Chiron Real Estate Inc. · NYSE:XRN
Chiron Real Estate — Q1 2026 Earnings Presentation
28 slides from Chiron Real Estate's earnings presentation, May 2026
Slide 1: Positioned for Growth
May 2026 Positioned for Growth Inaugural SHOP Acquisitions & Strategic Capital Update
Slide 2: Executive Summary
Executive Summary Chiron is repositioning into a growth-oriented healthcare REIT focused on investments that deliver cash flow growth above inflation. This transition centers on disciplined capital allocation and recycling capital into investments with meaningfully higher returns The Riviera Alexand
Slide 3: Inaugural SHOP Investments
The Pinnacle North Bethesda Pending SHOP Acquisition Inaugural SHOP Investments Positioned for Growth | May 2026 3
Slide 4: Pending Acquisitions: The Riviera & The Landing (Alexandria, VA)
Pending Acquisitions: The Riviera & The Landing (Alexandria, VA) Located in affluent submarket with strong demographics and limited competition The Landing Alexandria The Riviera Alexandria Pending SHOP Acquisition Pending SHOP Acquisition The Riviera The Landing Note: Riviera community image unavai
Slide 5: Pending Acquisitions: The Riviera & The Landing (cont'd)
Pending Acquisitions: The Riviera & The Landing (cont’d) Luxury communities expected to deliver double-digit unlevered IRR; Closing expected June 1st, 2026 The Riviera The Landing Total Purchase price $119M $130M $249M Year delivered 2026 2022 Homes 129 163 292 Occupancy ~20%1 90%1 RevPOR ~$11,5002
Slide 6: Pending Acquisition: The Pinnacle (North Bethesda, MD)
Pending Acquisition: The Pinnacle (North Bethesda, MD) Recently-constructed luxury SHOP located directly across from Pike & Rose; Closing expected 4Q 2026 Transaction Overview Under contract to acquire The Pinnacle, a newly constructed luxury senior housing community. Closing is expected alongside t
Slide 7: Attractive Demographics
Attractive Demographics Submarkets offer favorable demographic tailwinds relative to national trends; Announced acquisitions benefit from limited competing supply Pending Acquisitions: 5mi Radii Age 75+ Population Growth1 Median Home Value1 Meaningful Supply Shortage2 $722k Riviera / 4.1% Pinnacle L
Slide 8: Operating and Strategic Senior Housing Partnerships
Operating and Strategic Senior Housing Partnerships Highly aligned oversight and operator expertise position Chiron for long-term success • Experienced developer and asset manager with a track record of delivering high-quality senior housing communities, with 12 completed projects concentrated in Vi
Slide 9: Inaugural SHOP Acquisitions: Strategic Rationale
Inaugural SHOP Acquisitions: Strategic Rationale The Riviera and The Landing Experienced Operator ✓ Pending SHOP Acquisitions Greystone is an established operator with over 40 years of experience managing senior housing communities; Continuity of operator intended to maximize in-place momentum ✓ Sup
Slide 10: Capital Allocation
The Landing Alexandria Pending SHOP Acquisition Capital Allocation Positioned for Growth | May 2026 10
Slide 11: Portfolio Positioning
Portfolio Positioning We are executing a deliberate portfolio migration, deploying capital into essential care assets with better long- term unlevered return characteristics than Chiron’s legacy asset base Portfolio Distribution (Gross Asset Value)1 Existing Portfolio Legacy net lease portfolio cont
Slide 12: Pro Forma Portfolio Positioning
Pro Forma Portfolio Positioning Disciplined capital allocation designed to position the portfolio for growth by recycling disposition capital into investments with a superior long-term return profile Chiron as of 3/31/26 Pro Forma Upon Stabilization1 Gross Real Estate Assets $1.5B ~ $1.7B Net (Loss)
Slide 13: Retaining Capital to Compound Value
