| (a)(1) | Financial Statements |
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| Report of Independent Registered Public Accounting Firm | 53 |
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| Consolidated Balance Sheets as of December 31, 2025 and 2024 | 55 |
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| Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 | 56 |
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| Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023 | 57 |
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| Consolidated Statements of Equity for the years ended December 31, 2025, 2024, and 2023 | 58 |
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| Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023 | 59 |
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| Notes to Consolidated Financial Statements | 60 |
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| (a)(2) | Financial Statement Schedule |
SCHEDULE III
CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION
(dollars in thousands)
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| · · · · · · · · · · Costs Capitalized · · · · · · · · · · · · · · · · · · Life on |
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| · · · · · · · · · · Subsequent to · · · · · · · · · · · · · · · · · · Which |
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| · · · · Initial Costs · · Acquisition · · Gross Value at Close of Period · · · · · · Depreciation |
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| · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · in Income |
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| · · Encumb- · · Land & · · Building · · Land & · · Building · · Land & · · Building · · Total · · Accumulated · · Year Built · · Year · · Statement is |
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| Description · · rances · · Improv · · & Improv · · Improv · · & Improv · · Improv · · & Improv · · Assets · · Depreciation · · / Renov · · Acquired · · Computed |
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| Omaha-LTACH | | | | $— | | $21,867 | | $— | | | $— | | $— | | $21,867 | | $21,867 | | $6,325 | 2008 | 2014 | (1) |
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| Asheville-ASC | | | | 572 | | 1,934 | | 293 | | | 1,034 | | 865 | | 2,968 | | 3,833 | | 694 | 2002 | 2014 | (1) |
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| Pittsburgh-MOB/ASC | | | | 1,287 | | 10,322 | | — | | | — | | 1,287 | | 10,322 | | 11,609 | | 2,649 | 2006 | 2015 | (1) |
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| Memphis-MOB/ASC | | | | 2,705 | | 17,451 | | (485) | | | (1,590) | | 2,220 | | 15,861 | | 18,081 | | 3,574 | (4) | 2015 | (1) |
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| Plano-Surgical Hospital | | | | 1,050 | | 16,696 | | — | | | — | | 1,050 | | 16,696 | | 17,746 | | 4,143 | 2013 | 2016 | (1) |
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| Westland-MOB/ASC | | | | 230 | | 4,520 | | — | | | 330 | | 230 | | 4,850 | | 5,080 | | 1,117 | 2009 | 2016 | (1) |
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| Reading-MOB/ASC | | | | 1,440 | | 7,940 | | — | | | 22 | | 1,440 | | 7,962 | | 9,402 | | 1,876 | 1992/2002 | 2016 | (1) |
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| East Orange-MOB | | | | 2,150 | | 10,112 | | — | | | 523 | | 2,150 | | 10,635 | | 12,785 | | 2,405 | 1996 | 2016 | (1) |
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| Watertown- MOB/ Imaging | | | | 1,100 | | 8,002 | | 509 | | | 378 | | 1,609 | | 8,380 | | 9,989 | | 1,985 | 2011/2015 | 2016 | (1)(3) |
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| Sandusky-MOB | | | | 791 | | 10,710 | | — | | | — | | 791 | | 10,710 | | 11,501 | | 2,769 | (5) | 2016/2017 | (1) |
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| Altoona-IRF | | | | 1,184 | | 18,505 | | — | | | — | | 1,184 | | 18,505 | | 19,689 | | 4,650 | 2000 | 2016 | (1)(2)(3) |
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| Mechanicsburg-IRF | | | | 810 | | 21,451 | | — | | | — | | 810 | | 21,451 | | 22,261 | | 5,263 | 2011 | 2016 | (1)(2)(3) |
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| Mesa-IRF | | | | 3,620 | | 16,265 | | — | | | — | | 3,620 | | 16,265 | | 19,885 | | 4,643 | 2011 | 2016 | (1)(2)(3) |
