8-K - HR - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 1, 2025 (May 1, 2025)

Healthcare Realty Trust Incorporated

(Exact name of registrant as specified in its charter)

	Maryland	001-35568	20-4738467
(State or other jurisdiction of incorporation or organization)		(Commission File Number)	(I.R.S. Employer Identification No.)
3310 West End Avenue, Suite 700	Nashville,	Tennessee	37203		(615)	269-8175
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(Address of Principal Executive Office and Zip Code)				(Registrant’s telephone number, including area code)
www.healthcarerealty.com
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(Internet address)

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share	HR	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Healthcare Realty Trust Incorporated	☐	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Healthcare Realty Trust Incorporated	☐
Item 2.02	Results of Operations and Financial Condition.
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First Quarter Earnings and Dividend Press Release

On May 1, 2025, Healthcare Realty Trust Incorporated (the “Company”) issued a press release announcing its earnings and dividend for the first quarter ended March 31, 2025. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.

Item 7.01	Regulation FD Disclosure

Fourth Quarter Supplemental Information

The Company is furnishing its Supplemental Information for the first quarter ended March 31, 2025, which is also contained on its website (www.healthcarerealty.com). See Exhibit 99.2 to this Current Report on Form 8-K.

Item 9.01	Financial Statements and Exhibits.

(d) Exhibits.

99.1	First quarter earnings and dividend press release, dated May 1, 2025.
99.2	Supplemental Information for the first quarter ended March 31, 2025.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Healthcare Realty Trust Incorporated
Date: May 1, 2025	By:	/s/ Austen B. Helfrich
		Name: Austen B. Helfrich
		Title: Executive Vice President and Chief Financial Officer

Document

Ron Hubbard

Vice President, Investor Relations

P: 615.269.8290

News Release

HEALTHCARE REALTY REPORTS FIRST QUARTER 2025 RESULTS AND DECLARES QUARTERLY DIVIDEND

NASHVILLE, Tennessee, May 1, 2025 - Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the first quarter ended March 31, 2025. Net (loss) income attributable to common stockholders for the three months ended March 31, 2025 was $(44.9) million, or $(0.13) per diluted common share. Additionally, the Company announced its quarterly dividend of $0.31 per share and operating partnership unit.

KEY HIGHLIGHTS

•Normalized FFO per share totaled $0.39 for the quarter.

•89.3% same store occupancy as of quarter end, up from 89.2% in the fourth quarter of 2024.

•$66 million of gross proceeds comprised of $28 million of first quarter asset sale transactions and a $38 million loan repayment received in April.

LEASING

•Portfolio leasing activity that commenced in the first quarter totaled 1,450,000 square feet related to 377 leases:

◦1,002,000 square feet of renewals

◦448,000 square feet of new and expansion lease commencements

•In the first quarter, the Company signed new leases totaling 370,000 square feet.

SAME STORE METRICS

•Cash NOI for the first quarter increased 2.3% year over year.

•Tenant retention for the first quarter was 84.8%, an increase from 81.6% in the fourth quarter of 2024.

•MOB cash leasing spreads were 2.3% for the quarter.

BALANCE SHEET

•Run rate net debt to adjusted EBITDA was 6.4 times.

•In January 2025, the Company repaid $35 million of its term loans maturing in 2026.

LEADERSHIP

•Peter A. Scott appointed as the Company's President & Chief Executive Officer effective April 15, 2025.

•Mr. Scott is expected to be added to the Board of Directors following the Company's 2025 annual meeting of stockholders.

•Connie Moore, who served as Interim President and CEO of the Company from November 2024 until April 14, 2025, will continue to serve on the Board of Directors.

HEALTHCAREREALTY.COM	PAGE 1 OF 7
DIVIDEND
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•A common stock cash dividend in the amount of $0.31 per share will be paid on May 23, 2025, to Class A common stockholders of record on May 12, 2025. Additionally, the eligible holders of operating partnership units will receive a distribution of $0.31 per unit, equivalent to the Company's Class A common stock dividend.

GUIDANCE

•The Company reaffirms its per share guidance, as outlined below, as well as the guidance provided on page 28 of the Supplemental Information:

	2025 GUIDANCE		ACTUAL
	LOW	HIGH	1Q 2025
Earnings per share	$(0.28)	$(0.20)	$(0.13)
NAREIT FFO per share	$1.44	$1.48	$0.35
Normalized FFO per share	$1.56	$1.60	$0.39

The 2025 annual guidance range reflects the Company's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, and operating and general and administrative expenses. The Company's guidance does not contemplate impacts from gains or losses from

dispositions, potential impairments, or debt extinguishment costs, if any. There can be no assurance that the Company's actual results will not be materially higher or lower than these expectations. If actual results vary from these assumptions, the Company's expectations may change.

EARNINGS CALL

•On Friday, May 2, 2025, at 11:00 a.m. Eastern Time, Healthcare Realty Trust has scheduled a conference call to discuss earnings results, quarterly activities, general operations of the Company and industry trends.

•Simultaneously, a webcast of the conference call will be available to interested parties at https://investors.healthcarerealty.com/corporate-profile/webcasts under the Investor Relations section. A webcast replay will be available following the call at the same address.

•Live Conference Call Access Details:

◦Domestic Dial-In Number: +1 800-715-9871 access code 4950066;

◦All Other Locations: +1 646-307-1963 access code 4950066.

•Replay Information:

◦Domestic Dial-In Number: +1 800-770-2030 access code 4950066;

◦All Other Locations: +1 609-800-9909 access code 4950066.

Healthcare Realty (NYSE: HR) is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As the first and largest REIT to specialize in medical outpatient buildings, Healthcare Realty's portfolio includes approximately 650 properties totaling more than 38 million square feet concentrated in 15 growth markets.

Additional information regarding the Company, including this quarter's operations, can be found at www.healthcarerealty.com. In addition to the historical information contained within, this press release contains certain forward-looking statements with respect to the Company. Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “target,” “intend,” “plan,” “estimate,” “project,” “continue,” “should,” “could," "budget" and other comparable terms. These forward-looking statements are based on the Company's current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Such risks and uncertainties include, among other things, the following: the Company’s expected results may not be achieved; risks related to future opportunities and plans for the Company, including the uncertainty of expected

HEALTHCARE REALTY TRUST INCORPORATED	HEALTHCAREREALTY.COM	PAGE 2 OF 7

future financial performance and results of the Company; pandemics or other health crises; increases in interest rates; the availability and cost of capital at expected rates; competition for quality assets; negative developments in the operating results or financial condition of the Company's tenants, including, but not limited to, their ability to pay rent; the Company's ability to reposition or sell facilities with profitable results; the Company's ability to release space at similar rates as vacancies occur; the Company's ability to renew expiring leases; government regulations affecting tenants' Medicare and Medicaid reimbursement rates and operational requirements; unanticipated difficulties and/or expenditures relating to future acquisitions and developments; changes in rules or practices governing the Company's financial reporting; the Company may be required under purchase options to sell properties and may not be able to reinvest the proceeds from such sales at rates of return equal to the return received on the properties sold; uninsured or underinsured losses related to casualty or liability; the incurrence of impairment charges on its real estate properties or other assets; other legal and operational matters; and other risks and uncertainties affecting the Company, including those described from time to time under the caption “Risk Factors” and elsewhere in the Company’s filings and reports with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Moreover, other risks and uncertainties of which the Company is not currently aware may also affect the Company's forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made, except as required by law. Stockholders and investors are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in the Company’s filings and reports, including, without limitation, estimates and projections regarding the performance of development projects the Company is pursuing. For a detailed discussion of the Company’s risk factors, please refer to the Company's filings with the SEC, including this report and the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

HEALTHCARE REALTY TRUST INCORPORATED	HEALTHCAREREALTY.COM	PAGE 3 OF 7
Consolidated Balance Sheets
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DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA		ASSETS
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	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Real estate properties
Land	$1,134,635	$1,143,468	$1,195,116	$1,287,532	$1,342,895
Buildings and improvements	9,729,912	9,707,066	10,074,504	10,436,218	10,902,835
Lease intangibles	631,864	664,867	718,343	764,730	816,303
Personal property	9,938	9,909	9,246	12,501	12,720
Investment in financing receivables, net	123,813	123,671	123,045	122,413	122,001
Financing lease right-of-use assets	76,958	77,343	77,728	81,401	81,805
Construction in progress	35,101	31,978	125,944	97,732	70,651
Land held for development	52,408	52,408	52,408	59,871	59,871
Total real estate investments	11,794,629	11,810,710	12,376,334	12,862,398	13,409,081
Less accumulated depreciation and amortization	(2,583,819)	(2,483,656)	(2,478,544)	(2,427,709)	(2,374,047)
Total real estate investments, net	9,210,810	9,327,054	9,897,790	10,434,689	11,035,034
Cash and cash equivalents 1	25,722	68,916	22,801	137,773	26,172
Assets held for sale, net	6,635	12,897	156,218	34,530	30,968
Operating lease right-of-use assets	259,764	261,438	259,013	261,976	273,949
Investments in unconsolidated joint ventures	470,418	473,122	417,084	374,841	309,754
Other assets, net and goodwill	522,920	507,496	491,679	559,818	605,047
Total assets	$10,496,269	$10,650,923	$11,244,585	$11,803,627	$12,280,924
LIABILITIES AND STOCKHOLDERS' EQUITY
	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Liabilities
Notes and bonds payable	$4,732,618	$4,662,771	$4,957,796	$5,148,153	$5,108,279
Accounts payable and accrued liabilities	144,855	222,510	197,428	195,884	163,172
Liabilities of properties held for sale	422	1,283	7,919	1,805	700
Operating lease liabilities	224,117	224,499	229,925	230,601	229,223
Financing lease liabilities	72,585	72,346	71,887	75,199	74,769
Other liabilities	174,830	161,640	180,283	177,293	197,763
Total liabilities	5,349,427	5,345,049	5,645,238	5,828,935	5,773,906
Redeemable non-controlling interests	4,627	4,778	3,875	3,875	3,880
Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized	—	—	—	—	—
Common stock, $0.01 par value; 1,000,000 shares authorized	3,510	3,505	3,558	3,643	3,815
Additional paid-in capital	9,121,269	9,118,229	9,198,004	9,340,028	9,609,530
Accumulated other comprehensive (loss) income	(7,206)	(1,168)	(16,963)	6,986	4,791
Cumulative net income attributable to common stockholders	329,436	374,309	481,155	574,178	717,958
Cumulative dividends	(4,368,739)	(4,260,014)	(4,150,328)	(4,037,693)	(3,920,199)
Total stockholders' equity	5,078,270	5,234,861	5,515,426	5,887,142	6,415,895
Non-controlling interest	63,945	66,235	80,046	83,675	87,243
Total equity	5,142,215	5,301,096	5,595,472	5,970,817	6,503,138
Total liabilities and stockholders' equity	$10,496,269	$10,650,923	$11,244,585	$11,803,627	$12,280,924

12Q 2024 cash and cash equivalents include $96.0 million of proceeds held in a cash escrow account from a portfolio disposition that closed on June 28, 2024, and was received by the Company on July 1, 2024.

