Chiron Real Estate (XRN)
Market Price (10/7/2026): $0 | Market Cap: $-Sector: Real Estate | Industry: Health Care REITs
Chiron Real Estate (XRN)
Market Price (10/7/2026): $0Market Cap: $-Sector: Real EstateIndustry: Health Care REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, Dividend Yield is 9.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49% Low stock price volatilityVol 12M is 28% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include Smart Buildings & Proptech, Show more. | Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -85% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 140% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -123% Key risksXRN key risks include [1] significant tenant bankruptcy exposure, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, Dividend Yield is 9.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49% |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include Smart Buildings & Proptech, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -85% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 140% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -123% |
| Key risksXRN key risks include [1] significant tenant bankruptcy exposure, Show more. |
Qualitative Assessment
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Chiron Real Estate (XRN) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Macroeconomic Headwinds: Rising Interest Rates and Broader Real Estate Sector Downturn.
The Federal Reserve increased the federal funds target rate by 25 basis points to 4.0% in September 2026, marking the first rate hike since 2023, with markets anticipating further increases in fiscal Q4 2026. This policy tightening contributed to higher Treasury yields and mortgage rates, with the 10-year Treasury yield rising to 5.293% by October 1, 2026. These rising financing costs typically place pressure on real estate investment trusts (REITs) by increasing their debt service expenses and potentially pushing up capitalization rates, which can lead to lower property valuations. Consequently, the broader equity REIT market saw a total return decline of 6.06% in fiscal Q3 2026, underperforming the S&P 500's 2.03% total return.
2. Weakened Company Financials: Funds From Operations (FFO) Decline and Lower Forward Earnings Estimates.
While Chiron Real Estate reported a net income attributable to common stockholders of $63.3 million for fiscal Q2 2026, a significant increase from the prior year, its Funds From Operations (FFO) per share and unit decreased to $0.88, down from $0.98 in fiscal Q2 2025. Furthermore, the company's revenue for fiscal Q2 2026 was $37.06 million, slightly missing analyst estimates of $37.64 million. Looking ahead, analyst estimates for Chiron Real Estate's fiscal Q3 2026 earnings project a loss of -$0.41 per share, indicating anticipated financial pressures that likely impacted investor sentiment during the period.
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Chiron Real Estate (XRN) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Macroeconomic Headwinds: Rising Interest Rates and Broader Real Estate Sector Downturn.
The Federal Reserve increased the federal funds target rate by 25 basis points to 4.0% in September 2026, marking the first rate hike since 2023, with markets anticipating further increases in fiscal Q4 2026. This policy tightening contributed to higher Treasury yields and mortgage rates, with the 10-year Treasury yield rising to 5.293% by October 1, 2026. These rising financing costs typically place pressure on real estate investment trusts (REITs) by increasing their debt service expenses and potentially pushing up capitalization rates, which can lead to lower property valuations. Consequently, the broader equity REIT market saw a total return decline of 6.06% in fiscal Q3 2026, underperforming the S&P 500's 2.03% total return.
2. Weakened Company Financials: Funds From Operations (FFO) Decline and Lower Forward Earnings Estimates.
While Chiron Real Estate reported a net income attributable to common stockholders of $63.3 million for fiscal Q2 2026, a significant increase from the prior year, its Funds From Operations (FFO) per share and unit decreased to $0.88, down from $0.98 in fiscal Q2 2025. Furthermore, the company's revenue for fiscal Q2 2026 was $37.06 million, slightly missing analyst estimates of $37.64 million. Looking ahead, analyst estimates for Chiron Real Estate's fiscal Q3 2026 earnings project a loss of -$0.41 per share, indicating anticipated financial pressures that likely impacted investor sentiment during the period.
3. Housing Market Slowdown and Uncertainty.
The U.S. housing market showed signs of a slowdown, impacting the broader real estate sector. Seasonally adjusted annual rates for U.S. housing starts averaged 1.35 million in fiscal Q2 2026, representing a 5% decrease from fiscal Q1 2026. Both single-family and multi-family starts experienced declines of 4.6% and 6%, respectively. Market experts anticipate flat housing starts for the remainder of 2026 and a projected decline in 2027, with annual home sales potentially falling to 4.7 million by year-end 2026, which would mark the slowest pace since 2011, largely due to elevated borrowing costs. This general weakness and uncertainty in the housing market contributed to a cautious outlook for real estate companies like XRN.
