Chiron Real Estate 完成出售七項康復設施組合 交易總額2.17億美元

EX-99.1
3
tm2619294d1_ex99-1.htm
EXHIBIT 99.1

 

 

Exhibit 99.1

 

Chiron Real Estate Inc.

Unaudited Pro Forma Condensed Consolidated Financial
Statements

 

On June 26, 2026, Chiron Real Estate Inc.
(the “Company”), through certain subsidiaries, entered into an Agreement of Purchase and Sale (the “Joint Venture Sale
Agreement”), and on June 29, 2026 completed the sale of, a portfolio of seven inpatient rehabilitation facilities located in
Altoona, Pennsylvania; Mechanicsburg, Pennsylvania; Mesa, Arizona; Sherman, Texas; Las Vegas, Nevada; Surprise, Arizona; and Oklahoma
City, Oklahoma (collectively, the “Properties”).

 

Pursuant to the Joint Venture Sale Agreement,
the Company sold the Properties, together with the related leases, security deposits and certain other tangible and intangible assets
associated with the ownership and operation of the Properties, and acquired a 15% ownership interest in the joint venture that acquired
the Properties (collectively, the “Transaction”). The aggregate sale price for the Transaction was $217.0 million, subject
to customary prorations, adjustments and credits set forth in the Joint Venture Sale Agreement. Following the Transaction, the Company
no longer consolidates the Properties and expects to account for its acquired interest in the joint venture as an investment in an unconsolidated
joint venture.

 

The unaudited pro forma condensed consolidated
financial information is being provided pursuant to Article 11 of Regulation S-X to reflect the disposition of the Properties, which
represents a significant disposition of a business. The unaudited pro forma condensed consolidated financial statements were derived from
the Company’s historical consolidated financial statements and the historical financial information of the Properties, and include
transaction accounting adjustments to reflect the Transaction, including the removal of the historical assets, liabilities and results
of operations attributable to the Properties, recognition of the Company’s acquired 15% ownership interest in the joint venture,
the estimated gain on sale and other Transaction-related impacts described in the accompanying notes.

 

The unaudited pro forma condensed consolidated
balance sheet reflects the Transaction as if it occurred on the balance sheet date presented. The unaudited pro forma condensed consolidated
statements of operations reflect the Transaction as if it occurred on the first day of the earliest period presented.

 

The unaudited pro forma condensed consolidated
financial statements and the accompanying notes should be read in conjunction with the Company’s historical consolidated financial
statements and accompanying notes included in its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

 

The unaudited pro forma condensed consolidated
financial information is provided for informational purposes only and does not purport to represent the Company’s actual financial
condition or results of operations had the Transaction occurred on the dates indicated, nor does it project the Company’s results
of operations or financial condition for any future period or date. The Company has prepared the unaudited pro forma condensed consolidated
financial information based on available information using assumptions it believes are reasonable. Actual results reported by the Company
in periods following the Transaction may differ materially from this unaudited pro forma condensed consolidated financial information.

 

 1

  

 

 

Chiron Real Estate Inc.
Unaudited Pro Forma Condensed Consolidated Balance Sheet
As of March 31, 2026
(in thousands)

 

 
   
    
 Transaction Accounting Adjustments  
  
   

 
   
 Company Historical  
 Disposition Adjustments (Note 2a)  
 Additional

 Transaction Accounting Adjustments
  
  
 Pro Forma 

 
 ASSETS 
     
     
     
  
    

 
 Investment in real estate: 
     
     
     
  
    

 
 Land 
 $169,917  
 $(12,590) 
 $—  
  
 $157,327 

 
 Building 
  1,073,953  
  (140,782) 
  —  
  
  933,171 

 
 Site improvements 
  25,783  
  (1,979) 
  —  
  
  23,804 

 
 Tenant improvements 
  81,168  
  (12,593) 
  —  
  
  68,575 

 
 Acquired lease intangible assets 
  144,573  
  (15,629) 
  —  
  
  128,944 

 
   