HEALTHCARE REALTY TRUST INCORPORATED	HEALTHCAREREALTY.COM	PAGE 4 OF 7
Consolidated Statements of Income
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DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
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Revenues
Rental income 1	$288,857	$300,065	$306,499	$308,135	$318,076
Interest income	3,731	4,076	3,904	3,865	4,538
Other operating	6,389	5,625	5,020	4,322	4,191
	298,977	309,766	315,423	316,322	326,805
Expenses
Property operating	114,963	114,415	120,232	117,719	121,078
General and administrative	13,530	34,208	20,124	14,002	14,787
Normalizing items 2	(502)	(22,991)	(6,861)	—	—
Normalized general and administrative	13,028	11,217	13,263	14,002	14,787
Transaction costs	1,011	1,577	719	431	395
Depreciation and amortization	150,969	160,330	163,226	173,477	178,119
	280,473	310,530	304,301	305,629	314,379
Other income (expense)
Interest expense before merger-related fair value	(44,366)	(47,951)	(50,465)	(52,393)	(50,949)
Merger-related fair value adjustment	(10,446)	(10,314)	(10,184)	(10,064)	(10,105)
Interest expense	(54,812)	(58,265)	(60,649)	(62,457)	(61,054)
Gain on sales of real estate properties and other assets	2,904	32,082	39,310	38,338	22
Loss on extinguishment of debt	—	(237)	—	—	—
Impairment of real estate assets and credit loss reserves	(12,081)	(81,098)	(84,394)	(132,118)	(15,937)
Impairment of goodwill	—	—	—	—	(250,530)
Equity income (loss) from unconsolidated joint ventures	1	224	208	(146)	(422)
Interest and other income (expense), net	95	(154)	(132)	(248)	275
	(63,893)	(107,448)	(105,657)	(156,631)	(327,646)
Net loss	$(45,389)	$(108,212)	$(94,535)	$(145,938)	$(315,220)
Net loss attributable to non-controlling interests	516	1,366	1,512	2,158	4,384
Net loss attributable to common stockholders	$(44,873)	$(106,846)	$(93,023)	$(143,780)	$(310,836)
Basic earnings per common share	$(0.13)	$(0.31)	$(0.26)	$(0.39)	$(0.82)
Diluted earnings per common share	$(0.13)	$(0.31)	$(0.26)	$(0.39)	$(0.82)
Weighted average common shares outstanding - basic	349,539	351,560	358,960	372,477	379,455
Weighted average common shares outstanding - diluted 3	349,539	351,560	358,960	372,477	379,455

1In 4Q 2024, rental income was reduced by $0.7 million for Prospect Medical revenue reserves. In 2Q 2024, rental income was reduced by $3.0 million for Steward Health revenue reserves.

2Normalizing items primarily include restructuring, severance-related costs and non-routine advisory fees associated with shareholder engagement.

3Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount. As a result, the outstanding limited partnership units in the Company's operating partnership ("OP"), totaling 3,665,625 units were not included.

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Reconciliation of FFO, Normalized FFO and FAD 1,2,3
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DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA			1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
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Net loss attributable to common stockholders	$(44,873)	$(106,846)	$(93,023)	$(143,780)	$(310,836)
Net loss attributable to common stockholders/diluted share 3	$(0.13)	$(0.31)	$(0.26)	$(0.39)	$(0.82)
Gain on sales of real estate assets	(2,904)	(32,082)	(39,148)	(33,431)	(22)
Impairments of real estate assets	10,145	75,423	37,632	120,917	15,937
Real estate depreciation and amortization	155,288	164,656	167,821	177,350	181,161
Non-controlling loss from operating partnership units	(599)	(1,422)	(1,372)	(2,077)	(4,278)
Unconsolidated JV depreciation and amortization	6,717	5,913	5,378	4,818	4,568
FFO adjustments	$168,647	$212,488	$170,311	$267,577	$197,366
FFO adjustments per common share - diluted	$0.48	$0.60	$0.47	$0.71	$0.51
FFO	$123,774	$105,642	$77,288	$123,797	$(113,470)
FFO per common share - diluted 4	$0.35	$0.30	$0.21	$0.33	$(0.30)
Transaction costs	1,011	1,577	719	431	395
Lease intangible amortization	(228)	(2,348)	(10)	129	175
Non-routine legal costs/forfeited earnest money received	77	306	306	465	—
Debt financing costs	—	237	—	—	—
Restructuring and severance-related charges	502	22,991	6,861	—	—
Credit losses and gains (losses) on other assets, net 5	1,936	4,582	46,600	8,525	—
Impairment of goodwill	—	—	—	—	250,530
Merger-related fair value adjustment	10,446	10,314	10,184	10,064	10,105
Unconsolidated JV normalizing items 6	204	113	101	89	87
Normalized FFO adjustments	$13,948	$37,772	$64,761	$19,703	$261,292
Normalized FFO adjustments per common share - diluted	$0.04	$0.11	$0.18	$0.05	$0.68
Normalized FFO	$137,722	$143,414	$142,049	$143,500	$147,822
Normalized FFO per common share - diluted	$0.39	$0.40	$0.39	$0.38	$0.39
Non-real estate depreciation and amortization	222	404	276	313	485
Non-cash interest amortization, net 7	1,217	1,239	1,319	1,267	1,277
Rent reserves, net 8	94	(369)	(27)	1,261	(151)
Straight-line rent income, net	(6,844)	(7,051)	(5,771)	(6,799)	(7,633)
Stock-based compensation	3,028	3,028	4,064	3,383	3,562
Unconsolidated JV non-cash items 9	(253)	(277)	(376)	(148)	(122)
Normalized FFO adjusted for non-cash items	135,186	140,388	141,534	142,777	145,240
2nd generation TI	(14,885)	(20,003)	(16,951)	(12,287)	(20,204)
Leasing commissions paid	(11,394)	(11,957)	(10,266)	(10,012)	(15,215)
Building capital	(6,687)	(8,347)	(7,389)	(12,835)	(5,363)
Total maintenance capex	(32,966)	(40,307)	(34,606)	(35,134)	(40,782)
FAD	$102,220	$100,081	$106,928	$107,643	$104,458
Quarterly dividends and OP distributions	$109,840	$110,808	$113,770	$118,627	$119,541
FFO wtd avg common shares outstanding - diluted 10	353,522	355,874	363,370	376,556	383,413

1Funds from operations (“FFO”) and FFO per share are operating performance measures adopted by NAREIT. NAREIT defines FFO as “net income (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.”

2FFO, Normalized FFO and Funds Available for Distribution ("FAD") do not represent cash generated from operating activities determined in accordance with GAAP and are not necessarily indicative of cash available to fund cash needs. FFO, Normalized FFO and FAD should not be considered alternatives to net income attributable to common stockholders as indicators of the Company's operating performance or as alternatives to cash flow as measures of liquidity.

3Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount.

4For 1Q 2024, basic weighted average common shares outstanding was the denominator used in the per share calculation.

51Q 2025 represents a $1.9 million loss on other assets. 4Q 2024 includes $1.6 million of credit loss reserves, net of recoveries and a $4.1 million loss on other assets. These amounts were partially offset by a $1.1 million recovery of prior-period Steward Health straight-line rent for leases assumed. 3Q 2024 includes $46.8 million of credit loss reserves and $0.2 million gain on other assets. 2Q 2024 includes $11.2 million of credit loss reserves and $2.2 million write-off of prior period Steward Health straight-line rent, offset by $4.9 million gain on other assets.

6Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and acquisition and pursuit costs.

7Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.

82Q 2024 includes $0.8 million related to the Steward Health revenue reserve for March.

9Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.

10The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 317,511 for the three months ended March 31, 2025. Also includes the diluted impact of 3,665,625 OP units outstanding.

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Reconciliation of Non-GAAP Measures
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DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA - UNAUDITED

Management considers funds from operations ("FFO"), FFO per share, normalized FFO, normalized FFO per share, and funds available for distribution ("FAD") to be useful non-GAAP measures of the Company's operating performance. A non-GAAP financial measure is generally defined as one that purports to measure historical financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP. Set forth below are descriptions of the non-GAAP financial measures management considers relevant to the Company's business and useful to investors.

The non-GAAP financial measures presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions. These measures should not be considered as alternatives to net income (determined in accordance with GAAP), as indicators of the Company's financial performance, or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of the Company's liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of the Company's needs.

FFO and FFO per share are operating performance measures adopted by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). NAREIT defines FFO as “net income (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.” The Company defines Normalized FFO as FFO excluding acquisition-related expenses, lease intangible amortization and other normalizing items that are unusual and infrequent in nature. FAD is presented by adding to Normalized FFO non-real estate depreciation and amortization, deferred financing fees amortization, share-based compensation expense and rent reserves, net; and subtracting maintenance capital expenditures, including second generation tenant improvements and leasing commissions paid and straight-line rent income, net of expense. The Company's definition of these terms may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts. FFO, Normalized FFO and FAD do not represent cash generated from operating activities determined in accordance with GAAP and are not necessarily indicative of cash available to fund cash needs. FFO, Normalized FFO and FAD should not be considered an alternative to net income as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO, Normalized FFO and FAD should be reviewed in connection with GAAP financial measures.

Management believes FFO, FFO per share, Normalized FFO, Normalized FFO per share, and FAD provide an understanding of the operating performance of the Company’s properties without giving effect to certain significant non-cash items, including depreciation and amortization expense. Historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. However, real estate values instead have historically risen or fallen with market conditions. The Company believes that by excluding the effect of depreciation, amortization, gains or losses from sales of real estate, and other normalizing items that are unusual and infrequent, FFO, FFO per share, Normalized FFO, Normalized FFO per share and FAD can facilitate comparisons of operating performance between periods. The Company reports these measures because they have been observed by management to be the predominant measures used by the REIT industry and by industry analysts to evaluate REITs and because these measures are consistently reported, discussed, and compared by research analysts in their notes and publications about REITs.

Cash NOI and Same Store Cash NOI are key performance indicators. Management considers these to be supplemental measures that allow investors, analysts and Company management to measure unlevered property-level operating results. The Company defines Cash NOI as rental income plus interest from financing receivables less property operating expenses. Cash NOI excludes non-cash items such as above and below market lease intangibles, straight-line rent, lease inducements, lease termination fees, financing receivable amortization, tenant improvement amortization and leasing commission amortization. Cash NOI is historical and not necessarily indicative of future results.