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| Lewisburg-MOB/ Imaging | | | | 681 | | 6,114 | | — | | | 57 | | 681 | | 6,171 | | 6,852 | | 1,844 | 2006 | 2017 | (1)(2)(3) |
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| Cape Coral-MOB | | | | 353 | | 7,017 | | — | | | — | | 353 | | 7,017 | | 7,370 | | 1,257 | 2007 | 2017 | (1)(3) |
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| Las Cruces-MOB | | | | 397 | | 4,618 | | 40 | | | 69 | | 437 | | 4,687 | | 5,124 | | 1,205 | 2012 | 2017 | (1) |
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| Clermont-MOB | | | | 145 | | 4,422 | | — | | | 35 | | 145 | | 4,457 | | 4,602 | | 910 | 2014 | 2017 | (1)(2)(3) |
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| Brockport-MOB | | | | 693 | | 7,097 | | — | | | — | | 693 | | 7,097 | | 7,790 | | 2,046 | 2011 | 2017 | (1)(2)(3) |
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| Flower Mound-ASC | | | | 730 | | 3,155 | | — | | | — | | 730 | | 3,155 | | 3,885 | | 912 | 2014 | 2017 | (1)(2)(3) |
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| Sherman-IRF/ LTACH | | | | 1,601 | | 25,011 | | — | | | 2,447 | | 1,601 | | 27,458 | | 29,059 | | 6,016 | 2009 | 2017 | (1)(2) |
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| Lubbock-MOB | | | | 1,566 | | 5,725 | | — | | | — | | 1,566 | | 5,725 | | 7,291 | | 1,903 | 2004 | 2017 | (1)(2)(3) |
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| Austin-IRF | | | | 7,223 | | 29,616 | | — | | | — | | 7,223 | | 29,616 | | 36,839 | | 6,339 | 2012 | 2017 | (1)(2)(3) |
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| Albertville-MOB | | | | 1,154 | | 4,444 | | 198 | | | 40 | | 1,352 | | 4,484 | | 5,836 | | 2,019 | 2007 | 2017 | (1)(2)(3) |
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| Moline-MOB/ASC | | | | 854 | | 9,237 | | — | | | — | | 854 | | 9,237 | | 10,091 | | 2,561 | 2004 | 2017 | (1)(2)(3) |
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| Lee’s Summit-MOB | | | | 571 | | 2,929 | | — | | | 306 | | 571 | | 3,235 | | 3,806 | | 1,189 | 2007 | 2017 | (1)(2)(3) |
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| Amarillo-MOB | | | | 1,437 | | 7,254 | | — | | | — | | 1,437 | | 7,254 | | 8,691 | | 1,319 | 2011 | 2017 | (1) |
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| Wyomissing-MOB | | | | 487 | | 5,250 | | — | | | — | | 487 | | 5,250 | | 5,737 | | 934 | 2004 | 2017 | (1) |
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| Saint George-MOB/ASC | | | | 435 | | 5,372 | | — | | | 138 | | 435 | | 5,510 | | 5,945 | | 1,089 | 1997 | 2017 | (1) |
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| Silvis-MOB | | | | 249 | | 5,862 | | 39 | | | 994 | | 288 | | 6,856 | | 7,144 | | 2,226 | 1997/2006 | 2018 | (1)(2)(3) |
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| Fremont-MOB | | | | 162 | | 8,335 | | — | | | — | | 162 | | 8,335 | | 8,497 | | 1,566 | 2018 | 2018 | (1) |
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| Gainesville-MOB/ASC | | | | 625 | | 9,885 | | — | | | 794 | | 625 | | 10,679 | | 11,304 | | 2,105 | 2002 | 2018 | (1) |
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| East Dallas-Acute Hospital | | | | 6,272 | | 17,012 | | — | | | 1,450 | | 6,272 | | 18,462 | | 24,734 | | 5,034 | 1994 | 2018 | (1) |
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| Orlando-MOB | | | | 3,075 | | 11,944 | | — | | | 513 | | 3,075 | | 12,457 | | 15,532 | | 3,021 | 2007/2008/2009 | 2018 | (1)(2)(3) |
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| Belpre-MOB/ Imaging/ER/ ASC | | | | 3,997 | | 53,520 | | — | | | — | | 3,997 | | 53,520 | | 57,517 | | 11,281 | 2011/2013/2014/2017 | 2018 | (1)(2)(3) |
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| McAllen-MOB | | | | | 1,099 | | | 4,296 | | | — | | | — | | | 1,099 | | | 4,296 | | | 5,395 | | | 1,073 | | 2000 | | 2018 | | (1) |
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| Bountiful-MOB | | | | | 720 | | | 4,185 | | | — | | | 109 | | | 720 | | | 4,294 | | | 5,014 | | | 837 | | 2004 | | 2018 | | (1)(2) |
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| Cincinnati-MOB | | | | | 1,823 | | | 1,811 | | | 128 | | | 301 | | | 1,951 | | | 2,112 | | | 4,063 | | | 980 | | 2016 | | 2018 | | (1)(2)(3) |
