Strawberry Fields REIT LLC (AMEX:STRW) Q1 2026 Earnings Call Transcript

Strawberry Fields REIT LLC (AMEX:STRW) Q1 2026 Earnings Call Transcript May 8, 2026

Strawberry Fields REIT LLC beats earnings expectations. Reported EPS is $0.17, expectations were $0.152.

Operator: Good day, and welcome to the Strawberry Fields REIT LLC First Quarter 2026 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone keypad. I will now hand the call over to Jeffrey Bajtner, Chief Investment Officer. You may begin.

Jeffrey Bajtner: Thank you, and welcome to Strawberry Fields REIT LLC’s Q1 2026 earnings call. I am the Chief Investment Officer, and joining me today on the call are Moishe Gubin, our Chairman and CEO, and Greg Flamion, our CFO. Earlier today, the company issued its Q1 2026 earnings results, which are available on the company’s investor relations website. Participants should be aware that this call is being recorded, and listeners are advised that any forward-looking statements made on today’s call are based on management’s current expectations, assumptions, and beliefs about Strawberry Fields REIT LLC’s business and the environment in which it operates. These statements may include projections regarding future financial performance, dividends, acquisitions, investments, returns, financing, and may reference other matters affecting the company’s business or the businesses of its tenants, including [inaudible].

Additionally, references will be made during the call to non-GAAP financial results. Investors are encouraged to review these non-GAAP financial measures, as well as explanations and reconciliations of these measures to the comparable GAAP results, included on the non-GAAP measure reconciliation page in our investor presentation. Now, onto discussing Strawberry Fields REIT LLC and our Q1 2026 performance. I wanted to start by sharing some key highlights for the quarter. During the quarter, the company collected 100% of its contractual rents. The company signed a term sheet for a corporate credit facility with availability of up to $300 million, comprised of a $100 million term loan and a $200 million revolving line of credit, both having initial three-year terms and two one-year extension options.

Proceeds from the facility will be used to refinance our existing secured bank debt, and the remainder will be available to support acquisition growth. The rate on the facility will be SOFR plus 275. The company expects to close on the facility during Q2 2026. Deal-wise, while we did not close on any deals during the quarter, we were quite busy underwriting deals. As we have detailed in past presentations, we have our disciplined acquisition model of 10-cap acquisitions that we have been true to over time and expect to stay on this course for the foreseeable future. I am pleased to report that subsequent to quarter end, the company entered into contract for the acquisition of a hospital campus comprising a licensed 60-bed hospital, a licensed 99-bed nursing facility, and ancillary medical office buildings near Kansas City, Missouri.

The purchase price will be $8.6 million, and the company expects to fund the acquisition from the balance sheet. The hospital campus will be added to an existing master lease of a tenant in Missouri with initial base rents of $0.86 million a year, subject to 3% annual rent increases. Yesterday, the Board of Directors approved the Q2 2026 dividend, which will be $0.17 per share and will be paid on June 30 to shareholders of record on June 16. Lastly, I would like to point out that Strawberry Fields REIT LLC remains the closest pure-play skilled nursing REIT in the market, with 91.5% of our facilities being skilled nursing facilities. Additionally, we have not changed our investment approach of all our investments being triple-net leases subject to annual rent increases.

I would now like to have Greg Flamion, our Chief Financial Officer, discuss the quarter-end financials.

Greg Flamion: Thank you, Jeff. Welcome, everyone, to the Strawberry Fields REIT LLC first quarter 2026 earnings call. Let us begin with a look at our balance sheet. Total assets are $880.1786 billion, an increase of $43.8 million, or 5.2%, compared to 03/31/2025. Our asset growth was driven primarily by recent real estate acquisitions, including $112 million of acquisitions completed in 2025. On the liabilities and equity side, increases were driven by financing activity associated with our acquisitions, along with the impact of foreign currency translation adjustments. Together, these factors contributed to overall growth in our debt balances. Equity declined, reflecting lower other comprehensive income driven again by foreign currency translation adjustments.

Continuing now to the consolidated statement of income, 2026 revenue was $40 million, up $2.7 million compared to 03/31/2025. This represents a 7.1% increase driven by the timing and integration of properties acquired in 2025. While we experienced higher revenues, income growth was offset by higher depreciation and interest expense, which were driven by the new property acquisitions. General and administrative expenses were also higher due to professional fees, corporate salaries, and other operating expenses. These increases were offset by lower amortization expense. The results are year-to-date net income of $9.4 million, or $0.17 per share, compared to $6.9 million, or $0.13 per share, in Q1 2025. Finally, I would like to end my presentation with some financial highlights.