Same Store Cash NOI compares Cash NOI for stabilized properties. Stabilized properties are properties that have been included in operations for the duration of the year-over-year comparison period presented. Accordingly, stabilized properties exclude properties that were recently acquired or disposed of, properties classified as held for sale, properties undergoing redevelopment, and newly redeveloped or developed properties.

The Company utilizes the redevelopment classification for properties where management has approved a change in strategic direction through the application of additional resources, including an amount of capital expenditures significantly above routine maintenance and capital improvement expenditures.

Any recently acquired property will be included in the same store pool once the Company has owned the property for five full quarters. Newly developed or redeveloped properties will be included in the same store pool five full quarters after substantial completion.

HEALTHCARE REALTY TRUST INCORPORATED	HEALTHCAREREALTY.COM	PAGE 7 OF 7

Document

1Q2025
Supplemental Information
FURNISHED AS OF MAY 1, 2025 - UNAUDITED
FORWARD LOOKING STATEMENTS & RISK FACTORS
---

This Supplemental Information report contains disclosures that are “forward-looking statements.” Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “target,” “intend,” “plan,” “estimate,” “project,” “continue,” “should,” “could," "budget" and other comparable terms. These forward-looking statements are based on the Company's current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Such risks and uncertainties include, among other things, the following: the Company’s expected results may not be achieved; risks related to future opportunities and plans for the Company, including the uncertainty of expected future financial performance and results of the Company; pandemics or other health crises; increases in interest rates; the availability and cost of capital at expected rates; competition for quality assets; negative developments in the operating results or financial condition of the Company's tenants, including, but not limited to, their ability to pay rent; the Company's ability to reposition or sell facilities with profitable results; the Company's ability to release space at similar rates as vacancies occur; the Company's ability to renew expiring leases; government regulations affecting tenants' Medicare and Medicaid reimbursement rates and operational requirements; unanticipated difficulties and/or expenditures relating to future acquisitions and developments; changes in rules or practices governing the Company's financial reporting; the Company may be required under purchase options to sell properties and may not be able to reinvest the proceeds from such sales at rates of return equal to the return received on the properties sold; uninsured or underinsured losses related to casualty or liability; the incurrence of impairment charges on its real estate properties or other assets; other legal and operational matters; and other risks and uncertainties affecting the Company, including those described from time to time under the caption “Risk Factors” and elsewhere in the Company’s filings and reports with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Moreover, other risks and uncertainties of which the Company is not currently aware may also affect the Company's forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made, except as required by law. Stockholders and investors are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in the Company’s filings and reports, including, without limitation, estimates and projections regarding the performance of development projects the Company is pursuing. For a detailed discussion of the Company’s risk factors, please refer to the Company's filings with the SEC, including this report and the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

| Table of Contents | | --- || 4 | Highlights | | --- | --- | | 6 | Salient Facts | | 7 | Corporate Information | | 8 | Balance Sheet | | 9 | Statements of Income | | 10 | FFO, Normalized FFO, & FAD | | 11 | Capital Funding & Commitments | | 12 | Debt Metrics | | 13 | Debt Covenants & Liquidity | | 14 | JV and Disposition Activity | | 15 | Joint Ventures | | 16 | Re/development Activity | | 17 | Portfolio | | 18 | Health Systems | | 19 | MOB Proximity to Hospital | | 20 | Lease Maturity & Occupancy | | 21 | Leasing Statistics | | 22 | Same Store | | 24 | NOI Reconciliations | | 26 | EBITDA Reconciliations | | 27 | Components of Net Asset Value | | 28 | 2025 Guidance | | HEALTHCARE REALTY | 1Q 2025 SUPPLEMENTAL INFORMATION 3 | | --- | --- | | Highlights | | --- | | HEALTHCARE REALTY REPORTS FIRST QUARTER 2025 RESULTS AND DECLARES QUARTERLY DIVIDEND | | --- |

Net (loss) income attributable to common stockholders for the three months ended March 31, 2025 was $(44.9) million or $(0.13) per diluted common share.

KEY HIGHLIGHTS

•Normalized FFO per share totaled $0.39 for the quarter.

•89.3% same store occupancy as of quarter end, up from 89.2% in the fourth quarter of 2024.

•$66 million of gross proceeds comprised of $28 million of first quarter asset sale transactions and a $38 million loan repayment received in April.

LEASING

•Portfolio leasing activity that commenced in the first quarter totaled 1,450,000 square feet related to 377 leases:

◦1,002,000 square feet of renewals

◦448,000 square feet of new and expansion lease commencements

•In the first quarter, the Company signed new leases totaling 370,000 square feet.

SAME STORE METRICS

•Cash NOI for the first quarter increased 2.3% year over year.

•Tenant retention for the first quarter was 84.8%, an increase from 81.6% in the fourth quarter of 2024.

•MOB cash leasing spreads were 2.3% for the quarter.

BALANCE SHEET

•Run rate net debt to adjusted EBITDA was 6.4 times.

•In January 2025, the Company repaid $35 million of its term loans maturing in 2026.

LEADERSHIP

•Peter A. Scott appointed as the Company's President & Chief Executive Officer effective April 15, 2025.

•Mr. Scott is expected to be added to the Board of Directors following the Company's 2025 annual meeting of stockholders.

•Connie Moore, who served as Interim President and CEO of the Company from November 2024 until April 14, 2025, will continue to serve on the Board of Directors.

DIVIDEND

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 4
Highlights
---		GUIDANCE
---

•The Company reaffirms its per share guidance, as outlined below, as well as the guidance provided on page 28 of the Supplemental Information:

		ACTUAL
	LOW	HIGH	1Q 2025
Earnings per share	$(0.28)	$(0.20)	$(0.13)
NAREIT FFO per share	$1.44	$1.48	$0.35
Normalized FFO per share	$1.56	$1.60	$0.39

EARNINGS CALL

•Live Conference Call Access Details:

◦Domestic Dial-In Number: +1 800-715-9871 access code 4950066;

◦All Other Locations: +1 646-307-1963 access code 4950066.

•Replay Information:

◦Domestic Dial-In Number: +1 800-770-2030 access code 4950066;

◦All Other Locations: +1 609-800-9909 access code 4950066.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 5
Salient Facts 1
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Properties
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648 properties totaling 38.3M SF
64 markets in 33 states
93% managed by Healthcare Realty
93% outpatient medical facilities
59% of NOI in Top 15 Markets
Capitalization
$10.9B enterprise value as of 3/31/25
$6.0B market capitalization as of 3/31/25
355.1M shares/units outstanding as of 3/31/25
353.5M diluted WA shares outstanding
BBB/Baa2 S&P/Moody's
45.1% net debt to enterprise value at 3/31/25
6.4x run rate net debt to adjusted EBITDA

1Includes properties held in joint ventures.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 6
Corporate Information
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Healthcare Realty (NYSE: HR) is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As of March 31, 2025, the Company was invested in 648 real estate properties in 33 states totaling 38.3 million square feet and had an enterprise value of approximately $10.9 billion, defined as equity market capitalization plus the principal amount of debt less cash. The Company provided leasing and property management services to 93% of its portfolio.

EXECUTIVE OFFICERS
Peter A. Scott
President and Chief Executive Officer
Constance B. Moore
Interim President and Chief Executive Officer (through April 14)
Ryan E. Crowley
Executive Vice President and Chief Investment Officer
Austen B. Helfrich
Executive Vice President and Chief Financial Officer
Robert E. Hull
Executive Vice President and Chief Operating Officer
Andrew E. Loope
Executive Vice President, General Counsel and Secretary
Julie F. Wilson
Executive Vice President and Chief Administrative Officer
ANALYST COVERAGE
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BMO Capital Markets
BTIG, LLC
Citi Research
Deutsche Bank Securities
Green Street Advisors, Inc.
J.P. Morgan Securities LLC
Jefferies LLC
KeyBanc Capital Markets Inc.
Raymond James & Associates
Scotiabank
Wedbush Securities
Wells Fargo Securities, LLC
BOARD OF DIRECTORS
---

Nancy H. Agee

Retired President and Chief Executive Officer

Carilion Clinic

Thomas N. Bohjalian

Chairman, Healthcare Realty Trust Incorporated

Retired Head of U.S Real Estate, Cohen & Steers

Ajay Gupta

Chief Executive Officer

Physician Rehabilitation Network

David B. Henry

Retired Vice Chairman and Chief Executive Officer

Kimco Realty Corporation

James J. Kilroy

President and Portfolio Manager

Willis Investment Counsel

Jay P. Leupp

Managing Partner and Senior Portfolio Manager

Terra Firma Asset Management, LLC

Peter F. Lyle

Executive Vice President

Medical Management Associates, Inc.

Constance B. Moore

Retired President and CEO

BRE Properties, Inc.

Glenn J. Rufrano

Executive Chairman

PREIT

Christann M. Vasquez

Retired Healthcare Executive

Donald C. Wood

Chief Executive Officer

Federal Realty Investment Trust

David R. Emery (1944-2019)

Chairman Emeritus

Healthcare Realty Trust Incorporated

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 7
Balance Sheet
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AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA		ASSETS
---	---	---	---	---	---
	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Real estate properties
Land	$1,134,635	$1,143,468	$1,195,116	$1,287,532	$1,342,895
Buildings and improvements	9,729,912	9,707,066	10,074,504	10,436,218	10,902,835
Lease intangibles	631,864	664,867	718,343	764,730	816,303
Personal property	9,938	9,909	9,246	12,501	12,720
Investment in financing receivables, net	123,813	123,671	123,045	122,413	122,001
Financing lease right-of-use assets	76,958	77,343	77,728	81,401	81,805
Construction in progress	35,101	31,978	125,944	97,732	70,651
Land held for development	52,408	52,408	52,408	59,871	59,871
Total real estate investments	11,794,629	11,810,710	12,376,334	12,862,398	13,409,081
Less accumulated depreciation and amortization	(2,583,819)	(2,483,656)	(2,478,544)	(2,427,709)	(2,374,047)
Total real estate investments, net	9,210,810	9,327,054	9,897,790	10,434,689	11,035,034
Cash and cash equivalents 1	25,722	68,916	22,801	137,773	26,172
Assets held for sale, net	6,635	12,897	156,218	34,530	30,968
Operating lease right-of-use assets	259,764	261,438	259,013	261,976	273,949
Investments in unconsolidated joint ventures	470,418	473,122	417,084	374,841	309,754
Other assets, net and goodwill	522,920	507,496	491,679	559,818	605,047
Total assets	$10,496,269	$10,650,923	$11,244,585	$11,803,627	$12,280,924
LIABILITIES AND STOCKHOLDERS' EQUITY
	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Liabilities
Notes and bonds payable	$4,732,618	$4,662,771	$4,957,796	$5,148,153	$5,108,279
Accounts payable and accrued liabilities	144,855	222,510	197,428	195,884	163,172
Liabilities of properties held for sale	422	1,283	7,919	1,805	700
Operating lease liabilities	224,117	224,499	229,925	230,601	229,223
Financing lease liabilities	72,585	72,346	71,887	75,199	74,769
Other liabilities	174,830	161,640	180,283	177,293	197,763
Total liabilities	5,349,427	5,345,049	5,645,238	5,828,935	5,773,906
Redeemable non-controlling interests	4,627	4,778	3,875	3,875	3,880
Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized	—	—	—	—	—
Common stock, $0.01 par value; 1,000,000 shares authorized	3,510	3,505	3,558	3,643	3,815
Additional paid-in capital	9,121,269	9,118,229	9,198,004	9,340,028	9,609,530
Accumulated other comprehensive (loss) income	(7,206)	(1,168)	(16,963)	6,986	4,791
Cumulative net income attributable to common stockholders	329,436	374,309	481,155	574,178	717,958
Cumulative dividends	(4,368,739)	(4,260,014)	(4,150,328)	(4,037,693)	(3,920,199)
Total stockholders' equity	5,078,270	5,234,861	5,515,426	5,887,142	6,415,895
Non-controlling interest	63,945	66,235	80,046	83,675	87,243
Total equity	5,142,215	5,301,096	5,595,472	5,970,817	6,503,138
Total liabilities and stockholders' equity	$10,496,269	$10,650,923	$11,244,585	$11,803,627	$12,280,924