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| Melbourne Pine-Cancer Center | | | | | 732 | | | 5,980 | | | — | | | 1,031 | | | 732 | | | 7,011 | | | 7,743 | | | 1,532 | | 1993 | | 2018 | | (1)(2)(3) |
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| Southern IL-MOB | | | | | 1,830 | | | 12,660 | | | 133 | | | 603 | | | 1,963 | | | 13,263 | | | 15,226 | | | 2,694 | | (6) | | 2018 | | (1) |
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| Vernon-MOB/ Dialysis/ Administrative | | | | | 1,166 | | | 9,929 | | | — | | | — | | | 1,166 | | | 9,929 | | | 11,095 | | | 2,365 | | 1993/1999 | | 2018 | | (1) |
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| Corona | | | | | 1,601 | | | 14,689 | | | — | | | — | | | 1,601 | | | 14,689 | | | 16,290 | | | 2,571 | | 2009 | | 2018 | | (1) |
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| Zachary-LTACH | | | | | 103 | | | 3,745 | | | — | | | — | | | 103 | | | 3,745 | | | 3,848 | | | 781 | | 2015 | | 2019 | | (1)(2)(3) |
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| Chandler -MOB/ASC | | | | | 4,616 | | | 11,643 | | | — | | | 75 | | | 4,616 | | | 11,718 | | | 16,334 | | | 2,401 | | 2004/2007/2015 | | 2019 | | (1) |
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| Surprise-IRF | | | | | 1,966 | | | 22,856 | | | 38 | | | — | | | 2,004 | | | 22,856 | | | 24,860 | | | 5,293 | | 2015 | | 2019 | | (1)(2)(3) |
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| Las Vegas-IRF | | | | | 2,723 | | | 17,482 | | | — | | | — | | | 2,723 | | | 17,482 | | | 20,205 | | | 5,210 | | 2007 | | 2019 | | (1)(2)(3) |
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| Oklahoma Northwest-IRF | | | | | 2,507 | | | 22,545 | | | 122 | | | 6,814 | | | 2,629 | | | 29,359 | | | 31,988 | | | 6,107 | | 2012 | | 2019 | | (1)(2)(3) |
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| San Marcos-Cancer Center | | | | | 2,448 | | | 7,338 | | | — | | | — | | | 2,448 | | | 7,338 | | | 9,786 | | | 1,568 | | 2009 | | 2019 | | (1)(2)(3) |
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| Lansing Patient-MOB /ASC | | | | | 1,387 | | | 8,348 | | | 225 | | | 808 | | | 1,612 | | | 9,156 | | | 10,768 | | | 2,435 | | 1997/2000/2002 | | 2019 | | (1)(2)(3) |
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| Bannockburn-MOB | | | | | 895 | | | 4,700 | | | 162 | | | 1,200 | | | 1,057 | | | 5,900 | | | 6,957 | | | 2,464 | | 1999 | | 2019 | | (1)(2)(3) |
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| Livonia-MOB/Urgent Care | | | | | 1,181 | | | 8,071 | | | 85 | | | 1,737 | | | 1,266 | | | 9,808 | | | 11,074 | | | 3,041 | | 1995 | | 2019 | | (1)(2)(3) |
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| Gilbert-MOB/ASC | | | | | 2,470 | | | 2,389 | | | — | | | — | | | 2,470 | | | 2,389 | | | 4,859 | | | 660 | | 2006 | | 2019 | | (1)(2)(3) |
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| Morgantown-Office | | | | | 1,256 | | | 5,792 | | | — | | | — | | | 1,256 | | | 5,792 | | | 7,048 | | | 1,295 | | 2019 | | 2019 | | (1)(2)(3) |
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| Beaumont-Surgical Hospital | | | | | 3,421 | | | 25,872 | | | — | | | 938 | | | 3,421 | | | 26,810 | | | 30,231 | | | 4,531 | | 2013 | | 2019 | | (1)(2)(3) |
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| Bastrop-Freestanding ED | | | | | 2,039 | | | 8,712 | | | — | | | 27 | | | 2,039 | | | 8,739 | | | 10,778 | | | 1,734 | | 2012 | | 2019 | | (1)(2)(3) |
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| Jacksonville-MOB | | | | | — | | | 5,019 | | | — | | | — | | | — | | | 5,019 | | | 5,019 | | | 768 | | 2003/2004 | | 2019 | | (1) |
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| Greenwood-MOB/ASC | | | | | 892 | | | 4,956 | | | — | | | — | | | 892 | | | 4,956 | | | 5,848 | | | 1,189 | | 1986 | | 2019 | | (1) |
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| Clinton-MOB/ASC | | | | | 1,006 | | | 8,129 | | | 597 | | | 1,712 | | | 1,603 | | | 9,841 | | | 11,444 | | | 4,523 | | 1964 | | 2020 | | (1)(2)(3) |
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| West Allis-MOB | | | | | 1,111 | | | 7,785 | | | — | | | — | | | 1,111 | | | 7,785 | | | 8,896 | | | 1,492 | | 1999 | | 2020 | | (1)(2)(3) |
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| Grand Rapids-MOB/ASC | | | | | 3,421 | | | 17,810 | | | 292 | | | 519 | | | 3,713 | | | 18,329 | | | 22,042 | | | 4,573 | | 1988/1992/2000/2006 | | 2020 | | (1)(2)(3) |
