Chiron Real Estate Inc. (NYSE: XRN) posts Q2 profit, recycles assets
Rhea-AI Filing Summary
Chiron Real Estate Inc. reported Q2 2026 revenue of $39.7 million and net income attributable to common stockholders of $63.3 million, or $4.78 per share, versus a prior-year loss, largely reflecting a $71.9 million gain on sale of investment properties. FFO was $0.88 per share and unit and Core FFO was $1.04 per share and unit, both below the year-ago quarter. Same-Property Cash NOI grew 0.8% year over year.
The company advanced its strategy by acquiring two luxury seniors housing communities for $249 million and selling seven inpatient rehabilitation facilities into a joint venture for $217 million while retaining a 15% stake. It also issued $100 million of 6.00% Series C convertible perpetual preferred stock. At June 30, consolidated debt was $633.1 million, leverage was 39.9% of total gross assets, 78% of debt was fixed-rate with a 4.56% weighted average interest rate, and there were no debt maturities in 2026 or 2027. Borrowing capacity under the credit facility was $245.5 million. Tenant White Rock Medical Center remained current on rent during its Chapter 11 process but future lease affirmation is not assured.
Positive
- Balance sheet metrics improved: leverage declined to 39.9% of total gross assets at June 30, 2026, from 44.7% at March 31, 2026, with 78% of total debt fixed-rate and no maturities in 2026 or 2027.
- Large capital recycling transactions: acquired two SHOP seniors housing communities for $249 million with expected stabilized cash yields of 7.0%–7.5%, and sold a seven-facility IRF portfolio for $217 million at a 7.3% cash cap rate while retaining a 15% JV stake.
- New convertible preferred capital: issued $100 million of 6.00% Series C Convertible Perpetual Preferred Stock to an investor group led by Maewyn Capital Partners, adding additional equity capital and a potential future conversion into common shares at a $43.00 conversion price.
Negative
- Recurring cash metrics softened: FFO per share and unit declined to $0.88 from $0.98 a year earlier, Core FFO per share and unit fell to $1.04 from $1.14, and FAD decreased to $11.7 million from $14.1 million.
Filing Explained
Three signed portfolio transactions remain incomplete; their future closings, not the completed Q2 deals, are the remaining structural change.
This Form 8-K, a report of specified material events, furnishes the company’s second-quarter results, supplemental information, and investor presentation dated
In addition to the completed second-quarter transactions already disclosed, the company reports three proposed portfolio transactions that remain incomplete: acquiring The Pinnacle and the Reston land parcel, and selling Beaumont Surgical Hospital.
The Pinnacle agreement describes an approximately
The Reston agreement covers an approximately
These agreements would change the portfolio’s asset mix if completed, but the filing does not establish that any of the three transactions has closed.
The immediate structural consequence is therefore a disclosed pipeline of portfolio additions and a disposition, rather than a completed change to common ownership or an additional completed issuance.
The stated resolution points are the expected third-quarter 2026 Reston closing and the expected fourth-quarter 2026 Pinnacle and Beaumont closings.
8-K Event Classification
Key Figures
Key Terms
Funds From Operations financial
Core FFO financial
EBITDAre financial
Same-Property Cash NOI financial
SHOP financial
mezzanine loan financial
Earnings Snapshot
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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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): August 5, 2026 (
(Exact name of registrant as specified in its charter)
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(Commission File Number) |
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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:
| Title of each class: | Trading Symbols: | Name of each exchange on which registered: | ||
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).
Emerging
growth company
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 August 5, 2026, Chiron Real Estate Inc. (the “Company”) announced its financial position as of June 30, 2026 and operating results for the three and six months ended June 30, 2026 and other related information (the “Earnings Release”). The Company also posted its Second Quarter 2026 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 7.01 Regulation FD Disclosure.
On August 5, 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. The 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 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1* | Second Quarter 2026 Earnings Release. | |
| 99.2* | Second Quarter 2026 Earnings Supplemental. | |
| 99.3* | Investor Presentation dated August 5, 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: August 5, 2026
Exhibit 99.1
Chiron Real Estate Inc. Announces Second Quarter 2026 Financial Results
–Advances Portfolio Repositioning Through SHOP Acquisitions and Legacy Asset Sales–
–Expands Senior Housing Leadership Platform to Support Next Phase of Growth–
Bethesda, MD – August 5, 2026 – (BUSINESS WIRE) – Chiron Real Estate Inc. (NYSE: XRN) (the “Company” or “Chiron”), today announced financial results for the three months ended June 30, 2026 and other data.
Mark Decker, Jr., Chief Executive Officer and President stated, "When we outlined our priorities earlier this year, we committed to active capital allocation, portfolio repositioning, and building the capabilities necessary to support our next phase of growth. During the second quarter, we made meaningful progress on each objective. We completed our inaugural SHOP acquisitions, monetized legacy assets at attractive valuations, strengthened our leadership team, and continued to redeploy capital into investments that we believe offer superior long-term return potential. While there is still work ahead, we believe the actions we've taken over the last several months have positioned Chiron as a stronger, more capable, and more relevant healthcare real estate company."
In conjunction with this release, the Company has posted an updated Investor Presentation to the Investor Relations section of its website. The presentation includes additional information regarding the Company's investment and disposition activity, portfolio composition, and strategic priorities.
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.
Quarterly Financial Highlights
| · | Reported quarterly net income attributable to common stockholders of $63.3 million, or $4.78 per diluted share, as compared to net loss of $0.8 million, or $0.06 per diluted share, in the comparable prior year period. |
| · | Reported quarterly funds from operations attributable to common stockholders and noncontrolling interest (“FFO”) of $0.88 per share and unit, as compared to $0.98 per share and unit in the comparable prior year period. |
| · | Reported core funds from operations attributable to common stockholders and noncontrolling interest (“Core FFO”) of $1.04 per share and unit, as compared to $1.14 per share and unit in the comparable prior year period. |
| · | Second quarter same-property cash net operating income (“Same-Property Cash NOI”) growth on the Company’s Outpatient Medical portfolio was +0.8% on a year-over-year basis. Results were adversely impacted by a one-time, non-recurring revenue recovery recognized during the comparable prior-year period associated with a single asset; excluding this asset, Same-Property Cash NOI growth would have been +1.7%, consistent with Management’s expectations. |
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Portfolio Update
Outpatient Medical Portfolio
At quarter end, the Company’s Outpatient Medical portfolio was comprised of:
| · | 4.6 million leasable square feet, |
| · | $100 million of annualized Cash NOI, |
| · | Weighted average lease term (“WALT”) of 4.4 years, |
| · | Weighted average annual base rent escalations of 2.1%, and |
| · | 95% leased occupancy rate. |
Seniors Housing Operating Portfolio (“SHOP”)
At quarter end, the Company’s SHOP portfolio was comprised of two communities totaling 292 homes. Additional operating details on the Company’s communities are as follows:
| · | The Landing: As of June 30, 2026, The Landing was 93% occupied – an increase of 3% relative to April 30, 2026. Occupancy as of July 31, 2026 was 96%. |
| · | The Riviera: Following its opening in March 2026, as of June 30, 2026, The Riviera was 23% occupied – an increase of 8% relative to April 30, 2026. Occupancy as of July 31, 2026 was 26%, reflecting continued leasing progress during the community's initial lease-up period. |
It is expected that The Landing and Riviera will deliver a yield on cost of greater than 7% upon stabilization in the second half of 2028.
Other Recent Events
Leadership Update
During the quarter, the Company continued to strengthen its leadership platform with the additions of Matthew Whitlock as Chief Investment Officer; Bobby Zeiller as Chief Development Officer and Head of Seniors Housing; Aaron Roseth as Chief Operating Officer; and Tami Cummings as Senior Vice President, Seniors Housing. Together, these additions add over 100 years of senior housing expertise to our team, enhancing Chiron's ability to source investments, support operators, optimize performance, and execute on its strategic growth initiatives.
