans | |
| 8.83 | % | |
| 162,964 | | |
| 164,810 | |
Series C and D Bonds | |
| 7.22 | % | |
| 125,912 | | |
| 102,995 | |
Gross
Notes Payable and other Debt | |
| | | |
$ | 554,962 | | |
$ | 539,145 | |
Debt
issuance costs | |
| | | |
| (3,093 | ) | |
| (2,659 | ) |
Net
Notes Payable and other Debt | |
| | | |
$ | 551,869 | | |
$ | 536,486 | |
Principal
payments on the Notes Payable and Other Debt payable through maturity are as follows (amounts in $’000s):
Schedule of Notes Payable and Other Debt Payables Maturity
Year
Ending December 31, | |
Amount | |
2024 (six-month
period) | |
$ | 14,036 | |
2025 | |
| 21,173 | |
2026 | |
| 122,426 | |
2027 | |
| 96,241 | |
2028 | |
| 70,384 | |
Thereafter | |
| 230,702 | |
Total | |
$ | 554,962 | |
Debt
Covenant Compliance
As
of June 30, 2024 and December 31, 2023, the Company was party to approximately 40 and 41 outstanding credit related instruments, respectively.
These instruments included credit facilities, mortgage notes, bonds and other credit obligations. Some of the instruments include financial
covenants. Covenant provisions include, but are not limited to, debt service coverage ratios, and minimum levels of EBITDA (defined as
earnings before interest, tax, and depreciation and amortization) or EBITDAR (defined as earnings before interest, tax, depreciation
and amortization and rental expense). Some covenants are based on annual financial metric measurements, and some are based on quarterly
financial metric measurements. The Company routinely tracks and monitors its compliance with its covenant provisions. As of June 30,
2024, the Company was in compliance with all financial and administrative covenants.
Senior
Debt – Commercial Bank Mortgage Loan Facility
On
March 21, 2022, the Company obtained a mortgage loan facility with a commercial bank pursuant to which the Company borrowed
approximately $105
million. The
facility provides for monthly payments of principal and interest based on a 20-year amortization with a balloon payment due in March
2027. The interest rate is based on the one-month Secured Overnight Financing Rate (“SOFR”) plus a margin of 3.5%
and a floor of 4%
(as of June 30, 2024 the interest rate was 8.83%).
As of June 30, 2024 and December 31, 2023, total amounts outstanding were $97.0
million and $98.8
million, respectively. This facility loan is collateralized by 21 properties owned by the Company. The loan proceeds were used to
repay the Series B Bonds and prepay commercial loans not secured by HUD guaranteed mortgages.
On
August 25, 2023, the Company closed a mortgage loan facility with a commercial bank pursuant to which the Company borrowed approximately
$66 million. The facility is an interest only facility for the first 12 months and provides for monthly payments of principal based on
a 20-year amortization starting in the second year with a balloon payment due in August 2028. The rate is based on the one-month Secured
Overnight Financing Rate (“SOFR”) plus a margin of 3.5% and a floor of 4% (as of March 31, 2024, the rate was 8.83%). As
of June 30, 2024 and December 31, 2023, total amounts outstanding were $66.0 million. This facility loan is collateralized by and used
for the acquisition of 19 properties (24 facilities).
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Senior
Debt – Commercial Bank Mortgage Loan Facility (Cont.)
Both
credit facilities financial covenants consist of (i) a covenant that the ratio of the Company’s indebtedness to its EBITDA cannot
exceed 8.0 to 1, (ii) a covenant that the ratio of the Company’s net operating income to its debt service before dividend distribution
is at least 1.20 to 1.00 for each fiscal quarter as measured pursuant to the terms of the loan agreement, (iii) a covenant that the ratio
of the Company’s net operating income to its debt service after dividend distribution is at least 1.05 to 1.00 for each fiscal
quarter as measured pursuant to the terms of the loan agreement, and (iii) a covenant that the Company’s GAAP equity is at least
$20.0 million. As of June 30, 2024, the Company was in compliance with these loan covenants.
Senior
Debt – Mortgage Loans Guaranteed by HUD
As
of June 30, 2024 and December 31, 2023, the Company had HUD guaranteed mortgage loans from financial institutions of approximately $266
million and $271 million, respectively. These loans were secured by first mortgage liens on the applicable properties, assignments of
rent and second liens on the operator’s assets. In addition to interest payments, the Company pays HUD annual mortgage insurance
premiums of 0.65% of the loan balances. As a result, the overall interest rate paid by the Company with respect to the HUD guaranteed
loans as of June 30, 2024 was 3.91% and December 31, 2023 was 3.93% (including the mortgage insurance premium).
Series
A Bonds
In
November 2015, the Company, through a subsidiary, issued Series A Bonds in the face amount of NIS 265.2 million ($68 million) and received
the net amount after issuance costs of NIS 251.2 million ($64.3 million). Since then, the Company increased the series amount twice in
September 2016 and May 2017 and received a combined net amount of $30.1 million. The Series A Bonds interest rate was 6.4% as of June
30, 2023. The effective weighted interest rate on these bonds, including those issued in the additional offering, is 7.4%. In June 2023,
Standard & Poor’s provided rating for the Series A Bonds of ilA. Series A bonds were paid off on November 8, 2023.
Series
C Bonds
In
July 2021, the British Virgins Islands Company (BVI Company) completed an initial offering on the Tel Aviv Stock Exchange (“TASE”) of Series C Bonds with a
par value of NIS 208.0 million ($64.7 million). These Series C Bonds were issued at par. Offering and issuance costs of approximately
$1.7 million were incurred at closing. During February 2023, the Company issued additional Series C Bonds with a par value of NIS 40.00
million ($11.3 million) and raised a gross amount of $10.73 million (NIS 38.1 million). The Bonds were issued at a price of 95.25%. As
of June 30, 2024 and December 31, 2023, the outstanding balances of the Series C Bonds were $58.7 million and $60.8 million, respectively.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Series
C Bonds (Cont.)
Interest
The
Series C Bonds initially bore interest at a rate of 5.7% per annum. In July 2021, Standard & Poor’s provided an initial rating
for the Series C Bonds of ilA+.
Interest
on the Series C Bonds is payable semi-annually in arrears on July 31 and January 31 of each year. The interest rate may increase if certain
financial ratios are not achieved, as discussed below.
Payment
Terms
The
principal amount of the Series C Bonds is payable in five annual installments due on July 31 of each of the years 2022 through 2026.
The first four principal payments are equal to 6% of the original principal amount of the Series C Bonds, and the last principal payments
is equal to the outstanding principal amount of the Series C Bonds.
Financial
Covenants
Until
the date of full repayment of the Series C Bonds, the BVI Company must comply with certain financial covenants described below. The application
of the covenants is based on the financial statements of the BVI Company as prepared under the IFRS accounting method. The financial
covenants are as follows:
●
The stockholders’ equity of the BVI Company may not be less than $230 million.
●
The ratio of the condensed consolidated stockholders’ equity of the BVI Company to its total condensed consolidated balance sheet
may not be less than 25%.
●
The ratio of the adjusted net financial debt to adjusted EBITDA of the BVI Company (for the past four quarters) may not exceed 12.
●
The ratio of the outstanding amount of the Series C Bonds to the fair market value of the collateral may not exceed 75%.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Series
C Bonds (Cont.)
Dividend
Restrictions
The
indenture for the Series C Bonds limits the amount of dividends that may be paid by the BVI Company to the Operating Partnership. The
BVI Company may not make any distribution unless all of the following conditions are fulfilled (with all amounts calculated under IFRS):
●
The distribution amount may not exceed 80% of the net profit after tax that is recognized in the most recent condensed consolidated financial
statements of the BVI Company, less profits or losses arising from a change in accounting methods, net of revaluation profits/losses
(that have not yet been realized) arising from a change in the fair value of the assets with respect to the fair value in the prior reporting
period.
●
The ratio of the consolidated stockholders’ equity of the BVI Company to its total consolidated balance sheet may not be less than
30%.
●
The distributable profits for which no distribution was performed in a specific year will be added to the following quarters.
●
The BVI Company’s equity at the end of the last quarter, before the distribution of dividends, less the dividends distributed,
may not be less than $250 million.
As
of June 30, 2024, the BVI Company met these financial conditions, and the BVI Company was not in violation of any of its material undertakings
to the holders of the Series C Bonds.
Increase
in Interest Rate
In
the event that:
(i)
the stockholders’ equity of the BVI Company (excluding minority interests) is less than $250 million;
(ii)
the ratio of the adjusted net financial debt to adjusted EBITDA (for the latest four quarters) exceeds 11;
(iii)
the ratio of the consolidated equity of the BVI Company to total consolidated assets of the BVI Company is below 27%; or
(iv)
the ratio of outstanding amount of the Series C Bonds to the fair market value of the collateral for the Series C Bonds exceeds 75%,
then,
in each case, the interest on the Series C Bonds will increase by an additional 0.5% annually, but only once with respect to each failure
to meet these requirements. Compliance with these financial covenants is measured quarterly.
Additionally,
if a decline in the rating of the Series C Bonds should take place, then for each single ratings decrease, the interest will be increased
by 0.25% per year, up to a maximum increment of 1.25% annually.
In
any case, the total increase in the interest rate as a result of the above adjustments will not exceed 1.5% per year. The increases in
the interest rate will also be reversed if the BVI Company regains compliance.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Series
C Bonds (Cont.)
Security
The
Series C Bonds are secured by first mortgage liens on nine properties. In addition, the Series C Bonds are also secured by interest and
expenses reserves. The BVI Company has agreed not to pledge its assets pursuant to a general lien without obtaining the prior consent
of the holders of the Series C Bonds, provided that the BVI Company is entitled to register specific liens on its properties and also
to provide guarantees and its subsidiaries are entitled to register general and specific liens on their assets.
Under
the terms of the indenture for the Series C Bonds, the BVI Company can take out properties from the collateral (in case of HUD refinancing)
or to add properties and increase the Series C Bonds as long as the ratio of outstanding amount of the Series C Bonds to fair market
value of the collateral is not more than 65%. In addition, starting from July 1, 2023, if the fair market value of the collateral is
below 55%, the BVI Company can request to release collateral so the fair market value will increase to 55%. As of June 30, 2024, the
ratio of outstanding Series C Bonds to fair value of the collateral was 50.2%.
Additional
Bonds
The
BVI Company can issue additional Series C Bonds at any time not to exceed a maximum outstanding of NIS 630 million (or $168 million).
