Chiron Real Estate (NYSE: XRN) details 2025 results, new monthly dividend and 2026 Core FFO outlook
Rhea-AI Filing Summary
Chiron Real Estate Inc., formerly Global Medical REIT, reported 2025 results, updated its capital strategy and completed a corporate rebrand. For 2025, total revenue was $148.2 million and the company recorded a net loss of $6.9 million, driven in part by $13.0 million of property impairments.
FFO attributable to common stockholders and noncontrolling interest was $57.6 million ($3.97 per share and unit), while Core FFO reached $65.8 million ($4.53 per share and unit). Leverage was 44.4% at December 31, 2025, with $653.9 million of consolidated debt at a 3.74% weighted average interest rate and no maturities in 2026 or 2027.
The board kept the annualized common dividend at $3.00 per share but shifted to monthly payments, declaring $0.25 per share for each of April, May and June 2026. The company invested $7.1 million for a 49% interest in an active adult joint venture and set 2026 Core FFO guidance at $4.30 to $4.45 per share and unit. A key tenant, White Rock Medical Center, filed for Chapter 11, and Chiron carried a $1.4 million net receivable from its support efforts.
Positive
- None.
Negative
- None.
Insights
Mixed update: steady Core FFO and balance sheet, but tenant bankruptcy and impairments add risk.
Chiron Real Estate Inc. showed modest operational growth in 2025. Rental revenue rose to
The shift to a monthly common dividend while maintaining a
Risks are evident: a
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported): February 25, 2026 (
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02 | Results of Operations and Financial Condition. |
On February 25, 2026, Chiron Real Estate Inc. (the “Company”) announced its financial position as of December 31, 2025 and operating results for the three months and year ended December 31, 2025 and other related information (the “Earnings Release”). The Company also posted its Fourth Quarter 2025 Earnings Supplemental (the “Supplemental”) to the Company’s website at www.chironre.com. The Earnings Release and Supplemental are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information included in this Item 2.02 of this Current Report on Form 8-K, including the Earnings Release and Supplemental, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
| Item 5.03 | Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. |
On February 19, 2026, the Company filed Articles of Amendment to its charter (the “Amendment”) with the Maryland State Department of Assessments and Taxation and amended and restated its Fourth Amended and Restated Bylaws (as so amended and restated, the “Fifth Amended and Restated Bylaws”), each effective as of 12:01 a.m., Eastern Time, on February 23, 2026, solely to change the Company’s name from Global Medical REIT Inc. to “Chiron Real Estate Inc.” In connection with the name change, the Company, as the sole member of the general partner of Chiron Real Estate LP (the “Operating Partnership”), caused the name of the Operating Partnership to be changed from Global Medical REIT L.P. to Chiron Real Estate LP.
The foregoing description of the Amendment and the Fifth Amended and Restated Bylaws does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment and the Fifth Amended and Restated Bylaws, which are attached hereto as Exhibits 3.1 and 3.2, respectively, and which are incorporated herein by reference.
| Item 7.01 | Regulation FD Disclosure. |
On February 25, 2026, the Company posted a presentation concerning the Company on its website, www.chironre.com, on the “Investor Relations” page. A copy of the investor presentation is furnished as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated herein solely for purposes of this Item 7.01 disclosure. Such investor presentation shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Item 7.01, as well as Exhibit 99.3, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.
| Item 8.01 | Other Events. |
In connection with the name change, effective as of February 23, 2026, the Company’s trading symbols on the New York Stock Exchange changed from “GMRE” to “XRN” for the Company’s common stock, from “GMRE PrA” to “XRN PrA” for the Company’s 7.50% Series A cumulative redeemable preferred stock and from “GMRE PrB” to “XRN PrB” for the Company’s 8.00% Series B cumulative redeemable preferred stock.
Additionally, in connection with the name change, the Company launched a new corporate website on February 23, 2026: www.chironre.com. The Company’s investor relations information, including press releases and links to the Company’s SEC filings, can be found on this website.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
| Exhibit No. | Description |
| 3.1 | Articles of Amendment of the Company, effective as of February 23, 2026 |
| 3.2 | Fifth Amended and Restated Bylaws of the Company, effective as of February 23, 2026 |
| 99.1* | Fourth Quarter 2025 Earnings Release |
| 99.2* | Fourth Quarter 2025 Earnings Supplement |
| 99.3* | Investor Presentation dated February 25, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
*Furnished herewith
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Chiron Real Estate Inc. | ||
| By: | /s/ Jamie A. Barber | |
| Jamie A. Barber | ||
| Secretary and General Counsel | ||
| Date: February 25, 2026 | ||
Exhibit 99.1
Chiron Real Estate Inc. Announces Fourth Quarter and Full Year 2025 Financial Results
–Completes Corporate Rebrand–
–Announces 2026 Strategic Objectives & Full Year 2026 Core FFO Guidance–
–Announces Change from Quarterly to Monthly Dividends–
Bethesda, MD – February 25, 2026 – (BUSINESS WIRE) – Chiron Real Estate Inc. (NYSE: XRN) (the “Company” or “Chiron”), today announced financial results for the three and twelve months ended December 31, 2025 and other data.
Mark Decker, Jr., Chief Executive Officer and President stated, “We’re about eight months into the transformation of the business and we are making great progress. I’m grateful for all the hard work that’s produced these early results and the support of our Board. We can see the business we want and a path to get there. As this quarter demonstrates, we have a strong portfolio supporting our plan.”
NOTE: All share and per share data have been adjusted for all periods presented to reflect the Company’s one-for-five reverse stock split that was effective September 19, 2025.
Fourth Quarter 2025 and Other Highlights
| · | Reported quarterly net loss attributable to common stockholders of $7.4 million, or $0.55 per diluted share, as compared to net income of $1.4 million, or $0.10 per diluted share, in the comparable prior year period. |
| · | Reported quarterly funds from operations attributable to common stockholders and noncontrolling interest (“FFO”) of $0.97 per share and unit, as compared to $0.77 per share and unit in the comparable prior year period, representing a 26% year-over-year increase. |
| · | Reported core funds from operations attributable to common stockholders and noncontrolling interest (“Core FFO”) of $1.16 per share and unit, as compared to $1.09 per share and unit, in the comparable prior year period, representing a 6.4% year-over-year increase. |
| · | Fourth quarter same-property cash net operating income (“Same-Property Cash NOI”) growth was 5.4% on a year-over-year basis. |
| · | Year-end portfolio leased occupancy was 96.0%. |
| · | Published an investor presentation outlining Chiron’s recent actions and 2026 Strategic Objectives. |
| · | Announced participation in 2026 Citi Global Property CEO Conference on March 1-4, 2026. |
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Fourth Quarter 2025 Capital Activity
| · | Repurchased 175,634 common shares at an average price of $34.16 per share and an aggregate purchase price of $6.0 million. |
| · | Amended and restated its credit facility to, among other things, extend the maturities of its revolver and Term Loan A components. |
| · | Completed a public offering of 2,050,000 shares of its 8.00% Series B Cumulative Redeemable Preferred Stock (liquidation preference of $25 per share) (the “Series B Preferred Stock”) for gross proceeds of $51.3 million. |
Fourth Quarter 2025 Investment Activity
During the fourth quarter, the Company completed the disposition of two facilities, receiving aggregate gross proceeds of $11.3 million, resulting in an aggregate loss of $0.4 million. Prior to completion of the sale of its facility in Melbourne, FL, the Company recognized an impairment charge of $6.7 million.
Portfolio Update
At year end, the Company’s portfolio was comprised of:
| · | 5.1 million leasable square feet, |
| · | $119.1 million of annualized Cash NOI, |
| · | weighted average lease term (“WALT”) of 5.2 years, |
| · | weighted average annual base rent escalations of 2.1%, and |
| · | 96.0% leased occupancy rate. |
2026 Strategic Objectives
Chiron has provided an investor presentation outlining the decisive actions being taken by the Company to drive shareholder returns, optimize portfolio performance, and position it for sustainable growth. This presentation can be found in the Investor Relations section of the Company’s website at http://www.chironre.com/investor/investor-overview/default.aspx.
Balance Sheet and Capital
At December 31, 2025, consolidated debt outstanding, including borrowings on the credit facility and notes payable (both net of unamortized debt issuance costs), was $653.9 million and the Company’s leverage was 44.4% compared to 47.3% as of September 30, 2025. As of December 31, 2025, the Company’s total debt carried a weighted average interest rate of 3.74% and a weighted average remaining term of 4.1 years, with 75% fixed rate debt. The Company has no debt maturities in 2026 or 2027.
As of February 24, 2026, the Company’s borrowing capacity under the credit facility was $220 million.
Amended and Restated Credit Facility
As previously disclosed, on October 8, 2025, the Company amended and restated its credit facility to, among other things, (i) extend the initial maturity date of the existing $400 million revolver component of the credit facility to October 2029 with two, six-month extension options available at the Company’s election to extend the maturity to October 2030; and (ii) extend the maturity of the existing $350 million Term Loan A, dividing it into three term loans.
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The amended and restated credit facility also removed the previous 0.10% (10 basis point) secured overnight financing rate (“SOFR”) credit spread adjustment on all credit facility borrowings. The credit facility’s pricing grid, $150 million Term Loan B that matures in February 2028, and $500 million accordion remain unchanged.
In connection with the amended and restated credit facility, the Company entered into new, forward-starting interest rate swaps that will fix the three new Term Loan A tranches at a weighted average rate of 4.80% (based on current leverage) starting in May 2026. The existing Term Loan A interest rate swaps will remain in place through their maturities in April 2026.
Stock Repurchase Program
On August 12, 2025, the Company established the Stock Repurchase Program, which provides for purchases by the Company of up to $50 million of shares of the Company’s common stock. The Company is not obligated to repurchase any of its common stock, and, as of December 31, 2025, had repurchased 175,634 shares of its common stock at an average price of $34.16 per share for an aggregate purchase price of $6.0 million. The Company did not repurchase any shares of common stock from January 1, 2026 through February 24, 2026.
ATM Program
The Company did not issue any shares of common stock under its ATM program during the fourth quarter
of 2025 or from January 1, 2026 through February 24, 2026.
Dividends
Common Dividend
Beginning with its next dividend, the Company’s Common Dividend will be paid on a monthly cadence. We believe that this change will provide our investors with reliable monthly income while better aligning with our portfolio cash flows. The annualized dividend rate of $3.00 per share is unchanged.
On February 24, 2026, the Board of Directors (the “Board”) declared a monthly common stock cash dividend of $0.25 per share for each of April, May and June of 2026, representing quarterly cash dividends totaling $0.75 per share. Details of the dividend are contained in the table below:
| Record Date | Payment Date | Per Share Amount | ||
| March 20, 2026 | April 17, 2026 | $0.25 | ||
| April 20, 2026 | May 15, 2026 | $0.25 | ||
| May 20, 2026 | June 12, 2026 | $0.25 |
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Series A Preferred Stock Dividend On February 24, 2026, the Board declared a $0.46875 per share cash dividend to holders of record as of April 15, 2026, of the Company’s Series A Preferred Stock, which will be paid on April 30, 2026. This dividend represents the Company’s quarterly dividend on its Series A Preferred Stock for the period from January 31, 2026 through April 29, 2026.
Series B Preferred Stock Dividend On February 24, 2026, the Board declared a $0.50 per share cash dividend to holders of record as of April 15, 2026, of the Company’s Series B Preferred Stock, which will be paid on April 30, 2026. This dividend represents the Company’s quarterly dividend on its Series B Preferred Stock for the period from January 31, 2026 through April 29, 2026.
Subsequent Events
Inaugural Active Adult Investment
In January 2026, the Company invested $7.1 million for a 49% interest in a joint venture with a luxury housing developer to facilitate the development of a 132-unit, active adult residential community in a suburb of Minneapolis, MN (the “Active Adult Joint Venture”). The Active Adult Joint Venture entered into a construction loan with a principal balance of $31.0 million. The developer is serving as the managing member of the Active Adult Joint Venture, and we expect to complete further investments with this partner in a programmatic fashion.