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Stock Movement Drivers
Fundamental Drivers
The -7.4% change in XRN stock from 6/30/2026 to 10/6/2026 was primarily driven by a -8.1% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.03 | 34.28 | -7.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 151 | 152 | 0.7% |
| P/S Multiple | 3.2 | 3.0 | -8.1% |
| Shares Outstanding (Mil) | 13 | 13 | 0.0% |
| Cumulative Contribution | -7.4% |
Market Drivers
6/30/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| XRN | -7.4% | |
| Market (SPY) | 4.3% | -1.8% |
| Sector (XLRE) | -6.7% | 58.6% |
Fundamental Drivers
The 7.0% change in XRN stock from 3/31/2026 to 10/6/2026 was primarily driven by a 3.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.04 | 34.28 | 7.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 148 | 152 | 3.0% |
| P/S Multiple | 2.9 | 3.0 | 2.8% |
| Shares Outstanding (Mil) | 13 | 13 | 1.0% |
| Cumulative Contribution | 7.0% |
Market Drivers
3/31/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| XRN | 7.0% | |
| Market (SPY) | 20.1% | 12.8% |
| Sector (XLRE) | 1.5% | 55.1% |
Fundamental Drivers
The 8.1% change in XRN stock from 9/30/2025 to 10/6/2026 was primarily driven by a 424.2% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.73 | 34.28 | 8.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 142 | 152 | 7.4% |
| Net Income Margin (%) | 7.3% | 38.1% | 424.2% |
| P/E Multiple | 41.2 | 7.8 | -81.0% |
| Shares Outstanding (Mil) | 13 | 13 | 1.1% |
| Cumulative Contribution | 8.1% |
Market Drivers
9/30/2025 to 10/6/2026| Return | Correlation | |
|---|---|---|
| XRN | 8.1% | |
| Market (SPY) | 17.9% | 15.8% |
| Sector (XLRE) | 0.2% | 45.9% |
Fundamental Drivers
The -2.4% change in XRN stock from 9/30/2023 to 10/6/2026 was primarily driven by a -54.5% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.12 | 34.28 | -2.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 144 | 152 | 5.5% |
| Net Income Margin (%) | 18.5% | 38.1% | 105.3% |
| P/E Multiple | 17.2 | 7.8 | -54.5% |
| Shares Outstanding (Mil) | 13 | 13 | -1.0% |
| Cumulative Contribution | -2.4% |
Market Drivers
9/30/2023 to 10/6/2026| Return | Correlation | |
|---|---|---|
| XRN | -2.4% | |
| Market (SPY) | 88.5% | 35.0% |
| Sector (XLRE) | 32.6% | 58.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| XRN Return | 44% | -42% | 28% | -24% | -4% | 4% | -19% |
| Peers Return | 17% | -18% | 10% | 22% | 18% | 9% | 67% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 107% |
Monthly Win Rates [3] | |||||||
| XRN Win Rate | 58% | 33% | 50% | 42% | 58% | 60% | |
| Peers Win Rate | 55% | 40% | 57% | 65% | 58% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| XRN Max Drawdown | -10% | -59% | -28% | -26% | -30% | -13% | |
| Peers Max Drawdown | -17% | -35% | -26% | -18% | -14% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HR, VTR, DOC, WELL, NHI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/6/2026 (YTD)
How Low Can It Go
| Event | XRN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.8% | -18.8% |
| % Gain to Breakeven | 32.9% | 23.1% |
| Time to Breakeven | 364 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.7% | -9.5% |
| % Gain to Breakeven | 17.2% | 10.5% |
| Time to Breakeven | 33 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.2% | -6.7% |
| % Gain to Breakeven | 33.8% | 7.1% |
| Time to Breakeven | 193 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.4% | -33.7% |
| % Gain to Breakeven | 93.8% | 50.9% |
| Time to Breakeven | 362 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -27.6% | -3.7% |
| % Gain to Breakeven | 38.1% | 3.9% |
| Time to Breakeven | 141 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -91.1% | -6.8% |
| % Gain to Breakeven | 1020.0% | 7.3% |
| Time to Breakeven | 416 days | 15 days |
In The Past
Chiron Real Estate's stock fell -24.8% during the 2025 US Tariff Shock. Such a loss loss requires a 32.9% gain to breakeven.