Our 2026 projected AFFO is $75.4 million, representing an 11.4% compound annual growth rate. 2026 projected AFFO per share growth is 10.7%. The 2026 projected adjusted EBITDA is $128.1 million, representing a 13.5% compound annual growth rate. Our yield on leases is 14.2%. The company’s net debt to net asset ratio currently sits at 49%. As of March 31, 2026, our dividend was $0.16 per share, representing a 5.4% yield and an AFFO payout of 47.3%. The company recently increased the dividend for Q2 to $0.17 per share. This concludes the financial portion of the earnings call presentation. I will now turn it back over to Jeffrey Bajtner, who will walk us through additional portfolio highlights.

Jeffrey Bajtner: Thank you, Greg. As it relates to our portfolio highlights, our portfolio currently has 143 facilities located in 10 states. This is comprised of 131 skilled nursing facilities, 10 assisted living facilities, and two long-term care acute hospitals. These 143 facilities equate to 15,602 licensed beds. The total value of our portfolio at acquisition is $1.1 billion. Our portfolio currently has 17 consultants advising the operators. The weighted average lease term is 7.1 years. I am proud to report that our tenants continue to do well, and their rent coverage is 2.1. The net debt to EBITDA of the portfolio is 5.6. We continue to collect 100% of our rents, and as I mentioned earlier in my remarks, our pipeline remains strong and is in excess of $325 million. With that, I would like to pass it on to Moishe Gubin, our Chairman and CEO, to continue the presentation.

Moishe Gubin: Thank you, Jeff, and thank you, Greg. As they both have alluded to, we are on a nice trajectory in our business. This slide reflects the last five years and projection of 2026 AFFO growth, which gives you a cumulative growth rate of 11.4%. We are particularly proud of that. The next slide is base rent, and over a similar time frame shows a similar trajectory, a 13.4% growth rate. Our stock price over last year has seen highs, and we are currently trading too low, in my view, but we are up from how we ended the quarter, and that was right when the Iran situation started. Comparatively, between us and our peers, Strawberry Fields REIT LLC is right in the middle. We are 26% on our stock. If you would have bought the stock a year ago to March 31, 2026, it is a 26.4% return.

Our trading multiples are still the laggard in the marketplace. I am still dumbfounded on why that is. We are at 9.5x when the average is around 14x or so, and CareTrust is leading the pack at 21.4x. Our AFFO payout ratio continues to be the lowest versus everybody else, and that is even with the increase of our dividend that we announced today. Our 47% payout ratio reflects that we find the best use of our money is staying within REIT standards and using the rest of the cash that we generate to grow our portfolio. Our dividend yield at March 31 at $0.16 was 4.9%. With the increase, that should be somewhere in the fives, maybe closer to six. Like Jeff said earlier, we remain the pure-play SNF REIT, and we are going to stick with that because that is really where our comfort zone is.

We will continue doing exactly what we are doing and staying very disciplined. We have been preaching this for years and we will continue to do exactly what we do. In years where there are fewer deals, we will continue to stockpile cash, pay down debt, and save our money for when we get the deals. I think this year we will still meet our target of between $100 million and $150 million, maybe exceed it. It has been a slow start, but we expect this quarter to really pick up and then actually have a bunch of closings in the third quarter. The next slide shows the rent coverage from our tenants. That continues to grow. Every time we close on deals, we are starting every deal at a 1.25x coverage ratio, and so we are our own worst enemy where last year we closed $112 million or so in 19 properties.

You take that and it weights us down, and as every quarter goes by, our tenants’ results improve. Our growth rate per share is beating everybody in the marketplace, and that is almost inverse to the payout ratio. We should continue to do that. Collectively, between the dividend yield and the AFFO per share growth, we are, at the end of the day, a better return than our peers, averaging out about a 16% return a year. The next slide is probably one of the most important slides, and that shows really the math of what we do. The projected 2026 AFFO is over $75 million. Again, this is before deals. This is not projecting anything out; this is just what we have running today. So $75 million, the payout ratio for that is 47%. Retained cash flow is close to $40 million.

