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3Q2025
Supplemental Information
FURNISHED AS OF OCTOBER 30, 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
7			Salient Facts
8			Corporate Information
9			Balance Sheet
10			Statements of Income
11			FFO, Normalized FFO, & FAD
12			Capital Funding & Commitments
13			Debt Metrics
14			Debt Covenants & Liquidity
15			JV and Disposition Activity
16			Joint Ventures
17			Re/development Activity
18			Portfolio
19			Health Systems
20			MOB Proximity to Hospital
21			Lease Maturity & Occupancy
22			Leasing Statistics
23			Same Store
25			NOI Reconciliations
27			EBITDA Reconciliations
28			Components of Net Asset Value
29			2025 Guidance

HEALTHCARE REALTY						3Q 2025 SUPPLEMENTAL INFORMATION 3

    

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Highlights

HEALTHCARE REALTY REPORTS THIRD QUARTER 2025 RESULTS

NASHVILLE, Tennessee, October 30, 2025 - Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the third quarter ended September 30, 2025.

THIRD QUARTER 2025 HIGHLIGHTS

•GAAP Net Loss of $(0.17) per share, NAREIT FFO of $0.34 per share, Normalized FFO of $0.41 per share, and FAD of $116.9 million (payout ratio of 73%)

•Same store cash NOI growth of +5.4% was driven by 90 basis points of occupancy increase and tenant retention of 88.6% with +3.9% cash leasing spreads

•Increased 2025 guidance for Normalized FFO per share to $1.59 - $1.61 and same store cash NOI growth to 4.00% - 4.75%

•Third quarter lease executions totaled 1.6 million square feet including 441,000 square feet of new lease executions

•During the third quarter and through October, completed asset sales of $404 million through 15 separate transactions

◦YTD sales total $486 million at a blended 6.5% cap rate

◦Approximately $700 million of additional sales are under contract or LOI

•Run-rate Net Debt to Adjusted EBITDA of 5.8x; anticipated to be between 5.4x and 5.7x by year end

THIRD QUARTER 2025 RESULTS

			THREE MONTHS ENDED
			SEPTEMBER 30, 2025						SEPTEMBER 30, 2024
(in thousands, except per share amounts)			AMOUNT			PER SHARE			AMOUNT			PER SHARE
GAAP Net loss			$(57,738)			$(0.17)			$(93,023)			$(0.26)
NAREIT FFO, diluted			$118,922			$0.34			$77,288			$0.21
Normalized FFO, diluted			$145,340			$0.41			$142,049			$0.39

LEASING ACTIVITY

During the third quarter, the Company executed 333 new and renewal leases for 1.6 million square feet.

•Weighted average lease term was 5.8 years with an average annual escalator of 3.1%.

•Health system leasing comprised approximately 48% of our signed lease volume in the quarter.

Key leasing highlights:

•Memphis, TN. 21,000 square foot new lease with our health system partner, Baptist Memorial Health, taking our on-campus building to 100% leased

•Dallas, TX. 19,000 square foot new lease with a premier national healthcare service provider on a Baylor Scott & White Health campus, increasing the building to approximately 100% leased

•Fort Worth, TX. 18,000 square foot new lease with Baylor Scott & White Health in our recently delivered development on their growing downtown campus bringing total building leased percentage to 72%

•Seattle, WA. 25,000 square foot renewal in our fully occupied on-campus building on Multicare's Overlake Medical Center in the Bellevue submarket representing a 22% cash leasing spread

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 4

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Highlights

CAPITAL ALLOCATION

Dispositions

During the third quarter and through October, the Company made further progress on its previously identified disposition portfolio through 15 different transactions for a total of $404 million. A summary of the significant sale transactions is as follows:

•Columbus, OH. Monetization of three off-campus MOBs sold to the affiliated health system for $34 million

•Milwaukee, WI. Strategic market exit of Milwaukee MSA with the $60 million sale of two MOBs to the affiliated health system

•Chicago, IL. Reduced exposure to this non-core market through the sale of an off campus property to a health system for $19 million

•Tampa, FL. Opportunistic sale of a fully stabilized asset to the affiliated health system at premium valuation of $22 million

•Dallas, TX. Sale of four on-campus properties to the affiliated health system for $59 million in conjunction with securing material new and renewal lease executions

•Richmond, VA. The Company is under contract to sell its six, fully-leased MOBs in the Richmond, VA MSA for $171 million, harvesting full value at attractive market pricing. The sale would represent a full exit from Richmond, where we have observed few future growth opportunities. Due diligence has expired, and the transaction is expected to close in the fourth quarter, subject to customary closing conditions

Development and Redevelopment

During the third quarter, the Company made significant progress on its development and redevelopment pipeline, advancing several key projects across major markets. Highlights include:

•Fort Worth, TX. Recently delivered our 101,000 square foot, $48 million development that is currently 72% leased. This building represents our third on Baylor Scott & White’s All Saints campus

•Seattle, WA. Located in the dense Northgate submarket where the Company owns three fully-leased properties on and adjacent to the UW Medical Center - Northwest campus. The $13.6 million redevelopment will transform this building into a modern outpatient facility to drive occupancy and rent growth

•Denver, CO. Part of a three-MOB portfolio located adjacent to the growing UCHealth Highlands Ranch Hospital campus in the Highlands Ranch submarket. The $7.3 million redevelopment of this mixed-use outpatient campus will allow the Company to upgrade to modern clinical suites at superior rental rates

•Charlotte, NC. The Company's third medical conversion project in the growing Huntersville submarket. The $19.2 million redevelopment will capture growth from the adjacent Novant Huntersville hospital

Balance Sheet

Debt paydown from asset sales has decreased run-rate Net Debt to Adjusted EBITDA to 5.8x. By year-end, Net Debt to Adjusted EBITDA is anticipated to be between 5.4x - 5.7x. Through October and inclusive of asset sales, the Company has approximately $1.3 billion of liquidity.