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| Event | XRN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.8% | -18.8% |
| % Gain to Breakeven | 32.9% | 23.1% |
| Time to Breakeven | 364 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.2% | -6.7% |
| % Gain to Breakeven | 33.8% | 7.1% |
| Time to Breakeven | 193 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.4% | -33.7% |
| % Gain to Breakeven | 93.8% | 50.9% |
| Time to Breakeven | 362 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -27.6% | -3.7% |
| % Gain to Breakeven | 38.1% | 3.9% |
| Time to Breakeven | 141 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -91.1% | -6.8% |
| % Gain to Breakeven | 1020.0% | 7.3% |
| Time to Breakeven | 416 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -82.9% | -0.2% |
| % Gain to Breakeven | 485.3% | 0.2% |
| Time to Breakeven | 848 days | 1 days |
In The Past
Chiron Real Estate's stock fell -24.8% during the 2025 US Tariff Shock. Such a loss loss requires a 32.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Chiron Real Estate (XRN)
Chiron Real Estate, trading under the symbol XRN, operates as a specialized net-lease medical office Real Estate Investment Trust (REIT). The company's core business model involves the acquisition of purpose-built specialized healthcare facilities, which are subsequently leased out to tenants.
Its primary services revolve around providing essential real estate infrastructure for the healthcare sector. Chiron Real Estate focuses on properties specifically designed for medical use and utilizes a net-lease structure. This means that, in addition to rent, tenants are typically responsible for many of the operating expenses associated with the property, such as taxes, insurance, and maintenance.
The company targets a select customer base, consisting of strong healthcare systems and physician groups that possess leading market share within their respective service areas. By concentrating on these established entities and specialized medical properties, Chiron Real Estate aims to generate stable, long-term rental income derived from critical healthcare operations.
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- Real Estate Investment and Acquisition: Acquiring purpose-built specialized healthcare facilities to expand its portfolio.
- Real Estate Leasing: Leasing its owned medical office facilities to healthcare systems and physician groups under net-lease agreements.
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Chiron Real Estate (symbol: XRN), which operates as Global Medical REIT Inc., primarily leases its specialized healthcare facilities to strong healthcare systems and physician groups. Therefore, its major customers are other companies and organizations that operate in the healthcare sector.
Based on their tenant base, some of Global Medical REIT Inc.'s significant customers include:
- Ensign Services, Inc. (a subsidiary of Ensign Group, Inc. - NASDAQ: ENSG)
- Tenet Healthcare Corporation (NYSE: THC)
- Prime Healthcare Services
- Ascension
- AdventHealth
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Mark Decker, Jr. Chief Executive Officer, President and Director
Mr. Decker was appointed Chief Executive Officer in June 2025. Before joining Chiron Real Estate, he co-led the net lease real estate investment strategy at Proterra Investment Partners. He previously served as President, CEO, Trustee, and Chief Investment Officer at Centerspace (NYSE: CSR) for nearly seven years, where he led the company's transition to a focused owner-operator of apartments. Mr. Decker also spent two decades as Managing Director and U.S. Group Head of Real Estate Investment and Corporate Banking at BMO Capital Markets, specializing in growth and transformational transactions for public real estate owner/operators.
Robert J. Kiernan Chief Financial Officer and Treasurer
Mr. Kiernan joined the company as Chief Financial Officer in August 2017. He has 30 years of experience in financial accounting, reporting, and management, with a focus on the financial services industry, including broker-dealers, mortgage REITs, and investment funds. Prior to his current role, he was Senior Vice President, Controller, and Chief Accounting Officer of FBR & Co. (NASDAQ: FBRC) starting in October 2007, and before that, he held the same roles at Arlington Asset Investment Corp. (NYSE: AI) from April 2003. Mr. Kiernan also served as a Senior Manager in the assurance practice at Ernst & Young.
Danica Holley Chief Operating Officer
Ms. Holley has served as Chief Operating Officer since March 30, 2016. Her background includes over 18 years of business development and management experience, with a focus on international environments, program management, government procurement, and global business rollouts and start-ups.
Alfonzo Leon Chief Investment Officer
Mr. Leon joined the company in August 2014 and has been Chief Investment Officer since July 1, 2015. He is a real estate finance executive with 20 years of acquisition and capital markets experience, having completed approximately 100 transactions valued at $3 billion for institutional investors. Before joining Chiron Real Estate, Mr. Leon was a Senior Vice President with Cain Brothers & Company, a healthcare investment banking firm, in its real estate M&A and capital markets group. He also worked as an Associate with LaSalle Investment Management, where he acquired $800 million in various property types for institutional investors.
