Chiron Real Estate (XRN) investor relations material

Executive summary

• Initiated a strategic repositioning to focus on senior housing operating properties, now representing over 25% of asset value, with a goal to become a leading capital provider for essential healthcare operators.

• Announced agreements to acquire three Class-A/luxury senior housing communities in the Washington, D.C. metro area for $425 million, targeting high-quality, supply-constrained markets and expected to deliver double-digit unlevered IRRs.

• Secured a $100 million strategic/convertible preferred equity investment from Maewyn Capital Partners, with board representation to enhance capital allocation discipline.

• Reduced annual dividend by approximately 36% to $1.92 per share or $0.16 per month, freeing $15 million annually to support growth and capital retention.

• No property acquisitions or dispositions completed in Q1 2026; investment activity focused on a new joint venture for an active adult community.

Financial highlights

• Nareit defined FFO per share and unit was $0.97 for the quarter; Core FFO was $1.11 per share and unit, unchanged year-over-year.

• Net (loss) income attributable to common stockholders was $(0.06) per share, compared to $0.16 per share in Q1 2025; total revenue for Q1 2026 increased 10% year-over-year to $38.1 million.

• Same-store cash NOI increased 3.2% year-over-year.

• Net debt to Adjusted EBITDA improved to 6.6x, down 0.4x year-over-year.

• FAD for the quarter was $13.3 million, nearly unchanged year-over-year.

Outlook and guidance

• Withdrew 2026 earnings guidance due to active portfolio transition and capital redeployment; focus shifted to long-term value creation and capital allocation objectives.

• Long-term earnings growth target of 6% expected to be reached by the second half of 2028, with stabilization beginning in 2027-2028.