In October, the Company fully repaid the $151 million term loan due May 2027.

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 5

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Highlights

DIVIDEND

The Board unanimously approved a common stock dividend in the amount of $0.24 per share to be paid on November 21, 2025, to Class A common stockholders of record on November 11, 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.

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 29 of the Supplemental Information:

			EXPECTED 2025
			PRIOR						CURRENT						ACTUAL
			LOW			HIGH			LOW			HIGH			3Q 2025			YTD
Earnings per share			$(0.78)			$(0.73)			$(0.86)			$(0.81)			$(0.17)			$(0.75)
NAREIT FFO per share			$1.42			$1.46			$1.39			$1.41			$0.34			$1.02
Normalized FFO per share			$1.57			$1.61			$1.59			$1.61			$0.41			$1.20
Same Store Cash NOI growth			3.25		%	4.00		%	4.00		%	4.75		%	5.4		%	4.6		%

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, October 31, 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			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 6

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Salient Facts 1

			Properties
			579 properties totaling 33.6M SF
			52 markets in 28 states
			65% of NOI in Top 15 Markets
			Capitalization
			$11.1B enterprise value as of 9/30/25
			$6.4B market capitalization as of 9/30/25
			355.9M shares/units outstanding as of 9/30/25
			354.7M diluted WA shares outstanding
			BBB/Baa2 S&P/Moody's
			42.0% net debt to enterprise value at 9/30/25
			5.8x run rate net debt to adjusted EBITDA

1Includes properties held in joint ventures.

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 7

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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 September 30, 2025, the Company was invested in 579 real estate properties in 28 states totaling 33.6 million square feet and had an enterprise value of approximately $11.1 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

			ANALYST COVERAGE
			BMO Capital Markets			Jefferies LLC
			BTIG, LLC			KeyBanc Capital Markets Inc.
			Cantor Fitzgerald & Co.			Raymond James & Associates
			Citi Research			RBC Capital Markets
			Deutsche Bank Securities			Scotiabank
			Green Street Advisors, Inc.			Wells Fargo Securities, LLC
			J.P. Morgan 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			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 8

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Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

ASSETS
			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2024
Real estate properties
Land			$1,066,616			$1,105,231			$1,134,635			$1,143,468			$1,195,116
Buildings and improvements			8,557,270			9,199,089			9,729,912			9,707,066			10,074,504
Lease intangibles			504,309			567,244			631,864			664,867			718,343
Personal property			6,854			6,944			9,938			9,909			9,246
Investment in financing receivables, net			123,346			124,134			123,813			123,671			123,045
Financing lease right-of-use assets			75,462			76,574			76,958			77,343			77,728
Construction in progress			—			40,421			35,101			31,978			125,944
Land held for development			57,203			49,110			52,408			52,408			52,408
Total real estate investments			10,391,060			11,168,747			11,794,629			11,810,710			12,376,334
Less accumulated depreciation and amortization			(2,381,297)			(2,494,169)			(2,583,819)			(2,483,656)			(2,478,544)
Total real estate investments, net			8,009,763			8,674,578			9,210,810			9,327,054			9,897,790
Cash and cash equivalents			43,345			25,507			25,722			68,916			22,801
Assets held for sale, net			604,747			358,207			6,635			12,897			156,218
Operating lease right-of-use assets			209,291			243,910			259,764			261,438			259,013
Investments in unconsolidated joint ventures			458,627			463,430			470,418			473,122			417,084
Other assets, net 1			533,874			469,940			522,920			507,496			491,679
Total assets			$9,859,647			$10,235,572			$10,496,269			$10,650,923			$11,244,585
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY
			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2024
Liabilities
Notes and bonds payable			$4,485,706			$4,694,391			$4,732,618			$4,662,771			$4,957,796
Accounts payable and accrued liabilities			173,784			194,076			144,855			222,510			197,428
Liabilities of properties held for sale			69,808			30,278			422			1,283			7,919
Operating lease liabilities			166,231			203,678			224,117			224,499			229,925
Financing lease liabilities			72,654			73,019			72,585			72,346			71,887
Other liabilities			146,618			158,704			174,830			161,640			180,283
Total liabilities			5,114,801			5,354,146			5,349,427			5,345,049			5,645,238
Redeemable non-controlling interests			4,332			4,332			4,627			4,778			3,875
Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized			—			—			—			—			—
Common stock, $0.01 par value; 1,000,000 shares authorized			3,516			3,516			3,510			3,505			3,558
Additional paid-in capital			9,134,486			9,129,338			9,121,269			9,118,229			9,198,004
Accumulated other comprehensive (loss) income			(6,461)			(9,185)			(7,206)			(1,168)			(16,963)
Cumulative net income attributable to common stockholders			113,847			171,585			329,436			374,309			481,155
Cumulative dividends			(4,562,454)			(4,477,940)			(4,368,739)			(4,260,014)			(4,150,328)
Total stockholders' equity			4,682,934			4,817,314			5,078,270			5,234,861			5,515,426
Non-controlling interest			57,580			59,780			63,945			66,235			80,046
Total equity			4,740,514			4,877,094			5,142,215			5,301,096			5,595,472
Total liabilities, redeemable non-controlling interests, and stockholders' equity			$9,859,647			$10,235,572			$10,496,269			$10,650,923			$11,244,585

1.3Q 2025 Other assets, net includes $55.7 million of proceeds held in a cash escrow account from a portfolio disposition that closed on September 30, 2025 and was received by the Company on October 1, 2025.