Jamie Barber General Counsel & Corporate Secretary
Mr. Barber was appointed General Counsel and Corporate Secretary by the Board of Directors effective May 8, 2017. He brings over two decades of experience as legal counsel, with responsibilities for SEC compliance and reporting, corporate governance, investment banking operations, and REIT-related capital markets. From July 2012 to May 2017, Mr. Barber served as Associate General Counsel at FBR & Co.
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Addressable Markets for Chiron Real Estate (XRN)
Chiron Real Estate Inc. (XRN), formerly known as Global Medical REIT Inc., is a net-lease medical REIT that has expanded its strategic focus to include senior housing and active adult communities in addition to its traditional medical office buildings. The addressable markets for its main products and services in the U.S. are as follows:
Medical Office Buildings (MOBs)
- The U.S. medical office buildings market generated approximately $14.08 billion in revenue in 2023 and is projected to reach approximately $22.04 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 6.6% from 2024 to 2030.
- As of 2025, the total U.S. medical office inventory is approximately 1.6 billion square feet. The sector's nationwide inventory exceeds 2.2 billion square feet across nearly 29,000 properties.
- Transaction volume in the MOB sector reached $18.2 billion in 2024.
Senior Housing Operating Portfolio (SHOP) and Other Senior Living
- The U.S. senior living market was valued at approximately $923.20 billion in 2023 and is projected to grow at a CAGR of 4.16%, reaching approximately $1.22 trillion by 2030.
- The U.S. senior living market size was valued at approximately $943.90 billion in 2025 and is expected to reach $1.33 trillion by 2033.
- The senior living and retirement community sector is projected to expand at a robust CAGR of 7.7% from 2024 to 2030 in the U.S.
Active Adult Communities
- The U.S. active adults (55+) community market size was estimated at approximately $635.5 billion in 2024 and is projected to reach approximately $906.6 billion by 2033, growing at a CAGR of 4.02% from 2025 to 2033.
- Another estimate placed the U.S. active adults (55+) community market size at approximately $661.0 billion in 2025.
- This segment constituted the largest share of 70.03% in the U.S. senior living market in 2025.
- As of the first quarter of 2025, approximately 800 active adult rental properties, totaling around 118,000 units, were tracked in the U.S.
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For Chiron Real Estate (symbol: XRN), formerly Global Medical REIT Inc., the following are expected drivers of future revenue growth over the next 2-3 years:
- Strategic Acquisitions and Portfolio Expansion: The company's primary driver for revenue growth is the strategic acquisition of purpose-built healthcare facilities. For instance, in the first half of 2025, Global Medical REIT Inc. completed a five-property portfolio acquisition for $69.6 million. Chiron Real Estate has a solid investment pipeline, with approximately $500 million in potential deals that offer attractive first-year cash returns in the 7.5% to 8% range. This strategy focuses on acquiring high-quality outpatient properties and diversifying tenants, which aligns with demographic healthcare trends and supports long-term revenue growth.
- Contractual Rent Escalations: Chiron Real Estate benefits from embedded annual rent escalators within its lease agreements, typically around 2.1%. This built-in growth mechanism contributes to steady increases in rental revenue, particularly as in-place rents are estimated to be significantly below market, positioning the company for substantial rent growth when leases reset to market rates over time.
- Increased Occupancy Rates: The company aims to further increase its portfolio occupancy. As of Q3 2025, the portfolio was 95.2% leased, with expectations to trend towards 96% by year-end 2025. Efforts include successful re-tenanting of facilities, such as the Beaumont, Texas property with CHRISTUS Health, which directly contributes to higher rental income.
- Strategic Pivot into New Market Segments: Chiron Real Estate has announced a strategic pivot towards Active Adult, SHOP (Senior Housing Operating Properties), and Specialty Medical segments. This expansion into new areas, particularly premium active adult and senior housing, is driven by demographic tailwinds and limited supply, offering new opportunities for growth and value creation beyond its traditional medical office focus.