Then take that $40 million, and if we want to stay right now at 49% leverage, that basically gives us the ability to borrow about $50 million on that. So we could buy $90 million without changing our leverage at all. In reality, we have other cash sitting that we should be able to get more money out the door, and that is what we have done until now, and we expect that to continue. The next slide is one of the biggest focuses we have right now. We should be announcing in the next little bit that we intend on refinancing a good portion of the money that is maturing this year. We expect to refinance half of it in the next couple of weeks, then the other half probably sometime in August. Once 2026 ends, we should have maturities almost divided up equally over four or five years—laddered debt—ensuring that every year we have a year’s runway to refinance our debts.

That should be really good for having a business that can perpetuate long term. It is interesting to note here, I made a mistake a few years ago and made many of the maturity dates right around the same time. It was intentional, but the one thing that I missed is that there was a prepayment penalty all the way to the end. To avoid paying prepayment penalties, we have gone down this road where now we have about five months left maturing on most of this debt, and we are going to refinance most of it soon, and the rest of it in a few months. The next slide shows how diversified our portfolio is. At this point, the only really large consultant or state is Indiana, which happens to be our best state. It is 25% of the portfolio and 25% of the base rent.

Everything else is pretty even wedges in high single digits to middle double digits. For an investor that wants diversified risk, our portfolio is not subject to a bunch of single assets where if something goes wrong in one asset it would hurt us. Most of our stuff is in master leases, as most of you probably know, and if we had a problem in one specific state, we would be able to get through everything without there being anything really big as a risk. The next slide talks about where we are located. As you can tell, we have stayed mainly in the Midwest, and we will be announcing a deal for a new state in the Midwest in the next couple of weeks. Business is good. We are collecting all of our rents, and business is good. We have no issues. On our last slide for today, and after this, we will hand it off to the moderator to take questions from the audience.

Looking at three months ended 03/31/2026 versus 2025, our net income went up $2.5 million, FFO up $2.7 million, and AFFO up about $22 million annualized. That is what it is all about—showing an expected about $75 million of annualized AFFO. The financials to the right show EBITDA. Same story: adding back depreciation, amortization, and interest to come up with EBITDA. We went up about $2.3 million, and adjusted EBITDA is a little less than $22 million. I am super proud of all this. With that, I will pass this back to the moderator to take your questions.

Q&A Session

Operator: Thank you. As a reminder, to ask a question, please press star 11 and wait for your name to be announced. Please stand by while we compile the queue. Our first question will come from the line of Rich Anderson with Cantor Fitzgerald. Your line is now open.

Rich Anderson: Good morning, everyone. You mentioned the pipeline growing; last quarter it was $250 million, now it is $325 million. I am curious what the additions were, not just the $75 million, but in form. You did something this quarter with the hospital campus and some medical office. Will that be more of the mix of what you do going forward rather than pure-play skilled nursing? I am curious about your mindset along that line.

Moishe Gubin: Rich, thank you for your question. Happy to hear your voice. Hope to see you at NAREIT. I would say we are going to stick with nursing homes. Most of our deals that we are close to getting offers accepted on are skilled nursing facilities, and a few of them are new states for us. The increase of the pipeline is deals that are just slow to get done. A lot of times people get disinterested, but we keep working it and following up—testament to Jeff here on the call. Lately it seems like deals are taking longer. We had a deal that we signed up and CareTrust came and stole it from us. That would have been a nice deal for us, and they offered like $25 million more than us, which is crazy because the other people had already accepted our offer.

That being said, we do not want to change what we are doing. This hospital/MOB deal comes with a nursing home. We found value such that the purchase price we are paying means the hospital and the MOB are basically a throw-in, and the nursing home itself had more value than what we are paying. We feel we are getting a great deal, and our operator that is taking it from us is someone with experience in a physician practice. We feel it is going to be a nice addition to our portfolio.

Jeffrey Bajtner: I would add to Moishe’s point that this number is almost like a living and breathing number. We evaluate the pipeline every week, and the only items that are really being included are deals that we think there is an opportunity to complete. Some deals have been sitting there over time, but also the SNF deal market has been picking up steam in the past month. We are looking at deals in new states and existing states, and we are excited to see what we can do the rest of this year.

Rich Anderson: And then my second question: you mentioned CareTrust. How typical is it that you are running into REIT peers in competitive processes to get deals done? Is that an anomaly, or are you seeing some name-brand folks out there competing with you?