Redemption
Provisions
The
BVI Company may, at its discretion, call the Series C Bonds for early repayment. In the event of the redemption of all of the Series
C Bonds, the BVI Company would be required to pay the highest of the following amounts:
● |
the
market value of the balance of the Series C Bonds in circulation which will be determined based on the average closing price of the
Series C Bonds for thirty (30) trading days before the date on which the board of directors resolves to undertake the early redemption; |
|
|
● |
the
par value of the Series C Bonds available for early redemption in circulation (i.e., the principal balance of the Series C Bonds
plus accrued interest until the date of the actual early redemption); or |
|
|
● |
the
balance of the payments under the Series C Bonds (consisting of future payments of principal and interest), when discounted to their
present value based on the annual yield of the Israeli government bonds plus an “additional rate.” The additional rate
will be 1.0% per annum for early repayment performed by September 30, 2022, 2.5% from October 1, 2022 to September 30, 2023, and
3.0% thereafter. |
Change
of Control
The
holders of a majority of the Series C Bonds may accelerate the outstanding balance of the Bonds if the control of the BVI Company is
transferred, directly or indirectly, unless the transfer of control is approved by the holders of a majority of the Series C Bonds.
For
purposes of the Series C Bonds, the “controlling stockholders” of the BVI Company are deemed to be Moishe Gubin and Michael
Blisko.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Change
of Control (Cont.)
For
the purpose of this provision, a transfer of control means a change of control of the BVI Company such that the BVI Company has a controlling
stockholder that is not any of the “controlling stockholders” and/or is in the hands of any of their immediate family members
(including through trusts that the controlling stockholders and/or any of their immediate family members are the beneficiaries under
and/or are their managers). In this regard, “control” is defined in the Israeli Companies Law.
Series
D Bonds
In
June 2023, the BVI Company completed an initial offering on the Tel Aviv Stock Exchange (“TASE”) of Series D Bonds with
a par value of NIS 82.9 million
($22.9 million).
These Series D Bonds were issued at par. Offering and issuance costs of approximately $0.6 million
were incurred at closing. During July 2023, the BVI Company issued additional Series D Bonds with a par value of NIS 70.0 million
and raised a gross amount of $19.2 million
(NIS 69.8 million).
The Bonds were issued at a price of 99.7%.
On February 8, 2024, the BVI Company issued additional Series D Bonds with a par value of NIS 100.0 million
and raised a net amount of $26.7 million
(NIS 98.2 million).
The Bonds were issued at a price of 106.3%.
As of June 30, 2024 and December 31, 2023, the outstanding balance of the Series D Bonds were $65.7 million
and $42.2 million,
respectively.
Interest
The
Series D Bonds initially bore interest at a rate of 9.1% per annum. In June 2023, Standard & Poor’s provided an initial rating
for the Series D Bonds of ilA.
Interest
on the Series D Bonds is payable semi-annually in arrears on March 31 and September 30 of each year. The interest rate may increase if
certain financial ratios are not achieved, as discussed below.
Payment
Terms
The
principal amount of the Series D Bonds is payable in three annual installments due on September 30 of each of the years 2024 through
2026. The first two principal payments are equal to 6% of the original principal amount of the Series D Bonds, and the last principal
payments is equal to the outstanding principal amount of the Series D Bonds.
Financial
Covenants
Until
the date of full repayment of the Series D Bonds, the BVI Company must comply with certain financial covenants described below. The application
of the covenants is based on the financial statements of the BVI Company as prepared under the IFRS accounting method. The financial
covenants are as follows:
●
The stockholders’ equity of the BVI Company may not be less than $230 million.
●
The ratio of the condensed consolidated stockholders’ equity of the BVI Company to its total condensed consolidated balance sheet
may not be less than 25%.
●
The ratio of the adjusted net financial debt to adjusted EBITDA of the BVI Company (for the past four quarters) may not exceed 12.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Series
D Bonds (Cont.)
Dividend
Restrictions
The
indenture for the Series D Bonds limits the amount of dividends that may be paid by the BVI Company to its stockholders. The BVI Company
may not make any distribution unless all of the following conditions are fulfilled (with all amounts calculated under IFRS):
●
The distribution amount may not exceed 80% of the net profit after tax that is recognized in the most recent condensed consolidated financial
statements of the BVI Company, less profits or losses arising from a change in accounting methods, net of revaluation profits/losses
(that have not yet been realized) arising from a change in the fair value of the assets with respect to the fair value in the prior reporting
period.
●
The ratio of the consolidated stockholders’ equity of the BVI Company to its total consolidated balance sheet may not be less than
30%.
●
The distributable profits for which no distribution was performed in a specific year will be added to the following quarters.
●
The BVI Company’s equity at the end of the last quarter, before the distribution of dividends, less the dividends distributed,
may not be less than $250 million.
●
The BVI Company meets the financial conditions described above, and the BVI Company is not in violation of all and/or any of its material
undertakings to the holders of the Series D Bonds as of June 30, 2024.
Increase
in Interest Rate
In
the event that:
(i)
the stockholders’ equity of the BVI Company (excluding minority interests) is less than $250 million;
(ii)
the ratio of the adjusted net financial debt to adjusted EBITDA (for the latest four quarters) exceeds 11;
(iii)
the ratio of the consolidated equity of the BVI Company to total consolidated assets of the BVI Company is below 27%; or
then,
in each case, the interest on the Series D Bonds will increase by an additional 0.5% annually, but only once with respect to each failure
to meet these requirements. Compliance with these financial covenants is measured quarterly.
Additionally,
if a decline in the rating of the Series D Bonds should take place, then for each single ratings decrease, the interest will be increased
by 0.25% per year, up to a maximum increment of 1.25% annually.
In
any case, the total increase in the interest rate as a result of the above adjustments will not exceed 1.5% per year. The increases in
the interest rate will also be reversed if the BVI Company regains compliance.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Series
D Bonds (Cont.)
Security
The
BVI Company has committed not to pledge its assets under general liens without obtaining the consent in advance of the Bond holders.
Nevertheless, the BVI Company is entitled to register specific liens on its properties and also to provide guarantees; and its subsidiaries
are entitled to register liens, including general and specific, on their assets.
Additional
Bonds
The
BVI Company can issue additional Series D Bonds at any time not to exceed a maximum outstanding of NIS 450 million (or $120 million).
Redemption
Provisions
The
BVI Company may, at its discretion, call the Series D Bonds for early repayment. In the event of the redemption of all of the Series
D Bonds, the BVI Company would be required to pay the highest of the following amounts:
● |
the
market value of the balance of the Series D Bonds in circulation which will be determined based on the average closing price of the
Series D Bonds for thirty (30) trading days before the date on which the board of directors resolves to undertake the early redemption; |
|
|
● |
the
par value of the Series D Bonds available for early redemption in circulation (i.e., the principal balance of the Series D Bonds
plus accrued interest until the date of the actual early redemption); or |
|
|
● |
the
balance of the payments under the Series D Bonds (consisting of future payments of principal and interest), when discounted to their
present value based on the annual yield of the Israeli government bonds plus an “additional rate.” The additional rate
will be 1.0% per annum for early repayment performed by September 30, 2024, and 3.0% thereafter. |
Change
of Control
The
holders of a majority of the Series D Bonds may accelerate the outstanding balance of the Bonds if the control of the BVI Company is
transferred, directly or indirectly, unless the transfer of control is approved by the holders of a majority of the Series D Bonds.
For
purposes of the Series D Bonds, the “controlling stockholders” of the BVI Company are deemed to be Moishe Gubin and Michael
Blisko.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7. Notes Payable and Other Debt (Cont.)
Change
of Control (Cont.)
For
the purpose of this provision, a transfer of control means a change of control of the BVI Company such that the BVI Company has a controlling
stockholder that is not any of the “controlling stockholders” and/or is in the hands of any of their immediate family members
(including through trusts that the controlling stockholders and/or any of their immediate family members are the beneficiaries under
and/or are their managers). In this regard, “control” is defined in the Israeli Companies Law.
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v3.24.2.u1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
NOTE
8. Commitments and Contingencies
Commitments
The
Company guarantees from time-to-time obligations of its wholly-owned subsidiaries.
Contingencies
The
Company’s operating results and financial condition are dependent on the ability of its tenants to meet their lease obligations
to us.
We
are not currently a party to any material legal proceedings, that are not covered by insurance and expected to be resolved within policy
limits, other than the following:
In
March 2020, Joseph Schwartz, Rosie Schwartz and certain companies owned by them filed a complaint in the U.S. District Court for the
Northern District of Illinois against Moishe Gubin, Michael Blisko, the Predecessor Company and 21 of its subsidiaries, as well as the
operators of 17 of the facilities operated at our properties. The complaint was related to the Predecessor Company’s acquisition
of 16 properties located in Arkansas and Kentucky that were completed between May 2018 and April 2019 and the attempt to purchase an
additional five properties located in Massachusetts. The complaint was dismissed by the Court in 2020 on jurisdictional grounds. The
plaintiffs did not file an appeal with respect to this action, and the time for an appeal has expired.
In
August 2020, Joseph Schwartz, Rosie Schwartz and several companies controlled by them filed a second complaint in the Circuit Court in
Pulaski County, Arkansas. The second complaint had nearly identical claims as the federal case, but was limited to matters related to
the Predecessor Company’s acquisition of properties located in Arkansas. The sellers, which were affiliates of Skyline Health Care,
had encountered financial difficulties and requested the Predecessor Company to acquire these properties. The defendants have filed an
answer denying the plaintiffs’ claims and asserting counterclaims based on breach of contract. This case has been dismissed without
prejudice
In
January 2021, Joseph Schwartz, Rosie Schwartz and certain companies owned by them filed a third complaint in Illinois state court in
Cook County, Illinois, which has nearly identical claims to the initial federal case but was limited to claims related to the Kentucky
and Massachusetts properties. The complaint has not been properly served on any of the defendants, and, accordingly, the defendants did
not respond to the complaint. On January 11, 2023, the Cook County Circuit Court granting a motion to quash service on all defendants.
In March 2023, the plaintiffs filed a new complaint and again attempted to serve it on the defendants. It is the defendants’ position
that service was (once again, potentially) defective and sought a dismissal of the matter for want of prosecution by Joseph Schwartz,
Rosie Schwartz and certain companies owned by them. The dismissal was granted, but has been appealed to the Illinois Appellate Court,
and now has been dismissed.