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 9

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Statements of Income
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2024
Revenues
Rental income			$287,399			$287,070			$288,857			$300,065			$306,499
Interest income			3,480			3,449			3,731			4,076			3,904
Other operating			6,886			6,983			6,389			5,625			5,020
			297,765			297,502			298,977			309,766			315,423
Expenses
Property operating			113,456			109,924			114,963			114,415			120,232
General and administrative			21,771			23,482			13,530			34,208			20,124
Normalizing items 1			(12,046)			(10,302)			(502)			(22,991)			(6,861)
Normalized general and administrative			9,725			13,180			13,028			11,217			13,263
Transaction costs			125			593			1,011			1,577			719
Depreciation and amortization			137,841			147,749			150,969			160,330			163,226
			273,193			281,748			280,473			310,530			304,301
Other income (expense)
Interest expense before merger-related fair value			(41,927)			(42,766)			(44,366)			(47,951)			(50,465)
Merger-related fair value adjustment			(10,715)			(10,580)			(10,446)			(10,314)			(10,184)
Interest expense			(52,642)			(53,346)			(54,812)			(58,265)			(60,649)
Gain on sales of real estate properties and other assets			76,771			20,004			2,904			32,082			39,310
Loss on extinguishment of debt			(286)			—			—			(237)			—
Impairment of real estate assets and credit loss reserves			(104,362)			(142,348)			(12,081)			(81,098)			(84,394)
Equity income (loss) from unconsolidated joint ventures			287			158			1			224			208
Interest and other income (expense), net			(2,884)			(366)			95			(154)			(132)
			(83,116)			(175,898)			(63,893)			(107,448)			(105,657)
Net loss			$(58,544)			$(160,144)			$(45,389)			$(108,212)			$(94,535)
Net loss attributable to non-controlling interests			806			2,293			516			1,366			1,512
Net loss attributable to common stockholders			$(57,738)			$(157,851)			$(44,873)			$(106,846)			$(93,023)
Basic earnings per common share			$(0.17)			$(0.45)			$(0.13)			$(0.31)			$(0.26)
Diluted earnings per common share			$(0.17)			$(0.45)			$(0.13)			$(0.31)			$(0.26)
Weighted average common shares outstanding - basic			349,964			349,628			349,539			351,560			358,960
Weighted average common shares outstanding - diluted 2			349,964			349,628			349,539			351,560			358,960

    

STATEMENTS OF INCOME SUPPLEMENTAL INFORMATION
			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2024
Interest income
Financing receivables			$2,029			$1,956			$1,950			$2,103			$2,117
Interest on mortgage and mezzanine loans			1,451			1,493			1,781			1,973			1,787
Total			$3,480			$3,449			$3,731			$4,076			$3,904
Other operating income
Parking income			$2,179			$2,369			$1,863			$1,958			$2,363
Management fee and miscellaneous income			4,707			4,614			4,526			3,667			2,657
Total			$6,886			$6,983			$6,389			$5,625			$5,020

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 4,253,989 units were not included.

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 10

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

			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2024
Net loss attributable to common stockholders			$(57,738)			$(157,851)			$(44,873)			$(106,846)			$(93,023)
Net loss attributable to common stockholders per diluted share 3			$(0.17)			$(0.45)			$(0.13)			$(0.31)			$(0.26)
Gain on sales of real estate assets			(76,771)			(20,004)			(2,904)			(32,082)			(39,148)
Impairments of real estate assets			104,362			140,877			10,145			75,423			37,632
Real estate depreciation and amortization			143,187			152,936			155,288			164,656			167,821
Non-controlling loss from operating partnership units			(806)			(2,293)			(599)			(1,422)			(1,372)
Unconsolidated JV depreciation and amortization			6,688			6,706			6,717			5,913			5,378
FFO adjustments			$176,660			$278,222			$168,647			$212,488			$170,311
FFO adjustments per common share - diluted			$0.50			$0.79			$0.48			$0.60			$0.47
FFO			$118,922			$120,371			$123,774			$105,642			$77,288
FFO per common share - diluted			$0.34			$0.34			$0.35			$0.30			$0.21
Transaction costs			125			593			1,011			1,577			719
Lease intangible amortization			(203)			(222)			(228)			(2,348)			(10)
Non-routine legal costs/forfeited earnest money received			9			478			77			306			306
Debt financing costs 4			3,493			—			—			237			—
Restructuring and severance-related charges			12,046			10,302			502			22,991			6,861
Credit losses and gains (losses) on other assets, net			—			1,471			1,936			4,582			46,600
Merger-related fair value adjustment			10,715			10,580			10,446			10,314			10,184
Unconsolidated JV normalizing items 5			233			163			204			113			101
Normalized FFO adjustments			$26,418			$23,365			$13,948			$37,772			$64,761
Normalized FFO adjustments per common share - diluted			$0.07			$0.07			$0.04			$0.11			$0.18
Normalized FFO			$145,340			$143,736			$137,722			$143,414			$142,049
Normalized FFO per common share - diluted			$0.41			$0.41			$0.39			$0.40			$0.39
Non-real estate depreciation and amortization			114			207			222			404			276
Non-cash interest amortization, net 6			1,384			1,130			1,217			1,239			1,319
Rent reserves, net			146			130			94			(369)			(27)
Straight-line rent income, net			(5,899)			(7,045)			(6,844)			(7,051)			(5,771)
Stock-based compensation			3,386			3,887			3,028			3,028			4,064
Unconsolidated JV non-cash items 7			(463)			(356)			(253)			(277)			(376)
Normalized FFO adjusted for non-cash items			$144,008			$141,689			$135,186			$140,388			$141,534
2nd generation TI			(9,398)			(12,036)			(14,885)			(20,003)			(16,951)
Leasing commissions paid			(7,438)			(5,187)			(11,394)			(11,957)			(10,266)
Building capital			(10,319)			(9,112)			(6,687)			(8,347)			(7,389)
Total maintenance capex			$(27,155)			$(26,335)			$(32,966)			$(40,307)			$(34,606)
FAD			$116,853			$115,354			$102,220			$100,081			$106,928
Quarterly dividends and OP distributions			$85,536			$110,486			$109,840			$110,808			$113,770
FFO wtd avg common shares outstanding - diluted 8			354,690			354,078			353,522			355,874			363,370

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.

