Exhibit 99.2

 

Q2 2026 Earnings Supplemental June 30, 2026

 

 

3 About Chiron 4 - 5 Quarterly Highlights and Recent Events 6 Consolidated Balance Sheets 7 Consolidated Statements of Operations Reconciliations of Non - GAAP Measures 8 Funds From Operations, Core FFO, and Funds Available for Distribution 9 Net Operating Income, Cash Net Operating Income, and Adjusted EBITDA re 10 Capitalization Summary 11 Leverage Statistics and Selected Debt Covenant Performance Portfolio Information 12 Portfolio Overview 13 SHOP Overview 14 Outpatient Medical Overview 15 Outpatient Medical Same Property Performance and Reconciliations 16 Outpatient Medical Lease Expiration Schedule and Leasing Rollforward 17 Outpatient Medical Portfolio Concentrations 18 Investment Activity and Capital Expenditures 19 Components of Net Asset Value 20 - 22 Definitions *All per share, per share and unit, and weighted average share and unit amounts have been adjusted to reflect the impact of the Reverse Stock Split. Table of Contents 2 Second Quarter 2026 Supplemental Reporting Certain statements contained herein may be considered “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and it is the Company’s intent that any such statements be protected by the safe harbor created thereby. These forwa rd - looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “s hould,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of futur e r esults. Except for historical information, the statements set forth herein including, our earnings, our liquidity, our tenants’ ability to pay r ent to us, our ability to refinance our indebtedness, expected financial performance (including future cash flows associated with our joint ventures, new tenants or the expansion of current properties), future dividends, interest rates or other financial items; any other statements concerning our plans, st rat egies, objectives and expectations for future operations and future portfolio occupancy rates, our pipeline of acquisition opportunities and expect ed acquisition activity, including the timing and/or successful completion of any acquisitions or the future performance of any such acquisitions, and ex pected rent receipts on these properties, our expected disposition activity, including the timing and/or successful completion of any dispositions an d t he expected use of proceeds therefrom; and any statements regarding future economic conditions or performance are forward - looking statements. These forward - looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertaintie s. Although the Company believes that the expectations, estimates and assumptions reflected in its forward - looking statements are reasonable, actual res ults could differ materially from those projected or assumed in any of the Company’s forward - looking statements. Additional information concerning us and our business, including additional factors that could materially and adversely affect our financial results, include, without lim ita tion, the risks described under Part I, Item 1A - Risk Factors, in our Annual Report on Form 10 - K, our Quarterly Reports on Form 10 - Q, and in our other fi lings with the SEC. You are cautioned not to place undue reliance on forward - looking statements. The Company does not intend, and undertakes no obligation, to update any forward - looking statement. FORWARD - LOOKING STATEMENTS

 

 

About Chiron 3 Second Quarter 2026 Supplemental Reporting Chiron Real Estate (NYSE: XRN) is a real estate investment trust (REIT) focused on investing in the future of healthcare. At Chiron, we strive to deliver value at the intersection of care, capital and real estate . 292 4.6m 184 $120.3m $1.7bn SHOP Homes OM Square Feet Property Count Cash NOI (Annualized) Gross Assets Mark Decker, Jr. Chief Executive Officer & President Robert Kiernan Chief Financial Officer & Treasurer Matthew Whitlock Chief Investment Officer Bobby Zeiller Chief Development Officer and Head of Seniors Housing Aaron Roseth Chief Operating Officer Danica Holley Chief Administrative Officer Jamie Barber General Counsel & Corporate Secretary Executive Officers Guarav Mehta Alliance Global Partners John Massocca B Riley Wes Golladay Baird Juan Sanabria BMO Kai Klose Berenberg Aaron Hecht Citizens Barry Oxford Colliers Merrill Ross Compass Point Austin Wurschmidt Keybanc David Rodgers Raymond James Analyst Coverage Jeffrey Busch Chairman of the Board Paula Crowley Compensation Committee Chair Matthew Cypher, Ph.D. Nominating & Corporate Governance Committee Chair Mark Decker, Jr. Chief Executive Officer & President Charles Fitzgerald Director Zhang Huiqi Director Lori Wittman Lead Independent Director, Audit Committee Chair Board of Directors Contact Investor Relations Email: investors@chironre.com Website: www.chironre.com Phone: 202.524.6869 Transfer Agent Equiniti Trust Company – 800.468.9716

 

 

Quarterly Highlights 4 Second Quarter 2026 Supplemental Reporting Operating Highlights • Reported quarterly net income attributable to common stockholders of $63.3 million, or $4.78 per diluted share, as compared to net loss of $0.8 million, or $0.06 per diluted share, in the comparable prior year period. • Reported quarterly funds from operations attributable to common stockholders and noncontrolling interest (“FFO”) of $0.88 per share and unit, as compared to $0.98 per share and unit in the comparable prior year period. • Reported core funds from operations attributable to common stockholders and noncontrolling interest (“Core FFO”) of $1.04 per share and unit, as compared to $1.14 per share and unit in the comparable prior year period. • Second quarter same - property cash net operating income (“Same - Property Cash NOI”) growth was 0.8% on a year - over - year basis. Results were adversely impacted by a one - time, non - recurring revenue recovery recognized during the comparable prior - year period associated with a single asset in the base year; excluding this asset, Same - Property Cash NOI growth would have been +1.7%. Second Quarter Capital Markets • During the quarter, the Company issued $100 million of its 6.00% Series C Convertible Perpetual Preferred stock (the “Series C Preferred Stock”) to an investor group led by Maewyn Capital Partners. The Series C Preferred Stock has an annual dividend yield of 6.00% that increases after the fourth anniversary of the issuance of the shares if the shares are still outstanding at that time. The Series C Preferred Stock is convertible into shares of the Company’s common stock at a conversion price of $43.00 per share. Executive Leadership Team • During the quarter, the Company continued to strengthen its leadership platform with the additions of Matthew Whitlock as Chief Investment Officer; Bobby Zeiller as Chief Development Officer and Head of Seniors Housing; Aaron Roseth as Chief Operating Officer; and Tami Cummings as Senior Vice President, Seniors Housing. In connection with these appointments, Danica Holley, the Company’s Chief Operating Officer, has been appointed Chief Administrative Officer. Tenant Update • On July 17, 2026, White Rock Medical Center LLC (“White Rock”) filed its modified Second Plan of Reorganization in connection with its Chapter 11 bankruptcy reorganization process. Pursuant to the Second Plan of Reorganization, White Rock intends to affirm the lease at our facility in Dallas, Texas. There can be no assurance that White Rock will not change its plan to affirm its lease with us or that we will receive any amounts owed to us. Since the date of its bankruptcy filing through August 4, 2026, White Rock remains current in its rent obligations to us. *All per share , per share and unit, and weighted average share and unit amounts have been adjusted to reflect the impact of the Reverse Stock Split.

