Chiron Real Estate Inc. · NYSE:XRN
Chiron Real Estate — Q4 2025 Earnings Presentation
29 slides from Chiron Real Estate's earnings presentation, Feb 26, 2026
Slide 1: Building For The Future
February 2026 Building For The Future
Slide 2: Our New Identity
Our New Identity Chiron (KAI-ron)—the wisest of all centaurs—was the Greek mythological father of medicine and the original architect of medical education. We aspire to uphold this tradition of stewardship by living our mission of delivering value at the intersection of care, capital, and real estat
Slide 3: Portfolio Focused on Essential Care Facilities
Portfolio Focused on Essential Care Facilities Anchored by strong tenants delivering vital care to the communities they serve $1.5B Real Estate Portfolio1 $119M Annualized Cash NOI 16% Inpatient 189 Properties 72% Rehab3 Outpatient 5.1M Square Feet Medical3 96% Leased 12% +5.4% Same Store NOI Growth
Slide 4: Deep Experience Bridging Healthcare and Real Estate
Deep Experience Bridging Healthcare and Real Estate Multi-disciplinary team guided by experience, driven by results Mark Decker, Jr Bob Kiernan Ray Braun Chief Executive Officer Chief Financial Officer Managing Director Deep leadership experience across public real Three decades of leadership experi
Slide 5: Historical Shareholder Returns
Historical Shareholder Returns Chiron has materially outperformed its Outpatient Medical REIT peers since its IPO… Outpatient Medical REIT Total Shareholder Return Since Chiron IPO 200% 150% +56.2% 100% +9.9% 50% HR 0% (13.7%) -50% DOC XRN HR DOC Source: Nasdaq. Total Shareholder Return presented fr
Slide 6: Historical Shareholder Returns (contd.)
Historical Shareholder Returns (contd.) …but recent higher-rate environment has compressed earnings multiples Chiron Forward FFO Multiple vs Ten-Year US Treasury Yield 22.0x 5.0% 18.0x 4.0% Interest Rate Impact 10-Year US Forward FFO Treasury Yield Multiple 14.0x 3.0% Dec. 2021 1.5%` 19.5x Feb. 2026
Slide 7: Where We Stand
PAM Rehabilitation Hospital Surprise, Arizona Where We Stand Chiron: Building For The Future 7
Slide 8: Decisive Action by Leadership
Decisive Action by Leadership Rapid execution of strategic pivot establishes a scalable platform for value creation Factor Prior Status Actions Taken Today Corporate Seeking New • Recruited proven CEO Supporting New Governance Leader • Board retirements offer opportunity to refresh Strategy Corporat
Slide 9: Existing Portfolio Position
Existing Portfolio Position Chiron’s existing portfolio benefits from demographic tailwinds and operational control Attractive Basis & Yield Yield by Acquisition Vintage • Deep Value Entry: Chiron’s existing portfolio was acquired at favorable Acquired Gross Value Cap Rate1 Cash Yield2 cap rates wit
Slide 10: Existing Portfolio Position (contd.)
Existing Portfolio Position (contd.) Chiron’s existing portfolio benefits from demographic tailwinds and operational control Fee Simple Focus Ground Lease Exposure1 • Operational Control: Fee simple ownership eliminates third-party friction 43% 46% and preserves landlord leverage to drive positive l
Slide 11: Balance Sheet Fortification
Balance Sheet Fortification Activity advances balance sheet quality, creating a stronger foundation for future growth ✓ 2Q 2025 4Q 2025 Credit Facility Recast (October 2025) Extension of bank debt addresses material 2026 Balance Debt Term Remaining 1.6 Years 4.1 Years debt maturities; drives graduat
Slide 12: The Way Forward
Mission Health MOB Livonia, Michigan The Way Forward Chiron: Building For The Future 12
Slide 13: 2026 Strategic Objectives
2026 Strategic Objectives Long-Term Mission: Deliver upper-quartile annual per-share earnings growth (~6%) Optimize Portfolio for Long-Term Performance • Active capital recycling to drive improved portfolio performance • Better align team with measurable goals that support shareholder returns Capita
Slide 14: Chiron's Housing Thesis
Chiron’s Housing Thesis Demographic momentum and supply scarcity drive a generational opportunity for premium Active Adult and SHOP investments Demographic ‘Silver Tsunami’ Fuels Sustained Severe Supply-Demand Imbalance Enhances Demand Growth Opportunity US Population Forecast Projected Deliveries v
Slide 15: Chiron's Housing Thesis (contd.)