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| Dumfries-MOB | | | | | 2,886 | | | 14,863 | | | — | | | — | | | 2,886 | | | 14,863 | | | 17,749 | | | 6,511 | | 2019 | | 2020 | | (1)(2)(3) |
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| Centerville -MOB | | | | | 160 | | | 4,410 | | | — | | | — | | | 160 | | | 4,410 | | | 4,570 | | | 698 | | 2018 | | 2020 | | (1)(2)(3) |
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| Fairfax-MOB | | | | | 7,112 | | | 9,621 | | | — | | | 964 | | | 7,112 | | | 10,585 | | | 17,697 | | | 3,290 | | 2019 | | 2020 | | (1)(2)(3) |
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| Rosedale-MOB | | | | | 3,423 | | | 17,646 | | | — | | | 240 | | | 3,423 | | | 17,886 | | | 21,309 | | | 3,784 | | 2014/2017 | | 2020 | | (1)(2)(3) |
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| Lancaster-Plasma Center | | | | | 805 | | | 4,385 | | | — | | | — | | | 805 | | | 4,385 | | | 5,190 | | | 761 | | 2009 | | 2020 | | (1)(2)(3) |
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| Winston Salem-MOB | | | | | 1,778 | | | 6,714 | | | — | | | — | | | 1,778 | | | 6,714 | | | 8,492 | | | 1,389 | | 2009 | | 2020 | | (1)(2)(3) |
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| Decatur-MOB | | | | | 1,626 | | | 2,706 | | | 134 | | | 115 | | | 1,760 | | | 2,821 | | | 4,581 | | | 598 | | 2010 | | 2020 | | (1)(2)(3) |
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| Jackson-MOB | | | | | 895 | | | 4,730 | | | 68 | | | 7 | | | 963 | | | 4,737 | | | 5,700 | | | 820 | | 2009 | | 2020 | | (1)(2)(3) |
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| Sheboygan-MOB | | | | | 583 | | | 6,223 | | | — | | | — | | | 583 | | | 6,223 | | | 6,806 | | | 1,071 | | 2005 | | 2020 | | (1)(2)(3) |
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| Plymouth-MOB | | | | | 758 | | | 5,214 | | | — | | | — | | | 758 | | | 5,214 | | | 5,972 | | | 819 | | 2010 | | 2020 | | (1)(2)(3) |
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| Spring Hill-MOB/Img | | | | | 3,893 | | | 12,954 | | | 83 | | | 233 | | | 3,976 | | | 13,187 | | | 17,163 | | | 2,623 | | 2002/2013/2017/2019 | | 2020 | | (1)(2)(3) |
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| Cape Girardeau-ASC | | | | | 1,223 | | | 4,865 | | | — | | | — | | | 1,223 | | | 4,865 | | | 6,088 | | | 932 | | 2002 | | 2020 | | (1)(2)(3) |
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| Yuma-MOB | | | | | 1,349 | | | 4,989 | | | — | | | 11 | | | 1,349 | | | 5,000 | | | 6,349 | | | 1,016 | | 2013 | | 2020 | | (1)(2)(3) |
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| Las Vegas-MOB/ASC | | | | | 311 | | | 6,813 | | | — | | | 82 | | | 311 | | | 6,895 | | | 7,206 | | | 858 | | 2007/2015 | | 2020 | | (1) |
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| Pensacola-MOB/ASC | | | | | 2,118 | | | 6,153 | | | — | | | 129 | | | 2,118 | | | 6,282 | | | 8,400 | | | 1,437 | | 1985/1997 | | 2020 | | (1)(2)(3) |
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| Venice-MOB | | | | | 1,896 | | | 4,537 | | | 22 | | | 373 | | | 1,918 | | | 4,910 | | | 6,828 | | | 1,053 | | 2008 | | 2020 | | (1)(2)(3) |
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| El Paso-MOB | | | | | 970 | | | 7,709 | | | 39 | | | 216 | | | 1,009 | | | 7,925 | | | 8,934 | | | 1,228 | | 2008 | | 2021 | | (1)(2)(3) |
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| West El Paso-MOB/ASC | | | | | 995 | | | 7,727 | | | 22 | | | — | | | 1,017 | | | 7,727 | | | 8,744 | | | 1,176 | | 2015/2018 | | 2021 | | (1)(2)(3) |
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| Syracuse-MOB | | | | | 744 | | | 4,880 | | | 25 | | | 101 | | | 769 | | | 4,981 | | | 5,750 | | | 940 | | 2012 | | 2021 | | (1)(2)(3) |
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| Fort Worth-Behavioral Hospital | | | | | 1,960 | | | 13,453 | | | — | | | — | | | 1,960 | | | 13,453 | | | 15,413 | | | 1,838 | | 2013 | | 2021 | | (1)(2)(3) |
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| Port Saint Lucie-MOB/ASC | | | | | 660 | | | 3,767 | | | — | | | 68 | | | 660 | | | 3,835 | | | 4,495 | | | 789 | | 1990 | | 2021 | | (1)(2)(3) |
