# Chiron Real Estate Inc. (XRN) Informational only - not investment advice. CIK: 0001533615 SIC: 6798 Real Estate Investment Trusts SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/) Latest 10-K filed: 2026-03-02 SEC page: https://www.sec.gov/edgar/browse/?CIK=1533615 Filing source: https://www.sec.gov/Archives/edgar/data/1533615/000110465926021956/xrn-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-02 · accession 0001104659-26-021956 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001533615.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 148,208,000 USD | 2025 | verified | | Net income | -6,883,000 USD | 2025 | verified | | Assets | 1,242,465,000 USD | 2025 | verified | | Net margin | -4.64% | 2025 | computed | | Revenue YoY | +6.79% | 2025 | computed | | ROE | -1.35% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | XRN | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -4.6% | 16.8% | 16 | 149 | | Revenue growth | 6.8% | 3.7% | 66 | 149 | | ROE | -1.4% | 5.7% | 17 | 151 | | ROA | -0.6% | 1.5% | 16 | 155 | | Liabilities / equity | 1.40 | 1.48 | 47 | 151 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 148208000 | USD | 2025 | 2026-03-02 | | Net income | -6883000 | USD | 2025 | 2026-03-02 | | Assets | 1242465000 | USD | 2025 | 2026-03-02 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001533615.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2012 | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | 8,211,000 | 30,344,000 | 53,192,000 | 70,726,000 | 93,730,000 | 115,936,000 | 137,283,000 | 141,049,000 | 138,780,000 | 148,208,000 | | Net income | -50,108 | -45,338 | -652,206 | | | | | -2,499,000 | 18,342,000 | 19,996,000 | 21,734,000 | 6,692,000 | -6,883,000 | | Diluted EPS | | | | | | | 0.10 | -0.17 | 0.19 | 0.20 | 1.13 | 0.06 | -0.91 | | Operating cash flow | | | | -2,166,000 | 12,596,000 | 24,834,000 | 36,427,000 | 34,520,000 | 68,967,000 | 76,541,000 | 68,440,000 | 70,046,000 | 73,610,000 | | Dividends paid | | | | 0.00 | 745,000 | 5,821,000 | 5,822,000 | 5,822,000 | 5,822,000 | 5,822,000 | 5,822,000 | 5,822,000 | 5,822,000 | | Share buybacks | | | | | | | | | | | | | 6,004,000 | | Assets | | | | 227,319,000 | 471,821,000 | 636,099,000 | 884,934,000 | 1,100,906,000 | 1,263,485,000 | 1,393,261,000 | 1,267,700,000 | 1,256,486,000 | 1,242,465,000 | | Liabilities | | | | 72,291,000 | 212,808,000 | 336,349,000 | 424,581,000 | 643,146,000 | 625,908,000 | 744,196,000 | 661,886,000 | 700,570,000 | 712,400,000 | | Stockholders' equity | | | | 155,028,000 | 246,335,000 | 269,295,000 | 430,270,000 | 444,805,000 | 622,785,000 | 632,984,000 | 583,584,000 | 534,126,000 | 509,770,000 | | Cash and cash equivalents | | | | 19,671,000 | 5,109,000 | 3,631,000 | 2,765,000 | 5,507,000 | 7,213,000 | 4,016,000 | 1,278,000 | 6,815,000 | 9,084,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2012 | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | | | -2.67% | 15.82% | 14.57% | 15.41% | 4.82% | -4.64% | | Return on equity | | | | | | | | -0.56% | 2.95% | 3.16% | 3.72% | 1.25% | -1.35% | | Return on assets | | | | | | | | -0.23% | 1.45% | 1.44% | 1.71% | 0.53% | -0.55% | | Liabilities / equity | | | | 0.47 | 0.86 | 1.25 | 0.99 | 1.45 | 1.01 | 1.18 | 1.13 | 1.31 | 1.40 | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/XRN/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001533615.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 0.03 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.12 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.01 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.18 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 35,507,000 | 4,833,000 | 0.05 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 32,961,000 | 551,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 35,118,000 | 2,314,000 | 0.01 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 34,241,000 | -1,952,000 | -0.05 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 34,264,000 | 3,391,000 | 0.03 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 35,156,000 | 2,939,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 34,618,000 | 3,737,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 37,969,000 | 585,000 | -0.01 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 37,229,000 | -5,058,000 | -0.45 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 38,392,000 | -6,147,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 38,064,000 | 1,654,000 | -0.06 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 39,747,000 | 72,281,000 | 4.78 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from XRN's latest 10-K: [/company/XRN/business/](/company/XRN/business/). ## Risk Factors Verbatim Item 1A Risk Factors from XRN's latest 10-K: [/company/XRN/risk-factors/](/company/XRN/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1533615/000110465926093347/xrn-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-10 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our financial statements, including the notes to those financial statements, included elsewhere in this Quarterly Report on Form 10-Q (this “Report”). Some of the statements we make in this section are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section below entitled “Special Note Regarding Forward-Looking Statements.” Certain risk factors may cause actual results, performance, or achievements to differ materially from those expressed or implied by the following discussion. For a discussion of such risk factors, see Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”), that was filed with the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) on March 2, 2026 and Item 1A. Risk Factors in this Quarterly Report on Form 10-Q. Unless otherwise indicated, all dollar amounts in the following discussion are presented in thousands. Special Note Regarding Forward-Looking Statements This Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). In particular, statements pertaining to our trends, liquidity, capital resources, future dividends, pending acquisitions, potential sales, the healthcare industry, the healthcare real estate markets and seniors housing opportunities, among others, contain forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology including, but not limited to, “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen -31- Table of Contents at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: [[GREPCENT_TABLE]] [["","\u25cf","difficulties in identifying healthcare and seniors housing facilities to acquire (due to increased cost of capital, competition or otherwise) and completing such acquisitions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","defaults on or non-renewal of leases by tenants;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to collect rents;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","increases in interest rates and increased operating costs;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our operating assets in our SHOP segment may expose us to various operational risks, liabilities and claims;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to renew our management agreements with our SHOP managers on as favorable terms or at all, and our ability when necessary, to effectively and efficiently transition a SHOP community to a new manager;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to successfully re-align our portfolio in connection with the expansion of our investment strategy to focus primarily on seniors housing properties;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","macroeconomic and geopolitical factors, including, but not limited to, inflationary pressures, tariffs and international trade policies, elevated interest rates, distress in the banking sector, global supply chain disruptions and ongoing geopolitical conflicts and war;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in current healthcare and healthcare real estate trends and costs, including wage inflation;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","an epidemic or pandemic (such as the COVID-19 epidemic), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to satisfy the covenants in our existing and any future debt agreements;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to refinance our existing debt when needed or on favorable terms;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","decreased rental rates or increased vacancy rates, including expected rent levels on acquired properties;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","adverse economic or real estate conditions or developments, either nationally or in the markets in which our facilities are located;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our failure to generate sufficient cash flows to service our outstanding obligations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to satisfy our short and long-term liquidity requirements;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to deploy the debt and equity capital we raise;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to hedge our interest rate risk;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to raise additional equity and debt capital on attractive terms or at all;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to make distributions on shares of our common and preferred stock or to redeem our preferred stock;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","expectations regarding the timing and/or completion of any acquisition;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","expectations regarding the timing and/or completion of dispositions, and the expected use of proceeds therefrom;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our use of joint ventures may limit our returns on and our flexibility with jointly-owned investments;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","general volatility of the market price of our common and preferred stock;"]] [[/GREPCENT_TABLE]] -32- Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","changes in our business or our investment or financing strategy;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our dependence upon key personnel, whose continued service is not guaranteed;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to identify, hire and retain highly qualified personnel in the future;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the degree and nature of our competition;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in healthcare laws, governmental regulations, tax laws and similar matters;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in expected trends in Medicare, Medicaid and commercial insurance reimbursement trends, including changes in Medicaid reimbursement rates pursuant to the One Big Beautiful Bill Act (the \u201cOBBBA\u201d);"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","competition for investment opportunities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our failure to achieve the anticipated benefits from, and effectively integrate, our completed or anticipated acquisitions and investments;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our expected capital and tenant improvement expenditures;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in accounting policies generally accepted in the United States of America (\u201cGAAP\u201d);"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","lack of, or insufficient amounts of, insurance;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","other factors affecting the real estate industry generally;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in the tax treatment of our distributions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our failure to maintain our qualification as a real estate investment trust (\u201cREIT\u201d) for U.S. federal income tax purposes;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to qualify for the safe harbor from the 100% prohibited transactions tax under the REIT rules with respect to our property dispositions; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","limitations imposed on our business due to, and our ability to satisfy, complex rules relating to REIT qualification for U.S. federal income tax purposes."]] [[/GREPCENT_TABLE]] ​ See Item 1A. Risk Factors in our 2025 Annual Report and Item 1A. Risk Factors in this Quarterly Report on Form 10-Q for further discussion of these and other risks, as well as the risks, uncertainties and other factors discussed in this Report and identified in other documents we may file with the SEC from time to time. You should carefully consider these risks before making any investment decisions in our company. New risks and uncertainties may also emerge from time to time that could materially and adversely affect us. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes after the date of this Report, except as required by applicable law. You should not place undue reliance on any forward-looking statements that are based on information currently available to us or the third parties making the forward-looking statements. Overview Chiron Real Estate Inc. (the “Company”) is a Maryland corporation and internally managed real estate investment trust (“REIT”) that owns (i) healthcare facilities leased to physician groups and regional and national healthcare systems and (ii) seniors housing communities. The Company’s seniors housing includes independent living communities (“IL”), assisted living communities (“AL”), memory care communities (“MC”) and active adult communities. As of June 30, 2026, the Company’s total gross investment portfolio consisted of 82% healthcare facilities, primarily outpatient medical facilities, 16% seniors housing operating portfolio (“SHOP”) assets, and 2% unconsolidated joint ventures and other investments. ​ -33- Table of Contents The Company holds its facilities and conducts its operations through a Delaware limited partnership subsidiary, Chiron Real Estate LP (the “Operating Partnership”). The Company serves as the sole general partner of the Operating Partnership through a wholly owned subsidiary of the Company, Chiron Real Estate GP LLC, a Delaware limited liability company. As of June 30, 2026, the Company owned 91.3% of the outstanding common operating partnership units (“OP Units”), with the remaining 8.7% owned by holders of long-term incentive plan units (“LTIP Units”) and third-party limited partners who contributed properties or services in exchange for OP Units. Our revenues are derived from the rental and operating expense reimbursement payments w [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1533615/000110465926021956/xrn-20251231x10k.htm Complete FY 2025 MD&A: /company/XRN/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-02 Report date: 2025-12-31 ITEM 7.   MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our financial statements, including the notes to those financial statements, included elsewhere in this Report. Some of the statements we make in this section are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this Report entitled “Special Note Regarding Forward-Looking Statements.” Certain risk factors may cause actual results, performance, or achievements to differ materially from those expressed or implied by the following discussion. For a discussion of such risk factors, see the section in this Report entitled “Risk Factors.” Unless otherwise indicated, all dollar and share amounts in the following discussion are presented in thousands. Note: On September 19, 2025, the Company completed a one-for-five reverse stock split of its outstanding shares of common stock, with a corresponding adjustment to the outstanding partnership units of the Operating Partnership (the “Reverse Stock Split”). Unless otherwise noted, all common share and unit amounts shown below are shown on a split-adjusted basis. Objective of MD&A Management’s Discussion and Analysis (“MD&A”) is a narrative explanation of the financial statements and other statistical data that we believe will enhance a reader’s understanding of our financial condition, changes in financial condition and results of operations. The objectives of MD&A are: [[GREPCENT_TABLE]] [["","a.","To provide a narrative explanation of our financial statements that enables investors to see the Company from management\u2019s perspective;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","b.","To enhance the overall financial disclosure and provide the context within which financial information should be analyzed; and"]] [[/GREPCENT_TABLE]] 38 Table of Contents [[GREPCENT_TABLE]] [["","c.","To provide information about the quality of, and potential variability of, our earnings and cash flow so that investors can ascertain the likelihood that past performance is indicative of future performance."]] [[/GREPCENT_TABLE]] Overview Chiron Real Estate Inc. (the “Company,” “us,” “we,” or “our”) is a Maryland corporation and internally managed REIT that primarily acquires healthcare facilities leased to physician groups and regional and national healthcare systems. We hold our facilities and conduct our operations through a Delaware limited partnership subsidiary, Chiron Real Estate LP (the “Operating Partnership”). Our wholly owned subsidiary, Chiron Real Estate GP LLC, is the sole general partner of our Operating Partnership. As of December 31, 2025, we owned 92.0% of the outstanding common operating partnership units (“OP Units”), with the remaining 8.0% owned by holders of long-term incentive plan units (“LTIP Units”) and third-party limited partners who contributed properties or services in exchange for OP Units. On February 23, 2026, the Company changed its name from Global Medical REIT Inc. to Chiron Real Estate Inc. Our revenues are derived from the rental and operating expense reimbursement payments we receive from our tenants, and most of our leases are medium to long-term triple net leases with contractual rent escalation provisions. Our primary expenses are depreciation, interest, and general and administrative expenses. We finance our acquisitions with a mixture of debt and equity primarily from our cash from operations, borrowings under our Third Amended and Restated Credit Facility (the “Credit Facility”), and stock issuances. Our Properties As of December 31, 2025, we had gross investments of approximately $1.5 billion in real estate, consisting of 189 buildings with an aggregate of approximately 5.1 million leasable square feet and approximately $118.8 million of annualized base rent. This data does not include amounts for properties held in our unconsolidated joint venture. 2025 Investment Activity ​ During 2025, the Company completed the acquisition of a five-property portfolio of medical real estate. In aggregate the portfolio had a purchase price of $69.6 million with 486,598 leasable square feet and annualized base rent of $6.3 million. ​ During 2025, the Company completed seven dispositions that generated aggregate net proceeds of $23.0 million, resulting in an aggregate net gain of $1.5 million. In addition, we recognized impairment losses on the sold assets of $13.0 million. ​ Preferred Stock Offering ​ On November 20, 2025, the Company sold 2,050,000 shares of its Series B Cumulative Redeemable Preferred Stock, $0.001 par value per share, with a liquidation preference of $25 per share, inclusive of 50,000 shares issued in connection with the underwriters’ exercise of their over-allotment option. The Company may, at its option, redeem the Series B Preferred Stock for cash in whole or in part, from time to time, at any time on or after November 20, 2030, at a cash redemption price of $25 per share, plus accrued and unpaid dividends. The Series B Preferred Stock generally has no voting rights, except for limited voting rights if the Company fails to pay dividends for six quarterly periods and on certain fundamental matters that may affect the preference or special rights of the Series B Preferred Stock. The issuance resulted in aggregate gross proceeds of $51.3 million. After deducting underwriting discounts and advisory fees of $1.6 million, and expenses paid by the Company that were directly attributable to the offering of $0.5 million (which are both treated as a reduction of the “Preferred Stock” balance on the accompanying Consolidated Balance Sheets), the Company’s Series B Preferred Stock balance as of December 31, 2025 was $49.1 million. The net proceeds received from the transaction were primarily used to repay borrowings on the revolver component of the Credit Facility. Recent Developments Inaugural Active Adult Investment ​ On January 6, 2026, the Company entered into a joint venture with a developer to facilitate the development of a 132-unit, active adult residential community in a suburb of Minneapolis, Minnesota (the “Active Adult Joint Venture”). We invested $7.1 million for a 49% equity interest in the Active Adult Joint Venture, with the developer retaining a 51% interest. The Active Adult Joint Venture 39 Table of Contents entered into a construction loan with a principal balance of $31.0 million. The developer is serving as the managing member of the Active Adult Joint Venture. ​ Chapter 11 Reorganization Filing of White Rock Medical Center, LLC ​ On January 20, 2026, White Rock Medical Center LLC, filed for Chapter 11 bankruptcy protection under the United States Bankruptcy Code. At the time of its bankruptcy filing, White Rock operated two hospitals in Texas, including the White Rock Medical Center in Dallas, Texas, an acute-care hospital owned by the Company where White Rock is the sole tenant and has been operating the hospital