White Rock Medical Center, LLC
White Rock Medical Center, LLC (“White Rock”), the Company’s tenant at its acute-care hospital in Dallas, Texas, filed for Chapter 11 bankruptcy on January 20, 2026, due to a dispute with White Rock’s former operator. Since taking over the operations in October 2023, the Company has supported White Rock’s stabilization efforts through funding of property tax obligations and reduced lease payments, resulting in a net receivable of approximately $1.4 million.
Although the Company expects the lease to be affirmed, no reorganization plan has been filed and there is no assurance that owed amounts will be recovered.
2026 Guidance
The Company’s full year 2026 Core FFO per share and unit guidance range is $4.30 to $4.45. Guidance is based on the following primary assumptions and other factors:
| · | No additional acquisitions or dispositions other than activity that has been either completed or announced. |
| · | No additional equity or debt issuances other than normal course Revolver net-borrowings. |
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The Company’s 2026 guidance is based on the above and additional assumptions that are subject to change many of which are outside of the Company’s control. There can be no assurance that the Company’s actual results will not be materially different than these expectations. If actual results vary from these assumptions, the Company’s expectations may change.
Core FFO is a non-GAAP financial measure. The Company does not provide a reconciliation of such forward-looking non-GAAP measure to the most directly comparable financial measure calculated and presented in accordance with GAAP because certain information required for such reconciliation is not available without unreasonable efforts due to the difficulty of projecting event-driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.
2026 Annual Meeting
On February 24, 2026, the Board approved the meeting and record dates for the Company’s 2026 Annual Stockholders’ Meeting. The Meeting will be held virtually on Wednesday, May 20, 2026. Stockholders of record as of March 25, 2026 will be eligible to vote at the Meeting.
Supplemental Information
Details regarding these results can be found in the Company’s supplemental financial package available on the Investor Relations section of the Company’s website at http://www.chironre.com/investor/investor-overview/default.aspx.
Conference Call and Webcast Information
The Company will host a live webcast and conference call on Thursday, February 26, 2026 at 9:00 a.m. Eastern Time. The webcast is located on the “Investor Relations” section of the Company’s website at http://www.chironre.com/investor/investor-overview/default.aspx.
To Participate via Telephone:
Dial in at least five minutes prior to start time and reference Chiron Real Estate Inc.
Domestic: 1-877-704-4453
International: 1-201-389-0920
Replay:
An audio replay of the conference call will be posted on the Company’s website.
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Non-GAAP Financial Measures
General
Management considers certain non-GAAP financial measures to be useful supplemental measures of the Company's operating performance. For the Company, non-GAAP measures consist of Funds From Operations attributable to common stockholders and noncontrolling interest (“FFO”), Core FFO (formerly Adjusted Funds From Operations), Funds Available For Distribution attributable to common stockholders and noncontrolling interest (“FAD”), Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre” and “Adjusted EBITDAre”), Net Operating Income (“NOI”), Cash NOI and Same-Property Cash NOI. A non-GAAP financial measure is generally defined as one that purports to measure financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP. The Company reports non-GAAP financial measures because these measures are observed by management to also be among the most predominant measures used by the REIT industry and by industry analysts to evaluate REITs. For these reasons, management deems it appropriate to disclose and discuss these non-GAAP financial measures.
The non-GAAP financial measures presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions. These measures should not be considered as alternatives to net income, as indicators of the Company's financial performance, or as alternatives to cash flow from operating activities as measures of the Company's liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of the Company's needs. Management believes that in order to facilitate a clear understanding of the Company's historical consolidated operating results, these measures should be examined in conjunction with net income and cash flows from operations as presented elsewhere herein.
FFO and Core FFO
FFO and Core FFO are non-GAAP financial measures within the meaning of the rules of the United States Securities and Exchange Commission (“SEC”). The Company considers FFO and Core FFO to be important supplemental measures of its operating performance and believes FFO is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. In accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, FFO means net income or loss computed in accordance with GAAP before noncontrolling interests of holders of OP units and LTIP units, excluding gains (or losses) from sales of property and extraordinary items, property impairment losses, less preferred stock dividends, plus real estate-related depreciation and amortization (excluding amortization of debt issuance costs and the amortization of above and below market leases), and after adjustments for unconsolidated partnerships and joint ventures calculated to reflect FFO on the same basis. Because FFO excludes real estate-related depreciation and amortization (other than amortization of debt issuance costs and above and below market lease amortization expense), the Company believes that FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from the closest GAAP measurement, net income or loss.
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Core FFO is a non-GAAP measure used by many investors and analysts to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations. Management calculates Core FFO by modifying the NAREIT computation of FFO by adjusting it for certain cash and non-cash items and certain recurring and non-recurring items. For the Company these items include: (a) recurring acquisition and disposition costs, (b) loss on the extinguishment of debt, (c) recurring straight line deferred rental revenue, (d) recurring stock-based compensation expense, (e) recurring amortization of above and below market leases, (f) recurring amortization of debt issuance costs, (g) severance and transition related expense, (h) reverse stock split expense and (i) other items related to unconsolidated partnerships and joint ventures.
Management believes that reporting Core FFO in addition to FFO is a useful supplemental measure for the investment community to use when evaluating the operating performance of the Company on a comparative basis.
FAD
We calculate FAD by subtracting from Core FFO capital expenditures, including tenant improvements, and leasing commissions. Management believes FAD is useful in analyzing the portion of cash flow that is available for distribution to stockholders and unitholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend potential. The FAD payout ratio, which represents annual distributions to common stockholders and unitholders expressed as a percentage of FAD, facilitates the comparison of dividend coverage between REITs.
EBITDAre and Adjusted EBITDAre
We calculate EBITDAre in accordance with standards established by NAREIT and define EBITDAre as net income or loss computed in accordance with GAAP plus depreciation and amortization, interest expense, gain or loss on the sale of investment properties, property impairment losses, and adjustments for unconsolidated partnerships and joint ventures to reflect EBITDAre on the same basis, as applicable.
We define Adjusted EBITDAre as EBITDAre plus loss on extinguishment of debt, non-cash stock compensation expense, non-cash intangible amortization related to above and below market leases, severance and transition related expense, reverse stock split expense, transaction expense, adjustments related to our investments in unconsolidated joint ventures, and other normalizing items. Management considers EBITDAre and Adjusted EBITDAre important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt.
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NOI, Cash NOI and Same-Property Cash NOI
We consider net operating income, or NOI, to be an appropriate supplemental measure to net income because it helps both investors and management understand the core operations of our properties. We define NOI as total net (loss) income, plus depreciation and amortization expenses, general and administrative expenses, transactions expenses, impairments, gain/loss on sale of real estate, interest expense, and other non-operating items. Cash NOI and Same-Property Cash NOI are key performance indicators. Management considers these to be supplemental measures that allow investors, analysts and Company management to measure unlevered property-level cash operating results. The Company defines Cash NOI as NOI excluding non-cash items such as above and below market lease intangibles and straight-line rent. Cash NOI is historical and not necessarily indicative of future results.
Same-Property Cash NOI compares Cash NOI for stabilized properties. Stabilized properties are properties that have been included in operations for the duration of the year-over-year comparison period presented. Accordingly, stabilized properties exclude properties that were recently acquired or disposed of, properties classified as held for sale, properties undergoing redevelopment, and newly redeveloped or developed properties. Same-Property Cash NOI also excludes lease terminations fees and joint venture and other income in order to remove non-recurring items and joint venture-related income from our NOI.
Forward-Looking Statements
Certain statements contained herein may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and it is the Company’s intent that any such statements be protected by the safe harbor created thereby. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "plan," "predict," "project," "will," "continue" and other similar terms and phrases, including references to assumptions and forecasts of future results. Except for historical information, the statements set forth herein including, but not limited to, any statements regarding our earnings, our liquidity, our tenants’ ability to pay rent to us, expected financial performance (including future cash flows associated with our joint venture or new tenants or the expansion of current properties), 2026 Core FFO guidance, future dividends, interest rates or other financial items; any other statements concerning our plans, strategies, objectives and expectations for future operations and future portfolio occupancy rates, our pipeline of acquisition opportunities and expected acquisition activity, including the timing and/or successful completion of any acquisitions and expected rent receipts on these properties, our expected disposition activity, including the timing and/or successful completion of any dispositions and the expected use of proceeds therefrom, and any statements regarding future economic conditions or performance are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although the Company believes that the expectations, estimates and assumptions reflected in its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of the Company’s forward-looking statements. Additional information concerning us and our business, including additional factors that could materially and adversely affect our financial results, include, without limitation, the risks described under Part I, Item 1A - Risk Factors, in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and in our other filings with the SEC. You are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and undertakes no obligation, to update any forward-looking statement.
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About Chiron
Chiron is a real estate investment trust (“REIT”) focused on investing in the future of healthcare. At Chiron we strive to deliver value at the intersection of care, capital and real estate. Additional information about Chiron can be obtained on its website at www.chironre.com.
Investor Relations
Email: Investors@chironre.com
Phone: 202-524-6869
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CHIRON REAL ESTATE INC.
Condensed Consolidated Balance Sheets
(Unaudited, and in thousands, except par values)
| As of | ||||||||
| December 31, 2025 |
December 31, 2024 |
|||||||
| Assets | ||||||||
| Investment in real estate: | ||||||||
| Land | $ | 169,917 | $ | 174,300 | ||||
| Building | 1,072,124 | 1,044,019 | ||||||
| Site improvements | 25,741 | 23,973 | ||||||
| Tenant improvements | 80,397 | 69,679 | ||||||
| Acquired lease intangible assets | 144,573 | 138,945 | ||||||
| 1,492,752 | 1,450,916 | |||||||
| Less: accumulated depreciation and amortization | (338,096 | ) | (288,921 | ) | ||||
| Investment in real estate, net | 1,154,656 | 1,161,995 | ||||||
| Cash and cash equivalents | 9,084 | 6,815 | ||||||
| Restricted cash | 2,805 | 2,127 | ||||||
| Tenant receivables, net | 7,225 | 7,424 | ||||||
| Due from related parties | 162 | 270 | ||||||
| Escrow deposits | 556 | 711 | ||||||
| Deferred assets | 28,907 | 28,208 | ||||||
| Derivative assets | 6,102 | 18,613 | ||||||
| Goodwill | 5,903 | 5,903 | ||||||
| Investment in unconsolidated joint venture | 1,781 | 2,066 | ||||||
| Other assets | 25,284 | 22,354 | ||||||
| Total assets | $ | 1,242,465 | $ | 1,256,486 | ||||
| Liabilities and Equity | ||||||||
| Liabilities: | ||||||||
| Credit Facility, net of unamortized debt issuance costs of $10,476 and $4,868 at December 31, 2025 and December 31, 2024, respectively | $ | 652,699 | $ | 631,732 | ||||
| Notes payable, net of unamortized debt issuance costs of $0 and $22 at December 31, 2025 and December 31, 2024, respectively | 1,153 | 14,399 | ||||||
| Accounts payable and accrued expenses | 18,289 | 16,468 | ||||||
| Dividends payable | 12,484 | 16,520 | ||||||
| Security deposits | 3,421 | 3,324 | ||||||
| Other liabilities | 19,410 | 14,191 | ||||||
| Acquired lease intangible liability, net | 4,944 | 3,936 | ||||||
| Total liabilities | 712,400 | 700,570 | ||||||
| Commitments and Contingencies | ||||||||
| Equity: | ||||||||
| Preferred stock, $0.001 par value, 10,000 shares authorized; 5,155 shares and 3,105 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively (liquidation preference of $128,875 and $77,625 at December 31, 2025 and December 31, 2024, respectively) | 124,106 | 74,959 | ||||||
| Common stock, $0.001 par value, 100,000 shares authorized; 13,235 shares and 13,374 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 13 | 13 | ||||||
| Additional paid-in capital | 729,514 | 734,277 | ||||||
| Accumulated deficit | (349,965 | ) | (293,736 | ) | ||||
| Accumulated other comprehensive income | 6,102 | 18,613 | ||||||
| Total Chiron Real Estate Inc. stockholders' equity | 509,770 | 534,126 | ||||||
| Noncontrolling interest | 20,295 | 21,790 | ||||||
| Total equity | 530,065 | 555,916 | ||||||
| Total liabilities and equity | $ | 1,242,465 | $ | 1,256,486 | ||||
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CHIRON REAL ESTATE INC.