  1,495,394  
  (183,573) 
  —  
  
  1,311,821 

 
 Less: accumulated depreciation and amortization 
  (353,309) 
  51,768  
  —  
  
  (301,541)

 
 Investment in real estate, net 
  1,142,085  
  (131,805) 
  —  
  
  1,010,280 

 
 Cash and cash equivalents 
  8,183  
  —  
  194,8712(b) 
  
  203,054 

 
 Restricted cash 
  2,778  
  (489) 
  —  
  
  2,289 

 
 Tenant receivables, net 
  6,800  
  2  
  —  
  
  6,802 

 
 Due from related parties 
  177  
  —  
  —  
  
  177 

 
 Escrow deposits 
  546  
  —  
  —  
  
  546 

 
 Deferred assets 
  29,953  
  (7,838) 
  —  
  
  22,115 

 
 Derivative assets 
  7,218  
  —  
  —  
  
  7,218 

 
 Goodwill 
  5,903  
  —  
  —  
  
  5,903 

 
 Investment in unconsolidated joint venture 
  8,902  
  —  
  16,3492(c) 
  
  25,251 

 
 Other assets 
  25,474  
  (1,694) 
  —  
  
  23,780 

 
 Total assets 
 $1,238,019  
 $(141,824) 
 $211,220  
  
 $1,307,415 

 
   
     
     
     
  
    

 
 LIABILITIES AND EQUITY 
     
     
     
  
    

 
 Liabilities: 
     
     
     
  
    

 
 Credit Facility, net of unamortized debt issuance costs of $9,686 at March 31, 2026 
 $662,314  
 $—  
 $—  
  
 $662,314 

 
 Notes payable, net of unamortized debt issuance costs of $0 at March 31, 2026 
  1,096  
  —  
  —  
  
  1,096 

 
 Accounts payable and accrued expenses 
  15,022  
  (107) 
  —  
  
  14,915 

 
 Dividends payable 
  12,708  
  —  
  —  
  
  12,708 

 
 Security deposits 
  3,486  
  (531) 
  —  
  
  2,955 

 
 Other liabilities 
  18,368  
  (714) 
  —  
  
  17,654 

 
 Acquired lease intangible liabilities, net 
  4,375  
  —  
  —  
  
  4,375 

 
 Total
 liabilities 
 $717,369  
 $(1,352) 
 $—  
  
 $716,017 

 
 Commitments and Contingencies 
     
     
     
  
    

 
 Equity: 
     
     
     
  
    

 
 Preferred stock, $0.001 par value, 10,000 shares authorized; 5,155 shares issued and outstanding at March 31, 2026 (liquidation preference of $128,875 at March 31, 2026) 
  124,106  
  —  
  —  
  
  124,106 

 
 Common stock, $0.001 par value, 100,000 shares authorized; 13,235 shares issued and outstanding at March 31, 2026 
  13  
  —  
  —  
  
  13 

 
 Additional paid-in capital 
  729,514  
  —  
  —  
  
  729,514 

 
 Accumulated deficit 
  (360,640) 
  (139,361) 
  205,4882(d) 
  
  (294,513)

 
 Accumulated other comprehensive income 
  7,218  
  —  
  —  
  
  7,218 

 
 Total Chiron Real Estate stockholders' equity 
  500,211  
  (139,361) 
  205,488  
  
  566,338 

 
 Noncontrolling interest 
  20,439  
  (1,111) 
  5,7322(e) 
  
  25,060 

 
 Total equity 
  520,650  
  (140,472) 
  211,220  
  
  591,398 

 
 Total liabilities and equity 
 $1,238,019  
 $(141,824) 
 $211,220  
  
 $1,307,415 

 

 

 2

  

 

 

Chiron Real Estate Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Operations
For the Year Ended December 31, 2025
(in thousands, except per share data)

 

 
   
    
 Transaction Accounting Adjustments  
   

 
   
 Company

 Historical
  
 Disposition Adjustments (Note 3a)  
 Additional Transaction Accounting Adjustments  
 Pro Forma 

 
 Revenue 
     
     
     