Second Quarter Investments and Dispositions
| · | The Landing & Riviera: In June 2026, the Company completed the acquisition of two newly-constructed luxury seniors housing communities located within the affluent Potomac Yard submarket of Alexandria, Virginia for an aggregate purchase price of $249 million. These acquisitions represent the Company's inaugural SHOP investments. Both communities will be managed as seniors housing operating properties and are expected to deliver a double-digit unlevered IRR. Please refer to the Company’s May 6th, 2026 press release for further information on these communities. |
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| · | IRF Portfolio Sale: In June 2026, the Company completed the sale of seven Inpatient Rehabilitation Facilities (“IRFs”) to a newly-formed joint venture at an aggregate value of $217 million, representing a 7.3% exit cash capitalization rate. Chiron retained a 15% equity interest and is the manager of the JV, continuing to oversee asset management in exchange for a management fee. |
| · | Hudson Active Adult Joint Venture: In May 2026, the Company paid $6.7 million to acquire a 49% equity interest in a 128-home Active Adult development in Hudson, Wisconsin (a suburb of Minneapolis, Minnesota), with completion expected in the fourth quarter of 2027. In connection with its establishment, the joint venture entered into a construction loan with a principal balance of $26.0 million. The Company expects to realize a mid-teen levered IRR on its investment. |
| · | Fort Myers Mezzanine Loan: In April 2026, the Company completed the initial funding of a $3.0 million mezzanine loan, the proceeds of which are being used to develop a medical facility in Fort Myers, Florida. The facility is fully pre-leased on a long-term, built-to-suit basis to an investment-grade regional health system. The loan bears interest at 12% per annum during its initial 24-month term and carried a balance of $2.9 million as of June 30, 2026. |
| · | Heitman OM Joint Venture: In June 2026, the Company paid $0.7 million to acquire a 12.5% equity interest in a 32,000 square foot outpatient medical facility located in Coon Rapids, Minnesota. The Company expects to realize a high-teens levered IRR on its investment, inclusive of a $0.1 million acquisition fee paid to Chiron at closing. |
Subsequent Investment and Disposition Activity
| · | Daleville Mezzanine Loan: In July 2026, the Company completed the initial funding of a $2.2 million mezzanine loan, the proceeds of which will be used to develop a medical facility in Daleville, Virginia. The property is fully pre-leased on a long-term, built-to-suit basis to an investment-grade regional health system. The loan bears interest at 12% per annum during its initial 24-month term. |
Pending Investment and Disposition Activity
| · | The Pinnacle: In May 2026, the Company signed a purchase agreement (subject to customary closing conditions) for a newly constructed luxury senior housing community located in North Bethesda, Maryland for a purchase price of approximately $176 million. This luxury community, located adjacent to Pike & Rose, a premier mixed-use development, offers residents a full continuum of care across a mix of independent living, assisted living, and memory care housing. It is anticipated that this acquisition will close in the fourth quarter. This community will be managed as a SHOP and is expected to deliver a double-digit unlevered IRR. |
| · | Reston Land: In July 2026, the Company signed a purchase agreement (subject to customary closing conditions) to acquire a 22-acre parcel of land in Reston, Virginia for a purchase price of approximately $15 million. The parcel is zoned for a senior housing community of no greater than 131 units. It is anticipated that this acquisition will close in the third quarter. |
| · | Beaumont Surgical Hospital: In July 2026, the Company signed a sale agreement (subject to customary closing conditions) to dispose of the Beaumont Surgical Hospital for a price of approximately $49 million, representing a sale cap rate of approximately 5.9%. It is anticipated that this disposition will close in the fourth quarter. |
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Capital Markets
During the quarter, the Company issued $100 million of its 6.00% Series C Convertible Perpetual Preferred stock (the “Series C Preferred Stock”) to an investor group led by Maewyn Capital Partners. The Series C Preferred Stock has an annual dividend yield of 6.00% that increases after the fourth anniversary of the issuance of the shares if the shares are still outstanding at that time. The Series C Preferred Stock is convertible into shares of the Company’s common stock at a conversion price of $43.00 per share. In connection with the issuances of the Series C Preferred Stock, the Board of Directors of the Company appointed Mr. Charles Fitzgerald to the Board of Directors on May 20, 2026.
White Rock Bankruptcy
On July 17, 2026, White Rock Medical Center LLC (“White Rock”) filed its modified Second Plan of Reorganization in connection with its Chapter 11 bankruptcy reorganization process. Pursuant to the Second Plan of Reorganization, White Rock intends to affirm the lease at our facility in Dallas, Texas. There can be no assurance that White Rock will not change its plan to affirm its lease with us or that we will receive any amounts owed to us. Since the date of its bankruptcy filing through August 4, 2026, White Rock remains current in its rent obligations to us.
Balance Sheet and Capital
At June 30, 2026, consolidated debt outstanding, including borrowings on the credit facility and notes payable (both net of unamortized debt issuance costs), was $633.1 million and the Company’s leverage was 39.9% of total gross assets compared to 44.7% as of March 31, 2026. As of June 30, 2026, the Company’s total debt carried a weighted average interest rate of 4.56% and a weighted average remaining term of 3.6 years, with 78% fixed rate debt. The Company has no debt maturities in 2026 or 2027.
During the second quarter, $350.0 million of interest rate derivatives associated with the Company’s legacy Term Loan A matured which had previously swapped SOFR to a fixed rate of 1.36%. The Company's weighted average interest rate as of June 30, 2026 gives effect to $350.0 million of previously executed interest rate swaps that fix SOFR to a blended rate of 3.29%.
As of August 4, 2026, the Company’s borrowing capacity under the credit facility was $245.5 million.
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
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Conference Call and Webcast Information
The Company will host a live webcast and conference call on Thursday, August 6, 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.
Dial in numbers: 1-800-717-1738 or 1-646-307-1865
Replay:
An audio replay of the conference call will be posted on the Company’s website.
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.
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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.
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.
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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.
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, transaction 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),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
8
Chiron Real Estate Inc.
Condensed Consolidated Balance Sheets
(Unaudited, and in thousands, except par values)
| As of | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Investment in real estate: | ||||||||
| Land | $ | 184,445 | $ | 169,917 | ||||
| Building | 1,140,464 | 1,072,124 | ||||||
| Furniture, fixtures and equipment | 5,936 | — | ||||||
| Site improvements | 24,667 | 25,741 | ||||||
| Tenant improvements | 69,680 | 80,397 | ||||||
| Acquired lease intangible assets | 140,461 | 144,573 | ||||||
| 1,565,653 | 1,492,752 | |||||||
| Less: accumulated depreciation and amortization | (315,923 | ) | (338,096 | ) | ||||
| Investment in real estate, net | 1,249,730 | 1,154,656 | ||||||
| Cash and cash equivalents | 10,658 | 9,084 | ||||||
| Restricted cash | 2,263 | 2,805 | ||||||
| Real estate loans receivable, net | 3,024 | — | ||||||
| Tenant and resident receivables, net | 6,787 | 7,225 | ||||||
| Due from related parties | 728 | 162 | ||||||
| Escrow deposits | 2,300 | 556 | ||||||
| Deferred assets | 22,041 | 28,907 | ||||||
| Derivative assets | 10,898 | 6,102 | ||||||
| Goodwill | 5,903 | 5,903 | ||||||
| Investment in unconsolidated joint ventures | 32,591 | 1,781 | ||||||
| Other assets | 24,855 | 25,284 | ||||||
| Total assets | $ | 1,371,778 | $ | 1,242,465 | ||||
| Liabilities and Equity | ||||||||
| Liabilities: | ||||||||
| Credit Facility, net of unamortized debt issuance costs of $8,979 and $10,476 at June 30, 2026 and December 31, 2025, respectively | $ | 632,021 | $ | 652,699 | ||||
| Notes payable, net of unamortized debt issuance costs of $0 at June 30, 2026 and December 31, 2025 | 1,096 | 1,153 | ||||||
| Accounts payable and accrued expenses | 20,970 | 18,289 | ||||||
| Dividends payable | 8,906 | 12,484 | ||||||
| Security deposits | 3,287 | 3,421 | ||||||
| Other liabilities | 17,617 | 19,410 | ||||||
| Acquired lease intangible liabilities, net | 3,816 | 4,944 | ||||||
| Total liabilities | 687,713 | 712,400 | ||||||
| Commitments and Contingencies | ||||||||
| Equity: | ||||||||
| Preferred stock, $0.001 par value, 10,000 shares authorized; 6,155 shares and 5,155 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively (liquidation preference of $228,875 and $128,875 at June 30, 2026 and December 31, 2025, respectively) | 220,225 | 124,106 | ||||||
| Common stock, $0.001 par value, 100,000 shares authorized; 13,235 shares issued and outstanding at June 30, 2026 and December 31, 2025 | 13 | 13 | ||||||
| Additional paid-in capital | 729,514 | 729,514 | ||||||
| Accumulated deficit | (303,703 | ) | (349,965 | ) | ||||
| Accumulated other comprehensive income | 10,898 | 6,102 | ||||||
| Total Chiron Real Estate Inc. stockholders' equity | 656,947 | 509,770 | ||||||
| Noncontrolling interest | 27,118 | 20,295 | ||||||
| Total equity | 684,065 | 530,065 | ||||||
| Total liabilities and equity | $ | 1,371,778 | $ | 1,242,465 | ||||
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Chiron Real Estate Inc.