 

 

Recent Events 5 Second Quarter 2026 Supplemental Reporting Second Quarter Investments and Dispositions • The Landing & Riviera: Acquired two newly developed luxury seniors housing communities in Alexandria, VA for $249 million, marking the Company's first SHOP investments. As of June 30, 2026, The Landing was 93% occupied, and the Riviera, which opened in March 2026, was 23% occupied. Both assets are expected to generate stabilized cash yields of 7.0% to 7.5%. • IRF Portfolio Sale: Sold seven inpatient rehabilitation facilities to a new JV for $217 million at a 7.3% cash cap rate. Chiron retained a 15% equity interest and continues as asset manager. • Hudson Active Adult JV: Invested $6.7 million for a 49% stake in a 128 - home active adult development in Hudson, WI. Completion expected in Q4 2027. The JV also secured a $26.0 million construction loan. The project is expected to generate a stabilized cash yield of 7.0%. • Fort Myers Mezzanine Loan: Funded a $3.0 million mezzanine loan for the development of a fully pre - leased medical facility in Fort Myers, FL. The loan bears interest at 12% during its initial 24 - month term. The funded balance as of June 30, 2026, was $2.9 million. • Heitman MOB JV: Invested $0.7 million for a 12.5% interest in a 32,000 - square - foot outpatient medical facility in Coon Rapids, MN. Subsequent Investment and Disposition Activity • Daleville Mezzanine Loan: Completed the initial funding of a $2.2 million mezzanine loan for the development of a fully pre - leased medical facility in Daleville, VA. The loan bears interest at 12% during its initial 24 - month term. Pending Investment and Disposition Activity • The Pinnacle: Signed an agreement to acquire a luxury seniors housing community in North Bethesda, MD for approximately $176 million. Expected to close in Q4 2026, operate as a SHOP, and generate a double - digit unlevered IRR. • Reston Land: Signed an agreement to acquire a 22 - acre parcel in Reston, VA for approximately $15 million, zoned for up to 131 seniors housing homes. Expected to close in Q3 2026. • Beaumont Surgical Hospital: Signed an agreement to sell the hospital for approximately $49 million, representing a sale cap rate of approximately 5.9%. Expected to close in Q4 2026.

 

 

2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Liabilities and Equity $ 698,832 $ 708,482 $ 652,699 $ 662,314 $632,021 Credit Facility, net 14,153 1,153 1,153 1,096 1,096 Notes Payable, net 19,006 17,808 18,289 15,022 20,970 Accounts Payable and Accrued Expenses 11,985 12,051 12,484 12,708 8,906 Dividends Payable 6,117 5,516 4,944 4,375 3,816 Acquired Lease Intangible Liabilities, net 21,845 22,400 22,831 21,854 20,904 Other Liabilities $ 771,938 $ 767,410 $ 712,400 $ 717,369 $ 687,713 Total Liabilities 74,959 74,959 124,106 124,106 220,225 Preferred Stock 13 13 13 13 13 Common Stock 734,344 735,416 729,514 729,514 729,514 Additional Paid - in Capital (316,510) (332,566) (349,965) (360,640) (303,703) Accumulated Deficit 10,396 7,467 6,102 7,218 10,898 Accumulated Other Comprehensive Income $ 503,202 $ 485,289 $ 509,770 $ 500,211 $ 656,947 Total Chiron Stockholders’ Equity 21,819 20,539 20,295 20,439 27,118 Noncontrolling Interest $ 525,021 $ 505,828 $ 530,065 $ 520,650 $ 684,065 Total Equity $ 1,296,959 $ 1,273,238 $ 1,242,465 $ 1,238,019 $ 1,371,778 Total Liabilities and Equity 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Assets $ 173,123 $ 171,349 $ 169,917 $ 169,917 $ 184,445 Land 1,095,324 1,087,622 1,072,124 1,073,953 1,140,464 Building -- -- -- -- 5,936 Furniture, Fixtures, and Equipment 24,966 25,065 25,741 25,783 24,667 Site Improvements 80,019 79,979 80,397 81,168 69,680 Tenant Improvements 147,376 144,696 144,573 144,573 140,461 Acquired Lease Intangible Assets $ 1,520,808 $ 1,508,711 $ 1,492,752 $ 1,495,394 $ 1,565,653 Gross Real Estate Assets (316,649) (327,248) (338,096) (353,309) (315,923) Accumulated Depreciation and Amortization $ 1,204,159 $ 1,181,463 $ 1,154,656 $ 1,142,085 $ 1,249,730 Investment in Real Estate, net 6,580 7,123 9,084 8,183 10,658 Cash and Cash Equivalents 2,646 2,717 2,805 2,778 2,263 Restricted Cash -- -- -- -- 3,024 Real Estate Loans Receivable, net 7,826 7,945 7,225 6,800 6,787 Tenant and Resident Receivables, net 28,672 29,205 28,907 29,953 22,041 Deferred Assets 10,396 7,467 6,102 7,218 10,898 Derivative Assets 1,917 1,846 1,781 8,902 32,591 Investment in Unconsolidated Joint Ventures 34,763 35,472 31,905 32,100 33,786 Other Assets $ 1,296,959 $ 1,273,238 $ 1,242,465 $ 1,238,019 $ 1,371,778 Total Assets Consolidated Balance Sheets (Amounts in thousands) 6 Second Quarter 2026 Supplemental Reporting

