Chiron Real Estate Q3 loss widens to $8.86M
Management expects The Riviera to stabilize at a yield-on-cost greater than 7% in the second half of 2028 and The Pinnacle in 2029.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Chiron Real Estate Inc. (XRN) reported third-quarter 2026 revenue of $40.335 million, compared with $37.229 million a year earlier. Net loss attributable to common stockholders was $8.863 million, versus $6.001 million; FFO was $0.50 per share and unit, compared with $1.00, and Core FFO was $0.75, compared with $1.12.
In October 2026, Chiron completed its $173.2 million acquisition of The Pinnacle, a 175-home seniors housing community, bringing its seniors housing portfolio to three communities and 467 homes. It also acquired a Reston, Virginia, land parcel for $15.4 million. Chiron is pursuing disposition of its outpatient medical portfolio with a broker; at September 30, 2026, it comprised 4.6 million leasable square feet, $101 million of annualized Cash NOI and 93.6% leased occupancy. Debt outstanding was $661.7 million, with a weighted average interest rate of 4.5% and 75% fixed-rate debt; leverage was 41.2% of total gross assets. Chiron reported no debt maturities in 2026 or 2027.
1 point · 0 major0 major · 3 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue was $40.335 million, compared with $37.229 million a year earlier.
Negative
- Moderate pointNet loss attributable to common stockholders was $8.863 million, versus $6.001 million.
- Moderate pointFFO fell to $0.50 per share and unit from $1.00.
- Moderate pointCore FFO fell to $0.75 per share and unit from $1.12.
Filing Explained
White Rock’s affirmed leases carry an approximately two-point-six-million-dollar cure obligation.
This Form 8-K furnishes Chiron’s third-quarter earnings release and supplemental; those materials report that White Rock’s court-approved reorganization affirmed Chiron’s leases and that the company agreed to a cure amount of approximately
The amount is payable over time from available cash generated by hospital operations, with any remaining balance due no later than five years after the plan’s effective date.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenue: $40.335 million
Net loss attributable to common stockholders: $8.863 million loss
FFO per share and unit: $0.50 per share and unit
+5 more
8 metrics
Total revenue
$40.335 million
Three months ended September 30, 2026; $37.229 million in the comparable 2025 period
Net loss attributable to common stockholders
$8.863 million loss
Three months ended September 30, 2026; $6.001 million loss in the comparable 2025 period
FFO per share and unit
$0.50 per share and unit
Three months ended September 30, 2026; $1.00 in the comparable 2025 period
Core FFO per share and unit
$0.75 per share and unit
Three months ended September 30, 2026; $1.12 in the comparable 2025 period
Same-Property Cash NOI growth
+1.6%
Year-over-year in the third quarter of 2026
Outpatient Medical annualized Cash NOI
$101 million
At September 30, 2026
Debt outstanding
$661.7 million
At September 30, 2026; net of unamortized debt issuance costs
The Pinnacle acquisition price
$173.2 million
Acquisition completed in October 2026
Key Terms
Funds from operations (FFO), Core FFO, Same-Property Cash NOI, yield-on-cost, +2 more
6 terms
Funds from operations (FFO) financial
"FFO attributable to common stockholders and noncontrolling interest"
Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.
Core FFO financial
"Core FFO attributable to common stockholders and noncontrolling interest"
Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.
Same-Property Cash NOI financial
"Third quarter same-property cash net operating income"
Same-property cash NOI is the cash-based net operating income from a portfolio’s properties that were owned and operating in both the current and prior reporting periods, excluding income or expenses from recent buys, sales, non-cash accounting items, and one-time charges. Investors use it like a steady-yardstick—comparing the ongoing, day-to-day cash profit of the same set of assets to judge real operational performance and track organic growth without distortions from transactions or accounting quirks.
yield-on-cost financial
"stabilization at a yield-on-cost of greater than 7%"
Weighted average lease term (WALT) financial
"Weighted average lease term (WALT) of 4.6 years"
mezzanine loan financial
"completed the initial funding of a $2.2 million mezzanine loan"
A mezzanine loan is a type of financing that sits between a primary bank loan and equity ownership: it has a lower priority for repayment than the main loan but ranks above shareholders. Think of it as a bridge loan that fills the gap when a company needs extra cash for a buyout, expansion, or project, often carrying higher interest and sometimes a small equity stake. For investors, mezzanine debt offers higher returns but more risk than senior loans and can affect shareholder value if converted into ownership.
Earnings Snapshot
Total revenue: $40.335 million · Guidance included
Three months ended September 30, 2026
Total revenue
$40.335 million
Compared with $37.229 million for the three months ended September 30, 2025
Net loss attributable to common stockholders
$8.863 million loss
Compared with a $6.001 million loss for the three months ended September 30, 2025
FFO per share and unit
$0.50 per share and unit
Compared with $1.00 per share and unit for the three months ended September 30, 2025
Core FFO per share and unit
$0.75 per share and unit
Compared with $1.12 per share and unit for the three months ended September 30, 2025
Same-Property Cash NOI
$24.932 million
+1.6% year over year
Guidance
Management expects The Riviera to stabilize at a yield-on-cost greater than 7% in the second half of 2028 and The Pinnacle in 2029.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were XRN’s third-quarter 2026 results?
Chiron reported third-quarter 2026 revenue of $40.335 million, net loss attributable to common stockholders of $8.863 million, FFO of $0.50 per share and unit, and Core FFO of $0.75 per share and unit. The comparable prior-year figures were $37.229 million, a $6.001 million loss, $1.00, and $1.12, respectively.
How much did XRN pay for The Pinnacle?
Chiron completed its acquisition of The Pinnacle in October 2026 for $173.2 million. The newly constructed 175-home seniors housing community is in North Bethesda, Maryland, and opened in June 2026.
What was XRN’s total liquidity at September 30, 2026?
Chiron reported total liquidity of $244.451 million at September 30, 2026. The supplemental figures include $13.451 million of cash and cash equivalents, $400 million of availability under the credit facility, and $169 million of outstanding credit facility borrowings.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 4, 2026 (November 4, 2026 )
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of Principal Executive Offices)
(Zip Code)
(202 ) 524-6851
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(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 o
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. o
Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026, Chiron Real Estate Inc. (the “Company”) announced its financial position as of September 30, 2026 and operating results for the three and nine months ended September 30, 2026 and other related information (the “Earnings Release”). The Company also posted its Third 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 9.01 Financial Statements and Exhibits.
(d)Exhibits
| Exhibit No. | Description | |||||||
99.1* | Third Quarter 2026 Earnings Release. | |||||||
99.2* | Third Quarter 2026 Earnings Supplemental. | |||||||
| 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: November 4, 2026
Exhibit 99.1
Chiron Real Estate Inc. Announces Third Quarter 2026 Financial Results
Bethesda, MD – November 4, 2026 – (BUSINESS WIRE) – Chiron Real Estate Inc. (NYSE: XRN) (the “Company” or “Chiron”), today announced financial results for the three months ended September 30, 2026 and other data.
Mark Decker, Jr., Chief Executive Officer and President stated, “We continue to make meaningful progress executing our strategy, including our efforts to monetize the outpatient medical portfolio. We are encouraged by the strength of the market for high-quality medical office assets and the level of investor interest we have seen. At the same time, we continue to expand our seniors housing platform and are building a growing pipeline of attractive investment opportunities that we believe can position Chiron to thoughtfully redeploy capital and drive long-term growth.”
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 loss attributable to common stockholders of $8.9 million, or $0.67 per share, as compared to net loss of $6.0 million, or $0.45 per share, in the comparable prior year period.
