0001360604False00013606042025-07-312025-07-31

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): July 31, 2025 (July 31, 2025)
Healthcare Realty Trust Incorporated
(Exact name of registrant as specified in its charter)
Maryland001-3556820-4738467
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification No.)
3310 West End Avenue, Suite 700Nashville,Tennessee37203
(615)
269-8175
(Address of Principal Executive Office and Zip Code)
(Registrant’s telephone number, including area code)
www.healthcarerealty.com
(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 classTrading symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par value per shareHRNew 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 2.02Results of Operations and Financial Condition.
Second Quarter Earnings and Dividend Press Release
On July 31, 2025, Healthcare Realty Trust Incorporated (the “Company”) issued a press release announcing its earnings and dividend for the second quarter ended June 30, 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 7.01Regulation FD Disclosure
Second Quarter Supplemental Information
The Company is furnishing its Supplemental Information for the second quarter ended June 30, 2025, which is also contained on its website (www.healthcarerealty.com). See Exhibit 99.2 to this Current Report on Form 8-K.
Strategic Plan Presentation
The Company is furnishing its Strategic Plan Presentation, which is also contained on its website (www.healthcarerealty.com). See Exhibit 99.3 to this Current Report on Form 8-K.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits.
99.1 
99.2 
99.3 
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: July 31, 2025By:/s/ Austen B. Helfrich   
  Name: Austen B. Helfrich 
  Title: Executive Vice President and Chief Financial Officer 

Ron Hubbard
Vice President, Investor Relations
P: 615.269.8290
News Release
HEALTHCARE REALTY REPORTS SECOND QUARTER 2025 RESULTS
NASHVILLE, Tennessee, July 31, 2025 - - Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the second quarter ended June 30, 2025.

SECOND QUARTER 2025 HIGHLIGHTS
•GAAP Net loss of $(0.45) per share, NAREIT FFO of $0.34 per share, Normalized FFO of $0.41 per share, and FAD of $115.4 million (payout ratio of 96%).
•Improved same store operating metrics including cash NOI growth of +5.1%, a 40 bps sequential increase in occupancy to 90%, margin of 64.3%, 83% tenant retention, and +3.3% cash leasing spreads.
•Increased Normalized FFO per share guidance $0.01 at the midpoint to $1.57 - $1.61 and increased Same Store Cash NOI growth by +25 bps to 3.25% - 4.00%.
•Second quarter new and renewal lease executions totaled 1.5 million square feet including 452,000 square feet of new lease executions.
•During the second quarter and through July, completed sales of $182.4 million of assets through 9 separate transactions.
◦YTD sales total $210.5 million at a blended 6.2% cap rate
◦An additional $700 million of sales are under contract or LOI
•Run-rate Net Debt to Adjusted EBITDA of 6.0x; anticipated to be between 5.4x and 5.7x by year end
•Received strong support from our lender relationships to extend bank facilities:
◦Extended $1.5 billion revolver to mature in July 2030 (inclusive of extension options)
◦Added 1 to 2 years of additional extension options on outstanding term loans
•Announced a series of leadership and corporate governance changes:
◦Peter Scott joined as President and CEO on April 15th and as a director on May 20th
◦Board reduced from 12 to 7 members
◦Commenced a platform restructuring to drive improved results
◦Julie Wilson, EVP - Chief Administrative Officer, to depart the organization by year-end
•Published a Strategic Plan highlighting the decisive actions being taken by new leadership to maximize value for shareholders.
•Board unanimously approved a common stock dividend in the amount of $0.24 per share.



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SECOND QUARTER 2025 RESULTS
THREE MONTHS ENDED
JUNE 30, 2025JUNE 30, 2024
(in thousands, except per share amounts)AMOUNTPER SHAREAMOUNT PER SHARE
GAAP Net loss$(157,851)$(0.45)$(143,780)$(0.39)
NAREIT FFO, diluted$120,371$0.34$123,797$0.33
Normalized FFO, diluted$143,736$0.41$143,500$0.38

LEASING ACTIVITY
During the second quarter, the Company executed 341 new and renewal leases for 1.5 million square feet.
•Weighted average lease term of 5.3 years with an average annual escalator of 3.2%.
•Health system leasing made up approximately 33% of our signed lease volume in the quarter.
Key leasing highlights:
•Houston, TX. 24,000 square foot new lease at our on-campus redevelopment in Houston with CLS Health, a premier multi-specialty group aligned with HCA's North Cypress hospital.
•Orange County, CA. 23,000 square foot new lease with UC Irvine Health. UC Irvine Health recently purchased the adjacent hospital from Tenet and is investing in the growth of the campus.
•Houston, TX. 42,000 square foot renewal in Houston with Texas Children's Pediatrics.

DISPOSITION PROGRESS
During the second quarter and through July, the Company completed asset sales of $182.4 million through nine separate transactions. A summary of the significant completed transactions is as follows:
•Yakima, WA. Completed strategic market exit of the Yakima, WA MSA with the $31 million sale of two single-tenant MOBs to the affiliated health system. The sale achieved top of market pricing while avoiding costly tenant improvement allowances associated with a master lease renewal.
•Houston, TX. Disposed of a land parcel for $10.5 million previously intended for future development. The property was sold to the affiliated health system and was in a submarket where the Company owns no other properties.
•South Bend, IN. Completed its strategic market exit of the South Bend, IN MSA with the $43.1 million sale of a consistently under-occupied MOB to the affiliated health system.
•Milwaukee, WI. Disposed of two single-tenant, off-campus MOBs to a private market purchaser for $42 million. The Company achieved attractive disposition economics while partially exiting this noncore market.
•New York, NY. Targeted sale of an under-occupied property with a short ground lease term to the affiliated health system for $25 million. The Company was able to harvest maximum value for a noncore asset.
•Naples, FL. Disposed of its only asset in the Naples, FL MSA with the $19.3 million sale of this off-campus, unaffiliated property to a private market purchaser.










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BALANCE SHEET
Debt paydown from asset sales has decreased run-rate Net Debt to Adjusted EBITDA to 6.0x. By year-end, Net Debt to Adjusted EBITDA is anticipated to be between 5.4x - 5.7x. Through July and inclusive of asset sales, the Company has approximately $1.2 billion of liquidity.
On July 25th, the Company entered into an extension of its $1.5 billion revolving credit facility, which extended the maturity to 2030 (inclusive of two 6-month extension options). As part of this process, the Company also received additional extension options on all its outstanding term loans. With these new extension options, the Company will have no term loan maturities in 2026 and has reduced its debt maturing through the end of 2026 from $1.5 billion to $600 million.

STRATEGIC PLAN PRESENTATION
A Strategic Plan presentation is posted to the Investor Relations section of the Company's website at www.healthcarerealty.com. Clear and purposeful changes are underway at the Company to improve operational performance, optimize the portfolio, and re-establish credibility. The successful implementation of the Strategic Plan will reposition the Company for accretive long-term growth and value creation to maximize shareholder value.

LEADERSHIP UPDATE
During the second quarter, the Company commenced a platform restructuring to drive meaningful cost savings and promote incremental accountability at the asset level between the operations and leasing teams. As part of this restructuring, the Company hired two proven industry veterans to spearhead the newly created asset management platform: Tony Acevedo (SVP – Asset Management) and Glenn Preston (SVP – Asset Management). Tony and Glenn have 16 years and 25 years of Outpatient Medical operating experience, respectively. They will each report up to our COO, Rob Hull.
After a 24-year career at Healthcare Realty, Julie Wilson (EVP – Chief Administrative Officer) will be departing the organization at year-end. In addition, there are various other senior leadership positions impacted by the restructuring that will result in additional departures during 2025.
“We have some exciting changes happening at Healthcare Realty aimed at improving performance. I look forward to working closely with Tony and Glenn as we shift towards an operations-centric model,” commented Peter Scott, President and CEO. “I would also like to express a heartfelt thanks to Julie and all the departing officers. They all played vital roles in the growth of the organization, and we wish them the best in their future endeavors.”


DIVIDEND
The Board unanimously approved a common stock dividend in the amount of $0.24 per share to be paid on August 28, 2025, to Class A common stockholders of record on August 14, 2025. Additionally, the eligible holders of operating partnership units will receive a distribution of $0.24 per unit, equivalent to the Company's Class A common stock dividend.
The right-sized dividend is a 23% reduction from the prior level and immediately reduces the FAD payout ratio to approximately 80%. The key drivers of the right-sized dividend are: (i) mitigating refinancing risk on near-term bonds; (ii) achieving $100 million of annual incremental retained earnings to fund significant return-on-capital investments in the existing portfolio; and (iii) maximizing go-forward earnings potential.









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GUIDANCE
•The Company increased its Normalized FFO per share and Same Store Cash NOI growth guidance, as outlined below, as well as updated the guidance provided on page 30 of the Supplemental Information:
EXPECTED 2025
PRIORCURRENTACTUAL
LOWHIGHLOWHIGH2Q 2025YTD
Earnings per share $(0.28)$(0.20)$(0.78)$(0.73)$(0.45)$(0.58)
NAREIT FFO per share $1.44$1.48$1.42$1.46$0.34$0.69
Normalized FFO per share$1.56$1.60$1.57$1.61$0.41$0.80
Same Store Cash NOI growth3.00 %3.75 %3.25 %4.00 %5.1 %3.9 %

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.

FINANCIAL REPORTING
In the second quarter, the Company began utilizing the Carrying Value of its debt in the calculation of Net Debt for purposes of reporting leverage metrics. For the second quarter, the result of this change was an approximate 0.25x reduction in Net Debt to Adjusted EBITDA.
The Company has also started excluding Leasing Commissions related to first generation leases from Maintenance Capital for its calculation of FAD. Prior to this change, first generation Leasing Commissions were included in Maintenance Capital. Based on historical data, the Company would expect this to be an approximate $5-10 million annual decrease in Maintenance Capital depending on leasing activity. The Company's 2Q 2025 payout ratio would still have been below 100% without this reporting change.
These changes are intended to conform the Company's reporting with market norms.

EARNINGS CALL
On Friday, August 1, 2025, at 9:00 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.

ABOUT HEALTHCARE REALTY









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Healthcare Realty Trust Incorporated (NYSE: HR) is the largest, pure-play owner, operator and developer of medical outpatient buildings in the United States.

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 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.









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Consolidated Balance Sheets
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
ASSETS
2Q 20251Q 20254Q 20243Q 20242Q 2024
Real estate properties
Land $1,105,231 $1,134,635 $1,143,468 $1,195,116 $1,287,532 
Buildings and improvements 9,199,089 9,729,912 9,707,066 10,074,504 10,436,218 
Lease intangibles567,244 631,864 664,867 718,343 764,730 
Personal property6,944 9,938 9,909 9,246 12,501 
Investment in financing receivables, net 124,134 123,813 123,671 123,045 122,413 
Financing lease right-of-use assets 76,574 76,958 77,343 77,728 81,401 
Construction in progress40,421 35,101 31,978 125,944 97,732 
Land held for development49,110 52,408 52,408 52,408 59,871 
Total real estate investments11,168,747 11,794,629 11,810,710 12,376,334 12,862,398 
Less accumulated depreciation and amortization(2,494,169)(2,583,819)(2,483,656)(2,478,544)(2,427,709)
Total real estate investments, net8,674,578 9,210,810 9,327,054 9,897,790 10,434,689 
Cash and cash equivalents 1
25,507 25,722 68,916 22,801 137,773 
Assets held for sale, net358,207 6,635 12,897 156,218 34,530 
Operating lease right-of-use assets243,910 259,764 261,438 259,013 261,976 
Investments in unconsolidated joint ventures 463,430 470,418 473,122 417,084 374,841 
Other assets, net and goodwill469,940 522,920 507,496 491,679 559,818 
Total assets$10,235,572 $10,496,269 $10,650,923 $11,244,585 $11,803,627 
LIABILITIES AND STOCKHOLDERS' EQUITY
2Q 20251Q 20254Q 20243Q 20242Q 2024
Liabilities
Notes and bonds payable $4,694,391 $4,732,618 $4,662,771 $4,957,796 $5,148,153 
Accounts payable and accrued liabilities194,076 144,855 222,510 197,428 195,884 
Liabilities of properties held for sale30,278 422 1,283 7,919 1,805 
Operating lease liabilities203,678 224,117 224,499 229,925 230,601 
Financing lease liabilities73,019 72,585 72,346 71,887 75,199 
Other liabilities158,704 174,830 161,640 180,283 177,293 
Total liabilities5,354,146 5,349,427 5,345,049 5,645,238 5,828,935 
Redeemable non-controlling interests4,332 4,627 4,778 3,875 3,875 
Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized— — — — — 
Common stock, $0.01 par value; 1,000,000 shares authorized3,516 3,510 3,505 3,558 3,643 
Additional paid-in capital9,129,338 9,121,269 9,118,229 9,198,004 9,340,028 
Accumulated other comprehensive (loss) income (9,185)(7,206)(1,168)(16,963)6,986 
Cumulative net income attributable to common stockholders171,585 329,436 374,309 481,155 574,178 
Cumulative dividends (4,477,940)(4,368,739)(4,260,014)(4,150,328)(4,037,693)
Total stockholders' equity4,817,314 5,078,270 5,234,861 5,515,426 5,887,142 
Non-controlling interest59,780 63,945 66,235 80,046 83,675 
Total equity4,877,094 5,142,215 5,301,096 5,595,472 5,970,817 
Total liabilities and stockholders' equity$10,235,572 $10,496,269 $10,650,923 $11,244,585 $11,803,627 









