Chiron Real Estate Inc 2025年度报告

Delivering value at the intersectionof care, capital and real estate. ChironRE.com Fellow Shareholders, 2025 was a pivotal year as we dove headfirst intorepositioning the platform for long‑term success.Over the course of the year, we reevaluated andforce‑ranked our portfolio, collaborated to drawup a new strategy and committed to our newmission: to create value at the intersection ofcare, capital and real estate. I couldn’t be moreexcited about our mission, and our success willbe further defined around developing a cultureof continuous improvement, capital allocationacumen, growing free cash flow and maintaininga growth‑enabling balance sheet. New Brand and Strategic Direction Early in 2026, we formally launched Chiron, a brand designed toreflect both who we are today and where we are going. The nameis inspired by the Greek centaur Chiron, the father of medicineand architect of medical education—a fitting symbol for our newmission. The rebrand was not just cosmetic. It coincided with acomprehensive review of our portfolio, operating approach andlong‑term objectives. That work resulted in a clear strategic mandate:broaden our aperture beyond medical office to include otheressential healthcare‑related real estate to generate meaningfullyhigher earnings growth over time. Most notably, this will includeexposure to retirement living. We believe that clarity of purpose—andaccountability to that purpose—is essential to our thriving as a teamand enterprise. Building a Winning Culture Everything starts with our team. We are reinvigorating the team andendeavoring to build a culture that emphasizes teamwork, growth,learning, results and having fun. Many of the ingredients exist, butwe can be more intentional and measure them. We are seeking toserve as a "first call" partner to operators andbuild a great place towork and grow a career. Relentless Focus on Capital Allocation We are carefully evaluating where we can be most valuable andareequally disciplined in addressing assets that no longer meet ourstandards. During the year, we sold select non‑core properties thatcarried disproportionate capital requirements and execution risk.This focus will continue, and we have more work to do in 2026 aswe transition. Free Cash Flow Just before my arrival, the Board elected to cut the dividend. Thiswas a difficult decision and the right thing to do, demonstratinglong‑term thinking that will allow us to retain capital. We have biggoals for growth and growth in free cash flow. The REIT vehicle wasdesigned to give individuals exposure to real estate, and we believein that—in fact, early in 2026, we switched from a quarterly dividendto a monthly dividend. Building strong and growing free cash flow willallow us to fund growth and distributions. Balance Sheet We also materially strengthened our balance sheet. As of March 31,2026, we have no debt maturities before 2028, and we believe ourmaturity schedule is well‑laddered and manageable—a noticeableimprovement from this time last year, when approximately 55 percentof our debt was set to mature within twelve months. Balance sheetdurability is not a defensive posture; it is what allows us to playoffense responsibly when opportunities arise. Broadening Across Essential Healthcare Real Estate We continue to believe strongly in the durability of our outpatientmedical investments, but we are equally concerned about thissegment’s modest rent growth and ongoing capital demands. Toachieve our earnings growth and free cash flow objectives, we mustcomplement stability with select sources of higher growth. With that in mind, we are expanding into Active Adult and SeniorsHousing—sectors supported by powerful demographic tailwinds,constrained new supply and rising replacement costs. Our approach is intentionally selective. We are focused on newer, high‑qualityassets, strong operators and partnership structures that allow usto scale relationships over time. Our initial Active Adult investmentexemplifies this strategy: a newly built community, sourcedoff‑market through a long‑standing relationship and underwritten toattractive unlevered returns. Importantly, we are funding this growthprimarily through capital recycling, ensuring that growth remainsaccretive and sustainable. Looking Ahead As we enter 2026, Chiron is a more focused and better‑positionedorganization. We have a clear strategy, a durable balance sheet andmultiple avenues to compound value—through disciplined assetmanagement, thoughtful capital allocation and selective investmentacross essential healthcare real estate. We are not pursuing growth for its own sake. Our objective is tobuild a company that can consistently deliver attractive, risk‑adjustedreturns on a per‑share basis across market cycles. We believe theactions taken in 2025 meaningfully advance that goal. On behalf of the Board and the entire Chiron team, thank you foryour continued trust and support. I look forward to measuring ourprogress at this time next