•Reported quarterly funds from operations attributable to common stockholders and noncontrolling interest (“FFO”) of $0.50 per share and unit, as compared to $1.00 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 $0.75 per share and unit, as compared to $1.12 per share and unit in the comparable prior year period.
Portfolio Update
Seniors Housing Operating Portfolio (“SHOP”)
At September 30, 2026, the Company’s SHOP portfolio comprised two communities totaling 292 homes. In October 2026, the Company completed its previously announced acquisition of The Pinnacle, a 175-home community in North Bethesda, Maryland, increasing the portfolio to three communities totaling 467 homes. Operating updates for each community are as follows:
•The Landing: For the quarter ended September 30, 2026, The Landing averaged 95.1% occupancy – an increase of 1.8% relative to occupancy as of June 30, 2026.
•The Riviera: For the quarter ended September 30, 2026, The Riviera averaged 25.6% occupancy – an increase of 2.3% relative to occupancy as of June 30, 2026. The Riviera opened in March 2026 and management expects stabilization at a yield-on-cost of greater than 7% in the second half of 2028.
•The Pinnacle: As of September 30, 2026, spot occupancy at The Pinnacle was 30.9%, compared with 5.1% as of June 30, 2026. The Pinnacle opened in June 2026 and management expects stabilization at a yield-on-cost of greater than 7% in 2029.
Outpatient Medical Portfolio
As previously announced, the Company is actively pursuing the disposition of its outpatient medical portfolio and has engaged a broker to facilitate the process.
Third quarter same-property cash net operating income (“Same-Property Cash NOI”) growth on the Company’s Outpatient Medical portfolio was +1.6% on a year-over-year basis, in line with management expectations.
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At quarter end, the Company’s Outpatient Medical portfolio was comprised of:
•4.6 million leasable square feet,
•$101 million of annualized Cash NOI,
•Weighted average lease term (“WALT”) of 4.6 years,
•Weighted average annual base rent escalations of 2.2%, and
•93.6% leased occupancy rate.
Other Recent Events
Third Quarter Investments and Dispositions
•Daleville Mezzanine Loan: As previously disclosed, the Company completed the initial funding of a $2.2 million mezzanine loan in July 2026.
•Reston Land Parcel: In September 2026, the Company acquired a parcel of land zoned for a seniors housing community located in Reston, Virginia for a purchase price of $15.4 million.
•Vernon Asset Sale: In September 2026, the Company completed the disposition of an administrative asset located in Vernon, Connecticut for gross proceeds of $1.9 million, resulting in a loss on sale of $0.3 million.
Subsequent Investment and Disposition Activity
•The Pinnacle: As previously disclosed, the Company completed the acquisition of The Pinnacle, a newly constructed, 175-home luxury seniors housing community located in North Bethesda, Maryland, in October 2026 for a purchase price of $173.2 million.
White Rock Bankruptcy
In September 2026 the bankruptcy court approved White Rock Medical Center LLC’s (“White Rock”) plan of reorganization, which included affirming our leases. In connection with the lease affirmations, the Company agreed to a cure amount of approximately $2.6 million, payable over time from available cash generated by hospital operations, with any remaining balance due no later than five years following the effective date.
Severance and Transition
General and Administrative expenses of $7.7 million during the third quarter of 2026 included $2.0 million of Severance and Transition Related Expenses associated with the Company’s strategic pivot to Seniors Housing. These expenses consisted of $1.2 million of cash expenditures and $0.8 million of non-cash expenditures, primarily related to the transition of the Company’s Chief Investment Officer.
Balance Sheet and Capital
At September 30, 2026, consolidated debt outstanding, including borrowings on the credit facility and notes payable (both net of unamortized debt issuance costs), was $661.7 million and the Company’s leverage was 41.2% of total gross assets compared to 39.9% as of June 30, 2026. As of September 30, 2026, the Company’s total debt carried a weighted average interest rate of 4.5% and a weighted average remaining term of 3.4 years, with 75% fixed rate debt. The Company has no debt maturities in 2026 or 2027.
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Supplemental Information
Details regarding these results can be found in the Company’s supplemental financial package available on the Investor Relations section of the Company’s website at:
http://www.chironre.com/investor/investor-overview/default.aspx
Conference Call and Webcast Information
The Company will host a live webcast and conference call on Thursday, November 5, 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.
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
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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, leasing commissions, and building capital. Management believes FAD is useful in analyzing the portion of cash flow that is available for distribution to stockholders and unitholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend potential. The FAD payout ratio, which represents annual distributions to common stockholders and unitholders expressed as a percentage of FAD, facilitates the comparison of dividend coverage between REITs.
EBITDAre and Adjusted EBITDAre
We calculate EBITDAre in accordance with standards established by NAREIT and define EBITDAre as net income or loss computed in accordance with GAAP plus depreciation and amortization, interest expense, gain or loss on the sale of investment properties, property impairment losses, and adjustments for unconsolidated partnerships and joint ventures to reflect EBITDAre on the same basis, as applicable.
We define Adjusted EBITDAre as EBITDAre plus loss on extinguishment of debt, non-cash stock compensation expense, non-cash intangible amortization related to above and below market leases, severance and transition related expense, reverse stock split expense, transaction expense, adjustments related to our investments in unconsolidated joint ventures, and other normalizing items. Management considers EBITDAre and Adjusted EBITDAre important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt.
NOI, Cash NOI and Same-Property Cash NOI
We consider net operating income ("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 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 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.
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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 ventures, mezzanine loans, 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, including the expected lease-up, occupancy, revenue and expense performance of our seniors housing operating properties, the expected timing of completion, cost and performance of development projects and land held for development, and projected or stabilized yields on our investments, 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.
About Chiron
Chiron is a real estate investment trust (“REIT”) focused on investing in the future of healthcare. At Chiron we strive to deliver value at the intersection of care, capital and real estate. Additional information about Chiron can be obtained on its website at www.chironre.com.
Investor Relations
Email: Investors@chironre.com
Phone: 202-524-6869
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Chiron Real Estate Inc.