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.
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Consolidated Statements of Income
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

2Q 20251Q 20254Q 20243Q 20242Q 2024
Revenues
Rental income 1
$287,070$288,857$300,065$306,499$308,135
Interest income3,4493,7314,0763,9043,865
Other operating6,9836,3895,6255,0204,322
297,502298,977309,766315,423316,322
Expenses
Property operating109,924114,963114,415120,232117,719
General and administrative23,48213,53034,20820,12414,002
   Normalizing items 2
(10,302)(502)(22,991)(6,861)—
Normalized general and administrative13,18013,02811,21713,26314,002
Transaction costs 5931,0111,577719431
Depreciation and amortization147,749150,969160,330163,226173,477
281,748280,473310,530304,301305,629
Other income (expense)
Interest expense before merger-related fair value(42,766)(44,366)(47,951)(50,465)(52,393)
   Merger-related fair value adjustment(10,580)(10,446)(10,314)(10,184)(10,064)
Interest expense(53,346)(54,812)(58,265)(60,649)(62,457)
Gain on sales of real estate properties and other assets20,0042,90432,08239,31038,338
Loss on extinguishment of debt——(237)——
Impairment of real estate assets and credit loss reserves(142,348)(12,081)(81,098)(84,394)(132,118)
Equity income (loss) from unconsolidated joint ventures1581224208(146)
Interest and other income (expense), net(366)95(154)(132)(248)
(175,898)(63,893)(107,448)(105,657)(156,631)
Net loss$(160,144)$(45,389)$(108,212)$(94,535)$(145,938)
Net loss attributable to non-controlling interests2,2935161,3661,5122,158
Net loss attributable to common stockholders$(157,851)$(44,873)$(106,846)$(93,023)$(143,780)
Basic earnings per common share$(0.45)$(0.13)$(0.31)$(0.26)$(0.39)
Diluted earnings per common share$(0.45)$(0.13)$(0.31)$(0.26)$(0.39)
Weighted average common shares outstanding - basic349,628349,539351,560358,960372,477
Weighted average common shares outstanding - diluted 3
349,628349,539351,560358,960372,477


















1In 4Q 2024, rental income was reduced by $0.7 million for Prospect Medical revenue reserves. In 2Q 2024, rental income was reduced by $3.0 million for Steward Health revenue reserves.
2Normalizing items primarily include restructuring, severance-related costs and non-routine advisory fees associated with shareholder engagement.
3Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount. As a result, the outstanding limited partnership units in the Company's operating partnership ("OP"), totaling 4,161,628 units were not included.
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Reconciliation of FFO, Normalized FFO and FAD 1,2,3
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
2Q 20251Q 20254Q 20243Q 20242Q 2024
Net loss attributable to common stockholders$(157,851)$(44,873)$(106,846)$(93,023)$(143,780)
Net loss attributable to common stockholders/diluted share 3
$(0.45)$(0.13)$(0.31)$(0.26)$(0.39)
Gain on sales of real estate assets(20,004)(2,904)(32,082)(39,148)(33,431)
Impairments of real estate assets140,877 10,145 75,423 37,632 120,917 
Real estate depreciation and amortization152,936 155,288 164,656 167,821 177,350 
Non-controlling loss from operating partnership units(2,293)(599)(1,422)(1,372)(2,077)
Unconsolidated JV depreciation and amortization6,7066,7175,9135,3784,818
FFO adjustments$278,222$168,647$212,488$170,311$267,577
FFO adjustments per common share - diluted$0.79$0.48$0.60$0.47$0.71
FFO $120,371$123,774$105,642$77,288$123,797
FFO per common share - diluted $0.34$0.35$0.30$0.21$0.33
Transaction costs 5931,0111,577719431
Lease intangible amortization(222)(228)(2,348)(10)129
Non-routine legal costs/forfeited earnest money received 478 77 306 306 465 
Debt financing costs——237——
Restructuring and severance-related charges10,30250222,9916,861—
Credit losses and gains (losses) on other assets, net 4
1,4711,9364,58246,6008,525
Merger-related fair value adjustment 10,58010,44610,31410,18410,064
Unconsolidated JV normalizing items 5
16320411310189
Normalized FFO adjustments$23,365$13,948$37,772$64,761$19,703
Normalized FFO adjustments per common share - diluted$0.07$0.04$0.11$0.18$0.05
Normalized FFO
$143,736$137,722$143,414$142,049$143,500
Normalized FFO per common share - diluted$0.41$0.39$0.40$0.39$0.38
Non-real estate depreciation and amortization207222404276313
Non-cash interest amortization, net 6
1,1301,2171,2391,3191,267
Rent reserves, net 7
13094(369)(27)1,261
Straight-line rent income, net(7,045)(6,844)(7,051)(5,771)(6,799)
Stock-based compensation3,8873,0283,0284,0643,383
Unconsolidated JV non-cash items 8
(356)(253)(277)(376)(148)
Normalized FFO adjusted for non-cash items
$141,689$135,186$140,388$141,534$142,777
2nd generation TI(12,036)(14,885)(20,003)(16,951)(12,287)
Leasing commissions paid(5,187)(11,394)(11,957)(10,266)(10,012)
Building capital(9,112)(6,687)(8,347)(7,389)(12,835)
Total maintenance capex$(26,335)$(32,966)$(40,307)$(34,606)$(35,134)
FAD$115,354$102,220$100,081$106,928$107,643
Quarterly dividends and OP distributions$110,486$109,840$110,808$113,770$118,627
FFO wtd avg common shares outstanding - diluted 9
354,078353,522355,874363,370376,556




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.
42Q2025 represents $1.5 million of credit loss reserves. 1Q 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.
5Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and acquisition and pursuit costs.
6Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.
72Q 2024 includes $0.8 million related to the Steward Health revenue reserve for March.
8Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.
9The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 287,797 for the three months ended June 30, 2025. Also includes the diluted impact of 4,161,628 OP units outstanding.
HEALTHCARE REALTY TRUST INCORPORATED
HEALTHCAREREALTY.COM | PAGE 8 OF 9


Reconciliation of Non-GAAP Measures
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 9 OF 9























2Q2025
Supplemental Information
FURNISHED AS OF JULY 31, 2025 - UNAUDITED
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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
26




















HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 3
    

Highlights
HEALTHCARE REALTY REPORTS SECOND QUARTER 2025 RESULTS
NASHVILLE, Tennessee, July 31, 2025 - Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the second quarter ended June 30, 2025.

SECOND QUARTER 2025 HIGHLIGHTS
•GAAP Net loss of $(0.45) per share, NAREIT FFO of $0.34 per share, Normalized FFO of $0.41 per share, and FAD of $115.4 million (payout ratio of 96%).
•Improved same store operating metrics including cash NOI growth of +5.1%, a 40 bps sequential increase in occupancy to 90%, margin of 64.3%, 83% tenant retention, and +3.3% cash leasing spreads.
•Increased Normalized FFO per share guidance $0.01 at the midpoint to $1.57 - $1.61 and increased Same Store Cash NOI growth by +25 bps to 3.25% - 4.00%.
•Second quarter new and renewal lease executions totaled 1.5 million square feet including 452,000 square feet of new lease executions.
•During the second quarter and through July, completed sales of $182.4 million of assets through 9 separate transactions.
◦YTD sales total $210.5 million at a blended 6.2% cap rate
◦An additional $700 million of sales are under contract or LOI
•Run-rate Net Debt to Adjusted EBITDA of 6.0x; anticipated to be between 5.4x and 5.7x by year end
•Received strong support from our lender relationships to extend bank facilities:
◦Extended $1.5 billion revolver to mature in July 2030 (inclusive of extension options)
◦Added 1 to 2 years of additional extension options on outstanding term loans
•Announced a series of leadership and corporate governance changes:
◦Peter Scott joined as President and CEO on April 15th and as a director on May 20th
◦Board reduced from 12 to 7 members
◦Commenced a platform restructuring to drive improved results
◦Julie Wilson, EVP - Chief Administrative Officer, to depart the organization by year-end
•Published a Strategic Plan highlighting the decisive actions being taken by new leadership to maximize value for shareholders.
•Board unanimously approved a common stock dividend in the amount of $0.24 per share.

SECOND QUARTER 2025 RESULTS
THREE MONTHS ENDED
JUNE 30, 2025JUNE 30, 2024
(in thousands, except per share amounts)AMOUNTPER SHAREAMOUNT PER SHARE
GAAP Net loss$(157,851)$(0.45)$(143,780)$(0.39)
NAREIT FFO, diluted$120,371$0.34$123,797$0.33
Normalized FFO, diluted$143,736$0.41$143,500$0.38




HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 4

Highlights
LEASING ACTIVITY
During the second quarter, the Company executed 341 new and renewal leases for 1.5 million square feet.
•Weighted average lease term of 5.3 years with an average annual escalator of 3.2%.
•Health system leasing made up approximately 33% of our signed lease volume in the quarter.
Key leasing highlights:
•Houston, TX. 24,000 square foot new lease at our on-campus redevelopment in Houston with CLS Health, a premier multi-specialty group aligned with HCA's North Cypress hospital.
•Orange County, CA. 23,000 square foot new lease with UC Irvine Health. UC Irvine Health recently purchased the adjacent hospital from Tenet and is investing in the growth of the campus.
•Houston, TX. 42,000 square foot renewal in Houston with Texas Children's Pediatrics.

DISPOSITION PROGRESS
During the second quarter and through July, the Company completed asset sales of $182.4 million through nine separate transactions. A summary of the significant completed transactions is as follows:
•Yakima, WA. Completed strategic market exit of the Yakima, WA MSA with the $31 million sale of two single-tenant MOBs to the affiliated health system. The sale achieved top of market pricing while avoiding costly tenant improvement allowances associated with a master lease renewal.
•Houston, TX. Disposed of a land parcel for $10.5 million previously intended for future development. The property was sold to the affiliated health system and was in a submarket where the Company owns no other properties.
•South Bend, IN. Completed its strategic market exit of the South Bend, IN MSA with the $43.1 million sale of a consistently under-occupied MOB to the affiliated health system.
•Milwaukee, WI. Disposed of two single-tenant, off-campus MOBs to a private market purchaser for $42 million. The Company achieved attractive disposition economics while partially exiting this noncore market.
•New York, NY. Targeted sale of an under-occupied property with a short ground lease term to the affiliated health system for $25 million. The Company was able to harvest maximum value for a noncore asset.
•Naples, FL. Disposed of its only asset in the Naples, FL MSA with the $19.3 million sale of this off-campus, unaffiliated property to a private market purchaser.

BALANCE SHEET
Debt paydown from asset sales has decreased run-rate Net Debt to Adjusted EBITDA to 6.0x. By year-end, Net Debt to Adjusted EBITDA is anticipated to be between 5.4x - 5.7x. Through July and inclusive of asset sales, the Company has approximately $1.2 billion of liquidity.
On July 25th, the Company entered into an extension of its $1.5 billion revolving credit facility, which extended the maturity to 2030 (inclusive of two 6-month extension options). As part of this process, the Company also received additional extension options on all its outstanding term loans. With these new extension options, the Company will have no term loan maturities in 2026 and has reduced its debt maturing through the end of 2026 from $1.5 billion to $600 million.



HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 5

Highlights
STRATEGIC PLAN PRESENTATION
A Strategic Plan presentation is posted to the Investor Relations section of the Company's website at www.healthcarerealty.com. Clear and purposeful changes are underway at the Company to improve operational performance, optimize the portfolio, and re-establish credibility. The successful implementation of the Strategic Plan will reposition the Company for accretive long-term growth and value creation to maximize shareholder value.

LEADERSHIP UPDATE
During the second quarter, the Company commenced a platform restructuring to drive meaningful cost savings and promote incremental accountability at the asset level between the operations and leasing teams. As part of this restructuring, the Company hired two proven industry veterans to spearhead the newly created asset management platform: Tony Acevedo (SVP – Asset Management) and Glenn Preston (SVP – Asset Management). Tony and Glenn have 16 years and 25 years of Outpatient Medical operating experience, respectively. They will each report up to our COO, Rob Hull.
After a 24-year career at Healthcare Realty, Julie Wilson (EVP – Chief Administrative Officer) will be departing the organization at year-end. In addition, there are various other senior leadership positions impacted by the restructuring that will result in additional departures during 2025.
“We have some exciting changes happening at Healthcare Realty aimed at improving performance. I look forward to working closely with Tony and Glenn as we shift towards an operations-centric model,” commented Peter Scott, President and CEO. “I would also like to express a heartfelt thanks to Julie and all the departing officers. They all played vital roles in the growth of the organization, and we wish them the best in their future endeavors.”