In
April of 2024, Joseph Schwartz, Rosie Schwartz and several companies controlled by them filed a third complaint in the Circuit Court
in Pulaski County, Arkansas. This third complaint had nearly identical claims as the federal case and the Illinois state court matter.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
8. Commitments and Contingencies (Cont.)
In
each of these complaints, the plaintiffs asserted claims for fraud, breach of contract and rescission arising out of the defendants’
alleged failure to perform certain post-closing obligations under the purchase contracts. We have potential direct exposure for these
claims because the subsidiaries of the Predecessor Company that were named as defendants are now subsidiaries of the Operating Partnership.
Additionally, the Operating Partnership is potentially liable for the claims made against Moishe Gubin, Michael Blisko and the Predecessor
Company pursuant to the provisions of the contribution agreement, under which the Operating Partnership assumed all of the liabilities
of the Predecessor Company and agreed to indemnify the Predecessor Company and its affiliates for such liabilities. We and the named
defendants believe that the claims set forth in the complaints are without merit. The named defendants intend to vigorously defend the
litigation and to assert counterclaims against the plaintiffs based on their failure to fulfill their obligations under the purchase
contracts, interim management agreement, and operations transfer agreements. We believe this matter will be resolved without a material
adverse effect to the Company.
As
noted above, the March 2020 and January 2021 and April 2024 complaints also related to the Predecessor Company’s planned acquisition
of five properties located in Massachusetts. A subsidiary of the Predecessor Company purchased loans related to these properties in 2018
for a price of $7.74 million with the expectation that the subsidiaries would acquire title to the properties and the loans would be
retired. The subsidiary subsequently advanced $3.1 million under the loans to satisfy other liabilities related to the properties. The
planned acquisition/settlement with the sellers/owners and/borrowers was not consummated because the underlying tenants of the properties
surrendered their licenses to operate healthcare facilities on these properties.
The
Predecessor Company intends to institute legal proceedings to collect the outstanding amount of these loans and to assert related claims
against the sellers and their principals for the unpaid principal balances as well as protective advances and collection costs. In connection
with enforcing their rights, in July 2022, the Company foreclosed, and (as lender) sold four of the five properties at auction for the
total amount of $4.4 million. In December 2022, the Company took title on the fifth property with an estimated fair value of $1.2 million.
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v3.24.2.u1
Equity Incentive Plan
|
6 Months Ended |
Jun. 30, 2024 |
Retirement Benefits [Abstract] |
|
Equity Incentive Plan |
Note
9. Equity Incentive Plan
The
Company has adopted the 2021 Equity Incentive Plan (the “Plan”). The Plan permits the grant of both options qualifying under
Section 422 of the Internal Revenue Code (“incentive stock options”) and options not so qualifying, and the grant of stock
appreciation rights, stock awards, incentive awards, performance units, and other equity-based awards. A total of 250,000 shares have
been authorized to be granted under the Plan. On May 30, 2024, shareholders approved an amendment to increase the number of shares authorized to be granted under
the plan to 1,000,000 shares.
As
of June 30, 2024, 1,000,000 shares were available for grant. No shares were issued during the six month periods ended June 30, 2024 and
2023.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.2.u1
Stockholders’ Equity and Distributions
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stockholders’ Equity and Distributions |
NOTE
10. Stockholders’ Equity and Distributions
The
Company elected and qualified to be treated as a REIT commencing with the taxable year ended December 31, 2022. U.S. federal income tax
law requires that a REIT distribute annually at least 90% of its net taxable income, excluding net capital gains, and that it pays tax
at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income, including net capital
gains. In addition, a REIT is required to pay a 4% nondeductible excise tax on the amount, if any, by which the distributions that it
makes in a calendar year are less than the sum of 85% of its ordinary income, 95% of its capital gain net income and 100% of its undistributed
income from prior years.
As
of June 30, 2024, there were a total of 6,898,867 shares of common stock issued and outstanding. The outstanding shares were held by
a total of approximately 1,331 stockholders of record, including certain affiliates of the Company who held 793,143 of these shares.
At
June 30, 2024, there were 44,889,469 OP units outstanding. Under the terms of the partnership agreement for the Operating Partnership,
such holders have the right to request the cash redemption of their OP units. If a holder requests redemption, the Company has the option
of issuing shares of common stock to the requesting holder instead of cash. The OP unit holders are required to obtain Company approval
prior to the sale or transfer of any or all of such holder’s OP units.
The
Company has reserved a total of 44,889,469 shares of common stock that may be issued, at the Company’s option, upon redemption
of the OP units outstanding as of June 30, 2024.
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v3.24.2.u1
Related Party Transactions and Economic Dependence
|
6 Months Ended |
Jun. 30, 2024 |
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 |
CEO
& Chairman of the Board and a stockholder of the Company |
Michael
Blisko |
Director
and a stockholder of the Company |
Operating
entities |
See
list below |
Lease
Agreements with Related Parties
As
of June 30, 2024 and December 31, 2023, each of the Company’s facilities was 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 110 who were related parties as of June 30, 2024, and 64 tenants out of 107 who were related parties
as of December 31, 2023. Most of the lease agreements are triple net leases.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
11. Related Party Transactions and Economic Dependence (cont.)
Lease
Agreements with Related Parties (cont.)
The
related party interests were via Gubin Enterprises LP and Blisko Enterprises LP. Gubin Enterprises LP is controlled by Moishe Gubin,
Chairman of the Board. Blisko Enterprises LP is controlled by Michael Blisko, who serves as Director on the Board of Directors. The related
party facilities are concentrated in 3 states: Indiana, Illinois and Tennessee. As of June 30, 2024, in these states, the Company leased
40, 14 and 13 facilities, respectively to related parties.
Balances
with Related Parties
Schedule of Balances with Related Parties
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
(amounts in $000s) | |
Straight-line rent receivable | |
$ | 15,865 | | |
$ | 15,204 | |
Tenant portion of replacement reserve | |
$ | 9,831 | | |
$ | 9,683 | |
Notes receivable | |
$ | 6,690 | | |
$ | 7,075 | |
Payments
from and to Related Parties
Schedule of Payments From and to Related Parties
| |
| | | |
| | | |
| | | |
| | |
| |
Six Months ended June 30, | | |
Three Months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| (amounts in $000s) | | |
| (amounts in $000s) | |
Rental income received from related parties | |
$ | 35,149 | | |
| 26,286 | | |
$ | 18,435 | | |
| 14,448 | |
Other
Related Party Relationships
On
June 30, 2024 and December 31, 2023, the Company had approximately $3.1 million and $1.2 million, respectively, on deposit with OptimumBank.
Mr. Gubin is the Chairman of the Board of OptimumBank, and Mr. Blisko is a director.
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.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
Income Taxes
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
NOTE
12. Income Taxes
The
Company elected and qualified to be taxed as a REIT for federal income tax purposes commencing with the year ended December 31, 2022.
As
a REIT, the Company generally is not subject to federal income tax on its net taxable income that it distributes currently to its stockholders.
Under the Code, REITs are subject to numerous organizational and operational requirements, including a requirement that they distribute
each year at least 90% of their REIT taxable income, determined without regard to the deduction for dividends paid and excluding any
net capital gains. If the Company fails to qualify for taxation as a REIT in any taxable year and does not qualify for certain statutory
relief provisions, the Company’s income for that year will be taxed at regular corporate rates, and the Company would be disqualified
from taxation as a REIT for the four taxable years following the year during which the Company ceased to qualify as a REIT. Even if the
Company qualifies as a REIT for federal income tax purposes, it may still be subject to state and local taxes on its income and assets
and to federal income and excise taxes on its undistributed income.
The
Company follows recent accounting guidance relating to accounting for uncertainty in income taxes, which sets out a consistent framework
to determine the appropriate level of tax reserves to maintain for uncertain tax positions.
A
tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of
tax benefit that has a greater than fifty percent likelihood of being realized upon settlement with a taxing authority that has full
knowledge of all relevant information. The determination of whether or not a tax position has met the more-than-likely-than-not recognition
threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.24.2.u1
Fair Value of Financial Instruments
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value of Financial Instruments |
NOTE
13. Fair Value of Financial Instruments
The
Company is required to disclose the fair value of financials instruments for which it is practicable to estimate that value. The fair
value of short-term financial instruments such as cash and cash equivalents, restricted cash, accounts payable and accrued expenses approximate
their carrying value on the condensed consolidated balance sheets due to their short-term nature. The Company’s foreclosed real
estate is recorded at fair value on a non-recurring basis and is included in real estate investments on the condensed consolidated balance
sheets. Estimates of fair value are determined based on a variety of information, including the use of available appraisals, estimates
of market values by licensed appraisers or local real estate brokers and knowledge and experience of management. The fair values of the
Company’s remaining financial instruments that are not reported at fair value on the condensed consolidated balance sheets are
reported below:
Schedule
of Fair Value on the Consolidated Balance Sheets
| |
| | |
June 30, 2024 | |
December 31, 2023 | |
(amounts in $000s) | |
Level | | |
Carrying Amount | |
Fair Value | | |
Carrying Amount | | |
Fair Value | |
Note payable, other debt, and bonds | |
| 3 | | |
$ | 554,962 | | |
$ | 556,158 | | |
$ | 539,145 | | |
$ | 533,055 | |
Notes receivable, net | |
| 3 | | |
$ | 17,142 | | |
| 17,045 | | |
$ | 17,706 | | |
$ | 17,460 | |
The
fair value of the notes payable, other debt, bonds and notes receivable are estimated using a discounted cash flow analysis.
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.2.u1
Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
NOTE
14. Subsequent Events
On
July 12, 2024 the Company filed a Registration Statement on Form S-3 with the Securities and Exchange Commission (“SEC”).On
August 1, 2024 the SEC declared the Registration Statement effective. In connection the Registration Statement the Company established
an at-the-market equity program (the “ATM Program”). The ATM Program will allow the Company to issue and sell to the public
from time to time, at the Company’s discretion, newly issued shares of common stock. The ATM Program is expected to provide the Company
with additional financing flexibility and intends to use the net proceeds from the ATM Program to increase stock liquidity and facilitate
growth.
On
July 18, 2024 the Company entered into a purchase agreement for a property comprised of an 83-bed skilled nursing facility and 23 bed
assisted living facility near Nashville, Tennessee. The acquisition is for $6.7 million. The Company expects to fund the acquisition
by assuming existing debt on the facilities of $3.0 million and the balance of $3.7 million will be paid by the Company issuing common
stock to the seller. The closing date of the transaction is expected before the end of third quarter in 2024.
