Chiron Real Estate | 8-K: FY2026 Q1 Revenue: USD 38.06 M

Revenue: As of FY2026 Q1, the actual value is USD 38.06 M.EPS: As of FY2026 Q1, the actual value is USD -0.06.EBIT: As of FY2026 Q1, the actual value is USD 8.898 M.RevenueTotal Revenue: Chiron Real Estate Inc. reported total revenue of $38,064 thousand for the three months ended March 31, 2026, an increase from $34,618 thousand in the comparable prior year period .Rental Revenue: Rental revenue was $38,021 thousand for the three months ended March 31, 2026, compared to $34,595 thousand in the comparable prior year period .Other Income: Other income was $43 thousand for the three months ended March 31, 2026, up from $23 thousand in the comparable prior year period .Operational MetricsChiron Real Estate Inc. reported a quarterly net loss attributable to common stockholders of - $0.7 million, or - $0.06 per diluted share, for the three months ended March 31, 2026, compared to net income of $2.1 million, or $0.16 per diluted share, in the comparable prior year period .Net Income (Loss): Net Income was $1,654 thousand for the three months ended March 31, 2026, down from $3,737 thousand in the comparable prior year period . The company reported a Net (Loss) Income of - $6.1 million as of March 31, 2026 .Income before other income (expense): Income before other income (expense) was $1,665 thousand for the three months ended March 31, 2026, compared to $2,419 thousand in the comparable prior year period .General and Administrative Expenses: These expenses were $5,089 thousand for the three months ended March 31, 2026, an increase from $3,620 thousand in the comparable prior year period .Operating Expenses: Operating expenses totaled $9,250 thousand for the three months ended March 31, 2026, up from $7,585 thousand in the comparable prior year period .Depreciation Expense: Depreciation expense was $11,087 thousand for the three months ended March 31, 2026, compared to $10,307 thousand in the comparable prior year period .Amortization Expense: Amortization expense was $3,740 thousand for the three months ended March 31, 2026, up from $3,520 thousand in the comparable prior year period .Depreciation and Amortization Expense (Combined): This combined expense was $14,827 thousand for the three months ended March 31, 2026, compared to $13,827 thousand for the three months ended March 31, 2025 .Interest Expense: Interest expense was $7,233 thousand for the three months ended March 31, 2026, up from $7,167 thousand in the comparable prior year period .Total Expenses: Total expenses amounted to $36,399 thousand for the three months ended March 31, 2026, up from $32,199 thousand in the comparable prior year period .Gain on Sale of Investment Properties: There was $0 gain on sale of investment properties for the three months ended March 31, 2026, compared to $1,358 thousand in the comparable prior year period .Equity Loss from Unconsolidated Joint Ventures: This loss was - $11 thousand for the three months ended March 31, 2026, compared to - $40 thousand in the comparable prior year period .FFO attributable to common stockholders and noncontrolling interest: This metric was $14,056 thousand for the three months ended March 31, 2026, compared to $14,779 thousand in the prior year period . FFO per share and unit was $0.97 for the three months ended March 31, 2026, a 4.9% year-over-year decrease from $1.02 in the prior year period .Core FFO attributable to common stockholders and noncontrolling interest: This was $16,015 thousand for the three months ended March 31, 2026, compared to $16,019 thousand in the prior year period . Core FFO per share and unit was $1.11 for the three months ended March 31, 2026, unchanged from the prior year period .EBITDAre: EBITDAre was $23,825 thousand for the three months ended March 31, 2026, compared to $23,458 thousand in the prior year period .Adjusted EBITDAre: Adjusted EBITDAre was $25,181 thousand for the three months ended March 31, 2026, compared to $24,200 thousand in the prior year period . Annualized Adjusted EBITDAre was $100,724 thousand .NOI: NOI was $28,895 thousand for the three months ended March 31, 2026, compared to $27,113 thousand in the prior year period .Cash NOI: Cash NOI was $28,835 thousand for the three months ended March 31, 2026, compared to $27,503 thousand in the prior year period . Annualized Cash NOI was $115.3 million at quarter end, projected to increase to approximately $129 million pro forma upon stabilization .Same-Property Cash NOI Growth: This metric showed a 3.2% year-over-year growth for the first quarter .Same-Property Cash NOI: Same-Property Cash NOI was $27,400 thousand for the three months ended March 31, 2026, compared to $26,557 thousand in the prior year period .Net Loss: Net Loss was - $749 thousand, with Preferred Stock Dividends of - $2,473 thousand and Net Loss Attributable to Noncontrolling Interest of $70 thousand .Interest Coverage Ratio: The Interest Coverage Ratio was 3.5x .Fixed Charge Coverage Ratio: The Fixed Charge Coverage Ratio was 2.8x .Capital Expenditures: Total Capital Expenditures were $2,694 thousand, including $594 thousand for Tenant Improvements, $550 thousand for Leasing Commissions, and $1,550 thousand for Building Capital . Capital Expenditures / Cash NOI was 9.3% .Portfolio Leased Occupancy Rate: The portfolio leased occupancy