Condensed Consolidated Balance Sheets
(Unaudited, and in thousands, except par values)
| As of | |||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Investment in real estate: | |||||||||||
| Land | $ | 199,487 | $ | 169,917 | |||||||
| Building | 1,139,309 | 1,072,124 | |||||||||
| Furniture, fixtures and equipment | 5,965 | — | |||||||||
| Site improvements | 24,958 | 25,741 | |||||||||
| Tenant improvements | 70,093 | 80,397 | |||||||||
| Acquired lease intangible assets | 140,484 | 144,573 | |||||||||
| 1,580,296 | 1,492,752 | ||||||||||
| Less: accumulated depreciation and amortization | (331,769) | (338,096) | |||||||||
| Investment in real estate, net | 1,248,527 | 1,154,656 | |||||||||
| Cash and cash equivalents | 13,451 | 9,084 | |||||||||
| Restricted cash | 2,448 | 2,805 | |||||||||
| Real estate loans receivable, net | 4,385 | — | |||||||||
| Tenant and resident receivables, net | 7,323 | 7,225 | |||||||||
| Due from related parties | 169 | 162 | |||||||||
| Escrow deposits | 9,115 | 556 | |||||||||
| Deferred assets | 22,206 | 28,907 | |||||||||
| Derivative assets | 21,386 | 6,102 | |||||||||
| Goodwill | 5,903 | 5,903 | |||||||||
| Investment in unconsolidated joint ventures | 33,243 | 1,781 | |||||||||
| Other assets | 30,800 | 25,284 | |||||||||
| Total assets | $ | 1,398,956 | $ | 1,242,465 | |||||||
| Liabilities and Equity | |||||||||||
| Liabilities: | |||||||||||
| Credit Facility, net of unamortized debt issuance costs of $8,322 and $10,476 at September 30, 2026 and December 31, 2025, respectively | $ | 660,678 | $ | 652,699 | |||||||
| Note payable | 1,037 | 1,153 | |||||||||
| Accounts payable and accrued expenses | 21,777 | 18,289 | |||||||||
| Dividends payable | 8,928 | 12,484 | |||||||||
| Security deposits | 3,215 | 3,421 | |||||||||
| Other liabilities | 19,811 | 19,410 | |||||||||
| Acquired lease intangible liabilities, net | 3,272 | 4,944 | |||||||||
| Total liabilities | 718,718 | 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 September 30, 2026 and December 31, 2025, respectively (liquidation preference of $228,875 and $128,875 at September 30, 2026 and December 31, 2025, respectively) | 220,215 | 124,106 | |||||||||
| Common stock, $0.001 par value, 100,000 shares authorized; 13,247 and 13,235 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 13 | 13 | |||||||||
| Additional paid-in capital | 729,949 | 729,514 | |||||||||
| Accumulated deficit | (318,925) | (349,965) | |||||||||
| Accumulated other comprehensive income | 21,386 | 6,102 | |||||||||
| Total Chiron Real Estate Inc. stockholders' equity | 652,638 | 509,770 | |||||||||
| Noncontrolling interest | 27,600 | 20,295 | |||||||||
| Total equity | 680,238 | 530,065 | |||||||||
| Total liabilities and equity | $ | 1,398,956 | $ | 1,242,465 | |||||||
6
Chiron Real Estate Inc.
Condensed Consolidated Statements of Operations
(Unaudited, and in thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Rental revenue | $ | 33,515 | $ | 37,036 | $ | 108,596 | $ | 109,510 | |||||||||||||||
| Resident fees and services | 6,239 | — | 8,080 | — | |||||||||||||||||||
| Other income | 581 | 193 | 1,470 | 306 | |||||||||||||||||||
| Total revenue | 40,335 | 37,229 | 118,146 | 109,816 | |||||||||||||||||||
| Expenses | |||||||||||||||||||||||
| General and administrative | 7,704 | 4,860 | 18,014 | 14,505 | |||||||||||||||||||
| Operating expenses | 14,135 | 8,224 | 33,419 | 24,025 | |||||||||||||||||||
| Depreciation expense | 11,025 | 11,213 | 33,555 | 32,827 | |||||||||||||||||||
| Amortization expense | 5,144 | 3,795 | 12,717 | 11,299 | |||||||||||||||||||
| Interest expense | 8,308 | 8,175 | 24,347 | 23,351 | |||||||||||||||||||
| Total expenses | 46,316 | 36,267 | 122,052 | 106,007 | |||||||||||||||||||
| Income before other (expense) income | (5,981) | 962 | (3,906) | 3,809 | |||||||||||||||||||
| (Loss) gain on sale of investment properties | (259) | 294 | 71,622 | 1,859 | |||||||||||||||||||
| Impairment of investment property | — | (6,281) | — | (6,281) | |||||||||||||||||||
| Equity income (loss) from unconsolidated joint ventures | 505 | (33) | 484 | (123) | |||||||||||||||||||
| Net (loss) income | $ | (5,735) | $ | (5,058) | $ | 68,200 | $ | (736) | |||||||||||||||
| Less: Preferred stock dividends | (3,980) | (1,455) | (9,435) | (4,366) | |||||||||||||||||||
| Less: Net loss (income) attributable to noncontrolling interest | 852 | 512 | (5,087) | 404 | |||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (8,863) | $ | (6,001) | $ | 53,678 | $ | (4,698) | |||||||||||||||
| Net (loss) income attributable to common stockholders per share – basic and diluted | $ | (0.67) | $ | (0.45) | $ | 4.06 | $ | (0.35) | |||||||||||||||
| Weighted average shares outstanding – basic and diluted | 13,240 | 13,393 | 13,237 | 13,381 | |||||||||||||||||||
7
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income | $ | (5,735) | $ | (5,058) | $ | 68,200 | $ | (736) | |||||||||||||||
| Less: Preferred stock dividends | (3,980) | (1,455) | (9,435) | (4,366) | |||||||||||||||||||
| Depreciation and amortization expense | 16,145 | 14,983 | 46,198 | 44,055 | |||||||||||||||||||
| Depreciation and amortization expense from unconsolidated joint ventures | 591 | 73 | 737 | 195 | |||||||||||||||||||
| Loss (gain) on sale of investment properties | 259 | (294) | (71,622) | (1,859) | |||||||||||||||||||
| Impairment of investment property | — | 6,281 | — | 6,281 | |||||||||||||||||||
| FFO attributable to common stockholders and noncontrolling interest | $ | 7,280 | $ | 14,530 | $ | 34,078 | $ | 43,570 | |||||||||||||||
| Amortization of above (below) market leases, net | 100 | 113 | 396 | 505 | |||||||||||||||||||
| Straight line deferred rental revenue | (108) | (332) | (190) | (868) | |||||||||||||||||||
| Stock-based compensation expense | 1,642 | 1,207 | 4,249 | 3,086 | |||||||||||||||||||
| Amortization of debt issuance costs | 657 | 554 | 2,171 | 1,672 | |||||||||||||||||||
Severance and transition related expenses(1) | 1,993 | — | 1,993 | 671 | |||||||||||||||||||
| Reverse stock split expense | — | 170 | — | 170 | |||||||||||||||||||
| Other adjustments from unconsolidated joint ventures | (704) | — | (721) | 51 | |||||||||||||||||||
| Core FFO attributable to common stockholders and noncontrolling interest | $ | 10,860 | $ | 16,242 | $ | 41,976 | $ | 48,857 | |||||||||||||||
| Net (loss) income attributable to common stockholders per share – basic and diluted | $ | (0.67) | $ | (0.45) | $ | 4.06 | $ | (0.35) | |||||||||||||||
| FFO attributable to common stockholders and noncontrolling interest per share and unit | $ | 0.50 | $ | 1.00 | $ | 2.36 | $ | 3.00 | |||||||||||||||
| Core FFO attributable to common stockholders and noncontrolling interest per share and unit | $ | 0.75 | $ | 1.12 | $ | 2.90 | $ | 3.37 | |||||||||||||||
| Weighted Average Shares and Units Outstanding – basic and diluted | 14,506 | 14,554 | 14,467 | 14,512 | |||||||||||||||||||
| Weighted Average Shares and Units Outstanding: | |||||||||||||||||||||||
| Weighted Average Common Shares | 13,240 | 13,393 | 13,237 | 13,381 | |||||||||||||||||||
| Weighted Average OP Units | 441 | 447 | 443 | 448 | |||||||||||||||||||
| Weighted Average LTIP Units | 825 | 714 | 787 | 683 | |||||||||||||||||||
| Weighted Average Shares and Units Outstanding – basic and diluted | 14,506 | 14,554 | 14,467 | 14,512 | |||||||||||||||||||
| Core FFO attributable to common stockholders and noncontrolling interest | $ | 10,860 | $ | 16,242 | $ | 41,976 | $ | 48,857 | |||||||||||||||
| FAD capital expenditures | (3,728) | (4,420) | (9,820) | (9,669) | |||||||||||||||||||
| FAD attributable to common stockholders and noncontrolling interest | $ | 7,132 | $ | 11,822 | $ | 32,156 | $ | 39,188 | |||||||||||||||
(1)For the three and nine months ended September 30, 2026, includes $1.2 million of current and future cash payments and $0.8 million in accelerated stock-based compensation expense related to a separation agreement.
