Moishe Gubin, chairman and CEO of Strawberry Fields REIT, Inc. (NYSE American: STRW), sat down for a video interview at Nareit's REITweek: 2024 Investor Conference, held in New York June 3-6.
Gubin highlighted the REIT's achievement in maintaining a strong financial footing, with earnings reflecting consistent rent collection at 100%. He pointed to the addition of new tenants and properties, contributing to an uptick in adjusted funds from operations (AFFO) to approximately $1.80 per share annually.
Addressing investor concerns, Gubin highlighted the REIT’s stringent criteria for tenant selection and a focus on seasoned professionals capable of managing challenges like recent regulatory changes affecting minimum staffing requirements.
Looking forward, Gubin outlined Strawberry Fields' strategic growth plans for the remainder of 2024 and into 2025. The company remains disciplined in its expansion, focusing on sizable portfolio acquisitions in new states and expanding existing master leases. Recent investments in Texas and Indiana reflect this strategy, with ongoing developments in Tennessee and Kentucky expected to contribute further.
Despite current pipeline projections of $30 to $55 million, Gubin said he remains open to seizing opportunities that align with the REIT's growth objectives. Overall, he expressed confidence in navigating market fluctuations, saying, "At the end of the day, our focus remains on sustainable growth and resilience amidst evolving industry dynamics."