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 8
Statements of Income
---
DOLLARS IN THOUSANDS			1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
---	---	---	---	---	---
Revenues
Rental income 1	$288,857	$300,065	$306,499	$308,135	$318,076
Interest income	3,731	4,076	3,904	3,865	4,538
Other operating	6,389	5,625	5,020	4,322	4,191
	298,977	309,766	315,423	316,322	326,805
Expenses
Property operating	114,963	114,415	120,232	117,719	121,078
General and administrative	13,530	34,208	20,124	14,002	14,787
Normalizing items 2	(502)	(22,991)	(6,861)	—	—
Normalized general and administrative	13,028	11,217	13,263	14,002	14,787
Transaction costs	1,011	1,577	719	431	395
Depreciation and amortization	150,969	160,330	163,226	173,477	178,119
	280,473	310,530	304,301	305,629	314,379
Other income (expense)
Interest expense before merger-related fair value	(44,366)	(47,951)	(50,465)	(52,393)	(50,949)
Merger-related fair value adjustment	(10,446)	(10,314)	(10,184)	(10,064)	(10,105)
Interest expense	(54,812)	(58,265)	(60,649)	(62,457)	(61,054)
Gain on sales of real estate properties and other assets	2,904	32,082	39,310	38,338	22
Loss on extinguishment of debt	—	(237)	—	—	—
Impairment of real estate assets and credit loss reserves	(12,081)	(81,098)	(84,394)	(132,118)	(15,937)
Impairment of goodwill	—	—	—	—	(250,530)
Equity income (loss) from unconsolidated joint ventures	1	224	208	(146)	(422)
Interest and other income (expense), net	95	(154)	(132)	(248)	275
	(63,893)	(107,448)	(105,657)	(156,631)	(327,646)
Net loss	$(45,389)	$(108,212)	$(94,535)	$(145,938)	$(315,220)
Net loss attributable to non-controlling interests	516	1,366	1,512	2,158	4,384
Net loss attributable to common stockholders	$(44,873)	$(106,846)	$(93,023)	$(143,780)	$(310,836)
Basic earnings per common share	$(0.13)	$(0.31)	$(0.26)	$(0.39)	$(0.82)
Diluted earnings per common share	$(0.13)	$(0.31)	$(0.26)	$(0.39)	$(0.82)
Weighted average common shares outstanding - basic	349,539	351,560	358,960	372,477	379,455
Weighted average common shares outstanding - diluted 3	349,539	351,560	358,960	372,477	379,455
STATEMENTS OF INCOME SUPPLEMENTAL INFORMATION
---	---	---	---	---	---
	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Interest income
Financing receivables	$1,950	$2,103	$2,117	$2,094	$2,117
Interest on mortgage and mezzanine loans	1,781	1,973	1,787	1,771	2,421
Total	$3,731	$4,076	$3,904	$3,865	$4,538
Other operating income
Parking income	$1,863	$1,958	$2,363	$2,463	$2,545
Management fee and miscellaneous income	4,526	3,667	2,657	1,859	1,646
Total	$6,389	$5,625	$5,020	$4,322	$4,191

1In 4Q 2024, rental income was reduced by $0.7 million for Prospect Medical revenue reserves. In 2Q 2024, rental income was reduced by $3.0 million for Steward Health revenue reserves.

2Normalizing items primarily include restructuring, severance-related costs and non-routine advisory fees associated with shareholder engagement.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 9
FFO, Normalized FFO, & FAD 1,2,3
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DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA			1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
---	---	---	---	---	---
Net loss attributable to common stockholders	$(44,873)	$(106,846)	$(93,023)	$(143,780)	$(310,836)
Net loss attributable to common stockholders per diluted share 3	$(0.13)	$(0.31)	$(0.26)	$(0.39)	$(0.82)
Gain on sales of real estate assets	$(2,904)	$(32,082)	$(39,148)	$(33,431)	$(22)
Impairments of real estate assets	10,145	75,423	37,632	120,917	15,937
Real estate depreciation and amortization	155,288	164,656	167,821	177,350	181,161
Non-controlling loss from operating partnership units	(599)	(1,422)	(1,372)	(2,077)	(4,278)
Unconsolidated JV depreciation and amortization	6,717	5,913	5,378	4,818	4,568
FFO adjustments	$168,647	$212,488	$170,311	$267,577	$197,366
FFO adjustments per common share - diluted	$0.48	$0.60	$0.47	$0.71	$0.51
FFO	$123,774	$105,642	$77,288	$123,797	$(113,470)
FFO per common share - diluted 4	$0.35	$0.30	$0.21	$0.33	$(0.30)
Transaction costs	1,011	1,577	719	431	395
Lease intangible amortization	(228)	(2,348)	(10)	129	175
Non-routine legal costs/forfeited earnest money received	77	306	306	465	—
Debt financing costs	—	237	—	—	—
Restructuring and severance-related charges	502	22,991	6,861	—	—
Credit losses and gains (losses) on other assets, net 5	1,936	4,582	46,600	8,525	—
Impairment of goodwill	—	—	—	—	250,530
Merger-related fair value adjustment	10,446	10,314	10,184	10,064	10,105
Unconsolidated JV normalizing items 6	204	113	101	89	87
Normalized FFO adjustments	$13,948	$37,772	$64,761	$19,703	$261,292
Normalized FFO adjustments per common share - diluted	$0.04	$0.11	$0.18	$0.05	$0.68
Normalized FFO	$137,722	$143,414	$142,049	$143,500	$147,822
Normalized FFO per common share - diluted	$0.39	$0.40	$0.39	$0.38	$0.39
Non-real estate depreciation and amortization	222	404	276	313	485
Non-cash interest amortization, net 7	1,217	1,239	1,319	1,267	1,277
Rent reserves, net 8	94	(369)	(27)	1,261	(151)
Straight-line rent income, net	(6,844)	(7,051)	(5,771)	(6,799)	(7,633)
Stock-based compensation	3,028	3,028	4,064	3,383	3,562
Unconsolidated JV non-cash items 9	(253)	(277)	(376)	(148)	(122)
Normalized FFO adjusted for non-cash items	135,186	140,388	141,534	142,777	145,240
2nd generation TI	(14,885)	(20,003)	(16,951)	(12,287)	(20,204)
Leasing commissions paid	(11,394)	(11,957)	(10,266)	(10,012)	(15,215)
Building capital	(6,687)	(8,347)	(7,389)	(12,835)	(5,363)
Total maintenance capex	(32,966)	(40,307)	(34,606)	(35,134)	(40,782)
FAD	$102,220	$100,081	$106,928	$107,643	$104,458
Quarterly dividends and OP distributions	$109,840	$110,808	$113,770	$118,627	$119,541
FFO wtd avg common shares outstanding - diluted 10	353,522	355,874	363,370	376,556	383,413

3Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount.

4For 1Q 2024, basic weighted average common shares outstanding was the denominator used in the per share calculation.

6Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and acquisition and pursuit costs.

7Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.

82Q 2024 includes $0.8 million related to the Steward Health revenue reserve for March.

9Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 10
Capital Funding & Commitments
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DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
ACQUISITION AND RE/DEVELOPMENT FUNDING
---	---	---	---	---	---
	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Acquisitions 1	—	—	—	—	—
Re/development 2	33,436	39,611	44,590	44,796	21,580
1st generation TI & acquisition capex 3	15,139	14,794	15,677	13,010	12,421
MAINTENANCE CAPITAL EXPENDITURES FUNDING
	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
2nd generation TI	14,885	20,003	16,951	12,287	20,204
Leasing commissions paid	11,394	11,957	10,266	10,012	15,215
Building capital	6,687	8,347	7,389	12,835	5,363
	32,966	40,307	34,606	35,134	40,782
% of Cash NOI
2nd generation TI	8.2	10.6	8.8	6.2	10.1
Leasing commissions paid	6.3	6.3	5.3	5.0	7.6
Building capital	3.7	4.4	3.8	6.5	2.7
	18.2	21.3	17.9	17.7	20.4
LEASING COMMITMENTS 4
	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Renewals
Square feet	794,857	783,975	909,844	788,862	1,454,998
2nd generation TI/square foot/lease year	1.90	2.20	1.91	1.81	2.39
Leasing commissions/square foot/lease year	1.48	1.48	1.36	1.33	0.90
Renewal commitments as a % of annual net rent	13.8	14.1	12.2	13.6	13.8
WALT (in months) 5	47.7	59.7	50.3	52.3	60.5
New leases
Square feet	172,371	299,950	462,756	252,795	337,357
2nd generation TI/square foot/lease year	6.08	7.30	7.18	6.90	7.32
Leasing commissions/square foot/lease year	1.90	1.82	1.91	1.98	1.68
New lease commitments as a % of annual net rent	40.4	40.7	39.9	43.3	42.8
WALT (in months) 5	65.9	78.3	94.7	82.6	92.8
All
Square feet	967,228	1,083,925	1,372,600	1,041,657	1,792,355
Leasing commitments as a % of annual net rent	18.8	21.9	24.0	22.6	20.5
WALT (in months) 5	51.0	64.8	65.3	59.6	66.6

All values are in US Dollars.

1Acquisitions include properties acquired through joint ventures at the Company's ownership percentage.