 

 

Consolidated Statements of Operations (Amounts in thousands, except per - share data) 7 Second Quarter 2026 Supplemental Reporting 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Revenues $ 37,880 $ 37,036 $ 38,171 $ 38,021 $ 37,060 Rental Revenue -- -- -- -- 1,841 Resident Fees and Services 89 193 221 43 846 Other Income $ 37,969 $ 37,229 $ 38,392 $ 38,064 $ 39,747 Total Revenues Expenses 6,025 4,860 5,493 5,089 5,221 General and Administrative 8,216 8,224 8,595 9,250 10,034 Operating Expenses 15,291 15,008 14,916 14,827 15,276 Depreciation and Amortization Expense 8,009 8,175 8,403 7,233 8,806 Interest Expense $ 37,541 $ 36,267 $ 37,407 $ 36,399 $ 39,337 Total Expenses Other Income (Expense) 207 294 (372) -- 71,881 Gain (Loss) on Sale of Investment Properties -- (6,281) (6,733) -- -- Impairment of Investment Properties (50) (33) (27) (11) (10) Equity Loss from Unconsolidated Joint Ventures $ 157 $ (6,020) $ (7,132) $ (11) $ 71,871 Total Other Income (Expense) $ 585 $ (5,058) $ (6,147) $ 1,654 $ 72,281 Net Income (Loss) (1,455) (1,455) (1,915) (2,473) (2,982) Preferred Stock Dividends 70 512 643 70 (6,009) Net (Income) Loss Attributable to Noncontrolling Interest $ (800) $ (6,001) $ (7,419) $ (749) $ 63,290 Net Income (Loss) Attributable to Common Stockholders $ (0.06) $ (0.45) $ (0.55) $ (0.06) $ 4.78 Net Income (Loss) Attributable to Common Stockholders per Share – Basic and Diluted 13,376 13,393 13,371 13,235 13,235 Weighted Average Common Shares Outstanding – Basic and Diluted

 

 

2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 FFO, Core FFO, FAD $ 585 $ (5,058) $ (6,147) $ 1,654 $ 72,281 Net Income (Loss) (1,455) (1,455) (1,915) (2,473) (2,982) Preferred Stock Dividends 15,266 14,983 14,892 14,802 15,251 Depreciation and Amortization Expense (207) (294) 372 -- (71,881) (Gain) Loss on Sale of Investment Properties -- 6,281 6,733 -- -- Impairment of Investment Properties 73 73 73 73 73 Depreciation and Amortization Expense from Unconsolidated Joint Ventures $ 14,262 $ 14,530 $ 14,008 $ 14,056 $ 12,742 FFO Attributable to Common Shares & NCI (60) 113 143 146 150 Amortization of Above (Below) Market Leases (479) (332) (252) (204) 122 Straight Line Deferred Rental Revenue 1,728 1,207 1,410 1,229 1,378 Stock - Based Compensation Expense 559 554 1,322 807 707 Amortization of Debt Issuance Costs 567 -- 273 -- -- Severance and Transition Related Expense -- 170 -- -- -- Reverse Stock Split Expense 20 -- (6) (19) 2 Other Adjustments from Unconsolidated Joint Ventures $ 16,597 $ 16,242 $ 16,898 $ 16,015 $ 15,101 Core FFO Attributable to Common Shares & NCI Total Capital Expenditures: (878) (1,601) (1,066) (594) (762) Tenant Improvements (558) (1,136) (394) (550) (367) Leasing Commissions (1,087) (1,683) (2,247) (1,550) (2,269) Building Capital $ 14,074 $ 11,822 $ 13,191 $ 13,321 $ 11,703 FAD Attributable to Common Shares & NCI Weighted Average Shares and Units Outstanding: 13,376 13,393 13,371 13,235 13,235 Weighted Average Common Shares 449 447 444 444 444 Weighted Average OP Units 705 714 701 750 806 Weighted Average LTIP Units 14,530 14,554 14,516 14,429 14,485 Weighted Average Shares & Units Outstanding - Basic and Diluted Per Share Amounts (Basic and Diluted): $ (0.06) $ (0.45) $ (0.55) $ (0.06) $ 4.78 Net Income (Loss) Per Share $ 0.98 $ 1.00 $ 0.97 $ 0.97 $ 0.88 FFO Per Share and Unit $ 1.14 $ 1.12 $ 1.16 $ 1.11 $ 1.04 Core FFO Per Share and Unit Reconciliation of Non - GAAP Measures (Amounts in thousands, except per - share data) 8 Second Quarter 2026 Supplemental Reporting

 

 

2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 EBITDA re and Adj. EBITDA re $ 585 $ (5,058) $ (6,147) $ 1,654 $ 72,281 Net Income (Loss) 8,009 8,175 8,403 7,233 8,806 Interest Expense 15,291 15,008 14,916 14,827 15,276 Depreciation and Amortization 114 112 113 111 112 Unconsolidated Joint Ventures EBITDA Adjustments (207) (294) 372 -- (71,881) (Gain) Loss on Sale of Investment Properties -- 6,281 6,733 -- -- Impairment of Investment Properties $ 23,792 $ 24,224 $ 24,390 $ 23,825 $ 24,594 EBITDA re (60) 113 143 146 150 Amortization of Above (Below) Market Leases 1,728 1,207 1,410 1,229 1,378 Stock - Based Compensation Expense 567 -- 273 -- -- Severance and Transition Related Expense -- 170 -- -- -- Reverse Stock Split Expense 19 -- (5) (19) 2 Interest Rate Swap Mark - to - Market at Unconsolidated Joint Ventures $ 26,046 $ 25,714 $ 26,211 $ 25,181 $ 26,124 Adjusted EBITDA re $ 104,184 $ 102,856 $ 104,844 $ 100,724 $ 104,496 Adjusted EBITDAre, Annualized 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 NOI and Cash NOI $ 585 $ (5,058) $ (6,147) $ 1,654 $ 72,281 Net Income (Loss) 6,025 4,860 5,493 5,089 5,221 General and Administrative Expense 15,291 15,008 14,916 14,827 15,276 Depreciation and Amortization Expense 8,009 8,175 8,403 7,233 8,806 Interest Expense (207) (294) 372 -- (71,881) (Gain) Loss on Sale of Investment Properties -- 6,281 6,733 -- -- Impairment of Investment Properties 133 113 106 92 114 Proportionate Share of Unconsol. JV Adj. $ 29,836 $ 29,085 $ 29,876 $ 28,895 $ 29,817 NOI (60) 113 143 146 150 Amort. of Above (Below) Market Leases (479) (332) (252) (204) 122 Straight Line Deferred Rental Revenue (3) (2) (2) (2) (2) Proportionate Share of Unconsol . JV Adj. $ 29,294 $ 28,864 $ 29,765 $ 28,835 $ 30,087 Cash NOI Reconciliation of Non - GAAP Measures (continued) (Amounts in thousands) 9 Second Quarter 2026 Supplemental Reporting

