Real Estate Investments, net

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Real Estate Investments, net

NOTE 4. Real Estate Investments, net

Real estate investments consist of the following:

	Estimated Useful Lives	September 30, 2024			December 31, 2023
	(Years)	(Amounts in $000’s)
Buildings and improvements	7-54	$	598,732		$	576,044
Equipment and personal property	2-18		104,069			97,359
Land	-		66,685			64,309
			769,486			737,712
Less: accumulated depreciation			(240,745	)		(219,398	)
Real estate investments, net		$	528,741		$	518,314

For the three-month periods ended September 30, 2024 and 2023, total depreciation expense was $7.1 million and $6.5 million, respectively. For the nine-month periods ended September 30, 2024 and 2023, total depreciation expense was $21.3 million and $19.0 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 August 30, 2024 the Company completed the acquisition of two skilled nursing facilities with 254 licensed beds near San Antonio, TX. The acquisition was for $15.25 million. The Company funded the acquisition utilizing cash from the balance sheet.

On August 30, 2024 the Company exercised its purchase option for two skilled nursing facilities with 248 licensed beds near Johnson City, TN. The acquisition was for $4.0 million and the Company funded the acquisition utilizing cash from the balance sheet.

On September 25, 2024 the Company completed the acquisition for a property comprised of an 83-bed skilled nursing facility and 25 bed assisted living facility near Nashville, Tennessee. The acquisition was for $6.7 million and the Company funded the acquisition by assuming $2.8 million of existing debt on the facilities, $3.1 million was paid by the Company issuing common stock to the seller, and another $0.8 million by transferring other assets to the seller.

STRAWBERRY FIELDS REIT, INC. and Subsidiaries

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS