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CHIRON August 2026 Executing a Portfolio Transition Second Quarter 2026 Investor Presentation
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Strategic Plan in ActionChiron is executing its strategic plan through leadership enhancements, active capital recycling, and the completion of investments with stronger long-term return characteristics Second Quarter 2026 Investor Presentation1Note: This presentation discusses prospective real estate acquisitions and dispositions that are subject to various customary closing conditions. There can be no assurance that we will complete these potential transactions on the terms or timeline that we anticipate, or at all Leadership Platform Built for ExecutionDeepened expertise through the appointments of new Chief InvestmentOfficer, Chief Operating Officer, and Head of Seniors Housing✓Portfolio Transition UnderwayCompleted and pending dispositions demonstrate active monetization oflegacy assets and provide capital for higher-return investments✓High Quality Growth FoundationRecently delivered senior housing assets, disciplined investment criteria, andpartnership-oriented execution support a high quality foundation for growth✓Valuation OpportunityCurrent share price implies a valuation for the legacy portfolio that appearsdisconnected from recent outpatient medical transactions✓ The Riviera AlexandriaAlexandria, VAThe Landing AlexandriaAlexandria, VA
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2 Recent Events Second Quarter 2026 Investor Presentation The Landing AlexandriaAlexandria, VA
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Significant 2026 Milestones Second Quarter 2026 Investor Presentation3 Key actions demonstrate execution across capital formation, portfolio repositioning, and leadership buildout✓Feb 2026Established strategic priorities focused on deploying capital into assets with higher long-term returns✓May 2026Secured $100M strategic equity investment from Maewyn Capital Partners and right-sized dividend to retain capital for growth✓June 2026Completed $249M acquisition of inaugural SHOP communities with expected stabilized yields above 7%✓June 2026Completed IRF portfolio sale at a 7.3% cash cap rate, generating ~$200M of proceeds for reinvestment✓July 2026Added senior housing and operating leadership through appointments of Bobby Zeiller and Aaron Roseth✓Aug 2026Appointed Matthew Whitlock as Chief Investment Officer, further strengthening senior housing leadership
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Leadership Platform Built for Execution Second Quarter 2026 Investor Presentation4 Chiron has added targeted senior housing, operating, and investment expertise while retaining experienced public company leadership Mark Decker Jr.Chief Executive Officer Bob KiernanChief Financial Officer Chief Investment OfficerBobby ZeillerChief Development Officer & Head of Seniors HousingDanica HolleyChief Administrative OfficerJamie BarberGeneral Counsel Tami CumingsSVP, Seniors Housing Mike FarinawiczSVP, Strategy & IR Aaron RosethChief Operating OfficerMatthew Whitlock Indicates Recent Addition to Chiron
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Seniors Housing / Asset ManagementSeniors Housing / InvestmentsBobby ZeillerChief Development Officer & Head of Seniors Housing• 25+ years of real estate investment, development, and asset management• Most recently Vice Chairman & CEO of Silverstone Senior LivingMatthew WhitlockChief Investment Officer• 30+ year senior housing veteran with $20B+ in career transaction volume• Joins from Berkshire Residential Investments; previously Vice Chairman at CBRESeniors Housing / Operations & Operator RelationshipsOperations / Organizational ExecutionTami CumingsSenior Vice President, Seniors Housing• 30+ years of senior housing operating experience across leading platforms• Former COO of Silverstone Senior Living, overseeing operations and salesAaron RosethChief Operating Officer• 25+ years of executive leadership across real estate, architecture, and hospitality • Experience partnering with REITs and institutional investors in senior housing and healthcare real estate New Additions Bring Complementary Capabilities Second Quarter 2026 Investor Presentation5 Recent additions strengthen Chiron’s senior housing operations and investment expertise
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Beaumont Hospital SalePending Disposition Under PSAIRF Portfolio Sale June 29, 2026The PinnaclePending Acquisition Under PSAThe Riviera + Landing June 1, 2026Pending disposition further advances monetization of legacy portfolioSale of IRF portfolio to newly formed JV unlocks ~$200M of proceeds for reinvestmentMarquee SHOP community in superior submarket under contract to close 2H 2026Inaugural SHOP acquisitions expected to deliver double-digit unlevered returns Capital Allocation 6Second Quarter 2026 Investor Presentation1. Spot occupancy as of June 30, 2026. Pinnacle occupancy includes leased and pre-leased homes. 2. Riviera & Landing Yield expected to be attained in 2H 2028; Pinnacle expected FY 20293. Expected investment amount LandingRiviera$130M$119MInvestment20222026Year Delivered93%23%Occupancy1~7.0 - 7.5%+Stabilized Yield2The RivieraAlexandria, VABeaumont Sale Details ($M)$ 49.2Sale Price34.7Gross Book Value2.92Q 2026 Annualized Cash NOI5.9%Exit Capitalization Rate Beaumont Surgical HospitalBeaumont, TX Actively recycling capital from legacy assets into investments expected to drive stronger long-term returns Joint Venture Capitalization ($M)$ 96Investor Equity (85%)17Chiron Equity (15%)104Mortgage Debt$ 217Total CapitalizationEncompass Health IRFLas Vegas, NV The Pinnacle$176MInvestment32026Year Delivered36%Occupancy1~7.0 - 7.5%+Stabilized Yield2The Pinnacle North BethesdaNorth Bethesda, MD
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Outpatient Medical4Seniors Housing Operating2Pro Forma Portfolio1 Management remains focused on unlocking embedded value in its legacy portfolio through active capital recycling Pro Forma Portfolio 7Second Quarter 2026 Investor Presentation1. Reflects Gross Book Value as of June 30, 2026, as adjusted for the anticipated acquisition of the Pinnacle and sale of the Beaumont Surgical Hospital2. Values adjusted for the anticipated acquisition of the Pinnacle 3. Reflects actual RevPOR for The Riviera and The Landing; reflects underwritten RevPOR for The Pinnacle4. Reflects Company’s Outpatient Medical portfolio as of June 30, 2026, as adjusted for the anticipated sale of the Beaumont Surgical HospitalSeniors Housing OperatingOutpatient Medical75%25%Property Type (% of Gross RE Book Value) Chiron’s transition to higher-return assets is underway, with SHOP representing 25% of the Company’s real estate portfolio on a pro forma basis. The Company’s initial senior housing investments are recently delivered, scaled communities in attractive submarkets, supporting a high-quality foundation for growth.181Assets4.6MPortfolio Area (sq ft)25kAvg. Asset Size (sq ft)95%% Occupied4 YearsWALT$97.5MAnnualized Cash NOI467Total Homes156Avg. Homes / Community< 2 YearsAvg. Community Age$ 10,800Avg. RevPOR3Independent livingAssisted livingMemory careCommunity Mix(% of Homes55%32%13%
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8 Market OpportunityThe Riviera AlexandriaAlexandria, VA Second Quarter 2026 Investor Presentation
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Supply-Demand Imbalance Enhances OpportunityDemographic ‘Silver Tsunami’ Fuels Sustained Demand Growth Senior housing faces significant supply constraints• New construction remains constrained by high interest rates and labor costs, requiring a 3.5x increase in development speed to meet baseline demandWe are in the early innings of the silver tsunami• The first Baby Boomers are just now entering their 80’s• While the most rapid aging occurs through 2030, it is anticipated that the population of Americans aged 70 or older will expand for decades thereafter24M29M32M34M34M12M15M19M23M27M36M44M51M57M60M2020 2025 2030 2035 2040Age 70-79Age 80+ Senior Housing Fundamentals Support Long-Term OpportunityDemographic growth and constrained new supply create a durable backdrop for disciplined senior housing investment Second Quarter 2026 Investor Presentation9 US Population Forecast (by Age)Projected Deliveries vs Demand1(# Homes)80k107k135k163k191k115k266k376k474k564k2026 2027 2028 2029 2030DeliveriesShortfallSource: US Census Bureau, NIC MAP1. Represents current development pace vs homes required for 90% occupancy, assuming maintenance of current penetration rate 2020 2025: +8M2025 2040: +16M
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Targeting High Net Worth Residents to Mitigate Economic VolatilityFunctional Obsolescence of Legacy InventoryAffordability is at historically elevated levels• NIC estimates that the cohort of highest-income seniors will grow >2x faster than the overall population of those aged 75+• Substantial home equity and investment portfolios provide a durable funding source for premium, private-pay housingSupply constraints have created a quality barbell• Changing tastes and preferences amongst customers and operators contribute to the functional obsolescence of legacy supply• Maintaining the functionality of dated assets will require outsized capital• Chiron will not be encumbered by these outdated / legacy assets Quality and Affordability Further Bolster the OpportunityModern communities serving affluent private-pay residents are positioned to benefit from demand growth while legacy inventory faces rising capital needs Second Quarter 2026 Investor Presentation10 Distribution of Homes by Asset Age(by Age)Average Household Net Worth (by Age) Source: NIC MAP, Fidelity$1.0M$1.6M$1.8M$1.6M45-54 55-64 65-74 75+Current CustomersFuture Customers3%20%10%18%48%< 2 Years 2-10 Years 10-17 Years 17-25 Years >25 YearsFunctionally Obsolete + Capital Intensive
