--- title: "Chiron Real Estate | 8-K: FY2026 Q1 Revenue: USD 38.06 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285440203.md" datetime: "2026-05-06T21:05:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285440203.md) - [en](https://longbridge.com/en/news/285440203.md) - [zh-HK](https://longbridge.com/zh-HK/news/285440203.md) --- # 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. #### Revenue - **Total 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 Metrics - Chiron 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 Flow - **FAD 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 Metrics - **Consolidated 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 / Guidance Chiron 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) . ### Related Stocks - [XRN.US](https://longbridge.com/en/quote/XRN.US.md) ## Related News & Research - [Chiron Real Estate Raises Capital via Preferred Stock Placement](https://longbridge.com/en/news/285780361.md) - [Mark Okey Decker, Jr. Purchases 5,000 Shares of Global Medical REIT (NYSE:XRN) Stock](https://longbridge.com/en/news/286244057.md) - [Accentro Real Estate ousts CEO Joerg Neuss with immediate effect](https://longbridge.com/en/news/287086950.md) - [Investment Advisor Sells $5.9 Million Worth of REAL, According to Latest SEC Filing](https://longbridge.com/en/news/286914220.md) - [14:42 ETEquity Union Real Estate Awarded Exclusive On-Site Real Estate Sales Contract for Sunrise Country Club in Rancho Mirage, California](https://longbridge.com/en/news/286602050.md)