8
Chiron Real Estate Inc.
Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre
(Unaudited, and in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income | $ | (5,735) | $ | (5,058) | $ | 68,200 | $ | (736) | |||||||||||||||
| Interest expense | 8,308 | 8,175 | 24,347 | 23,351 | |||||||||||||||||||
| Depreciation and amortization expense | 16,169 | 15,008 | 46,272 | 44,126 | |||||||||||||||||||
| Loss (gain) on sale of investment properties | 259 | (294) | (71,622) | (1,859) | |||||||||||||||||||
| Impairment of investment property | — | 6,281 | — | 6,281 | |||||||||||||||||||
| Proportionate share of unconsolidated joint venture adjustments | 880 | 112 | 1,103 | 311 | |||||||||||||||||||
| EBITDAre | $ | 19,881 | $ | 24,224 | $ | 68,300 | $ | 71,474 | |||||||||||||||
| Stock-based compensation expense | 1,642 | 1,207 | 4,249 | 3,086 | |||||||||||||||||||
| Amortization of above (below) market leases, net | 100 | 113 | 396 | 505 | |||||||||||||||||||
Severance and transition related expenses(1) | 1,993 | — | 1,993 | 671 | |||||||||||||||||||
| Reverse stock split expense | — | 170 | — | 170 | |||||||||||||||||||
| Proportionate share of unconsolidated joint venture adjustments | (658) | — | (675) | 55 | |||||||||||||||||||
| Adjusted EBITDAre | $ | 22,958 | $ | 25,714 | $ | 74,263 | $ | 75,961 | |||||||||||||||
(1)For the three and nine months ended September 30, 2026, includes $1.2 million of current and future cash payments and $0.8 million in accelerated stock-based compensation expense related to a separation agreement.
9
Chiron Real Estate Inc.
Reconciliation of Net Income to NOI, Cash NOI and Same-Property Cash NOI
(Unaudited, and in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income | $ | (5,735) | $ | (5,058) | $ | 68,200 | $ | (736) | |||||||||||||||
| General and administrative | 7,704 | 4,860 | 18,014 | 14,505 | |||||||||||||||||||
| Depreciation and amortization expense | 16,169 | 15,008 | 46,272 | 44,126 | |||||||||||||||||||
| Interest expense | 8,308 | 8,175 | 24,347 | 23,351 | |||||||||||||||||||
| Loss (gain) on sale of investment properties | 259 | (294) | (71,622) | (1,859) | |||||||||||||||||||
| Impairment of investment property | — | 6,281 | — | 6,281 | |||||||||||||||||||
| Proportionate share of unconsolidated joint venture adjustments | 222 | 113 | 428 | 366 | |||||||||||||||||||
| NOI | $ | 26,927 | $ | 29,085 | $ | 85,639 | $ | 86,034 | |||||||||||||||
| Amortization of above (below) market leases, net | 100 | 113 | 396 | 505 | |||||||||||||||||||
| Straight line deferred rental revenue | (108) | (332) | (190) | (868) | |||||||||||||||||||
| Proportionate share of unconsolidated joint venture adjustments | (30) | (2) | (34) | (10) | |||||||||||||||||||
| Cash NOI | $ | 26,889 | $ | 28,864 | $ | 85,811 | $ | 85,661 | |||||||||||||||
| Assets not held for all periods | (678) | (4,064) | |||||||||||||||||||||
| Lease termination fees | (260) | (117) | |||||||||||||||||||||
| Joint ventures and other income | (1,019) | (154) | |||||||||||||||||||||
| Same-Property Cash NOI | $ | 24,932 | $ | 24,529 | |||||||||||||||||||
10
Q3 2026 Earnings Supplemental September 30, 2026 Exhibit 99.2
About Chiron 3 Quarterly Highlights and Recent Events 4 Consolidated Balance Sheets 5 Consolidated Statements of Operations 6 Reconciliations of Non-GAAP Measures Funds From Operations, Core FFO, and Funds Available for Distribution 7 Net Operating Income, Cash Net Operating Income, EBITDAre and Adjusted EBITDAre 8 Capitalization Summary 9 Leverage Statistics and Selected Debt Covenant Performance 10 Portfolio Information Portfolio Overview 11 SHOP Overview 12 Outpatient Medical Overview 13 Outpatient Medical Same-Property Performance and Reconciliations 14 Outpatient Medical Lease Expiration Schedule and Leasing Rollforward 15 Outpatient Medical Portfolio Concentrations 16 Investment Activity and Capital Expenditures 17 Components of Net Asset Value 18 Definitions 19-21 Table of Contents * 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. 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, our ability to refinance our indebtedness, expected financial performance (including future cash flows associated with our joint ventures, mezzanine loans, 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, including the expected lease-up, occupancy, revenue and expense performance of our seniors housing operating properties, the expected timing of completion, cost and performance of development projects and land held for development, and projected or stabilized yields on our investments, our pipeline of acquisition opportunities and expected acquisition activity, including the timing and/or successful completion of any acquisitions or the future performance of any such 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. Third Quarter 2026 Supplemental Reporting 2
About Chiron Chiron Real Estate (NYSE: XRN) is a real estate investment trust (REIT) focused on investing in the future of healthcare. At Chiron, we strive to deliver value at the intersection of care, capital and real estate. $1.7bn $107.6m 183 4.6m 292 Gross Assets Cash NOI (Annualized) Property Count OM Square Feet SHOP Homes Executive Officers 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 Board of Directors Charles Fitzgerald Chairman of the Board Lori Wittman Audit Committee Chair Paula Crowley Compensation Committee Chair Matthew Cypher, Ph.D. Nominating & Corporate Governance Committee Chair Mark Decker, Jr. Chief Executive Officer & President Jeffrey Busch Director Zhang Huiqi Director Analyst Coverage Gaurav Mehta Alliance Global Partners John Massocca B Riley Wes Golladay Baird Juan Sanabria BMO Kai Klose Berenberg Richard Anderson Cantor Fitzgerald Aaron Hecht Citizens Barry Oxford Colliers Rob Simone Compass Point Rob Stevenson Huntington Austin Wurschmidt Keybanc David Rodgers Raymond James Contact Investor Relations Email: investors@chironre.com Website: www.chironre.com Phone: 202.524.6869 Transfer Agent Equiniti Trust Company – 800.468.9716 Third Quarter 2026 Supplemental Reporting 3