Condensed Consolidated Statements of Operations
(Unaudited, and in thousands, except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | ||||||||||||||||
| Rental revenue | $ | 37,060 | $ | 37,880 | $ | 75,081 | $ | 72,475 | ||||||||
| Resident fees and services | 1,841 | — | 1,841 | — | ||||||||||||
| Other income | 846 | 89 | 889 | 112 | ||||||||||||
| Total revenue | 39,747 | 37,969 | 77,811 | 72,587 | ||||||||||||
| Expenses | ||||||||||||||||
| General and administrative | 5,221 | 6,025 | 10,310 | 9,645 | ||||||||||||
| Operating expenses | 10,034 | 8,216 | 19,284 | 15,800 | ||||||||||||
| Depreciation expense | 11,443 | 11,307 | 22,530 | 21,614 | ||||||||||||
| Amortization expense | 3,833 | 3,984 | 7,573 | 7,504 | ||||||||||||
| Interest expense | 8,806 | 8,009 | 16,039 | 15,176 | ||||||||||||
| Total expenses | 39,337 | 37,541 | 75,736 | 69,739 | ||||||||||||
| Income before other income (expense) | 410 | 428 | 2,075 | 2,848 | ||||||||||||
| Gain on sale of investment properties | 71,881 | 207 | 71,881 | 1,565 | ||||||||||||
| Equity loss from unconsolidated joint ventures | (10 | ) | (50 | ) | (21 | ) | (91 | ) | ||||||||
| Net income | $ | 72,281 | $ | 585 | $ | 73,935 | $ | 4,322 | ||||||||
| Less: Preferred stock dividends | (2,982 | ) | (1,455 | ) | (5,455 | ) | (2,911 | ) | ||||||||
| Less: Net (income) loss attributable to noncontrolling interest | (6,009 | ) | 70 | (5,939 | ) | (108 | ) | |||||||||
| Net income (loss) attributable to common stockholders | $ | 63,290 | $ | (800 | ) | $ | 62,541 | $ | 1,303 | |||||||
| Net income (loss) attributable to common stockholders per share – basic and diluted | $ | 4.78 | $ | (0.06 | ) | $ | 4.73 | $ | 0.10 | |||||||
| Weighted average shares outstanding – basic and diluted | 13,235 | 13,376 | 13,235 | 13,375 | ||||||||||||
10
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 June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (unaudited, in thousands except per share and unit amounts) | ||||||||||||||||
| Net income | $ | 72,281 | $ | 585 | $ | 73,935 | $ | 4,322 | ||||||||
| Less: Preferred stock dividends | (2,982 | ) | (1,455 | ) | (5,455 | ) | (2,911 | ) | ||||||||
| Depreciation and amortization expense | 15,251 | 15,266 | 30,053 | 29,072 | ||||||||||||
| Depreciation and amortization expense from unconsolidated joint ventures | 73 | 73 | 146 | 122 | ||||||||||||
| Gain on sale of investment properties | (71,881 | ) | (207 | ) | (71,881 | ) | (1,565 | ) | ||||||||
| FFO attributable to common stockholders and noncontrolling interest | $ | 12,742 | $ | 14,262 | $ | 26,798 | $ | 29,040 | ||||||||
| Amortization of above (below) market leases, net | 150 | (60 | ) | 296 | 392 | |||||||||||
| Straight line deferred rental revenue | 122 | (479 | ) | (82 | ) | (536 | ) | |||||||||
| Stock-based compensation expense | 1,378 | 1,728 | 2,607 | 1,879 | ||||||||||||
| Amortization of debt issuance costs and other | 707 | 559 | 1,514 | 1,118 | ||||||||||||
| Severance and transition related expense | — | 567 | — | 671 | ||||||||||||
| Other adjustments from unconsolidated joint ventures | 2 | 20 | (17 | ) | 51 | |||||||||||
| Core FFO attributable to common stockholders and noncontrolling interest | $ | 15,101 | $ | 16,597 | $ | 31,116 | $ | 32,615 | ||||||||
| Net income (loss) attributable to common stockholders per share – basic and diluted | $ | 4.78 | $ | (0.06 | ) | $ | 4.73 | $ | 0.10 | |||||||
| FFO attributable to common stockholders and noncontrolling interest per share and unit | $ | 0.88 | $ | 0.98 | $ | 1.85 | $ | 2.00 | ||||||||
| Core FFO attributable to common stockholders and noncontrolling interest per share and unit | $ | 1.04 | $ | 1.14 | $ | 2.15 | $ | 2.25 | ||||||||
| Weighted Average Shares and Units Outstanding – basic and diluted | 14,485 | 14,530 | 14,450 | 14,501 | ||||||||||||
| Weighted Average Shares and Units Outstanding: | ||||||||||||||||
| Weighted Average Common Shares | 13,235 | 13,376 | 13,235 | 13,375 | ||||||||||||
| Weighted Average OP Units | 444 | 449 | 444 | 449 | ||||||||||||
| Weighted Average LTIP Units | 806 | 705 | 771 | 677 | ||||||||||||
| Weighted Average Shares and Units Outstanding – basic and diluted | 14,485 | 14,530 | 14,450 | 14,501 | ||||||||||||
| Core FFO attributable to common stockholders and noncontrolling interest | $ | 15,101 | $ | 16,597 | $ | 31,116 | $ | 32,615 | ||||||||
| Tenant improvements | (762 | ) | (878 | ) | (1,356 | ) | (1,582 | ) | ||||||||
| Leasing commissions | (367 | ) | (558 | ) | (917 | ) | (673 | ) | ||||||||
| Building capital | (2,269 | ) | (1,087 | ) | (3,819 | ) | (2,994 | ) | ||||||||
| FAD attributable to common stockholders and noncontrolling interest | $ | 11,703 | $ | 14,074 | $ | 25,024 | $ | 27,366 | ||||||||
11
Chiron Real Estate Inc.
Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre
(Unaudited, and in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (unaudited and in thousands) | ||||||||||||||||
| Net income | $ | 72,281 | $ | 585 | $ | 73,935 | $ | 4,322 | ||||||||
| Interest expense | 8,806 | 8,009 | 16,039 | 15,176 | ||||||||||||
| Depreciation and amortization expense | 15,276 | 15,291 | 30,103 | 29,118 | ||||||||||||
| Unconsolidated joint venture EBITDAre adjustments (1) | 112 | 114 | 223 | 199 | ||||||||||||
| Gain on sale of investment properties | (71,881 | ) | (207 | ) | (71,881 | ) | (1,565 | ) | ||||||||
| EBITDAre | $ | 24,594 | $ | 23,792 | $ | 48,419 | $ | 47,250 | ||||||||
| Stock-based compensation expense | 1,378 | 1,728 | 2,607 | 1,879 | ||||||||||||
| Amortization of above (below) market leases, net | 150 | (60 | ) | 296 | 392 | |||||||||||
| Severance and transition related expense | — | 567 | — | 671 | ||||||||||||
| Interest rate swap mark-to-market at unconsolidated joint ventures | 2 | 19 | (17 | ) | 55 | |||||||||||
| Adjusted EBITDAre | $ | 26,124 | $ | 26,046 | $ | 51,305 | $ | 50,247 | ||||||||
| (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. |
12
Chiron Real Estate Inc.
Reconciliation of Net Income to NOI, Cash NOI and Same-Property Cash NOI
(Unaudited, and in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (unaudited and in thousands) | ||||||||||||||||
| Net income | $ | 72,281 | $ | 585 | $ | 73,935 | $ | 4,322 | ||||||||
| General and administrative | 5,221 | 6,025 | 10,310 | 9,645 | ||||||||||||
| Depreciation and amortization expense | 15,276 | 15,291 | 30,103 | 29,118 | ||||||||||||
| Interest expense | 8,806 | 8,009 | 16,039 | 15,176 | ||||||||||||
| Gain on sale of investment properties | (71,881 | ) | (207 | ) | (71,881 | ) | (1,565 | ) | ||||||||
| Proportionate share of unconsolidated joint venture adjustments | 114 | 133 | 206 | 253 | ||||||||||||
| NOI | $ | 29,817 | $ | 29,836 | $ | 58,712 | $ | 56,949 | ||||||||
| Amortization of above (below) market leases, net | 150 | (60 | ) | 296 | 392 | |||||||||||
| Straight line deferred rental revenue | 122 | (479 | ) | (82 | ) | (536 | ) | |||||||||
| Proportionate share of unconsolidated joint venture adjustments | (2 | ) | (3 | ) | (4 | ) | (8 | ) | ||||||||
| Cash NOI | $ | 30,087 | $ | 29,294 | $ | 58,922 | $ | 56,797 | ||||||||
| Assets not held for all periods | (5,025 | ) | (5,214 | ) | ||||||||||||
| Lease termination fees | — | (12 | ) | |||||||||||||
| Joint ventures and other income | (948 | ) | (157 | ) | ||||||||||||
| Same-Property Cash NOI | $ | 24,114 | $ | 23,911 | ||||||||||||
13
Exhibit 99.2
Q2 2026 Earnings Supplemental June 30, 2026
3 About Chiron 4 - 5 Quarterly Highlights and Recent Events 6 Consolidated Balance Sheets 7 Consolidated Statements of Operations Reconciliations of Non - GAAP Measures 8 Funds From Operations, Core FFO, and Funds Available for Distribution 9 Net Operating Income, Cash Net Operating Income, and Adjusted EBITDA re 10 Capitalization Summary 11 Leverage Statistics and Selected Debt Covenant Performance Portfolio Information 12 Portfolio Overview 13 SHOP Overview 14 Outpatient Medical Overview 15 Outpatient Medical Same Property Performance and Reconciliations 16 Outpatient Medical Lease Expiration Schedule and Leasing Rollforward 17 Outpatient Medical Portfolio Concentrations 18 Investment Activity and Capital Expenditures 19 Components of Net Asset Value 20 - 22 Definitions *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 2 Second Quarter 2026 Supplemental Reporting 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 forwa rd - looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “s hould,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of futur e r esults. Except for historical information, the statements set forth herein including, our earnings, our liquidity, our tenants’ ability to pay r ent to us, our ability to refinance our indebtedness, expected financial performance (including future cash flows associated with our joint ventures, new tenants or the expansion of current properties), future dividends, interest rates or other financial items; any other statements concerning our plans, st rat egies, objectives and expectations for future operations and future portfolio occupancy rates, our pipeline of acquisition opportunities and expect ed acquisition activity, including the timing and/or successful completion of any acquisitions or the future performance of any such acquisitions, and ex pected rent receipts on these properties, our expected disposition activity, including the timing and/or successful completion of any dispositions an d t he 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 uncertaintie s. Although the Company believes that the expectations, estimates and assumptions reflected in its forward - looking statements are reasonable, actual res ults 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 lim ita tion, 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 fi lings 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 3 Second Quarter 2026 Supplemental Reporting 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 . 292 4.6m 184 $120.3m $1.7bn SHOP Homes OM Square Feet Property Count Cash NOI (Annualized) Gross Assets Mark Decker, Jr. Chief Executive Officer & President Robert Kiernan Chief Financial Officer & Treasurer Matthew Whitlock Chief Investment Officer Bobby Zeiller Chief Development Officer and Head of Seniors Housing Aaron Roseth Chief Operating Officer Danica Holley Chief Administrative Officer Jamie Barber General Counsel & Corporate Secretary 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 David Rodgers Raymond James Analyst Coverage Jeffrey Busch Chairman of the Board Paula Crowley Compensation Committee Chair Matthew Cypher, Ph.D. Nominating & Corporate Governance Committee Chair Mark Decker, Jr. Chief Executive Officer & President Charles Fitzgerald Director Zhang Huiqi Director Lori Wittman Lead Independent Director, Audit Committee Chair 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 4 Second Quarter 2026 Supplemental Reporting Operating Highlights • Reported quarterly net income attributable to common stockholders of $63.3 million, or $4.78 per diluted share, as compared to net loss of $0.8 million, or $0.06 per diluted share, in the comparable prior year period. • Reported quarterly funds from operations attributable to common stockholders and noncontrolling interest (“FFO”) of $0.88 per share and unit, as compared to $0.98 per share and unit in the comparable prior year period. • Reported core funds from operations attributable to common stockholders and noncontrolling interest (“Core FFO”) of $1.04 per share and unit, as compared to $1.14 per share and unit in the comparable prior year period. • Second quarter same - property cash net operating income (“Same - Property Cash NOI”) growth was 0.8% on a year - over - year basis. Results were adversely impacted by a one - time, non - recurring revenue recovery recognized during the comparable prior - year period associated with a single asset in the base year; excluding this asset, Same - Property Cash NOI growth would have been +1.7%. Second Quarter Capital Markets • During the quarter, the Company issued $100 million of its 6.00% Series C Convertible Perpetual Preferred stock (the “Series C Preferred Stock”) to an investor group led by Maewyn Capital Partners. The Series C Preferred Stock has an annual dividend yield of 6.00% that increases after the fourth anniversary of the issuance of the shares if the shares are still outstanding at that time. The Series C Preferred Stock is convertible into shares of the Company’s common stock at a conversion price of $43.00 per share. Executive Leadership Team • During the quarter, the Company continued to strengthen its leadership platform with the additions of Matthew Whitlock as Chief Investment Officer; Bobby Zeiller as Chief Development Officer and Head of Seniors Housing; Aaron Roseth as Chief Operating Officer; and Tami Cummings as Senior Vice President, Seniors Housing. In connection with these appointments, Danica Holley, the Company’s Chief Operating Officer, has been appointed Chief Administrative Officer. Tenant Update • On July 17, 2026, White Rock Medical Center LLC (“White Rock”) filed its modified Second Plan of Reorganization in connection with its Chapter 11 bankruptcy reorganization process. Pursuant to the Second Plan of Reorganization, White Rock intends to affirm the lease at our facility in Dallas, Texas. There can be no assurance that White Rock will not change its plan to affirm its lease with us or that we will receive any amounts owed to us. Since the date of its bankruptcy filing through August 4, 2026, White Rock remains current in its rent obligations to us. *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.