 

 

Capitalization Summary (Amounts in thousands) 10 Second Quarter 2026 Supplemental Reporting Value Price (1) Shares Total Capitalization $ 496,571 $ 37.52 13,235 Common Stock (NYSE: XRN) 16,655 $ 37.52 444 OP Units -- -- 813 Vested LTIP Units $ 513,226 14,492 Total Equity Capitalization 642,096 -- -- Consolidated Debt (Gross) Preferred Stock 77,625 $ 25.00 3,105 Series A (7.50%) (NYSE: XRN PrA ) 51,250 $ 25.00 2,050 Series B (8.00%) (NYSE: XRN PrB ) 100,000 $ 100.00 1,000 Series C (6.00%) $ 1,384,197 Total Capitalization (1) Equity Capitalization Price based on the closing share price of the Company’s common stock on June 30, 2026 of $37.52 per sha re. LTIP units are issued as equity compensation to employees and directors of the Company, and as such, have no capital value associated to them. Preferred Stock price reflects liquidation preference. Maturity Type (2) Rate (1) Balance Debt Summary Unsecured Credit Facility: 10/2030 Floating 5.04% $ 141,000 Revolving Credit Facility 10/2029 Fixed 4.60% 100,000 Term Loan A - 1 10/2030 Fixed 4.64% 100,000 Term Loan A - 2 04/2031 Fixed 4.68% 150,000 Term Loan A - 3 02/2028 Fixed 3.90% 150,000 Term Loan B 07/2033 Fixed 5.07% 1,096 Other Debt 3.6 Years 78% Fixed 4.56% $ 642,096 Total Consolidated Debt (Gross) (10,658) Cash and Cash Equivalents $ 631,438 Net Consolidated Debt (Gross) (1) Unsecured Credit Facility Rates reflect the effects of interest rate swap agreements and a borrowing spread based on the Company’s current overall leverage ratio as defined in the Credit Facility Agreement. (2) Includes the effects of interest rate swap agreements. Applicable Term Receive Pay Fixed Notional Hedging Summary Current – 10/2029 SOFR 3.24% $ 100,000 Term Loan A - 1 Current – 10/2030 SOFR 3.28% $ 100,000 Term Loan A - 2 Current – 04/2031 SOFR 3.32% $ 150,000 Term Loan A - 3 Current – 02/2028 SOFR 2.54% $ 150,000 Term Loan B

 

 

Leverage Statistics (Amounts in thousands) 11 Second Quarter 2026 Supplemental Reporting 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 $ 716,757 $ 712,853 $ 664,328 $ 673,096 $ 642,096 Consolidated Debt (6,580) (7,123) (9,084) (8,183) (10,658) Cash and Cash Equivalents $ 710,177 $ 705,730 $ 655,244 $ 664,913 $ 631,438 Net Consolidated Debt 77,625 77,625 128,875 128,875 228,875 Preferred Stock $ 787,802 $ 783,355 $ 784,119 $ 793,788 $ 860,313 Net Consolidated Debt + Preferred Stock $ 104,184 $ 102,856 $ 104,844 $ 100,724 $ 104,496 Adjusted EBITDA re – Annualized 6.8x 6.9x 6.2x 6.6x 6.0x Net Consolidated Debt / Ann. Adj. EBITDA re 7.6x 7.6x 7.5x 7.9x 8.2x Net Debt + Preferred / Ann. Adj. EBITDA re $ 26,046 $ 25,714 $ 26,211 $ 25,181 $ 26,124 Adjusted EBITDA re 8,009 8,175 8,403 7,233 8,806 Interest Expense 3.3x 3.1x 3.1x 3.5x 3.0x Interest Coverage Ratio $ 7,380 $ 7,556 $ 7,014 $ 6,360 $ 8,031 Cash Interest Expense 104 92 -- 57 -- Secured Debt Principal Amortization 1,455 1,455 1,915 2,473 2,982 Preferred Stock Dividends $ 8,939 $ 9,103 $ 8,929 $ 8,890 $ 11,013 Total Fixed Charges 26,046 25,714 26,211 25,181 26,124 Adjusted EBITDA re 2.9x 2.8x 2.9x 2.8x 2.4x Fixed Charge Coverage Ratio $ 6,580 $ 7,123 $ 9,084 $ 8,183 $ 10,658 Cash and Cash Equivalents 400,000 400,000 400,000 400,000 400,000 Availability Under Credit Facility (202,600) (211,700) (163,175) (172,000) (141,000) Outstanding Credit Facility Borrowings $ 203,980 $ 195,423 $ 245,909 $ 236,183 $ 269,658 Total Liquidity Selected Debt Covenant Performance 2Q 2026 Required Calculation Metric 39.9% ≤ 60% Total Debt / Total Assets Total Leverage Ratio 0.1% ≤ 30% Secured Debt / Total Assets Secured Leverage Ratio 41.5% ≤ 60% Unsecured Debt / Unencumbered Assets Unsecured Leverage Ratio 2.6x ≥ 1.50x Total EBITDA / Fixed Charges Fixed Charge Coverage Ratio 2.1x ≥ 1.50x Unencumbered NOI / Unsecured Interest Unsecured Interest Coverage Ratio

