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Strawberry Fields REIT, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in rental revenues to $29,464,000 from $25,771,000 in the same quarter the previous year. The increase is attributed to higher income from the purchase of additional properties and lease renewals.
Depreciation and amortization expenses for the quarter were $8,341,000, compared to $7,291,000 in the previous year, reflecting new properties and lease rights purchased.
The company reported a net income of $6,901,000 for the quarter, compared to $4,704,000 in the previous year, with the increase primarily due to higher rental income.
Interest expense, net, increased to $8,590,000 from $7,865,000, primarily due to additional interest on new loans and bond issuances.
Cash provided by operating activities was $34,525,000, while cash used in investing and financing activities was $43,010,000 and $23,976,000, respectively.
Strawberry Fields had cash and cash equivalents of $53,249,000 as of September 30, 2024. The company continues to focus on acquiring healthcare properties and managing its debt obligations.
The filing also details various financial agreements, including notes payable and bonds, with total indebtedness of approximately $584,508,000.
Strawberry Fields does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
Strawberry Fields continues to focus on expanding its portfolio of healthcare properties and managing its operations through strategic acquisitions and financial management.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Strawberry Fields REIT Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.