- Capital Recycling to Fund Higher-Growth Investments: The company plans to utilize a disciplined capital recycling strategy, identifying approximately $250 million in assets for potential disposition. The proceeds from these sales are intended to fund new, higher-return investments and improve the overall portfolio quality, thus unlocking future cash flow growth. Near-term acquisitions are expected to be primarily funded through this asset recycling.
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Share Repurchases
- Chiron Real Estate (then Global Medical REIT) established a $50 million common stock repurchase program in August 2025.
- As of December 31, 2025, the company had repurchased 175,634 shares for an aggregate of $6.0 million under this program.
Share Issuance
- In November 2025, the company completed a public offering of 8.00% Series B Cumulative Redeemable Preferred Stock, raising approximately $50 million in gross proceeds.
- In February 2026, the company raised an additional $51.3 million through a public offering of 8.00% Series B preferred stock.
- As of March 2026, Chiron Real Estate Inc. registered up to $288,010,090 of common stock available under an amended at-the-market (ATM) sales agreement, which had an original capacity of $300,000,000 and reflects $11,989,910 previously sold. The company also launched a new ATM program for up to $75 million of Series B preferred stock.
Outbound Investments
- In January 2026, Chiron Real Estate committed $7.1 million for a 49% interest in a joint venture to develop a 132-unit luxury active adult community, marking a strategic entry into active adult residential assets.
Capital Expenditures
- Year-to-date capital expenditures and leasing costs as of the third quarter of 2025 totaled $9.7 million, with full-year guidance for 2025 estimated between $12 million and $14 million.
- For the trailing twelve months ended September 2025, capital expenditure was -$132.20 million.
- The company anticipates approximately $250 million in asset dispositions, expected in Q2 or Q3 of 2026, with proceeds intended to fund new investments in senior housing and other opportunities.
Peer Outperformance in Health Care REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs ← | 15 | 14.1% | 55.5% | 65.5% | WELL 207% · DHC 140% · CTRE 130% |
| Retail REITs | 22 | 8.1% | 38.2% | 25.4% | IVT 1462% · SKT 159% · SPG 96% |
| Other Specialized REITs | 11 | 5.0% | 23.7% | 19.4% | IRM 220% · LAMR 58% · OUT 51% |
| Real Estate Development | 6 | -13.9% | 18.2% | 14.0% | JOE 58% · AXR 36% · FOR 35% |
| Hotel & Resort REITs | 16 | 41.0% | 36.0% | 2.2% | HST 75% · RHP 67% · DRH 52% |
| Industrial REITs | 11 | 6.5% | 23.6% | 0.3% | EGP 28% · FR 26% · PLD 15% |
| Diversified REITs | 13 | 10.2% | 38.6% | -9.7% | CTO 70% · WPC 16% · LXP 14% |
| Single-Family Residential REITs | 4 | -2.3% | 0.3% | -17.2% | AMH -9% · ELS -16% · INVH -19% |
| Multi-Family Residential REITs | 13 | -4.4% | 4.6% | -23.1% | ESS -1% · BRT -7% · VMRK -12% |
| Real Estate Services | 25 | -23.4% | -11.3% | -33.1% | REAX 820% · CHCI 316% · MLP 52% |
| Office REITs | 18 | -14.2% | 31.2% | -34.9% | PSTL 66% · CDP 49% · HIW -6% |
| Telecom Tower REITs | 3 | -7.8% | -5.9% | -45.4% | AMT -27% · SBAC -45% · CCI -49% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 49.07 |
| Mkt Cap | 9.3 |
| Rev LTM | 2,033 |
| Op Inc LTM | 361 |
| FCF LTM | 670 |
| FCF 3Y Avg | 530 |
| CFO LTM | 836 |
| CFO 3Y Avg | 805 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.5% |
| Rev Chg 3Y Avg | 12.1% |
| Rev Chg Q | 16.4% |