Condensed Consolidated Statements of Operations
(Unaudited, and in thousands, except per share amounts)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | ||||||||||||||||
| Rental revenue | $ | 38,171 | $ | 34,953 | $ | 147,682 | $ | 138,410 | ||||||||
| Other income | 221 | 204 | 526 | 370 | ||||||||||||
| Total revenue | 38,392 | 35,157 | 148,208 | 138,780 | ||||||||||||
| Expenses | ||||||||||||||||
| General and administrative | 5,493 | 7,707 | 19,998 | 21,123 | ||||||||||||
| Operating expenses | 8,595 | 7,196 | 32,620 | 29,251 | ||||||||||||
| Depreciation expense | 11,198 | 10,193 | 44,025 | 40,427 | ||||||||||||
| Amortization expense | 3,718 | 3,445 | 15,017 | 14,932 | ||||||||||||
| Interest expense | 8,403 | 7,571 | 31,754 | 28,689 | ||||||||||||
| Transaction expense | — | 155 | — | 155 | ||||||||||||
| Total expenses | 37,407 | 36,267 | 143,414 | 134,577 | ||||||||||||
| Income before other income (expense) | 985 | (1,110 | ) | 4,794 | 4,203 | |||||||||||
| Gain (Loss) on sale of investment properties | (372 | ) | 5,765 | 1,487 | 4,205 | |||||||||||
| Impairment of investment properties | (6,733 | ) | (1,696 | ) | (13,014 | ) | (1,696 | ) | ||||||||
| Equity loss from unconsolidated joint venture | (27 | ) | (20 | ) | (150 | ) | (20 | ) | ||||||||
| Net (loss) income | $ | (6,147 | ) | $ | 2,939 | $ | (6,883 | ) | $ | 6,692 | ||||||
| Less: Preferred stock dividends | (1,915 | ) | (1,455 | ) | (6,280 | ) | (5,822 | ) | ||||||||
| Less: Net loss (income) attributable to noncontrolling interest | 643 | (110 | ) | 1,047 | (59 | ) | ||||||||||
| Net (loss) income attributable to common stockholders | $ | (7,419 | ) | $ | 1,374 | $ | (12,116 | ) | $ | 811 | ||||||
| Net (loss) income attributable to common stockholders per share – basic and diluted | $ | (0.55 | ) | $ | 0.10 | $ | (0.91 | ) | $ | 0.06 | ||||||
| Weighted average common shares outstanding – basic and diluted | 13,371 | 13,368 | 13,379 | 13,187 | ||||||||||||
11
Chiron Real Estate Inc.
Reconciliation of Net Income to FFO, Core FFO and FAD
(Unaudited, and in thousands, except per share and unit amounts)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net (loss) income | $ | (6,147 | ) | $ | 2,939 | $ | (6,883 | ) | $ | 6,692 | ||||||
| Less: Preferred stock dividends | (1,915 | ) | (1,455 | ) | (6,280 | ) | (5,822 | ) | ||||||||
| Depreciation and amortization expense | 14,892 | 13,616 | 58,947 | 55,226 | ||||||||||||
| Depreciation and amortization expense from unconsolidated joint venture | 73 | 20 | 268 | 20 | ||||||||||||
| (Gain) loss on sale of investment properties | (372 | ) | (5,765 | ) | (1,487 | ) | (4,205 | ) | ||||||||
| Impairment of investment property | 6,733 | 1,696 | 13,014 | 1,696 | ||||||||||||
| FFO attributable to common stockholders and noncontrolling interest | $ | 14,008 | $ | 11,051 | $ | 57,579 | $ | 53,607 | ||||||||
| Amortization of above market leases, net | 143 | 389 | 648 | 1,171 | ||||||||||||
| Straight line deferred rental revenue | (252 | ) | (827 | ) | (1,120 | ) | (2,091 | ) | ||||||||
| Stock-based compensation expense | 1,410 | 1,276 | 4,496 | 5,102 | ||||||||||||
| Amortization of debt issuance costs and other | 1,322 | 559 | 2,994 | 2,243 | ||||||||||||
| Severance and transition related expense | 273 | 3,176 | 944 | 3,176 | ||||||||||||
| Reverse stock split expense | — | — | 170 | — | ||||||||||||
| Other adjustments from unconsolidated joint venture | (6 | ) | — | 45 | — | |||||||||||
| Transaction expense | — | 155 | — | 155 | ||||||||||||
| Core FFO attributable to common stockholders and noncontrolling interest | $ | 16,898 | $ | 15,779 | $ | 65,756 | $ | 63,363 | ||||||||
| Net (loss) income attributable to common stockholders per share – basic and diluted | $ | (0.55 | ) | $ | 0.10 | $ | (0.91 | ) | $ | 0.06 | ||||||
| FFO attributable to common stockholders and noncontrolling interest per share and unit | $ | 0.97 | $ | 0.77 | $ | 3.97 | $ | 3.76 | ||||||||
| Core FFO attributable to common stockholders and noncontrolling interest per share and unit | $ | 1.16 | $ | 1.09 | $ | 4.53 | $ | 4.44 | ||||||||
| Weighted Average Shares and Units Outstanding – basic and diluted | 14,516 | 14,442 | 14,512 | 14,264 | ||||||||||||
| Weighted Average Shares and Units Outstanding: | ||||||||||||||||
| Weighted Average Common Shares | 13,371 | 13,367 | 13,379 | 13,187 | ||||||||||||
| Weighted Average OP Units | 444 | 449 | 447 | 449 | ||||||||||||
| Weighted Average LTIP Units | 701 | 626 | 686 | 628 | ||||||||||||
| Weighted Average Shares and Units Outstanding – basic and diluted | 14,516 | 14,442 | 14,512 | 14,264 | ||||||||||||
| Core FFO attributable to common stockholders and noncontrolling interest | $ | 16,898 | $ | 15,779 | $ | 65,756 | $ | 63,363 | ||||||||
| Tenant improvements | (1,066 | ) | (1,650 | ) | (4,249 | ) | (5,833 | ) | ||||||||
| Leasing commissions | (394 | ) | (2,803 | ) | (2,203 | ) | (5,738 | ) | ||||||||
| Building capital | (2,247 | ) | (1,823 | ) | (6,924 | ) | (7,612 | ) | ||||||||
| FAD attributable to common stockholders and noncontrolling interest | $ | 13,191 | $ | 9,503 | $ | 52,380 | $ | 44,180 | ||||||||
12
Chiron Real Estate Inc.
Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre
(Unaudited, and in thousands)
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net (loss) income | $ | (6,147 | ) | $ | 2,939 | $ | (6,883 | ) | $ | 6,692 | ||||||
| Interest expense | 8,403 | 7,571 | 31,754 | 28,689 | ||||||||||||
| Depreciation and amortization expense | 14,916 | 13,638 | 59,042 | 55,359 | ||||||||||||
| Unconsolidated joint venture EBITDAre adjustments (1) | 113 | — | 424 | 20 | ||||||||||||
| (Gain) Loss on sale of investment properties | 372 | (5,765 | ) | (1,487 | ) | (4,205 | ) | |||||||||
| Impairment of investment properties | 6,733 | 1,696 | 13,014 | 1,696 | ||||||||||||
| EBITDAre | $ | 24,390 | $ | 20,099 | $ | 95,864 | $ | 88,251 | ||||||||
| Stock-based compensation expense | 1,410 | 1,276 | 4,496 | 5,102 | ||||||||||||
| Amortization of above market leases, net | 143 | 389 | 648 | 1,171 | ||||||||||||
| Severance and transition related expense | 273 | 3,176 | 944 | 3,176 | ||||||||||||
| Reverse stock split expense | — | — | 170 | — | ||||||||||||
| Interest rate swap mark-to-market at unconsolidated joint Venture | (5 | ) | — | 49 | — | |||||||||||
| Transaction expense | — | 155 | — | 155 | ||||||||||||
| Adjusted EBITDAre | $ | 26,211 | $ | 25,095 | $ | 102,171 | $ | 97,855 | ||||||||
| (1) | Includes joint venture interest, depreciation and amortization, and gain on sale of investment properties, if applicable, included in joint venture net income or loss. |
13
Chiron Real Estate Inc.
Reconciliation of Net Income to NOI, Cash NOI and Same-Property Cash NOI
(Unaudited, and in thousands)
| Three Months Ended December 31, |
||||||||
| 2025 | 2024 | |||||||
| Net (loss) income | $ | (6,147 | ) | $ | 2,939 | |||
| General and administrative expense | 5,493 | 7,707 | ||||||
| Depreciation and amortization expense | 14,916 | 13,638 | ||||||
| Interest expense | 8,403 | 7,571 | ||||||
| Transaction expense | — | 155 | ||||||
| (Gain) loss on sale of investment properties | 372 | (5,765 | ) | |||||
| Impairment of investment property | 6,733 | 1,696 | ||||||
| Proportionate Share of Unconsol. JV Adj. | 106 | 30 | ||||||
| NOI | $ | 29,876 | $ | 27,971 | ||||
| Amortization of above market leases, net | 143 | 389 | ||||||
| Straight line deferred rental revenue | (252 | ) | (827 | ) | ||||
| Proportionate Share of Unconsol. JV Adj. | (2 | ) | — | |||||
| Cash NOI | $ | 29,765 | $ | 27,533 | ||||
| Assets not held for all periods | (2,883 | ) | (2,097 | ) | ||||
| Lease termination fees | (125 | ) | — | |||||
| Joint venture and other income | (173 | ) | (204 | ) | ||||
| Same-property cash NOI | $ | 26,583 | $ | 25,222 | ||||
14
Exhibit 99.2
| Q4 2025 Earnings Supplemental December 31, 2025 |
| About Chiron 3 Quarterly Highlights 4 Consolidated Balance Sheets 5 Consolidated Statements of Operations 6 Reconciliations of Non-GAAP Measures Funds From Operations, Core FFO, and Funds Available for Distribution 7 Net Operating Income, Cash Net Operating Income, and Adjusted EBITDAre 8 Capitalization Summary 9 Leverage Statistics and Selected Debt Covenant Performance 10 Portfolio Information Portfolio Overview 11 Same Property Performance and Reconciliations 12 Lease Expiration Schedule and Leasing Rollforward 13 Portfolio Concentrations 14 Investment Activity and Capital Expenditures 15 Components of Net Asset Value 16 Definitions 17-19 *All per share , per share and unit, and weighted average share and unit amounts have been adjusted to reflect the impact of the Reverse Stock Split. Table of Contents Fourth Quarter 2025 Supplemental Reporting 2 Certain statements contained herein may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and it is the Company’s intent that any such statements be protected by the safe harbor created thereby. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future results. Except for historical information, the statements set forth herein including, but not limited to, any statements regarding our earnings, our liquidity, our tenants’ ability to pay rent to us, our ability to refinance our indebtedness, expected financial performance (including future cash flows associated with our joint venture, new tenants or the expansion of current properties), 2026 Core FFO guidance, future dividends, interest rates or other financial items; any other statements concerning our plans, strategies, objectives and expectations for future operations and future portfolio occupancy rates, our pipeline of acquisition opportunities and expected acquisition activity, including the timing and/or successful completion of any acquisitions and expected rent receipts on these properties, our expected disposition activity, including the timing and/or successful completion of any dispositions and the expected use of proceeds therefrom; and any statements regarding future economic conditions or performance are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although the Company believes that the expectations, estimates and assumptions reflected in its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of the Company’s forward-looking statements. Additional information concerning us and our business, including additional factors that could materially and adversely affect our financial results, include, without limitation, the risks described under Part I, Item 1A - Risk Factors, in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and in our other filings with the SEC. You are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and undertakes no obligation, to update any forward-looking statement. FORWARD-LOOKING STATEMENTS |
| About Chiron Fourth Quarter 2025 Supplemental Reporting 3 Chiron Real Estate (NYSE: XRN) is a real estate investment trust (REIT) focused on investing in the future of healthcare. At Chiron, we strive to deliver value at the intersection of care, capital and real estate. $1.5bn $119m 189 5.1m Gross Assets Cash NOI (Annualized) Property Count Square Feet Mark Decker, Jr. Chief Executive Officer & President Robert Kiernan Chief Financial Officer & Treasurer Alfonzo Leon Chief Investment Officer Danica Holley Chief Operating Officer Jamie Barber General Counsel Executive Officers Guarav Mehta Alliance Global Partners John Massocca B Riley Wes Golladay Baird Juan Sanabria BMO Kai Klose Berenberg Aaron Hecht Citizens Barry Oxford Colliers Merrill Ross Compass Point Austin Wurschmidt Keybanc Analyst Coverage Jeffrey Busch Chairman of the Board Henry Cole ESG Committee Chair Paula Crowley Compensation Committee Chair Matthew Cypher, Ph.D. Nominating & Corporate Governance Committee Chair Mark Decker, Jr. Chief Executive Officer & President Ronald Marston Director Lori Wittman Lead Independent Director, Audit Committee Chair Zhang Huiqi Director Board of Directors Contact Investor Relations Email: investors@chironre.com Website: www.chironre.com Phone: 202.524.6869 Transfer Agent Equiniti Trust Company – 800.468.9716 |
