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1Q2025
Supplemental Information
FURNISHED AS OF MAY 1, 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.

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Table of Contents

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

HEALTHCARE REALTY						1Q 2025 SUPPLEMENTAL INFORMATION 3

    

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Highlights

HEALTHCARE REALTY REPORTS FIRST QUARTER 2025 RESULTS AND DECLARES QUARTERLY DIVIDEND

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

KEY HIGHLIGHTS

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

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

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

LEASING

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

◦1,002,000 square feet of renewals

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

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

SAME STORE METRICS

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

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

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

BALANCE SHEET

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

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

LEADERSHIP

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

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

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

DIVIDEND

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

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

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Highlights

GUIDANCE

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

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

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

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

EARNINGS CALL

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

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

•Live Conference Call Access Details:

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

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

•Replay Information:

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

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

HEALTHCARE REALTY			Return to Table of Contents			1Q 2025 SUPPLEMENTAL INFORMATION 5

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Salient Facts 1

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

1Includes properties held in joint ventures.

HEALTHCARE REALTY			Return to Table of Contents			1Q 2025 SUPPLEMENTAL INFORMATION 6

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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 March 31, 2025, the Company was invested in 648 real estate properties in 33 states totaling 38.3 million square feet and had an enterprise value of approximately $10.9 billion, defined as equity market capitalization plus the principal amount of debt less cash. The Company provided leasing and property management services to 93% of its portfolio.

EXECUTIVE OFFICERS
Peter A. Scott
President and Chief Executive Officer
Constance B. Moore
Interim President and Chief Executive Officer (through April 14)
Ryan E. Crowley
Executive Vice President and Chief Investment Officer
Austen B. Helfrich
Executive Vice President and Chief Financial Officer
Robert E. Hull
Executive Vice President and Chief Operating Officer
Andrew E. Loope
Executive Vice President, General Counsel and Secretary
Julie F. Wilson
Executive Vice President and Chief Administrative Officer

			ANALYST COVERAGE
			BMO Capital Markets
			BTIG, LLC
			Citi Research
			Deutsche Bank Securities
			Green Street Advisors, Inc.
			J.P. Morgan Securities LLC
			Jefferies LLC
			KeyBanc Capital Markets Inc.
			Raymond James & Associates
			Scotiabank
			Wedbush Securities
			Wells Fargo Securities, LLC

BOARD OF DIRECTORS

Nancy H. Agee

Retired President and Chief Executive Officer

Carilion Clinic

Thomas N. Bohjalian    

Chairman, Healthcare Realty Trust Incorporated

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

Ajay Gupta

Chief Executive Officer

Physician Rehabilitation Network

David B. Henry

Retired Vice Chairman and Chief Executive Officer

Kimco Realty Corporation

James J. Kilroy

President and Portfolio Manager

Willis Investment Counsel

Jay P. Leupp

Managing Partner and Senior Portfolio Manager

Terra Firma Asset Management, LLC

Peter F. Lyle

Executive Vice President

Medical Management Associates, Inc.

Constance B. Moore

Retired President and CEO

BRE Properties, Inc.

Glenn J. Rufrano

Executive Chairman

PREIT

Christann M. Vasquez

Retired Healthcare Executive

Donald C. Wood

Chief Executive Officer

Federal Realty Investment Trust

David R. Emery (1944-2019)

Chairman Emeritus

Healthcare Realty Trust Incorporated

HEALTHCARE REALTY			Return to Table of Contents			1Q 2025 SUPPLEMENTAL INFORMATION 7

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Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

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

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			Return to Table of Contents			1Q 2025 SUPPLEMENTAL INFORMATION 8

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Statements of Income
DOLLARS IN THOUSANDS

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

    