2Re/development funding includes capital spend on re/developments, development completions and unstabilized properties.

3Acquisition capex includes near-term fundings underwritten as part of recent acquisitions. 1st generation tenant improvements for re/developments are excluded.

4Reflects leases commencing in the quarter. Excludes recently acquired or disposed properties, development completions, construction in progress, land held for development, corporate property, redevelopment properties, unstabilized properties, planned dispositions and assets classified as held for sale.

5WALT = weighted average lease term.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 11
Debt Metrics1
---
DOLLARS IN THOUSANDS
SUMMARY OF INDEBTEDNESS AS OF MARCH 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	PRINCIPAL BALANCE	BALANCE 1	MATURITY DATE 2		MONTHS TO MATURITY 2		1Q 2025 INTEREST EXPENSE	CONTRACTUAL INTEREST EXPENSE	CONTRACTUAL RATE			EFFECTIVE RATE			FAIR VALUE MERGER ADJUSTED
SENIOR NOTES	250,000	249,967	5/1/2025		1		2,470	2,422	3.88		%	4.12		%
				16		7,263			%	4.94		%	Y
				27		5,815			%	4.76		%	Y
				34		2,787			%	3.85		%
				59		7,772			%	5.30		%	Y
				60		1,929			%	2.72		%
				72		1,593			%	2.25		%
				72		8,572			%	5.13		%	Y
	3,699,285	3,480,551			44		38,201	27,451	2.97		%	4.44		%
TERM LOANS	175,000	174,958	5/31/2026		14		2,370	2,370	SOFR + 1.05%			5.37		%
				14		2,013				5.37		%
				19		4,026				5.37		%
				27		2,684				5.37		%
				33		3,911				5.37		%
	1,115,000	1,113,260			23		15,004	15,004				5.37		%
1.5B CREDIT FACILITY	94,000	94,000	10/31/2027		31		298	298	SOFR + 0.95%			5.27		%
MORTGAGES	44,934	44,807	various		13		444	456	4.04		%	4.17		%
	4,953,219	4,732,618			39		53,947	43,209	3.56		%	4.67		%	$2,550,000
Less cash	(25,722)
Net debt	4,927,497
Interest rate swaps							(1,074)	(1,074)
Interest cost capitalization							(857)	—
Unsecured credit facility fee & deferred financing costs							1,880	750
Financing right-of-use asset amortization							916	—
							54,812	42,885

All values are in US Dollars.

DEBT MATURITIES SCHEDULE AS OF MARCH 31, 2025
	PRINCIPAL PAYMENTS
	BANK <br>LOANS	SENIOR NOTES	TOTAL
2025	$0	250,000	266,030	%
2026	615,000	600,000	1,243,904	%
2027	294,000	500,000	794,000	%
2028	300,000	300,000	600,000	%
2029	—	—	—	%
Thereafter	—	2,049,285	2,049,285	%
Total	$1,209,000	3,699,285	4,953,219	%
Net debt			4,927,497
Fixed rate debt balance	$1,075,000	3,699,285	4,819,219
% fixed rate debt, net of cash
Company share of JV net debt		29,909

All values are in US Dollars.

INTEREST RATE SWAPS
MATURITY	AMOUNT	FIXED SOFR RATE
May 2026	$275,000	3.74	%
June 2026	150,000	3.83	%
December 2026	150,000	3.84	%
June 2027	200,000	4.27	%
December 2027	300,000	3.93	%
As of 3/31/2025	$1,075,000	3.92	%

1Balances are reflected net of discounts, fair value adjustments, and deferred financing costs and include premiums.

2Includes extension options.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 12
Debt Covenants & Liquidity
---
DOLLARS IN THOUSANDS
SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED MARCH 31, 2025 1
---	---	---	---	---
	CALCULATION	REQUIREMENT	PER DEBT COVENANTS
Revolving credit facility and term loan
Leverage ratio	Total debt/total capital	Not greater than 60%	39.3	%
Secured leverage ratio	Total secured debt/total capital	Not greater than 30%	0.4	%
Unencumbered leverage ratio	Unsecured debt/unsecured real estate	Not greater than 60%	42.9	%
Fixed charge coverage ratio	EBITDA/fixed charges	Not less than 1.50x	2.8x
Unsecured coverage ratio	Unsecured EBITDA/unsecured interest	Not less than 1.75x	2.9x
Asset investments	Unimproved land, JVs & mortgages/total assets	Not greater than 35%	10.5	%
Senior Notes
Incurrence of total debt	Total debt/total assets	Not greater than 60%	38.7	%
Incurrence of debt secured by any lien	Secured debt/total assets	Not greater than 40%	0.4	%
Maintenance of total unsecured assets	Unencumbered assets/unsecured debt	Not less than 150%	248.4	%
Debt service coverage	EBITDA/interest expense	Not less than 1.5x	2.9x
Other
Net debt to adjusted EBITDA 2	Net debt (debt less cash)/adjusted EBITDA	Not required	6.5x
Run rate net debt to adjusted EBITDA 3	Proforma net debt (debt less cash)/proforma adjusted EBITDA	Not required	6.4x
Net debt to enterprise value 4	Net debt/enterprise value	Not required	45.1	%
LIQUIDITY SOURCES
---	---
Cash	$25,722
Unsecured credit facility availability	1,406,000
Consolidated unencumbered assets (gross) 5	11,668,609

1Does not include all financial and non-financial covenants and restrictions that are required by the Company's various debt agreements. Financial measures include the Company's proportionate share of unconsolidated joint ventures, as applicable.

2Net debt includes the Company's share of unconsolidated JV net debt. See page 26 for a reconciliation of adjusted EBITDA.

3Includes the proforma impact of a mortgage loan receivable repayment in April 2025.

4Based on the closing price of $16.90 on March 31, 2025, and 355,143,647 shares outstanding including outstanding OP units.

5The annualized first quarter 2025 unencumbered asset NOI was $689.2 million.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 13
Investment Activity
---
DOLLARS IN THOUSANDS
DISPOSITION ACTIVITY
---	---	---	---	---	---	---	---	---
LOCATION	COUNT	TYPE	CLOSING	SQUARE FEET	LEASED %		SALE PRICE	PROCEEDS
Dispositions
Boston, MA	1	MOB	2/7/2025	30,304	41	%	4,500	4,500
Denver, CO	2	MOB	2/14/2025	69,715	54	%	8,600	8,600
Houston, TX 1	1	MOB	3/20/2025	127,933	35	%	15,000	9,600
Total 2025 disposition activity	4			227,952	42	%	28,100	22,700
Average cap rate 2							3.1

All values are in US Dollars.

1The Company provided seller financing of approximately $5.4 million in connection with this sale.

2Cap rate represents the in-place cash NOI divided by sales price.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 14
Joint Ventures 1
---
DOLLARS IN THOUSANDS
PORTFOLIOS
---	---	---	---	---	---	---	---	---	---	---	---	---
	WA OWNERSHIP INTEREST							1Q 2025
JOINT VENTURE		# OF PROPERTIES			SQUARE FEET		OCCUPANCY		NOI
Nuveen	41		%	28		1,526,776		86		%	7,729	2,998	$2,420
CBRE	20		%	4		283,880		59		%	1,145	229	177
KKR	20		%	23		1,719,557		96		%	12,435	2,487	—
Other 2	57		%	10		723,632		86		%	4,888	2,568	1,803
Total				65		4,253,845		88		%	26,197	8,282	$4,400

All values are in US Dollars.

BALANCE SHEET
JOINT VENTURE	REAL ESTATE INVESTMENT 3	DEBT AT SHARE	INTEREST RATE
Nuveen	599,651	$14,380	5.9	%
CBRE	133,193	—	—
KKR	737,451	—	—
Other 2	335,908	27,640	5.3	%
Total	1,806,203	$42,020	5.6	%
Net debt at JV share	29,909

All values are in US Dollars.

1Excludes completed dispositions, assets held for sale and construction in progress.

2Ownership percentages are weighted based on investment.

3Represents 100% of the real estate assets and debt of the joint ventures.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 15
Re/development Activity
---
DOLLARS IN THOUSANDS
RE/DEVELOPMENT PROJECTS
---	---	---	---	---	---	---
MARKET	ASSOCIATED HEALTH SYSTEM		SQUARE<br>FEET		CURRENT LEASED %	BUDGET
Recently completed development
Raleigh, NC	UNC REX Health		122,991		44	52,600
Phoenix, AZ	HonorHealth		101,086		89	58,000
Active development
Fort Worth, TX	Baylor Scott & White		101,000		54	48,200
Total development			325,077		61	158,800
Projected stabilized yield - 7.0%-8.5%
Estimated stabilization period post completion - 12 - 36 months
Active major redevelopment
Charlotte, NC	Novant Health		169,135		96	26,300
Washington, DC	Inova Health		57,323		87	13,700
White Plains, NY	Montefiore Einstein/White Plains		65,851		89	19,400
Raleigh, NC	UNC REX Health		40,400		100	10,800
Houston, TX	HCA		314,861		64	30,000
Total redevelopment			647,570		79	100,200
Occupied %					62
Projected stabilized yield - 9.0%-12.0%
Estimated stabilization period post completion - 12 - 36 months
Total active major re/development projects		972,647	73	%	259,000	68,481