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| Dallas-MOB/ASC | | | | | 3,165 | | | 3,062 | | | 16 | | | 168 | | | 3,181 | | | 3,230 | | | 6,411 | | | 753 | | 1989 | | 2021 | | (1)(2)(3) |
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| Cape Coral-MOB | | | | | 6,103 | | | 21,287 | | | — | | | 118 | | | 6,103 | | | 21,405 | | | 27,508 | | | 4,166 | | 1991/1999/2004/2007 | | 2021 | | (1)(2)(3) |
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| East Grand Forks-MOB | | | | | 1,123 | | | 7,063 | | | — | | | 90 | | | 1,123 | | | 7,153 | | | 8,276 | | | 1,885 | | 2004 | | 2021 | | (1)(2)(3) |
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| Tallahassee-MOB | | | | | 919 | | | 7,107 | | | 32 | | | 511 | | | 951 | | | 7,618 | | | 8,569 | | | 1,221 | | 2002 | | 2021 | | (1)(2)(3) |
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| Caledonia-MOB | | | | | 648 | | | 2,765 | | | — | | | — | | | 648 | | | 2,765 | | | 3,413 | | | 469 | | 2007 | | 2021 | | (1)(2)(3) |
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| Forsyth-MOB/Imaging | | | | | 1,902 | | | 10,083 | | | 234 | | | 236 | | | 2,136 | | | 10,319 | | | 12,455 | | | 1,857 | | 2003 | | 2021 | | (1)(2)(3) |
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| Munster-MOB/ASC | | | | | 941 | | | 4,842 | | | 70 | | | 156 | | | 1,011 | | | 4,998 | | | 6,009 | | | 984 | | 2005 | | 2021 | | (1)(2)(3) |
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| Athens-MOB | | | | | 622 | | | 4,169 | | | — | | | 551 | | | 622 | | | 4,720 | | | 5,342 | | | 702 | | 2003 | | 2021 | | (1)(2)(3) |
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| Hialeah-MOB | | | | | 264 | | | 10,349 | | | — | | | 857 | | | 264 | | | 11,206 | | | 11,470 | | | 2,621 | | 2019 | | 2021 | | (1)(2)(3) |
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| Mentor-MOB | | | | | 2,603 | | | 6,544 | | | 128 | | | 477 | | | 2,731 | | | 7,021 | | | 9,752 | | | 1,365 | | 1991 | | 2021 | | (1)(2)(3) |
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| Athens 200-MOB | | | | | 369 | | | 1,470 | | | — | | | 138 | | | 369 | | | 1,608 | | | 1,977 | | | 330 | | 2000 | | 2021 | | (1)(2)(3) |
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| Lemoyne-MOB/Imaging | | | | | 412 | | | 4,020 | | | — | | | — | | | 412 | | | 4,020 | | | 4,432 | | | 683 | | 1990/2000 | | 2021 | | (1)(2)(3) |
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| Gainesville-MOB | | | | | 631 | | | 4,098 | | | 70 | | | 424 | | | 701 | | | 4,522 | | | 5,223 | | | 918 | | 2006 | | 2022 | | (1)(2)(3) |
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| Grand Rapids Paris-MOB | | | | | 1,459 | | | 5,246 | | | 31 | | | 393 | | | 1,490 | | | 5,639 | | | 7,129 | | | 1,166 | | 2004 | | 2022 | | (1)(2)(3) |
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| Sarasota-MOB | | | | | 831 | | | 4,034 | | | — | | | 123 | | | 831 | | | 4,157 | | | 4,988 | | | 735 | | 2013 | | 2022 | | (1)(2)(3) |
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| Greenwood-MOB | | | | | 1,122 | | | 4,692 | | | 144 | | | 755 | | | 1,266 | | | 5,447 | | | 6,713 | | | 1,060 | | 2007 | | 2022 | | (1)(2)(3) |
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| Fairbanks-MOB/ASC | | | | | 1,997 | | | 13,016 | | | 38 | | | 187 | | | 2,035 | | | 13,203 | | | 15,238 | | | 1,829 | | 2010 | | 2022 | | (1)(2)(3) |
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| Rocky Point-MOB/ASC/Imaging | | | | | 836 | | | 6,534 | | | — | | | 67 | | | 836 | | | 6,601 | | | 7,437 | | | 1,054 | | 2006/2007 | | 2022 | | (1)(2)(3) |
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| Fairfax Hamaker-MOB | | | | | 4,410 | | | 13,548 | | | — | | | 4,127 | | | 4,410 | | | 17,675 | | | 22,085 | | | 2,864 | | 1986 | | 2022 | | (1)(2)(3) |
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| Lee's Summit-MOB/ASC | | | | | 1,431 | | | 4,512 | | | 127 | | | 149 | | | 1,558 | | | 4,661 | | | 6,219 | | | 840 | | 2003 | | 2022 | | (1)(2)(3) |
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| Lexington-MOB/Cancer Center | | | | | 2,049 | | | 11,905 | | | 296 | | | 944 | | | 2,345 | | | 12,849 | | | 15,194 | | | 1,843 | | 1996/2000/2006/2009 | | 2022 | | (1)(2)(3) |
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| Toledo Ohio-MOB/ASC | | | | | 3,581 | | | 12,613 | | | 17 | | | 1,690 | | | 3,598 | | | 14,303 | | | 17,901 | | | 3,001 | | 1997 | | 2022 | | (1)(2)(3) |