STATEMENTS OF INCOME SUPPLEMENTAL INFORMATION
			1Q 2025			4Q 2024			3Q 2024			2Q 2024			1Q 2024
Interest income
Financing receivables			$1,950			$2,103			$2,117			$2,094			$2,117
Interest on mortgage and mezzanine loans			1,781			1,973			1,787			1,771			2,421
Total			$3,731			$4,076			$3,904			$3,865			$4,538
Other operating income
Parking income			$1,863			$1,958			$2,363			$2,463			$2,545
Management fee and miscellaneous income			4,526			3,667			2,657			1,859			1,646
Total			$6,389			$5,625			$5,020			$4,322			$4,191

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

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

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

HEALTHCARE REALTY			Return to Table of Contents			1Q 2025 SUPPLEMENTAL INFORMATION 9

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FFO, Normalized FFO, & FAD 1,2,3
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

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

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

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

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

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

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

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

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

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

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

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

HEALTHCARE REALTY			Return to Table of Contents			1Q 2025 SUPPLEMENTAL INFORMATION 10

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Capital Funding & Commitments
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

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

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

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

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

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

5WALT = weighted average lease term.

HEALTHCARE REALTY			Return to Table of Contents			1Q 2025 SUPPLEMENTAL INFORMATION 11

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Debt Metrics1
DOLLARS IN THOUSANDS

SUMMARY OF INDEBTEDNESS AS OF MARCH 31, 2025
			PRINCIPAL BALANCE			BALANCE 1			MATURITY DATE 2			MONTHS TO MATURITY 2			1Q 2025 INTEREST EXPENSE			CONTRACTUAL INTEREST EXPENSE			CONTRACTUAL RATE			EFFECTIVE RATE			FAIR VALUE MERGER ADJUSTED
SENIOR NOTES			$250,000			$249,967			5/1/2025			1			$2,470			$2,422			3.88		%	4.12		%
			600,000			588,837			8/1/2026			16			7,263			5,250			3.50		%	4.94		%	Y
			500,000			489,231			7/1/2027			27			5,815			4,688			3.75		%	4.76		%	Y
			300,000			298,183			1/15/2028			34			2,787			2,719			3.63		%	3.85		%
			650,000			588,763			2/15/2030			59			7,772			5,039			3.10		%	5.30		%	Y
			299,500			297,294			3/15/2030			60			1,929			1,797			2.40		%	2.72		%
			299,785			296,472			3/15/2031			72			1,593			1,536			2.05		%	2.25		%
			800,000			671,804			3/15/2031			72			8,572			4,000			2.00		%	5.13		%	Y
			$3,699,285			$3,480,551						44			$38,201			$27,451			2.97		%	4.44		%
TERM LOANS			$175,000			$174,958			5/31/2026			14			2,370			2,370			SOFR + 1.05%			5.37		%
			150,000			149,827			6/1/2026			14			2,013			2,013			SOFR + 1.05%			5.37		%
			290,000			289,987			10/31/2026			19			4,026			4,026			SOFR + 1.05%			5.37		%
			200,000			199,676			7/20/2027			27			2,684			2,684			SOFR + 1.05%			5.37		%
			300,000			298,812			1/20/2028			33			3,911			3,911			SOFR + 1.05%			5.37		%
			$1,115,000			$1,113,260						23			$15,004			$15,004						5.37		%
$1.5B CREDIT FACILITY			94,000			94,000			10/31/2027			31			$298			$298			SOFR + 0.95%			5.27		%
MORTGAGES			$44,934			$44,807			various			13			$444			$456			4.04		%	4.17		%
			$4,953,219			$4,732,618						39			$53,947			$43,209			3.56		%	4.67		%	$2,550,000
Less cash			(25,722)
Net debt			$4,927,497
Interest rate swaps															(1,074)			(1,074)
Interest cost capitalization															(857)			—
Unsecured credit facility fee & deferred financing costs															1,880			750
Financing right-of-use asset amortization															916			—
															$54,812			$42,885