 

 

Portfolio Overview (dollars in thousands) 12 Second Quarter 2026 Supplemental Reporting % of Cash NOI 2Q 2026 Cash NOI (2) Leased / Occupied (1) GLA / Homes Assets Asset Type 98.3% $ 25,096 94.7% 4,644,832 182 Outpatient Medical (OM) 1.0% 266 58.8% 292 2 Seniors Housing Operating Properties (SHOP) 99.4% $ 25,362 184 Consolidated Portfolio 0.4% 102 Joint Ventures 0.2% 59 Mezzanine Loans 100.0% $ 25,523 Total (1) Occupancy for SHOP is reported as quarterly average, and OM occupancy is reported on a quarter - end spot basis. (2) Excludes Cash NOI attributable to assets not owned as of quarter end. ∆ % 2Q 2025 2Q 2026 Assets Same Property Cash NOI Performance + 0.8% $ 23,911 $ 24,114 179 OM (1) -- -- -- -- SHOP + 0.8% $ 23,911 $ 24,114 179 Total Same Property Performance XRN Share of Cash NOI % Share Gross Asset Value Assets Joint Ventures / Mezzanine Loans $ 0 49.0% $ 34,984 2 Active Adult Joint Ventures (1) 14 15.0% 220,356 7 IRF Joint Venture 88 12.5% 45,431 3 Heitman OM Joint Venture (2) $ 102 Joint Ventures XRN Share of Cash NOI Maturity Rate Amount Outstanding $ 59 2Q 2028 12.0% $ 2,923 Fort Myers Medical Facility (3) $ 59 Mezzanine Loans (1) Comprised of the Maple Grove and Hudson active adult community JV’s in Minnesota, which are currently under development and expected to be completed in 2027. (2) An asset located in Coon Rapids, MN was acquired by the JV in 2Q 2026. (3) Full commitment value of $3.0 million. (1) Results were adversely impacted by a one - time, non - recurring revenue recovery recognized during the comparable prior - year period associated with a single asset in the base year; excluding this asset, Same - Property Cash NOI growth would have been +1.7%.

 

 

SHOP Overview (Consolidated Portfolio, dollars in thousands except RevPOR / ExPOR calculations ) 13 Second Quarter 2026 Supplemental Reporting 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 ( 1) Total Portfolio -- -- -- -- 2 Properties -- -- -- -- 292 Total Homes Available -- -- -- -- 58.8% Average Occupancy (2) -- -- -- -- $ 1,841 Cash revenue -- -- -- -- 1,575 Operating expenses -- -- -- -- $ 266 Cash NOI -- -- -- -- 14.4% Cash NOI Margin -- -- -- -- $10,722 RevPOR -- -- -- -- 9,174 ExPOR (1) Both SHOP assets were acquired as of 6/1/2026; occupancy, revenue, expenses, and the associated RevPOR and ExPOR calculations are based on 1 month of activity. (2) Includes The Riviera, a newly delivered community that opened March 2026. Spot Occupancy Private Pay % % Homes Community Mix 39.6% 100% 58% 169 Independent Living 94.4% 100% 30% 89 Assisted Living 91.2% 100% 12% 34 Memory Care 62.3% 100% 100% 292 Total Spot Occupancy Homes MSA Operator Assets 93.3% 163 Washington DC Greystone The Landing 23.3% 129 Washington DC Greystone The Riviera (1) 62.3% 292 Total (1) The Riviera community opened in March of 2026.

 

 

Outpatient Medical Overview ( D ollars in thousands) 14 Second Quarter 2026 Supplemental Reporting 2Q26 Cash NOI (2) Term (1) Leased Rate GLA Assets Asset Type $ 17,141 4.0 100.0% 2,608,753 122 Single - Tenant 7,955 4.5 88.0% 2,063,079 60 Multi - Tenant $ 25,096 4.4 94.7% 4,644,832 182 Total Outpatient % Ground Lease GLA Campus Proximity 34.8% 1,482,479 On Campus / Adjacent 9.4% 1,800,177 Affiliated (1) 0.0% 1,362,176 Unaffiliated 14.7% 4,644,832 Total Outpatient Avg. Escalator (1) Lease Escalators 2.2% Single - Tenant 1.9% Multi - Tenant 2.1% Total Outpatient (1) Represents off campus assets anchored by a health system. (1) Years of lease term remaining weighted by Annualized Base Rent. (2) Excludes Cash NOI attributable to assets not owned as of quarter end. (1) Weighted by Annualized Base Rent. Includes 8.9% of portfolio leases subject to a CPI based escalator. Such leases assume a CPI growth rate of +2.7%. % of ABR Lease Type 91.6% Absolute / Triple Net 5.0% Modified Gross 3.4% Gross

 

 