On
August 5, 2024, the Company issued 150 million NIS in Series A Bonds on the Tel Aviv stock exchange (“TASE”), which is approximately
$38.0 million. The bonds are unsecured, were issued at par and have a fixed interest rate of 6.97%. Repayment of the bond principal will
occur in three annual payments on September 30th of the years 2024, 2025 and 2026. 6% of the principal will be paid in the years 2024
and 2025, with the remaining 88% due in 2026. Interest payments will be due concurrent with the principal payments on September 30th
of the years 2024, 2025 and 2026. In addition, the investors in Series D bond were offered to exchange their holdings with certificates
of Series A bonds at a conversion rate of 1.06884 bond A for each certificate of bond D. The conversion window has not yet been closed
and the conversion has not yet been completed.
On August 5, 2024 the Company entered into a purchase agreement for two skilled nursing facilities with 254 licensed
beds near San Antonio, TX. The acquisition is for $15.25 million. The Company expects to fund the acquisition utilizing cash from the
balance sheet. The closing date of the transaction is expected before the end of third quarter in 2024.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.2.u1
Financing Income (Expenses), Net
|
6 Months Ended |
Jun. 30, 2024 |
Other Income and Expenses [Abstract] |
|
Financing Income (Expenses), Net |
NOTE
15. Financing Income (Expenses), Net
Schedule of Financing Income (Expenses), Net
| |
| | | |
| | | |
| | | |
| | |
| |
Six months ended June 30, | | |
Three months ended June 30 | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
(amounts in $000s) | | |
(amounts in $000s) | |
Financing expenses | |
| | | |
| | | |
| | | |
| | |
Interest expenses with respect to bonds | |
$ | (4,735 | ) | |
$ | (2,657 | ) | |
$ | (2,451 | ) | |
$ | (1,443 | ) |
Interest expenses on loans from banks and others | |
| (11,118 | ) | |
| (7,982 | ) | |
| (5,487 | ) | |
| (4,124 | ) |
Interest expenses with respect to leases | |
| (92 | ) | |
| (37 | ) | |
| (45 | ) | |
| (18 | ) |
Total financing expenses | |
$ | (15,945 | ) | |
$ | (10,676 | ) | |
$ | (7,983 | ) | |
$ | (5,585 | ) |
Financing income | |
$ | 507 | | |
$ | 558 | | |
$ | 277 | | |
$ | 275 | |
Interest Expense, Net | |
$ | (15,438 | ) | |
$ | (10,118 | ) | |
$ | (7,706 | ) | |
$ | (5,310 | ) |
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- DefinitionThe entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Use of Estimates |
Use
of Estimates
Management
is required to make estimates and assumptions in the preparation of the condensed consolidated financial statements in conformity with
GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the
reporting period. Actual results may differ from management’s estimates.
|
Principles of Consolidation |
Principles
of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company and the Operating Partnership and its wholly-owned
subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
Cash
and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased.
The
Company’s cash, cash equivalents and restricted cash and cash equivalents periodically exceed federally insurable limits. The
Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash
balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial
markets. To date, the Company has experienced no loss or lack of access to the cash in its operating accounts. On June 30, 2024 and
December 31, 2023, the Company had $27.9 million and $22.7
million, respectively, on deposit in excess of federally insured limits. On June 30, 2023, the Company entered into Interbank Cash
Sweep accounts to minimize exposure to loss of funds not federally insured. These sweep accounts held approximately $8.1
million and $0.9 million as of June 30, 2024 and December 31, 2023, respectively.
|
Restricted Cash and Cash Equivalents |
Restricted
Cash and Cash Equivalents
Restricted
cash primarily consists of amounts held by mortgage lenders to provide for real estate tax expenditures, tenant improvements, capital
expenditures and security deposits, as well as escrow accounts related to principal and interest payments on Bonds.
|
Real Estate Depreciation |
Real
Estate Depreciation
Real
estate costs related to the acquisition and improvement of properties are capitalized and depreciated over the expected life of the asset
on a straight-line basis. The Company considers the period of future benefit of an asset to determine its appropriate useful life. The
Company does not incur expenditures for tenant improvements as they are the responsibility of the tenant per their respective leases.
The Company anticipates the estimated useful lives of its assets by class to be generally as follows:
Schedule
of Assets Useful Lives
Building
and improvements |
|
7-45
years |
Equipment
and personal property |
|
2-18
years |
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
|
Real Estate Valuation |
Real
Estate Valuation
In
determining fair value and the allocation of the purchase price of acquisitions, the Company uses current appraisals or third-party valuations
services. The most significant components of these allocations are typically the allocation of fair value to land and buildings and,
for certain of its acquisitions, in place leases and other intangible assets. In the case of the fair value of buildings and the allocation
of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization
the Company records over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of
in place leases, the Company makes best estimates based on the evaluation of the specific characteristics of each tenant’s lease.
Factors considered include estimates of carrying costs during hypothetical expected lease up periods, market conditions and costs to
execute similar leases. These assumptions affect the amount of future revenue that the Company will recognize over the remaining lease
term for the acquired in place leases.
The
Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs
related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction
costs related to acquisitions that are deemed to be businesses are expensed as incurred. All of the Company’s acquisitions of investment
properties qualified as asset acquisitions during the periods ended June 30, 2024 and 2023.
|
Revenue Recognition |
Revenue
Recognition
Rental
income from operating leases is generally recognized on a straight-line basis over the terms of the leases. Substantially all of the
Company’s leases contain provisions for specified annual increases over the rents of the prior year and are generally computed
in one of three methods depending on specific provisions of each lease as follows:
|
(i) |
a
specified annual increase over the prior year’s rent, generally between 1.0% and 3.0%; |
|
|
|
|
(ii) |
a
calculation based on the Consumer Price Index; or |
|
|
|
|
(iii) |
specific
dollar increases. |
Contingent
revenue is not recognized until all possible contingencies have been eliminated. The Company considers the operating history of the lessee
and the general condition of the industry when evaluating whether all possible contingencies have been eliminated and have historically,
and expect in the future, to not include contingent rents as income until received. The Company follows a policy related to rental income
whereby the Company considers a lease to be non-performing after 60 days of non-payment of past due amounts and does not recognize unpaid
rental income from that lease until the amounts have been received.
Rental
revenues relating to non-contingent leases that contain specified rental increases over the life of the lease are recognized on the straight-line
basis. Recognizing income on a straight-line basis requires us to calculate the total non-contingent rent containing specified rental
increases over the life of the lease and to recognize the revenue evenly over that life. This method results in rental income in the
early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset included in our accompanying
condensed consolidated balance sheets. At some point during the lease, depending on its terms, the cash rent payments eventually exceed
the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term.
The Company assesses the collectability of straight-line rent in accordance with the applicable accounting standards and reserve policy.
If the lessee becomes delinquent in rent owed under the terms of the lease, the Company may provide a reserve against the recognized
straight-line rent receivable asset for a portion, up to its full value, that the Company estimates may not be recoverable.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
Revenue
Recognition (Cont.)
Capitalized
above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized
below-market leases are accreted to rental income over the remaining terms of the respective leases and expected below-market renewal
option periods.
The
Company reports revenues and expenses within our triple-net leased properties for real estate taxes that are escrowed and obligations
of the tenants in accordance with their respective lease with us.
Gain
from sale of real estate investments is recognized when control of the property is transferred and it is probable that substantially
all consideration will be collected.
|
Allowance for Doubtful Accounts |
Allowance
for Doubtful Accounts
The
Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s
evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity
and other factors. The Company’s tenants, borrowers and operators furnish property, portfolio and guarantor/operator-level financial
statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the
lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated
together with other property, portfolio and operator performance information, including revenue, expense, net operating income, occupancy,
rental rate, reimbursement trends, capital expenditures and EBITDA (defined as earnings before interest, tax, depreciation and amortization),
along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance,
its tenants’, operators’ and borrowers’ ability to service their obligations with the Company.
The
Company maintains an allowance for doubtful accounts for straight-line rent receivables resulting from tenants’ inability to make
contractual rent and tenant recovery payments or lease defaults. For straight-line rent receivables, the Company’s assessment is
based on amounts estimated to be recoverable over the lease term.
|
Impairment of Long-Lived Assets and Goodwill |
Impairment
of Long-Lived Assets and Goodwill
The
Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes
in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by
comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future
undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash
flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss
will be recognized to the extent that the carrying value of the real estate assets is greater than their fair value. See Note 4 below.
Goodwill
is tested for impairment at least annually based on certain qualitative factors to determine if it is more likely than not that the fair
value of a reporting unit is less than its carrying value. Potential impairment indicators include a significant decline in real estate
values, significant restructuring plans, current macroeconomic conditions, state of the equity and capital markets or a significant decline
in the Company’s market capitalization. If the Company determines that it is more likely than not that the fair value of a reporting
unit is less than its carrying value, the Company applies the required two-step quantitative approach. The quantitative procedures of
the two-step approach (i) compare the fair value of a reporting unit with its carrying value, including goodwill, and, if necessary,
(ii) compare the implied fair value of reporting unit goodwill with the carrying value as if it had been acquired in a business combination
at the date of the impairment test. The excess fair value of the reporting unit over the fair value of assets and liabilities, excluding
goodwill, is the implied value of goodwill and is used to determine the impairment amount, if any. The Company has selected the fourth
quarter of each fiscal year to perform its annual impairment test.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
|
Concentrations of Credit Risk |
Concentrations
of Credit Risk
Financial
instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted
cash and cash equivalents, notes receivable and operating leases on owned properties. These financial instruments are subject to the
possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations
or changes in market prices which may make the instrument less valuable. Cash and cash equivalents, restricted cash and equivalents are
held with various financial institutions. From time to time, these balances exceed the federally insured limits. These balances are maintained
with high quality financial institutions which management believes limits the risk.
With
respect to notes receivable, the Company obtains various collateral and other protective rights, and continually monitors these rights,
in order to reduce such possibilities of loss. In addition, the Company provides reserves for potential losses based upon management’s
periodic review of our portfolio.
On
June 30, 2024, the Company held four notes receivable with an outstanding balance of $17.1 million. The notes have maturities ranging
from 2024 through 2046, and interest rates ranging from 2% to 11.25%. One of the notes is collateralized by tenants’ accounts receivable.