DEBT MATURITIES SCHEDULE AS OF MARCH 31, 2025
						PRINCIPAL PAYMENTS
						BANK LOANS			SENIOR NOTES			MORTGAGE NOTES			TOTAL						WA RATE
2025						$0			$250,000			$16,030			$266,030						3.90		%
2026						615,000			600,000			28,904			1,243,904						4.44		%
2027						294,000			500,000			—			794,000						4.34		%
2028						300,000			300,000			—			600,000						4.50		%
2029						—			—			—			—						—		%
Thereafter						—			2,049,285			—			2,049,285						2.41		%
Total						$1,209,000			$3,699,285			$44,934			$4,953,219						3.56		%
Net debt															$4,927,497
Fixed rate debt balance						$1,075,000			$3,699,285			$44,934			$4,819,219
% fixed rate debt, net of cash												97.8		%
Company share of JV net debt									$29,909

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

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

2Includes extension options.

HEALTHCARE REALTY			Return to Table of Contents			1Q 2025 SUPPLEMENTAL INFORMATION 12

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Debt Covenants & Liquidity
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED MARCH 31, 2025 1
			CALCULATION			REQUIREMENT			PER DEBT COVENANTS
Revolving credit facility and term loan
Leverage ratio			Total debt/total capital			Not greater than 60%			39.3		%
Secured leverage ratio			Total secured debt/total capital			Not greater than 30%			0.4		%
Unencumbered leverage ratio			Unsecured debt/unsecured real estate			Not greater than 60%			42.9		%
Fixed charge coverage ratio			EBITDA/fixed charges			Not less than 1.50x			2.8x
Unsecured coverage ratio			Unsecured EBITDA/unsecured interest			Not less than 1.75x			2.9x
Asset investments			Unimproved land, JVs & mortgages/total assets			Not greater than 35%			10.5		%
Senior Notes
Incurrence of total debt			Total debt/total assets			Not greater than 60%			38.7		%
Incurrence of debt secured by any lien			Secured debt/total assets			Not greater than 40%			0.4		%
Maintenance of total unsecured assets			Unencumbered assets/unsecured debt			Not less than 150%			248.4		%
Debt service coverage			EBITDA/interest expense			Not less than 1.5x			2.9x
Other
Net debt to adjusted EBITDA 2			Net debt (debt less cash)/adjusted EBITDA			Not required			6.5x
Run rate net debt to adjusted EBITDA 3			Proforma net debt (debt less cash)/proforma adjusted EBITDA			Not required			6.4x
Net debt to enterprise value 4			Net debt/enterprise value			Not required			45.1		%

LIQUIDITY SOURCES
Cash			$25,722
Unsecured credit facility availability			1,406,000
Consolidated unencumbered assets (gross) 5			11,668,609

        

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

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

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

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

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

HEALTHCARE REALTY			Return to Table of Contents			1Q 2025 SUPPLEMENTAL INFORMATION 13

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Investment Activity
DOLLARS IN THOUSANDS

DISPOSITION ACTIVITY
LOCATION			COUNT			TYPE			CLOSING			SQUARE FEET			LEASED %			SALE PRICE			PROCEEDS			% OWNERSHIP RETAINED
Dispositions
Boston, MA			1			MOB			2/7/2025			30,304			41		%	$4,500			$4,500			—
Denver, CO			2			MOB			2/14/2025			69,715			54		%	8,600			8,600			—
Houston, TX 1			1			MOB			3/20/2025			127,933			35		%	15,000			9,600			—
Total 2025 disposition activity			4									227,952			42		%	$28,100			$22,700
Average cap rate 2																		3.1		%

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

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

HEALTHCARE REALTY			Return to Table of Contents			1Q 2025 SUPPLEMENTAL INFORMATION 14

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Joint Ventures 1
DOLLARS IN THOUSANDS

PORTFOLIOS
						WA OWNERSHIP INTEREST									1Q 2025
JOINT VENTURE									# OF PROPERTIES			SQUARE FEET			OCCUPANCY			NOI			NOI AT SHARE			SAME STORE NOI AT SHARE
Nuveen						41		%	28			1,526,776			86		%	$7,729			$2,998			$2,420
CBRE						20		%	4			283,880			59		%	1,145			229			177
KKR						20		%	23			1,719,557			96		%	12,435			2,487			—
Other 2						57		%	10			723,632			86		%	4,888			2,568			1,803
Total									65			4,253,845			88		%	$26,197			$8,282			$4,400