Quarterly Highlights Operating Highlights • Reported quarterly net loss attributable to common stockholders of $8.9 million, or $0.67 per share, as compared to net loss of $6.0 million, or $0.45 per share, in the comparable prior year period. • Reported quarterly funds from operations attributable to common stockholders and noncontrolling interest (“FFO”) of $0.50 per share and unit, as compared to $1.00 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 $0.75 per share and unit, as compared to $1.12 per share and unit in the comparable prior year period. • Third quarter same-property cash net operating income (“Same-Property Cash NOI”) growth was +1.6% on a year-over-year basis. Tenant Update • In September 2026 the bankruptcy court approved White Rock Medical Center LLC’s (“White Rock”) plan of reorganization, which included affirming our leases. In connection with the lease affirmations, the Company agreed to a cure amount of approximately $2.6 million, payable over time from available cash generated by hospital operations, with any remaining balance due no later than five years following the effective date. * 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 Third Quarter Investments and Dispositions • 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. • Reston Land: Acquired a 22-acre parcel in Reston, VA for $15.4 million, zoned for up to 131 seniors housing homes. • Vernon Asset Sale: Sold an administrative asset located in Vernon, CT for $1.9 million, resulting in a loss on sale of $0.3 million. Subsequent Investment and Disposition Activity • The Pinnacle: Acquired a luxury seniors housing community in North Bethesda, MD for $173.2 million. The newly constructed community opened in June 2026 and management expects stabilization at a yield- on-cost of greater than 7% in 2029. Third Quarter 2026 Supplemental Reporting 4
Consolidated Balance Sheets (Amounts in thousands) Assets 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Land $ 199,487 $ 184,445 $ 169,917 $ 169,917 $ 171,349 Building 1,139,309 1,140,464 1,073,953 1,072,124 1,087,622 Furniture, Fixtures, and Equipment 5,965 5,936 — — — Site Improvements 24,958 24,667 25,783 25,741 25,065 Tenant Improvements 70,093 69,680 81,168 80,397 79,979 Acquired Lease Intangible Assets 140,484 140,461 144,573 144,573 144,696 Gross Real Estate Assets $ 1,580,296 $ 1,565,653 $ 1,495,394 $ 1,492,752 $ 1,508,711 Accumulated Depreciation and Amortization (331,769) (315,923) (353,309) (338,096) (327,248) Investment in Real Estate, net $ 1,248,527 $ 1,249,730 $ 1,142,085 $ 1,154,656 $ 1,181,463 Cash and Cash Equivalents 13,451 10,658 8,183 9,084 7,123 Restricted Cash 2,448 2,263 2,778 2,805 2,717 Real Estate Loans Receivable, net 4,385 3,024 — — — Tenant and Resident Receivables, net 7,323 6,787 6,800 7,225 7,945 Deferred Assets 22,206 22,041 29,953 28,907 29,205 Derivative Assets 21,386 10,898 7,218 6,102 7,467 Investment in Unconsolidated Joint Ventures 33,243 32,591 8,902 1,781 1,846 Other Assets 45,987 33,786 32,100 31,905 35,472 Total Assets $ 1,398,956 $ 1,371,778 $ 1,238,019 $ 1,242,465 $ 1,273,238 Liabilities and Equity 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Credit Facility, net $ 660,678 $ 632,021 $ 662,314 $ 652,699 $ 708,482 Notes Payable 1,037 1,096 1,096 1,153 1,153 Accounts Payable and Accrued Expenses 21,777 20,970 15,022 18,289 17,808 Dividends Payable 8,928 8,906 12,708 12,484 12,051 Acquired Lease Intangible Liabilities, net 3,272 3,816 4,375 4,944 5,516 Other Liabilities 23,026 20,904 21,854 22,831 22,400 Total Liabilities $ 718,718 $ 687,713 $ 717,369 $ 712,400 $ 767,410 Preferred Stock 220,215 220,225 124,106 124,106 74,959 Common Stock 13 13 13 13 13 Additional Paid-in Capital 729,949 729,514 729,514 729,514 735,416 Accumulated Deficit (318,925) (303,703) (360,640) (349,965) (332,566) Accumulated Other Comprehensive Income 21,386 10,898 7,218 6,102 7,467 Total Chiron Stockholders’ Equity $ 652,638 $ 656,947 $ 500,211 $ 509,770 $ 485,289 Noncontrolling Interest 27,600 27,118 20,439 20,295 20,539 Total Equity $ 680,238 $ 684,065 $ 520,650 $ 530,065 $ 505,828 Total Liabilities and Equity $ 1,398,956 $ 1,371,778 $ 1,238,019 $ 1,242,465 $ 1,273,238 Third Quarter 2026 Supplemental Reporting 5
Consolidated Statements of Operations (Amounts in thousands, except per-share data) 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Revenues Rental Revenue $ 33,515 $ 37,060 $ 38,021 $ 38,171 $ 37,036 Resident Fees and Services 6,239 1,841 — — — Other Income 581 846 43 221 193 Total Revenue $ 40,335 $ 39,747 $ 38,064 $ 38,392 $ 37,229 Expenses General and Administrative 7,704 5,221 5,089 5,493 4,860 Operating Expenses 14,135 10,034 9,250 8,595 8,224 Depreciation and Amortization Expense 16,169 15,276 14,827 14,916 15,008 Interest Expense 8,308 8,806 7,233 8,403 8,175 Total Expenses $ 46,316 $ 39,337 $ 36,399 $ 37,407 $ 36,267 Other Income (Expense) (Loss) Gain on Sale of Investment Properties (259) 71,881 — (372) 294 Impairment of Investment Property — — — (6,733) (6,281) Equity Income (Loss) from Unconsolidated Joint Ventures 505 (10) (11) (27) (33) Total Other Income (Expense) $ 246 $ 71,871 $ (11) $ (7,132) $ (6,020) Net (Loss) Income $ (5,735) $ 72,281 $ 1,654 $ (6,147) $ (5,058) Preferred Stock Dividends (3,980) (2,982) (2,473) (1,915) (1,455) Net Loss (Income) Attributable to Noncontrolling Interest 852 (6,009) 70 643 512 Net (Loss) Income Attributable to Common Stockholders $ (8,863) $ 63,290 $ (749) $ (7,419) $ (6,001) Net (Loss) Income Attributable to Common Stockholders per Share – Basic and Diluted $ (0.67) $ 4.78 $ (0.06) $ (0.55) $ (0.45) Weighted Average Common Shares Outstanding – Basic and Diluted 13,240 13,235 13,235 13,371 13,393 Third Quarter 2026 Supplemental Reporting 6