2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 $ 30,854 $ 30,319 $ 31,533 $ 32,080 $ 31,438 Rental and Related Revenues (1) (6,943) (6,798) (7,220) (8,011) (7,324) Operating Expenses $ 23,911 $ 23,521 $ 24,313 $ 24,069 $ 24,114 Same - Property Cash NOI 77% 78% 77% 75% 77% NOI Margin 95.4% 95.1% 95.8% 94.9% 94.8% Leased Rate Outpatient Medical Same Property Performance (Amounts in thousands) 15 Second Quarter 2026 Supplemental Reporting % GLA GLA Count Same Property Portfolio 100.0% 4,644,832 182 Total Outpatient Excluded Assets (6.4%) (297,724) (3) Assets Not Held for All Periods 93.6% 4,347,108 179 Same Property Portfolio 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Reconciliation from Cash NOI $ 29,294 $ 28,864 $ 29,765 $ 28,835 $ 30,087 Cash NOI (5,214) (5,072) (5,154) (4,644) (4,759) Outpatient Assets Not Held for All Periods -- -- -- -- (266) SHOP Assets (12) (117) (125) -- -- Lease Termination Fees (157) (154) (173) (122) (948) Joint Ventures and Other Cash NOI $ 23,911 $ 23,521 $ 24,313 $ 24,069 $ 24,114 Same - Property Cash NOI Outpatient Medical Same Property Reconciliations (Dollars in thousands) Sequential Comparison Year - Over - Year Comparison Change 1Q 2026 2Q 2026 Change 2Q 2025 2Q 2026 (2.0%) $ 32,080 $ 31,438 + 1.9% $ 30,854 $ 31,438 Rental and Related Revenues (1) (8.6%) (8,011) (7,324) + 5.5% (6,943) (7,324) Operating Expenses + 0.2% $ 24,069 $ 24,114 + 0.8% (2) $ 23,911 $ 24,114 Same - Property Cash NOI (1) Rental and Related Revenues include base rent and operating expense recoveries. (2) Results were adversely impacted by a one - time, non - recurring revenue recovery recognized during the comparable prior - year period associated with a single asset in the base year; excluding this asset, Same - Property Cash NOI growth would have been +1.7%.

 

 

Outpatient Medical Lease Expiration Schedule ( Dollars in thousands ) 16 Second Quarter 2026 Supplemental Reporting Rate (1) % ABR ABR % GLA GLA # Leases Year $ 21.85 5.6% $ 5,804 5.7% 265,618 42 2026 23.08 15.9% 16,376 15.3% 709,417 62 2027 25.73 6.5% 6,631 5.5% 257,720 53 2028 24.96 19.2% 19,722 17.0% 790,041 68 2029 21.90 15.5% 15,946 15.7% 728,268 69 2030 22.07 11.8% 12,124 11.8% 549,323 60 2031 24.22 2.2% 2,264 2.0% 93,488 13 2032 28.11 6.2% 6,336 4.9% 225,401 22 2033 29.37 3.3% 3,370 2.5% 114,733 10 2034 25.50 2.9% 3,013 2.5% 118,170 10 2035 20.54 10.9% 11,257 11.8% 548,100 24 Thereafter $ 23.37 100.0% $102,844 94.7% 4,400,279 433 Total Leased 244,553 Vacant 4,644,832 Total 94.7% Leased Rate (2) 4.4 Years Remaining Term Outpatient Medical Leasing Rollforward (1) Reflects Annual Base Rent as of quarter end divided by expiring area. (2) Includes 4,660 of SF that is leased but not yet occupied. 2Q 2026 Total GLA 5,099,256 Beginning of Quarter -- Acquired Area (455,861) Sold Area 1,437 Remeasurements 4,644,832 End of Quarter 2Q 2026 Leasing Volume (82,992) Lease Expirations 50,442 Renewals and Extensions 61% Tenant Retention 25,327 New Leases 742 Remeasurements (6,481) Net Absorption 2Q 2026 Leased GLA 4,862,621 Beginning of Quarter (6,481) Net Absorption (455,861) Net Leased Area Acquired (Sold) 4,400,279 End of Quarter

 

 

Outpatient Medical Tenant Concentrations ( D ollars in thousands) 17 Second Quarter 2026 Supplemental Reporting Outpatient Medical Geographic Concentrations ( Dollars in thousands ) % ABR ABR % Total GLA # Properties States 16.9% $ 17,426 13.8% 639,740 16 Texas 12.8% 13,124 11.0% 513,029 34 Florida 9.1% 9,362 9.1% 423,360 18 Ohio 5.9% 6,075 5.6% 258,789 14 Illinois 5.8% 5,929 6.6% 307,980 13 Michigan 5.7% 5,892 9.2% 428,614 5 Iowa 5.3% 5,451 5.8% 269,441 3 Virginia 4.3% 4,405 5.2% 239,261 8 Arizona 4.0% 4,121 3.5% 164,222 9 Pennsylvania 3.3% 3,347 2.0% 92,282 5 California 73.1% $ 75,132 71.8% 3,336,718 125 Top 10 States 26.9% 27,712 28.2% 1,308,114 57 All Other 100.0% $ 102,844 100.0% 4,644,832 182 Outpatient Medical Portfolio Term (1) % ABR ABR % Total Leased GLA Tenant / Parent 4.7 5.8% $ 5,938 3.5% 155,600 Memorial Health 2.8 5.4% 5,585 9.1% 398,865 Trinity Health 1.4 5.0% 5,199 2.1% 93,255 LifePoint Health 4.3 3.5% 3,563 2.9% 129,698 Tenet Healthcare 1.0 (2) 3.3% 3,431 4.0% 173,371 TeamHealth 13.8 2.9% 2,951 1.9% 84,674 Christus Health 11.7 2.7% 2,749 5.4% 236,314 White Rock 2.1 2.2% 2,265 1.0% 43,134 Select Medical 3.0 2.2% 2,218 1.7% 74,521 McKesson 3.5 2.1% 2,165 2.1% 93,808 Pediatrics Plus 4.4 35.1% $ 36,064 33.7% 1,483,240 Top 10 Tenants 4.4 64.9% 66,780 66.3% 2,917,039 All Other 4.4 100.0% $ 102,844 100.0% 4,400,279 Outpatient Medical Portfolio (1) Years of lease term remaining weighted by Annualized Base Rent. (2) Tenant is a government contractor with a rolling one - year termination right.