BALANCE SHEET
JOINT VENTURE									REAL ESTATE INVESTMENT 3			DEBT 3			DEBT AT SHARE			INTEREST RATE
Nuveen									$599,651			$71,900			$14,380			5.9		%
CBRE									133,193			—			—			—
KKR									737,451			—			—			—
Other 2									335,908			69,100			27,640			5.3		%
Total									$1,806,203			$141,000			$42,020			5.6		%
Net debt at JV share									$29,909

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

2Ownership percentages are weighted based on investment.

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

HEALTHCARE REALTY			Return to Table of Contents			1Q 2025 SUPPLEMENTAL INFORMATION 15

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Re/development Activity
DOLLARS IN THOUSANDS

RE/DEVELOPMENT PROJECTS
MARKET			ASSOCIATED HEALTH SYSTEM						SQUARE FEET			CURRENT LEASED %			BUDGET			COST TO COMPLETE						ESTIMATED COMPLETION/INITIAL LEASE COMMENCEMENT
Recently completed development
Raleigh, NC			UNC REX Health						122,991			44		%	$52,600			$7,354						4Q 2024
Phoenix, AZ			HonorHealth						101,086			89		%	58,000			1,563						4Q 2024
Active development
Fort Worth, TX			Baylor Scott & White						101,000			54		%	48,200			15,003						4Q 2025
Total development									325,077			61		%	$158,800			$23,920
Projected stabilized yield - 7.0%-8.5%
Estimated stabilization period post completion - 12 - 36 months
Active major redevelopment
Charlotte, NC			Novant Health						169,135			96		%	26,300			5,509						2Q 2025
Washington, DC			Inova Health						57,323			87		%	13,700			3,178						4Q 2025
White Plains, NY			Montefiore Einstein/White Plains						65,851			89		%	19,400			12,558						4Q 2025
Raleigh, NC			UNC REX Health						40,400			100		%	10,800			9,523						1Q 2026
Houston, TX			HCA						314,861			64		%	30,000			13,793						2Q 2026
Total redevelopment									647,570			79		%	$100,200			$44,561
Occupied %												62		%
Projected stabilized yield - 9.0%-12.0%
Estimated stabilization period post completion - 12 - 36 months
Total active major re/development projects						972,647			73		%	$259,000			$68,481

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Portfolio 1,2
DOLLARS IN THOUSANDS

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

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

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

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

HEALTHCARE REALTY			Return to Table of Contents			1Q 2025 SUPPLEMENTAL INFORMATION 17

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Health Systems 1,2

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

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

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

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MOB Proximity to Hospital 1,2,3

MOB BY LOCATION
			# OF PROPERTIES			SQUARE FEET			TOTAL			% GROUND LEASED
On campus			252			19,628,604			54.9		%	72.9		%
Adjacent to campus 4			146			6,372,168			17.8		%	14.0		%
Total on/adjacent			398			26,000,772			72.7		%	58.5		%
Off campus - affiliated 5			162			7,284,818			20.4		%	16.5		%
Off campus			60			2,460,712			6.9		%	10.7		%
			620			35,746,302			100.0		%	46.6		%
Wholly-owned			562			31,718,533
Joint ventures			58			4,027,769

MOB BY CLUSTER 6
			TOTAL									HOSPITAL CENTRIC 7
			# OF PROPERTIES			SQUARE FEET			% OF SQUARE FEET			# OF PROPERTIES			SQUARE FEET			% OF SQUARE FEET
Clustered			454			25,433,505			71.2		%	375			22,254,917			73.1		%
Non-clustered			166			10,312,797			28.8		%	113			8,176,278			26.9		%
Total			620			35,746,302			100.0		%	488			30,431,195			100.0		%

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.

