--- title: "Chiron Real Estate | 8-K: FY2026 Q2 Revenue: USD 39.75 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/295022785.md" datetime: "2026-08-05T22:08:27.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295022785.md) - [en](https://longbridge.com/en/news/295022785.md) - [zh-HK](https://longbridge.com/zh-HK/news/295022785.md) --- # Chiron Real Estate | 8-K: FY2026 Q2 Revenue: USD 39.75 M Revenue: As of FY2026 Q2, the actual value is USD 39.75 M. EPS: As of FY2026 Q2, the actual value is USD 4.78. EBIT: As of FY2026 Q2, the actual value is USD 9.216 M. ### Financial Performance #### Net Income Attributable to Common Stockholders Chiron Real Estate Inc. reported net income attributable to common stockholders of $63.3 million for the three months ended June 30, 2026, compared to - $0.8 million in the comparable prior year period. For the six months ended June 30, 2026, net income attributable to common stockholders was $62.5 million, up from $1.3 million in the prior year period. For the second quarter of 2026, net income attributable to common stockholders was $63,290 thousand, an increase from - $800 thousand in Q2 2025. The net income for the three months ended June 30, 2026, was $72,281 thousand. #### Funds From Operations (FFO) and Core FFO FFO attributable to common stockholders and noncontrolling interest was $0.88 per share and unit for the three months ended June 30, 2026, down from $0.98 in the prior year period. For the six months ended June 30, 2026, FFO was $1.85 per share and unit, compared to $2.00 in the prior year period. In thousands, FFO attributable to common shares & NCI was $12,742 for Q2 2026, down from $14,262 for Q2 2025. Core FFO attributable to common stockholders and noncontrolling interest was $1.04 per share and unit for the three months ended June 30, 2026, compared to $1.14 in the prior year period. For the six months ended June 30, 2026, Core FFO was $2.15 per share and unit, compared to $2.25 in the prior year period. In thousands, Core FFO attributable to common shares & NCI was $15,101 for Q2 2026, down from $16,597 for Q2 2025. #### Funds Available for Distribution (FAD) FAD attributable to common shares & NCI was $11,703 thousand for Q2 2026, down from $14,074 thousand for Q2 2025. #### Net Operating Income (NOI) & Cash NOI Same-Property Cash NOI growth for Chiron Real Estate Inc.’s Outpatient Medical portfolio was +0.8% on a year-over-year basis. Excluding a one-time revenue recovery in the prior-year period, Same-Property Cash NOI growth would have been +1.7%. Total Cash NOI for Q2 2026 was $25,523 thousand. Same-Property Cash NOI was $24,114 thousand in Q2 2026, up from $23,911 thousand in Q2 2025. Cash NOI was $30,087 thousand in Q2 2026, compared to $29,294 thousand in Q2 2025. The annualized Cash NOI for the Outpatient Medical portfolio was $100 million. The 2Q26 Annualized Cash NOI was $106.5 million. #### Adjusted EBITDAre Adjusted EBITDAre for Q2 2026 was $26,124 thousand, slightly up from $26,046 thousand in Q2 2025. ### Balance Sheet and Debt Metrics (as of June 30, 2026) Consolidated debt outstanding, including borrowings on the credit facility and notes payable, was $633.1 million. The Company’s leverage was 39.9% of total gross assets, a decrease from 44.7% as of March 31, 2026. The total debt carried a weighted average interest rate of 4.56% and a weighted average remaining term of 3.6 years, with 78% fixed rate debt. Chiron Real Estate Inc. has no debt maturities in 2026 or 2027. As of August 4, 2026, the borrowing capacity under the credit facility was $245.5 million. Total liabilities were $687,713 thousand in Q2 2026, down from $771,938 thousand in Q2 2025. Total consolidated debt (gross) was $642,096 thousand, resulting in net consolidated debt (gross) of $631,438 thousand. Net consolidated debt to annualized Adjusted EBITDAre was 6.0x in Q2 2026, an improvement from 6.8x in Q2 2025. Net debt plus preferred to annualized Adjusted EBITDAre was 8.2x in Q2 2026, compared to 7.6x in Q2 2025. The interest coverage ratio was 3.0x in Q2 2026, down from 3.3x in Q2 2025. The fixed charge coverage ratio was 2.4x in Q2 2026, down from 2.9x in Q2 2025. ### Cash and Liquidity Cash and cash equivalents increased to $10,658 thousand in Q2 2026 from $6,580 thousand in Q2 2025. Total liquidity was $269,658 thousand in Q2 2026, up from $203,980 thousand in Q2 2025. Cash, Cash Equivalents, and Restricted Cash were $13 million as of June 30, 2026. ### Operational Metrics – Outpatient Medical Portfolio (as of quarter end) The Outpatient Medical portfolio comprised 4.6 million leasable square feet and had a Weighted Average Lease Term (WALT) of 4.4 years. The portfolio also had weighted average annual base rent escalations of 2.1% and a 95% leased occupancy rate. ### Operational Metrics – Seniors Housing Operating Portfolio (SHOP) (as of quarter end) Chiron Real Estate Inc.’s SHOP portfolio consisted of two communities totaling 292 homes. The Landing was 93% occupied as of June 30, 2026, increasing to 96% by July 31, 2026. The Riviera, opened in March 2026, was 23% occupied as of June 30, 2026, and 26% by July 31, 2026. ### Investments and Dispositions In June 2026, Chiron Real Estate Inc. acquired two SHOP communities for an aggregate purchase price of $249 million, expecting a double-digit unlevered IRR. The Company also sold seven Inpatient Rehabilitation Facilities for $217 million, representing a 7.3% exit cash capitalization rate, while retaining a 15% equity interest. Other investments included a $6.7 million acquisition of a 49% equity interest in an Active Adult development, expecting a mid-teen levered IRR, and a $0.7 million acquisition of a 12.5% equity interest in an outpatient medical facility, expecting a high-teens levered IRR. Chiron Real Estate Inc. also funded initial mezzanine loans of $3.0 million and $2.2 million at 12% interest per annum for medical facility developments. Total capital expenditures were $3,398 thousand in Q2 2026, compared to $2,523 thousand in Q2 2025, with all expenditures associated with the Outpatient Medical portfolio. ### Capital Markets During the quarter, Chiron Real Estate Inc. issued $100 million of its 6.00% Series C Convertible Perpetual Preferred stock. ### Pro Forma Portfolio Metrics (as of June 30, 2026, adjusted for anticipated transactions) The portfolio consists of 181 total assets across 4.6 million square feet, with an average asset size of 25,000 square feet. The occupancy rate is 95%, and the Weighted Average Lease Term (WALT) is 4 years. Seniors Housing Operating represents 25% of Gross Real Estate Book Value, and Outpatient Medical represents 75%. ### Implied Portfolio Capitalization Rate (as of August 4, 2026) The implied portfolio cap rate is 7.8%, based on an Equity Market Capitalization of $509.0 million and Net Debt & Preferred Equity of $860.3 million, leading to an Enterprise Value of $1,369.3 million. ### Other Financial Data (Three Months Ended June 30, 2026) Total expenses for Q2 2026 were $39,337 thousand, compared to $37,541 thousand in Q2 2025. General and administrative expenses were $5,221 thousand in Q2 2026, down from $6,025 thousand in Q2 2025. Operating expenses increased to $10,034 thousand in Q2 2026 from $8,216 thousand in Q2 2025. Depreciation and amortization expense was $15,276 thousand in Q2 2026, slightly down from $15,291 thousand in Q2 2025. Interest expense rose to $8,806 thousand in Q2 2026 from $8,009 thousand in Q2 2025. Gain on Sale of Investment Properties was - $71,881 thousand. Revolving Credit Facility was - $141 million, Unsecured Term Loans were - $500 million, and Preferred Stock Liquidation Value was - $229 million. Dividends Payable totaled - $9 million, Other Notes Payable were - $1 million, and Other Liabilities were - $21 million. ### Outlook / Guidance Chiron Real Estate Inc. anticipates closing the acquisition of The Pinnacle, a luxury senior housing community, for approximately $176 million in the fourth quarter, expecting a double-digit unlevered IRR. The Company also expects to close the acquisition of a 22-acre land parcel in Reston, Virginia, for approximately $15 million in the third quarter. Additionally, the disposition of Beaumont Surgical Hospital for approximately $49 million, at a 5.9% sale cap rate, is anticipated to close in the fourth quarter. Chiron Real Estate Inc. expects sustained demand growth for decades due to the ‘silver tsunami’ demographic trend, with modern communities serving affluent private-pay residents positioned to benefit. ### Related Stocks - [XRN.US](https://longbridge.com/en/quote/XRN.US.md) ## Related News & Research - [Chiron Real Estate director Charles Fitzgerald reports acquisition of 27,600 common shares valued at $992,944](https://longbridge.com/en/news/295653810.md) - [Chiron Real Estate files Form 3 for CIO Matthew Whitlock](https://longbridge.com/en/news/295034189.md) - [Valid Soluções announces R$ 0.18 per share distribution for 2Q 2026](https://longbridge.com/en/news/295712784.md) - [Chiron Real Estate grants inducement LTIP unit awards to three new executives](https://longbridge.com/en/news/294733038.md) - [Chiron Real Estate FY26 Q2 net income attributable to common stockholders swings to profit at $63.3 million](https://longbridge.com/en/news/295012958.md)