Bull case
Chiron Real Estate is attractive because it is executing a deliberate pivot from legacy medical office assets into higher-growth SHOP and active adult housing, supported by trophy-quality acquisitions in supply-constrained markets and a repeatable development-to-acquisition pipeline. The balance sheet transition looks manageable, with $266mm of dispositions funding $249mm of SHOP acquisitions, net debt to adjusted EBITDAre improving to 6.0x, $642mm of total debt, 78% fixed-rate exposure, a 4.6% weighted average interest rate, and no debt maturities until 2028. Although FAD per share is expected to trough in 2026-2027 as lease-up creates near-term dilution, management’s hiring of specialized senior housing talent, same-store cash NOI growth of 3.2%, and implied 7%+ stabilized yields suggest a credible path to stronger earnings and a re-rating as execution risk declines.