    

 
 Rental revenue 
 $147,682  
 $(16,636) 
 $—  
 $131,046 

 
 Other income 
  526  
  —  
  —  
  526 

 
 Total revenue 
  148,208  
  (16,636) 
  —  
  131,572 

 
   
     
     
     
    

 
 Expenses 
     
     
     
    

 
 General and administrative 
  19,998  
  —  
  —  
  19,998 

 
 Operating expenses 
  32,620  
  (310) 
  —  
  32,310 

 
 Depreciation expense 
  44,025  
  (4,562) 
  —  
  39,463 

 
 Amortization expense 
  15,017  
  (872) 
  —  
  14,145 

 
 Interest expense 
  31,754  
  —  
  —  
  31,754 

 
 Total expenses 
  143,414  
  (5,744) 
  —  
  137,670 

 
   
     
     
     
    

 
 Income before other income (expense) 
  4,794  
  (10,892) 
  —  
  (6,098)

 
 Gain on sale of investment properties 
  1,487  
  —  
  70,7483(b) 
  72,235 

 
 Impairment of investment properties 
  (13,014) 
  —  
  —  
  (13,014)

 
 Equity (loss) income from unconsolidated joint ventures 
  (150) 
  —  
  6983(c) 
  548 

 
   
     
     
     
    

 
 Net (loss) income 
 $(6,883) 
 $(10,892) 
 $71,446  
 $53,671 

 
 Less: Preferred stock dividends 
  (6,280) 
  —  
  —  
  (6,280)

 
 Less: Net loss (income) attributable to noncontrolling interest 
  1,047  
  871  
  (5,716) 3(d) 
  (3,798) 

 
 Net (loss) income attributable to common stockholders 
 $(12,116) 
 $(10,021) 
 $65,730  
 $43,593 

 
   
     
     
     
    

 
 Net (loss) income attributable to common stockholders per share – basic and diluted 
 $(0.91) 
     
     
 $3.263(e)

 
   
     
     
     
    

 
 Weighted average shares outstanding – basic and diluted 
  13,379  
     
     
  13,379 

 

 

 3

  

 

 

Chiron Real Estate Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Operations
For the Three Months Ended March 31, 2026
(in thousands, except per share data)

 

 
   
    
 Transaction Accounting Adjustments  
   

 
   
 Company

 Historical
  
 Disposition Adjustments

 (Note 3a)
  
 Additional

 Transaction Accounting Adjustments
  
 Pro Forma 

 
 Revenue 
     
     
     
    

 
 Rental revenue 
 $38,021  
 $(4,166) 
 $—  
 $33,855 

 
 Other income 
  43  
  —  
  —  
  43 

 
 Total revenue 
  38,064  
  (4,166) 
  —  
  33,898 

 
   
     
     
     
    

 
 Expenses 
     
     
     
    

 
 General and administrative 
  5,089  
  —  
  —  
  5,089 

 
 Operating expenses 
  9,250  
  (89) 
  —  
  9,161 

 
 Depreciation expense 
  11,087  
  (1,100) 
  —  
  9,987 

 
 Amortization expense 
  3,740  
  (183) 
  —  
  3,557 

 
 Interest expense 
  7,233  
  —  
  —  
  7,233 

 
 Total expenses 
  36,399  
  (1,372) 
  —  
  35,027 

 
   
     
     
     
    

 
 Income before other income (expense) 
  1,665  
  (2,794) 
  —  
  (1,129)

 
 Equity (loss) income from unconsolidated joint ventures 
  (11) 
  —  
  1853(c) 
  174 

 
   
     
     
     
    

 
 Net income (loss) 
 $1,654  
 $(2,794) 
 $185  
 $(955)

 
 Less: Preferred stock dividends 
  (2,473) 
  —  
  —  
  (2,473)

 
 Less: Net loss (income) attributable to noncontrolling interest 
  70  
  —  
  —  
  70 

 
 Net loss attributable to common stockholders 
 $(749) 
 $(2,794) 
 $185  
 $(3,358)