| Quarterly Highlights Fourth Quarter 2025 Supplemental Reporting 4 Company Announcements • The Company changed its name to Chiron Real Estate Inc. and adopt the new ticker symbol XRN effective February 23, 2026, rebranding with a refreshed mission and values: to deliver value at the intersection of care, capital and real estate. • Published an investor presentation outlining Chiron’s recent actions and 2026 Strategic Objectives. • Beginning with its next dividend, Chiron’s common dividend will be paid on a monthly cadence. The annualized dividend rate of $3.00 per share is unchanged. Operating Highlights • Reported quarterly net loss attributable to common stockholders of $7.4 million, or $0.55 per diluted share, as compared to net income of $1.4 million, or $0.10 per diluted share, in the comparable prior year period. • Reported quarterly funds from operations attributable to common stockholders and noncontrolling interest (“FFO”) of $0.97 per share and unit, as compared to $0.77 per share and unit in the comparable prior year period, representing a 26% year-over-year increase. • Reported core funds from operations attributable to common stockholders and noncontrolling interest (“Core FFO”) of $1.16 per share and unit, as compared to $1.09 per share and unit, in the comparable prior year period, representing a 6.4% year-over-year increase. • Fourth quarter same-property cash net operating income (“Same-Property Cash NOI”) growth was 5.4% on a year-over-year basis. • Year-end portfolio leased occupancy was 96.0%. Fourth Quarter Capital Markets and Debt Activity • Repurchased 175,634 common shares at an average price of $34.16 per share and an aggregate purchase price of $6.0 million. • Amended and restated its credit facility to, among other things, extend the maturities of its revolver and Term Loan A components. • Completed a public offering of 2,050,000 shares of its 8.00% Series B Cumulative Redeemable Preferred Stock (liquidation preference of $25 per share) (the “Series B Preferred Stock”) for gross proceeds of $51.3 million. Fourth Quarter Investment Highlights • During the fourth quarter, the Company completed the disposition of two facilities, receiving aggregate gross proceeds of $11.3 million, resulting in an aggregate loss of $0.4 million. Prior to completion of the sale of its facility in Melbourne, FL, the Company recognized an impairment charge of $6.7 million. *All per share , per share and unit, and weighted average share and unit amounts have been adjusted to reflect the impact of the Reverse Stock Split. |
| Liabilities and Equity 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Credit Facility, net $ 652,699 $ 708,482 $ 698,832 $ 662,782 $ 631,732 Notes Payable, net 1,153 1,153 14,153 14,248 14,399 Accounts Payable and Accrued Expenses 18,289 17,808 19,006 14,519 16,468 Dividends Payable 12,484 12,051 11,985 16,597 16,520 Acquired Lease Intangible Liabilities, net 4,944 5,516 6,117 3,902 3,936 Other Liabilities 22,831 22,400 21,845 19,404 17,515 Total Liabilities $ 712,400 $ 767,410 $ 771,938 $ 731,452 $ 700,570 Preferred Stock 124,106 74,959 74,959 74,959 74,959 Common Stock 13 13 13 13 13 Additional Paid-in Capital 729,514 735,416 734,344 734,344 734,277 Accumulated Deficit (349,965) (332,566) (316,510) (305,677) (293,736) Accumulated Other Comprehensive Income 6,102 7,467 10,396 13,713 18,613 Total Chiron Stockholders’ Equity $ 509,770 $ 485,289 $ 503,202 $ 517,352 $ 534,126 Noncontrolling Interest 20,295 20,539 21,819 20,751 21,790 Total Equity $ 530,065 $ 505,828 $ 525,021 $ 538,103 $ 555,916 Total Liabilities and Equity $ 1,242,465 $ 1,273,238 $ 1,296,959 $ 1,269,555 $ 1,256,486 Assets 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Land $ 169,917 $ 171,349 $ 173,123 $ 173,293 $ 174,300 Building 1,072,124 1,087,622 1,095,324 1,064,782 1,044,019 Site Improvements 25,741 25,065 24,966 24,266 23,973 Tenant Improvements 80,397 79,979 80,019 75,023 69,679 Acquired Lease Intangible Assets 144,573 144,696 147,376 141,828 138,945 Gross Real Estate Assets $ 1,492,752 $ 1,508,711 $ 1,520,808 $ 1,479,192 $ 1,450,916 Accumulated Depreciation and Amortization (338,096) (327,248) (316,649) (301,190) (288,921) Investment in Real Estate, net $ 1,154,656 $ 1,181,463 $ 1,204,159 $ 1,178,002 $ 1,161,995 Cash and Cash Equivalents 9,084 7,123 6,580 5,412 6,815 Restricted Cash 2,805 2,717 2,646 2,176 2,127 Tenant Receivables, net 7,225 7,945 7,826 8,104 7,424 Deferred Assets 28,907 29,205 28,672 28,251 28,208 Derivative Assets 6,102 7,467 10,396 13,713 18,613 Investment in Unconsolidated Joint Venture 1,781 1,846 1,917 1,992 2,066 Other Assets 31,905 35,472 34,763 31,905 29,238 Total Assets $ 1,242,465 $ 1,273,238 $ 1,296,959 $ 1,269,555 $ 1,256,486 Consolidated Balance Sheets (Amounts in thousands) Fourth Quarter 2025 Supplemental Reporting 5 |
| Consolidated Statements of Operations (Amounts in thousands, except per-share data) Fourth Quarter 2025 Supplemental Reporting 6 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Revenues Rental Revenue $ 38,171 $ 37,036 $ 37,880 $ 34,595 $ 34,953 Other Income 221 193 89 23 204 Total Revenues $ 38,392 $ 37,229 $ 37,969 $ 34,618 $ 35,157 Expenses General and Administrative 5,493 4,860 6,025 3,620 7,707 Operating Expenses 8,595 8,224 8,216 7,585 7,196 Depreciation and Amortization Expense 14,916 15,008 15,291 13,827 13,638 Interest Expense 8,403 8,175 8,009 7,167 7,571 Transaction Expense -- -- -- -- 155 Total Expenses $ 37,407 $ 36,267 $ 37,541 $ 32,199 $ 36,267 Other Income (Expense) Gain (Loss) on Sale of Investment Properties (372) 294 207 1,358 5,765 Impairment of Investment Properties (6,733) (6,281) -- -- (1,696) Equity Loss from Unconsolidated Joint Venture (27) (33) (50) (40) (20) Total Other Income (Expense) $ (7,132) $ (6,020) $ 157 $ 1,318 $ 4,049 Net (Loss) Income $ (6,147) $ (5,058) $ 585 $ 3,737 $ 2,939 Preferred Stock Dividends (1,915) (1,455) (1,455) (1,455) (1,455) Net Loss (Income) Attributable to Noncontrolling Interest 643 512 70 (178) (110) Net (Loss) Income Attributable to Common Stockholders $ (7,419) $ (6,001) $ (800) $ 2,104 $ 1,374 Net (Loss) Income Attributable to Common Stockholders per Share – Basic and Diluted $ (0.55) $ (0.45) $ (0.06) $ 0.16 $ 0.10 Weighted Average Common Shares Outstanding – Basic and Diluted 13,371 13,393 13,376 13,375 13,367 |
| FFO, Core FFO, FAD 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Net (Loss) Income $ (6,147) $ (5,058) $ 585 $ 3,737 $ 2,939 Preferred Stock Dividends (1,915) (1,455) (1,455) (1,455) (1,455) Depreciation and Amortization Expense 14,892 14,983 15,266 13,806 13,616 (Gain) Loss on Sale of Investment Properties 372 (294) (207) (1,358) (5,765) Impairment of Investment Properties 6,733 6,281 -- -- 1,696 Depreciation and Amortization Expense from Unconsolidated Joint Venture 73 73 73 49 20 FFO Attributable to Common Shares & NCI $ 14,008 $ 14,530 $ 14,262 $ 14,779 $ 11,051 Amortization of Above (Below) Market Leases 143 113 (60) 452 389 Straight Line Deferred Rental Revenue (252) (332) (479) (57) (827) Stock-Based Compensation Expense 1,410 1,207 1,728 151 1,276 Amortization of Debt Issuance Costs and Other 1,322 554 559 559 559 Severance and Transition Related Expense 273 -- 567 104 3,176 Reverse Stock Split Expense -- 170 -- -- -- Transaction Expense -- -- -- -- 155 Other Adjustments from Unconsolidated Joint Venture (6) -- 20 31 -- Core FFO Attributable to Common Shares & NCI $ 16,898 $ 16,242 $ 16,597 $ 16,019 $ 15,779 Total Capital Expenditures: Tenant Improvements (1,066) (1,601) (878) (704) (1,650) Leasing Commissions (394) (1,136) (558) (115) (2,803) Building Capital (2,247) (1,683) (1,087) (1,907) (1,823) FAD Attributable to Common Shares & NCI $ 13,191 $ 11,822 $ 14,074 $ 13,293 $ 9,503 Weighted Average Shares and Units Outstanding: Weighted Average Common Shares 13,371 13,393 13,376 13,375 13,367 Weighted Average OP Units 444 447 449 449 449 Weighted Average LTIP Units 701 714 705 651 626 Weighted Average Shares & Units Outstanding - Basic and Diluted 14,516 14,554 14,530 14,475 14,442 Per Share Amounts (Basic and Diluted): Net (Loss) Income Per Share $ (0.55) $ (0.45) $ (0.06) $ 0.16 $ 0.10 FFO Per Share and Unit $ 0.97 $ 1.00 $ 0.98 $ 1.02 $ 0.77 Core FFO Per Share and Unit $ 1.16 $ 1.12 $ 1.14 $ 1.11 $ 1.09 Reconciliation of Non-GAAP Measures (Amounts in thousands, except per-share data) Fourth Quarter 2025 Supplemental Reporting 7 |
| EBITDAre and Adj. EBITDAre 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Net (loss) Income $ (6,147) $ (5,058) $ 585 $ 3,737 $ 2,939 Interest Expense 8,403 8,175 8,009 7,167 7,571 Depreciation and Amortization 14,916 15,008 15,291 13,827 13,638 Unconsolidated Joint Venture EBITDA Adjustments 113 112 114 85 20 (Gain) Loss on Sale of Investment Properties 372 (294) (207) (1,358) (5,765) Impairment of Investment Properties 6,733 6,281 -- -- 1,696 EBITDAre $ 24,390 $ 24,224 $ 23,792 $ 23,458 $ 20,099 Amortization of Above (Below) Market Leases 143 113 (60) 452 389 Stock-Based Compensation Expense 1,410 1,207 1,728 151 1,276 Severance and Transition Related Expense 273 -- 567 104 3,176 Reverse Stock Split Expense -- 170 -- -- -- Transaction Expense -- -- -- -- 155 Interest Rate Swap Mark-to-Market at Unconsolidated Joint Venture (5) -- 19 35 -- Adjusted EBITDAre $ 26,211 $ 25,714 $ 26,046 $ 24,200 $ 25,095 Adjusted EBITDAre, Annualized $ 104,844 $ 102,856 $ 104,184 $ 96,800 $ 100,380 NOI and Cash NOI 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Net (Loss) Income $ (6,147) $ (5,058) $ 585 $ 3,737 $ 2,939 General and Administrative Expense 5,493 4,860 6,025 3,620 7,707 Depreciation and Amortization Expense 14,916 15,008 15,291 13,827 13,638 Interest Expense 8,403 8,175 8,009 7,167 7,571 Transaction Expense -- -- -- -- 155 Loss (Gain) on Sale of Investment Properties 372 (294) (207) (1,358) (5,765) Impairment of Investment Properties 6,733 6,281 -- -- 1,696 Proportionate Share of Unconsol. JV Adj. 106 113 133 120 30 NOI $ 29,876 $ 29,085 $ 29,836 $ 27,113 $ 27,971 Amort. of Above (Below) Market Leases 143 113 (60) 452 389 Straight Line Deferred Rental Revenue (252) (332) (479) (57) (827) Proportionate Share of Unconsol. JV Adj. (2) (2) (3) (5) -- Cash NOI $ 29,765 $ 28,864 $ 29,294 $ 27,503 $ 27,533 Reconciliation of Non-GAAP Measures (continued) (Amounts in thousands) Fourth Quarter 2025 Supplemental Reporting 8 |
