Revenue growth has effectively stalled at 0.6% in 2025Q4, while FFO per share experienced a sharp contraction from $6.58 in 2025Q1 to $0.28 in 2025Q4.
Chiron Real Estate Inc. (XRN) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Aug'14 | Aug'13 | Aug'12 |
|---|
| Sales/Revenue | 156.54M | 161.03M | 138.41M | 140.93M | 137.17M | 115.8M | 93.52M | 70.73M | 53.19M | 30.22M | 8.08M | 2.06M | 380.4K | 0 | 0 |
| Revenue Growth % | 1.21% | 16.34% | -1.79% | 2.75% | 18.45% | 23.83% | 32.23% | 32.96% | 76% | 274.07% | - | 441.97% | - | - | - |
| Cost of Goods Sold | 117.92M | 150.7M | 29.25M | 28.08M | 25.19M | 15.49M | 10.87M | 6.54M | 3.72M | 1.86M | 1.43M | 1.02M | 360K | 0 | 0 |
| COGS % of Revenue | - | 93.59% | 21.13% | 19.93% | 18.36% | 13.37% | 11.62% | 9.24% | 6.99% | 6.15% | 17.75% | 49.46% | 94.64% | - | - |
| Gross Profit | -1.71M | 10.32M | 109.16M | 112.85M | 111.98M | 100.32M | 82.65M | 64.19M | 49.47M | 28.36M | 6.65M | 1.04M | 20.41K | 0 | 0 |
| Gross Margin % | -1.09% | 6.41% | 78.87% | 80.07% | 81.64% | 86.63% | 88.38% | 90.76% | 93.01% | 93.85% | 82.25% | 50.54% | 5.36% | - | - |
| Gross Profit Growth % | - | -90.54% | -3.27% | 0.78% | 11.63% | 21.37% | 28.76% | 29.75% | 74.42% | 326.8% | - | 5006.57% | - | - | - |
| Operating Expenses | -15.08M | -39.04M | 76.48M | 74.99M | 73.27M | 63.33M | 82.65M | 14.25M | 27.23M | 18.61M | 8.1M | 1.52M | 733.95K | 45.34K | 50.11K |
| OpEx % of Revenue | - | -24.25% | 55.26% | 53.21% | 53.42% | 54.69% | 88.38% | 20.15% | 51.19% | 61.59% | 100.29% | 73.96% | 192.94% | - | - |
| Selling, General & Admin | 23.51M | 20M | 21.12M | 16.85M | 16.55M | 16.45M | 29.96M | 14.25M | 9.96M | 8.61M | 5.73M | 865.14K | 604.87K | 45.34K | 50.11K |
| SG&A % of Revenue | - | 12.42% | 15.26% | 11.96% | 12.06% | 14.21% | 32.04% | 20.15% | 18.72% | 28.49% | 70.87% | 41.96% | 159.01% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0% | 0% | 0% | - | - | - | - |
| Other Operating Expenses | -2M | -59.04M | 55.36M | 58.13M | 56.72M | 46.88M | 52.69M | 0 | 17.27M | 121K | 130.78K | - | - | - | - |
| Operating Income | 27.5M | 49.37M | 32.68M | 37.86M | 38.71M | 36.99M | 0 | 49.94M | 22.24M | 7.35M | -2.21M | -1.52M | -652.21K | -45.34K | -50.11K |
| Operating Margin % | 17.57% | 30.66% | 23.61% | 26.87% | 28.22% | 31.94% | - | 70.61% | 41.82% | 24.31% | -27.41% | -73.96% | -171.45% | - | - |
| Operating Income Growth % | - | 51.08% | -13.7% | -2.19% | 4.66% | - | -100% | 124.51% | 202.72% | 431.76% | - | -133.79% | -1338.54% | 9.52% | - |
| EBITDA | 72.35M | 108.41M | 88.76M | 96.87M | 96.37M | 84.3M | 53M | 75.46M | 40.2M | 17.48M | 161.16K | -865.14K | -523.13K | -45.34K | 0 |
| EBITDA Margin % | 46.22% | 67.32% | 64.13% | 68.74% | 70.26% | 72.79% | 56.67% | 106.69% | 75.58% | 57.83% | 1.99% | -41.96% | -137.52% | - | - |
| EBITDA Growth % | -28.57% | 22.14% | -8.37% | 0.52% | 14.33% | 59.05% | -29.76% | 87.7% | 130.01% | 10745.26% | - | -65.38% | -1053.83% | - | - |
| D&A (Non-Cash Add-back) | 44.84M | 59.04M | 56.08M | 59.01M | 57.66M | 47.31M | 36.82M | 25.52M | 17.96M | 10.13M | 2.38M | 659.67K | 129.08K | 0 | 50.11K |
| EBIT | 92.23M | 37.69M | 35.38M | 52.63M | 45.23M | 38.04M | 16.18M | 27.06M | 29.54M | 7.35M | -2.21M | -90.14K | -353.54K | -45.34K | -50.11K |
| Net Interest Income | -24.44M | -44.57M | -28.69M | -30.89M | -25.23M | -19.7M | -18.68M | -17.47M | -14.97M | -7.43M | -4.14M | -1.52M | -298.66K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 32.75M | 44.57M | 28.69M | 30.89M | 25.23M | 19.7M | 18.68M | 17.47M | 14.97M | 7.43M | 4.14M | - | - | - | - |
| Other Income/Expense | 40.29M | -56.25M | -25.98M | -16.13M | -18.71M | -18.65M | -2.5M | -40.35M | -7.68M | -9.96M | -6.33M | - | - | - | - |
| Pretax Income | 58.92M | -6.88M | 6.69M | 21.73M | 20M | 18.34M | -2.5M | 9.59M | 14.56M | -87K | -6.35M | -1.61M | -652.21K | -45.34K | -50.11K |
| Pretax Margin % | 37.64% | -4.27% | 4.83% | 15.42% | 14.58% | 15.84% | -2.67% | 13.56% | 27.37% | -0.29% | -78.64% | -78.06% | -171.45% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -49K | 4.27M | 1.52M | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 56.32% | -67.21% | -94.4% | 0% | 0% | 0% |
| Net Income | 53.63M | -5.84M | 6.63M | 20.61M | 19.14M | 17.62M | -1.93M | 9.23M | 13.49M | -38K | -6.35M | -1.61M | -652.21K | -45.34K | -50.11K |
| Net Margin % | 34.26% | -3.62% | 4.79% | 14.63% | 13.96% | 15.22% | -2.06% | 13.06% | 25.36% | -0.13% | -78.64% | -78.06% | -171.45% | - | - |
| Net Income Growth % | 2046.88% | -187.98% | -67.82% | 7.68% | 8.63% | 1015.43% | -120.85% | -31.55% | 35600% | 99.4% | - | -146.74% | -1338.54% | 9.52% | - |
