# EDGAR Filing Document

**Accession Number:** 0001782430
**File Stem:** 0001493152-25-012849
**Filing Date:** 2025-9
**Character Count:** 29769
**Document Hash:** bca584cd61ec428f5f2b67b6669c54d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-012849.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001493152-25-012849

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250702

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Strawberry Fields REIT, Inc.
- **CENTRAL INDEX KEY:** 0001782430
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 842336054
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41628
- **FILM NUMBER:** 251301768

**BUSINESS ADDRESS:**
- **STREET 1:** 6101 NIMTZ PARKWAY
- **CITY:** SOUTH BEND
- **STATE:** IN
- **ZIP:** 46628
- **BUSINESS PHONE:** (574) 807-0800

**MAIL ADDRESS:**
- **STREET 1:** 5683 NORTH LINCOLN AVE.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60659

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K/A**

**CURRENT REPORT**

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) **September 9, 2025 (July 2, 2025)**

**Strawberry Fields REIT, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-41628** | **84-2336054** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> file number) | (IRS employer<br> identification no.) |

---

---

| | |
|:---|:---|
| **6101 Nimtz Parkway** |  |
| **South Bend, Indiana** | **46628** |
| (Address of principal executive offices) | (Zip Code) |

---

**(574) 807-0800**

(Registrant's telephone number, including area code)

**Not Applicable**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class registered | Trading Symbol(s) | Name of exchange on which registered |
| **Common Stock, $0.0001 par value** | **STRW** | **NYSE American** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1933 (§240.12b-2 of this chapter)

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. ☐

This Amendment on Form 8-K/A (this "Amendment") is being filed to amend the Current Report on Form 8-K (the "Initial Form 8-K") filed by Strawberry Fields REIT, Inc. (the "Company") with the Securities and Exchange Commission on July 2, 2025. As previously reported in the Initial Form 8-K, on July 1, 2025, the Company completed its acquisition of 9 healthcare facilities located in Missouri. In the Initial Form 8-K, the Company stated its intention to file the financial statements and pro forma financial information required by parts (a) and (b) of Item 9.01 of Form 8-K not later than seventy-one (71) calendar days after the date that the Initial Form 8-K was required to be filed with the Securities and Exchange Commission. Pursuant to the instructions to Item 9.01 of Form 8-K, the Company hereby files this Amendment to amend the Initial Form 8-K in order to include the required financial statements and pro forma financial information that were previously omitted.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

**(a)** **Financial Statements of Business Acquired.** 

Missouri Portfolio Group 2 Combined Statements of Revenues and Certain Expenses for the Year ended December 31, 2024 and the six month period ended June 30, 2025.

---

| | |
|:---|:---|
| Independent Auditor's Report | F-1 |
| Combined Statements of Revenues and Certain Expenses | F-3 |
| Notes to Combined Statements of Revenues and Certain Expenses | F-4 |

---

**(b)** **Pro Forma Financial Information.** 

---

| | |
|:---|:---|
| Unaudited Pro Forma Condensed Combined Financial Information | F-1 |
| Unaudited Pro Forma Condensed Combined Balance Sheet as of June 30, 2025 | F-2 |
| Unaudited Pro Forma Condensed Combined Statements of Income for the Year Ended December 31, 2024 | F-3 |
| Unaudited Pro Forma Condensed Combined Statements of Income for the six months period ended June 30, 2025 | F-4 |
| Notes to Unaudited Pro Forma Condensed Combined Financial Information | F-5 |

---

**(d) Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 99.1 | [Missouri Portfolio Group 2 Combined Statements of Revenues and Certain Expenses for the Year Ended December 31, 2024 and the Six Month Period Ended June 30, 2025](ex99-1.htm) |
| 99.2 | [Unaudited Pro Forma Condensed Combined Financial Information](ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**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, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Strawberry Fields REIT, Inc.** | **Strawberry Fields REIT, Inc.** |
| Dated: September 9, 2025 | By: | */s/ Moishe Gubin* |
|  |  | Moishe Gubin |
|  |  | Chief Executive Officer and Chairman |

---

## Exhibit 99.1

**Exhibit 99.1**

**MISSOURI PORTFOLIO GROUP 2**

**FINANCIAL STATEMENT**

**YEAR ENDED DECEMBER 31, 2024 AND SIX MONTHS PERIOD ENDED**

**JUNE 30, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **REPORT OF INDEPENDENT AUDITOR** | F-1 |
| **STATEMENT OF REVENUE AND CERTAIN EXPENSES** | F-3 |

---

**Report of Independent Auditor**

To Missouri Portfolio Group 2:

We have audited the combined statements of revenues and certain expenses (the "Statements") of the Missouri Portfolio Group 2 for the year ending December 31, 2024 and for the six months period ended June 30, 2025, and the related notes to the combined financial statements.