rate was 95.4% at quarter end .Cash FlowFAD attributable to common stockholders and noncontrolling interest: FAD was $13,321 thousand for the three months ended March 31, 2026, compared to $13,293 thousand in the prior year period .Free Cash Flow: The revised dividend provides approximately $15 million in incremental annual free cash flow, representing 3% of Chiron Real Estate Inc.’s equity market cap .Unique MetricsConsolidated Debt Outstanding: Consolidated debt outstanding was $663.4 million at March 31, 2026 .Company Leverage: Company leverage was 44.7% of total gross assets at March 31, 2026, compared to 44.4% as of December 31, 2025 .Weighted Average Interest Rate on Total Debt: The weighted average interest rate on total debt was 3.6% at March 31, 2026 .Weighted Average Remaining Term of Total Debt: The weighted average remaining term of total debt was 3.9 years at March 31, 2026 .Fixed Rate Debt: Fixed rate debt comprised 74% of total debt at March 31, 2026 .Borrowing Capacity under Credit Facility: Borrowing capacity under the credit facility was $220.5 million as of May 5, 2026 .Leasable Square Feet: Leasable square feet totaled 5.1 million at quarter end .Weighted Average Lease Term (WALT): The WALT was 5.1 years at quarter end for the portfolio, and 6.1 years for the existing portfolio .Weighted Average Annual Base Rent Escalations: This metric was 2.1% at quarter end for the portfolio, and approximately 2.2% for the existing portfolio .Seniors Housing Communities Acquisitions: Chiron Real Estate Inc. signed purchase agreements for three luxury seniors housing communities for an aggregate of $425 million . These include The Landing for $130.0 million, The Riviera for $118.9 million, both expected to close around June 1, 2026, and The Pinnacle North Bethesda for $173,055,000, with closing scheduled for July 31, 2026 . The aggregate investment in The Landing and The Riviera campus is expected to deliver a double-digit unlevered Internal Rate of Return (IRR) .Strategic Equity Investment: Maewyn Capital Partners will invest up to $100 million in Chiron Real Estate Inc.’s new 6.00% Series C Convertible Preferred Stock . The initial conversion price is $43.00 per share .Joint Venture Investment: Chiron Real Estate Inc. invested $7.1 million for a 49% interest in a joint venture to develop a 132-unit active adult residential community .Construction Loan (Joint Venture): The joint venture entered into a construction loan with a principal balance of $31.0 million .Net Consolidated Debt: Net Consolidated Debt was $664,913 thousand as of March 31, 2026, compared to $675,949 thousand as of March 31, 2025 .Net Consolidated Debt + Preferred Stock: This metric was $793,788 thousand .Net Consolidated Debt / Annualized Adjusted EBITDAre: This ratio was 6.6x .Net Debt + Preferred / Annualized Adjusted EBITDAre: This ratio was 7.9x .Total Liquidity: Total liquidity was $236,183 thousand, comprising $8,183 thousand in Cash and Cash Equivalents and $400,000 thousand in Availability Under Credit Facility, offset by - $172,000 thousand in Outstanding Credit Facility Borrowings .Mezzanine Loan: On April 1, 2026, the company closed a $3.0 million mezzanine loan for an under-development medical facility in Fort Myers, Florida, bearing interest at 12.0% per annum .Pending Dispositions: Chiron Real Estate Inc. has approximately $200 million of pending asset sales, representing an in-place cash yield of approximately 7% .Gross Real Estate Assets: As of March 31, 2026, Gross Real Estate Assets were approximately $1.7 billion, projected to be approximately $1.5 billion pro forma upon stabilization .Portfolio Distribution (Gross RE Book Value as of 3/31/26): Outpatient medical comprises 70% and other assets 30%; pro forma upon stabilization, Senior Housing Operating will be 26%, Outpatient medical 64%, and other assets 11% .Portfolio Distribution (Cash NOI as of 3/31/26): Outpatient Medical comprises 62% and other assets 38%; pro forma upon stabilization, Senior Housing Operating will be 25%, Outpatient Medical 62%, and other assets 14% .Leverage (as of 3/31/26): Net Debt / Enterprise Value was 47%, and Net Debt + Pref. / Enterprise Value was 64%; pro forma, these are expected to be 51% and 61%, respectively .Implied Portfolio Cap Rate: The market implied cap rate was 8.9% .Common Dividend Modification: Chiron Real Estate Inc. announced a reduction in its monthly common stock cash dividend to $0.16 per share for July, August, and September 2026, representing a quarterly total of $0.48 per share . This reduction, approximately 36% compared to the prior quarter’s $0.25 per share monthly dividend, aims to retain cash flow to accelerate its acquisition strategy and SHOP portfolio ramp-up, signaling a shift from a yield-focused REIT to an active growth platform .Outlook / GuidanceChiron Real Estate Inc. has withdrawn its 2026 guidance, stating that short-term earnings guidance is an increasingly poor proxy for underlying value creation during its active phase of asset sales, acquisitions, and capital redeployment . The company will focus on executing its portfolio transition and building long-term per-share value and earnings power . Chiron Real Estate Inc. expects its acquisitions of seniors housing operating properties (SHOP) to deliver a double-digit unlevered internal rate of return (IRR) .