4Includes loss on debt extinguishment, loss on derivatives, and legal fees related to the amended credit facility.

5Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and transaction costs.

6Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.

7Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.

8The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 472,119 for the three months ended September 30, 2025. Also includes the diluted impact of 4,253,989 OP units outstanding.

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Capital Funding & Commitments
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA

ACQUISITION AND RE/DEVELOPMENT FUNDING
			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2024
Acquisitions 1			$—			$—			$—			$—			$—
Re/development 2			36,031			42,040			33,436			39,611			44,590
1st generation TI/LC & acquisition capex 3			24,480			33,369			15,139			14,794			15,677
MAINTENANCE CAPITAL EXPENDITURES FUNDING
			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2024
2nd generation TI			$9,398			$12,036			$14,885			$20,003			$16,951
Leasing commissions paid			7,438			5,187			11,394			11,957			10,266
Building capital			10,319			9,112			6,687			8,347			7,389
			$27,155			$26,335			$32,966			$40,307			$34,606
% of Cash NOI
2nd generation TI			5.1		%	6.4		%	8.2		%	10.6		%	8.8		%
Leasing commissions paid			4.0		%	2.8		%	6.3		%	6.3		%	5.3		%
Building capital			5.6		%	4.9		%	3.7		%	4.4		%	3.8		%
			14.7		%	14.1		%	18.2		%	21.3		%	17.9		%
LEASING COMMITMENTS 4
			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2024
Renewals
Square feet			682,626			642,797			794,857			783,975			909,844
2nd generation TI/square foot/lease year			$3.13			$1.66			$1.90			$2.20			$1.91
Leasing commissions/square foot/lease year			$1.85			$1.12			$1.48			$1.48			$1.36
Renewal commitments as a % of annual net rent			16.8		%	12.2		%	13.8		%	14.1		%	12.2		%
WALT (in months) 5			58.9			37.9			47.7			59.7			50.3
New leases
Square feet			132,079			195,266			172,371			299,950			462,756
2nd generation TI/square foot/lease year			$6.94			$7.12			$6.08			$7.30			$7.18
Leasing commissions/square foot/lease year			$1.90			$2.03			$1.90			$1.82			$1.91
New lease commitments as a % of annual net rent			42.0		%	44.6		%	40.4		%	40.7		%	39.9		%
WALT (in months) 5			65.2			63.3			65.9			78.3			94.7
All
Square feet			814,705			838,063			967,228			1,083,925			1,372,600
Leasing commitments as a % of annual net rent			20.0		%	22.2		%	18.8		%	21.9		%	24.0		%
WALT (in months) 5			60.0			43.8			51.0			64.8			65.3

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

2Re/development funding includes capital spend on re/developments, re/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, re/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.

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Debt Metrics1
DOLLARS IN THOUSANDS

SUMMARY OF INDEBTEDNESS AS OF SEPTEMBER 30, 2025
			PRINCIPAL BALANCE			BALANCE 1			MATURITY DATE 2			MONTHS TO MATURITY 2			3Q 2025 INTEREST EXPENSE			CONTRACTUAL INTEREST EXPENSE			CONTRACTUAL RATE			EFFECTIVE RATE			FAIR VALUE MERGER ADJUSTED
SENIOR NOTES			$600,000			$592,937			8/1/2026			10			$7,313			$5,250			3.50		%	4.94		%	Y
			500,000			491,525			7/1/2027			21			5,842			4,688			3.75		%	4.76		%	Y
			300,000			298,494			1/15/2028			28			2,788			2,719			3.63		%	3.85		%
			650,000			594,343			2/15/2030			53			7,846			5,038			3.10		%	5.30		%	Y
			299,500			297,504			3/15/2030			54			1,929			1,797			2.40		%	2.72		%
			299,785			296,734			3/15/2031			66			1,594			1,536			2.05		%	2.25		%
			800,000			681,124			3/15/2031			66			8,690			4,000			2.00		%	5.13		%	Y
			$3,449,285			$3,252,661						42			$36,002			$25,028			2.90		%	4.47		%
TERM LOANS			$151,375			$151,315			5/31/2027 3			20			2,159			2,159			SOFR + 1.04%			5.32		%
			121,500			121,420			6/1/2027			20			1,767			1,767			SOFR + 1.04%			5.32		%
			268,733			268,651			10/31/2027			25			3,758			3,758			SOFR + 1.04%			5.32		%
			200,000			199,576			7/20/2029			45			2,703			2,703			SOFR + 0.94%			5.22		%
			300,000			298,941			1/20/2029			39			4,054			4,054			SOFR + 0.94%			5.22		%
			$1,041,608			$1,039,903						32			$14,441			$14,441						5.27		%
$1.5B CREDIT FACILITY			149,000			149,000			7/25/2030			57			$3,939			$3,939			SOFR + 0.84%			5.00		%
MORTGAGES			$44,237			$44,142			various			7			$438			$450			4.04		%	4.18		%
			$4,684,130			$4,485,706						40			$54,820			$43,858			3.51		%	4.67		%	$2,550,000
Less cash			(43,345)			(43,345)
Net debt			$4,640,785			$4,442,361
Interest rate swaps															(1,112)			(1,112)
Interest cost capitalization															(3,983)			—
Unsecured credit facility fee & deferred financing costs															1,990			738
Financing right-of-use asset amortization															927			—
															$52,642			$43,484

DEBT MATURITIES SCHEDULE AS OF SEPTEMBER 30, 2025 2
						PRINCIPAL PAYMENTS
						BANK LOANS			SENIOR NOTES			MORTGAGE NOTES			TOTAL						WA RATE
2025						$—			$—			$15,333			$15,333						4.24		%
2026						—			600,000			28,904			628,904						3.52		%
2027						541,608			500,000			—			1,041,608						4.57		%
2028						—			300,000			—			300,000						3.63		%
2029						500,000			—			—			500,000						5.22		%
Thereafter						149,000			2,049,285			—			2,198,285						2.59		%
Total						$1,190,608			$3,449,285			$44,237			$4,684,130						3.51		%
Net debt (principal)															$4,640,785
Fixed rate debt balance						$1,041,608			$3,449,285			$44,237			$4,535,130
% fixed rate debt, net of cash												97.7		%
Company share of JV net debt									$30,887

INTEREST RATE SWAPS
MATURITY			AMOUNT			WA FIXED SOFR RATE
May 2026			$241,608			3.63		%
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 9/30/2025			$1,041,608			3.90		%
October Activity 3			(151,375)			4.67		%
As of 10/30/2025			$890,233			3.77		%

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

2Includes extension options.