Moishe Gubin: Historically, we never ran up against them. In the last year or two, as we try to do bigger deals—so that the marketplace may be more excited about our stock if we can announce bigger deals, all with the same metrics and the same 10-cap—when it gets to these bigger deals, that is where competitive bids are coming in. We lost one deal to Welltower and one deal to CareTrust, and that was after we basically had a handshake with the seller. You spend so much time on these things, and then someone else comes in and throws more money at it. We are just going to keep doing what we are doing. We are not changing our model to pay more. I love CareTrust and Dave, but we offer something on a personal level to a lot of sellers. We should be able to pull down these deals, and I would say hopefully it will be an anomaly that we lost a few deals to the bigger boys.

Rich Anderson: Thanks for the honesty as always, Moishe.

Moishe Gubin: Always, Rich. That is how I roll. Thank you.

Operator: Our next question comes from the line of Analyst with Alliance Global Partners. Your line is now open.

Analyst: Thank you. I wanted to ask about the acquisition pipeline. On the last earnings call you mentioned a target of $100 million to $150 million of acquisitions this year. Given that you had a slow start in Q1, are you still hoping to hit that target?

Moishe Gubin: Yes, 100%. I am hopeful that the third quarter will close somewhere in the $90 million to $100 million range. I am hoping that in the fourth quarter we will have another $15 million to $30 million or $40 million unless something else pops up. Right now, it looks like everything is going to get loaded into third quarter and fourth quarter. We should hit $100 million easily and hopefully break $150 million.

Analyst: For the third quarter $90 million to $100 million, are you looking at a portfolio?

Moishe Gubin: We have a deal that we did not announce yet that should be in the $80 million range for a group of homes in a new state. Then we have this deal in Missouri that we have announced. We have another deal that we also did not announce that is going to add to a master lease in a state we are already in—that will be a $15 million deal. Between those three deals alone, you are looking at $107 million to $108 million. We have some other things: a portfolio elsewhere with a newish tenant of ours. If that deal hits, that will get us to about $145 million or $150 million. The good news is we will have our line of credit up and running by the end of this month. We are going to have a new bond issued next week or in the next two weeks in Israel to kick the can down the road on some of our debt.

We will have availability between the line of credit and, without doing an ATM or a fundraise or taking on additional debt, based on our available borrowings—besides the cash on our books—we will have about $150 million or so of availability. We have the cash to be able to do all this stuff and keep ourselves in the same leverage band that we are in right now. We are at 49%, which is right in the middle of where we want to be. I think we are in a good spot. I would have liked to plan it out better for future years so we push stuff into first quarter, so when we come to the first quarter call, I could say we closed something. It sounds a little better than “we had a great quarter, made a lot of money, and collected 100% of our rents,” which also sounds good, by the way.

It would just sound better if I could add a deal closing in the first quarter.

Analyst: Thanks for those details. As a follow-up, in the earnings release you talked about investing some time in different processes within the company this quarter. Can you provide some color on what those processes were?

Moishe Gubin: What we were referring to is the refinancing and cleaning up our debt. A lot of effort goes into a big portion of our debt that sits in Israeli bonds, which I am proud of. I like the relationship we have with the Israeli market. Our time and effort has been on creating a couple of new series in Israel to clean up the three series that mature this year. The other thing has been creating the line of credit with the bank, which all our peers have. We thought maybe investors look at our company and wonder if we have the dry powder to close on certain deals. We wanted to have these lines of credit so we can tell potential investors we have plenty of dry powder. Everyone who knows me and our business knows that there has not been a deal we made that we could not close, but maybe an investor who does not know us would not know that.

Having the line lets us say we can draw on it and then go to the public to sell stock to pay down debt, and keep ourselves between 45% and 55% on the leverage side. That is what we have been working on outside of always looking at deals—cleaning up our debt stack and the fundamentals of our balance sheet so that going forward we will have a normal laddered debt maturity and a line of credit to use when we need to buy something.

Analyst: Thanks for the details. That is all I had.

Moishe Gubin: Thanks. Hopefully, we will see you at NAREIT as well.

Operator: Thank you. Our next question comes from the line of Analyst with B. Riley Securities. Your line is now open.

Analyst: Hi, everyone. Going back to the term loan, post closing, what is the appetite for swapping any of that for a fixed rate versus leaving draws on that floating?