Retaining Capital to Compound Value Evolving from a high yield focus into an active growth platform. Sizing our dividend for growth allows us to compound earnings and drive superior long-term returns through continued disciplined capital allocation Annualized Dividend Rate (per share and unit) Annua
Slide 14: Perpetual Preferred Equity Investment Overview
Perpetual Preferred Equity Investment Overview $100M convertible perpetual preferred equity investment led by Maewyn Capital Partners (MCP) Strategic Rationale Transaction Overview Attractively priced capital to fund announced growth strategy with Commitment Size $100M no incremental common equity M
Slide 15: Transaction Sources and Uses and Pro Forma Capitalization
Transaction Source and Uses and Pro Forma Capitalization $ in millions, except share data Preliminary Sources Pro Forma Capitalization $M Yield As of 3/31/26 Adjustments Prelim. Pro Forma Convertible Preferred Investment from Maewyn $100 6.0% XRN Share Price as of 5/1/2026 $ 35.47 $ 35.47 Identified
Slide 16: 2026 Strategic Objectives
2026 Strategic Objectives Long-Term Financial Goal: Deliver upper-quartile annual per-share earnings growth (~6%) Optimize Portfolio for Long-Term Performance • Execute active portfolio recycling to continuously upgrade asset quality and growth profile • Prioritize high-conviction investments with s
Slide 17: Opportunity in Our Stock
Dumfries Health Center Dumfries, VA Opportunity in Our Stock Positioned for Growth | May 2026 17
Slide 18: Recent Outpatient Medical Transactions
Recent Outpatient Medical Transactions Recent sales by public REITs validate private market demand for healthcare real estate Comparison: Chiron vs Recent Transactions 1 • Public REIT acquired by Blue Owl • $2.3bn transaction size; 7.3% cap rate Sila Realty Trust3 Portfolio Area (sq ft) 5.1M 5.3M 2.
Slide 19: Significant Upside Potential
Significant Upside Potential Achievement of a valuation in line with recent comparable transactions would generate significant upside relative to current trading levels Chiron Market Implied Cap Rate1 Stock Price Sensitivity Share Price as of May 1, 2026 $ 35.47 ~$59.28 ~$54.60 ~$51.69 (x) Shares an
Slide 20: Conclusion
Conclusion ✓ Inaugural SHOP Investments Announced acquisition of three recently delivered communities with established operator at a discount to replacement cost ✓ Raised Attractive Growth Capital $100M convertible perpetual preferred equity investment by Maewyn to fund the announced growth strategy
Slide 21: Reconciliations & Legal
The Landing Alexandria Pending SHOP Acquisition Reconciliations & Legal Positioned for Growth | May 2026 21
Slide 22: Components of Net Asset Value
Components of Net Asset Value As of March 31, 2026; does not reflect pending acquisitions or dispositions Cash NOI by Asset Type (in Thousands) Other Information (in Millions) Cash NOI Timing Cash NOI Gross Book Cash, Cash Equivalents, Restricted Cash $ 11 1Q 2026 Adjustments1 Annualized Value Other
Slide 23: Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre and Total Debt to Net Debt
Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre and Total Debt to Net Debt (Amounts in thousands) Three Months Ended Three Months Ended March 31, 20261 March 31, 2025 Net Income $1,654 $3,737 Interest Expense 7,233 7,167 Depreciation and Amortization Expense 14,827 13,827 Unconsolidat
Slide 24: Reconciliation of Net Income to NOI and Cash NOI
Reconciliation of Net Income to NOI and Cash NOI (Amounts in thousands) Three Months Ended Three Months Ended March 31, 20261 March 31, 2025 Net Income $1,654 $3,737 General and Administrative Expense 5,089 3,620 Depreciation and Amortization Expense 14,827 13,827 Interest Expense 7,233 7,167 Gain o
Slide 25: 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 26: 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 27: 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 28: NYSE: XRN
NYSE: XRN 7373 Wisconsin Avenue Suite 800 Bethesda, MD 20814