Moishe Gubin, chairman and CEO of Strawberry Fields REIT (NYSE American: STRW), participated in a video interview during Nareit’s REITworld: 2023 Annual Conference held Nov. 14-16 in Los Angeles.
Gubin noted that one of the key achievements for Strawberry Fields REIT during 2023 was closing its largest-ever deal in August, a $102 million purchase. He stressed that the company’s portfolio of skilled nursing facilities is not impacted by the economy. “We’re basically recession-proof,” he said, and noted that most of the REIT’s debt is fixed rate. “We have a resilient business,” where the client is driven by necessity rather than by economics, he added.
Looking ahead to 2024, Gubin said Strawberry Fields has the ability to close $100 million to $200 million in deals from its free cash flow. He noted that the REIT recently closed a deal in Texas with the operator Creative Solutions and is hoping to grow further in Texas as a result. Gubin added that the company will look for other attractive opportunities in other states.