DIVIDEND
The Board unanimously approved a common stock dividend in the amount of $0.24 per share to be paid on August 28, 2025, to Class A common stockholders of record on August 14, 2025. Additionally, the eligible holders of operating partnership units will receive a distribution of $0.24 per unit, equivalent to the Company's Class A common stock dividend.
The right-sized dividend is a 23% reduction from the prior level and immediately reduces the FAD payout ratio to approximately 80%. The key drivers of the right-sized dividend are: (i) mitigating refinancing risk on near-term bonds; (ii) achieving $100 million of annual incremental retained earnings to fund significant return-on-capital investments in the existing portfolio; and (iii) maximizing go-forward earnings potential.

GUIDANCE
The Company increased its Normalized FFO per share and Same Store Cash NOI growth guidance, as outlined below, as well as updated the guidance provided on page 30 of the Supplemental Information:
EXPECTED 2025
PRIORCURRENTACTUAL
LOWHIGHLOWHIGH2Q 2025YTD
Earnings per share $(0.28)$(0.20)$(0.78)$(0.73)$(0.45)$(0.58)
NAREIT FFO per share $1.44$1.48$1.42$1.46$0.34$0.69
Normalized FFO per share$1.56$1.60$1.57$1.61$0.41$0.80
Same Store Cash NOI growth3.00 %3.75 %3.25 %4.00 %5.1 %3.9 %
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.
HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 6

Highlights
FINANCIAL REPORTING
In the second quarter, the Company began utilizing the Carrying Value of its debt in the calculation of Net Debt for purposes of reporting leverage metrics. For the second quarter, the result of this change was an approximate 0.25x reduction in Net Debt to Adjusted EBITDA.
The Company has also started excluding Leasing Commissions related to first generation leases from Maintenance Capital for its calculation of FAD. Prior to this change, first generation Leasing Commissions were included in Maintenance Capital. Based on historical data, the Company would expect this to be an approximate $5-10 million annual decrease in Maintenance Capital depending on leasing activity. The Company's 2Q 2025 payout ratio would still have been below 100% without this reporting change.
These changes are intended to conform the Company's reporting with market norms.

EARNINGS CALL
On Friday, August 1, 2025, at 9:00 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.

ABOUT HEALTHCARE REALTY
Healthcare Realty Trust Incorporated (NYSE: HR) is the largest, pure-play owner, operator and developer of medical outpatient buildings in the United States.
HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 7

 Salient Facts 1
Properties
salient-factsxxxq22025.jpg
619 properties totaling 36.1M SF
60 markets in 32 states
61% of NOI in Top 15 Markets
Capitalization
$10.5B enterprise value as of 6/30/25
$5.6B market capitalization as of 6/30/25
355.7M shares/units outstanding as of 6/30/25
353.8M diluted WA shares outstanding
BBB/Baa2 S&P/Moody's
46.4% net debt to enterprise value at 6/30/25
6.0x run rate net debt to adjusted EBITDA
map-sdrx2025q2.jpg

1Includes properties held in joint ventures.
HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 8

Corporate Information
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 June 30, 2025, the Company was invested in 619 real estate properties in 32 states totaling 36.1 million square feet and had an enterprise value of approximately $10.5 billion, defined as equity market capitalization plus the principal amount of debt less cash.

EXECUTIVE OFFICERS
Peter A. Scott
President and Chief Executive Officer
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
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
Wells Fargo Securities, LLC
BOARD OF DIRECTORS
Thomas N. Bohjalian    
Chairman, Healthcare Realty Trust Incorporated
Retired Head of U.S Real Estate, Cohen & Steers

Peter A. Scott
President and Chief Executive Officer
Healthcare Realty Trust Incorporated

David B. Henry
Retired Vice Chairman and Chief Executive Officer
Kimco Realty Corporation

Jay P. Leupp
Managing Partner and Senior Portfolio Manager
Terra Firma Asset Management, LLC


















Constance B. Moore
Retired President and CEO
BRE Properties, Inc.

Glenn J. Rufrano
Executive Chairman
PREIT

Donald C. Wood
Chief Executive Officer
Federal Realty Investment Trust

David R. Emery (1944-2019)
Chairman Emeritus
Healthcare Realty Trust Incorporated

HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 9

Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
ASSETS
2Q 20251Q 20254Q 20243Q 20242Q 2024
Real estate properties
Land $1,105,231 $1,134,635 $1,143,468 $1,195,116 $1,287,532 
Buildings and improvements 9,199,089 9,729,912 9,707,066 10,074,504 10,436,218 
Lease intangibles567,244 631,864 664,867 718,343 764,730 
Personal property6,944 9,938 9,909 9,246 12,501 
Investment in financing receivables, net 124,134 123,813 123,671 123,045 122,413 
Financing lease right-of-use assets 76,574 76,958 77,343 77,728 81,401 
Construction in progress40,421 35,101 31,978 125,944 97,732 
Land held for development49,110 52,408 52,408 52,408 59,871 
Total real estate investments11,168,747 11,794,629 11,810,710 12,376,334 12,862,398 
Less accumulated depreciation and amortization(2,494,169)(2,583,819)(2,483,656)(2,478,544)(2,427,709)
Total real estate investments, net8,674,578 9,210,810 9,327,054 9,897,790 10,434,689 
Cash and cash equivalents 1
25,507 25,722 68,916 22,801 137,773 
Assets held for sale, net358,207 6,635 12,897 156,218 34,530 
Operating lease right-of-use assets243,910 259,764 261,438 259,013 261,976 
Investments in unconsolidated joint ventures 463,430 470,418 473,122 417,084 374,841 
Other assets, net and goodwill469,940 522,920 507,496 491,679 559,818 
Total assets$10,235,572 $10,496,269 $10,650,923 $11,244,585 $11,803,627 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY
2Q 20251Q 20254Q 20243Q 20242Q 2024
Liabilities
Notes and bonds payable $4,694,391 $4,732,618 $4,662,771 $4,957,796 $5,148,153 
Accounts payable and accrued liabilities194,076 144,855 222,510 197,428 195,884 
Liabilities of properties held for sale30,278 422 1,283 7,919 1,805 
Operating lease liabilities203,678 224,117 224,499 229,925 230,601 
Financing lease liabilities73,019 72,585 72,346 71,887 75,199 
Other liabilities158,704 174,830 161,640 180,283 177,293 
Total liabilities5,354,146 5,349,427 5,345,049 5,645,238 5,828,935 
Redeemable non-controlling interests4,332 4,627 4,778 3,875 3,875 
Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized— — — — — 
Common stock, $0.01 par value; 1,000,000 shares authorized3,516 3,510 3,505 3,558 3,643 
Additional paid-in capital9,129,338 9,121,269 9,118,229 9,198,004 9,340,028 
Accumulated other comprehensive (loss) income (9,185)(7,206)(1,168)(16,963)6,986 
Cumulative net income attributable to common stockholders171,585 329,436 374,309 481,155 574,178 
Cumulative dividends (4,477,940)(4,368,739)(4,260,014)(4,150,328)(4,037,693)
Total stockholders' equity4,817,314 5,078,270 5,234,861 5,515,426 5,887,142 
Non-controlling interest59,780 63,945 66,235 80,046 83,675 
Total equity4,877,094 5,142,215 5,301,096 5,595,472 5,970,817 
Total liabilities, redeemable non-controlling interests, and stockholders' equity$10,235,572 $10,496,269 $10,650,923 $11,244,585 $11,803,627 









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
2Q 2025 SUPPLEMENTAL INFORMATION 10

Statements of Income
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
2Q 20251Q 20254Q 20243Q 20242Q 2024
Revenues
Rental income $287,070$288,857$300,065$306,499$308,135
Interest income3,4493,7314,0763,9043,865
Other operating6,9836,3895,6255,0204,322
297,502298,977309,766315,423316,322
Expenses
Property operating109,924114,963114,415120,232117,719
General and administrative23,48213,53034,20820,12414,002
Normalizing items 1
(10,302)(502)(22,991)(6,861)—
Normalized general and administrative13,18013,02811,21713,26314,002
Transaction costs5931,0111,577719431
Depreciation and amortization147,749150,969160,330163,226173,477
281,748280,473310,530304,301305,629
Other income (expense)
Interest expense before merger-related fair value(42,766)(44,366)(47,951)(50,465)(52,393)
Merger-related fair value adjustment(10,580)(10,446)(10,314)(10,184)(10,064)
Interest expense(53,346)(54,812)(58,265)(60,649)(62,457)
Gain on sales of real estate properties and other assets20,0042,90432,08239,31038,338
Loss on extinguishment of debt——(237)——
Impairment of real estate assets and credit loss reserves(142,348)(12,081)(81,098)(84,394)(132,118)
Equity income (loss) from unconsolidated joint ventures1581224208(146)
Interest and other income (expense), net(366)95(154)(132)(248)
(175,898)(63,893)(107,448)(105,657)(156,631)
Net loss$(160,144)$(45,389)$(108,212)$(94,535)$(145,938)
Net loss attributable to non-controlling interests2,2935161,3661,5122,158
Net loss attributable to common stockholders$(157,851)$(44,873)$(106,846)$(93,023)$(143,780)
Basic earnings per common share$(0.45)$(0.13)$(0.31)$(0.26)$(0.39)
Diluted earnings per common share$(0.45)$(0.13)$(0.31)$(0.26)$(0.39)
Weighted average common shares outstanding - basic349,628349,539351,560358,960372,477
Weighted average common shares outstanding - diluted 2
349,628349,539351,560358,960372,477

    
STATEMENTS OF INCOME SUPPLEMENTAL INFORMATION
2Q 20251Q 20254Q 20243Q 20242Q 2024
Interest income
Financing receivables$1,956$1,950$2,103$2,117$2,094
Interest on mortgage and mezzanine loans1,4931,7811,9731,7871,771
Total$3,449$3,731$4,076$3,904$3,865
Other operating income
Parking income$2,369$1,863$1,958$2,363$2,463
Management fee and miscellaneous income4,6144,5263,6672,6571,859
Total$6,983$6,389$5,625$5,020$4,322





1Normalizing items primarily include restructuring, severance-related costs and non-routine advisory fees associated with shareholder engagement.
2Potential 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 4,161,628 units were not included.
HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 11

FFO, Normalized FFO, & FAD 1,2,3
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
2Q 20251Q 20254Q 20243Q 20242Q 2024
Net loss attributable to common stockholders$(157,851)$(44,873)$(106,846)$(93,023)$(143,780)
Net loss attributable to common stockholders per diluted share 3
$(0.45)$(0.13)$(0.31)$(0.26)$(0.39)
Gain on sales of real estate assets(20,004)(2,904)(32,082)(39,148)(33,431)
Impairments of real estate assets140,877 10,145 75,423 37,632 120,917 
Real estate depreciation and amortization152,936 155,288 164,656 167,821 177,350 
Non-controlling loss from operating partnership units(2,293)(599)(1,422)(1,372)(2,077)
Unconsolidated JV depreciation and amortization6,7066,7175,9135,3784,818
FFO adjustments$278,222$168,647$212,488$170,311$267,577
FFO adjustments per common share - diluted$0.79$0.48$0.60$0.47$0.71
FFO $120,371$123,774$105,642$77,288$123,797
FFO per common share - diluted $0.34$0.35$0.30$0.21$0.33
Transaction costs5931,0111,577719431
Lease intangible amortization(222)(228)(2,348)(10)129 
Non-routine legal costs/forfeited earnest money received 478 77 306 306 465 
Debt financing costs——237——
Restructuring and severance-related charges 10,30250222,9916,861—
Credit losses and gains (losses) on other assets, net 4
1,4711,9364,58246,6008,525
Merger-related fair value adjustment 10,58010,44610,31410,18410,064
Unconsolidated JV normalizing items 5
16320411310189
Normalized FFO adjustments$23,365$13,948$37,772$64,761$19,703
Normalized FFO adjustments per common share - diluted$0.07$0.04$0.11$0.18$0.05
Normalized FFO
$143,736$137,722$143,414$142,049$143,500
Normalized FFO per common share - diluted$0.41$0.39$0.40$0.39$0.38
Non-real estate depreciation and amortization207222404276313
Non-cash interest amortization, net 6
1,1301,2171,2391,3191,267
Rent reserves, net 7
13094(369)(27)1,261
Straight-line rent income, net(7,045)(6,844)(7,051)(5,771)(6,799)
Stock-based compensation3,8873,0283,0284,0643,383
Unconsolidated JV non-cash items 8
(356)(253)(277)(376)(148)
Normalized FFO adjusted for non-cash items
$141,689$135,186$140,388$141,534$142,777
2nd generation TI(12,036)(14,885)(20,003)(16,951)(12,287)
Leasing commissions paid(5,187)(11,394)(11,957)(10,266)(10,012)
Building capital(9,112)(6,687)(8,347)(7,389)(12,835)
Total maintenance capex$(26,335)$(32,966)$(40,307)$(34,606)$(35,134)
FAD$115,354$102,220$100,081$106,928$107,643
Quarterly dividends and OP distributions $110,486$109,840$110,808$113,770$118,627
FFO wtd avg common shares outstanding - diluted 9
354,078353,522355,874363,370376,556