Reconciliation of Non-GAAP Measures (Amounts in thousands, except per-share data) FFO, Core FFO, FAD 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Net (Loss) Income $ (5,735) $ 72,281 $ 1,654 $ (6,147) $ (5,058) Preferred Stock Dividends (3,980) (2,982) (2,473) (1,915) (1,455) Depreciation and Amortization Expense 16,145 15,251 14,802 14,892 14,983 Loss (Gain) on Sale of Investment Properties 259 (71,881) — 372 (294) Impairment of Investment Properties — — — 6,733 6,281 Depreciation and Amortization Expense from Unconsolidated Joint Ventures 591 73 73 73 73 FFO Attributable to Common Shares & NCI $ 7,280 $ 12,742 $ 14,056 $ 14,008 $ 14,530 Amortization of Above (Below) Market Leases, Net 100 150 146 143 113 Straight Line Deferred Rental Revenue (108) 122 (204) (252) (332) Stock-Based Compensation Expense 1,642 1,378 1,229 1,410 1,207 Amortization of Debt Issuance Costs 657 707 807 1,322 554 Severance and Transition Related Expense(1) 1,993 — — 273 — Reverse Stock Split Expense — — — — 170 Other Adjustments from Unconsolidated Joint Ventures (704) 2 (19) (6) — Core FFO Attributable to Common Shares & NCI $ 10,860 $ 15,101 $ 16,015 $ 16,898 $ 16,242 FAD Capital Expenditures (3,728) (3,398) (2,694) (3,707) (4,420) FAD Attributable to Common Shares & NCI $ 7,132 $ 11,703 $ 13,321 $ 13,191 $ 11,822 Weighted Average Shares and Units Outstanding: Weighted Average Common Shares 13,240 13,235 13,235 13,371 13,393 Weighted Average OP Units 441 444 444 444 447 Weighted Average LTIP Units 825 806 750 701 714 Weighted Average Shares & Units Outstanding - Basic and Diluted 14,506 14,485 14,429 14,516 14,554 Per Share Amounts (Basic and Diluted): Net (Loss) Income Per Share $ (0.67) $ 4.78 $ (0.06) $ (0.55) $ (0.45) FFO Per Share and Unit $ 0.50 $ 0.88 $ 0.97 $ 0.97 $ 1.00 Core FFO Per Share and Unit $ 0.75 $ 1.04 $ 1.11 $ 1.16 $ 1.12 (1) For the 3Q 2026, includes $1.2 million of current and future cash payments and $0.8 million in accelerated stock-based compensation expense related to a separation agreement. Third Quarter 2026 Supplemental Reporting 7
Reconciliation of Non-GAAP Measures (continued) (Amounts in thousands) NOI and Cash NOI 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Net (Loss) Income $ (5,735) $ 72,281 $ 1,654 $ (6,147) $ (5,058) General and Administrative Expense 7,704 5,221 5,089 5,493 4,860 Depreciation and Amortization Expense 16,169 15,276 14,827 14,916 15,008 Interest Expense 8,308 8,806 7,233 8,403 8,175 Loss (Gain) on Sale of Investment Properties 259 (71,881) — 372 (294) Impairment of Investment Properties — — — 6,733 6,281 Proportionate Share of Unconsol. JV Adj. 222 114 92 106 113 NOI $ 26,927 $ 29,817 $ 28,895 $ 29,876 $ 29,085 Amortization of Above (Below) Market Leases, Net 100 150 146 143 113 Straight Line Deferred Rental Revenue (108) 122 (204) (252) (332) Proportionate Share of Unconsol. JV Adj. (30) (2) (2) (2) (2) Cash NOI $ 26,889 $ 30,087 $ 28,835 $ 29,765 $ 28,864 EBITDAre and Adj. EBITDAre 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Net (Loss) Income $ (5,735) $ 72,281 $ 1,654 $ (6,147) $ (5,058) Interest Expense 8,308 8,806 7,233 8,403 8,175 Depreciation and Amortization Expense 16,169 15,276 14,827 14,916 15,008 Loss (Gain) on Sale of Investment Properties 259 (71,881) — 372 (294) Impairment of Investment Properties — — — 6,733 6,281 Proportionate Share of Unconsol. JV Adj. 880 112 111 113 112 EBITDAre $ 19,881 $ 24,594 $ 23,825 $ 24,390 $ 24,224 Amortization of Above (Below) Market Leases 100 150 146 143 113 Stock-Based Compensation Expense 1,642 1,378 1,229 1,410 1,207 Severance and Transition Related Expense(1) 1,993 — — 273 — Reverse Stock Split Expense — — — — 170 Proportionate Share of Unconsol. JV Adj. (658) 2 (19) (5) — Adjusted EBITDAre $ 22,958 $ 26,124 $ 25,181 $ 26,211 $ 25,714 Adjusted EBITDAre, Annualized $ 91,832 $ 104,496 $ 100,724 $ 104,844 $ 102,856 (1) For the 3Q 2026, includes $1.2 million of current and future cash payments and $0.8 million in accelerated stock-based compensation expense related to a separation agreement. Third Quarter 2026 Supplemental Reporting 8
Capitalization Summary (Amounts in thousands) Total Capitalization Shares Price(1) Value Common Stock (NYSE: XRN) 13,247 $ 34.76 $ 460,466 OP Units 435 $ 34.76 15,121 Vested LTIP Units 612 — — Total Equity Capitalization 14,294 $ 475,586 Consolidated Debt (Gross) — — 670,037 Preferred Stock Series A (7.50%) (NYSE: XRN PrA) 3,105 $ 25.00 77,625 Series B (8.00%) (NYSE: XRN PrB) 2,050 $ 25.00 51,250 Series C (6.00%) 1,000 $ 100.00 100,000 Total Capitalization $ 1,374,498 (1) Equity Capitalization Price based on the closing share price of the Company’s common stock on September 30, 2026 of $34.76 per share. LTIP units are issued as equity compensation to employees and directors of the Company, and as such, have no capital value associated to them. Preferred Stock price reflects liquidation preference. Debt Summary Balance Rate(1) Type(2) Maturity Unsecured Credit Facility: Revolving Credit Facility $ 169,000 5.06% Floating 10/2030 Term Loan A-1 100,000 4.50% Fixed 10/2029 Term Loan A-2 100,000 4.54% Fixed 10/2030 Term Loan A-3 150,000 4.58% Fixed 04/2031 Term Loan B 150,000 3.79% Fixed 02/2028 Other Debt 1,037 5.07% Fixed 07/2033 Total Consolidated Debt (Gross) $ 670,037 4.51% 75% Fixed 3.4 years Cash and Cash Equivalents (13,451) Net Consolidated Debt (Gross) $ 656,586 (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. Hedging Summary Notional Pay Fixed Receive Applicable Term Term Loan A-1 $ 100,000 3.24% SOFR Current – 10/2029 Term Loan A-2 $ 100,000 3.28% SOFR Current – 10/2030 Term Loan A-3 $ 150,000 3.32% SOFR Current – 04/2031 Term Loan B $ 150,000 2.54% SOFR Current – 02/2028 Third Quarter 2026 Supplemental Reporting 9
