Income producing healthcare real-estate properties
Strawberry looks operationally stronger in 2025, but both the equity story and the credit story still depend on turning better AFFO into a fully closed 2026 refinancing package without deepening reliance on related-party tenants.
A 2.07x rent coverage ratio is adequate for Strawberry’s SNF portfolio, but it is not a premium cushion when 78% of operator payor mix comes from Medicaid. The ratio works because of triple-net leases, a very light landlord lease burden, and a stronger operator-advisory ecosyste…
At Strawberry's 2025 year-end the leverage story changes radically depending on the denominator. The audited balance sheet shows only $12.1 million of stockholders' equity and $50.5 million of total equity, while the March presentation reframes the same company through $1.447 bi…
Strawberry's related-party tenant dependence is deeper than the facility count implies. The related-party block represents 66 of 143 facilities, but 10,274 of 15,602 beds, 65.9% of capacity, and in 2025 it also generated $70.0 million of rent while still leaving $16.3 million of…
Strawberry has moved from general refinancing talk into a real financing package, but 2026 is still open. At year-end 2025, group net debt stood at $790.5 million, $259.0 million of principal already falls into 2026, the proposed bank facility reaches up to $300 million, and the…