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.
42Q2025 represents $1.5 million of credit loss reserves. 1Q 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.
5Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and acquisition and pursuit costs.
6Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.
72Q 2024 includes $0.8 million related to the Steward Health revenue reserve for March.
8Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.
9The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 287,797 for the three months ended June 30, 2025. Also includes the diluted impact of 4,161,628 OP units outstanding.
HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 12

Capital Funding & Commitments
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA
ACQUISITION AND RE/DEVELOPMENT FUNDING
2Q 20251Q 20254Q 20243Q 20242Q 2024
Acquisitions 1
$—$—$—$—$—
Re/development 2
42,04033,43639,61144,59044,796
1st generation TI/LC & acquisition capex 3
33,36915,13914,79415,67713,010
MAINTENANCE CAPITAL EXPENDITURES FUNDING
2Q 20251Q 20254Q 20243Q 20242Q 2024
2nd generation TI$12,036$14,885$20,003$16,951$12,287
Leasing commissions paid5,18711,39411,95710,26610,012
Building capital9,1126,6878,3477,38912,835
$26,335$32,966$40,307$34,606$35,134
% of Cash NOI
2nd generation TI6.4%8.2%10.6%8.8%6.2%
Leasing commissions paid2.8%6.3%6.3%5.3%5.0%
Building capital4.9%3.7%4.4%3.8%6.5%
14.1%18.2%21.3%17.9%17.7%
LEASING COMMITMENTS 4
2Q 20251Q 20254Q 20243Q 20242Q 2024
Renewals
Square feet642,797794,857783,975909,844788,862
2nd generation TI/square foot/lease year$1.66$1.90$2.20$1.91$1.81
Leasing commissions/square foot/lease year$1.12$1.48$1.48$1.36$1.33
Renewal commitments as a % of annual net rent12.2%13.8%14.1%12.2%13.6%
WALT (in months) 5
37.947.759.750.352.3
New leases
Square feet195,266172,371299,950462,756252,795
2nd generation TI/square foot/lease year$7.12$6.08$7.30$7.18$6.90
Leasing commissions/square foot/lease year$2.03$1.90$1.82$1.91$1.98
New lease commitments as a % of annual net rent44.6%40.4%40.7%39.9%43.3%
WALT (in months) 5
63.365.978.394.782.6
All
Square feet838,063967,2281,083,9251,372,6001,041,657
Leasing commitments as a % of annual net rent22.2%18.8%21.9%24.0%22.6%
WALT (in months) 5
43.851.064.865.359.6




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 and leasing commissions 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
2Q 2025 SUPPLEMENTAL INFORMATION 13

Debt Metrics1
DOLLARS IN THOUSANDS
SUMMARY OF INDEBTEDNESS AS OF JUNE 30, 2025
PRINCIPAL BALANCE
BALANCE 1
MATURITY DATE 2
MONTHS TO MATURITY 2
2Q 2025 INTEREST EXPENSECONTRACTUAL INTEREST EXPENSECONTRACTUAL RATEEFFECTIVE RATEFAIR VALUE MERGER ADJUSTED
SENIOR NOTES$600,000$590,8748/1/202613 $7,288$5,2503.50%4.94%Y
500,000490,3717/1/202724 5,8284,6883.75%4.76%Y
300,000298,3381/15/202831 2,7872,7193.63%3.85%
650,000591,5352/15/203056 7,8095,0383.10%5.30%Y
299,500297,3993/15/203057 1,9291,7972.40%2.72%
299,785296,6033/15/203169 1,5941,5362.05%2.25%
800,000676,4333/15/203169 8,6304,0002.00%5.13%Y
— — 
5/1/2025 3
— 8218073.88%4.12%
$3,449,285$3,241,55345 $36,686$25,8352.90%4.47%
TERM LOANS$175,000$174,8785/31/202723 2,3732,373SOFR + 1.04%5.36%
150,000149,8646/1/202723 2,0342,034SOFR + 1.04%5.36%
290,000289,99210/31/202728 3,9333,933SOFR + 1.04%5.36%
200,000199,7107/20/202948 2,7122,712SOFR + 1.04%5.36%
300,000298,9181/20/202942 4,0684,068SOFR + 1.04%5.36%
$1,115,000$1,113,36232 $15,120$15,1205.37%
$1.5B CREDIT FACILITY295,000 295,000 7/25/203028 $3,202$3,202SOFR + 0.94%5.27%
MORTGAGES$44,587$44,476various10 $441$4524.04%4.18%
$4,903,872$4,694,39141$55,449$44,6093.61%4.73%$2,550,000
Less cash(25,507)(25,507)
Net debt$4,878,365$4,668,884
Interest rate swaps(1,098)(1,098)
Interest cost capitalization(3,751)—
Unsecured credit facility fee & deferred financing costs1,825758
Financing right-of-use asset amortization921—
$53,346$44,269

DEBT MATURITIES SCHEDULE AS OF JUNE 30, 2025 2
PRINCIPAL PAYMENTS
BANK
LOANS		SENIOR NOTESMORTGAGE NOTESTOTALWA RATE
2025$—$—$15,683$15,6834.24%
2026— 600,00028,904628,9044.43%
2027615,000500,000— 1,115,0004.52%
2028— 300,000— 300,0004.49%
2029500,000— — 500,0005.36%
Thereafter295,0002,049,285— 2,344,2852.41%
Total$1,410,000$3,449,285$44,587$4,903,8723.61%
Net debt (principal)
$4,878,365
Fixed rate debt balance
$1,075,000$3,449,285$44,587$4,568,872
% fixed rate debt, net of cash
93.7%
Company share of JV net debt
$32,437
INTEREST RATE SWAPS
MATURITYAMOUNTFIXED SOFR RATE
May 2026$275,0003.74%
June 2026150,000 3.83%
December 2026150,000 3.84%
June 2027200,000 4.27%
December 2027300,000 3.93%
As of 6/30/2025$1,075,0003.92%

1Balances are reflected net of discounts, fair value adjustments, and deferred financing costs and include premiums.
2Includes extension options. On July 25, 2025, the Company entered into the Fifth Amended and Restated Credit Agreement. The maturity dates reflected include the impact of this agreement.
3On May 1, 2025, the Company repaid its Senior Notes due 2025 at maturity including $250 million of principal and $4.8 million of accrued interest.
HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 14


Debt Covenants & Liquidity
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED JUNE 30, 2025 1
CALCULATIONREQUIREMENTPER DEBT COVENANTS
Revolving credit facility and term loan
Leverage ratio Total debt/total capitalNot greater than 60%39.7%
Secured leverage ratioTotal secured debt/total capitalNot greater than 30%0.4%
Unencumbered leverage ratio Unsecured debt/unsecured real estateNot greater than 60%43.0%
Fixed charge coverage ratioEBITDA/fixed chargesNot less than 1.50x3.0x
Unsecured coverage ratioUnsecured EBITDA/unsecured interestNot less than 1.75x3.0x
Asset investmentsUnimproved land, JVs & mortgages/total assetsNot greater than 35%10.2%
Senior Notes
Incurrence of total debt Total debt/total assetsNot greater than 60%38.9%
Incurrence of debt secured by any lienSecured debt/total assetsNot greater than 40%0.4%
Maintenance of total unsecured assets Unencumbered assets/unsecured debtNot less than 150%247.1%
Debt service coverageEBITDA/interest expenseNot less than 1.5x3.0x
Other
Net debt to adjusted EBITDA 2
Net debt (debt less cash)/adjusted EBITDANot required6.1x
Run rate net debt to adjusted EBITDA 3
Proforma net debt (debt less cash)/proforma adjusted EBITDANot required6.0x
Net debt to enterprise value 4
Net debt/enterprise valueNot required46.4%

LIQUIDITY SOURCES
Cash$25,507
Unsecured credit facility availability$1,205,000
Consolidated unencumbered real estate assets (gross) 5
$11,524,440
        




















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 28 for a reconciliation of adjusted EBITDA.
3Includes the proforma impact of July dispositions.
4Based on the closing price of $15.86 on June 30, 2025, and 355,730,606 shares outstanding including outstanding OP units.
5The annualized second quarter 2025 unencumbered asset NOI was $707.3 million.
HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 15

Investment Activity
DOLLARS IN THOUSANDS


DISPOSITION ACTIVITY DETAIL
LOCATIONCOUNTTYPECLOSINGSQUARE FEETLEASED %SALE
PRICE
Dispositions
Boston, MA1MOB2/7/202530,30441%$4,500
Denver, CO2MOB2/14/202569,71554%8,600
Houston, TX 1
1MOB3/20/2025127,93335%15,000
1Q 2025 total4227,95242%$28,100
Boston, MA —LAND4/30/2025— —%486
Boston, MA1MOB5/23/202533,17661%3,000
Jacksonville, FL1MOB6/26/202553,16912%8,100
Yakima, WA2MOB6/26/202591,561100%31,000
Houston, TX —LAND6/27/2025— —%10,500
2Q 2025 total4177,90666%$53,086
South Bend, IN 1MOB7/15/2025205,57377%43,100
Milwaukee, WI2MOB7/29/2025147,406100%42,000
Naples, FL1MOB7/29/202561,35981%19,250
New York, NY1MOB7/30/202589,89388%25,000
Total 2025 disposition activity13910,08971%$210,536
Average cap rate 2
6.2%
































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
2Q 2025 SUPPLEMENTAL INFORMATION 16



 Joint Ventures 1
DOLLARS IN THOUSANDS

PORTFOLIOS
WA OWNERSHIP INTEREST2Q 2025
JOINT VENTURE# OF PROPERTIESSQUARE FEETOCCUPANCYNOINOI AT SHARESAME STORE NOI AT SHARE
Nuveen41%281,526,776 86%$7,731$3,000$2,423
CBRE20%4283,880 57%1,227245184
KKR20%231,719,557 96%12,4762,495—
Other 2
58%10723,632 88%4,7952,4851,799
Total654,253,845 88%$26,229$8,225$4,406



BALANCE SHEET
JOINT VENTURE
REAL ESTATE INVESTMENT 3
DEBT 3
DEBT AT SHAREINTEREST RATE
Nuveen$602,969$71,874$14,3755.9%
CBRE133,511 — — — 
KKR739,003 — — — 
Other 2
339,569 69,591 27,8365.3%
Total$1,815,052$141,465$42,2115.6%
Net debt at JV share$32,437



























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
2Q 2025 SUPPLEMENTAL INFORMATION 17

Re/development Activity
DOLLARS IN THOUSANDS

RE/DEVELOPMENT PROJECTS
MARKETASSOCIATED HEALTH SYSTEMSQUARE
FEET		CURRENT LEASED %BUDGETCOST TO COMPLETEESTIMATED COMPLETION/INITIAL LEASE COMMENCEMENT
Recently completed development
Raleigh, NCUNC REX Health122,99151%$52,600$4,6224Q 2024
Phoenix, AZHonorHealth101,08689%58,0001,3044Q 2024
Active development
Fort Worth, TX Baylor Scott & White101,27954%48,2009,7164Q 2025
Total development325,35664%$158,800$15,642
Projected stabilized yield - 7.0%-8.5%
Estimated stabilization period post completion - 12 - 36 months
Active major redevelopment 1,2
Charlotte, NC 3
Novant Health169,13596%26,300—2Q 2025
Washington, DCInova Health57,32389%13,7001,2784Q 2025
White Plains, NYMontefiore Einstein/White Plains65,851100%19,4005,6024Q 2025
Raleigh, NCUNC REX Health40,400100%10,8008,9382Q 2026
Houston, TXHCA314,86167%30,0009,4712Q 2026
Total redevelopment647,57082%$100,200$25,289
Occupied %65%
Projected stabilized yield - 9.0%-12.0%
Estimated stabilization period post completion - 12 - 36 months
Total active major re/development projects972,92676%$259,000$40,931






















1Square feet represents the total building size and not necessarily the square footage being redevelopment.
2Inclusive of the active redevelopment projects listed below, the Company has a total of 1.9 million square feet in various stages of redevelopment.
3This was an active redevelopment during the second quarter that was completed on 6/30.
HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 18