 
   
     
     
     
    

 
 Net (loss) income attributable to common stockholders per share – basic and diluted 
 $(0.06) 
     
     
 $(0.25) 3(c)

 
   
     
     
     
    

 
 Weighted average shares outstanding – basic and diluted 
  13,235  
     
     
  13,235 

 

 

 4

  

 

 

Chiron Real Estate Inc.
Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements
(in thousands, except per share data)

 

1. Basis of Pro Forma Presentation

 

The unaudited pro forma condensed consolidated
financial statements have been prepared in accordance with Article 11 of Regulation S-X to give effect to the Company’s sale
of a portfolio of seven inpatient rehabilitation facilities located in Altoona, Pennsylvania; Mechanicsburg, Pennsylvania; Mesa, Arizona;
Sherman, Texas; Las Vegas, Nevada; Surprise, Arizona; and Oklahoma City, Oklahoma (collectively, the “Properties”) to a joint
venture in which the Company acquired a 15% ownership interest. The unaudited pro forma condensed consolidated balance sheet gives effect
to the Transaction as if it had occurred as of March 31, 2026. The unaudited pro forma condensed consolidated statements of operations
for the year ended December 31, 2025 and the three months ended March 31, 2026 give effect to the Transaction as if it had occurred
on January 1, 2025.

 

The unaudited pro forma condensed consolidated
financial statements were derived from the Company’s historical consolidated financial statements and the historical financial information
of the Properties. The pro forma adjustments are based on currently available information and assumptions that management believes are
reasonable under the circumstances. The unaudited pro forma condensed consolidated financial statements are presented for informational
purposes only and do not purport to represent what the Company’s results of operations or financial condition would have been had
the Transaction occurred on the dates indicated, nor do they project the Company’s results of operations or financial condition
for any future period or date.

 

2. Pro Forma Adjustments – Balance Sheet

 

The unaudited pro forma condensed consolidated
balance sheet reflects adjustments that are directly attributable to the Transaction.

 

(a) Represents the elimination of
the assets and liabilities attributable to the Properties for the periods presented.

 

(b) Represents the estimated net cash
proceeds at the closing of the Transaction:

 

 
 Description 
 Amount 

 
 Aggregate sale price 
 $217,000 

 
 Less: Closing costs 
  (2,836)

 
 Less: Transaction costs 
  (2,944)

 
 Less: Joint venture investment 
  (16,349)

 
 Estimated net proceeds retained by the Company 
 $194,871 

 

 

(c) Represents the Company’s
15% ownership interest in the joint venture that purchased the Properties.

 

 5

  

 

 

(d) Accumulated deficit has been decreased
to reflect the receipt of net cash proceeds and removal of assets and liabilities related to the Transaction, as follows:

 

 
 Description 
 Amount 

 
 Aggregate sale price 
 $217,000 

 
 Less: Closing and transaction costs 
  (5,780)

 
 Less: Aggregate book value of the properties sold 
  (140,472)

 
 Estimated gain on sale 
 $70,748 

 

 

(e) Represents the impact to noncontrolling interest.

 

3. Pro Forma Adjustments – Statements of Operations

 

The unaudited pro forma condensed consolidated
statements of operations reflect adjustments that are directly attributable to the Transaction and expected to have a continuing impact
on the Company’s results of operations, as applicable.

 

(a) Represents the elimination of
revenues and expenses associated with the Properties.

 

(b) Represents the estimated gain
on sale associated with the Transaction.

 

(c) Represents the Company’s
15% share of the estimated earnings of the unconsolidated joint venture that acquired the Properties. The adjustment was calculated by
applying the Company’s 15% ownership interest to the estimated net income of the joint venture for the period presented, after giving
effect to the historical operating results of the Properties, applicable pro forma adjustments and estimated interest expense on debt
incurred by the joint venture in connection with the Transaction.

 

(d) Represents the impact of net (loss)
income attributable to noncontrolling interests.

 

(e) Represents the impact on earnings
per share related to pro forma adjustments.

 

 6