| QoQ Delta Rev Chg LTM | 3.9% |
| Op Inc Chg LTM | 5.3% |
| Op Inc Chg 3Y Avg | 10.5% |
| Op Mgn LTM | 15.9% |
| Op Mgn 3Y Avg | 15.4% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 40.6% |
| CFO/Rev 3Y Avg | 40.3% |
| FCF/Rev LTM | 21.0% |
| FCF/Rev 3Y Avg | 20.6% |
Price Behavior
| Market Price | $34.28 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 06/21/2013 | |
| Distance from 52W High | -8.8% | |
| 50 Days | 200 Days | |
| DMA Price | $35.93 | $34.83 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -4.6% | -1.6% |
| 3M | 1YR | |
| Volatility | 21.9% | 27.8% |
| Downside Capture | 63.50 | 36.47 |
| Upside Capture | 10.25 | 44.99 |
| Correlation (SPY) | -0.7% | 15.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.43 | 0.33 | -0.03 | 0.30 | 0.35 | 0.66 |
| Up Beta | 1.30 | -0.66 | -0.87 | -0.14 | 0.22 | 0.62 |
| Down Beta | 1.29 | 0.95 | -0.04 | 0.07 | 0.34 | 0.67 |
| Up Capture | -1% | 49% | 9% | 48% | 34% | 28% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 19 | 28 | 65 | 131 | 377 |
| Down Capture | 83% | 74% | 51% | 59% | 45% | 92% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 23 | 36 | 61 | 121 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XRN | |
|---|---|---|---|---|
| XRN | 11.2% | 27.9% | 0.36 | - |
| Sector ETF (XLRE) | 0.3% | 14.1% | -0.22 | 45.8% |
| Equity (SPY) | 17.5% | 13.0% | 0.96 | 16.0% |
| Gold (GLD) | 6.9% | 29.6% | 0.23 | 2.7% |
| Commodities (DBC) | 46.1% | 20.8% | 1.71 | -20.9% |
| Real Estate (VNQ) | 2.1% | 13.7% | -0.10 | 50.1% |
| Bitcoin (BTCUSD) | -29.8% | 44.3% | -0.67 | 7.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XRN | |
|---|---|---|---|---|
| XRN | -7.0% | 29.0% | -0.24 | - |
| Sector ETF (XLRE) | 1.5% | 19.1% | -0.03 | 64.2% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 45.6% |
| Gold (GLD) | 18.7% | 18.9% | 0.80 | 11.2% |
| Commodities (DBC) | 10.3% | 19.5% | 0.40 | 5.9% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.04 | 67.4% |
| Bitcoin (BTCUSD) | 16.0% | 52.2% | 0.47 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XRN | |
|---|---|---|---|---|
| XRN | 4.3% | 34.2% | 0.21 | - |
| Sector ETF (XLRE) | 5.6% | 20.4% | 0.23 | 60.9% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 45.2% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 8.4% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 13.0% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 64.6% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 10/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.1% | 3.5% | 4.6% |
| 5/6/2026 | -9.2% | -3.6% | 1.6% |
| 2/25/2026 | -1.6% | -2.4% | -10.1% |
| 11/4/2025 | 5.5% | 8.8% | 7.3% |
| 8/5/2025 | -3.7% | -0.3% | 11.9% |
| 5/7/2025 | -9.8% | -12.9% | -17.0% |
| 2/27/2025 | 3.8% | 3.8% | 5.6% |
| 11/6/2024 | -2.9% | -3.9% | -7.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 13 |
| # Negative | 14 | 13 | 11 |
| Median Positive | 3.0% | 3.0% | 6.4% |
| Median Negative | -3.0% | -3.4% | -7.7% |
| Max Positive | 5.5% | 8.8% | 17.0% |
| Max Negative | -9.8% | -14.9% | -17.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.1% | 3.5% | 4.6% |
| 5/6/2026 | -9.2% | -3.6% | 1.6% |
| 2/25/2026 | -1.6% | -2.4% | -10.1% |
| 11/4/2025 | 5.5% | 8.8% | 7.3% |
| 8/5/2025 | -3.7% | -0.3% | 11.9% |
| 5/7/2025 | -9.8% | -12.9% | -17.0% |
| 2/27/2025 | 3.8% | 3.8% | 5.6% |
| 11/6/2024 | -2.9% | -3.9% | -7.7% |
| 8/6/2024 | -3.7% | -2.8% | -1.0% |
| 5/7/2024 | 3.5% | 3.0% | 8.5% |
| 2/27/2024 | -6.5% | -3.9% | -6.0% |
| 11/6/2023 | -0.5% | 0.1% | 13.2% |
| 8/2/2023 | 5.2% | 2.6% | 0.2% |
| 5/3/2023 | -3.1% | -1.0% | -2.0% |