Portfolio 1,2
DOLLARS IN THOUSANDS
MARKETS
 COUNTSQUARE FEETWHOLLY OWNED
MARKETMSA RANKMOBINPATIENTOFFICEWHOLLY OWNEDJOINT VENTURESTOTAL% OF NOICUMULATIVE % OF NOI
Dallas, TX4462,426,589146,519199,8002,772,908581,0963,354,0049.0%9.0%
Seattle, WA15291,324,0471,324,047257,1211,581,1686.4%15.4%
Charlotte, NC21311,702,2751,702,2751,702,2755.2%20.6%
Houston, TX5271,747,67367,5001,815,173249,1582,064,3314.6%25.2%
Denver, CO19291,372,5651,372,565306,9491,679,5144.5%29.7%
Atlanta, GA6261,284,1121,284,11296,1081,380,2204.0%33.7%
Boston, MA1114733,920733,920733,9203.9%37.6%
Los Angeles, CA227787,71563,000850,715786,5201,637,2353.7%41.3%
Raleigh, NC4127980,469980,469198,4851,178,9543.1%44.4%
Phoenix, AZ10341,332,3411,332,341101,0861,433,4273.0%47.4%
Nashville, TN35131,134,891108,6911,243,582106,9811,350,5632.9%50.3%
Indianapolis, IN33411,078,51961,3981,139,917357,9151,497,8322.9%53.2%
Tampa, FL1717828,117828,117828,1172.6%55.8%
Washington, DC79692,107692,107692,1072.4%58.2%
Austin, TX2512657,575657,575129,879787,4542.3%60.5%
Miami, FL814828,430828,43052,178880,6082.2%62.7%
San Francisco, CA139452,666452,666110,865563,5312.1%64.8%
Orlando, FL207359,47756,998416,475416,4752.0%66.8%
Memphis, TN4511691,33854,416745,754110,883856,6371.9%68.7%
New York, NY114557,111557,11157,411614,5221.9%70.6%
Other (40 Markets)1828,718,154483,976895,70810,097,838751,21010,849,04829.4%100.0%
Total61929,690,091933,8071,204,19931,828,0974,253,84536,081,942100.0%
Number of properties53415555465619
% of square feet93.3%2.9%3.8%100.0%
% multi-tenant88.1%6.9%74.3%85.2%
Investment
$10,099,239$436,513$378,365$10,914,117
Quarterly cash NOI 2
$157,909$8,505$4,149$170,563
% of cash NOI92.6%5.0%2.4%100.0%


BY OWNERSHIP AND TENANT TYPE
WHOLLY OWNED
JOINT VENTURES
MULTI-TENANTSINGLE-TENANTMULTI-TENANTSINGLE-TENANTTOTAL
Number of properties4501045114619
Square feet27,117,8404,710,2573,613,351640,49436,081,942
% of square feet75.1%13.1%10.0%1.8%100.0%
Investment 2
$8,830,497$2,054,468$520,474$100,142$11,505,581
Quarterly cash NOI 2
$137,172$33,406$6,630$1,595$178,803
% of cash NOI76.7%18.7%3.7%0.9%100.0%








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
2Q 2025 SUPPLEMENTAL INFORMATION 19

Health Systems 1,2
MOB PORTFOLIO
BUILDING SQUARE FEET# OF BLDGSLEASED 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
HCA1BBB-/Baa32,136,592770,4302,907,022 438.6%811,3422.7%132
CommonSpirit4A-/A31,562,804564,7902,127,594 406.7%746,4422.5%132
Baylor Scott & White21AA-/Aa22,045,05566,3762,111,431 246.2%1,071,8343.6%153
Ascension Health3AA/Aa21,988,64797,5512,086,198 225.0%799,0872.7%124
Advocate Health14AA/Aa3898,199240,9101,139,109 184.1%931,2553.1%99
Wellstar Health System75A+/A2919,861—919,861 183.0%606,9072.0%82
UW Medicine (Seattle)91AA+/Aa1461,363169,709 631,072 102.9%294,9711.0%32
Providence Health & Services5A/A2602,83431,601634,435 122.6%239,3490.8%46
AdventHealth11AA/Aa2662,742118,585 781,327 122.4%407,8721.4%100
MultiCare Health System82A/--492,623— 492,623 82.3%237,8440.8%26
Tenet Healthcare Corporation6BB-/Ba3828,523277,4471,105,970 202.2%207,8770.7%39
Indiana University Health26AA/Aa2416,978269,320 686,298 102.0%387,6491.3%51
Tufts MedicineNoneBBB-/Aa3252,087 — 252,087 21.8%260,7840.9%5
Cedars-Sinai Health Systems51AA-/Aa3199,70190,607290,308 51.7%96,6140.3%22
Community Health Systems8CCC+/Caa2604,224—604,224 131.7%328,5821.1%39
WakeMed185--/A2374,207101,597475,804 131.6%149,6760.5%22
Baptist Memorial Health Care89A-2/--544,122150,228 694,350 91.5%425,9591.4%54
Trinity Health7AA-/Aa3599,1648,156 607,320 101.5%322,0741.1%33
Banner Health24AA-/--749,07531,039 780,114 241.5%125,6640.4%33
Sutter Health12A+/A1175,59199,947 275,538 41.4%121,4810.4%25
Bon Secours Health System22A+/A1405,945— 405,945 61.4%242,8170.8%50
Other (67 Credit Rated)7,416,2483,223,75710,640,005 195 30.6%4,784,12816.0%
Subtotal - credit rated 6
24,336,5856,312,05030,648,635 518 92.7%13,600,20845.5%
Other non-credit rated 7
231,018435,824666,842 161.9%270,3620.9%
Off-campus non-affiliated 8
—2,402,3832,402,383 585.4%——%
Total24,567,6039,150,25733,717,860 592100.0%13,870,57046.4%
Joint ventures2,823,4641,204,3054,027,769 
Wholly-owned21,744,1397,945,95229,690,091 









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 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 16 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
2Q 2025 SUPPLEMENTAL INFORMATION 20

MOB Proximity to Hospital 1,2,3
MOB BY LOCATION
# OF PROPERTIESSQUARE FEETTOTAL% GROUND LEASED
On campus24018,365,80654.5%71.1%
Adjacent to campus 4
1436,201,79718.4%14.3%
Total on/adjacent38324,567,60372.9%56.7%
Off campus - affiliated 5
1516,747,87420.0%14.3%
Off campus582,402,3837.1%8.9%
59233,717,860100.0%44.8%
Wholly-owned53429,690,091
Joint ventures584,027,769



MOB BY CLUSTER 6
TOTAL
HOSPITAL CENTRIC 7
# OF PROPERTIESSQUARE FEET% OF SQUARE FEET# OF PROPERTIESSQUARE FEET% OF SQUARE FEET
Clustered43824,501,20672.7%36021,371,93774.7%
Non-clustered1549,216,65427.3%1047,238,65225.3%
Total 59233,717,860100.0%46428,610,589100.0%


















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.
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
2Q 2025 SUPPLEMENTAL INFORMATION 21

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 TOTALJOINT VENTURESWHOLLY-OWNED
Month-to-month330,06775,829405,8961.3%53,614352,282111
3Q 20251,118,48167,4211,185,9023.7%50,2881,135,614338
4Q 2025983,147126,8821,110,0293.4%73,0751,036,954277
20263,857,566442,8424,300,40813.4%274,7514,025,6571,088
20274,059,1121,011,7355,070,84715.7%486,3444,584,5031,024
20283,199,129585,1993,784,32811.8%255,6683,528,660887
20293,281,522724,6514,006,17312.4%591,5183,414,655779
20302,477,379488,1882,965,5679.2%294,8152,670,752535
20311,501,123362,6741,863,7975.8%228,7461,635,051325
20321,886,943390,1522,277,0957.1%349,5421,927,553308
2033914,354—914,3542.8%205,524708,830179
20341,237,036121,8511,358,8874.2%256,7391,102,148198
Thereafter2,007,571950,3812,957,9529.2%633,6812,324,271271
Total occupied26,853,4305,347,80532,201,23589.2%3,754,30528,446,9306,320
Total building 30,731,1915,350,75136,081,9424,253,84531,828,097
Occupancy87.4%99.9%89.2%88.3%89.4%
Leased %89.4%99.9%90.9%90.1%91.0%
WALTR (months) 4
49.370.252.850.0
WALT (months) 4
90.5145.199.698.6



QUARTERLY LEASING ACTIVITY 5
MULTI-TENANTSINGLE-TENANTTOTAL
ABSORPTION ACTIVITYSQUARE FEETABSORPTION ACTIVITYSQUARE FEETABSORPTION ACTIVITYSQUARE FEET
Occupied square feet, beginning of period— 28,061,391 — 5,697,178 33,758,569 
Dispositions and assets held for sale— (1,325,371)— (346,427)(1,671,798)
Expirations and early vacates(908,633)— (268,001)— (1,176,634)
Renewals, amendments, and extensions573,945 — 182,815 — 756,760 
New lease commencements452,098 — 82,240 — 534,338 
Absorption117,410 (2,946)114,464 
Occupied square feet, end of period26,853,430 5,347,805 32,201,235 




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 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 3,901 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
2Q 2025 SUPPLEMENTAL INFORMATION 22


Leasing Statistics 1,2
SAME STORE RENEWALS 2
2Q 2025YTD 2025
Cash leasing spreads3.3%2.7%
Cash leasing spreads distribution
< 0% spread3.3%6.7%
0-3% spread21.3%17.5%
3-4% spread49.7%50.1%
> 4% spread25.7%25.7%
Total100.0%100.0%
Tenant retention rate83.1%83.8%

AVERAGE IN-PLACE CONTRACTUAL INCREASES 3
MULTI-TENANTSINGLE-TENANTTOTAL
% INCREASE% OF
BASE RENT		% INCREASE% OF
BASE RENT		% INCREASE% OF
BASE RENT
Same store 2
2.93%73.6%2.52%15.3%2.86%88.9%
Acquisitions2.82%6.0%2.58%1.3%2.78%7.3%
Other 4
2.75%3.4%3.20%0.4%2.80%3.8%
Total 2.91%83.0%2.54%17.0%2.85%100.0%
Escalator type
Fixed2.92%98.0%2.57%86.8%2.87%96.1%
CPI2.56%2.0%2.35%13.2%2.43%3.9%
SAME STORE TYPE AND OWNERSHIP STRUCTURE 2
MULTI-TENANTSINGLE-TENANTTOTAL
Tenant type
Hospital50.2%58.1%51.5%
Physician and other49.8%41.9%48.5%
Lease structure
Gross8.8%1.9%7.7%
Modified gross31.6%9.1%27.9%
Net59.2%67.0%60.5%
Absolute net 5
0.4%22.0%3.9%
Ownership type
Ground lease48.0%36.3%46.3%
Fee simple52.0%63.7%53.7%
    
# OF LEASES BY SIZE 6
LEASED SQUARE FEET# OF LEASESWALTWALTR
0 - 2,5003,295 70.5 37.0 
2,501 - 5,0001,585 78.5 41.1 
5,001 - 7,500559 90.0 45.3 
7,501 - 10,000304 98.8 52.1 
10,001 +577 118.6 59.0 
Total Leases6,320 98.6 50.0 

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.
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.
3Excludes leases with lease terms of one year or less.
4Includes redevelopment properties, development completion, and joint ventures.
5Tenants are typically responsible for operating expenses and capital obligations.
6Excludes joint ventures, land held for development, construction in progress, corporate property and assets classified as held for sale.
HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 23

 Same Store 1,2
DOLLARS IN THOUSANDS

TOTAL CASH NOI
% of Total NOI2Q 2025
Multi-tenant71%$131,834
Single-tenant18%32,985 
Joint venture2%4,406 
Same store 3
91%$169,225
Wholly owned and joint venture acquisitions2%3,072 
Re/development3%5,792 
Development completions—%715 
Completed dispositions & assets held for sale4%7,837 
Total cash NOI100%$186,641 


PORTFOLIO OCCUPANCY AND ABSORPTION
OCCUPANCY %ABSORPTION
(square feet in thousands)
COUNTSQUARE FEET2Q 20251Q 20252Q 2024SEQUENTIALY-O-Y
Multi-tenant43725,697,06788.3%87.9%87.2%103263
Single-tenant1004,413,063100.0%100.0%98.9%—51
Joint venture 301,672,92388.9%89.1%89.8%——
Same store56731,783,05390.0%89.6%89.0%103314
Wholly owned and joint venture acquisitions302,192,56094.4%94.3%94.1%38
Re/development191,876,09174.2%74.6%76.6%(8)(45)
Development completions3230,23862.4%55.3%100.0%16137
Total portfolio61936,081,94289.2%88.9%88.6%114414
Joint ventures654,253,84588.3%88.0%90.9%——
Total wholly-owned55431,828,09789.4%89.1%88.4%114414
Multi-tenant50130,731,19187.4%87.0%86.8%117329




















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.
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.
3Same store includes the Company's assets associated with Prospect Health.
HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 24

 Same Store 1,2,3
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA
SAME STORE CASH NOI
TOTAL
2Q 20251Q 20254Q 2024 3Q 20242Q 2024YTD 2025YTD 2024
Base revenue$201,813$199,557$197,716$196,205$194,011$401,370$388,031
Op. exp. recoveries61,18862,40962,04662,19758,099123,597118,159
Revenues$263,001$261,966$259,762$258,402$252,110$524,967$506,190
Expenses93,77696,60095,02796,24791,148190,376184,028
Cash NOI$169,225$165,366$164,735$162,155$160,962$334,591$322,162
Revenue per occ SF 4
$36.96$36.87$36.64$36.61$35.78$36.92$35.97
Margin64.3%63.1%63.4%62.8%63.8%63.7%63.6%
Average occupancy89.6%89.4%89.2%88.8%88.7%89.5%88.6%
Period end occupancy90.0%89.6%89.6%89.4%89.0%90.0%89.0%
Number of properties567567567567567567567
Year-Over-Year Change
Revenue per occ SF 4
3.5%2.6%
Avg occupancy (bps)+80+90
Revenues4.3%3.7%
Base revenue4.0%3.4%
Exp recoveries5.3%4.6%
Expenses2.9%3.4%
Cash NOI5.1%3.9%



