In our opinion, the accompanying combined financial statements present fairly, in all material respects, the combined statements of revenues and certain expenses of Missouri Portfolio Group 2 for the year ending December 31, 2024 and for the six months period ended June 30, 2025, and the related notes to the combined financial statements in accordance with the basis of accounting described in Note 2.

**Basis for Opinion**

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Combined Financial Statements section of our report. We are required to be independent of the Missouri Portfolio Group 2 and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Emphasis of Matter — Basis of Accounting**

As discussed in notes to the combined financial statements, the accompanying combined financial statements were prepared for the purpose of complying with certain rules and regulations of the Securities and Exchange Commission for inclusion in the registration statement of Strawberry Fields REIT, Inc., as described in Note 2 and are not intended to be a complete presentation of the Missouri Portfolio Group 2's combined revenue and expenses.

**Responsibilities of Management for the Combined Financial Statements**

Management is responsible for the preparation and fair presentation of the combined financial statements in accordance with the basis of accounting described in Note 2, and for determining that the basis of accounting is an acceptable basis for the preparation of the combined financial statements in the circumstances. Management is also responsible for the design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of the combined financial statements that are free from material misstatement, whether due to fraud or error.

Missouri Portfolio Group 2

Page Two

**Auditor's Responsibilities for the Audit of the Combined Financial Statements**

Our objectives are to obtain reasonable assurance about whether the combined financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of certain internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the combined financial statements.

In performing an audit in accordance with GAAS, we:

- Exercise professional judgment and maintain professional skepticism throughout the audit.

Identify and assess the risks of material misstatement of the combined financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the combined financial statements.

Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Missouri Portfolio Group 2's internal controls. Accordingly, no such opinion is expressed.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the combined financial statements.

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Missouri Portfolio Group 2's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ Hacker, Johnson & Smith PA

HACKER, JOHNSON & SMITH PA

Tampa, Florida

September 4, 2025

**MISSOURI PORTFOLIO GROUP 2**

**COMBINED STATEMENTS OF REVENUES AND CERTAIN EXPENSES**

**YEAR ENDED DECEMBER 31, 2024 AND SIX MONTHS PERIOD ENDED**

**JUNE 30, 2025**

**(Dollars in Thousands)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2024** | **Six Months Period Ended<br> June 30, 2025** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;Rental revenue | $4243 | $2210 |
| **Certain expense:** |  |  |
| &nbsp;&nbsp;&nbsp;Property insurance | 358 | 179 |
| **Revenue In Excess of Certain Expenses** | $**3885** | $**2031** |

---

See accompanying notes to combined statements of revenue and certain expenses.

**MISSOURI PORTFOLIO GROUP 2**

**NOTES TO COMBINED STATEMENTS OF REVENUES AND CERTAIN EXPENSES**

**YEAR ENDED DECEMBER 31, 2024 AND SIX MONTHS PERIOD ENDED**

**JUNE 30, 2025**

---

| | |
|:---|:---|
| **NOTE 1.** | **<u>ORGANIZATION AND DESCRIPTION OF BUSINESS</u>** |

---

Missouri Portfolio Group 2 (the "Portfolio Group"), which is not a legal entity, but rather a combination of certain real estate entities and operations as described below, is engaged in the business of owning and leasing certain healthcare facilities located in the State of Missouri. The accompanying combined statements of revenue and certain expenses (the "Statements") relate to the operations of the Properties Group, consisting of leasing 9 skilled nursing facilities with 686 licensed beds (the "Facilities") located in Missouri. The Facilities are owned by Humansville Realty LLC, Buffalo Realty LLC, Cassville Realty LLC, Country Aire Realty LLC, Georgian Gardens Realty LLC, Golden Years Realty LLC, 800 South White Oak Realty LLC, Oregon Realty LLC, and Tiffany Heights Realty LLC (collectively, the "Sellers").