| 2/28/2023 | -2.3% | -2.3% | -10.3% |
| 11/2/2022 | 3.2% | 2.8% | 17.0% |
| 8/3/2022 | 0.3% | 1.2% | -9.0% |
| 5/4/2022 | -5.7% | -14.9% | -12.8% |
| 2/28/2022 | -1.6% | -3.8% | 6.0% |
| 11/3/2021 | 2.0% | 0.7% | -2.1% |
| 8/3/2021 | -0.8% | -3.4% | 2.1% |
| 5/5/2021 | 0.1% | -2.2% | 6.4% |
| 3/3/2021 | -0.6% | 3.3% | -0.4% |
| 11/4/2020 | 2.8% | 7.6% | 8.0% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 13 |
| # Negative | 14 | 13 | 11 |
| Median Positive | 3.0% | 3.0% | 6.4% |
| Median Negative | -3.0% | -3.4% | -7.7% |
| Max Positive | 5.5% | 8.8% | 17.0% |
| Max Negative | -9.8% | -14.9% | -17.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/08/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/09/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Yield on Cost | Reported | 0.07 | ||||||
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Monthly Dividend | Reported | 0.16 | ||||||
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core FFO per share and unit | Reported | 4.3 | 4.38 | 4.45 | ||||
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 AFFO per share | Reported | 4.5 | 4.55 | 4.6 | Affirmed | Guidance: 0.91 for 2025 | ||
Insider Activity
Updated 8/31/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Whitlock, Matthew Fitzsimmons | Chief Investment Officer | Direct | Buy | 8172026 | 36.38 | 500 | 18,190 | 72,760 | Form |
| 2 | Whitlock, Matthew Fitzsimmons | Chief Investment Officer | Direct | Buy | 8172026 | 37.21 | 500 | 18,605 | 55,815 | Form |
| 3 | Decker, Mark Okey JR | CEO and President | Direct | Buy | 8122026 | 35.88 | 8,000 | 287,040 | 2,431,731 | Form |
| 4 | Fitzgerald, Charles | Maewyn Value Partners LP | Buy | 8122026 | 35.94 | 27,600 | 991,944 | 4,488,654 | Form | |
| 5 | Cypher, Matthew | Direct | Buy | 5152026 | 35.12 | 1,420 | 49,874 | 59,357 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Whitlock, Matthew Fitzsimmons | Chief Investment Officer | Direct | Buy | 8172026 | 36.38 | 500 | 18,190 | 72,760 | Form |
| 2 | Whitlock, Matthew Fitzsimmons | Chief Investment Officer | Direct | Buy | 8172026 | 37.21 | 500 | 18,605 | 55,815 | Form |
| 3 | Decker, Mark Okey JR | CEO and President | Direct | Buy | 8122026 | 35.88 | 8,000 | 287,040 | 2,431,731 | Form |
| 4 | Fitzgerald, Charles | Maewyn Value Partners LP | Buy | 8122026 | 35.94 | 27,600 | 991,944 | 4,488,654 | Form | |
| 5 | Cypher, Matthew | Direct | Buy | 5152026 | 35.12 | 1,420 | 49,874 | 59,357 | Form | |
| 6 | Wittman, Lori | Direct | Buy | 5132026 | 33.85 | 2,940 | 99,515 | 99,515 | Form | |
| 7 | Marston, Ronald | Trust | Buy | 5132026 | 34.07 | 1,500 | 51,110 | 104,470 | Form | |
| 8 | Barber, Jamie Allen | General Counsel and Secretary | IRA | Buy | 5132026 | 33.50 | 1,481 | 49,614 | 49,614 | Form |
| 9 | Crowley, Paula | revocable trust | Buy | 5112026 | 34.00 | 1,000 | 34,000 | 34,000 | Form | |
| 10 | Cole, Henry | Living Trust | Buy | 5112026 | 34.30 | 583 | 19,998 | 73,029 | Form | |
| 11 | Decker, Mark Okey JR | CEO and President | Direct | Buy | 12082025 | 32.51 | 10,000 | 325,100 | 1,780,703 | Form |
| 12 | Kiernan, Robert J | CFO and Treasurer | Direct | Buy | 11172025 | 31.91 | 3,000 | 95,730 | 95,730 | Form |
| 13 | Decker, Mark Okey JR | CEO and President | Direct | Buy | 11172025 | 32.58 | 10,000 | 325,813 | 1,458,795 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Health Care REITs Resources |
| Healthcare Real Estate Insights |
| Seniors Housing Business |
| RevistaMed |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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