| Net Income (Continuing) | 58.92M | -6.88M | 6.69M | 21.73M | 20M | 18.34M | -2.5M | 9.59M | 14.56M | -87K | -6.35M | -1.61M | -652.21K | -45.34K | -50.11K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 27.6M | 20.3M | 21.79M | 22.23M | 16.08M | 14.79M | 12.96M | 30.08M | 30.45M | 12.68M | 44.99M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.05 | -0.91 | 0.31 | 5.75 | 1.02 | 4.86 | -11.25 | 2.52 | 15.25 | -0.05 | -17.00 | -161.00 | -337.25 | -58.00 | -62.75 |
| EPS Growth % | 1217.86% | -393.55% | -94.61% | 463.73% | -79.01% | 143.2% | -546.43% | -83.48% | 32205.26% | 99.72% | - | 52.26% | -481.47% | 7.57% | - |
| EPS (Basic) | - | -0.91 | 0.31 | 5.75 | 1.02 | 0.97 | -11.25 | 2.52 | 15.25 | -0.05 | -17.00 | -161.00 | -337.25 | -58.00 | -62.75 |
| Diluted Shares Outstanding | 13.24M | 13.38M | 2.64M | 2.62M | 2.62M | 2.43M | 1.85M | 1.35M | 878.84K | 784.68K | 372.08K | 10K | 1.93K | 783 | 800 |
| Basic Shares Outstanding | 13.24M | 13.38M | 2.64M | 2.62M | 2.62M | 2.43M | 1.85M | 1.35M | 878.84K | 784.68K | 372.08K | 10K | 1.93K | 783 | 800 |
| Dividend Payout Ratio | - | - | 902.58% | 286.36% | 305.19% | 297.92% | - | 315.91% | 140.58% | - | - | - | - | - | - |
Quick answers to the most common questions about buying XRN stock.
For fiscal year 2025, Chiron Real Estate Inc. (XRN) reported total revenue of $161.0M.
Chiron Real Estate Inc. (XRN) reported a net loss of $5.8M for the fiscal year ending 2025.
Chiron Real Estate Inc. (XRN) reported an operating income of $49.4M, resulting in an operating profit margin of 30.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Chiron Real Estate Inc. (XRN) generated $10.3M in gross profit for the year, representing a gross profit margin of 6.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High leverage refinancing risk
Metrics are mathematically derived from official filings.
FFO Volatility Masks Structural Weakness
As reported in recent financial filings, GMRE's FFO per share experienced a sharp decline to $0.28 in 2025Q4 from $6.58 in 2025Q1, indicating significant earnings instability that warrants close investor scrutiny regarding the sustainability of the company's current dividend payout and overall capital allocation strategy.
The dramatic contraction in FFO per share suggests that the company's reliance on external growth is failing to offset the rising cost of capital. Investors should monitor whether this volatility is a temporary byproduct of portfolio recycling or a permanent impairment of the REIT's ability to generate accretive earnings.
Negative AFFO Signals Cash Burn
Based on the company's reported quarterly data, AFFO has plummeted into deep negative territory, reaching -$101.4M in 2025Q4, which suggests that recurring capital expenditures and leasing costs are significantly outpacing the cash flow generated from the underlying medical office portfolio assets.
This divergence between FFO and AFFO implies that the company is likely capitalizing costs that are effectively recurring in nature, masking the true cash requirements of the business. Such a trend may indicate that the portfolio requires more intensive reinvestment than the triple-net lease structure initially suggests.
NOI Margin Compression Remains Persistent
According to the provided income statement data, the NOI margin experienced a notable collapse to 42.7% in 2025Q3 before recovering to 100% in 2025Q4, a fluctuation that appears inconsistent with a stable triple-net lease model and warrants further investigation into potential property-level expense volatility.
While the NNN structure is designed to insulate the REIT from operating expenses, the erratic margin profile suggests that the company may be absorbing costs that should be tenant-reimbursable. This inconsistency raises questions about the effectiveness of lease enforcement and the quality of the underlying tenant base.
Revenue Growth Stalled by Headwinds
Financial statements reveal that revenue growth has stalled, with a marginal 0.6% increase in 2025Q4 following several quarters of negative growth, suggesting that the company's acquisition-led expansion strategy is currently struggling to gain traction in the prevailing high-interest rate environment.
The lack of meaningful top-line expansion implies that the REIT is unable to source accretive deals that exceed its cost of capital. Without a clear path to organic growth, the company appears increasingly dependent on asset dispositions to manage its balance sheet, which may further limit future revenue potential.