On May 22, 2025, the Sellers and Strawberry Fields REIT Inc. (the "Purchaser") entered into a Asset Purchase Agreement (the "Purchase Agreement"), pursuant to with the Purchaser agreed to purchase the Facilities. The Purchaser assigned the rights to acquire the Facilities to newly organized indirect subsidiaries of the Strawberry Fields Realty, LP, the Purchaser's operating partnership. The purchase price for the Facilities, including certain consulting costs, was $59.0 million. The Purchaser completed the acquisition on July 1, 2025.

---

| | |
|:---|:---|
| **NOTE 2.** | **<u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>** |

---

<u>Basis of Presentation</u>

The accompanying combined statements of revenue and certain expenses have been prepared for the purpose of complying with Rule 3-14 of Regulation S-X promulgated under the Securities Act of 1933, as amended. Accordingly, the statements are not representative of the actual results of operations for the periods presented as revenues and certain expenses, which may not be directly attributable to the revenue and expenses to be incurred in the future operations of the Portfolio Group, have been excluded. Such excluded items include depreciation and amortization, interest expense, related party fees, management fees, non-recurring professional fees, and other miscellaneous revenue and expenses not directly related to the proposed future operations of the Portfolio Group.

<u>Revenue Recognition</u>

Rental and escalation income from operating real estate is derived from the leasing of healthcare facilities to tenants/operators. The leases are for fixed terms and provide for annual rentals and expense reimbursements to be paid in monthly installments. 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 the Facilities to calculate the total non-contingent rent

**MISSOURI PORTFOLIO GROUP 2**

**NOTES TO COMBINED STATEMENTS OF REVENUES AND CERTAIN EXPENSES, CONTINUED**

---

| | |
|:---|:---|
| **NOTE 2.** | **<u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)</u>** |

---

<u>Revenue Recognition (Cont.)</u>

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. 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 Portfolio Group 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 Portfolio Group may provide a reserve against the recognized straight-line rent receivable asset for a portion, up to its full value, that the Portfolio Group estimates may not be recoverable.

<u>Use of Estimates</u>

The preparation of the Statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that could affect the amounts of reported revenues and certain operating expenses. Actual results could differ from those estimates.

<u>Commitments and Contingencies</u>

The Portfolio Group may be subject to legal claims and disputes in the ordinary course of business. Management believes any settlement of any existing potential claims and dispute would not have a material impact on the Portfolio Groups revenues and certain expenses.

---

| | |
|:---|:---|
| **NOTE 3.** | **<u>MINIMUM FUTURE LEASE RENTALS</u>** |

---

There is a master lease agreement with the tenant to lease the Facilities. As of June 30, 2025, the minimum future cash rents receivable under noncancelable operating leases in each of the next five years and thereafter are as follows (dollars in thousands):

---

| | |
|:---|:---|
| **Years Ending:** | |
| 2025 (six-months period) | $2072 |
| 2026 | 4201 |
| 2027 | 2834 |
| 2028 | 838 |
| 2029 | 838 |
| Thereafter | 2444 |
| Total | $13227 |

---

---

| | |
|:---|:---|
| **NOTE 4.** | **<u>TENANT CONCENTRATIONS</u>** |

---

For the year ended December 31, 2024 and the six months period ended June 30, 2025, no single tenant accounted for a significant amount of rental revenue.

---

| | |
|:---|:---|
| **NOTE 5.** | **<u>SUBSEQUENT EVENTS</u>** |

---

Management has evaluated the events and transactions that have occurred through September 4, 2025, the date which the Statements were available to be issued, and noted no items requiring adjustment of the Statements or additional disclosure.

## Exhibit 99.2

**Exhibit 99.2**

**Unaudited Pro Forma Condensed Combined Financial Information**

On May 22, 2025, the Company entered into an Asset Purchase Agreement (the "Purchase Agreement"), with Humansville Realty LLC, Buffalo Realty LLC, Cassville Realty LLC, Country Aire Realty LLC, Georgian Gardens Realty LLC, Golden Years Realty LLC, 800 South White Oak Realty LLC, Oregon Realty LLC, and Tiffany Heights Realty LLC, (collectively, the "Sellers") with respect to the purchase of nine healthcare Facilities located in Missouri (the "Facilities"). The Sellers are not affiliates of the Company. The Company assigned the right to acquire the Facilities to newly organized indirect subsidiaries of the Strawberry Fields Realty, LP, the Company's operating partnership.

