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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
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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