| Capitalization Summary (Amounts in thousands) Fourth Quarter 2025 Supplemental Reporting 9 Total Capitalization Shares Price(1) Value Common Stock (NYSE: XRN) 13,235 $ 33.74 $ 446,549 OP Units 444 $ 33.74 14,981 Vested LTIP Units 540 -- -- Total Equity Capitalization 14,219 $ 461,530 Consolidated Debt (Gross) -- -- 664,328 Preferred Stock Series A (7.50%) 3,105 $ 25.00 77,625 Series B (8.00%) 2,050 $ 25.00 51,250 Total Capitalization $ 1,254,733 (1) Equity Capitalization Price based on the closing share price of the Company’s common stock on December 31, 2025 of $33.74 per share. LTIP units are issued as equity compensation to employees and directors of the Company, and as such, have no capital value associated to them. Preferred Stock price reflects liquidation preference. Debt Summary Balance Rate(1)(2) Type(3) Maturity Unsecured Credit Facility: Revolving Credit Facility $ 163,175 5.35% Floating 10/2030 Term Loan A-1 100,000 2.85% Fixed 10/2029 Term Loan A-2 100,000 2.85% Fixed 10/2030 Term Loan A-3 150,000 2.85% Fixed 04/2031 Term Loan B 150,000 4.05% Fixed 02/2028 Other Debt 1,153 5.07% Fixed 07/2033 Total Consolidated Debt $ 664,328 3.74% 75% Fixed 4.1 Years Cash and Cash Equivalents (9,084) Net Consolidated Debt $ 655,244 (1) Unsecured Credit Facility Rates reflect the effects of interest rate swap agreements and a borrowing spread based on the Company’s current overall leverage ratio as defined in the Credit Facility Agreement. (2) Rates for Term Loan A-1, A-2 and A-3 give effect to the Legacy Term Loan A hedges maturing April 2026. (3) Includes the effects of interest rate swap agreements. Hedging Summary Notional Pay Fixed Receive Applicable Term Legacy Term Loan A $ 350,000 1.36% SOFR Current – 04/2026 Term Loan A-1 100,000 3.24% SOFR 05/2026 – 10/2029 Term Loan A-2 100,000 3.28% SOFR 05/2026 – 10/2030 Term Loan A-3 150,000 3.32% SOFR 05/2026 – 04/2031 Term Loan B 150,000 2.54% SOFR Current – 02/2028 |
| Leverage Statistics (Amounts in thousands) Fourth Quarter 2025 Supplemental Reporting 10 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Consolidated Debt $ 664,328 $ 712,853 $ 716,757 $ 681,361 $ 651,021 Cash and Cash Equivalents (9,084) (7,123) (6,580) (5,412) (6,815) Net Consolidated Debt $ 655,244 $ 705,730 $ 710,177 $ 675,949 $ 644,206 Preferred Stock 128,875 77,625 77,625 77,625 77,625 Net Consolidated Debt + Preferred Stock $ 784,119 $ 783,355 $ 787,802 $ 753,574 $ 721,831 Adjusted EBITDAre – Annualized $ 104,844 $ 102,856 $ 104,184 $ 96,800 $ 100,380 Net Consolidated Debt / Ann. Adj. EBITDAre 6.2x 6.9x 6.8x 7.0x 6.4x Net Debt + Preferred / Ann. Adj. EBITDAre 7.5x 7.6x 7.6x 7.8x 7.2x Adjusted EBITDAre $ 26,211 $ 25,714 $ 26,046 $ 24,200 $ 25,095 Interest Expense 8,403 8,175 8,009 7,167 7,571 Interest Coverage Ratio 3.1x 3.1x 3.3x 3.4x 3.3x Cash Interest Expense $ 7,014 $ 7,556 $ 7,380 $ 6,608 $ 7,012 Secured Debt Principal Amortization -- 92 104 160 104 Preferred Stock Dividends 1,915 1,455 1,455 1,455 1,455 Total Fixed Charges $ 8,929 $ 9,103 $ 8,939 $ 8,223 $ 8,571 Adjusted EBITDAre 26,211 25,714 26,046 24,200 25,095 Fixed Charge Coverage Ratio 2.9x 2.8x 2.9x 2.9x 2.9x Cash and Cash Equivalents $ 9,084 $ 7,123 $ 6,580 $ 5,412 $ 6,815 Availability Under Credit Facility 400,000 400,000 400,000 400,000 400,000 Outstanding Credit Facility Borrowings (163,175) (211,700) (202,600) (167,100) (136,600) Total Liquidity $ 245,909 $ 195,423 $ 203,980 $ 238,312 $ 270,215 Selected Debt Covenant Performance Metric Calculation Required 4Q 2025 Total Leverage Ratio Total Debt / Total Assets ≤ 60% 44.4% Secured Leverage Ratio Secured Debt / Total Assets ≤ 30% 0.1% Unsecured Leverage Ratio Unsecured Debt / Unencumbered Assets ≤ 60% 45.1% Fixed Charge Coverage Ratio Total EBITDA / Fixed Charges ≥ 1.50x 2.7x Unsecured Interest Coverage Ratio Unencumbered NOI / Unsecured Interest ≥ 1.50x 2.2x |
| Portfolio Overview (Consolidated Portfolio, dollars in thousands) Fourth Quarter 2025 Supplemental Reporting 11 Asset Type Property Count GLA Leased Rate Term(1) 4Q25 Cash NOI(2) Single-Tenant Outpatient 149 3,007,905 97.2% 4.3 $ 17,767 Multi-Tenant Outpatient 19 1,027,758 88.6% 3.7 3,425 Inpatient Rehab Facilities 8 515,119 100.0% 7.4 4,797 Other(3) 13 548,370 100.0% 8.6 3,463 Consolidated Portfolio 189 5,099,152 96.0% 5.2 $ 29,452 Campus Proximity GLA % Ground Lease On Campus / Adjacent MOB 1,192,628 38.7% Affiliated MOB(1) 1,521,529 11.1% Unaffiliated MOB 1,321,506 0.0% Total Outpatient 4,035,663 15.6% Other 1,063,489 5.0% Consolidated Portfolio 5,099,152 13.4% Lease Escalators Avg. Escalator(1) Single-Tenant Outpatient 2.1% Multi-Tenant Outpatient 1.5% Inpatient Rehab Facilities 2.4% Other 2.5% Consolidated Portfolio 2.1% (1) Represents off campus assets anchored by a health system. (1) Years of lease term remaining weighted by Annualized Base Rent. (2) Excludes Cash NOI attributable to assets not owned as of quarter end. (3) Inclusive of Acute/Surgical Hospitals, LTACH, Behavioral Health and other assets. (1) Weighted by Annualized Base Rent. Includes 9.8% of portfolio leases subject to a CPI based escalator. Such leases assume a CPI growth rate of +2.7%. Lease Type % of ABR Absolute / Triple Net 92.0% Modified Gross 5.0% Gross 3.0% |
| 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Rental and Related Revenues(1) $ 33,348 $ 32,129 $ 32,571 $ 32,374 $ 31,727 Operating Expenses (6,764) (6,291) (6,456) (6,831) (6,505) Same-Property Cash NOI $ 26,584 $ 25,838 $ 26,115 $ 25,543 $ 25,222 NOI Margin 80% 80% 80% 79% 79% Leased Rate 96.0% 95.2% 94.5% 95.6% 96.4% Same Property Performance (Amounts in thousands) Fourth Quarter 2025 Supplemental Reporting 12 Same Property Portfolio Count GLA % GLA Consolidated Portfolio 189 5,099,152 100.0% Excluded Assets Assets Not Held for All Periods (16) (646,040) (12.7%) Same Property Portfolio 173 4,453,112 87.3% Reconciliation from Cash NOI 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Cash NOI $ 29,765 $ 28,864 $ 29,294 $ 27,503 $ 27,533 Assets Not Held for All Periods (2,883) (2,755) (3,010) (1,862) (2,097) Lease Termination Fees (125) (117) (12) -- -- Joint Venture and Other Cash NOI (173) (154) (157) (98) (214) Same-Property Cash NOI $ 26,584 $ 25,838 $ 26,115 $ 25,543 $ 25,222 Same Property Reconciliations (Dollars in thousands) Year-Over-Year Comparison Sequential Comparison 4Q 2025 4Q 2024 Change 4Q 2025 3Q 2025 Change Total Rental Revenue $ 33,348 $ 31,727 + 5.1% $ 33,348 $ 32,129 + 3.8% Operating Expenses (6,764) (6,505) + 4.0% (6,764) (6,291) + 7.5% Same-Property Cash NOI $ 26,584 $ 25,222 + 5.4% $ 26,584 $ 25,838 + 2.9% (1) Rental and Related Revenues includes base rent and operating expense recoveries. |
| Lease Expiration Schedule (Consolidated Portfolio, dollars in thousands) Fourth Quarter 2025 Supplemental Reporting 13 Year # Leases GLA % GLA ABR % ABR Rate(1) 2026 79 402,895 7.9% $ 8,854 7.4% $ 21.98 2027 60 707,226 13.9% 16,293 13.7% 23.04 2028 52 286,240 5.6% 7,527 6.3% 26.29 2029 61 749,883 14.7% 18,758 15.8% 25.01 2030 68 720,447 14.1% 15,551 13.1% 21.59 2031 45 647,675 12.7% 14,827 12.5% 22.89 2032 11 87,981 1.7% 2,165 1.8% 24.60 2033 19 184,415 3.6% 5,408 4.6% 29.32 2034 14 266,633 5.3% 8,114 6.8% 30.43 2035 12 245,711 4.8% 7,476 6.3% 30.43 Thereafter 23 597,048 11.7% 13,866 11.7% 23.22 Total Leased 444 4,896,154 96.0% $118,839 100.0% $ 24.27 Vacant 202,998 Total 5,099,152 Leased Rate(2) 96.0% Remaining Term 5.2 Years Leasing Rollforward (Consolidated Portfolio) (1) Reflects Annual Base Rent as of quarter end divided by expiring area. (2) Includes 46,124 of SF that is leased but not yet occupied. Total GLA 4Q 2025 Beginning of Quarter 5,178,421 Acquired Area -- Sold Area(1) (79,269) End of Quarter 5,099,152 Leasing Volume 4Q 2025 Lease Expirations (33,913) Renewals and Extensions 23,086 Tenant Retention 68% New Leases 36,689 Net Absorption 25,862 Leased GLA 4Q 2025 Beginning of Quarter 4,928,071 Net Absorption 25,862 Net Leased Area Acquired (Sold) (57,779) End of Quarter 4,896,154 (1) Includes remeasured space totaling 35 square feet. |
| Tenant Concentrations (Consolidated Portfolio, dollars in thousands) Fourth Quarter 2025 Supplemental Reporting 14 Geographic Concentrations (Consolidated Portfolio, dollars in thousands) States # Properties GLA % Total ABR % ABR Texas 17 709,092 13.9% $ 20,147 17.0% Florida 34 513,029 10.1% 12,991 10.9% Ohio 18 422,768 8.3% 9,475 8.0% Arizona 10 359,771 7.1% 8,785 7.4% Pennsylvania 11 313,065 6.1% 7,668 6.5% Illinois 14 258,789 5.1% 6,022 5.1% Michigan 13 307,031 6.0% 5,839 4.9% Iowa 5 428,614 8.4% 5,733 4.8% Virginia 3 269,441 5.3% 5,543 4.7% California 5 92,282 1.8% 3,284 2.8% Top 10 Markets 130 3,673,882 72.1% $ 85,487 72.1% All Other 59 1,425,270 27.9% 33,352 27.9% Consolidated Portfolio 189 5,099,152 100.0% $ 118,839 100.0% Tenant / Parent Tenant Type Leased GLA % ABR % ABR Term(1) Lifepoint Health IRF 157,151 3.2% $ 8,113 6.8% 4.9 Encompass Health IRF 268,038 5.5% 7,462 6.3% 7.2 Memorial Health MOB 155,600 3.2% 5,938 5.0% 5.2 Trinity Health MOB 395,844 8.1% 5,433 4.6% 3.2 Tenet Healthcare MOB 129,698 2.6% 3,598 3.0% 4.4 TeamHealth MOB 173,371 3.5% 3,431 2.9% 1.0(2) Carrus Hospital IRF 69,352 1.5% 3,114 2.6% 11.5 Christus Health Surgical Hosp. 84,674 1.7% 2,879 2.4% 14.2 White Rock Acute Hosp. 236,314 4.8% 2,678 2.3% 12.2 PAM Health IRF 54,575 1.1% 2,306 1.9% 9.0 Top 10 Tenants 1,724,617 35.2% $ 44,952 37.8% 6.5 All Other 3,171,537 64.8% 73,887 62.2% 4.6 Consolidated Portfolio 4,896,154 100.0% $ 118,839 100.0% 5.2 (1) Years of lease term remaining weighted by Annualized Base Rent. (2) Tenant is a government contractor with a rolling one-year termination right. |
| Investment Activity (Dollars in thousands) Fourth Quarter 2025 Supplemental Reporting 15 Capital Expenditures (Consolidated Portfolio, dollars in thousands) 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Tenant Improvements $ 1,066 $ 1,601 $ 878 $ 704 $ 1,650 Leasing Commissions 394 1,136 558 115 2,802 Building Capital 2,248 1,682 1,087 1,907 1,823 Total Capital Expenditures $ 3,708 $ 4,419 $ 2,523 $ 2,726 $ 6,275 Cash NOI $ 29,765 $ 28,864 $ 29,294 $ 27,503 $ 27,533 Capital Expenditures / Cash NOI 12.5% 15.3% 8.6% 9.9% 22.8% Dispositions Date Asset Type GLA Sale Price Yield Germantown, TN 11/2025 Office 8,015 $ 1,450 10.9% Melbourne, FL 12/2025 MOB 71,219 9,825 1.2% Quarterly Total 79,234 $ 11,275 2.4% |
| Components of Net Asset Value (Amounts in thousands) Fourth Quarter 2025 Supplemental Reporting 16 Cash NOI by Asset Type 4Q 2025 Cash NOI Timing Adjustments(1) Annualized Single-Tenant Outpatient $ 17,777 $(10) $71,068 Multi-Tenant Outpatient 3,472 (47) 13,700 Inpatient Rehab Facilities 4,797 -- 19,188 Other(2) 3,641 (147) 13,976 Consolidated Portfolio $ 29,687 $ (204) $ 117,932 Proportionate Share of JV Cash NOI 78 -- 312 Total $ 29,765 $ (204) $ 118,244 (1) Reflects mid-quarter adjustments for Acquisitions and Dispositions. (2) Inclusive of Acute/Surgical Hospitals, LTACH, Behavioral Health and other assets. Other Information Cash and Cash Equivalents $ 9,084 Other Assets(1) 7,952 Total $ 17,036 Revolving Credit Facility(2) $ (163,175) Unsecured Term Loans(2) (500,000) Preferred Stock Liquidation Value (128,875) Dividends Payable (12,484) Other Notes Payable(2) (1,153) Other Liabilities(3) (18,289) Proportionate Share of JV Debt (2,200) Total $ (826,176) Outstanding Shares at Quarter End(4) 14,380 (1) Includes prepaid assets and tenant receivables. (2) Represents principal amount outstanding, excluding the effect of unamortized premiums, discounts, or deferred financing costs. (3) Includes accounts payable and accrued liabilities. (4) Includes outstanding OP Units and LTIP Units. |
