July 2026
Company Update
Executive Summary
Chiron is executing upon its stated strategic priorities, repositioning our portfolio to deliver higher returns on invested capital
✓
The Riviera Alexandria Acquired June 2026 | |
Capital Allocation
Completed acquisitions of inaugural SHOP assets during the second quarter; formation of seven asset Inpatient Rehab Facility (IRF) JV results in ~$200M of capital to redeploy at higher unlevered IRRs
✓
The Landing Alexandria Acquired June 2026 | |
Positive Momentum1
Early lease-up at the Riviera remains on track with underwriting and is 23% occupied; the Landing occupancy increases to 93% and pre-leasing at the Pinnacle is 36% (64% for IL homes)
Note: This presentation discusses prospective real estate acquisitions that are subject to various customary closing conditions. There can be no assurance that we will complete these potential transactions on the terms or timeline that we anticipate, or at all
As of June 30, 2026. Pinnacle occupancy includes leased and pre-leased homes.
Company Update | July 2026 2
Recent Transactions
The Riviera + Landing
June 1, 2026
IRF Portfolio Sale
June 29, 2026
The Pinnacle
Pending Acquisition Under PSA
Pro Forma Portfolio4
Joint Venture Capitalization ($M)
Investor Equity (85%) $ 96
Chiron Equity (15%) 17
Mortgage Debt 104
Total Capitalization $ 217
Inaugural SHOP acquisitions expected to deliver double-digit unlevered returns
Riviera Landing | |
Investment | $119M $130M |
Year Delivered | 2026 2022 |
Occupancy1 | 23% 93% |
Stabilized Yield2 | ~7.0 - 7.5%+ |
Sale of IRF portfolio to newly formed JV unlocks ~$200M of proceeds for reinvestment
Marquee SHOP community in superior submarket under contract to close 2H 2026
The Chiron Portfolio is being repositioned to assets delivering higher returns on capital
24%
76%
Investment3
Year Delivered Occupancy1
Stabilized Yield2
The Pinnacle
$176M 2026
36%
~7.0 - 7.5%+
The Pinnacle North Bethesda
North Bethesda, MD
Property Type (% of Gross RE Book Value) Senior Housing Operating
Other Medical
Encompass Health IRF
Las Vegas, NV
The Riviera
Alexandria, VA
As of June 30, 2026. Pinnacle occupancy includes leased and pre-leased homes.
Riviera & Landing Yield expected to be attained in 2H 2028; Pinnacle expected FY 2029
Expected investment amount
Reflects Gross Book Value as of March 31, 2026, as adjusted for the (i) $217M sale of seven IRF assets, (ii) $249M acquisition of the Riviera and Landing, and (iii) anticipated $176M acquisition of the Pinnacle
Company Update | July 2026 3
Significant Upside Potential
Achievement of a valuation in line with recent comparable public market transactions would generate significant upside relative to current trading levels
Disposition Adjusted Implied Cap Rate1
Less: JV
Impact4
As Adjusted
Stock Price Sensitivity5
+26%
$47.24
+39%
$51.99
+45%
$54.56
+56%
$58.68
$37.52
8.9%
Current Implied Cap Rate
7.9%
NHP Sale Cap Rate6
7.5%
7.3%
Sila Sale Cap Rate6
7.0%
Chiron Market Implied Cap Rate1 | |
Share Price as of June 30, 2026 | $ 37.52 |
(x) Shares and Units Outstanding | 14,477 |
Equity Market Capitalization | $ 434.2 |
(+) Net Debt & Preferred Equity 793.8 ` Enterprise Value $ 1,337.0 (-) Other Assets2 (19.3) (+) Other Liabilities3 15.0 | |
Implied Real Estate Value | $ 1,332.7 | ($184.5) | $ 1,148.2 |
(÷) 1Q26 Annualized Cash NOI | 115.3 | (13.5) | 101.8 |
Implied Portfolio Cap Rate | 8.7% | 7.3% | 8.9% |
Values presented as of March 31, 2026 and not adjusted for post-quarter investment activity unless otherwise noted. Shares in thousands, dollars in millions
Other Assets include Accounts Receivable (net), Derivative Assets, and Restricted Cash
Other Liabilities include Accounts Payable and Accrued Expenses
This adjustment gives effect to the 85% equity interest sold in the Company's seven asset IRF seed portfolio
Reflects implied Chiron Portfolio Cap Rate at various stock prices as adjusted for the Company's seven-asset IRF Sale
Refers to transactions announced by National Healthcare Properties and SILA Realty Trust in April 2026
Company Update | July 2026 4
Reconciliations & Legal
The Riviera
Alexandria, VA
Company Update | July 2026 5
Reconciliation of Net Income to NOI and Cash NOI (Amounts in thousands)Three Months Ended March 31, 20261 | Three Months Ended 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 on Sale of Investment Properties | - | (1,358) |
Proportionate Share of Unconsolidated JV Adjustments | 92 | 120 |
NOI | $28,895 | $27,113 |
Amortization of Above (Below) Market Leases | 146 | 452 |
Straight-Line Deferred Rental Revenue | (204) | (57) |
Proportionate Share of Unconsolidated JV Adjustments | (2) | (5) |
Cash NOI | $28,835 | $27,503 |
Values presented as of March 31, 2026, not adjusted for pending acquisitions or dispositions
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Forward-Looking StatementsCertain statements contained in this presentation may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be protected by the safe harbor provisions thereof.
Forward-looking statements are generally identifiable by the use of words such as 'anticipate,' 'believe,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'project,' 'should,' 'will,' or similar expressions.
These statements include, without limitation, statements regarding future financial performance, cash flows, dividends, portfolio performance, capital allocation, pending acquisitions and dispositions, the expected performance of pending acquisitions, balance sheet strategy, investment pipeline, and strategic initiatives.
Forward-looking statements are based on current expectations, estimates, and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. These risks include those described in the Company's filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to update or revise any forward-looking statements.
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Non-GAAP Financial MeasuresManagement believes certain non-GAAP financial measures provide useful supplemental information regarding the Company's operating performance and financial condition. These measures are commonly used by management, investors, and industry analysts to evaluate REIT performance and facilitate period-over-period and peer comparisons.
Chiron's non-GAAP financial measures included in this presentation are EBITDAre, Adjusted EBITDAre, Net Operating Income (NOI) and Cash NOI.
Non-GAAP financial measures are not intended to be alternatives to net income, cash flows from operating activities, or other measures prepared in accordance with GAAP. These measures may not be comparable to similarly titled measures reported by other companies and should be evaluated in conjunction with the Company's consolidated financial statements.
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NOI and Cash NOINet Operating Income (NOI) is a supplemental measure used to evaluate the operating performance of the Company's real estate portfolio. NOI is calculated as net income or loss, plus depreciation and amortization, general and administrative expenses, transaction costs, impairments, gains or losses on the sale of investment properties, interest expense, and other non-operating items.
Cash NOI excludes non-cash items such as straight-line rent and amortization of above- and below-market leases and is intended to measure unlevered, property-level cash operating performance.
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NYSE: XRN
7373 Wisconsin Avenue
Suite 800
Bethesda, MD 20814