Recent Events 5 Second Quarter 2026 Supplemental Reporting Second Quarter Investments and Dispositions • The Landing & Riviera: Acquired two newly developed luxury seniors housing communities in Alexandria, VA for $249 million, marking the Company's first SHOP investments. As of June 30, 2026, The Landing was 93% occupied, and the Riviera, which opened in March 2026, was 23% occupied. Both assets are expected to generate stabilized cash yields of 7.0% to 7.5%. • IRF Portfolio Sale: Sold seven inpatient rehabilitation facilities to a new JV for $217 million at a 7.3% cash cap rate. Chiron retained a 15% equity interest and continues as asset manager. • Hudson Active Adult JV: Invested $6.7 million for a 49% stake in a 128 - home active adult development in Hudson, WI. Completion expected in Q4 2027. The JV also secured a $26.0 million construction loan. The project is expected to generate a stabilized cash yield of 7.0%. • Fort Myers Mezzanine Loan: Funded a $3.0 million mezzanine loan for the development of a fully pre - leased medical facility in Fort Myers, FL. The loan bears interest at 12% during its initial 24 - month term. The funded balance as of June 30, 2026, was $2.9 million. • Heitman MOB JV: Invested $0.7 million for a 12.5% interest in a 32,000 - square - foot outpatient medical facility in Coon Rapids, MN. Subsequent Investment and Disposition Activity • Daleville Mezzanine Loan: Completed the initial funding of a $2.2 million mezzanine loan for the development of a fully pre - leased medical facility in Daleville, VA. The loan bears interest at 12% during its initial 24 - month term. Pending Investment and Disposition Activity • The Pinnacle: Signed an agreement to acquire a luxury seniors housing community in North Bethesda, MD for approximately $176 million. Expected to close in Q4 2026, operate as a SHOP, and generate a double - digit unlevered IRR. • Reston Land: Signed an agreement to acquire a 22 - acre parcel in Reston, VA for approximately $15 million, zoned for up to 131 seniors housing homes. Expected to close in Q3 2026. • Beaumont Surgical Hospital: Signed an agreement to sell the hospital for approximately $49 million, representing a sale cap rate of approximately 5.9%. Expected to close in Q4 2026.
2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Liabilities and Equity $ 698,832 $ 708,482 $ 652,699 $ 662,314 $632,021 Credit Facility, net 14,153 1,153 1,153 1,096 1,096 Notes Payable, net 19,006 17,808 18,289 15,022 20,970 Accounts Payable and Accrued Expenses 11,985 12,051 12,484 12,708 8,906 Dividends Payable 6,117 5,516 4,944 4,375 3,816 Acquired Lease Intangible Liabilities, net 21,845 22,400 22,831 21,854 20,904 Other Liabilities $ 771,938 $ 767,410 $ 712,400 $ 717,369 $ 687,713 Total Liabilities 74,959 74,959 124,106 124,106 220,225 Preferred Stock 13 13 13 13 13 Common Stock 734,344 735,416 729,514 729,514 729,514 Additional Paid - in Capital (316,510) (332,566) (349,965) (360,640) (303,703) Accumulated Deficit 10,396 7,467 6,102 7,218 10,898 Accumulated Other Comprehensive Income $ 503,202 $ 485,289 $ 509,770 $ 500,211 $ 656,947 Total Chiron Stockholders’ Equity 21,819 20,539 20,295 20,439 27,118 Noncontrolling Interest $ 525,021 $ 505,828 $ 530,065 $ 520,650 $ 684,065 Total Equity $ 1,296,959 $ 1,273,238 $ 1,242,465 $ 1,238,019 $ 1,371,778 Total Liabilities and Equity 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Assets $ 173,123 $ 171,349 $ 169,917 $ 169,917 $ 184,445 Land 1,095,324 1,087,622 1,072,124 1,073,953 1,140,464 Building -- -- -- -- 5,936 Furniture, Fixtures, and Equipment 24,966 25,065 25,741 25,783 24,667 Site Improvements 80,019 79,979 80,397 81,168 69,680 Tenant Improvements 147,376 144,696 144,573 144,573 140,461 Acquired Lease Intangible Assets $ 1,520,808 $ 1,508,711 $ 1,492,752 $ 1,495,394 $ 1,565,653 Gross Real Estate Assets (316,649) (327,248) (338,096) (353,309) (315,923) Accumulated Depreciation and Amortization $ 1,204,159 $ 1,181,463 $ 1,154,656 $ 1,142,085 $ 1,249,730 Investment in Real Estate, net 6,580 7,123 9,084 8,183 10,658 Cash and Cash Equivalents 2,646 2,717 2,805 2,778 2,263 Restricted Cash -- -- -- -- 3,024 Real Estate Loans Receivable, net 7,826 7,945 7,225 6,800 6,787 Tenant and Resident Receivables, net 28,672 29,205 28,907 29,953 22,041 Deferred Assets 10,396 7,467 6,102 7,218 10,898 Derivative Assets 1,917 1,846 1,781 8,902 32,591 Investment in Unconsolidated Joint Ventures 34,763 35,472 31,905 32,100 33,786 Other Assets $ 1,296,959 $ 1,273,238 $ 1,242,465 $ 1,238,019 $ 1,371,778 Total Assets Consolidated Balance Sheets (Amounts in thousands) 6 Second Quarter 2026 Supplemental Reporting
Consolidated Statements of Operations (Amounts in thousands, except per - share data) 7 Second Quarter 2026 Supplemental Reporting 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Revenues $ 37,880 $ 37,036 $ 38,171 $ 38,021 $ 37,060 Rental Revenue -- -- -- -- 1,841 Resident Fees and Services 89 193 221 43 846 Other Income $ 37,969 $ 37,229 $ 38,392 $ 38,064 $ 39,747 Total Revenues Expenses 6,025 4,860 5,493 5,089 5,221 General and Administrative 8,216 8,224 8,595 9,250 10,034 Operating Expenses 15,291 15,008 14,916 14,827 15,276 Depreciation and Amortization Expense 8,009 8,175 8,403 7,233 8,806 Interest Expense $ 37,541 $ 36,267 $ 37,407 $ 36,399 $ 39,337 Total Expenses Other Income (Expense) 207 294 (372) -- 71,881 Gain (Loss) on Sale of Investment Properties -- (6,281) (6,733) -- -- Impairment of Investment Properties (50) (33) (27) (11) (10) Equity Loss from Unconsolidated Joint Ventures $ 157 $ (6,020) $ (7,132) $ (11) $ 71,871 Total Other Income (Expense) $ 585 $ (5,058) $ (6,147) $ 1,654 $ 72,281 Net Income (Loss) (1,455) (1,455) (1,915) (2,473) (2,982) Preferred Stock Dividends 70 512 643 70 (6,009) Net (Income) Loss Attributable to Noncontrolling Interest $ (800) $ (6,001) $ (7,419) $ (749) $ 63,290 Net Income (Loss) Attributable to Common Stockholders $ (0.06) $ (0.45) $ (0.55) $ (0.06) $ 4.78 Net Income (Loss) Attributable to Common Stockholders per Share – Basic and Diluted 13,376 13,393 13,371 13,235 13,235 Weighted Average Common Shares Outstanding – Basic and Diluted
2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 FFO, Core FFO, FAD $ 585 $ (5,058) $ (6,147) $ 1,654 $ 72,281 Net Income (Loss) (1,455) (1,455) (1,915) (2,473) (2,982) Preferred Stock Dividends 15,266 14,983 14,892 14,802 15,251 Depreciation and Amortization Expense (207) (294) 372 -- (71,881) (Gain) Loss on Sale of Investment Properties -- 6,281 6,733 -- -- Impairment of Investment Properties 73 73 73 73 73 Depreciation and Amortization Expense from Unconsolidated Joint Ventures $ 14,262 $ 14,530 $ 14,008 $ 14,056 $ 12,742 FFO Attributable to Common Shares & NCI (60) 113 143 146 150 Amortization of Above (Below) Market Leases (479) (332) (252) (204) 122 Straight Line Deferred Rental Revenue 1,728 1,207 1,410 1,229 1,378 Stock - Based Compensation Expense 559 554 1,322 807 707 Amortization of Debt Issuance Costs 567 -- 273 -- -- Severance and Transition Related Expense -- 170 -- -- -- Reverse Stock Split Expense 20 -- (6) (19) 2 Other Adjustments from Unconsolidated Joint Ventures $ 16,597 $ 16,242 $ 16,898 $ 16,015 $ 15,101 Core FFO Attributable to Common Shares & NCI Total Capital Expenditures: (878) (1,601) (1,066) (594) (762) Tenant Improvements (558) (1,136) (394) (550) (367) Leasing Commissions (1,087) (1,683) (2,247) (1,550) (2,269) Building Capital $ 14,074 $ 11,822 $ 13,191 $ 13,321 $ 11,703 FAD Attributable to Common Shares & NCI Weighted Average Shares and Units Outstanding: 13,376 13,393 13,371 13,235 13,235 Weighted Average Common Shares 449 447 444 444 444 Weighted Average OP Units 705 714 701 750 806 Weighted Average LTIP Units 14,530 14,554 14,516 14,429 14,485 Weighted Average Shares & Units Outstanding - Basic and Diluted Per Share Amounts (Basic and Diluted): $ (0.06) $ (0.45) $ (0.55) $ (0.06) $ 4.78 Net Income (Loss) Per Share $ 0.98 $ 1.00 $ 0.97 $ 0.97 $ 0.88 FFO Per Share and Unit $ 1.14 $ 1.12 $ 1.16 $ 1.11 $ 1.04 Core FFO Per Share and Unit Reconciliation of Non - GAAP Measures (Amounts in thousands, except per - share data) 8 Second Quarter 2026 Supplemental Reporting