| Reporting Definitions and Other Disclosures Fourth Quarter 2025 Supplemental Reporting 17 Annualized Base Rent: Annualized base rent represents monthly base rent for December 2025 (or, for recent acquisitions, monthly base rent for the month of acquisition), multiplied by 12 (or base rent net of annualized expenses for properties with gross leases). Accordingly, this methodology produces an annualized amount as of a point in time but does not take into account future (i) contractual rental rate increases, (ii) leasing activity or (iii) lease expirations. Additionally, leases that are accounted for on a cash-collected basis, or that are in a free rent period, are not included in annualized base rent. Capitalization Rate: The capitalization rate (“Cap Rate”) for an acquisition is calculated by dividing current Annualized Base Rent by contractual purchase price. For the portfolio cap rate, certain adjustments, including for subsequent capital invested, are made to the contractual purchase price. Funds from Operations Attributable to Common Stockholders and Noncontrolling Interest and Core Funds from Operations Attributable to Common Stockholders and Noncontrolling Interest: Funds from operations attributable to common stockholders and noncontrolling interest (“FFO”) and core funds from operations attributable to common stockholders and noncontrolling interest (“Core FFO”), formerly referred to as “Adjusted funds from operations attributable to common stockholders and noncontrolling interest, or (AFFO)” are non-GAAP financial measures within the meaning of the rules of the SEC. The Company considers FFO and Core FFO to be important supplemental measures of its operating performance and believes FFO is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. In accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, FFO means net income or loss computed in accordance with GAAP before noncontrolling interests of holders of OP units and LTIP units, excluding gains (or losses) from sales of property and extraordinary items, property impairment losses, less preferred stock dividends, plus real estate-related depreciation and amortization (excluding amortization of debt issuance costs and the amortization of above and below market leases), and after adjustments for unconsolidated partnerships and joint ventures calculated to reflect FFO on the same basis. Because FFO excludes real estate-related depreciation and amortization (other than amortization of debt issuance costs and above and below market lease amortization expense), the Company believes FFO provides a complete picture of its performance that is more informative than GAAP net income or loss. FFO provides perspective on trends in occupancy rates, rental rates, operating costs, development activities and interest costs, and helps the Company more immediately compare the most recent GAAP measurement, net income or loss. Core FFO, formerly referred to as “Adjusted funds from operations attributable to common stockholders and noncontrolling interest, or (AFFO)”, is a non-GAAP measure used by many investors and analysts to measure a real estate company’s operating performance by removing nonrecurring and non-cash items that do not reflect ongoing operations. Management calculates Core FFO by modifying the NAREIT definition of FFO by (i) removing certain non-recurring expenses, as well as other certain non-cash and non-recurring IT costs, (ii) removing amortization related to capitalized leasing and acquisition costs, (iii) removing amortization of above and below market leases and amounts associated with the write-off of above and below market leases for certain early lease terminations (iv) adding back straight-line rent adjustments, (v) recurring amortization of debt issuance costs, (vi) severance and executive transition costs, (vii) share-based compensation expense and (viii) other items related to unconsolidated partnerships and joint ventures. Management believes that reporting Core FFO in addition to FFO is a useful supplemental measure for the investment community when evaluating the operating performance of the Company on a comparative basis. Funds Available for Distribution Attributable to Common Stockholders and Noncontrolling Interest: We calculate funds available for distribution attributable to common stockholders and noncontrolling interest (“FAD”) by deducting capital expenditures for property improvements made to maintain the condition of properties from Core FFO. The Company believes FAD is useful in analyzing the amount of cash available for distribution to stockholders and unitholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend sustainability. |
| Reporting Definitions and Other Disclosures (continued) Fourth Quarter 2025 Supplemental Reporting 18 Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre” and “Adjusted EBITDAre”): We calculate EBITDAre in accordance with standards established by NAREIT and define EBITDAre as net income or loss computed in accordance with GAAP plus depreciation and amortization, interest expense, gain or loss on the sale of investment properties, property impairment losses, and adjustments for unconsolidated partnerships and joint ventures, to reflect EBITDAre on the same basis, as applicable. We define Adjusted EBITDAre as EBITDAre plus loss on extinguishment of debt, non-cash stock compensation expense, non-cash intangible amortization related to above and below market leases, severance and transition related expense, reverse stock split expense, transaction expense, adjustments related to our investment in unconsolidated joint ventures, and other normalizing items. Management considers EBITDAre and Adjusted EBITDAre important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt. NOI, Cash NOI and Same-Property Cash NOI: We consider net operating income, or NOI, to be an appropriate supplemental measure to net income because it helps both investors and management understand the core operations of our properties. We define NOI as total net (loss) income, plus depreciation and amortization expense, general and administrative expense, transaction expense, impairments, gain or loss on sale of investment properties, interest expense, and other non-operating items. Cash NOI and Same-Property Cash NOI are key performance indicators. Management considers these to be supplemental measures that allow investors, analysts and Company management to measure improved property-level cash operating results. The Company defines Cash NOI as NOI excluding non-cash items such as above and below market lease intangibles and straight-line rent. Cash NOI is historical and not necessarily indicative of future results. Same-Property Cash NOI compares Cash NOI for stabilized properties. Stabilized properties are properties that have been included in operations for the duration of the year-over-year comparison period presented. Accordingly, stabilized properties exclude properties that were recently acquired or disposed of, properties classified as held for sale, properties undergoing redevelopment, and newly redeveloped or developed properties. Same-Property Cash NOI also excludes lease terminations fees and joint venture and other income in order to remove non-recurring items and joint venture-related income from our NOI. Other Disclosures Non-GAAP Financial Measures: Management considers certain non-GAAP financial measures to be useful supplemental measures of the Company’s operating performance. For the Company, non-GAAP measures consist of FFO attributable to common stockholders and noncontrolling interest, AFFO attributable to common stockholders and noncontrolling interest, FAD attributable to common stockholders and noncontrolling interest, EBITDAre and Adjusted EBITDAre, Net Operating Income (“NOI”), cash NOI and same-property cash NOI. A non-GAAP measure is generally defined as one that departs from traditional GAAP financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP. The Company reports non-GAAP financial measures because these measures are observed by management and they also may be used by the predominant REIT research analysts, as well as by industry analysts to evaluate REITs. For these reasons, management deems it appropriate to disclose and discuss these non-GAAP financial measures. The non-GAAP financial measures presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions. These measures should not be considered alternatives to net income as measures of the Company’s operating performance, or as alternatives to cash flow as measures of the Company’s liquidity. Moreover, these non-GAAP measures necessarily indicate why the Company utilizes these measures, they should be considered supplemental in nature and not superior to comparable GAAP measures. To facilitate a clear understanding of these non-GAAP financial measures, quantitative reconciliations of these non-GAAP measures to the most directly comparable GAAP measures of net income and cash flows from operations as presented elsewhere herein. |
| Reporting Definitions and Other Disclosures (continued) Fourth Quarter 2025 Supplemental Reporting 19 Additional Information: The information in this document should be read in conjunction with the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other information filed with, or furnished to, the SEC. You can access the Company’s reports and amendments to those reports filed or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act in the “Investor Relations” section on the Company’s website (www.chironre.com) under “SEC Filings” as soon as reasonably practicable after they are filed with, or furnished to, the SEC. The information on or connected to the Company’s website is not, and shall not be deemed to be, a part of, or incorporated into, this Earnings Supplemental. You also can review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov. Certain information contained in this package, including, but not limited to, information contained in our key tenants profiles is derived from publicly-available third-party sources. The Company has not independently verified this information and there can be no assurance that such information is accurate or complete. |
Exhibit 99.3
| Building For The Future February 2026 |
| Chiron (KAI-ron)—the wisest of all centaurs—was the Greek mythological father of medicine and the original architect of medical education. We aspire to uphold this tradition of stewardship by living our mission of delivering value at the intersection of care, capital, and real estate. 2 Our New Identity |
| Portfolio Focused on Essential Care Facilities Anchored by strong tenants delivering vital care to the communities they serve Note: All figures as of the quarter ended December 31, 2025 unless otherwise stated. See pages 26-29 for definitions of the Company’s Non-GAAP financial measures Chiron: Building For The Future 3 and the Company’s Non-GAAP reconciliations. 1. Represents Gross Real Estate Value as presented on the Company’s consolidated balance sheet 2. Represents year-over-year Same Store NOI growth for the fourth quarter of 2025 3. Portfolio share reflects assets owned as of year end, based on % of Cash NOI. “Other” primarily consists of Acute Care Hospitals and LTACHs $1.5B Real Estate Portfolio1 $119M Annualized Cash NOI 189 Properties 5.1M Square Feet 96% Leased +5.4% Same Store NOI Growth2 12% Other3 16% Inpatient Rehab3 72% Outpatient Medical3 |
| Chiron: Building For The Future 4 Deep Experience Bridging Healthcare and Real Estate Multi-disciplinary team guided by experience, driven by results Mark Decker, Jr Chief Executive Officer Deep leadership experience across public real estate, investment management and capital markets Alfonzo Leon Chief Investment Officer Extensive experience across healthcare real estate acquisitions and capital markets, with more than two decades of experience executing institutional transactions Jamie Barber General Counsel Extensive legal and governance experience supporting public companies, with a focus on REITs, SEC compliance and capital markets Ray Braun Managing Director More than 40 years of real estate experience (50% with public REITs) across multiple product types, senior roles in acquisitions, dispositions, underwriting and operations Randy Haugh Senior Vice President, Finance Two decades of public REIT leadership experience with a focus on corporate finance and capital markets execution Alex Wilburn Portfolio Manager Nearly two decades of real estate experience with a focus on healthcare real estate underwriting, acquisitions and dispositions Bob Kiernan Chief Financial Officer Three decades of leadership experience in financial accounting, reporting and public company management across the financial services sector Danica Holley Chief Operating Officer More than 18 years of operational leadership experience overseeing complex, multi-disciplinary organizations and global initiatives Mike Farinawicz Senior Vice President, Strategy Extensive Healthcare REIT experience, including senior roles in investor relations, capital markets and corporate strategy at Physicians Realty Trust and Healthpeak (NYSE: DOC) |