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.
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.
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
2Q 2025 SUPPLEMENTAL INFORMATION 25

NOI Reconciliations 1
DOLLARS IN THOUSANDS
BOTTOM UP RECONCILIATION
2Q 20251Q 20254Q 20243Q 20242Q 2024
Net loss($160,144)($45,389)($108,212)($94,535)($145,938)
Other expense (income)175,898 63,893 107,448 105,657 156,631 
General and administrative expense23,482 13,530 34,208 20,124 14,002 
Depreciation and amortization expense147,749 150,969 160,330 163,226 173,477 
Other expenses 2
7,821 7,564 7,059 6,434 5,226 
Straight-line rent expense859 865 917 965 1,063 
Straight-line rent revenue(7,904)(7,709)(9,061)(6,736)(5,630)
Other revenue 3
(9,345)(9,907)(11,194)(8,334)(5,433)
Joint venture property cash NOI8,225 8,282 7,280 6,477 5,504 
Cash NOI$186,641 $182,098 $188,775 $193,278 $198,902 
Redevelopment(5,792)(5,011)(6,207)(6,875)(6,833)
Wholly owned and joint venture acquisitions(3,072)(3,065)(2,441)(1,531)(527)
Development completions(715)(790)(207)12 12 
Completed dispositions & assets held for sale(7,837)(7,866)(15,185)(22,729)(30,592)
Same store cash NOI$169,225 $165,366 $164,735 $162,155 $160,962 
Same store joint venture properties(4,406)(4,400)(4,547)(4,513)(4,519)
Same store excluding JVs$164,819 $160,966 $160,188 $157,642 $156,443 
TOP DOWN RECONCILIATION
2Q 20251Q 20254Q 20243Q 20242Q 2024
Rental income before rent concessions$292,859 $294,543 $305,229 $310,080 $311,592 
Rent concessions(5,789)(5,686)(5,164)(3,581)(3,457)
Rental income$287,070 $288,857 $300,065 $306,499 $308,135 
Parking income2,368 1,863 1,958 2,363 2,463 
Interest from financing receivable, net1,956 1,950 2,103 2,117 2,094 
Exclude straight-line rent revenue(7,904)(7,709)(9,061)(6,736)(5,630)
Exclude other non-cash revenue 4
(3,593)(4,051)(5,697)(4,149)(2,018)
Cash revenue$279,897 $280,910 $289,368 $300,094 $305,044 
Property operating expense(109,924)(114,963)(114,415)(120,232)(117,719)
Exclude non-cash expenses 5
8,443 7,869 6,542 6,939 6,073 
Joint venture property cash NOI8,225 8,282 7,280 6,477 5,504 
Cash NOI$186,641 $182,098 $188,775 $193,278 $198,902 
Redevelopment(5,792)(5,011)(6,207)(6,875)(6,833)
Wholly owned and joint venture acquisitions(3,072)(3,065)(2,441)(1,531)(527)
Development completions(715)(790)(207)12 12 
Completed dispositions & assets held for sale(7,837)(7,866)(15,185)(22,729)(30,592)
Same store cash NOI$169,225 $165,366 $164,735 $162,155 $160,962 
Same store joint venture properties(4,406)(4,400)(4,547)(4,513)(4,519)
Same store excluding JVs$164,819 $160,966 $160,188 $157,642 $156,443 







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.
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
2Q 2025 SUPPLEMENTAL INFORMATION 26

NOI Reconciliations 1
DOLLARS IN THOUSANDS
RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO
2Q 20251Q 20254Q 20243Q 20242Q 2024
Cash NOI$186,641 $182,098 $188,775 $193,278 $198,902 
General and administrative expense(23,482)(13,530)(34,208)(20,124)(14,002)
Straight-line rent7,904 7,709 9,061 6,736 5,630 
Interest and other income (expense), net(366)95 (154)(132)(248)
Management fees and other income4,614 4,525 3,667 2,658 1,858 
Note receivable interest income1,492 1,781 1,973 1,787 1,771 
Other non-cash revenue 2
3,239 3,601 5,554 3,891 1,804 
Other non-cash expenses 3
(8,087)(7,418)(6,400)(6,687)(5,858)
Non-real estate impairment(1,471)— (1,600)(46,762)(11,201)
Restructuring and severance-related costs7,060 114 19,288 — — 
Income taxes297 310 657 448 454 
Unconsolidated JV adjustments(683)(1,155)(720)(401)(443)
Debt Covenant EBITDA$177,158 $178,130 $185,893 $134,692 $178,667 
Interest expense(53,346)(54,812)(58,265)(60,649)(62,457)
Transaction costs(593)(1,011)(1,577)(719)(431)
Leasing commission amortization 4
6,404 5,621 5,744 5,827 5,151 
Non-real estate depreciation and amortization(1,217)(1,301)(1,418)(1,232)(1,278)
(Loss) gain on non-real estate assets—(1,936)(4,075)1624,907
Non-controlling interest—(83)(56)13981
Restructuring and severance-related costs(7,060)(114)(19,288)— — 
Income taxes(297)(310)(657)(448)(454)
Loss on extinguishment of debt——(237)——
Unconsolidated JV adjustments(678)(410)(422)(484)(389)
FFO$120,371 $123,774 $105,642 $77,288 $123,797 
Transaction costs5931,0111,577719431
Lease intangible amortization(222)(228)(2,348)(10)129
Significant non-recurring legal fees/forfeited earnest money received47877306306465
Loss on extinguishment of debt——237——
Restructuring and severance-related costs10,30250222,9916,861—
Merger-related fair value adjustment10,58010,44610,31410,18410,064
Credit losses and gains on other assets, net 1,4711,9364,58246,6008,525
Unconsolidated JV normalizing items16320411310189
Normalized FFO$143,736 $137,722 $143,414 $142,049 $143,500 








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.
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
2Q 2025 SUPPLEMENTAL INFORMATION 27

EBITDA Reconciliations 1
DOLLARS IN THOUSANDS
RECONCILIATION OF EBITDA
2Q 20251Q 20254Q 20243Q 20242Q 2024
Net loss($160,144)($45,389)($108,212)($94,535)($145,938)
Interest expense53,34654,81258,26560,64962,457
Income taxes297310657448454
Depreciation and amortization147,749150,968160,330163,226173,477
Unconsolidated JV depreciation, amortization, and interest7,3847,1286,3365,8635,207
EBITDA$48,632$167,829$117,376$135,651$95,657
Transaction costs5931,0111,577719431
Gain on sales of assets(20,004)(2,904)(32,082)(39,310)(38,338)
Impairments on real estate assets140,87712,08079,49737,632120,917
Restructuring and severance-related costs7,06011419,288——
Loss on extinguishment of debt——237——
Debt Covenant EBITDA$177,158$178,130$185,893$134,692$178,667
Leasing commission amortization 2
6,4045,6215,7445,8275,151
Lease intangibles, franchise taxes and prepaid ground amortization578 520 (3,596)692980
Timing impact 3
4,129 4,176 (2,125)(1,511)(1,438)
Stock based compensation3,8873,0283,0287,9083,383
Allowance for credit losses 1,471—1,60046,76211,201
Rent reserves, net130 94 (369)(27)1,261 
Unconsolidated JV adjustments16320411310189
Adjusted EBITDA$193,920$191,773$190,288$194,444$199,294
Annualized Adjusted EBITDA$775,680$767,092$761,152$777,776$797,176
RECONCILIATION OF NET DEBT
Debt $4,694,391 $4,732,618 $4,662,771 $4,957,796 $5,148,153 
Share of unconsolidated net debt32,43729,90831,45530,05420,299
Cash (25,507)(25,722)(68,916)(22,801)(137,773)
Net debt$4,701,321$4,736,804$4,625,310$4,965,049$5,030,679
Net debt to adjusted EBITDA 4
6.1x6.2x6.1x6.4x6.3x
Run rate net debt to adjusted EBITDA 5
6.0x






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.
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.
4Beginning in the second quarter, the Company began utilizing the carrying value of its debt in the calculation of net debt for purposes of reporting leverage metrics. Prior periods have been adjusted to align with this definition.
5Includes the impact of July dispositions.
HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 28

Components of Net Asset Value 1
DOLLARS IN THOUSANDS
CASH NOI
2Q 2025
Same store 2
$169,225 
Acquisition/Development Completions 3
3,787 
Redevelopment5,792 
Total$178,804 
Timing adjustments 4
781 
Total Cash NOI$179,585 

DEVELOPMENT & REDEVELOPMENT PROPERTIES
ESTIMATED COST TO COMPLETEESTIMATED TOTAL COSTPROJECTED STABILIZED ANNUAL CASH NOI
Developments$15,642 $158,800 $11,858 
Redevelopments 5
25,289 100,200 14,503 
$40,931 $259,000 $26,361 
LAND HELD FOR DEVELOPMENT, CASH, & OTHER ASSETS
Land held for development $49,110 
Disposition pipeline 6
429,325 
Unstabilized properties 7
257,095 
Cash and other assets 8
366,180 
$1,101,710 
DEBT
Unsecured credit facility $295,000 
Unsecured term loans 1,115,000 
Senior notes 3,449,285 
Mortgage notes payable 44,587 
Company share of joint venture net debt32,437 
Other liabilities 9
315,016 
$5,251,325 
TOTAL SHARES OUTSTANDING
As of June 30, 2025 10
355,730,606 

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.
2See Same Store schedule on pages 24-25 for details on Same Store NOI.
3Adjusted to reflect quarterly NOI from properties acquired or stabilized re/developments completed that are not included in same store NOI.
4Timing adjustments include adjustments to reflect full quarterly stabilized NOI of a recently completed development of $0.9 million, and management fee income of $4.4 million, offset by $4.1 million of in-place NOI on development and redevelopment properties and $0.4 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 25 properties identified as assets held for sale that is excluded from Same Store Cash NOI and reflects contractual sales price.
7Includes 28 properties at their gross book value. These properties were comprised of 1.1 million square feet that generated positive NOI of $0.4 million.
8Includes cash of $25.7 million, notes receivable of $81.0 million, prepaid assets of $184.1 million, accounts receivable of $37.5 million, and prepaid ground leases of $19.9 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 $200.9 million, security deposits of $32.9 million, financing right of use liabilities of $73.0 million, and deferred operating expense reimbursements of $8.2 million.
10Total shares outstanding include OP units.
HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 29

2025 Guidance
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

2025 GUIDANCE
PRIORCURRENTACTUAL
LOWHIGHLOWHIGHYTD 20252Q 2025
OPERATING METRICS
Year-end same store net absorption (bps)75125751253832
Same store cash NOI growth 3.0%3.75%3.25%4.0%3.9%5.1%
Same store MOB cash leasing spreads2.0%3.0%2.0%3.0%2.7%3.3%
Same store lease retention rate80.0%85.0%80.0%85.0%83.8%83.1%
Normalized G&A$52,000$56,000$48,000$52,000$26,208$13,180
CAPITAL FUNDING
Asset sales and JV contributions$400,000$500,000$800,000$1,000,000$210,536$53,086
Re/development95,000115,000105,000125,00075,47642,040
1st generation TI and acq. capex55,00065,00085,00095,00048,50833,369
Total maintenance capex120,000150,000115,000135,00059,30126,335
CASH YIELD
Dispositions 6.8%7.3%6.8%7.3%6.2%
EARNINGS AND LEVERAGE
Earnings per share$(0.28)$(0.20)$(0.78)$(0.73)$(0.58)$(0.45)
Normalized FFO per share
$1.56$1.60$1.57$1.61$0.80$0.41
Net debt to adjusted EBITDA 1
6.0X6.25X5.4x5.7x6.0x6.0x























12Q 2025 actual reflects the proforma impact of July dispositions.