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Lease Maturity & Occupancy 1,2

LEASE MATURITY SCHEDULE
						SQUARE FEET																		# OF WHOLLY-OWNED LEASES
						WHOLLY-OWNED AND JOINT VENTURE
						MULTI-TENANT 3			SINGLE-TENANT			TOTAL			% OF TOTAL			JOINT VENTURES			WHOLLY-OWNED
Month-to-month						293,244			34,412			327,656			1.0		%	16,162			311,494			120
2Q 2025						945,676			418,456			1,364,132			4.0		%	146,232			1,217,900			296
3Q 2025						1,204,924			165,931			1,370,855			4.1		%	50,288			1,320,567			360
4Q 2025						1,043,232			126,882			1,170,114			3.5		%	73,075			1,097,039			300
2026						3,914,349			375,837			4,290,186			12.7		%	243,988			4,046,198			1,097
2027						4,287,933			930,306			5,218,239			15.4		%	494,913			4,723,326			1,100
2028						3,204,517			593,929			3,798,446			11.2		%	240,409			3,558,037			868
2029						3,386,038			872,057			4,258,095			12.6		%	595,279			3,662,816			821
2030						2,258,452			544,494			2,802,946			8.3		%	245,874			2,557,072			469
2031						1,480,313			363,846			1,844,159			5.5		%	231,989			1,612,170			318
2032						1,873,815			392,721			2,266,536			6.7		%	340,104			1,926,432			305
2033						976,526			—			976,526			2.9		%	205,524			771,002			182
2034						1,270,541			121,851			1,392,392			4.1		%	256,739			1,135,653			204
Thereafter						1,832,859			868,141			2,701,000			8.0		%	602,895			2,098,105			237
Total occupied						27,972,419			5,808,863			33,781,282			88.3		%	3,743,471			30,037,811			6,677
Total building						32,426,661			5,836,378			38,263,039						4,253,845			34,009,194
Occupancy						86.3		%	99.5		%	88.3		%				88.0		%	88.3		%
Leased %						88.2		%	99.7		%	89.9		%				90.3		%	89.9		%
WALTR (months) 4			49.6			66.8			52.5									49.8
WALT (months) 4			90.2			143.2			99.3									98.5

QUARTERLY LEASING ACTIVITY 5
						MULTI-TENANT						SINGLE-TENANT						TOTAL
						ABSORPTION ACTIVITY			SQUARE FEET			ABSORPTION ACTIVITY			SQUARE FEET			ABSORPTION ACTIVITY			SQUARE FEET
Occupied square feet, beginning of period									27,983,418						5,929,156						33,912,574
Dispositions and assets held for sale									(89,628)						—						(89,628)
Expirations and early vacates						(1,329,156)						(162,512)						(1,491,668)
Renewals, amendments, and extensions						904,344						98,019						1,002,363
New lease commencements						410,663						36,978						447,641
Absorption									(14,149)						(27,515)						(41,664)
Occupied square feet, end of period									27,879,641						5,901,641						33,781,282

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 3,886 square feet.

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

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

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Leasing Statistics 1,2

SAME STORE RENEWALS 2
			1Q 2025
MOB cash leasing spreads 3			2.3		%
MOB cash leasing spreads distribution
< 0% spread			9.5		%
0-3% spread			14.5		%
3-4% spread			50.4		%
> 4% spread			25.6		%
Total			100.0		%
MOB tenant retention rate			84.8		%

AVERAGE IN-PLACE CONTRACTUAL INCREASES 4
			MULTI-TENANT									SINGLE-TENANT									TOTAL
			% INCREASE			% OF BASE RENT						% INCREASE			% OF BASE RENT						% INCREASE			% OF BASE RENT
Same store 2			2.86		%	73.0		%				2.49		%	15.7		%				2.80		%	88.7		%
Acquisitions			2.85		%	5.6		%				2.58		%	1.3		%				2.80		%	6.8		%
Other 5			2.77		%	3.7		%				2.48		%	0.8		%				2.72		%	4.4		%
Total			2.86		%	82.2		%				2.50		%	17.8		%				2.79		%	100.0		%
Escalator type
Fixed			2.86		%	98.1		%				2.52		%	87.8		%				2.80		%	96.3		%
CPI			3.03		%	1.9		%				2.35		%	12.2		%				2.64		%	3.7		%