| +56.2% +9.9% HR (13.7%) DOC Historical Shareholder Returns Chiron has materially outperformed its Outpatient Medical REIT peers since its IPO… Source: Nasdaq. Total Shareholder Return presented from 06/29/2016 to 02/13/2026. Chiron: Building For The Future 5 -50% 0% 50% 100% 150% 200% XRN HR DOC Outpatient Medical REIT Total Shareholder Return Since Chiron IPO |
| ` Historical Shareholder Returns (contd.) …but recent higher-rate environment has compressed earnings multiples Source: Nasdaq, St. Louis Fed. Chiron Forward FFO Multiple based on analyst median consensus. Data presented from 06/29/2016 to 02/13/2026. Chiron: Building For The Future 6 1.0% 2.0% 3.0% 4.0% 5.0% 6.0x 10.0x 14.0x 18.0x 22.0x Chiron Forward FFO Multiple US 10-Year Treasury Yield Chiron Forward FFO Multiple vs Ten-Year US Treasury Yield Interest Rate Impact 10-Year US Treasury Yield Forward FFO Multiple Dec. 2021 1.5% 19.5x Feb. 2026 4.1% 8.9x Change +260bps (10.6x) |
| Where We Stand Chiron: Building For The Future 7 PAM Rehabilitation Hospital Surprise, Arizona |
| Decisive Action by Leadership Rapid execution of strategic pivot establishes a scalable platform for value creation Note: Icons sourced from Flaticon.com Chiron: Building For The Future 8 Factor Prior Status Actions Taken Today Corporate Governance Corporate Strategy Capital Allocation Balance Sheet Portfolio Management Quarterly Disclosures Ambiguous & Undefined Yield-Centric Imminent Debt Maturities Maintaining Occupancy Limited Operational Visibility Defined, Data-Driven & Disciplined Value-Creation Centric Stabilized Balance Sheet Driving Performance Peer Aligned & Transparent • Adopted formal corporate strategy • Completed comprehensive portfolio review • Recycling capital into opportunities presenting higher total returns • Credit Facility recast spreads maturities • Preferred Equity issuance lowers WACC • Centralized leadership under new Head of Portfolio Management (former Investments SVP) • Revamped IR materials prominently feature key performance drivers Seeking New Leader Supporting New Strategy • Recruited proven CEO • Board retirements offer opportunity to refresh |
| ` ` Attractive Basis & Yield • Deep Value Entry: Chiron’s existing portfolio was acquired at favorable cap rates with valuations substantially below today’s replacement cost • Store of Value: Portfolio returns have trended in line with the broader performance of Medical Office Strong Demographic Profile • Strategic Footprint: Focused on secondary markets yet fully aligned with national healthcare tailwinds • Resilient Micro-Markets: Chiron markets demonstrate superior vitality, outperforming national averages on the Distressed Communities Index (DCI) – a comprehensive measure of demographic health Existing Portfolio Position Chiron’s existing portfolio benefits from demographic tailwinds and operational control 1. Represents Chiron’s initial acquisition cap rate Chiron: Building For The Future 9 2. Represents Annualized 4Q25 Cash NOI divided by Gross Real Estate Assets owned as of December 31, 2025 3. Chiron portfolio DCI categorization weighted by 4Q25 Cash NOI; National DCI weighted by Population Acquired Gross Value Cap Rate1 Cash Yield2 2018 & Earlier $549M 7.9% 8.0% 2019 – 2021 $601M 7.5% 8.1% 2022 – 2025 $321M 7.8% 7.8% 29% 22% 26% 16% 8% 25% 21% 20% 19% 15% Prosperous Comfortable Mid Tier At Risk Distressed Chiron National Yield by Acquisition Vintage DCI Distribution3 |
| ` 13% 43% 46% HR DOC ` Ground Lease Exposure1 Construction Costs vs Rent Growth2 Fee Simple Focus • Operational Control: Fee simple ownership eliminates third-party friction and preserves landlord leverage to drive positive leasing outcomes • Economically Rational: Limited ground lease exposure restricted to investments with significant discounts vs fee-simple opportunities Outstanding Market Opportunity • Inflation Beneficiary: Construction cost increases have outpaced embedded rent escalators, creating positive mark-to-market opportunity • Silver Tsunami: Procedure delivery is transitioning to the outpatient venue as healthcare providers prepare to serve a rapidly aging patient population +43% +11% 2020 2021 2022 2023 2024 2025 Construction Costs 2.1% Rent Escalator Existing Portfolio Position (contd.) Chiron’s existing portfolio benefits from demographic tailwinds and operational control 1. Presented as percentage of portfolio square feet. Peer disclosures per respective Supplemental documents as of December 31, 2025. DOC Ground Lease Chiron: Building For The Future 10 Exposure presented for outpatient medical assets; HR presented as a share of full portfolio. 2. Construction Costs per Mortenson Non-Residential Construction Cost Index. Illustrative 2.1% rent growth represents Chiron’s in-place rent escalator as of December 31, 2025. |
| ` June 20253 Dec. 2025 ` Balance Sheet Fortification Activity advances balance sheet quality, creating a stronger foundation for future growth 1. As defined by the Company’s Credit Facility Chiron: Building For The Future 11 2. Reflective of extension options where applicable 3. Includes $13M of 2025 Maturities ✓ Credit Facility Recast (October 2025) Extension of bank debt addresses material 2026 debt maturities; drives graduated maturity ladder ✓ Preferred Equity Issuance (November 2025) $50M Preferred Equity issuance provides for permanent capital at attractive 8.0% yield ✓ Share Repurchases (December 2025) $6M in repurchases completed at a weighted average price of $34.16 / share Balance Sheet Comparison 2Q 2025 4Q 2025 Debt Term Remaining 1.6 Years 4.1 Years Credit Facility Balance $ 203M $ 163M Leverage1 47.2% 44.4% Net Debt / Adj. EBITDAre 6.8x 6.2x Improved Debt Maturity Schedule2 ($M) $363 $203 $150 $0 $0 $1 2026 2027 2028 2029 2030 Later $0 $0 $150 $100 $263 $151 2026 2027 2028 2029 2030 Later |
| 12 The Way Forward Chiron: Building For The Future Mission Health MOB Livonia, Michigan |
| Optimize Portfolio for Long-Term Performance • Active capital recycling to drive improved portfolio performance • Better align team with measurable goals that support shareholder returns Capitalize on Attractive Investment Opportunities • Active Adult / SHOP: Gain exposure to Active Adult and Senior Housing to accentuate external growth • Net Lease / Specialty Medical: Emphasize needs-based assets with generous initial yields Solidify Balance Sheet • Further improve sources of capital and extend remaining debt tenor • Reduce leverage toward long-term target of < 5x Debt / Adj. EBITDAre • Drive deleveraging via retained cash flow growth, non-core dispositions, and equitization of new deals Drive Operating Leverage & Efficiency • Implement automation (e.g., Power BI) to streamline operations and eliminate inefficiency • In-place team is staffed for growth with strength across all core competencies 2026 Strategic Objectives Long-Term Mission: Deliver upper-quartile annual per-share earnings growth (~6%) Note: Icons sourced from Flaticon.com Chiron: Building For The Future 13 |
| Demographic ‘Silver Tsunami’ Fuels Sustained Demand Growth Severe Supply-Demand Imbalance Enhances Opportunity We are in the early innings of the silver tsunami • The first Baby Boomers are just now entering their 80’s • While the most rapid aging occurs through 2030, it is anticipated that the population of Americans aged 70 or older will expand for decades thereafter Senior Housing faces an incredible supply shortage • New construction remains constrained by high interest rates and labor costs, requiring a 3.5x increase in development speed to meet baseline demand 24M 29M 32M 34M 34M 12M 15M 19M 23M 27M 36M 44M 51M 57M 60M 2020 2025 2030 2035 2040 Age 70-79 Age 80+ Chiron’s Housing Thesis Demographic momentum and supply scarcity drive a generational opportunity for premium Active Adult and SHOP investments Chiron: Building For The Future 14 US Population Forecast (by Age) Projected Deliveries vs Demand1 (# Homes) 80k 107k 135k 163k 191k 115k 266k 376k 474k 564k 2026 2027 2028 2029 2030 Deliveries Shortfall Source: US Census Bureau, NIC MAP 1. Represents current development pace vs homes required for 90% occupancy, assuming maintenance of current penetration rate 2020 2025: +8M 2025 2040: +16M |
| Functional Obsolescence of Legacy Inventory Targeting Wealthiest Residents to Mitigate Economic Volatility Supply constraints have created a quality barbell • Changing tastes and preferences amongst customers and operators contribute to the functional obsolesce of legacy supply • Maintaining the functionality of dated assets will require outsized capital • Chiron will not be encumbered by these outdated / legacy assets Affordability is at an all-time high • NIC estimates that the cohort of highest-income seniors will grow >2x faster than the overall population of those aged 75+ • Substantial home equity and investment portfolios provide a durable funding source for premium, private-pay housing Chiron’s Housing Thesis (contd.) Demographic momentum and supply scarcity drive a generational opportunity for premium Active Adult and SHOP investments Chiron: Building For The Future 15 Distribution of Homes by Asset Age (by Age) Average Household Net Worth (by Age) Source: NIC MAP, Fidelity $1.0M $1.6M $1.8M $1.6M 45-54 55-64 65-74 75+ Future Customers Current Customers 3% 20% 10% 18% 48% < 2 Years 2-10 Years 10-17 Years 17-25 Years >25 Years Functionally Obsolete + Capital Intensive |
| ` Sustainable Growth • Disciplined Funding: Best ideas funded via capital recycling, volumes scale with capital market conditions • Cash Flow Focused: Targeting investments that drive long-term earnings accretion • Thoughtful Partnerships: Initial SHOP opportunities will be pursued with experienced JV partners to build on existing Mgmt. and Board expertise Delivering Solutions Through Boutique Approach Tailored approach to investment resonates with middle-market owners, operators, and developers Note: All stated amounts are presented at Chiron Share, inclusive of pro rata project debt. Actual Chiron: Building For The Future 16 investments or dispositions may differ materially from current expectations. Active Adult • Emphasis on development of highly amenitized assets in prosperous submarkets • Targeting ~7% stabilized yields on cost; mid-teen unlevered IRRs Operating Senior Housing (SHOP) • Emphasis on premium assets in prosperous submarkets • Pipeline consists of a mix of recent deliveries and new developments in transactions with experienced, aligned, and reputable joint venture partners • Targeting mid-six first year yields on stable assets; mid-teen unlevered IRRs Specialty Medical • Investments will prioritize needs-based assets with a specialty focus |