All other notes receivable are uncollateralized as of June 30, 2024. As of December 31, 2023, the Company held four notes receivable
for a total amount of $17.7 million. As of June 30, 2024 all of these notes are paid monthly and are current.
|
Market Concentration Risk |
Market
Concentration Risk
As
of June 30, 2024 and December 31, 2023, the Company owned 98 and 97 properties and leased 3 and 1 properties, respectively. The facilities are
located in 9 states, with 40 of its total facilities in Indiana (which include 3,318 skilled nursing beds or 26% of the
Company’s total beds) and 20 of its total facilities are located in Illinois (which include 4,226 skilled nursing beds
or 33.7% of the Company’s total beds). Since tenant revenue is primarily generated from Medicare and Medicaid, the operations
of the Company are indirectly subject to the administrative directives, rules and regulations of federal and state regulatory
agencies, including, but not limited to the Centers for Medicare & Medicaid Services, and the Department of Health and Aging in
all states in which the Company operates. Such administrative directives, rules and regulations, including budgetary
reimbursement funding, are subject to change by an act of Congress, the passage of laws by the state regulators or an administrative
change mandated by one of the executive branch agencies. Such changes may occur with little notice or inadequate funding to pay for
the related costs, including the additional administrative burden, to comply with a change.
|
Debt and Capital Raising Issuance Costs |
Debt
and Capital Raising Issuance Costs
Costs
incurred in connection with the issuance of equity interests are recorded as a reduction of additional paid-in capital. Debt issuance
costs related to debt instruments, excluding line of credit arrangements, are deferred, recorded as a reduction of the related debt liability,
and amortized to interest expense over the remaining term of the related debt liability utilizing the interest method. Deferred financing
costs related to line of credit arrangements are deferred, recorded as an asset and amortized to interest expense over the remaining
term of the related line of credit arrangement utilizing the interest method.
Penalties
incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts and premiums are recognized as income or expense
in the condensed consolidated statements of income at the time of extinguishment.
|
Segment Reporting |
Segment
Reporting
Accounting
guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which
public business enterprises report information about operating segments. The Company’s investment decisions in health care properties,
and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes.
Therefore, the Company has concluded that it operates as a single segment.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
|
Basic and Diluted Income Per Common Share |
Basic
and Diluted Income Per Common Share
The
Company calculates basic income per common share by dividing net income attributable to common stockholders by the weighted average number
of common shares outstanding during the period. At June 30, 2024 and 2023, there were 44,889,469 and 45,436,232 OP units outstanding
which were potentially dilutive securities. During the six month periods ended June 30, 2024 and 2023, the assumed conversion of the
OP units had no impact on basic income per share.
|
Foreign Currency Translation and Transactions |
Foreign
Currency Translation and Transactions
Assets
and liabilities denominated in foreign currencies that are translated into U.S. dollars use exchange rates in effect at the end of the
period, and revenues and expenses denominated in foreign currencies that are translated into U.S. dollars use average rates of exchange
in effect during the related period. Gains or losses resulting from translation are included in accumulated other comprehensive income,
a component of equity on the condensed consolidated balance sheets.
Gains
or losses resulting from foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates
of the transactions. The effects of transaction gains or losses, if any, are included in other income (loss), in the condensed consolidated
statements of income.
|
Fair Value Measurement |
Fair
Value Measurement
The
Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation
techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace.
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market
assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value
hierarchy:
●
Level 1—quoted prices for identical instruments in active markets;
●
Level 2—quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets
that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active
markets; and
●
Level 3—fair value measurements derived from valuation techniques in which one or more significant inputs or significant value
drivers are unobservable.
The
Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are
required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third-party source
to determine fair value and classifies such items in Level 1. In instances where a market price is available, but the instrument is in
an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies the
asset or liability in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation
models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads
and/or market capitalization rates. Items valued using such internally generated valuation techniques are classified according to the
lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either
Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques
used by the Company include discounted cash flow valuation models.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. Summary of Significant Accounting Policies (Cont.)
|
Real Estate Investments – Held for Sale |
Real
Estate Investments – Held for Sale
On
June 30, 2024, the Company had one property included in real estate investments which was held for sale and carried at the lower of
its net book value or fair value on a non-recurring basis on the condensed consolidated balance sheets. On December 31, 2023, the Company
had one property included in real estate investments which was held for sale and carried at the lower of its net book value or fair value
on a non-recurring basis on the condensed consolidated balance sheets. The Company’s real estate investments held for sale were
classified as Level 3 of the fair value hierarchy.
|
Stock-Based Compensation |
Stock-Based
Compensation
The
Company accounts for share-based payment awards in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC
718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the condensed consolidated
financial statements. ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment
transactions. The Company recognizes share-based payments over the vesting period.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07,
Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The main provisions are:
1.
Require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the
chief operating decision maker (CODM) and included within each reported measure of segment profit or loss (collectively referred to as
the “significant expense principle”).
2.
Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a
description of its composition. The other segment items category is the difference between segment revenue less the segment expenses
disclosed under the significant expense principle and each reported measure of segment profit or loss.
3.
Require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required
by Topic 280 in interim periods.
4.
Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding
how to allocate resources, a public entity may report one or more of those additional measures of segment profit
5.
Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s)
of segment profit or loss in assessing segment performance and deciding how to allocate resources.
6.
Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this Update
and all existing segment disclosures in Topic 280.
This
update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December
15, 2024.
This
adoption is not expected to have a significant impact on our condensed consolidated financial statements.
In
2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial
Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference
rate reform on financial reporting. The objective of the guidance in Topic 848 is to provide temporary relief during the transition period.
The Board included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would
cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent
that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset
provision was set for December 31, 2022- 12 months after the expected cessation date of all currencies and tenors of LIBOR. In March
2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12- month tenors of USD LIBOR would be June
30, 2023, which is beyond the current sunset date of Topic 848. Because the current relief in Topic 848 may not cover a period of time
during which a significant number of modifications may take place, the amendments in ASU 2022-06 issued in December 2022, defer the sunset
date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief
in Topic 848. The Company does not expect this standard to have a material impact on its condensed consolidated financial statements.
STRAWBERRY
FIELDS REIT, INC. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
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v3.24.2.u1
Restricted Cash and Equivalents (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Cash and Cash Equivalents [Abstract] |
|
Schedule of Restricted Cash and Equivalents and Escrow Deposits |
The
following table presents the Company’s restricted cash and equivalents and escrow deposits:
Schedule of Restricted Cash and Equivalents and Escrow Deposits
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
| |
| (amounts
in $000’s) | |
MIP escrow accounts | |
$ | 1,250 | | |
$ | 794 | |
Other escrow and debt deposits | |
| 728 | | |
| 737 | |
Property tax and insurance
escrow | |
| 6,156 | | |
| 6,842 | |
Interest and expense reserve
bonds escrow | |
| 5,132 | | |
| 3,924 | |
HUD
replacement reserves | |
| 12,730 | | |
| 13,288 | |
Total
restricted cash and equivalents | |
$ | 25,996 | | |
$ | 25,585 | |
|
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v3.24.2.u1
Real Estate Investments, net (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Real Estate [Abstract] |
|
Schedule of Real Estate Investment |
Real
estate investments consist of the following:
Schedule of Real Estate Investment
| |
Estimated
Useful Lives | |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Years) | |
(Amounts
in $000’s) | |
Buildings and
improvements | |
7-45 | |
$ | 580,489 | | |
$ | 576,044 | |
Equipment and personal property | |
2-18 | |
| 98,218 | | |
| 97,359 | |
Land | |
- | |
| 64,830 | | |
| 64,309 | |
Real
estate investments, gross | |
| |
| 743,537 | | |
| 737,712 | |
Less:
accumulated depreciation | |
| |
| (233,612 | ) | |
| (219,398 | ) |
Real
estate investments, net | |
| |
$ | 509,925 | | |
$ | 518,314 | |
|
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v3.24.2.u1
Intangible Assets and Goodwill (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Intangible Assets and Goodwill |
Intangible
