$XRN-PA

Chiron Real Estate Inc.

CIK:0001533615|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Rental revenue	$ 37,060	$ 37,880	$ 75,081	$ 72,475
Resident fees and services	1,841		1,841
Other income	846	89	889	112
Total revenue	39,747	37,969	77,811	72,587
Expenses
General and administrative	5,221	6,025	10,310	9,645
Operating expenses	10,034	8,216	19,284	15,800
Depreciation expense	11,443	11,307	22,530	21,614
Amortization expense	3,833	3,984	7,573	7,504
Interest expense	8,806	8,009	16,039	15,176
Total expenses	39,337	37,541	75,736	69,739
Income before other income (expense)	410	428	2,075	2,848
Gain on sale of investment properties	71,881	207	71,881	1,565
Equity loss from unconsolidated joint ventures	(10)	(50)	(21)	(91)
Net (loss) income	72,281	585	73,935	4,322
Less: Preferred stock dividends	(2,982)	(1,455)	(5,455)	(2,911)
Less: Net (income) loss attributable to noncontrolling interest	(6,009)	70	(5,939)	(108)
Net income (loss) attributable to common stockholders	$ 63,290	$ (800)	$ 62,541	$ 1,303
Net income (loss) attributable to common stockholders per share - basic	$ 4.78	$ (0.06)	$ 4.73	$ 0.1
Net income (loss) attributable to common stockholders per share - diluted	$ 4.78	$ (0.06)	$ 4.73	$ 0.1
Weighted average shares outstanding - basic	13,235	13,376	13,235	13,375
Weighted average shares outstanding - diluted	13,235	13,376	13,235	13,375

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 73,935	$ 4,322
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	22,530	21,614
Amortization of acquired lease intangible assets	6,921	7,046
Amortization of above market leases, net	296	392
Amortization of debt issuance costs	1,514	1,118
Stock-based compensation expense	2,607	1,879
Gain on sale of investment properties	(71,881)	(1,565)
Equity loss from unconsolidated joint ventures	21	91
Other	132	112
Changes in operating assets and liabilities:
Tenant receivables	331	(402)
Deferred assets	(1,060)	(536)
Other assets and liabilities	(1,673)	(2,059)
Accounts payable and accrued expenses	1,823	2,316
Security deposits	413	83
Net cash provided by operating activities	35,909	34,411
Investing activities
Purchase of land, buildings, and other tangible and intangible assets and liabilities	(250,929)	(70,468)
Net proceeds from sale of investment properties	211,352	9,111
Investment in unconsolidated joint ventures	(30,892)
Real estate notes receivable	(2,917)
Distribution of capital from unconsolidated joint venture	60	58
Escrow deposits for purchase of properties	(1,731)	290
Advances made to related parties	(565)	(191)
Capital expenditures on existing real estate investments	(5,175)	(4,576)
Leasing commissions	(917)	(673)
Net cash used in investing activities	(81,714)	(66,449)
Financing activities
Net proceeds received from preferred stock offering	96,119
Repayment of notes payable	(57)	(264)
Proceeds from Credit Facility	241,100	94,500
Repayment of Credit Facility	(263,275)	(28,500)
Payment of debt issuance costs	(17)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders	(21,801)	(30,503)
Dividends paid to preferred stockholders	(5,233)	(2,911)
Net cash provided by financing activities	46,836	32,322
Net increase in cash and cash equivalents and restricted cash	1,031	284
Cash and cash equivalents and restricted cash-beginning of period	11,890	8,942
Cash and cash equivalents and restricted cash-end of period	12,921	9,226
Supplemental cash flow information:
Cash payments for interest	13,519	14,326
Noncash financing and investing activities:
Accrued dividends payable	8,906	11,985
Interest rate swap agreements fair value change recognized in other comprehensive (loss) income	4,796	(8,217)
LTIP Units and OP Units redeemed for common stock		67
Accrued capital expenditures and leasing commissions included in accounts payable and accrued expenses	1,722	2,284
Recognition of lease liability related to right of use asset	$ 163	$ 6,280

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investment in real estate:
Land	$ 184,445	$ 169,917
Building	1,140,464	1,072,124
Furniture, fixtures and equipment	5,936
Site improvements	24,667	25,741
Tenant improvements	69,680	80,397
Acquired lease intangible assets	140,461	144,573
Investment in real estate, Total	1,565,653	1,492,752
Less: accumulated depreciation and amortization	(315,923)	(338,096)
Investment in real estate, net	1,249,730	1,154,656
Cash and cash equivalents	10,658	9,084
Restricted cash	2,263	2,805
Real estate loans receivable, net	3,024
Tenant and resident receivables, net	6,787	7,225
Escrow deposits	2,300	556
Deferred assets	22,041	28,907
Derivative assets	10,898	6,102
Goodwill	5,903	5,903
Investment in unconsolidated joint ventures	32,591	1,781
Other Assets	24,855	25,284
Total assets	1,371,778	1,242,465
Liabilities:
Credit Facility, net of unamortized debt issuance costs of $8,979 and $10,476 at June 30, 2026 and December 31, 2025, respectively	632,021	652,699
Notes payable, net of unamortized debt issuance costs of $0 at June 30, 2026 and December 31, 2025	1,096	1,153
Accounts payable and accrued expenses	20,970	18,289
Dividend payable	8,906	12,484
Security deposits	3,287	3,421
Other liabilities	17,617	19,410
Acquired lease intangible liability, net	3,816	4,944
Total liabilities	687,713	712,400
Commitments and Contingencies
Equity:
Preferred stock, $0.001 par value, 10,000 shares authorized; 6,155 shares and 5,155 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively (liquidation preference of $228,875 and $128,875 at June 30, 2026 and December 31, 2025, respectively)	220,225	124,106
Common stock, $0.001 par value, 100,000 shares authorized; 13,235 shares issued and outstanding at June 30, 2026 and December 31, 2025	13	13
Additional paid-in capital	729,514	729,514
Accumulated deficit	(303,703)	(349,965)
Accumulated other comprehensive income	10,898	6,102
Total Chiron Real Estate Inc. stockholders' equity	656,947	509,770
Noncontrolling interest	27,118	20,295
Total equity	684,065	530,065
Total liabilities and equity	1,371,778	1,242,465
Related Party
Investment in real estate:
Due from related parties	$ 728	$ 162