| Inaugural Active Adult Investment Minneapolis Development JV (Jan. 2026) • $7M Equity Investment (49% Pari Passu Interest, $46M Total Project Cost) • New Development (132 Units, 2027 Delivery, 7% Anticipated Unlevered Yield on Cost) Rationale: • Co-investment in a Class-A development located in a prosperous submarket • Establishes a programmatic relationship, providing pipeline for future scale Accretive Capital Recycling Marina Towers Asset Sale (Dec. 2025) • $10M Proceeds ($138 psf); 1.2% Trailing Cap Rate1 Rationale: • Divestiture of early-vintage asset following post-COVID NOI erosion • Eliminates the outsized execution risk and capital required to stabilize the asset • Capital recycled into share repurchases on a leverage-neutral basis Recent Investment Activity Strategic entry into Active Adult market expands Chiron’s growth profile 1. Based on trailing four quarter Cash NOI (4Q24-3Q25) Chiron: Building For The Future 17 |
| Inpatient Rehab Facility (IRF) Portfolio Beaumont Surgical Hospital Rationale: • Market awareness and appreciation of IRF asset class has increased substantially in recent years • Quality tenancy, long WALT, and high rent coverage drive deep prospective buyer pool • Chiron has engaged a leading national broker to begin marketing its IRF portfolio Rationale: • Occupied by CHRISTUS Health on recently signed 15-year triple net lease • Investment Grade tenant, asset scale (85k feet), and exceptional WALT drive deep prospective buyer pool • Preliminary indications are that asset would attract market bids substantially above Chiron basis Prospective Recycling Candidates Chiron has identified ~$250M of prospective dispositions to fund higher-growth pipeline without adding debt Chiron: Building For The Future 18 Portfolio Summary Assets Seven 4Q25 Cash NOI $4.0M Gross Book Value $183M In-Place Cash Yield 8.7% Acquisition Cap Rate 7.8% Asset Summary Year Acquired 2019 4Q25 Cash NOI $0.8M Gross Book Value $35M In-Place Cash Yield 9.1% Acquisition Cap Rate 7.6% |
| Chiron: Building For The Future 19 Conclusion Dumfries Health Center Dumfries, VA |
| ` Transitioning to Monthly Distributions Chiron delivers sustainable income with superior tax treatment compared to ordinary corporate dividends Note: Chiron distributions are subject to change at the sole discretion of the Company’s Board of Directors. Past performance does not predict future results. Chiron: Building For The Future 20 1. Reflects the pre-tax distribution rate that an investor would need to receive from a theoretical investment to match the yield offered by Chiron Common Stock as of December 31, 2025 based on Chiron’s average FY25 and FY24 Return of Capital (“ROC”) rates of 88% and 52%, respectively. The presented figures assume that tax equivalent distributions are classified as ordinary income subject to tax at the top federal marginal tax rate of 37% and do not benefit from the 20% QBI deduction. 8.9% 12.9% Chiron Distribution Tax-Equivalent Distribution Annual Yield Comparison1 Monthly Payment Frequency • Chiron is transitioning to a monthly distribution in April 2026, delivering more frequent income to shareholders while reducing frictional costs to the Company • The current $3.00 per share annualized dividend run rate is unchanged Structural Tax Advantages • Permanent QBI Deduction: The 20% Qualified Business Income deduction was made permanent under the 2025 One Big Beautiful Bill Act • Tax Deferred Income: The ‘return of capital’ portion of REIT dividends is tax deferred until sale when it is treated as ‘capital gain’ rather than ‘ordinary income’ Dividend Coverage Recent capital market activity has strengthened the Chiron balance sheet, directly enhancing cash flow stability and dividend safety |
| ` 2026 Guidance Outlook: Year of Transition Chiron: Building For The Future 21 Earnings outlook establishes a de-risked baseline to support sustainable earnings quality and growth Balance Sheet Fortification • Financial impact of October 2025 Term Loan extension begins May 2026 • Preferred Equity issued late 2025 carries 8.0% coupon Same-Store Cash NOI • Guidance bridge reflects midpoint of same store range (1.0% – 2.0%) • Compares to historical same-store growth trend of ~0.7% External Growth Assumptions • Guidance does not reflect any incremental acquisitions or dispositions beyond those announced as of February 26, 2026 Other Items • 2026 G&A Expense expected to total $19.0M – $20.0M (2025: $20.0M) • 2026 Non-Cash G&A expected to total $5.0M – $6.0M (2025: $4.5M) • 2026 FAD CapEx expected to total $13.5M – $14.5M (2025: $13.4M) Guidance Commentary Driver Initial Guidance 2025 Core FFO / Diluted Share $ 4.53 (-) Balance Sheet Fortification (0.36) Subtotal $ 4.17 (+) Same Store Cash NOI Growth + 0.11 (+) Efficiency and Other Savings + 0.10 2026 Core FFO / Diluted Share $4.30 – $4.45 Core FFO Guidance Bridge1 1. The Company’s 2026 guidance is based on the above and additional assumptions that are subject to change many of which are outside of the Company’s control. There can be no assurance that the Company’s actual results will not be materially different than these expectations. If actual results vary from these assumptions, the Company’s expectations may change. Core FFO is a non-GAAP financial measure. The Company does not provide a reconciliation of such forward-looking non-GAAP measure to the most directly comparable financial measure calculated and presented in accordance with GAAP because certain information required for such reconciliation is not available without unreasonable efforts due to the difficulty of projecting event-driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant. |
| Aligned for the Next Chapter Substantial insider ownership is bolstered by recent open market purchases 1. Inclusive of 1% of shares owned by employees but not otherwise reported within public filings Chiron: Building For The Future 22 2. As of February 13, 2026 3. Upon satisfaction of tenure requirements 4. As adjusted for the Company’s 1:5 reverse stock split where applicable ✓ Meaningful Insider Ownership 10% of Chiron equity is controlled by Executive Officers, Directors, and Employees1 ✓ Recent Open Market Purchases Over $2M of open market purchases have been publicly reported by named executive officers since appointment of new CEO in June2 ✓ Aligned Employee Compensation 100% of Chiron employees receive equity as a component of their annual compensation3 ` Recent Chiron Insider Purchases Period Shares Price4 Dec. 2025 10,000 $ 32.51 Nov. 2025 19,449 $ 33.08 Jun. 2025 32,000 $ 32.58 Total / Avg 61,449 $ 32.73 |
| Reconciliations & Legal |
| Certain statements contained in this presentation may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be protected by the safe harbor provisions thereof. Forward-looking statements are generally identifiable by the use of words such as ‘anticipate,’ ‘believe,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘intend,’ ‘may,’ ‘plan,’ ‘project,’ ‘should,’ ‘will,’ or similar expressions. These statements include, without limitation, statements regarding future financial performance, cash flows, dividends, portfolio performance, capital allocation, acquisitions and dispositions, balance sheet strategy, investment pipeline, and strategic initiatives. Forward-looking statements are based on current expectations, estimates, and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. These risks include those described in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to update or revise any forward-looking statements. Forward-Looking Statements 24 |
| Management believes certain non-GAAP financial measures provide useful supplemental information regarding the Company’s operating performance and financial condition. These measures are commonly used by management, investors, and industry analysts to evaluate REIT performance and facilitate period-over-period and peer comparisons. Chiron’s non-GAAP financial measures included in this presentation are EBITDAre, Adjusted EBITDAre, Net Operating Income (NOI) and Cash NOI. Non-GAAP financial measures are not intended to be alternatives to net income, cash flows from operating activities, or other measures prepared in accordance with GAAP. These measures may not be comparable to similarly titled measures reported by other companies and should be evaluated in conjunction with the Company’s consolidated financial statements. Non-GAAP Financial Measures 25 |
| EBITDAre is calculated in accordance with standards established by NAREIT and is defined as net income or loss computed in accordance with GAAP, plus depreciation and amortization, interest expense, gains or losses on the sale of investment properties, property impairments, and adjustments for unconsolidated joint ventures. The Company defines Adjusted EBITDAre as EBITDAre plus loss on extinguishment of debt, non-cash stock compensation expense, non-cash intangible amortization related to above and below market leases, severance and transition related expense, expenses related to our reverse stock split, transaction expense, adjustments related to our investments in unconsolidated joint ventures, and other normalizing items. Management considers EBITDAre and Adjusted EBITDAre important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt. NOI and Cash NOI Net Operating Income (NOI) is a supplemental measure used to evaluate the operating performance of the Company’s real estate portfolio. NOI is calculated as net income or loss, plus depreciation and amortization, general and administrative expenses, transaction costs, impairments, gains or losses on the sale of investment properties, interest expense, and other non-operating items. Cash NOI excludes non-cash items such as straight-line rent and amortization of above- and below-market leases and is intended to measure unlevered, property-level cash operating performance. EBITDAre and Adjusted EBITDAre 26 |
| Three Months Ended December 31, 2025 Three Months Ended June 30, 2025 Net (loss) income $(6,147) $585 Interest expense 8,403 8,009 Depreciation and amortization expense 14,916 15,291 Unconsolidated joint venture EBITDAre adjustments(1) 113 114 (Gain) loss on sale of investment properties 372 (207) Impairment of investment property 6,733 — EBITDAre $24,390 $23,792 Stock-based compensation expense 1,410 1,728 Amortization of (below) above market leases, net 143 (60) Severance and transition related expense 273 567 Transaction expense — ― Interest rate swap mark-to-market at unconsolidated joint venture (5) 19 Adjusted EBITDAre $26,211 $26,046 1) Includes joint venture interest, depreciation and amortization, and gain (loss) on sale of investment properties, if applicable, included in joint venture net income or loss As of December 31, 2025 As of June 30, 2025 Total Gross Debt $664,328 $716,757 Less: Cash and cash equivalents (9,084) (6,580) Net Debt $655,244 $710,177 Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre and Total Debt to Net Debt (unaudited, and in thousands) 27 |
| Three Months Ended December 31, 2025 Net (loss) income $ (6,147) General and administrative 5,493 Depreciation and amortization 14,916 Interest expense 8,403 (Gain) loss on sale of investment properties 372 Impairment of investment property 6,733 Proportionate Share of Unconsol. JV Adj. 106 NOI $ 29,876 Amortization of above market leases, net 143 Straight-line deferred rental revenue (252) Proportionate Share of Unconsol. JV Adj. (2) Cash NOI $ 29,765 28 Reconciliation of Net Income to NOI and Cash NOI (unaudited, and in thousands) |
| NYSE: XRN 7373 Wisconsin Avenue Suite 800 Bethesda, MD 20814 |
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Filing Exhibits & Attachments
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