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Performance was characterized by 100% contractual rent collection and a 7.1% revenue increase driven by the integration of properties acquired in 2025.

Management attributes the lack of closed deals in Q1 to a slow start in the broader market and a commitment to a disciplined 10-cap acquisition model despite rising competition.

The company maintains a pure-play focus on skilled nursing facilities, which comprise 91.5% of the portfolio, citing deep operational comfort and expertise in the sector.

Strategic positioning is focused on triple-net leases with annual rent increases, resulting in a portfolio rent coverage of 2.1x as tenant results improve over time.

Management expressed frustration with the company's trading multiple of 9.5x, which they believe significantly undervalues the portfolio compared to the peer average of approximately 14x.

The company utilizes a low AFFO payout ratio of 47% to retain cash for portfolio growth while maintaining leverage within a target band of 45% to 55%.

Management maintains a full-year 2026 acquisition target of $100 million to $150 million, with activity expected to be heavily weighted toward the third and fourth quarters.

The company expects to close a $300 million corporate credit facility in Q2 2026 to refinance secured bank debt and provide dry powder for future acquisitions.

A strategic debt laddering initiative is underway to refinance 2026 maturities into tranches expiring in 2030 and 2031, ensuring a rolling one-year runway for future refinancings.

Guidance for 2026 projected AFFO is $75.4 million, which assumes current operations and does not factor in the impact of pending or future acquisitions.

The acquisition pipeline has expanded to over $325 million, including a pending $80 million portfolio in a new state and a $15 million add-on to an existing master lease.

Foreign currency translation adjustments related to Israeli bonds impacted equity and other comprehensive income, though management intends to hedge this by refinancing in the Israeli market.

The company identified a 'mistake' in previous debt structuring that resulted in clustered maturity dates and prepayment penalties, which the current refinancing strategy aims to correct.

Management noted the loss of two potential deals to larger REIT peers (Welltower and CareTrust) who offered significantly higher prices after initial handshakes with sellers.

A $8.6 million acquisition of a hospital campus in Missouri is viewed as a high-value 'throw-in' where the nursing facility alone justifies the purchase price.

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Management noted that as they pursue larger deals to attract market interest, they are increasingly running into competitive bids from 'big boys' like Welltower and CareTrust.

In one instance, a competitor offered $25 million more than Strawberry Fields' 10-cap offer at the final moment of a brokered process.

The company refuses to change its disciplined 10-cap model to win deals, relying instead on long-term personal relationships with sellers.

The company expects to achieve at least a 50-basis-point improvement on interest rates by refinancing existing debt into new Israeli bonds and the bank facility.

Refinancing will move debt from a mix of rates (9.1%, 6.9%, and 5.7%) to a more uniform range of approximately 6.4% to 6.85%.

Management prefers the Israeli bond market to avoid realizing currency losses currently held in other comprehensive income (OCI).

Management currently has no plans to swap the new floating-rate term loan for a fixed rate, citing a banking background that anticipates a stable to declining rate environment.

They noted that HUD, which previously provided long-term 40-year fixed money, has been a stagnant source of financing since COVID.