The purchase price for the Facilities was $59,000,000, including certain consulting fees. The Company made a deposit of $2,000,000 under the Purchase Agreement, which was applied to pay a portion of the purchase price at the closing. The Company paid the balance of the purchase price utilizing the Company's cash on hand and the issuance of $2.0 million in OP Units of Strawberry Fields REIT LP to the Seller.

The Facilities were leased to existing, third-party, Strawberry Fields REIT tenants and subject to their respective master lease agreements. The triple net master lease agreements were left materially unchanged other than resetting their respective expiration dates to their original terms. The tenants operate the Facilities as skilled nursing facilities.

The nine Facilities are comprised of 686 licensed beds.

The unaudited pro forma condensed combined balance sheet as of June 30, 2025 is presented as if the acquisition was completed on January 1, 2025. The unaudited pro forma condensed combined statements of income for the year ended December 31, 2024 and the six-months period ended June 30, 2025 are presented as if the acquisition was completed on January 1, 2024.

The following unaudited pro forma condensed combined financial information has been prepared to comply with Article 11 of Regulation S-X, as promulgated by the SEC. The unaudited pro forma condensed combined financial information should be read in conjunction with the consolidated financial statements of the Company and notes thereto presented elsewhere in this prospectus for the years ended December 31, 2024 and for the six months period ended June 30, 2025 of the Missouri Portfolio Group 2. The unaudited pro forma condensed combined balance sheet and condensed combined statements of income are not necessarily indicative of what the actual financial position and operating results would have been had the acquisition had occurred on the dates indicated nor are they indicative of future operating results of the Company.

**Unaudited Pro Forma Condensed Combined Balance Sheet**

**As of June 30, 2025** 

**(In thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Strawberry Fields REIT Inc.** | **Missouri Property Acquisition 2** | **Proforma Combined** |
| **<u>Assets</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate investments, net | $636424 | $59000 (a) | $695424 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 96319 | (57000)(b) | 39319 |
| &nbsp;&nbsp;&nbsp;Restricted cash and equivalents | 35125 |  | 35125 |
| &nbsp;&nbsp;&nbsp;Straight-line rent receivable, net | 30724 |  | 30724 |
| &nbsp;&nbsp;&nbsp;Right of use lease asset | 1029 |  | 1029 |
| &nbsp;&nbsp;&nbsp;Goodwill, other intangible assets and lease rights | 73610 |  | 73610 |
| &nbsp;&nbsp;&nbsp;Deferred financing expenses | 5760 |  | 5760 |
| &nbsp;&nbsp;&nbsp;Notes receivable, net | 16508 |  | 16508 |
| &nbsp;&nbsp;&nbsp;Other assets | 1755 | - | 1755 |
| **Total Assets** | **897254** | **2000** | **899254** |
| **<u>Liabilities</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 21719 |  | 21719 |
| &nbsp;&nbsp;&nbsp;Bonds, net | 318135 |  | 318135 |
| &nbsp;&nbsp;&nbsp;Notes payable and other debt | 423998 |  | 423998 |
| Operating lease liability | 46854 |  | 46854 |
| &nbsp;&nbsp;&nbsp;Operating lease liability | 1029 |  | 1029 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 18899 | - | 18899 |
| **Total Liabilities** | **830634** | **-** | **830634** |
| **<u>Equity</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | 1  |  | 1  |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 17554 |  | 17554 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (3439) |  | (3439) |
| &nbsp;&nbsp;&nbsp;Retained earnings | 1376 | - | 1376 |
| &nbsp;&nbsp;&nbsp;Total Stockholders' Equity | 15492 | - | 15492 |
| Non-controlling interest | 51128 | 2000 (f) | 53128 |
| **Total Equity** | **66620** | **2000** | **68620** |
| **Total Liabilities and Equity** | $**897254** | $**2000** | $**899254** |

---

See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information

**Unaudited Pro Forma Condensed Combined Statements of Income**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

**(In thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strawberry Fields REIT Inc.** | **Missouri Property Acquisition 2** | **Proforma Adjustments** | **Proforma Combined** |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental revenues | $117058 | $4243 (c) | $145 (d) | $121446 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 29031 |  | 1513 (e) | 30544 |
| &nbsp;&nbsp;&nbsp;Amortization | 4657 |  |  | 4657 |
| &nbsp;&nbsp;&nbsp;Loss on real estate investment impairment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 6851 | 358 |  | 7209 |
| &nbsp;&nbsp;&nbsp;Property taxes | 14489 |  | 145 (d) | 14634 |
| &nbsp;&nbsp;&nbsp;Facility rent expenses | 727 | - | - | 727 |
| Total expenses | 55755 | 358 | 1658 | 57771 |
| Income from operations | 61303 | 3885 | (1513) | 63675 |
| Interest expense, net | (32603) |  |  | (32603) |
| Amortization of deferred financing costs | (657) |  |  | (657) |
| Mortgage insurance premium | (1548) | - | - | (1548) |
| Total interest expense | (34808) | - | - | (34808) |
| Other income:- |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 10 |  |  | 10 |
| Total other income | 10 | - | - | 10 |
| Net income | $26505 | $3885 | $(1513) | $28877 |