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Disciplined Focus on Institutionally Relevant AssetsChiron is targeting newer, scaled senior housing communities in major markets where asset quality, operator alignment, and long-term growth potential support attractive risk-adjusted returns Second Quarter 2026 Investor Presentation11 Target Investment Profile: Institutionally Relevant Senior Housing1Aligned OperatorsExperienced operators with demonstrated care delivery, resident experience, and asset-level execution capabilities4Modern Real EstateNewer communities with attractive physical plant, resident appeal, and lower medium-term capital needsScaled CommunitiesGenerally 100+ homes, supporting operational efficiency and institutional relevance32Desirable MarketsTop 50 MSAs and submarkets with attractive demographic and demand characteristics
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A Partnership-Oriented Capital ProviderChiron can differentiate itself in a fragmented market by bringing flexible capital, aligned structures, and transaction-level focus to operators and sellers Second Quarter 2026 Investor Presentation12 Senior Housing Ownership Remains Highly FragmentedOwnership Type1Publicly Traded REITPublicly Traded OperatorsNot-For-Profit EntityOther For-Profit Entity9%3%28%60%Public REITs own less than 10% of senior housing inventory, creating opportunity for focused capital providers as the sector continues to institutionalize How Chiron Wins1Targeted CapitalFocused on institutionally relevant senior housing communities where asset quality, market depth, and operator alignment support attractive long-term returns2Aligned SolutionsFlexible structures, including potential JV interests and other features, designed to align outcomes among operators, sellers, and Chiron3Focused PartnershipTransactions that may be modest for larger platforms can be highly strategic for Chiron, supporting greater focus, responsiveness, and relationship intensity1. Source: NIC, NCREIF “Investing in Senior Housing” White Paper
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13 Valuation OpportunityCitrus Valley MOBCorona, CA Second Quarter 2026 Investor Presentation
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Market Transactions Support Potential Upside 14 Dispositions of legacy assets at private market values expected to provide liquidity for higher-return investments while unlocking value not reflected in Chiron’s current share price 1. Values presented as of June 30, 2026 and not adjusted for post-quarter investment activity unless otherwise noted. Shares in thousands, dollars in millions2. Other Assets include Accounts Receivable (net), Derivative Assets, Real Estate Loans Receivable, and Restricted Cash. Other Liabilities include Accounts Payable and Accrued Expenses3. Excludes Cash NOI attributable to assets sold during the second quarter4. Represents the Company’s SHOP and Joint Venture interests at cost5. Represents the sale of the Beaumont Surgical Hospital subject to PSA6. Reflects implied Chiron Portfolio Cap Rate at various stock prices when (i) excluding the Beaumont asset subject to PSA and (ii) valuing the Company’s SHOP assets and Joint Venture interests at cost7. Refers to transactions announced by National Healthcare Properties and Sila Realty Trust in April 2026 ` $35.12$48.88$53.42$55.88$59.839.4%7.9%7.5%7.3%7.0% Stock Price Sensitivity6NHP SaleCap Rate7Sila SaleCap Rate7Current Implied Cap Rate Second Quarter 2026 Investor Presentation Chiron Market Implied Cap Rate1$ 35.12Share Price as of August 4, 202614,492(x) Shares and Units Outstanding$ 509.0Equity Market Capitalization860.3(+) Net Debt & Preferred Equity$ 1,369.3Enterprise Value(23.0)(-) Other Assets221.0(+) Other Liabilities2$ 1,367.3Implied Real Estate Value106.5(÷) 2Q26 Annualized Cash NOI37.8%Implied Portfolio Cap Rate Outpatient Medical Implied Cap Rate1Remaining PortfolioLess: Beaumont5Less: SHOP + JVs4$ 1,034.3($49.2)($283.7)97.5(2.9)(6.2)9.4%5.9%1.3%+39%+52%+59%+70%
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15 Reconciliations and Legal Second Quarter 2026 Investor Presentation The Pinnacle North BethesdaPending SHOP Acquisition