3On October 7, 2025, the Company repaid its Term Loan due May 2027. In conjunction with this repayment, the Company terminated the associated interest rate swaps.

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 13

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Debt Covenants & Liquidity
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED SEPTEMBER 30, 2025 1
			CALCULATION			REQUIREMENT			PER DEBT COVENANTS
Revolving credit facility and term loan
Leverage ratio			Total debt/total capital			Not greater than 60%			39.2		%
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			3.3x
Unsecured coverage ratio			Unsecured EBITDA/unsecured interest			Not less than 1.75x			3.2x
Asset investments			Unimproved land, JVs & mortgages/total assets			Not greater than 35%			10.0		%
Senior Notes
Incurrence of total debt			Total debt/total assets			Not greater than 60%			38.3		%
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%			250.5		%
Debt service coverage			EBITDA/interest expense			Not less than 1.5x			3.4x
Other
Net debt to adjusted EBITDA 2			Net debt (debt less cash)/adjusted EBITDA			Not required			5.9x
Run rate net debt to adjusted EBITDA 3			Proforma net debt (debt less cash)/proforma adjusted EBITDA			Not required			5.8x
Net debt to enterprise value 4			Net debt/enterprise value			Not required			42.0		%

LIQUIDITY SOURCES
Cash			$43,345
Unsecured credit facility availability			$1,351,000
Consolidated unencumbered real estate assets (gross) 5			$11,031,361

        

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 27 for a reconciliation of adjusted EBITDA.

3Includes the proforma impact of October dispositions. Net debt also includes $55.7 million of proceeds held in a cash escrow account from a portfolio disposition that closed on September 30, 2025 and was received by the Company on October 1, 2025.

4Based on the closing price of $18.03 on September 30, 2025, and 355,888,405 shares outstanding including outstanding OP units.

5The annualized third quarter unencumbered asset NOI was $695.5 million.

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Investment Activity
DOLLARS IN THOUSANDS

DISPOSITION ACTIVITY DETAIL
LOCATION			COUNT						CLOSING			SQUARE FEET			OCCUPIED %			SALE PRICE
Boston, MA			1						2/7/2025			30,304			41		%	$4,500
Denver, CO			2						2/14/2025			69,715			54		%	8,600
Houston, TX 1			1						3/20/2025			127,933			35		%	15,000
1Q 2025 total			4									227,952			42		%	$28,100
Boston, MA			—						4/30/2025			—			—		%	486
Boston, MA			1						5/23/2025			33,176			61		%	3,000
Jacksonville, FL			1						6/26/2025			53,169			12		%	8,100
Yakima, WA			2						6/26/2025			91,561			100		%	31,000
Houston, TX			—						6/27/2025			—			—		%	10,500
2Q 2025 total			4									177,906			66		%	$53,086
South Bend, IN			1						7/15/2025			205,573			77		%	43,100
Milwaukee, WI			2						7/29/2025			147,406			100		%	42,000
Naples, FL			1						7/29/2025			61,359			81		%	19,250
New York, NY			1						7/30/2025			89,893			88		%	25,000
Boston, MA			1						8/25/2025			9,010			66		%	450
Lakeland, FL			4						8/27/2025			31,158			100		%	7,325
Salem, OR			1						8/29/2025			21,026			43		%	4,000
Milwaukee, WI			1						9/29/2025			220,747			74		%	60,000
Tampa, FL			2						9/30/2025			47,962			100		%	22,000
Dallas, TX			4						9/30/2025			448,879			62		%	58,800
Chicago, IL			1						9/30/2025			56,531			97		%	18,700
Columbus, OH			3						9/30/2025			117,060			100		%	33,750
Miami, FL			1						9/30/2025			152,976			95		%	62,000
3Q 2025 total			23									1,609,580			80		%	$396,375
Total 2025 disposition activity			31									2,015,438			74		%	$477,561
Average cap rate 2																		6.5		%
																		.
Subsequent Disposition Activity
New Haven, CT			—						10/16/2025			—			—		%	725
Des Moines, IA			1						10/29/2025			152,655			79		%	7,225

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. Cap rate includes subsequent disposition activity.

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 15

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Joint Ventures 1
DOLLARS IN THOUSANDS

PORTFOLIOS
						WA OWNERSHIP INTEREST												3Q 2025
JOINT VENTURE									# OF PROPERTIES			SQUARE FEET						OCCUPANCY			NOI			NOI AT SHARE			SAME STORE NOI AT SHARE
Nuveen						41		%	28			1,526,776						88		%	$7,598			$2,950			$2,383
CBRE						20		%	4			283,880						59		%	1,168			234			183
KKR						20		%	23			1,719,557						96		%	12,971			2,594			—
Other 2						58		%	10			723,632						89		%	4,924			2,603			1,785
Total									65			4,253,845						90		%	$26,661			$8,381			$4,351

BALANCE SHEET
JOINT VENTURE									REAL ESTATE INVESTMENT 3			DEBT 3			DEBT AT SHARE			INTEREST RATE
Nuveen									$608,772			$71,879			$14,376			5.9		%
CBRE									134,224			—			—			—
KKR									740,963			—			—			—
Other 2									340,556			68,313			27,325			5.3		%
Total									$1,824,515			$140,192			$41,701			5.6		%
Net debt at JV share									$30,887