since October 2023. There are 12 years remaining on this lease. According to the filed bankruptcy documents, the primary reason for the bankruptcy is a dispute with the former operator of the facility related to amounts due to the former operator. Accordingly White Rock plans to (i) restructure indebtedness related to its purchase of the hospital operations at the White Rock Medical Center and a related transition services agreement and (ii) sell its hospital operations to a third party, with the goal of stabilizing its operations and maximizing value to its stakeholders. As a means of assisting White Rock in its stabilization efforts, the Company has funded annual property tax obligations due under the lease and accepted reduced monthly payments. As of February 20, 2026, the Company has a receivable balance, net of security deposits, of approximately $1.4 million (exclusive of late fees and interest thereon). Although we expect White Rock to affirm our lease as part of its reorganization plan, as of February 20, 2026, no reorganization plan has been filed with the courts and there can be no assurance that White Rock will affirm its lease with us or that we will receive any amounts owed to us. Trends Which May Influence Our Results of Operations We believe the following trends may positively impact our results of operations: [[GREPCENT_TABLE]] [["","\u25cf","An aging population. The general aging of the population, driven by the large baby boomer generation (born 1946-1964) and increases in life expectancy due to advances in medical technology and services, continues to be a key driver of growth in healthcare expenditures. According to the most recent U.S. Census Bureau estimates, the population age 65 and older grew by over a third during the past decade, and roughly 3.1% from 2023 to 2024. We believe this segment of the U.S. population will utilize many of the services provided at our healthcare facilities such as orthopedics, cardiac, gastroenterology and rehabilitation."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","A continuing shift towards outpatient care. According to the American Hospital Association, patients are demanding more outpatient operations. We believe this shift in patient preference from inpatient to outpatient facilities will benefit our tenants as most of our properties consist of outpatient facilities."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","Physician practice group and hospital consolidation. We believe the trend towards physician group consolidation will serve to strengthen the credit quality of our tenants if our tenants merge or are consolidated with larger health systems."]] [[/GREPCENT_TABLE]] We believe the following trends may negatively impact our results of operations: [[GREPCENT_TABLE]] [["","\u25cf","Longer-term interest rates remain at elevated levels. During 2025, the U.S. Federal Reserve (the \u201cFed\u201d) continued lowering the Federal Funds Rate with the most recent cut in December 2025 bringing the target range to 3.50% to 3.75%. The 10-Year U.S. Treasury yield and Secured Overnight Financing Rate (\u201cSOFR\u201d) have also trended lower during 2025, with the 10-year U.S. Treasury yield and one-month term SOFR at 4.18% and 3.69% as of December 31, 2025, respectively. Although interest rates have trended lower during 2025, interest rates are significantly higher than in 2021, when we entered into interest rate swaps with respect to the $350 million Term Loan A component of our Credit Facility. These interest rate swaps fixed the SOFR component of our interest rate on our Term Loan A at 1.36%; however, these swaps are set to expire in April 2026 (the original maturity date of Term Loan A). In October 2025, we entered into $350 million of new forward-starting interest rate swaps that will be effective in May 2026 to fully hedge the SOFR components of the new three Term Loan A tranches in the Credit Facility through their respective maturities at rates ranging from 3.24% to 3.32%. The current elevated interest rate environment has already resulted in material increases in our interest expense with respect to our floating-rate indebtedness and, beginning on the effective date of our new interest rate swaps, will materially increase our interest expense with respect to our fixed-rate indebtedness."]] [[/GREPCENT_TABLE]] ​ 40 Table of Contents [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/XRN/mda/fy2025/ All MD&A years: /company/XRN/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/XRN/mda/fy2024/): filed 2025-02-28; accession 0001558370-25-001938 (https://www.sec.gov/Archives/edgar/data/1533615/000155837025001938/gmre-20241231x10k.htm) - [FY 2023 MD&A](/company/XRN/mda/fy2023/): filed 2024-02-28; accession 0001558370-24-002000 (https://www.sec.gov/Archives/edgar/data/1533615/000155837024002000/gmre-20231231x10k.htm) - [FY 2022 MD&A](/company/XRN/mda/fy2022/): filed 2023-03-01; accession 0001558370-23-002515 (https://www.sec.gov/Archives/edgar/data/1533615/000155837023002515/gmre-20221231x10k.htm) - [FY 2021 MD&A](/company/XRN/mda/fy2021/): filed 2022-03-01; accession 0001558370-22-002518 (https://www.sec.gov/Archives/edgar/data/1533615/000155837022002518/gmre-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/XRN.md · JSON record: /company/XRN.json · verified financials: /company/XRN/financials.json / /company/XRN/financials.csv · machine TOC for the whole site: /llms.txt