---

See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information

**Unaudited Pro Forma Condensed Combined Statements of Income**

**FOR THE SIX MONTHS ENDED JUNE 30, 2025**

**(In thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strawberry Fields REIT Inc.** | **Missouri Property Acquisition 2** | **Proforma Adjustments** | **Proforma Combined** |
| Revenues |  |  |  |  |
| Rental revenues | $75193 | $2210 (c) | $72 (d) | $77475 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 17377 |  | 756 (e) | 18133 |
| &nbsp;&nbsp;&nbsp;Amortization | 5217 |  |  | 5217 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 4056 | 179 |  | 4235 |
| &nbsp;&nbsp;&nbsp;Property taxes | 7425 |  | 72 (d) | 7497 |
| &nbsp;&nbsp;&nbsp;Facility rent expenses | 294 | - | - | 294 |
| Total expenses | 34369 | 179 | 829 | 35376 |
| Income from operations | 40824 | 2031 | (756) | 42099 |
| Interest expense, net | (24001) |  |  | (24001) |
| Amortization of deferred financing costs | (402) |  |  | (402) |
| Mortgage insurance premium | (776) | - | - | (776) |
| Total interest expense | (25179) | - | - | (25179) |
| Other income:- |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 8 |  |  | 8 |
| Total other loss | 8 | - | - | 8 |
| Net income | $15653 | $2031 | $(756) | $16928 |

---

See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information

**Notes to Unaudited Pro Forma Condensed Combined Financial Information**

**1.** **Basis of Presentation** 

On July 1, 2025, Strawberry Fields REIT Inc. (the "Company') completed the acquisition with multiple sellers with respect to the purchase of nine healthcare facilities located in Missouri (the "Facilities"). The sellers are not affiliates of the Company. The Company will assign the right to acquire the Facilities to newly organized indirect subsidiaries of Strawberry Fields Realty, LP, the Company's operating partnership.

The historical financial statements have been adjusted in the pro forma condensed combined financial statements to give effect for (i) transaction accounting adjustments (ii) autonomous entity adjustments and (iii) management's adjustments, as required.

The pro forma combined financial information does not necessarily reflect what the combined company's financial condition or results of operations would have been if the acquisition of the Kansas Portfolio Group occurred on the dates indicated. They also may not be useful in predicting the future financial condition and results of operations of the combined company. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

**2.** **Purchase Price Allocation** 

The Company intends to account for the planned acquisition as an asset acquisition. We will measure the value of the acquired physical assets (land, building and building improvements, site improvements, and furniture fixtures and equipment) by allocating the total cost of the acquisition on a relative fair value basis. The Company expects to allocate the total cost as follows (in thousands):

---

| | |
|:---|:---|
| Land | $388 |
| Building and building improvements | 51302 |
| Furniture & fixtures | 7310 |
| Total purchase price | $**59000** |

---

**3.** **Pro Forma Adjustments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the adjustment
 to record the assets purchased in the acquisition of the Facilities at relative fair value based on the total cost of the acquisition.

(b) Represents the cash and
 cash equivalents to be utilized to pay the purchase price for the Facilities at closing.

(c) Represents straight-line
 monthly income for the period stated. The Company recognizes rental revenue for operating leases on a straight-line basis over the
 lease term when collectability is reasonably assured and the tenant has taken possession or controls the physical use of a leased
 asset.

(d) Represents real estate
 taxes for the stated period. 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 leases with us.

(e) 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. Expenditures
 for tenant improvements are capitalized and amortized over the shorter of the tenant's lease term or expected useful life.
 The Company anticipates the estimated useful lives of its assets by class to be generally as follows:

Building and improvements 7-45 years <br> Equipment and personal property 2-18 years

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represent OP Units of Strawberry Fields REIT LP, issued to the Seller to pay a portion of the purchase
 price.