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			3Q 2025 SUPPLEMENTAL INFORMATION 16

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Re/development Activity
DOLLARS IN THOUSANDS

DEVELOPMENTS
MARKET			ASSOCIATED HEALTH SYSTEM						SQUARE FEET			CURRENT LEASED %			BUDGET			COST TO COMPLETE
Raleigh, NC			UNC REX Health						122,991			51		%	$58,000			$10,081
Fort Worth, TX 1			Baylor Scott & White						101,279			72		%	48,200			5,568
Total development									224,270			60		%	$106,200			$15,649
Projected stabilized yield - 7.0%-8.5%
Estimated stabilization period post completion - 12 - 36 months

REDEVELOPMENTS
MARKET						COUNT			SQUARE FEET			PROJECT SQUARE FEET			PROJECT LEASED %			BUDGET			COST TO COMPLETE
Charlotte, NC						2			169,135			101,486			96		%	$35,050			$5,949
Houston, TX						2			314,861			152,172			35		%	30,000			5,144
White Plains, NY						1			65,851			44,634			85		%	23,900			5,671
Charlotte, NC						1			122,388			83,581			21		%	19,200			19,079
Washington, DC						1			57,323			24,034			82		%	15,200			1,761
Seattle, WA						1			78,288			34,916			—		%	13,600			13,551
Raleigh, NC						1			40,400			40,400			100		%	10,800			8,264
Port St. Lucie, FL						1			31,466			31,466			—		%	9,400			9,305
Dallas, TX						1			126,121			22,152			100		%	8,600			8,600
Denver, CO						1			55,978			28,832			—		%	7,300			7,247
Other						6			807,240			629,416			46		%	87,400			72,248
Total redevelopment						18			1,869,051			1,193,089			49		%	$260,450			$156,819
Projected stabilized yield - 9.0%-12.0%
Estimated stabilization period post completion - 12 - 36 months

LAND
MARKET			COUNT			ACREAGE			INVESTMENT TO DATE
White Plains, NY			1			3.1			$3,424
Atlanta, GA			1			2.5			2,584
Nashville, TN			1			2.7			2,018
Round Rock, TX			1			6.3			6,680
Nashville, TN			1			0.4			4,650
Other			14			Various			37,847
Total			19						$57,203

1Development converted to an operating property to coincide with lease commencements in Q3 2025.

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 17

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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			47						2,527,868						146,519			199,800						2,874,187			581,096			3,455,283			9.8		%	9.8		%
Seattle, WA			15			29						1,324,047															1,324,047			257,121			1,581,168			7.0		%	16.8		%
Charlotte, NC			21			31						1,698,667															1,698,667						1,698,667			5.6		%	22.4		%
Houston, TX			5			27						1,747,673						67,500									1,815,173			249,158			2,064,331			5.0		%	27.4		%
Denver, CO			19			29						1,349,450															1,349,450			306,949			1,656,399			4.8		%	32.2		%
Atlanta, GA			6			25						1,222,606															1,222,606			96,108			1,318,714			4.2		%	36.4		%
Boston, MA			11			14						729,103															729,103						729,103			4.1		%	40.5		%
Los Angeles, CA			2			27						787,715						63,000									850,715			786,520			1,637,235			4.1		%	44.6		%
Raleigh, NC			41			27						978,218															978,218			198,485			1,176,703			3.4		%	48.0		%
Phoenix, AZ			10			34						1,327,845															1,327,845			101,086			1,428,931			3.2		%	51.2		%
Nashville, TN			35			13						1,134,891									108,691						1,243,582			106,981			1,350,563			3.1		%	54.3		%
Indianapolis, IN			33			37						996,511						61,398									1,057,909			357,915			1,415,824			2.9		%	57.2		%
Tampa, FL			17			17						828,117															828,117						828,117			2.7		%	59.9		%
Washington, DC			7			9						692,107															692,107						692,107			2.5		%	62.4		%
Austin, TX			25			12						657,575															657,575			129,879			787,454			2.5		%	64.9		%
Miami, FL			8			14						828,430															828,430			52,178			880,608			2.4		%	67.3		%
San Francisco, CA			13			9						449,706															449,706			110,865			560,571			2.3		%	69.6		%
Orlando, FL			20			7						359,477						56,998									416,475						416,475			2.2		%	71.8		%
New York, NY			1			14						557,111															557,111			57,411			614,522			2.1		%	73.9		%
Colorado Springs, CO			79			13						594,497															594,497			51,466			645,963			1.9		%	75.8		%
Other (32 Market)						144						6,391,918						538,392			895,708						7,826,018			810,627			8,636,645			24.2		%	100.0		%
Total						579						27,183,532						933,807			1,204,199						29,321,538			4,253,845			33,575,383			100.0		%
Number of properties												494						15			5						514			65			579
% of square feet												92.7		%				3.2		%	4.1		%				100.0		%
% multi-tenant												87.2		%				6.9		%	74.3		%				84.1		%
Investment												$9,393,540						$434,718			$319,598						$10,147,856
Quarterly cash NOI 2												$145,521						$8,465			$4,992						$158,978
% of cash NOI												91.6		%				5.3		%	3.1		%				100.0		%

BY OWNERSHIP AND TENANT TYPE
			WHOLLY OWNED						JOINT VENTURES
			MULTI-TENANT			SINGLE-TENANT						MULTI-TENANT			SINGLE-TENANT			TOTAL
Number of properties			411			103						49			16			579
Square feet			24,665,616			4,655,922						3,523,829			730,016			33,575,383
% of square feet			73.4		%	13.9		%				10.5		%	2.2		%	100.0		%
Investment 2			$8,157,553			$1,990,303						$508,549			$115,225			$10,771,630
Quarterly cash NOI 2			$125,532			$33,446						$6,498			$1,884			$167,359
% of cash NOI			75.0		%	20.0		%				3.9		%	1.1		%	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.

