Strawberry Fields REIT is a small, self-managed REIT focused entirely on skilled nursing facilities (SNFs). The company owns 133 properties comprising 143 facilities across 10 states, concentrated in the Midwest and South-Central U.S., with roughly 91% of the portfolio in SNFs and the remainder in assisted living facilities and long-term acute care hospitals. The portfolio spans approximately 15,600 licensed beds and generates $142.7M in annualized base rent. Strawberry Fields acquires SNF properties and leases them to operators on long-term, triple-net leases, under which tenants bear all property costs — taxes, insurance, maintenance, and capex — leaving Strawberry Fields with a clean rent stream. About 89% of facilities sit under master lease agreements, which cross-collateralize multiple facilities under one tenant, reducing the risk of a single underperforming asset disrupting rent collection. Leases typically run 10 years with two 5-year renewal options and include annual rent escalators averaging ~2.8%. A notable feature of the business is that ~48.5% of annualized rent comes from tenants affiliated with CEO Moishe Gubin and director Michael Blisko, who operate SNFs under the Infinity Healthcare brand. Strawberry Fields grows through acquisitions, targeting a 10% cap rate and 1.25x day-one rent coverage on every deal, with a focus on off-market, relationship-driven transactions in the $20–50M range. With only 9 employees and tenants covering operating costs, the company runs at very low overhead.