Chiron Real Estate Inc.

Chiron Real Estate Inc. is an internally managed U.S. REIT that owns and acquires healthcare real estate, primarily medical office buildings and other outpatient-focused facilities. Its portfolio is leased mainly to physician groups and regional or national healthcare systems under long-term triple-net structures, generating rental income and expense reimbursements.

−4,6 %

+6,8 %

— Chiron Real Estate Inc.
%
Medical Office Buildings72% Outpatient medical facilities leased to physician practices and healthcare operators.
Inpatient Rehabilitation Facilities17% Specialized rehab properties serving post-acute care and therapy providers.
Surgical Hospitals4% Smaller hospital assets focused on elective and specialty procedures.
Other Healthcare Properties7% Additional healthcare real estate including active adult and seniors-oriented assets.

The company’s tenants are primarily physician groups, regional healthcare systems, and national healthcare systems that...

  • Physician groupsprimary

    Lease medical office and specialty facilities to deliver outpatient care and procedures.

  • Regional healthcare systemsprimary

    Use leased properties to extend care delivery beyond central hospitals.

  • National healthcare systemssecondary

    Occupy facilities for specialty and decentralized care programs.

  • Post-acute and rehab operatorssecondary

    Lease inpatient rehabilitation facilities to serve recovery and therapy demand.

  • Surgical and specialty care operatorssecondary

    Use surgical hospitals and specialty properties for procedure-based care.

Chiron’s portfolio is concentrated in the United States, with notable exposure to Texas, Florida, Ohio, Arizona,...

  • •Portfolio is U.S.-only based on disclosed property concentration
  • •Texas is the largest disclosed state exposure at 17.0% of ABR
  • •Florida, Ohio, Arizona, Pennsylvania, and Illinois are also material
  • •Secondary markets and suburbs are a core sourcing focus
  • •State concentration raises exposure to local tenant and real estate cycles

The company’s strategy is to buy healthcare properties that offer returns above its cost of capital and are leased to...

01
Expand the healthcare property portfolio selectivelymedium-term

Growth depends on disciplined acquisitions that add rent and diversify tenants.

02
Maintain tenant credit qualityshort-term

Rent collection and dividend capacity depend on financially stable operators.

03
Preserve cash flow through long-term lease structuresmedium-term

Triple-net leases and escalators help stabilize revenue and reduce operating intensity.

Chiron is exposed to tenant credit risk because most revenue comes from a concentrated set of healthcare operators, and...

high

Tenant credit deterioration or non-payment

Most revenue is rent from healthcare operators, so tenant distress flows directly into cash flow.

Scope
Physician groups and healthcare systems
Materiality
high
high

Interest rate risk on floating-rate debt

Unhedged borrowings from the credit facility become more expensive when rates rise.

Scope
Credit Facility
Materiality
high
high

Healthcare industry and reimbursement risk

Tenant economics depend on government reimbursement and regulatory conditions.

Scope
Healthcare facilities and operators
Materiality
high
medium

Geographic concentration in key states

A large share of ABR comes from a small number of states, increasing local shock exposure.

Scope
Texas, Florida, Ohio, Arizona, Pennsylvania, Illinois
Materiality
high
medium

Cybersecurity and IT disruption

Breaches or outages could disrupt tenant operations and handling of patient data.

Scope
Company and tenant systems
Materiality
medium
Investment in real estate valuation
Reported earnings and asset carrying values
Impairment of long-lived assets
Potential non-cash impairment charges
Revenue recognition on leases
Timing and level of reported revenue

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: 28/04/2026