 

 

18 Second Quarter 2026 Supplemental Reporting Investment Activity (Dollars in thousands) Cash Yield Price / Proceeds (3) Homes / GLA (2) Acquisition Date (1) Type Acquisitions / Loans 7.0% (5) $ 7,094 132 Jan. 2026 JV Maple Grove Active Adult (4) 12.0% 2,923 -- Apr. 2026 Loan Fort Myers Mezzanine Loan 7.0% (5) 6,654 128 May 2026 JV Hudson Active Adult (6) 7.0% - 7.5% (5) 130,000 163 Jun. 2026 SHOP The Landing 7.0% - 7.5% (5) 118,900 129 Jun. 2026 SHOP The Riviera (7) 6.7% 668 31,843 Jun. 2026 JV Heitman OM Joint Venture (8) 7.3% 16,275 455,861 Jun. 2026 JV IRF Joint Venture (9) Dispositions 7.3% $ 217,000 455,861 Jun. 2026 OM IRF Portfolio (1) Reflects the initial loan funding date, where applicable. (2) SHOP/Active Adult reflect home counts; OM reflects total GLA. (3) Gross Price reflects the Company's share of joint venture investments and the funded loan amount as of quarter end. (4) The Company acquired a 49.0% equity interest in the venture, which entered into a $31.0 million construction loan ($10.1 mill ion funded as of quarter end). Completion is expected in 1Q 2027. (5) Cash yield upon stabilization. (6) The Company acquired a 49.0% equity interest in the venture, which entered into a $26.0 million construction loan (not drawn as of quarter end). Completion is expected in 4Q 2027. (7) Opened March 2026. (8) The Company acquired a 12.5% equity interest in the asset through an existing joint venture, which entered into a $5.3 millio n l oan at close. (9) Reflects the Company's 15.0% retained interest in the $217.0 million IRF Portfolio disposition. The venture entered into a $1 08. 5 million loan at close. Capital Expenditures (Consolidated Portfolio, dollars in thousands) 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Total $ 878 $ 1,601 $ 1,066 $ 594 $ 762 Tenant Improvements 558 1,136 394 550 367 Leasing Commissions 1,087 1,683 2,247 1,550 2,269 Building Capital $ 2,523 $ 4,420 $ 3,707 $ 2,694 $ 3,398 Total Capital Expenditures (1) $ 29,294 $ 28,864 $ 29,765 $ 28,835 $ 30,087 Cash NOI 8.6% 15.3 % 12.5 % 9.3 % 11.3% Capital Expenditures / Cash NOI (1) All capital expenditures for the periods presented are associated with the Outpatient Medical portfolio. No Capital expenditu res were incurred for the SHOP portfolio following its inaugural acquisitions in June 2026.

 

 

Components of Net Asset Value (Amounts in thousands) 19 Second Quarter 2026 Supplemental Reporting Gross Book Value (3) Annualized Timing Adj. (2) 2Q 2026 Cash NOI (1) Cash NOI by Asset Type $ 1,314,724 $ 100,384 $ -- $ 25,096 Outpatient Medical (OM) 251,139 3,192 532 266 Seniors Housing Operating Properties (SHOP) 32,591 2,971 641 102 Proportionate Share of Unconsol . JV $ 1,598,454 $ 106,547 $ 1,173 $ 25,464 Real Estate NOI (1) Excludes Cash NOI attributable to assets not owned as of quarter end. (2) Reflects mid - quarter adjustments for Acquisitions. (3) Proportionate Share of Unconsol . JV reflects equity investment amount. Other Information $ 12,921 Cash and Cash Equivalents, and Restricted Cash 3,024 Real estate loans receivable, net 19,555 Other Assets (1) $ 35,500 Total $ (141,000) Revolving Credit Facility (2) (500,000) Unsecured Term Loans (2) (228,875) Preferred Stock Liquidation Value (8,906) Dividends Payable (1,096) Other Notes Payable (2) (20,970) Other Liabilities (3) (24,103) Proportionate Share of JV Debt $ (924,950) Total 14,492 Outstanding Shares at Quarter End (4) (1) Includes derivative assets, prepaid assets and tenant receivables. (2) Represents principal amount outstanding, excluding the effect of unamortized premiums, discounts, or deferred financing costs . (3) Includes accounts payable and accrued expenses. (4) Includes outstanding OP Units and LTIP Units.

 

 

Reporting Definitions and Other Disclosures 20 Second Quarter 2026 Supplemental Reporting Annualized Base Rent : Annualized base rent represents monthly base rent for June 2026 (or, for recent acquisitions, monthly base rent for the month of acquisition), multiplied by 12 (or base rent net of annualized expenses for properties with gross leases). Accordingly, this methodology produces an annualized amount as of a point in time but does not take into account future ( i ) contractual rental rate increases, (ii) leasing activity or (iii) lease expirations. Additionally, leases that are accounted for on a cash - collected basis, or that are in a free rent period, are not included in annualized base rent. Capitalization Rate : The capitalization rate (“Cap Rate”) for an acquisition is calculated by dividing current Annualized Base Rent by contractual purchase price. For the portfolio cap rate, certain adjustments, including for subsequent capital invested, are made to the contractual purchase price. Funds from Operations Attributable to Common Stockholders and Noncontrolling Interest and Core Funds from Operations Attributable to Common Stockholders and Noncontrolling Interest : Funds from operations attributable to common stockholders and noncontrolling interest (“FFO”) and core funds from operations attributable to common stockholders and noncontrolling interest (“Core FFO”), formerly referred to as “Adjusted funds from operations attributable to common stockholders and noncontrolling interest, or (AFFO)” are non - GAAP financial measures within the meaning of the rules of the SEC. The Company considers FFO and Core FFO to be important supplemental measures of its operating performance and believes FFO is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. In accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, FFO means net income or loss computed in accordance with GAAP before noncontrolling interests of holders of OP units and LTIP units, excluding gains (or losses) from sales of property and extraordinary items, property impairment losses, less preferred stock dividends, plus real estate - related depreciation and amortization (excluding amortization of debt issuance costs and the amortization of above and below market leases), and after adjustments for unconsolidated partnerships and joint ventures calculated to reflect FFO on the same basis. Because FFO excludes real estate - related depreciation and amortization (other than amortization of debt issuance costs and above and below market lease amortization expense), the Company believes FFO provides a complete picture of its performance that is more informative than GAAP net income or loss. FFO provides perspective on trends in occupancy rates, rental rates, operating costs, development activities and interest costs, and helps the Company more immediately compare the most recent GAAP measurement, net income or loss. Core FFO, formerly referred to as “Adjusted funds from operations attributable to common stockholders and noncontrolling interest, or (AFFO)”, is a non - GAAP measure used by many investors and analysts to measure a real estate company’s operating performance by removing nonrecurring and non - cash items that do not reflect ongoing operations. Management calculates Core FFO by modifying the NAREIT definition of FFO by ( i ) removing certain non - recurring expenses, as well as other certain non - cash and non - recurring IT costs, (ii) removing amortization related to capitalized leasing and acquisition costs, (iii) removing amortization of above and below market leases and amounts associated with the write - off of above and below market leases for certain early lease terminations (iv) adding back straight - line rent adjustments, (v) recurring amortization of debt issuance costs, (vi) severance and executive transition costs, (vii) share - based compensation expense and (viii) other items related to unconsolidated partnerships and joint ventures. Management believes that reporting Core FFO in addition to FFO is a useful supplemental measure for the investment community when evaluating the operating performance of the Company on a comparative basis. Funds Available for Distribution Attributable to Common Stockholders and Noncontrolling Interest : We calculate funds available for distribution attributable to common stockholders and noncontrolling interest (“FAD”) by deducting capital expenditures for property improvements made to maintain the condition of properties from Core FFO. The Company believes FAD is useful in analyzing the amount of cash available for distribution to stockholders and unitholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend sustainability.