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Second Quarter 2026 Investor Presentation16 Cash NOI by Asset Type (in Thousands)Components of Net Asset ValueAs of June 30, 2026; does not reflect pending acquisitions or dispositions`$ 13Cash, Cash Equivalents, Restricted Cash3Real Estate Loans Receivable, net20Other Assets4 $ 36Total Other Assets$ (141)Revolving Credit Facility5(500)Unsecured Term Loans5(229)Preferred Stock Liquidation Value(9)Dividends Payable(1)Other Notes Payable5(21)Other Liabilities6(24)Proportionate Share of JV debt$ (925)Total Other Liabilities14.5Outstanding Shares at Quarter End7 Other Information (in Millions) 1. Reflects Cash NOI from assets owned as of June 30, 20262. Reflects mid-quarter adjustments for acquisitions3. JV Gross Book Value reflects Chiron’s equity investment 4. Includes prepaid assets, tenant receivables, and derivative assets5. Represents principal amount outstanding, excluding the effect of unamortized premiums, discounts, or deferred financing costs6. Includes accounts payable and accrued liabilities7. Includes outstanding OP Units and LTIP Units Gross Book Value3Cash NOI AnnualizedTiming Adjustments2Cash NOI 2Q 20261 $ 1,314,724$ 100,384$ --$ 25,096Outpatient Medical251,1393,192 532 266 Seniors Housing Operating32,5912,971 641 102 Proportionate Share of JVs$ 1,598,454$ 106,547 $ 1,173 $ 25,694 Real Estate NOI
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Three Months Ended June 30, 20261$ 72,281Net Income5,221General and Administrative Expense15,276Depreciation and Amortization Expense8,806Interest Expense(71,881)Gain on Sale of Investment Properties114Proportionate Share of Unconsolidated JV Adjustments$ 29,817NOI 150Amortization of Above Market Leases122Straight-Line Deferred Rental Revenue(2)Proportionate Share of Unconsolidated JV Adjustments$ 30,087Cash NOI17 Reconciliation of Net Income to NOI and Cash NOI (Amounts in thousands) 1. Values are not adjusted for pending acquisitions or dispositions
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Certain statements contained in this presentation may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be protected by the safe harbor provisions thereof.Forward-looking statements are generally identifiable by the use of words such as ‘anticipate,’ ‘believe,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘intend,’ ‘may,’ ‘plan,’ ‘project,’ ‘should,’ ‘will,’ or similar expressions.These statements include, without limitation, statements regarding future financial performance, cash flows, dividends, portfolio performance, capital allocation, pending acquisitions and dispositions, the expected performance of pending acquisitions, balance sheet strategy, investment pipeline, senior housing investment opportunities, and strategic initiatives.Forward-looking statements are based on current expectations, estimates, and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. These risks include those described in the Company’s filings with the Securities and Exchange Commission.Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to update or revise any forward-looking statements. Forward-Looking Statements 18
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Management believes certain non-GAAP financial measures provide useful supplemental information regarding the Company’s operating performance and financial condition. These measures are commonly used by management, investors, and industry analysts to evaluate REIT performance and facilitate period-over-period and peer comparisons.Chiron’s non-GAAP financial measures included in this presentation are Net Operating Income (NOI) and Cash NOI.Non-GAAP financial measures are not intended to be alternatives to net income, cash flows from operating activities, or other measures prepared in accordance with GAAP. These measures may not be comparable to similarly titled measures reported by other companies and should be evaluated in conjunction with the Company’s consolidated financial statements.Non-GAAP Financial Measures 19NOI and Cash NOINet Operating Income (NOI) is a supplemental measure used to evaluate the operating performance of the Company’s real estate portfolio. NOI is calculated as net income or loss, plus depreciation and amortization, general and administrative expenses, transaction costs, impairments, gains or losses on the sale of investment properties, interest expense, and other non-operating items.Cash NOI excludes non-cash items such as straight-line rent and amortization of above- and below-market leases and is intended to measure unlevered, property-level cash operating performance.
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NYSE: XRN7373 Wisconsin AvenueSuite 800Bethesda, MD 20814