2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 EBITDA re and Adj. EBITDA re $ 585 $ (5,058) $ (6,147) $ 1,654 $ 72,281 Net Income (Loss) 8,009 8,175 8,403 7,233 8,806 Interest Expense 15,291 15,008 14,916 14,827 15,276 Depreciation and Amortization 114 112 113 111 112 Unconsolidated Joint Ventures EBITDA Adjustments (207) (294) 372 -- (71,881) (Gain) Loss on Sale of Investment Properties -- 6,281 6,733 -- -- Impairment of Investment Properties $ 23,792 $ 24,224 $ 24,390 $ 23,825 $ 24,594 EBITDA re (60) 113 143 146 150 Amortization of Above (Below) Market Leases 1,728 1,207 1,410 1,229 1,378 Stock - Based Compensation Expense 567 -- 273 -- -- Severance and Transition Related Expense -- 170 -- -- -- Reverse Stock Split Expense 19 -- (5) (19) 2 Interest Rate Swap Mark - to - Market at Unconsolidated Joint Ventures $ 26,046 $ 25,714 $ 26,211 $ 25,181 $ 26,124 Adjusted EBITDA re $ 104,184 $ 102,856 $ 104,844 $ 100,724 $ 104,496 Adjusted EBITDAre, Annualized 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 NOI and Cash NOI $ 585 $ (5,058) $ (6,147) $ 1,654 $ 72,281 Net Income (Loss) 6,025 4,860 5,493 5,089 5,221 General and Administrative Expense 15,291 15,008 14,916 14,827 15,276 Depreciation and Amortization Expense 8,009 8,175 8,403 7,233 8,806 Interest Expense (207) (294) 372 -- (71,881) (Gain) Loss on Sale of Investment Properties -- 6,281 6,733 -- -- Impairment of Investment Properties 133 113 106 92 114 Proportionate Share of Unconsol. JV Adj. $ 29,836 $ 29,085 $ 29,876 $ 28,895 $ 29,817 NOI (60) 113 143 146 150 Amort. of Above (Below) Market Leases (479) (332) (252) (204) 122 Straight Line Deferred Rental Revenue (3) (2) (2) (2) (2) Proportionate Share of Unconsol . JV Adj. $ 29,294 $ 28,864 $ 29,765 $ 28,835 $ 30,087 Cash NOI Reconciliation of Non - GAAP Measures (continued) (Amounts in thousands) 9 Second Quarter 2026 Supplemental Reporting
Capitalization Summary (Amounts in thousands) 10 Second Quarter 2026 Supplemental Reporting Value Price (1) Shares Total Capitalization $ 496,571 $ 37.52 13,235 Common Stock (NYSE: XRN) 16,655 $ 37.52 444 OP Units -- -- 813 Vested LTIP Units $ 513,226 14,492 Total Equity Capitalization 642,096 -- -- Consolidated Debt (Gross) Preferred Stock 77,625 $ 25.00 3,105 Series A (7.50%) (NYSE: XRN PrA ) 51,250 $ 25.00 2,050 Series B (8.00%) (NYSE: XRN PrB ) 100,000 $ 100.00 1,000 Series C (6.00%) $ 1,384,197 Total Capitalization (1) Equity Capitalization Price based on the closing share price of the Company’s common stock on June 30, 2026 of $37.52 per sha re. 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. Maturity Type (2) Rate (1) Balance Debt Summary Unsecured Credit Facility: 10/2030 Floating 5.04% $ 141,000 Revolving Credit Facility 10/2029 Fixed 4.60% 100,000 Term Loan A - 1 10/2030 Fixed 4.64% 100,000 Term Loan A - 2 04/2031 Fixed 4.68% 150,000 Term Loan A - 3 02/2028 Fixed 3.90% 150,000 Term Loan B 07/2033 Fixed 5.07% 1,096 Other Debt 3.6 Years 78% Fixed 4.56% $ 642,096 Total Consolidated Debt (Gross) (10,658) Cash and Cash Equivalents $ 631,438 Net Consolidated Debt (Gross) (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) Includes the effects of interest rate swap agreements. Applicable Term Receive Pay Fixed Notional Hedging Summary Current – 10/2029 SOFR 3.24% $ 100,000 Term Loan A - 1 Current – 10/2030 SOFR 3.28% $ 100,000 Term Loan A - 2 Current – 04/2031 SOFR 3.32% $ 150,000 Term Loan A - 3 Current – 02/2028 SOFR 2.54% $ 150,000 Term Loan B
Leverage Statistics (Amounts in thousands) 11 Second Quarter 2026 Supplemental Reporting 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 $ 716,757 $ 712,853 $ 664,328 $ 673,096 $ 642,096 Consolidated Debt (6,580) (7,123) (9,084) (8,183) (10,658) Cash and Cash Equivalents $ 710,177 $ 705,730 $ 655,244 $ 664,913 $ 631,438 Net Consolidated Debt 77,625 77,625 128,875 128,875 228,875 Preferred Stock $ 787,802 $ 783,355 $ 784,119 $ 793,788 $ 860,313 Net Consolidated Debt + Preferred Stock $ 104,184 $ 102,856 $ 104,844 $ 100,724 $ 104,496 Adjusted EBITDA re – Annualized 6.8x 6.9x 6.2x 6.6x 6.0x Net Consolidated Debt / Ann. Adj. EBITDA re 7.6x 7.6x 7.5x 7.9x 8.2x Net Debt + Preferred / Ann. Adj. EBITDA re $ 26,046 $ 25,714 $ 26,211 $ 25,181 $ 26,124 Adjusted EBITDA re 8,009 8,175 8,403 7,233 8,806 Interest Expense 3.3x 3.1x 3.1x 3.5x 3.0x Interest Coverage Ratio $ 7,380 $ 7,556 $ 7,014 $ 6,360 $ 8,031 Cash Interest Expense 104 92 -- 57 -- Secured Debt Principal Amortization 1,455 1,455 1,915 2,473 2,982 Preferred Stock Dividends $ 8,939 $ 9,103 $ 8,929 $ 8,890 $ 11,013 Total Fixed Charges 26,046 25,714 26,211 25,181 26,124 Adjusted EBITDA re 2.9x 2.8x 2.9x 2.8x 2.4x Fixed Charge Coverage Ratio $ 6,580 $ 7,123 $ 9,084 $ 8,183 $ 10,658 Cash and Cash Equivalents 400,000 400,000 400,000 400,000 400,000 Availability Under Credit Facility (202,600) (211,700) (163,175) (172,000) (141,000) Outstanding Credit Facility Borrowings $ 203,980 $ 195,423 $ 245,909 $ 236,183 $ 269,658 Total Liquidity Selected Debt Covenant Performance 2Q 2026 Required Calculation Metric 39.9% ≤ 60% Total Debt / Total Assets Total Leverage Ratio 0.1% ≤ 30% Secured Debt / Total Assets Secured Leverage Ratio 41.5% ≤ 60% Unsecured Debt / Unencumbered Assets Unsecured Leverage Ratio 2.6x ≥ 1.50x Total EBITDA / Fixed Charges Fixed Charge Coverage Ratio 2.1x ≥ 1.50x Unencumbered NOI / Unsecured Interest Unsecured Interest Coverage Ratio
Portfolio Overview (dollars in thousands) 12 Second Quarter 2026 Supplemental Reporting % of Cash NOI 2Q 2026 Cash NOI (2) Leased / Occupied (1) GLA / Homes Assets Asset Type 98.3% $ 25,096 94.7% 4,644,832 182 Outpatient Medical (OM) 1.0% 266 58.8% 292 2 Seniors Housing Operating Properties (SHOP) 99.4% $ 25,362 184 Consolidated Portfolio 0.4% 102 Joint Ventures 0.2% 59 Mezzanine Loans 100.0% $ 25,523 Total (1) Occupancy for SHOP is reported as quarterly average, and OM occupancy is reported on a quarter - end spot basis. (2) Excludes Cash NOI attributable to assets not owned as of quarter end. ∆ % 2Q 2025 2Q 2026 Assets Same Property Cash NOI Performance + 0.8% $ 23,911 $ 24,114 179 OM (1) -- -- -- -- SHOP + 0.8% $ 23,911 $ 24,114 179 Total Same Property Performance XRN Share of Cash NOI % Share Gross Asset Value Assets Joint Ventures / Mezzanine Loans $ 0 49.0% $ 34,984 2 Active Adult Joint Ventures (1) 14 15.0% 220,356 7 IRF Joint Venture 88 12.5% 45,431 3 Heitman OM Joint Venture (2) $ 102 Joint Ventures XRN Share of Cash NOI Maturity Rate Amount Outstanding $ 59 2Q 2028 12.0% $ 2,923 Fort Myers Medical Facility (3) $ 59 Mezzanine Loans (1) Comprised of the Maple Grove and Hudson active adult community JV’s in Minnesota, which are currently under development and expected to be completed in 2027. (2) An asset located in Coon Rapids, MN was acquired by the JV in 2Q 2026. (3) Full commitment value of $3.0 million. (1) Results were adversely impacted by a one - time, non - recurring revenue recovery recognized during the comparable prior - year period associated with a single asset in the base year; excluding this asset, Same - Property Cash NOI growth would have been +1.7%.
