Chiron Real Estate (XRN) investor relations material

Executive summary

• Leadership team expanded with experienced hires, including new CIO, COO, and Head of Seniors Housing, to support a strategic pivot toward seniors housing and portfolio repositioning.

• Significant progress made on capital allocation, asset sales, and acquisitions, including the $249 million purchase of two luxury seniors housing communities and the sale of seven inpatient rehab facilities for $217 million, retaining a 15% JV interest.

• Transition underway from outpatient medical assets to higher-returning healthcare real estate, especially seniors housing, with SHOP now representing 25% of the portfolio.

• Originated mezzanine loans totaling $5.2 million for under-development medical facilities, both 100% pre-leased to investment-grade tenants.

• Portfolio repositioning aligns with industry trends toward healthcare-focused real estate and operational excellence.

Financial highlights

• Net income for Q2 2026 was $72.3 million, up from $0.6 million in the prior year, driven by a $71.9 million gain on property sales.

• Core FFO for the quarter was $15.1 million ($1.04 per share and unit), down from $16.6 million ($1.14 per share and unit) in the prior year.

• Annualized Cash NOI for Q2 2026 was $106.5 million; same-store cash NOI increased 0.8% year-over-year, or 1.7% excluding a one-time item.

• Cash and cash equivalents and restricted cash increased to $12.9 million as of June 30, 2026.

• GAAP-redefined FFO per share and unit was $0.88 for the quarter.

Outlook and guidance

• SHOP segment expected to become a more significant contributor as newly acquired communities stabilize and additional acquisitions close.

• Dividend reduced from $0.25 to $0.16 per share monthly to retain cash and accelerate the acquisition strategy.

• Focus remains on acquiring stabilized seniors housing assets and recycling capital from outpatient medical sales, with a large pipeline of investment opportunities identified.

• The Landing and Riviera communities are expected to deliver yields above 7% upon stabilization in 2H 2028.

• Management expects to unlock embedded value through active capital recycling and disciplined investment criteria.