assets consist of the following goodwill, Certificate of Need (“CON”) licenses and lease rights:
Schedule of Intangible Assets and Goodwill
| |
Goodwill including
CON Licenses | | |
Lease
Rights | | |
Total | |
| |
(Amounts
in $000’s) | |
Balances, December
31, 2022 | |
| | | |
| | | |
| | |
Gross | |
$ | 1,323 | | |
$ | 54,577 | | |
$ | 55,900 | |
Accumulated
amortization | |
| - | | |
| (44,268 | ) | |
| (44,268 | ) |
Net
carrying amount | |
| 1,323 | | |
| 10,309 | | |
| 11,632 | |
Acquisition of lease rights | |
| | | |
| | | |
| | |
Amortization | |
| - | | |
| (1,514 | ) | |
| (1,514 | ) |
Balances, June 30,
2023 | |
| | | |
| | | |
| | |
Gross | |
| 1,323 | | |
| 54,577 | | |
| 55,900 | |
Accumulated
amortization | |
| - | | |
| (45,782 | ) | |
| (45,782 | ) |
Net
carrying amount | |
$ | 1,323 | | |
$ | 8,795 | | |
$ | 10,118 | |
| |
| | | |
| | | |
| | |
Balances, December
31, 2023 | |
| | | |
| | | |
| | |
Gross | |
$ | 1,323 | | |
$ | 54,577 | | |
$ | 55,900 | |
Accumulated
amortization | |
| - | | |
| (47,296 | ) | |
| (47,296 | ) |
Net
carrying amount | |
| 1,323 | | |
| 7,281 | | |
| 8,604 | |
Acquisition of lease rights | |
| - | | |
| 18,000 | | |
| 18,000 | |
Amortization | |
| - | | |
| (2,111 | ) | |
| (2,111 | ) |
Balances, June 30,
2024 | |
| | | |
| | | |
| | |
Gross | |
| 1,323 | | |
| 72,577 | | |
| 73,900 | |
Accumulated
amortization | |
| - | | |
| (49,407 | ) | |
| (49,407 | ) |
Net
carrying amount | |
$ | 1,323 | | |
$ | 23,170 | | |
$ | 24,493 | |
|
Schedule of Estimated Amortization Expenses |
Estimated
amortization expense for all lease rights for each of the future years ending December 31, is as follows:
Schedule
of Estimated Amortization Expenses
| |
Amortization of
Lease Rights | |
| |
(Amounts in
$000’s) | |
2024 (six months) | |
$ | 2,414 | |
2025 | |
| 4,840 | |
2026 | |
| 2,475 | |
2027 | |
| 2,261 | |
2028 | |
| 1,876 | |
Thereafter | |
| 9,304 | |
Total | |
$ | 23,170 | |
|
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v3.24.2.u1
Leases (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Lessee Disclosure [Abstract] |
|
Schedule of Properties Own and Leased Information |
The
following table provides additional information regarding the properties owned/leased by the Company for the periods indicated:
Schedule of Properties Own and Leased Information
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Cumulative number of facilities
(properties) | |
| 110
(98 | ) | |
| 107
(97 | ) |
Cumulative number
of operational beds | |
| 12,527 | | |
| 12,201 | |
|
Schedule of Additional Information on Properties Facilities Leased |
The
following table provides additional information regarding the facilities leased by the Company as of June 30, 2024:
Schedule of Additional Information on Properties Facilities Leased
| |
| Number of Operational Beds/Units | | |
| Owned by Company | | |
| Leased by Company | | |
| Total
Number of Facilities | |
State | |
Number
of Operational Beds/Units | | |
Owned
by Company | | |
Leased
by Company | | |
Total | |
Illinois | |
| 4,226 | | |
| 20 | | |
| - | | |
| 20 | |
Indiana | |
| 3,318 | | |
| 39 | | |
| 1 | | |
| 40 | |
Michigan | |
| 100 | | |
| 1 | | |
| - | | |
| 1 | |
Ohio | |
| 238 | | |
| 4 | | |
| - | | |
| 4 | |
Tennessee | |
| 1,304 | | |
| 12 | | |
| 2 | | |
| 14 | |
Kentucky | |
| 1,163 | | |
| 11 | | |
| - | | |
| 11 | |
Arkansas | |
| 1,568 | | |
| 14 | | |
| - | | |
| 14 | |
Oklahoma | |
| 137 | | |
| 2 | | |
| - | | |
| 2 | |
Texas | |
| 473 | | |
| 4 | | |
| - | | |
| 4 | |
Total
Facilities | |
| 12,527 | | |
| 107 | | |
| 3 | | |
| 110 | |
| |
| | | |
| | | |
| | | |
| | |
Facility
Type | |
| | | |
| | | |
| | | |
| | |
Skilled Nursing Facilities | |
| 12,181 | | |
| 97 | | |
| 3 | | |
| 100 | |
Long-Term Acute Care Hospitals | |
| 63 | | |
| 2 | | |
| - | | |
| 2 | |
Assisted
Living Facility | |
| 283 | | |
| 8 | | |
| - | | |
| 8 | |
Total
facilities | |
| 12,527 | | |
| 107 | | |
| 3 | | |
| 110 | |
|
Schedule of Future Minimum Rental Revenues |
As
of June 30, 2024, total future minimum rental revenues for the Company’s tenants are as follows:
Schedule of Future Minimum Rental Revenues
Year | |
Amount | |
(Amounts
in $000s) | |
| |
2024 (six month period) | |
$ | 49,648 | |
2025 | |
| 96,711 | |
2026 | |
| 87,677 | |
2027 | |
| 88,935 | |
2028 | |
| 85,763 | |
Thereafter | |
| 332,085 | |
Total | |
$ | 740,819 | |
|
Schedule of Property Leases to Third Parties |
The
following table provides summary information regarding the number of operational beds associated with a property leased by the Company
and subleased to third-party operators:
Schedule of Property Leases to Third Parties
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Number of facilities
leased and subleased to third parties | |
| 3 | | |
| 1 | |
Number of operational beds | |
| 314 | | |
| 68 | |
|
Schedule of Components of Lease Expense |
The
components of lease expense and other lease information are as follows (dollars in thousands):
Schedule of Components of Lease Expense
| |
| | | |
| | | |
| | | |
| | |
| |
Six
Month Period ended June
30, | | |
Three
Month Period ended June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating lease
cost | |
$ | 384 | | |
| 197 | | |
| 132 | | |
| 99 | |
| |
June
30, 2024 | | |
December
31,
2023 | |
Operating lease
right of use asset | |
$ | 4,267 | | |
$ | 1,542 | |
Operating lease liability | |
$ | 4,267 | | |
$ | 1,542 | |
Weighted average remaining
lease term-operating leases (in years) | |
| 7.68 | | |
| 4.25 | |
Weighted average discount rate | |
| 4.1 | % | |
| 4.1 | % |
|
Schedule of Future Minimum Lease Payments On Non-Cancellable Leases |
Future
minimum operating lease payments under non-cancellable leases as of June 30, 2023, reconciled to the Company’s operating lease
liability presented on the condensed consolidated balance sheets are:
Schedule of Future Minimum Lease Payments On Non-Cancellable Leases
| |
(Amounts in
$’000s) | |
2024 (six month
period) | |
$ | 367 | |
2025 | |
| 744 | |
2026 | |
| 754 | |
2027 | |
| 764 | |
2028 | |
| 468 | |
Thereafter | |
| 1,926 | |
Total | |
$ | 5,023 | |
Less
Interest | |
| (756 | ) |
Total
operating lease liability | |
$ | 4,267 | |
|
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v3.24.2.u1
Notes Payable and Other Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Notes Payable and Other Debt |
Notes
Payable and Other Debt consist of the following:
Schedule of Notes Payable and Other Debt
| |
Weighted
Interest Rate at June 30, | | |
June
30, | | |
December
31, | |
| |
2024 | | |
2024 | | |
2023 | |
| |
| | |
(Amounts
in $’000s) | |
HUD guaranteed
loans | |
| 3.26 | % | |
$ | 266,086 | | |
$ | 271,340 | |
Bank loans | |
| 8.83 | % | |
| 162,964 | | |
| 164,810 | |
Series C and D Bonds | |
| 7.22 | % | |
| 125,912 | | |
| 102,995 | |
Gross
Notes Payable and other Debt | |
| | | |
$ | 554,962 | | |
$ | 539,145 | |
Debt
issuance costs | |
| | | |
| (3,093 | ) | |
| (2,659 | ) |
Net
Notes Payable and other Debt | |
| | | |
$ | 551,869 | | |
$ | 536,486 | |
|
Schedule of Notes Payable and Other Debt Payables Maturity |
Principal
payments on the Notes Payable and Other Debt payable through maturity are as follows (amounts in $’000s):
Schedule of Notes Payable and Other Debt Payables Maturity
Year
Ending December 31, | |
Amount | |
2024 (six-month
period) | |
$ | 14,036 | |
2025 | |
| 21,173 | |
2026 | |
| 122,426 | |
2027 | |
| 96,241 | |
2028 | |
| 70,384 | |
Thereafter | |
| 230,702 | |
Total | |
$ | 554,962 | |
|
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v3.24.2.u1
Related Party Transactions and Economic Dependence (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Schedule of Balances with Related Parties |
Balances
with Related Parties
Schedule of Balances with Related Parties
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
(amounts in $000s) | |
Straight-line rent receivable | |
$ | 15,865 | | |
$ | 15,204 | |
Tenant portion of replacement reserve | |
$ | 9,831 | | |
$ | 9,683 | |
Notes receivable | |
$ | 6,690 | | |
$ | 7,075 | |
|
Schedule of Payments From and to Related Parties |
Payments
from and to Related Parties
Schedule of Payments From and to Related Parties
| |
| | | |
| | | |
| | | |
| | |
| |
Six Months ended June 30, | | |
Three Months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| (amounts in $000s) | | |
| (amounts in $000s) | |
Rental income received from related parties | |
$ | 35,149 | | |
| 26,286 | | |
$ | 18,435 | | |
| 14,448 | |
|
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v3.24.2.u1
Fair Value of Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of Fair Value on the Consolidated Balance Sheets |
Schedule
of Fair Value on the Consolidated Balance Sheets
| |
| | |
June 30, 2024 | |
December 31, 2023 | |
(amounts in $000s) | |
Level | | |
Carrying Amount | |
Fair Value | | |
Carrying Amount | | |
Fair Value | |
Note payable, other debt, and bonds | |
| 3 | | |
$ | 554,962 | | |
$ | 556,158 | | |
$ | 539,145 | | |
$ | 533,055 | |
Notes receivable, net | |
| 3 | | |
$ | 17,142 | | |
| 17,045 | | |
$ | 17,706 | | |
$ | 17,460 | |
|
X |
- DefinitionTabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.
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v3.24.2.u1
Financing Income (Expenses), Net (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Other Income and Expenses [Abstract] |
|
Schedule of Financing Income (Expenses), Net |
Schedule of Financing Income (Expenses), Net
| |
| | | |
| | | |
| | | |
| | |
| |
Six months ended June 30, | | |
Three months ended June 30 | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
(amounts in $000s) | | |
(amounts in $000s) | |
Financing expenses | |
| | | |
| | | |
| | | |
| | |
Interest expenses with respect to bonds | |
$ | (4,735 | ) | |
$ | (2,657 | ) | |
$ | (2,451 | ) | |
$ | (1,443 | ) |
Interest expenses on loans from banks and others | |
| (11,118 | ) | |
| (7,982 | ) | |
| (5,487 | ) | |
| (4,124 | ) |
Interest expenses with respect to leases | |
| (92 | ) | |
| (37 | ) | |
| (45 | ) | |
| (18 | ) |
Total financing expenses | |
$ | (15,945 | ) | |
$ | (10,676 | ) | |
$ | (7,983 | ) | |
$ | (5,585 | ) |
Financing income | |
$ | 507 | | |
$ | 558 | | |
$ | 277 | | |
$ | 275 | |
Interest Expense, Net | |
$ | (15,438 | ) | |
$ | (10,118 | ) | |
$ | (7,706 | ) | |
$ | (5,310 | ) |
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v3.24.2.u1
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Millions |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
Deposit in excess of insured limits |
$ 27.9
|
|
$ 22.7
|
Notes receivable |
$ 17.1
|
|
17.7
|
Market concentration risk description |
As
of June 30, 2024 and December 31, 2023, the Company owned 98 and 97 properties and leased 3 and 1 properties, respectively. The facilities are
located in 9 states, with 40 of its total facilities in Indiana (which include 3,318 skilled nursing beds or 26% of the
Company’s total beds) and 20 of its total facilities are located in Illinois (which include 4,226 skilled nursing beds
or 33.7% of the Company’s total beds). Since tenant revenue is primarily generated from Medicare and Medicaid, the operations
of the Company are indirectly subject to the administrative directives, rules and regulations of federal and state regulatory
agencies, including, but not limited to the Centers for Medicare & Medicaid Services, and the Department of Health and Aging in
all states in which the Company operates.