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| Lake Geneva-MOB | | | | | 585 | | | 4,842 | | | 101 | | | 119 | | | 686 | | | 4,961 | | | 5,647 | | | 731 | | 1999 | | 2022 | | (1)(2)(3) |
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| Glenview-MOB/Retail | | | | | 1,688 | | | 6,536 | | | 47 | | | 612 | | | 1,735 | | | 7,148 | | | 8,883 | | | 1,176 | | 2003 | | 2022 | | (1)(2)(3) |
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| Canandaigua-MOB | | | | | 948 | | | 11,606 | | | — | | | 245 | | | 948 | | | 11,851 | | | 12,799 | | | 1,683 | | 2010/2013 | | 2022 | | (1)(2)(3) |
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| Hermitage-MOB | | | | | 548 | | | 4,118 | | | 10 | | | 261 | | | 558 | | | 4,379 | | | 4,937 | | | 729 | | 2000 | | 2022 | | (1)(2)(3) |
|---|
| Redding-MOB/ASC | | | | | 945 | | | 4,119 | | | — | | | — | | | 945 | | | 4,119 | | | 5,064 | | | 529 | | 1981 | | 2023 | | (1)(2)(3) |
|---|
| Spartanburg-MOB | | | | | 1,058 | | | 3,003 | | | — | | | — | | | 1,058 | | | 3,003 | | | 4,061 | | | 229 | | 2006 | | 2024 | | (1)(2)(3) |
|---|
| Clinton-MOB | | | | | 1,126 | | | 5,085 | | | — | | | — | | | 1,126 | | | 5,085 | | | 6,211 | | | 285 | | 2016 | | 2024 | | (1)(2)(3) |
|---|
| Westland-MOB | | | | | 1,077 | | | 3,729 | | | — | | | — | | | 1,077 | | | 3,729 | | | 4,806 | | | 264 | | 1994 | | 2024 | | (1)(2)(3) |
|---|
| Minot-MOB | | | | | 1,080 | | | 7,427 | | | — | | | — | | | 1,080 | | | 7,427 | | | 8,507 | | | 408 | | 2011 | | 2024 | | (1)(2)(3) |
|---|
| Cerritos-MOB | | | | | 3,532 | | | 1,349 | | | — | | | — | | | 3,532 | | | 1,349 | | | 4,881 | | | 149 | | 1986 | | 2024 | | (1)(2)(3) |
|---|
| Sarasota-ASC | | | | | 643 | | | 4,681 | | | — | | | — | | | 643 | | | 4,681 | | | 5,324 | | | 267 | | 2002 | | 2024 | | (1)(2)(3) |
|---|
| Venice-MOB | | | | | 1,226 | | | 3,017 | | | — | | | — | | | 1,226 | | | 3,017 | | | 4,243 | | | 127 | | 2020 | | 2024 | | (1)(2)(3) |
|---|
| Ruskin-MOB | | | | | 270 | | | 1,489 | | | — | | | — | | | 270 | | | 1,489 | | | 1,759 | | | 75 | | 2004 | | 2024 | | (1)(2)(3) |
|---|
| 2101 Bradenton-MOB | | | | | 1,019 | | | 1,437 | | | — | | | — | | | 1,019 | | | 1,437 | | | 2,456 | | | 109 | | 1983 | | 2024 | | (1)(2)(3) |
|---|
| 2203 Bradenton-MOB | | | | | 443 | | | 950 | | | — | | | — | | | 443 | | | 950 | | | 1,393 | | | 71 | | 2002 | | 2024 | | (1)(2)(3) |
|---|
| 6807 Bradenton-ASC | | | | | 1,247 | | | 694 | | | — | | | — | | | 1,247 | | | 694 | | | 1,941 | | | 51 | | 1995 | | 2024 | | (1)(2)(3) |
|---|
| 6002 Bradenton-ASC | | | | | 1,791 | | | 3,175 | | | — | | | — | | | 1,791 | | | 3,175 | | | 4,966 | | | 216 | | 1984 | | 2024 | | (1)(2)(3) |
|---|
| Conway-MOB | | | | | 2,619 | | | 7,786 | | | — | | | — | | | 2,619 | | | 7,786 | | | 10,405 | | | 421 | | 2007 | | 2024 | | (1)(2)(3) |
|---|
| Little Rock-MOB | | | | | 1,613 | | | 6,863 | | | — | | | — | | | 1,613 | | | 6,863 | | | 8,476 | | | 362 | | 2012 | | 2024 | | (1)(2)(3) |
|---|
| Russellville-MOB | | | | | 1,304 | | | 4,227 | | | — | | | — | | | 1,304 | | | 4,227 | | | 5,531 | | | 244 | | 2010 | | 2024 | | (1)(2)(3) |
|---|
| Carondelet-MOB | | | | | — | | | 14,601 | | | — | | | — | | | - | | | 14,601 | | | 14,601 | | | 873 | | 2008 | | 2025 | | (1)(2)(3) |
|---|
| Silverbell-MOB | | | | | — | | | 9,455 | | | — | | | 14 | | | - | | | 9,469 | | | 9,469 | | | 574 | | 2009 | | 2025 | | (1)(2)(3) |
|---|
| Slippery Rock-MOB | | | | | 455 | | | 4,104 | | | — | | | 8 | | | 455 | | | 4,112 | | | 4,567 | | | 220 | | 2011 | | 2025 | | (1)(2)(3) |
|---|
| Clive-MOB | | | | | 507 | | | 12,995 | | | — | | | — | | | 507 | | | 12,995 | | | 13,502 | | | 1,228 | | 1990 | | 2025 | | (1)(2)(3) |
|---|
| DesMoines-MOB/ASC/Cancer | | | | | 182 | | | 22,206 | | | — | | | — | | | 182 | | | 22,206 | | | 22,388 | | | 1,542 | | 1987 | | 2025 | | (1)(2)(3) |
|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
| Totals | | | | | $191,528 | | | $1,113,148 | | | $4,130 | | | $39,373 | | | $195,658 | | | $1,152,521 | | | $1,348,179 | | | $239,526 | | | | | | |
|---|
| (1) | Estimated remaining useful life for buildings is 7 to 44 years and building improvements is 1 to 50 years. |
| (2) | Estimated remaining useful life for tenant improvements is 1 to 15 years. |
| (3) | Estimated remaining useful life for site improvements is 1 to 50 years. |