All values are in US Dollars.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 16
Portfolio 1,2
---
DOLLARS IN THOUSANDS
MARKETS
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		COUNT		SQUARE FEET												WHOLLY OWNED
MARKET	MSA RANK		MOB		INPATIENT				WHOLLY OWNED				TOTAL		% OF NOI		CUMULATIVE % OF NOI
Dallas, TX	4	50		2,875,468		146,519		199,800		3,221,787		581,096		3,802,883		9.1		%	9.1	%
Seattle, WA	15	29		1,335,380						1,335,380		257,121		1,592,501		6.0		%	15.1	%
Charlotte, NC	21	31		1,702,275						1,702,275				1,702,275		4.9		%	20.0	%
Houston, TX	5	28		1,796,992		67,500				1,864,492		249,158		2,113,650		4.5		%	24.5	%
Denver, CO	19	31		1,483,641						1,483,641		306,949		1,790,590		4.2		%	28.7	%
Atlanta, GA	6	26		1,284,112						1,284,112		96,108		1,380,220		3.8		%	32.5	%
Boston, MA	11	15		742,930						742,930				742,930		3.5		%	36.0	%
Los Angeles, CA	2	27		787,715		63,000				850,715		786,520		1,637,235		3.5		%	39.5	%
Phoenix, AZ	10	36		1,512,304						1,512,304		101,086		1,613,390		3.3		%	42.8	%
Raleigh, NC	41	27		980,469						980,469		198,485		1,178,954		2.9		%	45.7	%
Nashville, TN	35	13		1,134,891				108,691		1,243,582		106,981		1,350,563		2.8		%	48.5	%
Miami, FL	8	15		981,406						981,406		52,178		1,033,584		2.7		%	51.2	%
Tampa, FL	17	18		876,079						876,079				876,079		2.7		%	53.9	%
Indianapolis, IN	33	41		1,078,519		61,398				1,139,917		357,915		1,497,832		2.7		%	56.6	%
Washington, DC	7	9		692,107						692,107				692,107		2.2		%	58.8	%
Austin, TX	25	12		657,575						657,575		129,879		787,454		2.1		%	60.9	%
New York, NY	1	15		647,004						647,004		57,411		704,415		2.1		%	63.0	%
Chicago, IL	3	6		607,845						607,845				607,845		2.0		%	65.0	%
San Francisco, CA	13	9		452,666						452,666		110,865		563,531		2.0		%	67.0	%
Orlando, FL	20	7		359,477		56,998				416,475				416,475		1.9		%	68.9	%
Other (44 Market)		203		9,729,678		538,392		1,048,363		11,316,433		862,093		12,178,526		31.1		%	100.0	%
Total		648		31,718,533		933,807		1,356,854		34,009,194		4,253,845		38,263,039		100.0		%
Number of properties				562		15		6		583		65		648
% of square feet				93.3		2.7	%	4.0		100.0	%
% multi-tenant				87.3		6.9	%	77.2		84.7	%
Investment				10,655,661		436,513		424,219		11,516,393
Quarterly cash NOI 2				160,106		8,854		5,073		174,033
% of cash NOI				92.0		5.1	%	2.9		100.0	%

All values are in US Dollars.

BY OWNERSHIP AND TENANT TYPE
	WHOLLY OWNED		JOINT VENTURES
	MULTI-TENANT	SINGLE-TENANT		MULTI-TENANT	SINGLE-TENANT	TOTAL
Number of properties	472	111		51	14	648
Square feet	28,813,310	5,195,884		3,613,351	640,494	38,263,039
% of square feet	75.3	13.6		9.4	1.7	100.0
Investment 2	9,272,754	2,243,639		515,757	100,062	12,132,212
Quarterly cash NOI 2	138,266	35,768		6,659	1,622	182,315
% of cash NOI	75.8	19.6		3.7	0.9	100.0

All values are in US Dollars.

1Gross investment and quarterly cash NOI are reflected in the Company's ownership percentage. Lease and building level related metrics such as building square feet and occupancy are reflected at 100% of the buildings.

2Excludes assets held for sale, land held for development, construction in progress and corporate property.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 17
Health Systems 1,2
---		MOB PORTFOLIO
---	---	---	---	---	---	---	---	---	---	---	---	---	---
			BUILDING SQUARE FEET			# OF BLDGS				LEASED BY HEALTH SYSTEM	% OF LEASED SF		# OF LEASES
HEALTH SYSTEM	SYSTEM RANK 3	CREDIT RATING	ON/ADJACENT 4	OFF-CAMPUS AFFILIATED 5	TOTAL		% OF NOI
HCA	1	BBB-/Baa3	2,136,592	770,430	2,907,022	43		7.7	%	811,342	2.6	%	132
Baylor Scott & White	21	AA-/Aa2	2,493,934	66,376	2,560,310	28		6.5	%	1,217,105	3.9	%	196
CommonSpirit	4	A-/A3	1,673,880	564,790	2,238,670	42		6.4	%	741,414	2.4	%	131
Ascension Health	3	AA/Aa2	2,262,563	97,551	2,360,114	25		5.6	%	1,003,127	3.2	%	159
Advocate Health	14	AA/Aa3	898,199	388,316	1,286,515	20		4.4	%	1,084,066	3.5	%	103
Wellstar Health System	75	A+/A2	919,861	—	919,861	18		2.8	%	606,907	1.9	%	82
UW Medicine (Seattle)	91	AA+/Aa1	461,363	169,709	631,072	10		2.8	%	294,971	0.9	%	32
Tenet Healthcare Corporation	6	B+/Ba3	981,499	277,447	1,258,946	21		2.7	%	266,177	0.8	%	47
Providence Health & Services	5	A/A2	614,167	31,601	645,768	12		2.5	%	244,280	0.8	%	49
AdventHealth	11	AA/Aa2	662,742	118,585	781,327	12		2.4	%	408,046	1.3	%	101
MultiCare Health System	82	A/--	584,184	—	584,184	10		2.4	%	341,863	1.1	%	32
Indiana University Health	26	AA/Aa2	416,978	269,320	686,298	10		2.0	%	387,649	1.2	%	51
Trinity Health	7	AA-/Aa3	804,737	8,156	812,893	11		2.0	%	454,969	1.5	%	54
Tufts Medicine	None	BBB-/Aa3	252,087	—	252,087	2		1.7	%	260,784	0.8	%	5
Community Health Systems	8	CCC+/Caa2	604,224	—	604,224	13		1.7	%	328,582	1.0	%	39
Cedars-Sinai Health Systems	51	AA-/Aa3	199,701	90,607	290,308	5		1.6	%	96,614	0.3	%	22
WakeMed	185	--/A2	374,207	101,597	475,804	13		1.5	%	149,676	0.5	%	22
Banner Health	24	AA-/--	749,075	31,039	780,114	24		1.4	%	125,664	0.4	%	33
Baptist Memorial Health Care	89	A-2/--	544,122	150,228	694,350	9		1.5	%	407,717	1.3	%	50
Sutter Health	12	A+/A1	175,591	99,947	275,538	4		1.4	%	121,481	0.4	%	25
Bon Secours Health System	22	A+/A1	405,945	—	405,945	6		1.3	%	242,817	0.8	%	50
Other (69 Credit Rated)			7,554,103	3,556,764	11,110,867	205		30.2	%	4,738,894	15.1	%
Subtotal - credit rated 6			25,769,754	6,792,463	32,562,217	543		92.5	%	14,334,145	45.7	%
Other non-credit rated 7			231,018	492,355	723,373	17		2.0	%	283,611	0.9	%
Off-campus non-affiliated 8			—	2,460,712	2,460,712	60		5.5	%	—	—	%
Total			26,000,772	9,745,530	35,746,302	620		100.0	%	14,617,756	46.6	%
Joint ventures			2,823,464	1,204,305	4,027,769
Wholly-owned			23,177,308	8,541,225	31,718,533

2Excludes construction in progress and assets classified as held for sale.

3Ranked by revenue based on Modern Healthcare's Healthcare Systems Financials Database.

4The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.

5Includes off-campus buildings where health systems lease 20% or more of the property and/or are located within 2 miles from a hospital campus.

6Based on square footage, 94% is associated and 42% is leased by an investment-grade rated healthcare provider.

7Includes 17 properties associated with hospital systems that are not credit rated. Prospect Medical leases approximately 81,000 square feet and represent 0.2% of the total company rental income.

8Includes off-campus buildings that are not 20% or more leased by a health system and are more than two miles from a hospital campus.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 18
MOB Proximity to Hospital 1,2,3
---		MOB BY LOCATION
---	---	---	---	---	---	---
	# OF PROPERTIES	SQUARE FEET	TOTAL		% GROUND LEASED
On campus	252	19,628,604	54.9	%	72.9	%
Adjacent to campus 4	146	6,372,168	17.8	%	14.0	%
Total on/adjacent	398	26,000,772	72.7	%	58.5	%
Off campus - affiliated 5	162	7,284,818	20.4	%	16.5	%
Off campus	60	2,460,712	6.9	%	10.7	%
	620	35,746,302	100.0	%	46.6	%
Wholly-owned	562	31,718,533
Joint ventures	58	4,027,769
MOB BY CLUSTER 6
---	---	---	---	---	---	---	---	---
	TOTAL				HOSPITAL CENTRIC 7
	# OF PROPERTIES	SQUARE FEET	% OF SQUARE FEET		# OF PROPERTIES	SQUARE FEET	% OF SQUARE FEET
Clustered	454	25,433,505	71.2	%	375	22,254,917	73.1	%
Non-clustered	166	10,312,797	28.8	%	113	8,176,278	26.9	%
Total	620	35,746,302	100.0	%	488	30,431,195	100.0	%

2Includes joint venture properties and excludes construction in progress and assets classified as held for sale.

3Proximity to hospital campus includes acute care hospitals with inpatient beds. The Company does not consider inpatient rehab hospitals (IRFs), skilled nursing facilities (SNFs) or long-term acute care hospitals (LTACHs) to be hospital campuses for distance calculations.

4The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.

5Includes off-campus buildings where health systems lease 20% or more of the property and/or are located within 2 miles from a hospital campus.

6A cluster is defined as at least two properties within a geographic radius of two miles. The Company believes clusters provide operational efficiencies and greater local leasing knowledge that accelerate NOI growth.

7Includes buildings that are located within two miles of a hospital campus.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 19
Lease Maturity & Occupancy 1,2
---
LEASE MATURITY SCHEDULE
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		SQUARE FEET												# OF WHOLLY-OWNED LEASES
		WHOLLY-OWNED AND JOINT VENTURE
		MULTI-TENANT 3		SINGLE-TENANT		TOTAL		% OF TOTAL		JOINT VENTURES		WHOLLY-OWNED
Month-to-month		293,244		34,412		327,656		1.0	%	16,162		311,494		120
2Q 2025		945,676		418,456		1,364,132		4.0	%	146,232		1,217,900		296
3Q 2025		1,204,924		165,931		1,370,855		4.1	%	50,288		1,320,567		360
4Q 2025		1,043,232		126,882		1,170,114		3.5	%	73,075		1,097,039		300
2026		3,914,349		375,837		4,290,186		12.7	%	243,988		4,046,198		1,097
2027		4,287,933		930,306		5,218,239		15.4	%	494,913		4,723,326		1,100
2028		3,204,517		593,929		3,798,446		11.2	%	240,409		3,558,037		868
2029		3,386,038		872,057		4,258,095		12.6	%	595,279		3,662,816		821
2030		2,258,452		544,494		2,802,946		8.3	%	245,874		2,557,072		469
2031		1,480,313		363,846		1,844,159		5.5	%	231,989		1,612,170		318
2032		1,873,815		392,721		2,266,536		6.7	%	340,104		1,926,432		305
2033		976,526		—		976,526		2.9	%	205,524		771,002		182
2034		1,270,541		121,851		1,392,392		4.1	%	256,739		1,135,653		204
Thereafter		1,832,859		868,141		2,701,000		8.0	%	602,895		2,098,105		237
Total occupied		27,972,419		5,808,863		33,781,282		88.3	%	3,743,471		30,037,811		6,677
Total building		32,426,661		5,836,378		38,263,039				4,253,845		34,009,194
Occupancy		86.3	%	99.5	%	88.3	%			88.0	%	88.3	%
Leased %		88.2	%	99.7	%	89.9	%			90.3	%	89.9	%
WALTR (months) 4	49.6	66.8		52.5						49.8
WALT (months) 4	90.2	143.2		99.3						98.5
QUARTERLY LEASING ACTIVITY 5
---	---	---	---	---	---
	MULTI-TENANT		SINGLE-TENANT		TOTAL
	ABSORPTION ACTIVITY	SQUARE FEET	ABSORPTION ACTIVITY	SQUARE FEET	ABSORPTION ACTIVITY	SQUARE FEET
Occupied square feet, beginning of period		27,983,418		5,929,156		33,912,574
Dispositions and assets held for sale		(89,628)		—		(89,628)
Expirations and early vacates	(1,329,156)		(162,512)		(1,491,668)
Renewals, amendments, and extensions	904,344		98,019		1,002,363
New lease commencements	410,663		36,978		447,641
Absorption		(14,149)		(27,515)		(41,664)
Occupied square feet, end of period		27,879,641		5,901,641		33,781,282

2Excludes land held for development, construction in progress, corporate property and assets classified as held for sale, unless noted otherwise.