|
|
|
Operating Partnership Units [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Operating partnership outstanding |
44,889,469
|
45,436,232
|
|
Minimum [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Increase decrease rent percentage |
1.00%
|
|
|
Receivables rate of interest |
2.00%
|
|
|
Maximum [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Increase decrease rent percentage |
3.00%
|
|
|
Receivables rate of interest |
11.25%
|
|
|
ICS Account [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Cash |
$ 8.1
|
|
$ 0.9
|
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Schedule of Restricted Cash and Equivalents and Escrow Deposits (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Total restricted cash and equivalents |
$ 25,996
|
$ 25,585
|
MIP Escrow Accounts [Member] |
|
|
Total restricted cash and equivalents |
1,250
|
794
|
Other Escrow and Debt Deposits [Member] |
|
|
Total restricted cash and equivalents |
728
|
737
|
Property Tax and Insurance Escrow [Member] |
|
|
Total restricted cash and equivalents |
6,156
|
6,842
|
Interest and Expense Reserve Bonds Escrow [Member] |
|
|
Total restricted cash and equivalents |
5,132
|
3,924
|
HUD Replacement Reserves [Member] |
|
|
Total restricted cash and equivalents |
$ 12,730
|
$ 13,288
|
X |
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v3.24.2.u1
Schedule of Real Estate Investment (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Real Estate [Line Items] |
|
|
Real estate investments, gross |
$ 743,537
|
$ 737,712
|
Less: accumulated depreciation |
(233,612)
|
(219,398)
|
Real estate investments, net |
509,925
|
518,314
|
Building [Member] |
|
|
Real Estate [Line Items] |
|
|
Real estate investments, gross |
$ 580,489
|
576,044
|
Building [Member] | Minimum [Member] |
|
|
Real Estate [Line Items] |
|
|
Property plant and equipment useful life |
7 years
|
|
Building [Member] | Maximum [Member] |
|
|
Real Estate [Line Items] |
|
|
Property plant and equipment useful life |
45 years
|
|
Equipment and Personal Property [Member] |
|
|
Real Estate [Line Items] |
|
|
Real estate investments, gross |
$ 98,218
|
97,359
|
Equipment and Personal Property [Member] | Minimum [Member] |
|
|
Real Estate [Line Items] |
|
|
Property plant and equipment useful life |
2 years
|
|
Equipment and Personal Property [Member] | Maximum [Member] |
|
|
Real Estate [Line Items] |
|
|
Property plant and equipment useful life |
18 years
|
|
Land [Member] |
|
|
Real Estate [Line Items] |
|
|
Real estate investments, gross |
$ 64,830
|
$ 64,309
|
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v3.24.2.u1
Real Estate Investments, net (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
6 Months Ended |
May 31, 2024 |
Apr. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Depreciation |
|
|
$ 7,020,000
|
$ 6,230,000
|
$ 14,214,000
|
$ 12,461,000
|
Cash paid on acquisition |
$ 5,830,000
|
|
|
|
|
|
Loss on real estate investment impairment |
|
|
|
|
|
2,451,000
|
Paid related debt |
|
$ 1,200,000
|
|
|
|
|
Real Estate Investment [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Depreciation |
|
|
$ 7,000,000.0
|
$ 6,200,000
|
$ 14,200,000
|
$ 12,500,000
|
Building [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Building sold |
|
$ 1
|
|
|
|
|
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v3.24.2.u1
Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Gross |
$ 73,900
|
$ 55,900
|
$ 55,900
|
$ 55,900
|
Accumulated amortization |
(49,407)
|
(47,296)
|
(45,782)
|
(44,268)
|
Net carrying amount |
24,493
|
8,604
|
10,118
|
11,632
|
Acquisition of lease rights |
|
18,000
|
|
|
Amortization |
|
(2,111)
|
|
(1,514)
|
Goodwill Including CON Licenses [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Gross |
1,323
|
1,323
|
1,323
|
1,323
|
Accumulated amortization |
|
|
|
|
Net carrying amount |
1,323
|
1,323
|
1,323
|
1,323
|
Acquisition of lease rights |
|
|
|
|
Amortization |
|
|
|
|
Lease Rights [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Gross |
72,577
|
54,577
|
54,577
|
54,577
|
Accumulated amortization |
(49,407)
|
(47,296)
|
(45,782)
|
(44,268)
|
Net carrying amount |
$ 23,170
|
7,281
|
$ 8,795
|
10,309
|
Acquisition of lease rights |
|
18,000
|
|
|
Amortization |
|
$ (2,111)
|
|
$ (1,514)
|
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v3.24.2.u1
Schedule of Estimated Amortization Expenses (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Total |
$ 24,493
|
$ 8,604
|
$ 10,118
|
$ 11,632
|
Lease Rights [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
2024 (six months) |
2,414
|
|
|
|
2025 |
4,840
|
|
|
|
2026 |
2,475
|
|
|
|
2027 |
2,261
|
|
|
|
2028 |
1,876
|
|
|
|
Thereafter |
9,304
|
|
|
|
Total |
$ 23,170
|
$ 7,281
|
$ 8,795
|
$ 10,309
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Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Lessee Disclosure [Abstract] |
|
|
|
|
|
Operating lease cost |
$ 132
|
$ 99
|
$ 384
|
$ 197
|
|
Operating lease right of use asset |
4,267
|
|
4,267
|
|
$ 1,542
|
Operating lease liability |
$ 4,267
|
|
$ 4,267
|
|
$ 1,542
|
Weighted average remaining lease term-operating leases (in years) |
7 years 8 months 4 days
|
|
7 years 8 months 4 days
|
|
4 years 3 months
|
Weighted average discount rate |
4.10%
|
|
4.10%
|
|
4.10%
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Schedule of Notes Payable and Other Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
ShortTermAndLongTermDebtLineItems [Line Items] |
|
|
Gross Notes Payable and other Debt |
$ 554,962
|
$ 539,145
|
Debt issuance costs |
(3,093)
|
(2,659)
|
Net Notes Payable and other Debt |
551,869
|
536,486
|
HUD Guaranteed Loans [Member] |
|
|
ShortTermAndLongTermDebtLineItems [Line Items] |
|
|
Gross Notes Payable and other Debt |
$ 266,086
|
271,340
|
Weighted average interest rate |
3.26%
|
|
Bank Loans [Member] |
|
|
ShortTermAndLongTermDebtLineItems [Line Items] |
|
|
Gross Notes Payable and other Debt |
$ 162,964
|
164,810
|
Weighted average interest rate |
8.83%
|
|
Series A, C and D Bonds [Member] |
|
|
ShortTermAndLongTermDebtLineItems [Line Items] |
|
|
Gross Notes Payable and other Debt |
$ 125,912
|
$ 102,995
|
Weighted average interest rate |
7.22%
|
|
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|
v3.24.2.u1
Notes Payable and Other Debt (Details Narrative) ₪ in Thousands, $ in Thousands |
|
|
|
1 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
|
Feb. 08, 2024
ILS (₪)
|
Aug. 25, 2023
USD ($)
|
Mar. 21, 2022
USD ($)
|
Jul. 31, 2023
ILS (₪)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2023
ILS (₪)
|
Feb. 28, 2023
USD ($)
|
Feb. 28, 2023
ILS (₪)
|
Jul. 31, 2021
USD ($)
|
Jul. 31, 2021
ILS (₪)
|
Nov. 30, 2015
USD ($)
|
Nov. 30, 2015
ILS (₪)
|
Jun. 30, 2024
USD ($)
Integer
|
Jun. 30, 2024
USD ($)
Integer
|
Sep. 30, 2022 |
May 31, 2017
USD ($)
|
Dec. 31, 2024 |
Dec. 31, 2023
USD ($)
Integer
|
Sep. 30, 2023 |
Jun. 30, 2024
ILS (₪)
Integer
|
Feb. 08, 2024
USD ($)
|
Feb. 08, 2024
ILS (₪)
|
Jul. 31, 2023
USD ($)
|
Jul. 31, 2023
ILS (₪)
|
Feb. 28, 2023
ILS (₪)
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of outstanding credit related instruments | Integer |
|
|
|
|
|
|
|
|
|
|
|
|
40
|
40
|
|
|
|
41
|
|
40
|
|
|
|
|
|
Proceeds from private placement of additional Series C debentures |
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,093
|
$ 3,093
|
|
|
|
$ 2,659
|
|
|
|
|
|
|
|
Minimum equity balance |
|
|
|
|
|
|
|
|
|
|
|
|
$ 7,438
|
$ 7,438
|
|
|
|
7,507
|
|
|
|
|
|
|
|
Total increase in interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.00%
|
|
|
|
|
|
|
|
|
Senior Debt [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt borrowing value |
|
|
$ 105,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment terms, description |
|
|
The
facility provides for monthly payments of principal and interest based on a 20-year amortization with a balloon payment due in March
2027.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin interest rate, percentage |
|
|
3.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floor interest rate |
|
|
4.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
8.83%
|
8.83%
|
|
|
|
|
|
8.83%
|
|
|
|
|
|
Debt outstanding value |
|
|
|
|
|
|
|
|
|
|
|
|
$ 97,000
|
$ 97,000
|
|
|
|
98,800
|
|
|
|
|
|
|
|
Credit facility description |
|
|
|
|
|
|
|
|
|
|
|
|
(i) a covenant that the ratio of the Company’s indebtedness to its EBITDA cannot
exceed 8.0 to 1, (ii) a covenant that the ratio of the Company’s net operating income to its debt service before dividend distribution
is at least 1.20 to 1.00 for each fiscal quarter as measured pursuant to the terms of the loan agreement, (iii) a covenant that the ratio
of the Company’s net operating income to its debt service after dividend distribution is at least 1.05 to 1.00 for each fiscal
quarter as measured pursuant to the terms of the loan agreement, and (iii) a covenant that the Company’s GAAP equity is at least
$20.0 million.