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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			2,094,979			769,842			2,864,821			42			9.6		%	813,687			2.9		%	133
Baylor Scott & White			21			AA-/Aa2			2,146,334			66,376			2,212,710			25			6.7		%	1,081,516			3.9		%	155
CommonSpirit			4			A-/A3			1,442,804			535,300			1,978,104			37			6.7		%	720,465			2.6		%	128
Ascension Health			3			AA/Aa2			1,631,390			97,551			1,728,941			18			4.4		%	744,757			2.7		%	107
Advocate Health			14			AA/Aa3			751,636			240,910			992,546			17			3.8		%	869,101			3.1		%	87
Wellstar Health System			75			A+/A2			918,394			—			918,394			18			3.2		%	611,572			2.2		%	83
UW Medicine (Seattle)			91			AA+/Aa1			461,363			169,709			631,072			10			3.0		%	294,971			1.1		%	32
Providence Health & Services			5			A/A3			602,834			31,601			634,435			12			2.7		%	248,611			0.9		%	46
AdventHealth			11			AA/Aa2			640,215			118,585			758,800			12			2.6		%	393,923			1.4		%	99
MultiCare Health System			82			A/--			492,623			—			492,623			8			2.5		%	255,111			0.9		%	33
Indiana University Health			26			AA/Aa2			416,978			269,320			686,298			10			2.1		%	387,649			1.4		%	51
Tenet Healthcare Corporation			6			BB-/Ba3			648,066			235,399			883,465			16			2.0		%	146,482			0.5		%	28
Tufts Medicine			None			BBB-/Aa3			252,087			—			252,087			2			1.9		%	260,784			0.9		%	5
Cedars-Sinai Health Systems			51			AA-/Aa3			199,701			90,607			290,308			5			1.8		%	96,614			0.3		%	22
WakeMed			185			--/A2			374,207			101,597			475,804			13			1.7		%	149,676			0.5		%	22
Banner Health			24			AA-/--			749,075			31,039			780,114			24			1.6		%	118,225			0.4		%	32
Sutter Health			12			A+/A1			175,591			96,987			272,578			4			1.5		%	121,481			0.4		%	25
Hawaii Pacific Health			181			--/A1			173,502			124,925			298,427			3			1.4		%	104,915			0.4		%	41
MemorialCare Health Systems			133			AA-/--			353,541			48,759			402,300			5			1.4		%	8,877			—		%	4
Novant Health			42			A+/A1			473,471			138,035			611,506			10			1.4		%	162,943			0.6		%	24
MedStar Health			45			A/A2			326,129			—			326,129			4			1.3		%	203,501			0.7		%	65
Other (61 Credit Rated)									6,483,390			2,848,694			9,332,084			182			28.8		%	4,489,641			16.2		%
Subtotal - credit rated 6									21,808,310			6,015,236			27,823,546			477			92.1		%	12,284,502			44.0		%
Other non-credit rated 7									691,812			380,385			1,072,197			21			2.5		%	421,597			1.5		%
Off-campus non-affiliated 8									—			2,315,558			2,315,558			54			5.4		%	—			—		%
Total									22,500,122			8,711,179			31,211,301			552			100.0		%	12,706,099			45.5		%
Joint ventures									2,823,464			1,204,305			4,027,769
Wholly-owned									19,676,658			7,506,874			27,183,532

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, 96% is associated and 42% is leased by an investment-grade rated healthcare provider.

7Includes 21 properties associated with hospital systems that are not credit rated. Prospect Medical leases approximately 81,000 square feet and represent 0.3% of the total company rental income.

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

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 19

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MOB Proximity to Hospital 1,2,3

MOB BY LOCATION
			# OF PROPERTIES			SQUARE FEET			TOTAL			% GROUND LEASED
On campus			218			16,550,092			53.0		%	69.6		%
Adjacent to campus 4			137			5,950,030			19.1		%	14.1		%
Total on/adjacent			355			22,500,122			72.1		%	54.9		%
Off campus - affiliated 5			143			6,395,621			20.5		%	15.0		%
Off campus			54			2,315,558			7.4		%	9.2		%
			552			31,211,301			100.0		%	43.4		%
Wholly-owned			494			27,183,532
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			420			23,430,071			75.1		%	344			20,383,109			77.3		%
Non-clustered			132			7,781,230			24.9		%	89			5,988,551			22.7		%
Total			552			31,211,301			100.0		%	433			26,371,660			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.

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 20

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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						313,372			90,893			404,265			1.3		%	47,730			356,535			99
4Q 2025						874,006			104,421			978,427			3.3		%	65,791			912,636			254
2026						3,729,510			324,771			4,054,281			13.5		%	277,255			3,777,026			1,082
2027						3,647,669			1,098,726			4,746,395			15.8		%	494,913			4,251,482			947
2028						3,080,729			585,199			3,665,928			12.2		%	269,254			3,396,674			873
2029						2,960,448			715,648			3,676,096			12.2		%	588,597			3,087,499			700
2030						2,520,336			540,536			3,060,872			10.2		%	350,584			2,710,288			586
2031						1,471,033			369,883			1,840,916			6.1		%	249,495			1,591,421			324
2032						1,872,555			356,727			2,229,282			7.4		%	356,388			1,872,894			308
2033						869,718			52,813			922,531			3.1		%	205,524			717,007			192
2034						1,152,042			142,581			1,294,623			4.3		%	256,739			1,037,884			197
Thereafter						2,152,782			995,090			3,147,872			10.6		%	645,508			2,502,364			415
Total occupied						24,644,200			5,377,288			30,021,488			89.4		%	3,807,778			26,213,710			5,977
Total building						28,189,445			5,385,938			33,575,383						4,253,845			29,321,538
Occupancy						87.4		%	99.8		%	89.4		%				89.5		%	89.4		%
WALTR (months) 4			50.7			69.4			54.1									51.6
WALT (months) 4			92.0			144.2			116.0									100.6

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						—			26,626,739			—			5,574,496						32,201,235
Dispositions and assets held for sale						—			(2,038,641)			—			(191,504)						(2,230,145)
Expirations and early vacates						(1,026,737)			—			(58,061)			—			(1,084,798)
Renewals, amendments, and extensions						701,789			—			52,357			—			754,146
New lease commencements						381,050			—			—			—			381,050
Absorption									56,102						(5,704)						50,398
Occupied square feet, end of period									24,644,200						5,377,288						30,021,488

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 3,761 square feet.