3The average lease size in the wholly-owned multi-tenant portfolio is 3,886 square feet.

4WALTR = weighted average lease term remaining; WALT = weighted average lease term.

5Excludes month-to-month activity until such time that a term renewal is signed, or the tenant vacates.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 20
Leasing Statistics 1,2
---
SAME STORE RENEWALS 2
---	---	---
	1Q 2025
MOB cash leasing spreads 3	2.3	%
MOB cash leasing spreads distribution
< 0% spread	9.5	%
0-3% spread	14.5	%
3-4% spread	50.4	%
> 4% spread	25.6	%
Total	100.0	%
MOB tenant retention rate	84.8	%
AVERAGE IN-PLACE CONTRACTUAL INCREASES 4
---	---	---	---	---	---	---	---	---	---	---	---	---
	MULTI-TENANT				SINGLE-TENANT				TOTAL
	% INCREASE		% OF <br>BASE RENT		% INCREASE		% OF <br>BASE RENT		% INCREASE		% OF <br>BASE RENT
Same store 2	2.86	%	73.0	%	2.49	%	15.7	%	2.80	%	88.7	%
Acquisitions	2.85	%	5.6	%	2.58	%	1.3	%	2.80	%	6.8	%
Other 5	2.77	%	3.7	%	2.48	%	0.8	%	2.72	%	4.4	%
Total	2.86	%	82.2	%	2.50	%	17.8	%	2.79	%	100.0	%
Escalator type
Fixed	2.86	%	98.1	%	2.52	%	87.8	%	2.80	%	96.3	%
CPI	3.03	%	1.9	%	2.35	%	12.2	%	2.64	%	3.7	%
SAME STORE TYPE AND OWNERSHIP STRUCTURE 2
---	---	---	---	---	---	---
	MULTI-TENANT		SINGLE-TENANT		TOTAL
Tenant type
Hospital	44.8	%	59.0	%	47.2	%
Physician and other	55.2	%	41.0	%	52.8	%
Lease structure
Gross	9.6	%	1.9	%	8.4	%
Modified gross	31.2	%	8.4	%	27.4	%
Net	58.8	%	68.1	%	60.3	%
Absolute net 6	0.4	%	21.6	%	3.9	%
Ownership type
Ground lease	50.1	%	36.5	%	48.1	%
Fee simple	49.9	%	63.5	%	51.9	%
# OF LEASES BY SIZE 7
---	---	---	---
LEASED SQUARE FEET	# OF LEASES	WALT	WALTR
0 - 2,500	3,488	70.2	37.1
2,501 - 5,000	1,675	78.3	40.9
5,001 - 7,500	587	89.8	45.4
7,501 - 10,000	316	97.7	52.3
10,001 +	611	118.6	58.3
Total Leases	6,677	98.5	49.8

2Same store properties are properties that have been included in operations for the duration of the year-over-year comparison period presented. Accordingly, same store properties exclude properties that were recently acquired or disposed of, properties classified as held for sale or intended for sale, properties undergoing redevelopment, and newly redeveloped or developed properties.

3There were no non-MOB renewals during the first quarter.

4Excludes leases with lease terms of one year or less.

5Includes redevelopment properties, development completion, and joint ventures.

6Tenants are typically responsible for operating expenses and capital obligations.

7Excludes joint ventures, land held for development, construction in progress, corporate property and assets classified as held for sale.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 21
Same Store 1,2
---
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA
TOTAL CASH NOI
---	---	---	---	---	---	---	---
	% of Total NOI		1Q 2025	4Q 2024	1Q 2024	Y-o-Y% CHANGE
Multi-tenant	73	%				2.9	%
Single-tenant	19	%	34,729	34,643	34,506	0.6	%
Joint venture	2	%	4,400	4,547	4,517	(2.6	%)
Same store	94	%				2.3	%
Re/development	4	%	6,518	7,426	8,928	(27.0	%)
Wholly owned and joint venture acquisitions	2	%	3,065	2,441	—	—	%
Development completions	—	%	790	207	(6)	(13,266.7	%)
Completed dispositions & assets held for sale	—	%	(217)	6,237	23,361	(100.9	%)
Total cash NOI	100	%	182,098	188,775	200,378	(9.1	%)

All values are in US Dollars.

PORTFOLIO OCCUPANCY AND ABSORPTION
			OCCUPANCY %						ABSORPTION<br>(square feet in thousands)
	COUNT	SQUARE FEET	1Q 2025		4Q 2024		1Q 2024		SEQUENTIAL	Y-O-Y
Multi-tenant	450	27,053,910	87.4	%	87.4	%	86.4	%	19	276
Single-tenant	105	4,689,697	100.0	%	100.0	%	98.9	%	—	51
Joint venture	30	1,672,923	89.1	%	89.4	%	90.0	%	(5)	(16)
Same store	585	33,416,530	89.3	%	89.2	%	88.4	%	15	311
Re/development	30	2,423,711	72.2	%	75.8	%	75.7	%	(87)	(84)
Wholly owned and joint venture acquisitions	30	2,192,560	94.3	%	94.0	%	93.4	%	7	19
Development completions	3	230,238	55.3	%	44.9	%	100.0	%	24	121
Total portfolio	648	38,263,039	88.3	%	88.4	%	87.8	%	(41)	367
Joint ventures	65	4,253,845	88.0	%	87.4	%	90.6	%	26	91
Total wholly-owned	583	34,009,194	88.3	%	88.5	%	87.5	%	(67)	276
Multi-tenant	523	32,426,661	86.3	%	86.3	%	85.8	%	(14)	307

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 22
Same Store 1,2,3
---
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA
SAME STORE CASH NOI
---	---	---	---	---	---
	TOTAL
	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Base revenue	209,088	207,830	205,535	203,482	203,389
Op. exp. recoveries	64,279	63,952	64,257	59,935	61,931
Revenues	273,367	271,782	269,792	263,417	265,320
Expenses	101,425	99,318	100,946	95,351	97,225
Cash NOI	171,942	172,464	168,846	168,066	168,095
Revenue per occ SF 4	36.75	36.60	36.50	35.69	36.02
Margin	62.9	63.5	62.6	63.8	63.4
Average occupancy	89.0	88.5	88.1	87.9	87.8
Period end occupancy	89.3	89.2	89.1	88.6	88.4
Number of properties	585	585	585	585	585
Year-Over-Year Change
Revenue per occ SF 4	2.0
Avg occupancy (bps)	+120
Revenues	3.0
Base revenue	2.8
Exp recoveries	3.8
Expenses	4.3
Cash NOI	2.3

All values are in US Dollars.

3Excludes recently acquired or disposed properties, development completions, construction in progress, land held for development, corporate property, redevelopment properties, planned dispositions and assets classified as held for sale.

4Revenue per occ SF is calculated by dividing revenue by the average of the occupied SF for the period provided. Quarterly revenue per occ SF is annualized.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 23
NOI Reconciliations 1
---
DOLLARS IN THOUSANDS		BOTTOM UP RECONCILIATION
---	---	---	---	---	---
	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Net loss	($45,389)	($108,212)	($94,535)	($145,938)	($315,220)
Other income	63,893	107,448	105,657	156,631	327,646
General and administrative expense	13,530	34,208	20,124	14,002	14,787
Depreciation and amortization expense	150,969	160,330	163,226	173,477	178,119
Other expenses 2	7,564	7,059	6,434	5,226	4,727
Straight-line rent expense	865	917	965	1,063	935
Straight-line rent revenue	(7,709)	(9,061)	(6,736)	(5,630)	(8,568)
Other revenue 3	(9,907)	(11,194)	(8,334)	(5,433)	(7,006)
Joint venture property cash NOI	8,282	7,280	6,477	5,504	4,958
Cash NOI	$182,098	$188,775	$193,278	$198,902	$200,378
Redevelopment	(6,518)	(7,426)	(8,794)	(8,575)	(8,928)
Wholly owned and joint venture acquisitions	(3,065)	(2,441)	(1,531)	(527)	—
Development completions	(790)	(207)	12	12	6
Completed dispositions & assets held for sale	217	(6,237)	(14,120)	(21,749)	(23,361)
Same store cash NOI	$171,942	$172,464	$168,845	$168,063	$168,095
Same store joint venture properties	(4,400)	(4,547)	(4,513)	(4,519)	(4,517)
Same store excluding JVs	$167,542	$167,917	$164,332	$163,544	$163,578
TOP DOWN RECONCILIATION
	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Rental income before rent concessions	$294,543	$305,229	$310,080	$311,592	$321,833
Rent concessions	(5,686)	(5,164)	(3,581)	(3,457)	(3,757)
Rental income	$288,857	$300,065	$306,499	$308,135	$318,076
Parking income	1,863	1,958	2,363	2,463	2,545
Interest from financing receivable, net	1,950	2,103	2,117	2,094	2,117
Exclude straight-line rent revenue	(7,709)	(9,061)	(6,736)	(5,630)	(8,568)
Exclude other non-cash revenue 4	(4,051)	(5,697)	(4,149)	(2,018)	(3,163)
Cash revenue	$280,910	$289,368	$300,094	$305,044	$311,007
Property operating expense	(114,963)	(114,415)	(120,232)	(117,719)	(121,078)
Exclude non-cash expenses 5	7,869	6,542	6,939	6,073	5,491
Joint venture property cash NOI	8,282	7,280	6,477	5,504	4,958
Cash NOI	$182,098	$188,775	$193,278	$198,902	$200,378
Redevelopment	(6,518)	(7,426)	(8,794)	(8,575)	(8,928)
Wholly owned and joint venture acquisitions	(3,065)	(2,441)	(1,531)	(527)	—
Development completions	(790)	(207)	12	12	6
Completed dispositions & assets held for sale	217	(6,237)	(14,120)	(21,749)	(23,361)
Same store cash NOI	$171,942	$172,464	$168,845	$168,063	$168,095
Same store joint venture properties	(4,400)	(4,547)	(4,513)	(4,519)	(4,517)
Same store excluding JVs	$167,542	$167,917	$164,332	$163,544	$163,578

2Includes transaction costs, merger-related costs, rent reserves, above and below market ground lease intangible amortization, leasing commission amortization, non-cash adjustments for financing receivables, and ground lease straight-line rent.