Moishe Gubin: That is an interesting question. I like it. Well done. You did not stump me; I just have not thought about it. In an interest rate environment that most people expect to remain stable to declining, rates are definitely not going up. Usually, in that environment, you do not want to lock and fix. I had not given it a thought, so maybe it is something I will think about. At this point, in a declining rate environment, it is probably not wise for me to fix. Historically, we relied on HUD being the exit for our debt, which is long-term 40-year money. Since COVID, the way HUD has been lending and our relationship with HUD has been stagnant. Historically, I did not have to think about where to place long-term debt and lock in a fixed rate.

Now that has to be in the forefront. I think we are kind of hedged because of the declining rate environment, which is the prognosis. I could be wrong, but that is my thought. My background includes banking as well, and in the banking world, we are thinking stable to declining rates. I think I answered your question.

Analyst: That is helpful color. It sounds like you are still in the market with potentially new Israeli bonds or at least refinancing the existing Israeli bonds. What does pricing look like today as you work through those, and how would you think about maturity dates and term on that debt? It sounds like you are going to break out the refinancing into a couple of different tranches.

Moishe Gubin: We are towards the end of the process. It is about 4.5-year money, expiring at the end of 2030, and the pricing today is about 6.85%. You have to add a little bit in fees, but the actual interest rate will be about 6.85%. When we do the second tranche in August–September, that will expire around June 30, 2031. The idea, as a corrective measure from my mistake a few years ago, is that all of it will have a prepayment holiday for the last six months, so we can refinance earlier instead of close to the wire. On the bank side, the line of credit and term loan will have two one-year extensions at the end of them. During the first extension year, that will be the time we work on the replacement debt. That also ends in five years.

We are kicking the can of 2026 money and part of 2028 money, ending up with half in 2030 and half in 2031. Then the maturities in 2027 we can start working on now to push to 2032, creating a rolling one-year-at-a-time maturity ladder. As we grow, that tranche will include additional new debt and we will keep pushing five years. My idea is to create processes so the business can be perpetuated long term, with normal maturities every year becoming a process—refinance this year’s batch, push it five years, and roll every year. Same with how we buy and how we do IR—clear, reliable, and credible processes.

Analyst: Switching gears a bit, in terms of a potential acquisition in a new state, is that with an existing consultant relationship or a new one? What is the appetite for existing consultant relationships to grow in the current market?

Moishe Gubin: Our relationships with our tenants are amazing. We do not have any negative communications or relationships. They are all fantastic—everybody is part of the family. From our current roster, we are growing with tenants in Oklahoma, Texas, and Missouri. In Ohio, over the years, we have not grown, though we love those tenants and just renewed—they have been tenants more than 10 years. The newer packages are with brand-new operators who are not new to me as people—some are borrowers at my bank, some are long-time industry relationships. We have two new relationships in two different states that we are starting with, God willing, between five and ten homes in each portfolio. Any deals that come along, we have commitments between our tenant and us to look in certain states.

Of the 10 states we are in, there are five or six we want to grow in. Related party exposure has been diminishing and is down to 46% of the portfolio; we should be announcing something soon that will further dilute that down. Our relationships with our tenants are fantastic, and yes, we would grow with almost all of them if we could.

Jeffrey Bajtner: I would add that 90% of our facilities are in master leases right now, and the best way to grow is once the table is set with that master lease, it is very easy to keep adding facilities. We have been doing that in Oklahoma and Missouri this past year. It has been very good to both us and the tenant.

Analyst: I appreciate all that detail. That is it for me. Thank you very much.

Moishe Gubin: Thank you.

Operator: Our next question comes from the line of Mark Smith with Lake Street Capital Partners. Your line is now open.

Mark Smith: Hey, guys. I wanted to go back to what you are seeing for deals. It sounds like a lot of work in Q1, but some just did not get across the finish line. Outside of competition, is there anything else that has made it harder to close on some of these?

Moishe Gubin: No, absolutely not. We do not have any issues with cash. We do not have any issues regulatory-wise. I know there are some stories out there—Senator Warren and a couple of others—around the issue about healthcare REITs owning nursing homes, but that has really been a lot of talk. I actually called both senators’ offices to explain, and they did not have time or want to talk to me. There is nothing blocking us from doing deals other than competitive dynamics or price. If a deal does not underwrite, we remain very disciplined. We are not looking to risk our portfolio on a wish and a prayer. We stick to what makes sense, where the math is there, continue with our process, and do things the way we do them. It has worked and should continue to work. It was just a slow first quarter for us as far as portfolio growth.