| (4) | Years of: 2011, 2009, 2006, 2003, 2001, and 1984. |
| (5) | Years of: 2017, 2000, 1998, 1982, and 1953. |
| (6) | Years of: 2016, 2015, 2014, 2012, 2006, and 2002. |
The cost basis for income tax purposes of aggregate gross land, building, site improvements, and tenant improvements as of December 31, 2025 was $1,459 million.
| | | | | | | | | | |
|---|
| · · Year Ended December 31, |
|---|
| · · 2025 · · 2024 · · 2023 |
|---|
| Real Estate Assets: · · · · · · |
|---|
| Balance, beginning of period | | | $1,311,971 | | | $1,288,352 | | | $1,336,100 |
|---|
| Additions through acquisitions | | | 76,666 | | | 86,760 | | | 11,575 |
|---|
| Deductions | | | (40,458) | | | (63,141) | | | (59,323) |
|---|
| Balance, end of period | | | $1,348,179 | | | $1,311,971 | | | $1,288,352 |
|---|
| | | | | | | | | | |
|---|
| Accumulated Depreciation: | | | | | | | | | |
|---|
| Balance, beginning of period | | | $203,681 | | | $174,379 | | | $141,317 |
|---|
| Additions through expense | | | 44,000 | | | 40,388 | | | 41,227 |
|---|
| Deductions | | | (8,155) | | | (11,086) | | | (8,165) |
|---|
| Balance, end of period | | | $239,526 | | | $203,681 | | | $174,379 |
|---|
(a)(3) Exhibits
| ExhibitNo. | | Description |
| | | |
| 3.1 | | Articles of Restatement of Chiron Real Estate Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q as filed with the SEC on August 8, 2018). |
| | | |
| 3.2 | | Articles of Amendment of Chiron Real Estate Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K as filed with the SEC on September 19, 2025). |
| | | |
| 3.3 | | Articles Supplementary for Chiron Real Estate Inc. 8.00% Series B Cumulative Redeemable Preferred Stock (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K as filed with the SEC on November 18, 2025). |
| ExhibitNo. | | Description |
| | | |
| | | |
| 3.4 | | Articles of Amendment of Chiron Real Estate Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’sCurrent Report on Form 8-K as filed with the SEC on February 25, 2026). |
| 3.5 | | Fifth Amended and Restated Bylaws of Chiron Real Estate Inc., effective as of February 23, 2026 (incorporated herein by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K as filed with the SEC on February 25, 2026). |
| 4.1 | | Specimen of Common Stock Certificate (incorporated herein by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-11/A filed with the SEC on June 15, 2016). |
| 4.2 | | Specimen of 7.50% Series A Cumulative Redeemable Preferred Stock Certificate (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K as filed with the SEC on September 14, 2017). |
| | | |
| 4.3 | | Specimen of 8.00% Series B Cumulative Redeemable Preferred Stock Certificate (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K as filed with the SEC on November 18, 2025). |
| 4.4* | | Description of Securities. |
| | | |
| 10.1† | | Chiron Real Estate Inc. 2016 Equity Incentive Plan (as amended through May 15, 2024) (incorporated herein by reference to Appendix A of the Company's Definitive Proxy Statement on Schedule 14A, filed on April 1, 2024). |
| | | |
| 10.2† | | Employment Agreement, dated as of July 9, 2020, by and between Jeffrey Busch and Inter-American Management LLC (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on July 9, 2020). |
| | | |
| 10.3† | | Employment Agreement, dated as of July 9, 2020, by and between Robert Kiernan and Inter-American Management LLC (incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K as filed with the SEC on July 9, 2020). |
| | | |
| 10.4† | | Employment Agreement, dated as of July 9, 2020, by and between Alfonzo Leon and Inter-American Management LLC (incorporated herein by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K as filed with the SEC on July 9, 2020). |
| | | |
| 10.5† | | First Amendment to Employment Agreement, dated January 27, 2021, by and between Inter-American Management LLC and Jeffrey Busch (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 7, 2021). |
| | | |
| 10.6† | | First Amendment to Employment Agreement, dated January 27, 2021, by and between Inter-American Management LLC and Robert Kiernan (incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 7, 2021). |
| | | |