HEALTHCARE REALTY
2Q 2025 SUPPLEMENTAL INFORMATION 30
JULY 2025 Committed to Maximizing Value for All Shareholders

 
2 Premier Outpatient Medical Portfolio Overlake Medical Pavilion Seattle, WA 2100 Church Street Nashville, TN East Pavilion Seattle, WA St Anthony’s Plaza III Denver, CO Baylor All Saints I Fort Worth, TX Morehead Medical Pavilion Charlotte, NC McAuley Medical Center Phoenix, AZ North Cypress I Houston, TX WakeMed Medical Park Raleigh, NC Plano Pavilion Dallas, TX

 
2Q'25 Sequential Δ NFFO / Share $0.41 / share +$0.02 FAD / Share $0.33 / share +$0.04 New Leasing SF (1) 452K SF +82K SF SS Occupancy (2) 90.0% +0.4% SS Cash NOI Growth 5.1% +2.8% Net Debt / EBITDA (3) 6.0x (0.1x) Note: For a reconciliation of the non-GAAP measures referenced herein to the most directly comparable GAAP measures, please see the Company’s Supplemental report for the quarter ended June 30, 2025 (1) Based on executed leases (2) Reflects end of period same store occupancy (3) Utilizes carrying value of debt in the calculation of net debt; for more information on the Company’s calculation of leverage, please see the Company’s 2Q 2025 Supplemental report for the quarter ended June 30, 2025 Strong 2Q Performance & Increased 2025 Guidance Collaborative Team Focus Driving Operational and Earnings Improvements 3 ✓ NFFO and FAD per share sequentially improved by $0.02 and $0.04, respectively ✓ 2nd highest new leasing quarter in last 3 years ✓ ~$900M of asset sales completed or under contract / LOI year-to-date ✓ Extended weighted average debt maturity through revolver recast and term loan extensions to create financial flexibility ✓ Raised NFFO guidance range by $0.01, to $1.57 - $1.61 per share Revised 2025 Guidance Key Operating and Financial MetricsQuarterly Highlights Sequential Improvement Across All Key Metrics

 
Assessment of Situation

 
5 Overall Assessment Healthcare Realty 1.0 | Transaction Oriented Healthcare Realty 2.0 | Operations Oriented  Lack of executive stewardship  Bloated cost structure  Primary focus on investments and development  Poor capital allocation  Underwhelming operating metrics  High leverage  Unfunded dividend ✓ Revamped Board and new CEO and CFO ✓ Right-sizing G&A and platform savings ✓ Shifting focus to asset management ✓ Prioritizing highest ROI investments ✓ Repositioning portfolio to optimize and improve performance ✓ Reducing leverage and improving balance sheet flexibility ✓ Right-sizing dividend to reinvest in the portfolio Clear and purposeful changes are underway to improve operational performance, optimize the portfolio, re-establish credibility and maximize shareholder value Consistent underperformance has eroded trust and credibility in Healthcare Realty 1.0. We are implementing a complete overhaul of all facets of the organization

 
The Strategic Plan

 
Strategic Plan to Deliver Superior Returns 7 Decisive Actions Taken By New Leadership to Maximize Value for Shareholders ▪ New CEO and revamped Board of 7 highly qualified individuals with fresh perspectives and critical experience to support HR’s initiatives and focus on shareholder value Corporate Governance 1 ▪ Organizational restructuring to heighten focus, accountability and decision-making ▪ Leaner operations which will generate $10M+ of savings annually ▪ Right-sizing the dividend and utilizing excess free cash flow to accretively fund portfolio enhancements and repositioning in the near-term ▪ Opportunistically buy back stock when trading at a meaningful NAV discount ▪ Evaluate external growth opportunities over time when cost of capital allows ▪ Refocusing portfolio strategy to maximize earnings potential: – Stabilized portfolio (75%): Stabilized, high-quality assets located in top MSAs – Lease-Up portfolio (13%): High ROI capital investment opportunities to improve performance – Disposition portfolio (12%): Assets with suboptimal operating performance and limited upside The successful implementation of our Strategic Plan will reposition Healthcare Realty for accretive long-term growth & value creation to maximize shareholder value Organizational Platform Restructuring 2 Portfolio Optimization 3 Reprioritized Capital Allocation 4 ▪ Target mid-5x Net Debt / EBITDA and 5-year weighted average debt maturity resulting in a fortress balance sheet and significant financial flexibility Balance Sheet Management 5

 
1. Corporate Governance | New, Reconstituted Board of Directors 8 The go-forward Board will bring fresh perspectives while leveraging decades of critical industry experience to support shareholder value creation: ✓ Fresh Perspectives: Newly reconstituted Board reduced to 7 directors, with 5 of 7 directors appointed since 2024, and all directors appointed since 2020 ✓ Robust Expertise: Revamped Board with key expertise, including significant industry, corporate strategy, capital allocation, financial, and corporate governance experience along with track records of creating shareholder value. 5 Board members have REIT CEO experience ✓ Independent and Focused: 6 out of 7 members are independent, and the Board includes 3 directors appointed with the support of Starboard Value The Board is Committed to Further Enhance Shareholder Value Our Directors Possess the Key Skills to Drive Value Risk Management and Financial Expert with Deep Real Estate Knowledge 35+ Years Expertise in Public and Private Real Estate Transformation Seasoned Chief Executive Possessing Relevant REIT Leadership and Insights Extensive Financial Leadership and Industry Governance Expertise Jay LeuppConnie Moore Glenn Rufrano Donald Wood ’22 ’24 ’24 ’20 Proven Real Estate Investor with $40B Portfolio Management Experience Strategic Financial Leader with Portfolio Revitalization Experience Veteran Real Estate Executive with Decades of Capital Markets Leadership Thomas Bohjalian David Henry ’24 ’24 Peter Scott ’25 Supported By: Supported By: Supported By: Thoughtful Construction of New Board The Board was heavily involved and supportive of the Strategic Plan

 
2. Platform Restructuring | Creation of Asset Management Platform 9 Healthcare Realty 2.0 | Localized On-the-Ground and Accountable Asset Management Platform Empowered to Drive ROI Across the Portfolio Healthcare Realty 1.0 | National ✓ Integrated asset management approach ✓ Operations and leasing execution as a team ✓ Accountability closer to real estate to drive better results ✓ Emphasis on developing tenant relationships ✓ Cost savings  Siloed property management and leasing with limited interactions  Excessive layers of management  Not enough empowerment or accountability  Poor development of tenant relationships Total Platform: 410 | Leadership: 27 Employees Total Platform: ~350 | Leadership: ~20 Employees COO SVP x 2National Directors x 12Directors SVP x 2 National Directors x 9 Directors OperationsLeasing Property Managers Separate functions COO x 2 Division Leads x 6 Asset Managers Property ManagersLeasing Hired Tony Acevedo and Glenn Preston with 16 and 25 years of Outpatient Medical experience, respectively Integrated functions New Asset Management structure will drive meaningful cost savings and promote incremental accountability at the asset level between operations and leasing teams that will encourage better / stickier tenant relationships

 
16% 28% 35% 38% 47% 48% 51% 52% 66% 82% Banner HCA Common Spirit Ascenscion UW Medicine Multicare BSW Advent Health Wellstar Advocate 2. Platform Restructuring | Enhancing Health System Relationships 10 More Direct Engagement With Hospital CEOs and Local Real Estate Teams Healthcare Realty 1.0 Select Top Investment Grade Health System Relationships 45% Avg. Upside Opportunity Total SF (1) ✓ Direct, coordinated, prioritized focus to ensure consistently strong relationships with health systems ✓ Asset manager owns local relationship with assistance at the leadership level ✓ Strong relationships lead to long-term acquisition and development opportunities  Indirect, uncoordinated focus has led to mixed quality of relationships with health systems  Limited interaction with local real estate teams  Disproportionate focus on acquisitions / development and little importance assigned to the relationship Healthcare Realty 2.0 Improving health system relationships will drive better leasing results and off-market opportunities for growth % Directly Leased (1) Total square footage affiliated with each health system 1.1M 0.9M 0.8M 2.1M 0.5M 0.6M 2.1M 2.1M 2.9M 0.8M

 
0.51% 0.42% 0.48% HR 1.0 HR 2.0 Peers ~$55M ~$45M ($10M) 2025 G&A Baseline G&A Savings Opportunity New Run-Rate G&A 2. Platform Restructuring | G&A Efficiencies 11 Rapid Enhancements to Streamline Corporate Overhead • $10M of target G&A reduction with 100% already identified – including headcount savings, Board reduction, office expense savings, etc. • ~$5M expected reduction in 2025; remainder expected in 2026 G&A Expense G&A as % of EV (1) Based on 2025 G&A baseline (2) Based on 2025 new run-rate G&A (3) Represents 1Q’25 LQA G&A as a % of enterprise value; simple average of select healthcare peers with >$10B enterprise value including ARE, DOC, OHI, VTR, WELL; Source: Company Filings, Capital IQ as of 7/29/25 Healthcare Realty 2.0 G&A Savings Identified G&A efficiencies to bring HR in line with peers, improve margins, and create long-term shareholder value (1) (2) (3)

 
Stabilized, high quality assets located in top MSAs with healthy operating performance Assets with suboptimal operating performance, limited upside, and capex needs High ROI capital investment opportunities to bring occupancy in line with Stabilized portfolio Description 3. Portfolio Optimization | Assessment of Existing Assets 12 Segmented all ~650 Assets into Three Distinct Buckets Following Thorough Assessment of Portfolio Stabilized Portfolio (1) ~75% of total portfolio (2) (1) Shows approximate figures of portfolio metrics, includes held for sale and disposed assets and excludes developments; disposition portfolio includes assets sold in 1H 2025 (2) Based on TTM NOI Lease-Up Portfolio (1) ~13% of total portfolio (2) Disposition Portfolio (1) ~12% of total portfolio (2) ~85 ~6M ~80% ~$85M ~95 ~7M ~70% ~$90M ~470 ~26M ~95% ~$550M # Assets NOI SF Occupancy Strong Operating Performance ✓   Ability to Achieve Upside ✓ ✓  Positive Demographics ✓ ✓  Continue to employ active asset management to maintain high occupancy through tenant retention and maximize lease economics Execute Ready-to-Occupy (RTO) or Redevelopment plan to improve occupancy, leasing, and NOI Evaluated go-forward opportunity overlap with priority markets and ability to maximize value. Concluded disposition is optimal outcome for shareholder value Portfolio Optimization Approach Portfolio Breakdown

 
3. Portfolio Optimization | Stabilized Portfolio 13 (1) Based on NOI per occupied square foot (2) Weighted average based on Occupied GLA; WALT shown in years (3) Based on 5-year (2024 – 2029) projected population growth on a 10-mile radial distance per asset; weighted average based on Occupied GLA; Source: Claritas (4) Based on Anchored Health System; weighted by TTM NOI 8 WALT (2) ~90% In Top 50 MSAs (2) 65% NOI Margin >80% Investment Grade Tenants (4) Favorable Demographics Coupled with Strong Health System Relationships Driving Robust Operating Performance Stabilized portfolio is concentrated in markets with demographic tailwinds that drive demand for Outpatient Medical services and support the needs of growing health systems ~3% Average Rent Escalators (2) 3.0% 10-mile Population Growth (2)(3) ~95% Occupancy $22 Net Rent PSF (1)(2) Stabilized Portfolio Key Statistics Kennestone Physicians Center I Atlanta, GA Pineville Medical Plaza Charlotte, NC One Scottsdale Phoenix, AZ

 
v 3. Portfolio Optimization | Lease-Up Portfolio 14 Lease-Up Portfolio is Concentrated in Priority Markets With Significant Occupancy Upside Through ROI-Focused Investments ~75% Ready-To- Occupy (2) Lease-Up Overview (1) Portfolio Geographic Comparison Lease-up opportunity creates additional value through targeted capital investments to unlock up to ~$50M in incremental NOI across priority markets ~95 Assets ~$90M NOI ~10% Future Redevelopment ~15% Existing Redevelopment Priority Markets Lease-Up Portfolio (1) Percentages based on asset count (2) Defined as underutilized spaces in their current condition with significant value uplift through capital investments

 
$18 $22 Current Pro Forma 55% ~65% Current Pro Forma ~$90M ~$140M Current Pro Forma ~70% ~90% Current Pro Forma 3. Portfolio Optimization | Lease-Up Portfolio 15 Strategic Investment in Lease-Up Portfolio Unlocks Up to $50M of NOI Upside Over Time Occupancy Net Rent PSF(2) Net Operating Income NOI Margin (1) Upside estimates shown are expected to be realized over time (2) Based on NOI per occupied square foot • Meaningful opportunity to generate upside in under-managed assets in the Lease- Up portfolio by increasing occupancy and rents • Expected to generate up to $50M of incremental NOI and improve NOI margins over the next several years O p er at io n al U p si d e ( 1 ) New Asset Management platform with geographic concentration and revamped portfolio strategy creates opportunity to harvest the upside in the Lease-Up portfolio

 
3. Portfolio Optimization | Disposition Portfolio 16 Significant Progress on $1.2B of Dispositions Has Already Been Achieved ~$200M Closed ~$700M Under Contract or LOI Disposition Overview ~$300M Marketing or Active Discussions Portfolio Geographic Comparison Clear line of sight into near-term strategic dispositions creating a high-quality go-forward portfolio in highly attractive markets Priority Markets Disposition Properties ~85 Assets ~$1.2B Dispositions • Plan considers fully exiting 17 non-priority markets • Opportunistically executing on sales within priority markets to maximize value (1) Based on LQA NOI at time of sale ~7% Cap Rate (1)