SAME STORE TYPE AND OWNERSHIP STRUCTURE 2
			MULTI-TENANT			SINGLE-TENANT						TOTAL
Tenant type
Hospital			44.8		%	59.0		%				47.2		%
Physician and other			55.2		%	41.0		%				52.8		%
Lease structure
Gross			9.6		%	1.9		%				8.4		%
Modified gross			31.2		%	8.4		%				27.4		%
Net			58.8		%	68.1		%				60.3		%
Absolute net 6			0.4		%	21.6		%				3.9		%
Ownership type
Ground lease			50.1		%	36.5		%				48.1		%
Fee simple			49.9		%	63.5		%				51.9		%

    

# OF LEASES BY SIZE 7
LEASED SQUARE FEET			# OF LEASES			WALT			WALTR
0 - 2,500			3,488			70.2			37.1
2,501 - 5,000			1,675			78.3			40.9
5,001 - 7,500			587			89.8			45.4
7,501 - 10,000			316			97.7			52.3
10,001 +			611			118.6			58.3
Total Leases			6,677			98.5			49.8

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.

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

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

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

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

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

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Same Store 1,2
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA

TOTAL CASH NOI
			% of Total NOI			1Q 2025			4Q 2024			1Q 2024			Y-o-Y% CHANGE
Multi-tenant			73		%	$	132,813		$	133,274		$	129,072		2.9		%
Single-tenant			19		%	34,729			34,643			34,506			0.6		%
Joint venture			2		%	4,400			4,547			4,517			(2.6		%)
Same store			94		%	$	171,942		$	172,464		$	168,095		2.3		%
Re/development			4		%	6,518			7,426			8,928			(27.0		%)
Wholly owned and joint venture acquisitions			2		%	3,065			2,441			—			—		%
Development completions			—		%	790			207			(6)			(13,266.7		%)
Completed dispositions & assets held for sale			—		%	(217)			6,237			23,361			(100.9		%)
Total cash NOI			100		%	$182,098			$188,775			$200,378			(9.1		%)

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

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.

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Same Store 1,2,3
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA

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

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.

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NOI Reconciliations 1
DOLLARS IN THOUSANDS

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

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			Return to Table of Contents			1Q 2025 SUPPLEMENTAL INFORMATION 24

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NOI Reconciliations 1
DOLLARS IN THOUSANDS

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

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.

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EBITDA Reconciliations 1
DOLLARS IN THOUSANDS

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

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.

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

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

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Components of Net Asset Value 1
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

CASH NOI
			1Q 2025
Same store 2			$171,943
Acquisition/Development Completions 3			3,855
Re/development			6,517
Total			$182,315
Timing adjustments 4			283
Total Cash NOI			$182,598

DEVELOPMENT & REDEVELOPMENT PROPERTIES
			ESTIMATED COST TO COMPLETE			ESTIMATED TOTAL COST			PROJECTED STABILIZED ANNUAL CASH NOI
Developments			$23,920			$158,800			$11,858
Redevelopments 5			44,561			100,200			14,503
			$68,481			$259,000			$26,361

LAND HELD FOR DEVELOPMENT, CASH, & OTHER ASSETS
Land held for development			$52,408
Disposition pipeline 6			9,789
Unstabilized properties 7			327,189
Cash and other assets 8			407,223
			$796,609
DEBT
Unsecured credit facility			$94,000
Unsecured term loans			1,115,000
Senior notes			3,699,285
Mortgage notes payable			44,934
Company share of joint venture net debt			29,909
Other liabilities 9			261,205
			$5,244,333
TOTAL SHARES OUTSTANDING
As of March 31, 2025 10			355,143,647

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 22 - 23 for details on Same Store NOI.

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

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

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

6Includes assets held for sale.

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

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

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

10Total shares outstanding include OP units.

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2025 Guidance
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

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

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

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