SHOP Overview (Consolidated Portfolio, dollars in thousands except RevPOR / ExPOR calculations ) 13 Second Quarter 2026 Supplemental Reporting 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 ( 1) Total Portfolio -- -- -- -- 2 Properties -- -- -- -- 292 Total Homes Available -- -- -- -- 58.8% Average Occupancy (2) -- -- -- -- $ 1,841 Cash revenue -- -- -- -- 1,575 Operating expenses -- -- -- -- $ 266 Cash NOI -- -- -- -- 14.4% Cash NOI Margin -- -- -- -- $10,722 RevPOR -- -- -- -- 9,174 ExPOR (1) Both SHOP assets were acquired as of 6/1/2026; occupancy, revenue, expenses, and the associated RevPOR and ExPOR calculations are based on 1 month of activity. (2) Includes The Riviera, a newly delivered community that opened March 2026. Spot Occupancy Private Pay % % Homes Community Mix 39.6% 100% 58% 169 Independent Living 94.4% 100% 30% 89 Assisted Living 91.2% 100% 12% 34 Memory Care 62.3% 100% 100% 292 Total Spot Occupancy Homes MSA Operator Assets 93.3% 163 Washington DC Greystone The Landing 23.3% 129 Washington DC Greystone The Riviera (1) 62.3% 292 Total (1) The Riviera community opened in March of 2026.
Outpatient Medical Overview ( D ollars in thousands) 14 Second Quarter 2026 Supplemental Reporting 2Q26 Cash NOI (2) Term (1) Leased Rate GLA Assets Asset Type $ 17,141 4.0 100.0% 2,608,753 122 Single - Tenant 7,955 4.5 88.0% 2,063,079 60 Multi - Tenant $ 25,096 4.4 94.7% 4,644,832 182 Total Outpatient % Ground Lease GLA Campus Proximity 34.8% 1,482,479 On Campus / Adjacent 9.4% 1,800,177 Affiliated (1) 0.0% 1,362,176 Unaffiliated 14.7% 4,644,832 Total Outpatient Avg. Escalator (1) Lease Escalators 2.2% Single - Tenant 1.9% Multi - Tenant 2.1% Total Outpatient (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. (1) Weighted by Annualized Base Rent. Includes 8.9% of portfolio leases subject to a CPI based escalator. Such leases assume a CPI growth rate of +2.7%. % of ABR Lease Type 91.6% Absolute / Triple Net 5.0% Modified Gross 3.4% Gross
2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 $ 30,854 $ 30,319 $ 31,533 $ 32,080 $ 31,438 Rental and Related Revenues (1) (6,943) (6,798) (7,220) (8,011) (7,324) Operating Expenses $ 23,911 $ 23,521 $ 24,313 $ 24,069 $ 24,114 Same - Property Cash NOI 77% 78% 77% 75% 77% NOI Margin 95.4% 95.1% 95.8% 94.9% 94.8% Leased Rate Outpatient Medical Same Property Performance (Amounts in thousands) 15 Second Quarter 2026 Supplemental Reporting % GLA GLA Count Same Property Portfolio 100.0% 4,644,832 182 Total Outpatient Excluded Assets (6.4%) (297,724) (3) Assets Not Held for All Periods 93.6% 4,347,108 179 Same Property Portfolio 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Reconciliation from Cash NOI $ 29,294 $ 28,864 $ 29,765 $ 28,835 $ 30,087 Cash NOI (5,214) (5,072) (5,154) (4,644) (4,759) Outpatient Assets Not Held for All Periods -- -- -- -- (266) SHOP Assets (12) (117) (125) -- -- Lease Termination Fees (157) (154) (173) (122) (948) Joint Ventures and Other Cash NOI $ 23,911 $ 23,521 $ 24,313 $ 24,069 $ 24,114 Same - Property Cash NOI Outpatient Medical Same Property Reconciliations (Dollars in thousands) Sequential Comparison Year - Over - Year Comparison Change 1Q 2026 2Q 2026 Change 2Q 2025 2Q 2026 (2.0%) $ 32,080 $ 31,438 + 1.9% $ 30,854 $ 31,438 Rental and Related Revenues (1) (8.6%) (8,011) (7,324) + 5.5% (6,943) (7,324) Operating Expenses + 0.2% $ 24,069 $ 24,114 + 0.8% (2) $ 23,911 $ 24,114 Same - Property Cash NOI (1) Rental and Related Revenues include base rent and operating expense recoveries. (2) Results were adversely impacted by a one - time, non - recurring revenue recovery recognized during the comparable prior - year period associated with a single asset in the base year; excluding this asset, Same - Property Cash NOI growth would have been +1.7%.
Outpatient Medical Lease Expiration Schedule ( Dollars in thousands ) 16 Second Quarter 2026 Supplemental Reporting Rate (1) % ABR ABR % GLA GLA # Leases Year $ 21.85 5.6% $ 5,804 5.7% 265,618 42 2026 23.08 15.9% 16,376 15.3% 709,417 62 2027 25.73 6.5% 6,631 5.5% 257,720 53 2028 24.96 19.2% 19,722 17.0% 790,041 68 2029 21.90 15.5% 15,946 15.7% 728,268 69 2030 22.07 11.8% 12,124 11.8% 549,323 60 2031 24.22 2.2% 2,264 2.0% 93,488 13 2032 28.11 6.2% 6,336 4.9% 225,401 22 2033 29.37 3.3% 3,370 2.5% 114,733 10 2034 25.50 2.9% 3,013 2.5% 118,170 10 2035 20.54 10.9% 11,257 11.8% 548,100 24 Thereafter $ 23.37 100.0% $102,844 94.7% 4,400,279 433 Total Leased 244,553 Vacant 4,644,832 Total 94.7% Leased Rate (2) 4.4 Years Remaining Term Outpatient Medical Leasing Rollforward (1) Reflects Annual Base Rent as of quarter end divided by expiring area. (2) Includes 4,660 of SF that is leased but not yet occupied. 2Q 2026 Total GLA 5,099,256 Beginning of Quarter -- Acquired Area (455,861) Sold Area 1,437 Remeasurements 4,644,832 End of Quarter 2Q 2026 Leasing Volume (82,992) Lease Expirations 50,442 Renewals and Extensions 61% Tenant Retention 25,327 New Leases 742 Remeasurements (6,481) Net Absorption 2Q 2026 Leased GLA 4,862,621 Beginning of Quarter (6,481) Net Absorption (455,861) Net Leased Area Acquired (Sold) 4,400,279 End of Quarter
Outpatient Medical Tenant Concentrations ( D ollars in thousands) 17 Second Quarter 2026 Supplemental Reporting Outpatient Medical Geographic Concentrations ( Dollars in thousands ) % ABR ABR % Total GLA # Properties States 16.9% $ 17,426 13.8% 639,740 16 Texas 12.8% 13,124 11.0% 513,029 34 Florida 9.1% 9,362 9.1% 423,360 18 Ohio 5.9% 6,075 5.6% 258,789 14 Illinois 5.8% 5,929 6.6% 307,980 13 Michigan 5.7% 5,892 9.2% 428,614 5 Iowa 5.3% 5,451 5.8% 269,441 3 Virginia 4.3% 4,405 5.2% 239,261 8 Arizona 4.0% 4,121 3.5% 164,222 9 Pennsylvania 3.3% 3,347 2.0% 92,282 5 California 73.1% $ 75,132 71.8% 3,336,718 125 Top 10 States 26.9% 27,712 28.2% 1,308,114 57 All Other 100.0% $ 102,844 100.0% 4,644,832 182 Outpatient Medical Portfolio Term (1) % ABR ABR % Total Leased GLA Tenant / Parent 4.7 5.8% $ 5,938 3.5% 155,600 Memorial Health 2.8 5.4% 5,585 9.1% 398,865 Trinity Health 1.4 5.0% 5,199 2.1% 93,255 LifePoint Health 4.3 3.5% 3,563 2.9% 129,698 Tenet Healthcare 1.0 (2) 3.3% 3,431 4.0% 173,371 TeamHealth 13.8 2.9% 2,951 1.9% 84,674 Christus Health 11.7 2.7% 2,749 5.4% 236,314 White Rock 2.1 2.2% 2,265 1.0% 43,134 Select Medical 3.0 2.2% 2,218 1.7% 74,521 McKesson 3.5 2.1% 2,165 2.1% 93,808 Pediatrics Plus 4.4 35.1% $ 36,064 33.7% 1,483,240 Top 10 Tenants 4.4 64.9% 66,780 66.3% 2,917,039 All Other 4.4 100.0% $ 102,844 100.0% 4,400,279 Outpatient Medical Portfolio (1) Years of lease term remaining weighted by Annualized Base Rent. (2) Tenant is a government contractor with a rolling one - year termination right.