 
1.6% 2.2% Disposition Portfolio Stabilized Portfolio (2%) 5% Disposition Portfolio Stabilized Portfolio ~20% ~70% Disposition Portfolio Stabilized Portfolio 1.8% 3.0% Disposition Portfolio Stabilized Portfolio 58% 65% Disposition Portfolio Stabilized Portfolio ~80% ~95% Disposition Portfolio Stabilized Portfolio 3. Portfolio Optimization | Stabilized Portfolio vs. Disposition Portfolio 17 Strategic Dispositions Significantly Improve Portfolio Quality Across All Key Metrics Im p ro ve d P o rt fo lio Q u al it y B et te r M ar ke t D em o gr ap h ic s Occupancy NOI Growth (1)NOI Margin 10-mile Population Growth (2) Market Rent Growth (3) Concentration in Priority Markets (4) (1) Represents CAGR from 2Q'23 annualized NOI to 2Q'25 annualized NOI (2) Based on 5-year (2024 – 2029) projected population growth on a 10-mile radial distance per asset; weighted average based on Occupied GLA; Source: Claritas (3) Represents 2017 - 2024 historical rent growth CAGR per market; Weighted average based on Occupied GLA; Source: RevistaMed (4) Priority markets include: Atlanta, GA; Austin, TX; Baltimore, MD; Boston, MA; Charlotte, NC; Dallas, TX; Denver, CO; Houston, TX; Los Angeles, CA; Miami, FL; Nashville, TN; Orlando, FL; Phoenix, AZ; Raleigh, NC; San Antonio, TX; Seattle, WA; Tampa, FL; Washington, DC Disposition portfolio operating performance lags Stabilized portfolio across all KPIs including occupancy, and NOI margin, with future capital investments expected to have low returns Disposition assets are predominantly located in demographically weak markets — limiting future leasing and growth potential Exiting these underperforming assets will improve overall asset quality and bring the geographic strategy into focus, enabling the asset management team to prioritize the right markets and the right assets

 
~63% ~1% ~2% 65% - 66% Total Portfolio Prior to Optimization Sale of Disposition Portfolio Lease-Up Opportunity Total Portfolio After Optimization ~88% ~2% ~2% - 3% 92% - 93% Total Portfolio Prior to Optimization Sale of Disposition Portfolio Lease-Up Opportunity Total Portfolio After Optimization 3. Portfolio Optimization | The End Result 18 Clear Value Creation Through Strategic Lease-Up and Dispositions Opportunity Occupancy NOI Margin The portfolio optimization strategy will enhance occupancy and margin, improve NOI growth profile, sharpen geographic focus, and empower asset management and leasing teams to unlock operational gains to drive shareholder value Portfolio optimization is expected to drive around 400- 500 bps of occupancy gain over the next several years Portfolio optimization is expected to drive around 200- 300 bps of NOI margin improvement over the next several years ~565 # Assets ~33M SF ~90% In Top 50 MSAs (1) Portfolio Statistics (1) Weighted average based on GLA

 
4. Reprioritized Capital Allocation | Targeting High ROI Opportunities 19 Prudent Allocation of Capital Towards Highest and Best Return Opportunities Internal Investment of Retained Earnings Opportunistic External Capital Allocation Near Term Priority Longer Term Priority Category Yield DescriptionOpportunities Ready to Occupy “Spec” Suites ▪ Strategic investment of TIs in vacant suites to drive leasing ~15% IRR Redevelopment ▪ Strategic investment of capital into assets to drive significant economic upside 9.0-12.0% Incremental yield on cost Joint Venture Transactions ▪ Strategic acquisitions alongside existing institutional joint venture partners 7.5%+ All-in yield Development ▪ Ground-up development typically 50%+ pre- leased to health systems 7.0-8.5% Stabilized cap rate Share Repurchase ▪ Selectively considered when stock is trading at a material discount to NAV Variable Reprioritized capital allocation strategy focused on identifying the most accretive sources and uses of capital to preserve and drive shareholder value Acquisitions ▪ Access the $10B - $15B of annual aggregate Outpatient Medical investment sales volume in the industry 6.2-6.8% Going-in cap rate

 
4. Reprioritized Capital Allocation | Ready-to-Occupy Program 20 $75 - $150 TI PSF 7+ Years Lease Term ~15% IRR 2,500 SF Avg. Suite Size $23 - $28 Net Rent PSF Embedded Growth Opportunities Through Focused Capital Investment into Underutilized Spaces Ready-to-Occupy (RTO) Examples 300 Ashville (Raleigh) 411 North Washington (Dallas) Spaces were previously unoccupied and unleasable in their prior condition. The RTO Program creates significant value uplift through tactical allocation of capital towards revitalizing and enhancing usability of spaces Expected Spend and Returns

 
Reinvesting capital into the existing portfolio to unlock leasing and occupancy gains by modernizing assets and aligning them more closely with evolving tenant needs 4. Reprioritized Capital Allocation | Redevelopment Program 21 $10M - $20M Avg. Investment per Asset 7+ Years Lease Term 9% - 12%+ Incremental Yield on Cost High $20s Net Rent PSF Re-Investment of Capital into Lease-Up Assets that Have Strong Repositioning Potential Given Underlying Demand Drivers Redevelopment Examples 9920 and 9930 Kincey Ave (Charlotte) Expected Spend and Returns North Cypress I & II (Houston)

 
4. Reprioritized Capital Allocation | Redevelopment Deep Dive 22 Example of Successful Redevelopment with 222 Westchester Ave: $20M Investment with 10% Incremental Yield on Cost Occupancy Anchor Tenant Montefiore / White Plains Hospital Rent PSF NOI Before After Impact Before After 58% 12K SF 19% Total $23.00 NNN $0.5M 100% 37K SF 57% Total $39.75 NNN $2.5M +42% +25K +38% +$16.75 +$2.0M

 
$600 $600 $615 - 3.2 Years 3.5 Years >4 Years 6.0x 6.0x Mid-5x WADM 5. Balance Sheet Management | Extend Maturities and Reduce Leverage 23 (1) Does not include ~$45M of Mortgage Notes maturing in 2025 and 2026 (2) Pro forma for extended maturities; as of 7/31/2025 (3) Assumes 2026 bond maturity is refinanced with new 10-year bond and near-term term loans are repaid (4) Utilizes carrying value of debt in the calculation of net debt; for more information on the Company’s calculation of leverage, please see the Company’s 2Q 2025 Supplemental report for the quarter ended June 30, 2025 (5) Represents target range and includes use of disposition proceeds to pay down debt balance Creating Financial Flexibility Through De-Levering and Maturity Extensions Phase 1: Extend Maturities ~(0.5x) (3) Maturities through 2026 (1) ($ in millions) Phase 2: Reduce Leverage Leverage (4) 6/30/25 PF Phase 1 PF Phase 2 (5) ✓ Recast revolver with final maturity in 2030 ✓ Extend final Term Loan maturities to 2027 and 2029 • Complete $1.2Bn of asset sales • Repay Term Loans maturing through 2027 Extending maturity and reducing leverage proactively addresses near-term uncertainty and better positions Healthcare Realty’s balance sheet for future growth, optionality and financial flexibility Note: The refinancing of the 2026 bond with a new long-term bond issuance will further improve weighted average debt maturity (WADM) and will occur in Phase 2 Already Completed Results from Active Balance Sheet ManagementBalance Sheet Management Key Priorities (2) Long-term target >5 Years Long-term target 5.5x – 5.9x ~1 Year Term Loans Bond

 
Dividend Assessment

 
Dividend Assessment | Decision an Output Not an Input 25 Right-Sizing the Dividend to $0.24 per Share on a Quarterly Basis As a final part of the Strategic Plan formulation, the Board of Healthcare Realty completed a thorough and careful evaluation of the dividend given the elevated payout ratio. The end result of this analysis is the Board unanimously approved a dividend reduction of 23% to $0.24 per share on a quarterly basis. While we could maintain the current dividend and grow into a sustainable payout ratio over time, the key drivers for right-sizing the dividend are as follows: 3 Maximize our go-forward earnings potential 1 Mitigate refinancing risk on $1.4B of bonds maturing over the next 3 years with weighted average debt of 3.6%(1) Capital can be used to fund $300M of high return-on-capital investments over the next 3 years2 (1) Based on contractual interest rate

 
Per Share Annual Dividend Adjustment $0.28 (x) Share Count (M) ~355 Annual Savings from Dividend Adjustment $100 (x) Three-Year Savings 3x Total Sources $300 Ready-to-Occupy Program $100 Redevelopment Program $200 Total Uses $300 ~8% ~6% 5% HR 1.0 HR 2.0 Peer Average ~95% ~80% 75% HR 1.0 HR 2.0 Peer Average Three-Year Sources & Uses Dividend Assessment | Financial Impact 26 Right-Sizing the Dividend Creates the Ability to Recycle Cash Flow Accretively Dividend Yield Payout Ratio (1) Simple average of select healthcare peers with >$10B enterprise value; list includes ARE, DOC, OHI, VTR, WELL; Source: Capital IQ as of 7/29/25 (2) Dividend Yield calculation based on FY2025E consensus dividend (3) Payout Ratio represents consensus FY2025E dividend AFFO payout ratio (1)(2) (1)(3) Right-sizing the dividend pre-funds growth capital while maintaining an attractive dividend yield in line with peers Reduction in Dividend to Fund Accretive Uses of Capital Capital to Unlock Upside in Lease-Up Portfolio

 
Value Creation Opportunity

 
Refinancing 6.1% all-in rate 5.4% all-in rate ($0.07)($0.11) See footnote 4 Dispositions ~$1.2B of dispositions at ~7% cap rate ($0.06)($0.06) See footnote 3 Lease-Up Portfolio: NOI Upside $0.11~$20M ~$40M $0.06 See footnote 2 Single-Tenant Lease Expiration ($0.02)~($7M) ($0.02) See footnote 5 Value Creation Opportunity | 3-Year Growth Framework 28 Clear Path to Create NFFO per Share Growth Over Time We have formulated a high-level framework for potential earnings in 3 years as a result of the Strategic Plan. The analysis focuses on the key earnings drivers and is not intended to represent earnings guidance. All assumptions are subject to change and are based on the best information we have at this time. Analysis does not include upside from accretive capital allocation, which can drive additional accretion Note: For a reconciliation of the non-GAAP measures referenced herein to the most directly comparable GAAP measures, please see the Company’s Supplemental report for the quarter ended June 30, 2025 (1) Includes Stabilized portfolio and currently leased portion of Lease-Up Portfolio (2) Expected NOI upside over the next 3 years only; overall NOI upside expected to be $50M over time (3) NFFO per share impact expected to be in 2026; ~7% cap rate based on LQA NOI at time of sale; assumes proceeds used to repay Term Loans and Revolver (4) Includes refinancings of $600M 3.5% note maturing in 2026, $500M 3.75% note maturing in 2027, and $300M 3.63% note maturing in 2028, all assumed to be refinanced ~6 months prior to maturity by a new 10-year note (5) Expected vacate of a ~100K SF single-tenant building in 2027 NFFO / Share Impact ~$1.85~$1.65Analysis Ending Point – Year 3 Forecasted NFFO / Share Analysis Starting Point – 2025 Revised NFFO / Share Guidance Range $1.57 $1.61 Cost Savings $0.04$0.03~$10M ~$15M Key Earnings Drivers HighLow Low High Notes Base Portfolio: Annual NOI Growth ~3.0% ~4.0% $0.24$0.18 See footnote 1

 
10.0x 15.2x 15.9x 16.0x HR Current Healthcare Peers Healthcare Peers 10-Year Average HR 10-Year Average Value Creation Opportunity | The End Result 29 Significant Total Return Potential From Execution of Strategic Plan and Recovery From Depressed Multiple While HR Trades Well Below Peers and Its Long- Term Average Today… Note: For a reconciliation of the non-GAAP measures referenced herein to the most directly comparable GAAP measures, please see the Company’s Supplemental report for the quarter ended June 30, 2025 (1) HR NFFO/sh based on mid-point of revised FY2025 guidance (2) Simple average of select healthcare peers with >$10B enterprise value; list includes ARE, DOC, OHI, VTR, WELL; Source: Capital IQ as of 7/29/25 (3) Represents the ending point of the 3-Year Forecasted NFFO/Share Growth Framework; additional detail is provided on page 28 (4) Utilizes carrying value of debt in the calculation of net debt; for more information on the Company’s calculation of leverage, please see the Company’s 2Q 2025 Supplemental report for the quarter ended June 30, 2025 (5) Assumes LQA G&A as a % of enterprise value; Source: Capital IQ as of 7/29/25 …There are Many Reasons to See a Positive Go-Forward Opportunity with HR 2.0 (2) $1.57 – $1.61 12 HR 2.0Current Mid-5x ~80% ~$1.65 – ~$1.85 (3) 92% - 93% 65% - 66% 0.42% 7 Leverage (4) Payout Ratio NFFO/Sh Occupancy NOI Margin G&A as % of EV (5) Board Size 6.0x ~95% ~88% ~63% 0.51% NTM NFFOx (2) HR 2.0 Trajectory Financial flexibility and stronger balance sheet Excess free cash flow for high ROI opportunities Positive growth outlook over next three years Optimized utilization of capacity Strong NOI margin Efficient G&A structure Experienced and focused Board Results (1)

 
This presentation contains disclosures that are “forward-looking statements” relating to Healthcare Realty Trust Incorporated (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 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 Securities and Exchange Commission (the “SEC”), including the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and as may be updated in the Company’s quarterly reports on Form 10-Q filed thereafter. 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 and as may be updated in the Company’s quarterly reports on Form 10-Q filed thereafter. 30 Forward-Looking Statement Disclaimer