Chiron’s Housing Thesis (contd.) Demographic momentum and supply scarcity drive a generational opportunity for premium Active Adult and SHOP investments Functional Obsolescence of Legacy Inventory Targeting Wealthiest Residents to Mitigate Economic Volatility Distribution of Homes by Asset Age Avera
Slide 16: Delivering Solutions Through Boutique Approach
Delivering Solutions Through Boutique Approach Tailored approach to investment resonates with middle-market owners, operators, and developers Active Adult Sustainable Growth • Emphasis on development of highly amenitized assets in prosperous submarkets • Targeting ~7% stabilized yields on cost; mid-
Slide 17: Recent Investment Activity
Recent Investment Activity Strategic entry into Active Adult market expands Chiron’s growth profile Inaugural Active Adult Investment Minneapolis Development JV (Jan. 2026) • $7M Equity Investment (49% Pari Passu Interest, $46M Total Project Cost) • New Development (132 Units, 2027 Delivery, 7% Anti
Slide 18: Prospective Recycling Candidates
Prospective Recycling Candidates Chiron has identified ~$250M of prospective dispositions to fund higher-growth pipeline without adding debt Inpatient Rehab Facility (IRF) Portfolio Beaumont Surgical Hospital Portfolio Summary Asset Summary Assets Seven Year Acquired 2019 4Q25 Cash NOI $4.0M 4Q25 Ca
Slide 19: Conclusion
Dumfries Health Center Dumfries, VA Conclusion Chiron: Building For The Future 19
Slide 20: Transitioning to Monthly Distributions
Transitioning to Monthly Distributions Chiron delivers sustainable income with superior tax treatment compared to ordinary corporate dividends Monthly Payment Frequency Annual Yield Comparison1 • Chiron is transitioning to a monthly distribution in April 2026, delivering more frequent income to shar
Slide 21: 2026 Guidance Outlook: Year of Transition
2026 Guidance Outlook: Year of Transition Earnings outlook establishes a de-risked baseline to support sustainable earnings quality and growth Guidance Commentary Balance Sheet Fortification Core FFO Guidance Bridge1 • Financial impact of October 2025 Term Loan extension begins May 2026 • Preferred
Slide 22: Aligned for the Next Chapter
Aligned for the Next Chapter Substantial insider ownership is bolstered by recent open market purchases ✓ Meaningful Insider Ownership 10% of Chiron equity is controlled by Executive Officers, Directors, and Employees1 Recent Chiron Insider Purchases Period Shares Price4 ✓ Recent Open Market Purchas
Slide 23: Reconciliations & Legal
Reconciliations & Legal
Slide 24: Forward-Looking Statements
Forward-Looking Statements 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 ar
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures 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 perform
Slide 26: EBITDAre and Adjusted EBITDAre; NOI and Cash NOI
EBITDAre and Adjusted EBITDAre EBITDAre is calculated in accordance with standards established by NAREIT and is defined as net income or loss computed in accordance with GAAP, plus depreciation and amortization, interest expense, gains or losses on the sale of investment properties, property impairm
Slide 27: Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre and Total Debt to Net Debt (unaudited, and in thousands) Three Months Ended Three Months Ended December 31, 2025 June 30, 2025 Net (loss) income $(6,147) $585 Interest expense 8,403 8,009 Depreciation and amortization expense 14,916 15,2
Slide 28: Reconciliation of Net Income to NOI and Cash NOI
Reconciliation of Net Income to NOI and Cash NOI (unaudited, and in thousands) Three Months Ended December 31, 2025 Net (loss) income $ (6,147) General and administrative 5,493 Depreciation and amortization 14,916 Interest expense 8,403 (Gain) loss on sale of investment properties 372 Impairment of
Slide 29: NYSE: XRN
NYSE: XRN 7373 Wisconsin Avenue Suite 800 Bethesda, MD 20814