3Includes management fee income, interest, above and below market lease intangible amortization, lease inducement amortization, lease termination fees, deferred financing cost amortization and principal related to investment in financing receivable, and tenant improvement overage amortization.

4Includes above and below market intangibles, lease inducements, lease termination fees, deferred financing cost amortization, financing receivable, and TI amortization.

5Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 24
NOI Reconciliations 1
---
DOLLARS IN THOUSANDS		RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO
---	---	---	---	---	---
	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Cash NOI	$182,098	$188,775	$193,278	$198,902	$200,378
General and administrative expense	(13,530)	(34,208)	(20,124)	(14,002)	(14,787)
Straight-line rent	7,709	9,061	6,736	5,630	8,568
Interest and other income (expense), net	95	(154)	(132)	(248)	275
Management fees and other income	4,525	3,667	2,658	1,858	1,646
Note receivable interest income	1,781	1,973	1,787	1,771	2,421
Other non-cash revenue 2	3,601	5,554	3,891	1,804	2,939
Other non-cash expenses 3	(7,418)	(6,400)	(6,687)	(5,858)	(5,268)
Non-real estate impairment	—	(1,600)	(46,762)	(11,201)	—
Restructuring and severance-related costs	114	19,288	—	—	—
Income taxes	310	657	448	454	336
Unconsolidated JV adjustments	(1,155)	(720)	(401)	(443)	(427)
Debt Covenant EBITDA	$178,130	$185,893	$134,692	$178,667	$196,081
Interest expense	(54,812)	(58,265)	(60,649)	(62,457)	(61,054)
Transaction costs	(1,011)	(1,577)	(719)	(431)	(395)
Leasing commission amortization 4	5,621	5,744	5,827	5,151	4,467
Non-real estate depreciation and amortization	(1,301)	(1,418)	(1,232)	(1,278)	(1,424)
(Loss) gain on non-real estate assets	(1,936)	(4,075)	162	4,907	—
Non-controlling interest	(83)	(56)	139	81	106
Goodwill impairment	—	—	—	—	(250,530)
Restructuring and severance-related costs	(114)	(19,288)	—	—	—
Income taxes	(310)	(657)	(448)	(454)	(336)
Loss on extinguishment of debt	—	(237)	—	—	—
Unconsolidated JV adjustments	(410)	(422)	(484)	(389)	(385)
FFO	$123,774	$105,642	$77,288	$123,797	($113,470)
Transaction costs	1,011	1,577	719	431	395
Lease intangible amortization	(228)	(2,348)	(10)	129	175
Significant non-recurring legal fees/forfeited earnest money received	77	306	306	465	—
Loss on extinguishment of debt	—	237	—	—	—
Restructuring and severance-related costs	502	22,991	6,861	—	—
Merger-related fair value adjustment	10,446	10,314	10,184	10,064	10,105
Credit losses and gains on other assets, net	1,936	4,582	46,600	8,525	—
Goodwill impairment	—	—	—	—	250,530
Unconsolidated JV normalizing items	204	113	101	89	87
Normalized FFO	$137,722	$143,414	$142,049	$143,500	$147,822

2Includes above and below market lease intangibles, interest income related to sales-type leases, lease inducements, lease termination fees, deferred financing cost amortization, and principal related to investment in financing receivable and TI amortization.

3Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.

4Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 25
EBITDA Reconciliations 1
---
DOLLARS IN THOUSANDS		RECONCILIATION OF EBITDA
---	---	---	---	---	---
	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Net loss	($45,389)	($108,212)	($94,535)	($145,938)	($315,220)
Interest expense	54,812	58,265	60,649	62,457	61,054
Income taxes	310	657	448	454	336
Depreciation and amortization	150,968	160,330	163,226	173,477	178,119
Unconsolidated JV depreciation, amortization, and interest	7,128	6,336	5,863	5,207	4,952
EBITDA	$167,829	$117,376	$135,651	$95,657	$(70,759)
Transaction costs	1,011	1,577	719	431	395
Gain on sales of assets	(2,904)	(32,082)	(39,310)	(38,338)	(22)
Impairments on real estate assets	12,080	79,497	37,632	120,917	15,937
Restructuring and severance-related costs	114	19,288	—	—	—
Goodwill Impairment	—	—	—	—	250,530
Loss on extinguishment of debt	—	237	—	—	—
Debt Covenant EBITDA	$178,130	$185,893	$134,692	$178,667	$196,081
Leasing commission amortization 2	5,621	5,744	5,827	5,151	4,467
Lease intangibles, franchise taxes and prepaid ground amortization	520	(3,596)	692	980	975
Timing impact 3	4,176	(2,125)	(1,511)	(1,438)	—
Stock based compensation	3,028	3,028	7,908	3,383	3,562
Allowance for credit losses	—	1,600	46,762	11,201	—
Rent reserves, net	94	(369)	(27)	1,261	(151)
Unconsolidated JV adjustments	204	113	101	89	87
Adjusted EBITDA	$191,773	$190,288	$194,444	$199,294	$205,021
Annualized Adjusted EBITDA	$767,092	$761,152	$777,776	$797,176	$820,084
RECONCILIATION OF NET DEBT
Debt (principal balance)	$4,953,219	$4,894,564	$5,200,907	$5,402,290	$5,372,710
Share of unconsolidated net debt	29,908	31,455	30,054	20,299	23,276
Cash 4	(25,722)	(68,916)	(22,801)	(137,773)	(26,172)
Net debt	$4,957,405	$4,857,103	$5,208,160	$5,284,816	$5,369,814
Net debt to adjusted EBITDA	6.5x	6.4x	6.7x	6.6x	6.5x
Run rate net debt to adjusted EBITDA 5	6.4x

2Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.

3Timing adjustments to represent a full quarter impact of acquisitions and dispositions. Properties contributed into a joint venture are adjusted at the Company's share. Timing adjustments also include non-recurring impacts due to one-time items recognized in the quarter.

42Q 2024 cash includes $96.0 million of proceeds from a portfolio disposition held in a cash escrow account as of June 30, 2024.

5Includes the proforma impact of a mortgage loan receivable repayment in April 2025.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 26
Components of Net Asset Value 1
---
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA		CASH NOI
---	---
	1Q 2025
Same store 2	$171,943
Acquisition/Development Completions 3	3,855
Re/development	6,517
Total	$182,315
Timing adjustments 4	283
Total Cash NOI	$182,598
DEVELOPMENT & REDEVELOPMENT PROPERTIES
---	---	---	---
	ESTIMATED COST TO COMPLETE	ESTIMATED TOTAL COST	PROJECTED STABILIZED ANNUAL CASH NOI
Developments	$23,920	$158,800	$11,858
Redevelopments 5	44,561	100,200	14,503
	$68,481	$259,000	$26,361
LAND HELD FOR DEVELOPMENT, CASH, & OTHER ASSETS
---	---
Land held for development	$52,408
Disposition pipeline 6	9,789
Unstabilized properties 7	327,189
Cash and other assets 8	407,223
	$796,609
DEBT
Unsecured credit facility	$94,000
Unsecured term loans	1,115,000
Senior notes	3,699,285
Mortgage notes payable	44,934
Company share of joint venture net debt	29,909
Other liabilities 9	261,205
	$5,244,333
TOTAL SHARES OUTSTANDING
As of March 31, 2025 10	355,143,647

2See Same Store schedule on pages 22 - 23 for details on Same Store NOI.

3Adjusted to reflect quarterly NOI from properties acquired or stabilized re/developments completed during the full five quarter period that are not included in same store NOI.

4Timing adjustments include adjustments to reflect full quarterly stabilized NOI of a recently completed development of $0.7 million, and management fee income of $4.3 million, offset by $3.6 million of in-place NOI on development and redevelopment properties and $1.1 million of positive NOI for unstabilized properties, which are shown in other assets.

5Estimated total cost includes only the incremental capital to complete the redevelopment. Projected Stabilized Annual Cash NOI is the total property NOI at stabilization.

6Includes assets held for sale.

7Includes 30 properties at their gross book value. These properties were comprised of 1.5 million square feet that generated positive NOI of $1.1 million.

8Includes cash of $25.7 million, notes receivable of $117.8 million, prepaid assets of $187.2 million, accounts receivable of $39.4 million, and prepaid ground leases of $19.1 million. In addition, it includes the Company's occupied portion of its corporate headquarters in Nashville of $18.0 million.

9Includes only liabilities that are expected to reduce future cash or NOI and that are currently producing non-cash benefits to NOI. Included are accounts payable and accrued liabilities of $145.1 million, security deposits of $32.0 million, financing right of use liabilities of $72.6 million, and deferred operating expense reimbursements of $11.5 million.

10Total shares outstanding include OP units.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 27
2025 Guidance
---
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	2025 GUIDANCE		ACTUAL
---	---	---	---
	LOW	HIGH	1Q 2025
OPERATING METRICS
Year-end same store net absorption (bps)	75	125	4
Same store cash NOI growth	3.00	3.75	2.3
Same store MOB cash leasing spreads	2.0	3.0	2.3
Same store lease retention rate	80.0	85.0	84.8
Normalized G&A	52,000	56,000	13,028
CAPITAL FUNDING
Asset sales and JV contributions	400,000	500,000	28,100
Re/development	95,000	115,000	33,436
1st generation TI and acq. capex	55,000	65,000	15,139
Maintenance capex
2nd generation TI	55,000	65,000	14,885
Leasing commissions paid	35,000	45,000	11,394
Building capital	30,000	40,000	6,687
Total maintenance capex	120,000	150,000	32,966
CASH YIELD
Dispositions	6.8	7.3	3.1
EARNINGS AND LEVERAGE
Earnings per share	(0.28)	(0.20)	(0.13)
Normalized FFO per share	1.56	1.60	0.39
Net debt to adjusted EBITDA 1	6.00x	6.25x	6.4x

All values are in US Dollars.

11Q 2025 actual reflects the proforma impact of a mortgage loan receivable repayment in April 2025.

HEALTHCARE REALTY	Return to Table of Contents	1Q 2025 SUPPLEMENTAL INFORMATION 28