Leverage Statistics (Amounts in thousands) 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Consolidated Debt $ 670,037 $ 642,096 $ 673,096 $ 664,328 $ 712,853 Cash and Cash Equivalents (13,451) (10,658) (8,183) (9,084) (7,123) Net Consolidated Debt $ 656,586 $ 631,438 $ 664,913 $ 655,244 $ 705,730 Preferred Stock 228,875 228,875 128,875 128,875 77,625 Net Consolidated Debt + Preferred Stock $ 885,461 $ 860,313 $ 793,788 $ 784,119 $ 783,355 Adjusted EBITDAre – Annualized $ 91,832 $ 104,496 $ 100,724 $ 104,844 $ 102,856 Net Consolidated Debt / Ann. Adj. EBITDAre 7.1x 6.0x 6.6x 6.2x 6.9x Net Debt + Preferred / Ann. Adj. EBITDAre 9.6x 8.2x 7.9x 7.5x 7.6x Adjusted EBITDAre $ 22,958 $ 26,124 $ 25,181 $ 26,211 $ 25,714 Interest Expense 8,308 8,806 7,233 8,403 8,175 Interest Coverage Ratio 2.8x 3.0x 3.5x 3.1x 3.1x Cash Interest Expense $ 7,582 $ 8,031 $ 6,360 $ 7,014 $ 7,556 Secured Debt Principal Amortization 60 — 57 — 92 Preferred Stock Dividends 3,980 2,982 2,473 1,915 1,455 Total Fixed Charges $ 11,622 $ 11,013 $ 8,890 $ 8,929 $ 9,103 Adjusted EBITDAre 22,958 26,124 25,181 26,211 25,714 Fixed Charge Coverage Ratio 2.0x 2.4x 2.8x 2.9x 2.8x Cash and Cash Equivalents $ 13,451 $ 10,658 $ 8,183 $ 9,084 $ 7,123 Availability Under Credit Facility 400,000 400,000 400,000 400,000 400,000 Outstanding Credit Facility Borrowings (169,000) (141,000) (172,000) (163,175) (211,700) Total Liquidity $ 244,451 $ 269,658 $ 236,183 $ 245,909 $ 195,423 Selected Debt Covenant Performance Metric Calculation Required 3Q 2026 Total Leverage Ratio Total Debt / Total Assets ≤ 60% 41.2% Secured Leverage Ratio Secured Debt / Total Assets ≤ 30% 0.0% Unsecured Leverage Ratio Unsecured Debt / Unencumbered Assets ≤ 60% 43.2% Fixed Charge Coverage Ratio Total EBITDA / Fixed Charges ≥ 1.50x 2.4x Unsecured Interest Coverage Ratio Unencumbered NOI / Unsecured Interest ≥ 1.50x 2.1x Third Quarter 2026 Supplemental Reporting 10
Portfolio Overview (dollars in thousands) Asset Type Assets GLA / Homes Leased / Occupied(1) 3Q 2026 Cash NOI(2) % of Cash NOI Outpatient Medical (OM) 181 4,622,932 93.6% $ 25,281 94.4% Seniors Housing Operating Properties (SHOP) 2 292 64.4% 696 2.6% Consolidated Portfolio 183 $ 25,977 97.0% Joint Ventures 698 2.6% Mezzanine Loans 112 0.4% Total $ 26,787 100.0% (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. Same-Property Cash NOI Performance Assets 3Q 2026 3Q 2025 ∆ % OM 181 $ 24,932 $ 24,529 + 1.6% SHOP — — — — Total Same-Property Performance 181 $ 24,932 $ 24,529 + 1.6% Joint Ventures Assets Gross Asset Value % Share XRN Share of Cash NOI Active Adult Joint Ventures(1) 2 $ 46,558 49.0% $ 0 IRF Joint Venture 7 220,452 15.0% 597 Heitman OM Joint Venture 3 45,447 12.5% 101 Joint Ventures $ 698 (1) Comprised of the Maple Grove and Hudson active adult community JVs in Minnesota, which are currently under development and expected to be completed in 2027. Fort Myers Medical Facility(1) $ 3,000 12.0% 2Q 2028 $ 90 Daleville Medical Facility(2) 1,287 12.0% 3Q 2028 22 Mezzanine Loans $ 4,287 $ 112 Mezzanine Loans Amount Outstanding Rate Maturity XRN Share of Cash NOI (1) Full commitment value of $3.0 million. (2) Full commitment value of $2.2 million. Third Quarter 2026 Supplemental Reporting 11
SHOP Overview (Consolidated Portfolio, dollars in thousands except RevPOR / ExPOR calculations) Total Portfolio 3Q 2026 2Q 2026(1) 1Q 2026 4Q 2025 3Q 2025 Properties 2 2 — — — Total Homes Available 292 292 — — — Average Occupancy(2) 64.4% 58.8% — — — Cash revenue $ 6,239 $ 1,841 — — — Operating expenses (5,543) (1,575) — — — Cash NOI $ 696 $ 266 — — — Cash NOI Margin 11.2% 14.4% — — — RevPOR $ 11,064 $ 10,722 — — — ExPOR 9,828 9,174 — — — (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. Assets Operator MSA Homes Spot Occupancy 9-30-2026 The Landing Greystone Washington DC 163 96.9% The Riviera Greystone Washington DC 129 28.7% Total 292 66.8% Community Mix Homes % Private Pay % Spot Occupancy 9-30-2026 Independent Living 129 44% 100% 28.7% Assisted Living 129 44% 100% 97.7% Memory Care 34 12% 100% 94.1% Total 292 100% 100% 66.8% Third Quarter 2026 Supplemental Reporting 12
Outpatient Medical Overview (Dollars in thousands) Asset Type Assets GLA Leased Rate Term(1) 3Q26 Cash NOI(2) Single-Tenant 121 2,586,203 99.3% 4.8 $ 17,093 Multi-Tenant 60 2,036,729 86.5% 4.3 8,188 Total Outpatient 181 4,622,932 93.6% 4.6 $ 25,281 (1) Years of lease term remaining weighted by Annualized Base Rent. (2) Excludes Cash NOI attributable to assets not owned as of quarter end. Campus Proximity GLA % Ground Lease On Campus / Adjacent 1,482,479 34.8% Affiliated(1) 1,778,277 9.5% Unaffiliated 1,362,176 0.0% Total Outpatient 4,622,932 14.8% (1) Represents off campus assets anchored by a health system. Lease Escalators Avg. Escalator(1) Single-Tenant 2.3% Multi-Tenant 2.2% Total Outpatient 2.2% (1) Weighted by Annualized Base Rent. Includes 9.0% of portfolio leases subject to a CPI based escalator. Such leases assume a CPI growth rate of +3.7%. Lease Type % of ABR Absolute / Triple Net 91.7% Modified Gross 5.1% Gross 3.2% Third Quarter 2026 Supplemental Reporting 13
Outpatient Medical Same-Property Performance (Amounts in thousands) 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Rental and Related Revenues(1) $ 33,488 $ 33,272 $ 33,816 $ 33,543 $ 32,383 Operating Expenses (8,556) (8,293) (9,108) (8,270) (7,854) Same-Property Cash NOI $ 24,932 $ 24,979 $ 24,708 $ 25,273 $ 24,529 NOI Margin 74% 75% 73% 75% 76% Leased Rate 93.6% 94.7% 94.8% 95.6% 95.0% Year-Over-Year Comparison Sequential Comparison 3Q 2026 3Q 2025 Change 3Q 2026 2Q 2026 Change Rental and Related Revenues(1) $ 33,488 $ 32,383 + 3.4% $ 33,488 $ 33,272 + 0.6% Operating Expenses (8,556) (7,854) + 8.9% (8,556) (8,293) + 3.2% Same-Property Cash NOI $ 24,932 $ 24,529 + 1.6% $ 24,932 $ 24,979 (0.2%) (1) Rental and Related Revenues include base rent and operating expense recoveries. Outpatient Medical Same-Property Reconciliations (Dollars in thousands) Same-Property Portfolio Count GLA % GLA Total Outpatient 181 4,622,932 100.0% Excluded Assets — — —% Assets Not Held for All Periods — — —% Same-Property Portfolio 181 4,622,932 100.0% Reconciliation from Cash NOI 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Cash NOI $ 26,889 $ 30,087 $ 28,835 $ 29,765 $ 28,864 Outpatient Assets Not Held for All Periods 18 (3,894) (4,005) (4,194) (4,064) SHOP Assets (696) (266) — — — Lease Termination Fees (260) — — (125) (117) Joint Ventures and Other Cash NOI (1,019) (948) (122) (173) (154) Same-Property Cash NOI $ 24,932 $ 24,979 $ 24,708 $ 25,273 $ 24,529 Third Quarter 2026 Supplemental Reporting 14