| 10.7† | | First Amendment to Employment Agreement, dated January 27, 2021, by and between Inter-American Management LLC and Alfonzo Leon (incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 7, 2021). |
| 10.8† | | Employment Agreement, dated June 23, 2025, by and between Mark O. Decker, Jr. and Inter-American Management LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on June 23, 2025). |
| | | |
| 10.9† | | Severance Plan (incorporated herein by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K as filed with the SEC on July 9, 2020). |
| | | |
| ExhibitNo. | | Description |
| | | |
| 10.10† | | Form of LTIP Unit Award Agreement (Annual Awards) (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 4, 2023). |
| | | |
| 10.11† | | Form of LTIP Unit Award Agreement (Long-Term Performance Awards) (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 5, 2023). |
| | | |
| 10.12† | | Form of LTIP Unit Award Agreement (Long-Term Time-Based Awards) (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 5, 2023). |
| | | |
| 10.13† | | Form of LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K filed with the SEC on July 9, 2020). |
| | | |
| 10.14† | | Form of Indemnification Agreement between Chiron Real Estate Inc. and its directors and officers (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form S-11/A filed with the SEC on June 15, 2016). |
| 10.15 | | Agreement of Limited Partnership, dated March 14, 2016, of Chiron Real Estate LP (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K as filed with the SEC on March 18, 2016). |
| | | |
| 10.16 | | First Amendment to Agreement of Limited Partnership of Chiron Real Estate LP (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on September 14, 2017). |
| 10.17 | | Second Amendment to Agreement of Limited Partnership of Chiron Real Estate LP, dated August 21, 2019 (incorporated herein by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q as filed with the SEC on November 7, 2019). |
| | | |
| 10.18 | | Third Amendment to Agreement of Limited Partnership of Chiron Real Estate LP, dated June 16, 2020 (incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q as filed with the SEC on August 7, 2020). |
| 10.19 | | Fourth Amendment to Agreement of Limited Partnership of Chiron Real Estate LP, dated November 18, 2025 (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on November 18, 2025). |
| | | |
| 10.20* | | Fifth Amendment to Agreement of Limited Partnership of Chiron Real Estate LP, dated February 23, 2026. |
| | | |
| 10.21 | | Third Amended and Restated Credit Facility Agreement, dated October 8, 2025, by and among Chiron Real Estate L.P., Chiron Real Estate Inc., the certain Subsidiaries from time to time party thereto as Guarantors, and JPMorgan Chase Bank, N.A., as administrative agent, and the several banks, financial institutions and other entities from time-to-time party thereto as lenders (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on October 8, 2025). |
| | | |
| 10.22 | | Transition and Separation Agreement and General Release of Claims, dated January 8, 2025, by and among Jeffrey Busch, Chiron Real Estate Inc., and Inter-American Management LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on January 8, 2025) |
| | | |
| 19.1* | | Chiron Real Estate Inc. Insider Trading Policy. |
| | | |
| 21* | | Subsidiaries of the Company. |
| 23* | | Consent of Deloitte & Touche, LLP |
| ExhibitNo. | | Description |
| | | |
| 31.1* | | Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2* | | Certification of Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1** | | Certification of Principal Executive Officer and Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| | | |
| 97.1†* | | Policy Relating to Recovery of Erroneously Awarded Compensation. |
| 101.INS* | | Inline XBRL Instance Document |
| 101.SCH* | | Inline XBRL Taxonomy Schema |
| | | |
| 101.CAL* | | Inline XBRL Taxonomy Calculation Linkbase |
| 101.DEF* | | Inline XBRL Taxonomy Definition Linkbase |
| ` |
| 101.LAB* | | Inline XBRL Taxonomy Label Linkbase |
| 101.PRE* | | Inline XBRL Taxonomy Presentation Linkbase |
| | | |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) |
| † | Management contract or compensatory plan or arrangement. |
|---|
| ** | Furnished herewith. Such certification shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended. |
|---|