18 Second Quarter 2026 Supplemental Reporting Investment Activity (Dollars in thousands) Cash Yield Price / Proceeds (3) Homes / GLA (2) Acquisition Date (1) Type Acquisitions / Loans 7.0% (5) $ 7,094 132 Jan. 2026 JV Maple Grove Active Adult (4) 12.0% 2,923 -- Apr. 2026 Loan Fort Myers Mezzanine Loan 7.0% (5) 6,654 128 May 2026 JV Hudson Active Adult (6) 7.0% - 7.5% (5) 130,000 163 Jun. 2026 SHOP The Landing 7.0% - 7.5% (5) 118,900 129 Jun. 2026 SHOP The Riviera (7) 6.7% 668 31,843 Jun. 2026 JV Heitman OM Joint Venture (8) 7.3% 16,275 455,861 Jun. 2026 JV IRF Joint Venture (9) Dispositions 7.3% $ 217,000 455,861 Jun. 2026 OM IRF Portfolio (1) Reflects the initial loan funding date, where applicable. (2) SHOP/Active Adult reflect home counts; OM reflects total GLA. (3) Gross Price reflects the Company's share of joint venture investments and the funded loan amount as of quarter end. (4) The Company acquired a 49.0% equity interest in the venture, which entered into a $31.0 million construction loan ($10.1 mill ion funded as of quarter end). Completion is expected in 1Q 2027. (5) Cash yield upon stabilization. (6) The Company acquired a 49.0% equity interest in the venture, which entered into a $26.0 million construction loan (not drawn as of quarter end). Completion is expected in 4Q 2027. (7) Opened March 2026. (8) The Company acquired a 12.5% equity interest in the asset through an existing joint venture, which entered into a $5.3 millio n l oan at close. (9) Reflects the Company's 15.0% retained interest in the $217.0 million IRF Portfolio disposition. The venture entered into a $1 08. 5 million loan at close. Capital Expenditures (Consolidated Portfolio, dollars in thousands) 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Total $ 878 $ 1,601 $ 1,066 $ 594 $ 762 Tenant Improvements 558 1,136 394 550 367 Leasing Commissions 1,087 1,683 2,247 1,550 2,269 Building Capital $ 2,523 $ 4,420 $ 3,707 $ 2,694 $ 3,398 Total Capital Expenditures (1) $ 29,294 $ 28,864 $ 29,765 $ 28,835 $ 30,087 Cash NOI 8.6% 15.3 % 12.5 % 9.3 % 11.3% Capital Expenditures / Cash NOI (1) All capital expenditures for the periods presented are associated with the Outpatient Medical portfolio. No Capital expenditu res were incurred for the SHOP portfolio following its inaugural acquisitions in June 2026.
Components of Net Asset Value (Amounts in thousands) 19 Second Quarter 2026 Supplemental Reporting Gross Book Value (3) Annualized Timing Adj. (2) 2Q 2026 Cash NOI (1) Cash NOI by Asset Type $ 1,314,724 $ 100,384 $ -- $ 25,096 Outpatient Medical (OM) 251,139 3,192 532 266 Seniors Housing Operating Properties (SHOP) 32,591 2,971 641 102 Proportionate Share of Unconsol . JV $ 1,598,454 $ 106,547 $ 1,173 $ 25,464 Real Estate NOI (1) Excludes Cash NOI attributable to assets not owned as of quarter end. (2) Reflects mid - quarter adjustments for Acquisitions. (3) Proportionate Share of Unconsol . JV reflects equity investment amount. Other Information $ 12,921 Cash and Cash Equivalents, and Restricted Cash 3,024 Real estate loans receivable, net 19,555 Other Assets (1) $ 35,500 Total $ (141,000) Revolving Credit Facility (2) (500,000) Unsecured Term Loans (2) (228,875) Preferred Stock Liquidation Value (8,906) Dividends Payable (1,096) Other Notes Payable (2) (20,970) Other Liabilities (3) (24,103) Proportionate Share of JV Debt $ (924,950) Total 14,492 Outstanding Shares at Quarter End (4) (1) Includes derivative assets, 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 expenses. (4) Includes outstanding OP Units and LTIP Units.
Reporting Definitions and Other Disclosures 20 Second Quarter 2026 Supplemental Reporting Annualized Base Rent : Annualized base rent represents monthly base rent for June 2026 (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) 21 Second Quarter 2026 Supplemental Reporting 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, 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. Expenses per Occupied Room (“ ExPOR ”) : ExPOR represents the average monthly expenses incurred per occupied home. ExPOR is calculated as the monthly average Total Expenses divided by the average occupied homes during the reporting period. 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, 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 ventures and other income in order to remove non - recurring items and joint venture - related income from our NOI. Revenue per Occupied Room (“ RevPOR ”) : RevPOR represents the average monthly revenue generated per occupied home. RevPOR is calculated as the monthly average Cash Revenue divided by the average occupied homes during the reporting period.
Reporting Definitions and Other Disclosures (continued) 22 Second Quarter 2026 Supplemental Reporting 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, Core FFO 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. 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
Executing a Portfolio Transition Second Quarter 2026 Investor Presentation August 2026
Strategic Plan in Action Chiron is executing its strategic plan through leadership enhancements, active capital recycling, and the completion of investments with stronger long - term return characteristics Second Quarter 2026 Investor Presentation 1 Note: This presentation discusses prospective real estate acquisitions and dispositions that are subject to various customary cl osing conditions. There can be no assurance that we will complete these potential transactions on the terms or timeline that we anticipate, or at all Leadership Platform Built for Execution Deepened expertise through the appointments of new Chief Investment Officer, Chief Operating Officer, and Head of Seniors Housing ✓ Portfolio Transition Underway Completed and pending dispositions demonstrate active monetization of legacy assets and provide capital for higher - return investments ✓ High Quality Growth Foundation Recently delivered senior housing assets, disciplined investment criteria, and partnership - oriented execution support a high quality foundation for growth ✓ Valuation Opportunity Current share price implies a valuation for the legacy portfolio that appears disconnected from recent outpatient medical transactions ✓ The Riviera Alexandria Alexandria, VA The Landing Alexandria Alexandria, VA
2 Recent Events Second Quarter 2026 Investor Presentation The Landing Alexandria Alexandria, VA
Significant 2026 Milestones Second Quarter 2026 Investor Presentation 3 Key actions demonstrate execution across capital formation, portfolio repositioning, and leadership buildout ✓ Feb 2026 Established strategic priorities focused on deploying capital into assets with higher long - term returns ✓ May 2026 Secured $100M strategic equity investment from Maewyn Capital Partners and right - sized dividend to retain capital for growth ✓ June 2026 Completed $249M acquisition of inaugural SHOP communities with expected stabilized yields above 7% ✓ June 2026 Completed IRF portfolio sale at a 7.3% cash cap rate, generating ~$200M of proceeds for reinvestment ✓ July 2026 Added senior housing and operating leadership through appointments of Bobby Zeiller and Aaron Roseth ✓ Aug 2026 Appointed Matthew Whitlock as Chief Investment Officer, further strengthening senior housing leadership
Leadership Platform Built for Execution Second Quarter 2026 Investor Presentation 4 Chiron has added targeted senior housing, operating, and investment expertise while retaining experienced public company leadership Mark Decker Jr. Chief Executive Officer Bob Kiernan Chief Financial Officer Chief Investment Officer Bobby Zeiller Chief Development Officer & Head of Seniors Housing Danica Holley Chief Administrative Officer Jamie Barber General Counsel Tami Cumings SVP, Seniors Housing Mike Farinawicz SVP, Strategy & IR Aaron Roseth Chief Operating Officer Matthew Whitlock Indicates Recent Addition to Chiron
Seniors Housing / Asset Management Seniors Housing / Investments Bobby Zeiller Chief Development Officer & Head of Seniors Housing • 25+ years of real estate investment, development, and asset management • Most recently Vice Chairman & CEO of Silverstone Senior Living Matthew Whitlock Chief Investment Officer • 30+ year senior housing veteran with $20B+ in career transaction volume • Joins from Berkshire Residential Investments; previously Vice Chairman at CBRE Seniors Housing / Operations & Operator Relationships Operations / Organizational Execution Tami Cumings Senior Vice President, Seniors Housing • 30+ years of senior housing operating experience across leading platforms • Former COO of Silverstone Senior Living, overseeing operations and sales Aaron Roseth Chief Operating Officer • 25+ years of executive leadership across real estate, architecture, and hospitality • Experience partnering with REITs and institutional investors in senior housing and healthcare real estate New Additions Bring Complementary Capabilities Second Quarter 2026 Investor Presentation 5 Recent additions strengthen Chiron’s senior housing operations and investment expertise
Beaumont Hospital Sale Pending Disposition Under PSA IRF Portfolio Sale June 29, 2026 The Pinnacle Pending Acquisition Under PSA The Riviera + Landing June 1, 2026 Pending disposition further advances monetization of legacy portfolio Sale of IRF portfolio to newly formed JV unlocks ~$200M of proceeds for reinvestment Marquee SHOP community in superior submarket under contract to close 2H 2026 Inaugural SHOP acquisitions expected to deliver double - digit unlevered returns Capital Allocation 6 Second Quarter 2026 Investor Presentation 1. Spot occupancy as of June 30, 2026. Pinnacle occupancy includes leased and pre - leased homes. 2. Riviera & Landing Yield expected to be attained in 2H 2028; Pinnacle expected FY 2029 3. Expected investment amount Landing Riviera $130M $119M Investment 2022 2026 Year Delivered 93% 23% Occupancy 1 ~7.0 - 7.5%+ Stabilized Yield 2 The Riviera Alexandria, VA Beaumont Sale Details ($M) $ 49.2 Sale Price 34.7 Gross Book Value 2.9 2Q 2026 Annualized Cash NOI 5.9% Exit Capitalization Rate Beaumont Surgical Hospital Beaumont, TX Actively recycling capital from legacy assets into investments expected to drive stronger long - term returns Joint Venture Capitalization ($M) $ 96 Investor Equity (85%) 17 Chiron Equity (15%) 104 Mortgage Debt $ 217 Total Capitalization Encompass Health IRF Las Vegas, NV The Pinnacle $176M Investment 3 2026 Year Delivered 36% Occupancy 1 ~7.0 - 7.5%+ Stabilized Yield 2 The Pinnacle North Bethesda North Bethesda, MD
