Chiron Real Estate (formerly Global Medical REIT) is an internally managed healthcare REIT that owns and leases outpatient medical facilities across the U.S. The portfolio consists of 189 buildings totaling ~5.1M leasable square feet, with ~$118.8M of annualized base rent and 96% occupancy. Medical Office Buildings (MOBs) dominate the portfolio at ~72% of ABR, with Inpatient Rehabilitation Facilities (IRFs) at ~17% and specialty facilities making up the remainder. Chiron's tenants are physician groups, regional health systems, and national healthcare operators delivering outpatient services including orthopedics, cardiology, oncology, and rehabilitation. Most leases are single-tenant, triple-net structures with embedded annual rent escalators averaging ~2.1%, which limits Chiron's operating cost exposure and provides predictable cash flows. Chiron targets off-campus and suburban markets in secondary cities, focusing on procedure-based tenants whose high-volume outpatient practices tend to generate stable, high-margin revenue. The company's growth strategy centers on capital recycling — selling lower-yielding assets and redeploying proceeds into higher-cap-rate acquisitions — while working toward an investment-grade credit rating to lower its cost of capital. Chiron also manages a joint venture with Heitman in which it holds a 12.5% interest and earns management and acquisition fees, representing a capital-light growth avenue. As a REIT, Chiron distributes the substantial majority of its taxable income to shareholders.