Outpatient Medical Lease Expiration Schedule (Dollars in thousands) Year # Leases GLA % GLA ABR % ABR Rate(1) 2026 16 63,257 1.4% $ 1,106 1.1% $ 17.48 2027 59 590,224 12.8% 14,602 14.3% 24.74 2028 53 257,720 5.6% 6,685 6.6% 25.94 2029 68 746,102 16.1% 19,293 18.9% 25.86 2030 70 737,443 16.0% 16,086 15.8% 21.81 2031 67 611,770 13.2% 13,288 13.0% 21.72 2032 16 102,837 2.2% 2,388 2.3% 23.22 2033 25 350,144 7.6% 8,783 8.6% 25.08 2034 12 140,614 3.0% 4,123 4.0% 29.32 2035 10 118,170 2.6% 3,043 3.0% 25.75 Thereafter 27 610,101 13.2% 12,691 12.4% 20.80 Total Leased 423 4,328,382 93.6% $ 102,088 100.0% $ 23.59 Vacant 294,550 Total 4,622,932 Leased Rate(2) 93.6% Remaining Term 4.6 Years (1) Reflects Annual Base Rent as of quarter end divided by expiring area. (2) Includes 8,016 of SF that is leased but not yet occupied. Outpatient Medical Leasing Rollforward Total GLA 3Q 2026 Leasing Volume 3Q 2026 Beginning of Quarter 4,644,832 Lease Expirations (388,091) Acquired Area — Renewals and Extensions 288,818 Sold Area (22,550) Tenant Retention 74% Remeasurements 650 New Leases 49,541 End of Quarter 4,622,932 Remeasurements 385 Net Absorption (49,347) Leased GLA 3Q 2026 Beginning of Quarter 4,400,279 Net Absorption (49,347) Net Leased Area Acquired (Sold) (22,550) End of Quarter 4,328,382 Third Quarter 2026 Supplemental Reporting 15
Outpatient Medical Tenant Concentrations (Dollars in thousands) Tenant / Parent Leased GLA % Total ABR % ABR Term(1) Memorial Health 155,600 3.6% $ 5,938 5.8% 4.4 Trinity Health 398,865 9.2% 5,805 5.7% 4.1 LifePoint Health 93,255 2.2% 5,199 5.1% 1.2 Tenet Healthcare 129,698 3.0% 3,538 3.5% 4.0 TeamHealth 173,371 4.0% 3,523 3.5% 1.0 (2) Christus Health 84,674 2.0% 2,951 2.9% 13.6 White Rock 236,314 5.5% 2,749 2.7% 11.4 Select Medical 43,134 1.0% 2,332 2.3% 1.8 McKesson 74,521 1.7% 2,211 2.2% 7.4 Pediatrics Plus 93,808 2.2% 2,165 2.1% 3.2 Top 10 Tenants 1,483,240 34.3% $ 36,411 35.7% 4.8 All Other 2,845,142 65.7% 65,677 64.3% 4.5 Outpatient Medical Portfolio 4,328,382 100.0% $ 102,088 100.0% 4.6 (1) Years of lease term remaining weighted by Annualized Base Rent. (2) Tenant is a government contractor with a rolling one-year termination right. Outpatient Medical Geographic Concentrations (Dollars in thousands) States # Properties GLA % Total ABR % ABR Texas 16 639,740 13.8% $ 17,995 17.6% Florida 34 513,029 11.1% 13,092 12.8% Ohio 18 423,625 9.2% 9,180 9.0% Illinois 14 259,140 5.6% 6,273 6.1% Iowa 5 428,614 9.3% 6,113 6.0% Michigan 13 308,014 6.7% 6,020 5.9% Virginia 3 269,441 5.8% 5,612 5.5% Arizona 8 239,261 5.2% 4,273 4.2% Pennsylvania 9 164,222 3.6% 3,491 3.4% California 5 92,282 2.0% 3,347 3.3% Top 10 States 125 3,337,368 72.2% $ 75,394 73.9% All Other 56 1,285,564 27.8% 26,694 26.1% Outpatient Medical Portfolio 181 4,622,932 100.0% $ 102,088 100.0% Third Quarter 2026 Supplemental Reporting 16
Investment Activity (Dollars in thousands) Acquisitions / Loans Type Transaction Date(1) Homes / GLA(2) Price(3) / Proceeds Cash Yield Maple Grove Active Adult(4) JV Jan. 2026 132 $ 7,094 7.0%(5) Fort Myers Mezzanine Loan Loan Apr. 2026 — 3,000 12.0% Hudson Active Adult(6) JV May 2026 128 6,654 7.0%(5) The Landing SHOP Jun. 2026 163 130,000 7.0% - 7.5%(5) The Riviera(7) SHOP Jun. 2026 129 118,900 7.0% - 7.5%(5) Heitman OM Joint Venture(8) JV Jun. 2026 31,843 668 6.7% IRF Joint Venture(9) JV Jun. 2026 455,861 16,275 7.3% Daleville Mezzanine Loan Loan Jul. 2026 — 1,287 12.0% Reston Land Parcel Land Sep. 2026 — 15,448 —% Dispositions IRF Portfolio OM Jun. 2026 455,861 $ 217,000 7.3% Vernon Keynote OM OM Sep. 2026 22,550 1,850 10.3% (1) Reflects the initial loan funding date, where applicable. (2) SHOP/Active Adult reflect home counts; OM reflects total GLA. (3) Reflects the purchase price, the Company's share of joint venture investments, or the funded loan amount as of quarter end, where applicable. (4) The Company acquired a 49.0% equity interest in the venture, which entered into a $31.0 million construction loan ($18.4 million 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 million loan at close. (9) Reflects the Company's 15.0% retained interest in the $217.0 million IRF Portfolio disposition. The venture entered into a $108.5 million loan at close. Capital Expenditures (Consolidated Portfolio, dollars in thousands) 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Tenant Improvements $ 1,249 $ 762 $ 594 $ 1,066 $ 1,601 Leasing Commissions 613 367 550 394 1,136 Building Capital 3,797 2,269 1,550 2,247 1,683 Total Capital Expenditures $ 5,659 $ 3,398 $ 2,694 $ 3,707 $ 4,420 Redevelopment Capital (1,931) — — — — FAD Capital Expenditures $ 3,728 $ 3,398 $ 2,694 $ 3,707 $ 4,420 Cash NOI $ 26,889 $ 30,087 $ 28,835 $ 29,765 $ 28,864 FAD Capital Expenditures / Cash NOI 13.9% 11.3% 9.3% 12.5% 15.3% Third Quarter 2026 Supplemental Reporting 17
Components of Net Asset Value (Amounts in thousands) Cash NOI by Asset Type 3Q 2026 Cash NOI(1) Annualized Gross Book Value(2) Outpatient Medical (OM) $ 25,281 $ 101,124 $ 1,313,714 Seniors Housing Operating Properties (SHOP) 696 2,788 250,994 Proportionate Share of Unconsol. JV 698 2,792 33,243 Real Estate NOI $ 26,675 $ 106,704 $ 1,597,951 (1) Excludes Cash NOI attributable to assets not owned as of quarter end. (2) Proportionate Share of Unconsol. JV reflects equity investment amount. Other Information Cash and Cash Equivalents, and Restricted Cash $ 15,899 Real Estate Loans Receivable, Net 4,385 Land Held for Investment 15,888 Other Assets(1) 31,329 Total $ 67,501 Revolving Credit Facility(2) $ (169,000) Unsecured Term Loans(2) (500,000) Preferred Stock Liquidation Value (228,875) Dividends Payable (8,928) Other Note Payable(2) (1,037) Other Liabilities(3) (21,777) Proportionate Share of JV Debt (28,158) Total $ (957,775) Outstanding Shares at Quarter End(4) 14,294 (1) Includes derivative assets, prepaid assets, and tenant and resident 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 vested LTIP Units. Third Quarter 2026 Supplemental Reporting 18
Reporting Definitions and Other Disclosures Annualized Base Rent: Annualized base rent ("ABR") represents monthly base rent for September 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. Third Quarter 2026 Supplemental Reporting 19
Reporting Definitions and Other Disclosures (continued) 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. Third Quarter 2026 Supplemental Reporting 20
Reporting Definitions and Other Disclosures (continued) 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, while these non-GAAP measures 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. Third Quarter 2026 Supplemental Reporting 21