 

 

Reporting Definitions and Other Disclosures (continued) 21 Second Quarter 2026 Supplemental Reporting Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“ EBITDAre ” and “Adjusted EBITDAre ”) : We calculate EBITDAre in accordance with standards established by NAREIT and define EBITDAre as net income or loss computed in accordance with GAAP plus depreciation and amortization, interest expense, gain or loss on the sale of investment properties, property impairment losses, and adjustments for unconsolidated partnerships and joint ventures, to reflect EBITDAre on the same basis, as applicable. We define Adjusted EBITDAre as EBITDAre plus loss on extinguishment of debt, non - cash stock compensation expense, non - cash intangible amortization related to above and below market leases, severance and transition related expense, reverse stock split expense, adjustments related to our investment in unconsolidated joint ventures, and other normalizing items. Management considers EBITDAre and Adjusted EBITDAre important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt. Expenses per Occupied Room (“ ExPOR ”) : ExPOR represents the average monthly expenses incurred per occupied home. ExPOR is calculated as the monthly average Total Expenses divided by the average occupied homes during the reporting period. NOI, Cash NOI and Same - Property Cash NOI : We consider net operating income, or NOI, to be an appropriate supplemental measure to net income because it helps both investors and management understand the core operations of our properties. We define NOI as total net (loss) income, plus depreciation and amortization expense, general and administrative expense, impairments, gain or loss on sale of investment properties, interest expense, and other non - operating items. Cash NOI and Same - Property Cash NOI are key performance indicators. Management considers these to be supplemental measures that allow investors, analysts and Company management to measure improved property - level cash operating results. The Company defines Cash NOI as NOI excluding non - cash items such as above and below market lease intangibles and straight - line rent. Cash NOI is historical and not necessarily indicative of future results. Same - Property Cash NOI compares Cash NOI for stabilized properties. Stabilized properties are properties that have been included in operations for the duration of the year - over - year comparison period presented. Accordingly, stabilized properties exclude properties that were recently acquired or disposed of, properties classified as held for sale, properties undergoing redevelopment, and newly redeveloped or developed properties. Same - Property Cash NOI also excludes lease terminations fees and joint ventures and other income in order to remove non - recurring items and joint venture - related income from our NOI. Revenue per Occupied Room (“ RevPOR ”) : RevPOR represents the average monthly revenue generated per occupied home. RevPOR is calculated as the monthly average Cash Revenue divided by the average occupied homes during the reporting period.

 

 

Reporting Definitions and Other Disclosures (continued) 22 Second Quarter 2026 Supplemental Reporting Other Disclosures Non - GAAP Financial Measures : Management considers certain non - GAAP financial measures to be useful supplemental measures of the Company’s operating performance. For the Company, non - GAAP measures consist of FFO attributable to common stockholders and noncontrolling interest, Core FFO attributable to common stockholders and noncontrolling interest, FAD attributable to common stockholders and noncontrolling interest, EBITDAre and Adjusted EBITDAre , Net Operating Income (“NOI”), cash NOI and same - property cash NOI. A non - GAAP measure is generally defined as one that departs from traditional GAAP financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP. The Company reports non - GAAP financial measures because these measures are observed by management and they also may be used by the predominant REIT research analysts, as well as by industry analysts to evaluate REITs. For these reasons, management deems it appropriate to disclose and discuss these non - GAAP financial measures. The non - GAAP financial measures presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions. These measures should not be considered alternatives to net income as measures of the Company’s operating performance, or as alternatives to cash flow as measures of the Company’s liquidity. Moreover, these non - GAAP measures necessarily indicate why the Company utilizes these measures, they should be considered supplemental in nature and not superior to comparable GAAP measures. To facilitate a clear understanding of these non - GAAP financial measures, quantitative reconciliations of these non - GAAP measures to the most directly comparable GAAP measures of net income and cash flows from operations as presented elsewhere herein. Additional Information : The information in this document should be read in conjunction with the Company’s Annual Report on Form 10 - K, Quarterly Reports on Form 10 - Q, Current Reports on Form 8 - K, and other information filed with, or furnished to, the SEC. You can access the Company’s reports and amendments to those reports filed or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act in the “Investor Relations” section on the Company’s website (www.chironre.com) under “SEC Filings” as soon as reasonably practicable after they are filed with, or furnished to, the SEC. The information on or connected to the Company’s website is not, and shall not be deemed to be, a part of, or incorporated into, this Earnings Supplemental. You also can review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov . Certain information contained in this package, including, but not limited to, information contained in our key tenants profiles is derived from publicly - available third - party sources. The Company has not independently verified this information and there can be no assurance that such information is accurate or complete.