Mark Smith: On geographical expansion, it sounds like we will likely see a new state added soon, still in the Midwest. What is your appetite around more geographic expansion?

Moishe Gubin: We got close on a couple deals in Georgia. If we found deals in Alabama, Mississippi, or South Carolina, that would be great. Where the deals and where we are growing now are both going to be Midwest—Texas, Oklahoma, maybe a little Tennessee, and always if we could find anything in Indiana. We have particularly not wanted to grow in Illinois for many years because when we started, we were top-heavy there. We want to maintain a diversified portfolio. I would love to grow in Iowa, Michigan, and Wisconsin if we can find the right deals.

Mark Smith: Great. Thank you, guys.

Moishe Gubin: You are welcome. Thank you.

Operator: Our next question comes from the line of Analyst with Compass Point Research and Trading. Your line is now open.

Analyst: Thank you. Good afternoon. Following up on the competition comments, you said a big deal that you announced is likely coming. Of the ones that you lost, what made them go with competitors? Anything specific you could manage in the future for these larger deals?

Moishe Gubin: That deal we lost was a brokered deal. Different from a lot of our deals where we know the sellers and they specifically want to work with us. Brokers, rightfully, are looking for top dollar and get more commission if it is a bigger deal. On that deal, we spent time working with the broker—good people—but until the ink is dry, someone else can come in with a bigger dollar amount and the broker can call the client and say you can probably still get out and take a different deal. In that case, we did not know the seller at all, and at the last minute—11:59:58—a much higher offer came in and they took it. The only thing we could do differently is try to get to know the sellers earlier in the process. In our world, sellers we buy from are people we have known for 10–20 years. I do not think we could have done anything different there, other than give a little guilt trip to the broker to not pull a deal away at the last minute.

Analyst: Do you have a sense of what cap rate that traded at?

Moishe Gubin: The way I look at it, our portfolio is way undervalued because if everything would trade at an 8.5% cap that someone else is willing to buy at, if you reprice my whole portfolio at an 8.5% cap, you would say I have another couple hundred million dollars of equity. I think it traded at an 8.5% cap.

Analyst: On the $255 million maturing through the remainder of this year, how much is going to be refinanced with the Israeli bond tranches versus the $300 million in bank financing?

Moishe Gubin: If I commit to one thing, the pricing could go up, so I do not want to over-commit. My primary desire would be two Israeli bonds to replace the three Israeli bonds. We would do the bond we are doing next week, God willing, and assuming it is oversubscribed—as the last two were by about 50%—we would probably take the most we can and then pay down one of the other bond debts early. That locks in our currency for four to five years, which is a hedge. Today the shekel is strong versus the dollar. We have a sizable allowance for currency in our financials, and I do not want to realize that. If we kick the can four to five years on the currency, then I do not have to realize a loss that we have already expensed in OCI. So my desire is most likely to go to the Israeli market, assuming they remain competitive on pricing, which they should.

Analyst: It looks like you could have 25–50 basis points of spread improvement depending on how you structure this. Is that fair?

Moishe Gubin: Yes. We are going from an average rate between 9.1%, 6.9%, and 5.7%—the three tranches that have to get refinanced—to all being at about 6.75%–6.85%. If we do the commercial loan, we end up around 6.4%–6.5%. Either way, you are talking about at least a half-point improvement on a couple hundred million dollars of debt.

Analyst: And then leaving you with $150 million of dry powder when all is said and done?

Moishe Gubin: Yes, about $140–$150 million. I think it is a good spot to be in at the end of the day.

Analyst: Agree. Thank you.

Operator: I am not showing any further questions in the queue at this time. I will now turn the call back over to Jeff for any closing comments.

Jeffrey Bajtner: Thank you so much. Thank you, everyone, for joining us. It is always a pleasure hearing everybody’s questions. If you have any further questions, please feel free to reach out to Moishe, myself, or Greg. I would also like to add, if anyone is interested in listening to the recording from yesterday’s annual shareholder meeting, it is up on our website, strawberryfieldsreitdeck.com. Once again, thank you, and have a wonderful weekend.

Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.