Outpatient Medical 4 Seniors Housing Operating 2 Pro Forma Portfolio 1 Management remains focused on unlocking embedded value in its legacy portfolio through active capital recycling Pro Forma Portfolio 7 Second Quarter 2026 Investor Presentation 1. Reflects Gross Book Value as of June 30, 2026, as adjusted for the anticipated acquisition of the Pinnacle and sale of the Be aum ont Surgical Hospital 2. Values adjusted for the anticipated acquisition of the Pinnacle 3. Reflects actual RevPOR for The Riviera and The Landing; reflects underwritten RevPOR for The Pinnacle 4. Reflects Company’s Outpatient Medical portfolio as of June 30, 2026, as adjusted for the anticipated sale of the Beaumont Sur gic al Hospital Senior s Housing Operating Outpatient Medical 75% 25% Property Type (% of Gross RE Book Value) Chiron’s transition to higher - return assets is underway, with SHOP representing 25% of the Company’s real estate portfolio on a pro forma basis. The Company’s initial senior housing investments are recently delivered, scaled communities in attractive submarkets, supporting a high - quality foundation for growth. 181 Assets 4.6M Portfolio Area (sq ft) 25k Avg. Asset Size (sq ft) 95% % Occupied 4 Years WALT $97.5M Annualized Cash NOI 467 Total Homes 156 Avg. Homes / Community < 2 Years Avg. Community Age $ 10,800 Avg. RevPOR 3 Independent living Assisted living Memory care Community Mix (% of Homes 55% 32% 13%
8 Market Opportunity The Riviera Alexandria Alexandria, VA Second Quarter 2026 Investor Presentation
Supply - Demand Imbalance Enhances Opportunity Demographic ‘Silver Tsunami’ Fuels Sustained Demand Growth Senior housing faces significant supply constraints • New construction remains constrained by high interest rates and labor costs, requiring a 3.5x increase in development speed to meet baseline demand 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 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+ Senior Housing Fundamentals Support Long - Term Opportunity Demographic growth and constrained new supply create a durable backdrop for disciplined senior housing investment Second Quarter 2026 Investor Presentation 9 US Population Forecast (by Age) Projected Deliveries vs Demand 1 (# 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
Targeting High Net Worth Residents to Mitigate Economic Volatility Functional Obsolescence of Legacy Inventory Affordability is at historically elevated levels • 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 Supply constraints have created a quality barbell • Changing tastes and preferences amongst customers and operators contribute to the functional obsolescence of legacy supply • Maintaining the functionality of dated assets will require outsized capital • Chiron will not be encumbered by these outdated / legacy assets Quality and Affordability Further Bolster the Opportunity Modern communities serving affluent private - pay residents are positioned to benefit from demand growth while legacy inventory faces rising capital needs Second Quarter 2026 Investor Presentation 10 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+ Current Customers Future Customers 3% 20% 10% 18% 48% < 2 Years 2-10 Years 10-17 Years 17-25 Years >25 Years Functionally Obsolete + Capital Intensive
Disciplined Focus on Institutionally Relevant Assets Chiron is targeting newer, scaled senior housing communities in major markets where asset quality, operator alignment, and long - term growth potential support attractive risk - adjusted returns Second Quarter 2026 Investor Presentation 11 Target Investment Profile: Institutionally Relevant Senior Housing 1 Aligned Operators Experienced operators with demonstrated care delivery, resident experience, and asset - level execution capabilities 4 Modern Real Estate Newer communities with attractive physical plant, resident appeal, and lower medium - term capital needs Scaled Communities Generally 100+ homes, supporting operational efficiency and institutional relevance 3 2 Desirable Markets Top 50 MSAs and submarkets with attractive demographic and demand characteristics
A Partnership - Oriented Capital Provider Chiron can differentiate itself in a fragmented market by bringing flexible capital, aligned structures, and transaction - level focus to operators and sellers Second Quarter 2026 Investor Presentation 12 Senior Housing Ownership Remains Highly Fragmented Ownership Type 1 Publicly Traded REIT Publicly Traded Operators Not - For - Profit Entity Other For - Profit Entity 9% 3% 28% 60% Public REITs own less than 10% of senior housing inventory, creating opportunity for focused capital providers as the sector continues to institutionalize How Chiron Wins 1 Targeted Capital Focused on institutionally relevant senior housing communities where asset quality, market depth, and operator alignment support attractive long - term returns 2 Aligned Solutions Flexible structures, including potential JV interests and other features, designed to align outcomes among operators, sellers, and Chiron 3 Focused Partnership Transactions that may be modest for larger platforms can be highly strategic for Chiron, supporting greater focus, responsiveness, and relationship intensity 1. Source: NIC, NCREIF “Investing in Senior Housing” White Paper
13 Valuation Opportunity Citrus Valley MOB Corona, CA Second Quarter 2026 Investor Presentation
Market Transactions Support Potential Upside 14 Dispositions of legacy assets at private market values expected to provide liquidity for higher - return investments while unlocking value not reflected in Chiron’s current share price 1. Values presented as of June 30, 2026 and not adjusted for post - quarter investment activity unless otherwise noted. Shares in tho usands, dollars in millions 2. Other Assets include Accounts Receivable (net), Derivative Assets, Real Estate Loans Receivable, and Restricted Cash. Other L iab ilities include Accounts Payable and Accrued Expenses 3. Excludes Cash NOI attributable to assets sold during the second quarter 4. Represents the Company’s SHOP and Joint Venture interests at cost 5. Represents the sale of the Beaumont Surgical Hospital subject to PSA 6. Reflects implied Chiron Portfolio Cap Rate at various stock prices when ( i ) excluding the Beaumont asset subject to PSA and (ii) valuing the Company’s SHOP assets and Joint Venture interests at cost 7. Refers to transactions announced by National Healthcare Properties and Sila Realty Trust in April 2026 ` $35.12 $48.88 $53.42 $55.88 $59.83 9.4% 7.9% 7.5% 7.3% 7.0% Stock Price Sensitivity 6 NHP Sale Cap Rate 7 Sila Sale Cap Rate 7 Current Implied Cap Rate Second Quarter 2026 Investor Presentation Chiron Market Implied Cap Rate 1 $ 35.12 Share Price as of August 4, 2026 14,492 (x) Shares and Units Outstanding $ 509.0 Equity Market Capitalization 860.3 (+) Net Debt & Preferred Equity $ 1,369.3 Enterprise Value (23.0) ( - ) Other Assets 2 21.0 (+) Other Liabilities 2 $ 1,367.3 Implied Real Estate Value 106.5 ( ÷ ) 2Q26 Annualized Cash NOI 3 7.8% Implied Portfolio Cap Rate Outpatient Medical Implied Cap Rate 1 Remaining Portfolio Less: Beaumont 5 Less: SHOP + JVs 4 $ 1,034.3 ($49.2) ($283.7) 97.5 (2.9) (6.2) 9.4% 5.9% 1.3% +39% +52% +59% +70%
15 Reconciliations and Legal Second Quarter 2026 Investor Presentation The Pinnacle North Bethesda Pending SHOP Acquisition
Second Quarter 2026 Investor Presentation 16 Cash NOI by Asset Type (in Thousands) Components of Net Asset Value As of June 30, 2026; does not reflect pending acquisitions or dispositions ` $ 13 Cash, Cash Equivalents, Restricted Cash 3 Real Estate Loans Receivable, net 20 Other Assets 4 $ 36 Total Other Assets $ (141) Revolving Credit Facility 5 (500) Unsecured Term Loans 5 (229) Preferred Stock Liquidation Value (9) Dividends Payable (1) Other Notes Payable 5 (21) Other Liabilities 6 (24) Proportionate Share of JV debt $ (925) Total Other Liabilities 14.5 Outstanding Shares at Quarter End 7 Other Information (in Millions) 1. Reflects Cash NOI from assets owned as of June 30, 2026 2. Reflects mid - quarter adjustments for acquisitions 3. JV Gross Book Value reflects Chiron’s equity investment 4. Includes prepaid assets, tenant receivables, and derivative assets 5. Represents principal amount outstanding, excluding the effect of unamortized premiums, discounts, or deferred financing costs 6. Includes accounts payable and accrued liabilities 7. Includes outstanding OP Units and LTIP Units Gross Book Value 3 Cash NOI Annualized Timing Adjustments 2 Cash NOI 2Q 2026 1 $ 1,314,724 $ 100,384 $ -- $ 25,096 Outpatient Medical 251,139 3,192 532 266 Seniors Housing Operating 32,591 2,971 641 102 Proportionate Share of JVs $ 1,598,454 $ 106,547 $ 1,173 $ 25,694 Real Estate NOI
Three Months Ended June 3 0 , 202 6 1 $ 72,281 Net Income 5, 221 General and A dministrative Expense 15,276 Depreciation and A mortization Expense 8,806 Interest E xpense (71,881) Gain on S ale of I nvestment P roperties 114 Proportionate Share of Unconsolidated JV Adjustments $ 29,817 NOI 1 50 Amortization of A bove M arket L eases 122 Straight - L ine D eferred R ental R evenue ( 2 ) Proportionate Share of Unconsolidated JV Adjustments $ 30,087 Cash NOI 17 Reconciliation of Net Income to NOI and Cash NOI (Amounts in thousands) 1. Values are not adjusted for pending acquisitions or dispositions
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, pending acquisitions and dispositions , the expected performance of pending acquisitions , balance sheet strategy, investment pipeline, senior housing investment opportunities, 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 18
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 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 19 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.
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