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Debt One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt borrowing value |
|
$ 66,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment terms, description |
|
The facility is an interest only facility for the first 12 months and provides for monthly payments of principal based on
a 20-year amortization starting in the second year with a balloon payment due in August 2028.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin interest rate, percentage |
|
3.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floor interest rate |
|
4.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
8.83%
|
8.83%
|
|
|
|
|
|
8.83%
|
|
|
|
|
|
Debt outstanding value |
|
|
|
|
|
|
|
|
|
|
|
|
$ 66,000
|
$ 66,000
|
|
|
|
66,000
|
|
|
|
|
|
|
|
Mortgage Loans [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
|
|
|
|
|
|
|
|
|
|
|
|
$ 266,000
|
$ 266,000
|
|
|
|
$ 271,000
|
|
|
|
|
|
|
|
Mortgage interest premium rate |
|
|
|
|
|
|
|
|
|
|
|
|
0.65%
|
0.65%
|
|
|
|
|
|
0.65%
|
|
|
|
|
|
Interest rate including mortgage insurance premium |
|
|
|
|
|
|
|
|
|
|
|
|
3.91%
|
3.91%
|
|
|
|
3.93%
|
|
3.91%
|
|
|
|
|
|
Series A Bonds [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
6.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of bonds |
|
|
|
|
|
|
|
|
|
|
$ 68,000
|
₪ 265,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of debt, Net of issuance costs |
|
|
|
|
|
|
|
|
|
|
$ 64,300
|
₪ 251,200
|
|
|
|
$ 30,100
|
|
|
|
|
|
|
|
|
|
Weighted interest rate, debt |
|
|
|
|
|
|
|
|
|
|
7.40%
|
7.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series C Bonds [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
5.70%
|
5.70%
|
|
|
|
|
|
5.70%
|
|
|
|
|
|
Par value of private placement of additional Series C debentures |
|
|
|
|
|
|
$ 11,300
|
₪ 40,000
|
$ 64,700
|
₪ 208,000
|
|
|
$ 58,700
|
|
|
|
|
$ 60,800
|
|
|
|
|
|
|
|
Offering and issuance, costs |
|
|
|
|
|
|
|
|
$ 1,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from private placement of additional Series C debentures |
|
|
|
|
|
|
$ 10,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
₪ 38,100
|
Private placement issue price |
|
|
|
|
|
|
95.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95.25%
|
Series C Bonds [Member] | BVI Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair market value of collateral |
|
|
|
|
|
|
|
|
|
|
|
|
75.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest increasing in additional percentage |
|
|
|
|
|
|
|
|
|
|
|
|
0.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateral bond description |
|
|
|
|
|
|
|
|
|
|
|
|
Under
the terms of the indenture for the Series C Bonds, the BVI Company can take out properties from the collateral (in case of HUD refinancing)
or to add properties and increase the Series C Bonds as long as the ratio of outstanding amount of the Series C Bonds to fair market
value of the collateral is not more than 65%. In addition, starting from July 1, 2023, if the fair market value of the collateral is
below 55%, the BVI Company can request to release collateral so the fair market value will increase to 55%. As of June 30, 2024, the
ratio of outstanding Series C Bonds to fair value of the collateral was 50.2%.
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum issuance of debt |
|
|
|
|
|
|
|
|
|
|
|
|
$ 168,000
|
$ 168,000
|
|
|
|
|
|
₪ 630,000
|
|
|
|
|
|
Series C Bonds [Member] | Minimum [Member] | Stockholders Equity [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity percentage |
|
|
|
|
|
|
|
|
|
|
|
|
27.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Series C Bonds [Member] | Minimum [Member] | BVI Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum equity balance |
|
|
|
|
|
|
|
|
|
|
|
|
$ 230,000
|
230,000
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity percentage |
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair market value of collateral |
|
|
|
|
|
|
|
|
|
|
|
|
75.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate penalty |
|
|
|
|
|
|
|
|
|
|
|
|
0.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
Series C Bonds [Member] | Minimum [Member] | BVI Company [Member] | Stockholders Equity [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum equity balance |
|
|
|
|
|
|
|
|
|
|
|
|
$ 250,000
|
$ 250,000
|
|
|
|
|
|
|
|
|
|
|
|
Series C Bonds [Member] | Maximum [Member] | BVI Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend distribution percentage ratio |
|
|
|
|
|
|
|
|
|
|
|
|
80.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum interest rate increase |
|
|
|
|
|
|
|
|
|
|
|
|
1.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase in interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
1.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
Series C Bonds [Member] | Maximum [Member] | BVI Company [Member] | Stockholders Equity [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity percentage |
|
|
|
|
|
|
|
|
|
|
|
|
30.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Series C Bonds [Member] | First Four Principal Payments [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of total bond principal paid |
|
|
|
|
|
|
|
|
|
|
|
|
6.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Series C Bonds [Member] | September 30, 2024 [Member] | BVI Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
Series C Bonds [Member] | October 1, 2022, to September 30, 2023 [Member] | BVI Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.50%
|
|
|
|
|
|
|
Series C Bonds [Member] | There after [Member] | BVI Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.00%
|
|
|
|
|
|
|
|
|
|
|
|
Series D Bonds [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
9.10%
|
9.10%
|
|
|
|
|
|
9.10%
|
|
|
|
|
|
Par value of private placement of additional Series C debentures |
₪ 100,000
|
|
|
₪ 70,000
|
$ 22,900
|
₪ 82,900
|
|
|
|
|
|
|
$ 65,700
|
|
|
|
|
$ 42,200
|
|
|
|
|
|
|
|
Proceeds from private placement of additional Series C debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 26,700
|
₪ 98,200
|
$ 19,200
|
₪ 69,800
|
|
Private placement issue price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
106.30%
|
106.30%
|
99.70%
|
99.70%
|
|
Issuance costs of placement |
|
|
|
|
$ 600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series D Bonds [Member] | BVI Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest increasing in additional percentage |
|
|
|
|
|
|
|
|
|
|
|
|
0.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum issuance of debt |
|
|
|
|
|
|
|
|
|
|
|
|
$ 120,000
|
$ 120,000
|
|
|
|
|
|
₪ 450,000
|
|
|
|
|
|
Series D Bonds [Member] | Minimum [Member] | Stockholders Equity [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity percentage |
|
|
|
|
|
|
|
|
|
|
|
|
27.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Series D Bonds [Member] | Minimum [Member] | BVI Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum equity balance |
|
|
|
|
|
|
|
|
|
|
|
|
$ 230,000
|
230,000
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity percentage |
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate penalty |
|
|
|
|
|
|
|
|
|
|
|
|
0.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
Series D Bonds [Member] | Minimum [Member] | BVI Company [Member] | Stockholders Equity [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum equity balance |
|
|
|
|
|
|
|
|
|
|
|
|
$ 250,000
|
$ 250,000
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity percentage |
|
|
|
|
|
|
|
|
|
|
|
|
30.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Series D Bonds [Member] | Maximum [Member] | BVI Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend distribution percentage ratio |
|
|
|
|
|
|
|
|
|
|
|
|
80.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum interest rate increase |
|
|
|
|
|
|
|
|
|
|
|
|
1.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution maximum percentage ratio |
|
|
|
|
|
|
|
|
|
|
|
|
1.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
Series D Bonds [Member] | September 30, 2024 [Member] | BVI Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Series D Bonds [Member] | There after [Member] | BVI Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
3.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Series D Bonds [Member] | First Two Principal Payments [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of total bond principal paid |
|
|
|
|
|
|
|
|
|
|
|
|
6.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
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Commitments and Contingencies (Details Narrative) - Five Properties [Member] - USD ($) $ in Thousands |
1 Months Ended |
12 Months Ended |
Dec. 31, 2022 |
Jul. 31, 2022 |
Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] |
|
|
|
Proceeds from loan |
|
|
$ 7,740
|
Payments to acquire property plant and equipment |
|
|
$ 3,100
|
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$ 4,400
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v3.24.2.u1
Stockholders’ Equity and Distributions (Details Narrative) - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Tax description |
U.S. federal income tax
law requires that a REIT distribute annually at least 90% of its net taxable income, excluding net capital gains, and that it pays tax
at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income, including net capital
gains. In addition, a REIT is required to pay a 4% nondeductible excise tax on the amount, if any, by which the distributions that it
makes in a calendar year are less than the sum of 85% of its ordinary income, 95% of its capital gain net income and 100% of its undistributed
income from prior years.
|
|
Common stock issued |
6,898,867
|
6,487,856
|
Common stock outstanding |
6,898,867
|
6,487,856
|
Operating Partnership Agreement [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
OP units outstanding |
44,889,469
|
|
859 [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Outstanding shares held by stockholders |
793,143
|
|
Equity Incentive Plan [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Common stock issued |
6,898,867
|
|
Common stock outstanding |
6,898,867
|
|
Equity Incentive Plan [Member] | Operating Partnership Agreement [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares reserved for future issuance |
44,889,469
|
|
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v3.24.2.u1
Schedule of Balances with Related Parties (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
Notes receivable |
$ 17,100
|
$ 17,700
|
Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Straight-line rent receivable |
15,865
|
15,204
|
Tenant portion of replacement reserve |
9,831
|
9,683
|
Notes receivable |
$ 6,690
|
$ 7,075
|
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v3.24.2.u1
Schedule of Fair Value on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Notes receivable, net carrying amount |
$ 17,100
|
$ 17,700
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Notes payable, other debt, and bonds, carrying amount |
554,962
|
539,145
|
Notes payable, other debt, and bonds, fair value |
556,158
|
533,055
|
Notes receivable, net carrying amount |
17,142
|
17,706
|
Notes receivable, net fair value |
$ 17,045
|
$ 17,460
|
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v3.24.2.u1
Subsequent Events (Details Narrative) $ / shares in Units, $ in Thousands, ₪ in Millions |
|
|
|
12 Months Ended |
|
Aug. 05, 2024
USD ($)
$ / shares
|
Aug. 05, 2024
ILS (₪)
|
Jul. 18, 2024
USD ($)
|
May 31, 2024
USD ($)
|
Dec. 31, 2026 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Jun. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Cash paid on acquisition |
|
|
|
$ 5,830
|
|
|
|
|
Principal paid percentage |
|
|
|
|
|
|
6.00%
|
|
Series A Bonds [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Fixed interest rate |
|
|
|
|
|
|
|
6.40%
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Cash paid on acquisition |
$ 15,250
|
|
$ 6,700
|
|
|
|
|
|
Acquisition assuming existing debt |
|
|
3,000
|
|
|
|
|
|
Acquisition assuming existing debt balance paid |
|
|
$ 3,700
|
|
|
|
|
|
Fixed interest rate |
6.97%
|
|
|
|
|
|
|
|
Principal paid percentage |
|
|
|
|
|
6.00%
|
|
|
Remaining due percentage |
|
|
|
|
88.00%
|
|
|
|
conversion rate per share | $ / shares |
$ 1.06884
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Series A Bonds [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Issuance value |
$ 38,000
|
₪ 150
|
|
|
|
|
|
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v3.24.2.u1
Schedule of Financing Income (Expenses), Net (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Other Income and Expenses [Abstract] |
|
|
|
|
Interest expenses with respect to bonds |
$ (2,451)
|
$ (1,443)
|
$ (4,735)
|
$ (2,657)
|
Interest expenses on loans from banks and others |
(5,487)
|
(4,124)
|
(11,118)
|
(7,982)
|
Interest expenses with respect to leases |
(45)
|
(18)
|
(92)
|
(37)
|
Total financing expenses |
(7,983)
|
(5,585)
|
(15,945)
|
(10,676)
|
Financing income |
277
|
275
|
507
|
558
|
Interest Expense, Net |
$ (7,706)
|
$ (5,310)
|
$ (15,438)
|
$ (10,118)
|
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Strawberry Fields REIT (AMEX:STRW)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Strawberry Fields REIT (AMEX:STRW)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024