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

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

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 21

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Leasing Statistics 1,2

SAME STORE RENEWALS 2
			3Q 2025			YTD 2025
Cash leasing spreads			3.9		%	3.0		%
Cash leasing spreads distribution
< 0% spread			7.8		%	7.8		%
0-3% spread			9.0		%	15.0		%
3-4% spread			63.5		%	54.4		%
> 4% spread			19.7		%	22.8		%
Total			100.0		%	100.0		%
Tenant retention rate			88.6		%	83.1		%

AVERAGE IN-PLACE CONTRACTUAL INCREASES 3
			MULTI-TENANT									SINGLE-TENANT									TOTAL
			% INCREASE			% OF BASE RENT						% INCREASE			% OF BASE RENT						% INCREASE			% OF BASE RENT
Same store 2			2.96		%	71.5		%				2.48		%	16.2		%				2.87		%	87.7		%
Acquisitions			2.81		%	6.1		%				2.64		%	1.7		%				2.78		%	7.8		%
Other 4			2.80		%	4.2		%				3.00		%	0.3		%				2.81		%	4.5		%
Total			2.94		%	81.8		%				2.50		%	18.2		%				2.86		%	100.0		%
Escalator type
Fixed			2.95		%	98.1		%				2.56		%	86.9		%				2.88		%	96.0		%
CPI			2.55		%	1.9		%				2.16		%	13.1		%				2.31		%	4.0		%

SAME STORE TYPE AND OWNERSHIP STRUCTURE 2
			MULTI-TENANT			SINGLE-TENANT						TOTAL
Tenant type
Hospital			48.6		%	54.7		%				49.6		%
Physician and other			51.4		%	45.3		%				50.4		%
Lease structure
Gross			8.8		%	1.4		%				7.4		%
Modified gross			33.3		%	9.1		%				29.0		%
Net			57.9		%	65.5		%				59.3		%
Absolute net 5			—		%	24.0		%				4.3		%
Ownership type
Ground lease			46.2		%	35.3		%				44.4		%
Fee simple			53.8		%	64.7		%				55.6		%

    

# OF LEASES BY SIZE 6
LEASED SQUARE FEET			# OF LEASES			WALT			WALTR
0 - 2,500			3,228			71.8			37.8
2,501 - 5,000			1,442			80.4			42.7
5,001 - 7,500			498			90.7			46.2
7,501 - 10,000			280			99.9			53.1
10,001 +			529			120.9			60.7
Total Leases			5,977			100.6			51.6

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 re/development properties, re/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			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 22

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Same Store 1,2
DOLLARS IN THOUSANDS

TOTAL CASH NOI
			% of Total NOI			3Q 2025
Multi-tenant			65		%	$120,762
Single-tenant			18		%	32,815
Joint venture			2		%	4,351
Same store			85		%	$157,928
Developments			—		%	84
Development completions			—		%	799
Redevelopment			3		%	5,039
Redevelopment completions			—		%	348
Wholly-owned and joint venture acquisitions			2		%	3,160
Completed dispositions & assets held for sale			10		%	17,055
Total cash NOI			100		%	$184,413

PORTFOLIO OCCUPANCY AND ABSORPTION
												OCCUPANCY %									ABSORPTION (square feet in thousands)
			COUNT			SQUARE FEET						3Q 2025			2Q 2025			3Q 2024			SEQUENTIAL			Y-O-Y
Multi-tenant			393			22,798,612						89.5		%	88.9		%	88.6		%	134			224
Single-tenant			99			4,358,728						99.9		%	100.0		%	98.7		%	(6)			50
Joint venture			30			1,672,923						90.3		%	88.9		%	90.0		%	—			—
Same store			522			28,830,263						91.1		%	90.6		%	90.2		%	128			274
Wholly owned and joint venture acquisitions			30			2,192,560						95.1		%	94.4		%	94.4		%	15			30
Total stabilized portfolio			552			31,022,823						91.4		%	91.0		%	88.1		%	—			—
Developments			2			224,270						34.3		%	45.1		%	—		%	21			77
Development completions			2			107,247						82.1		%	82.1		%	100.0		%	—			82
Redevelopments 3			18			1,869,051						66.9		%	73.4		%	72.9		%	(121)			(112)
Redevelopment completions			5			351,992						70.3		%	67.9		%	69.9		%	7			—
Total portfolio including re/developments			579			33,575,383						89.4		%	89.3		%	89.1		%	50			351
Joint ventures			65			4,253,845						89.5		%	88.3		%	89.8		%	—			—
Total wholly-owned			514			29,321,538						89.4		%	89.5		%	89.1		%	50			351
Multi-tenant			460			28,189,445						87.4		%	87.4		%	87.3		%	54			845

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.

3Includes the entire building under redevelopment.

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 23

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

SAME STORE CASH NOI
			TOTAL
			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2024						YTD 2025			YTD 2024
Base revenue			$188,458			$186,339			$183,807			$182,047			$180,830						$558,604			$538,127
Op. exp. recoveries			58,700			55,791			56,711			56,591			56,671						171,202			164,159
Revenues			$247,158			$242,130			$240,518			$238,638			$237,501						$729,806			$702,286
Expenses			89,230			85,258			87,686			86,622			87,680						262,174			255,027
Cash NOI			$157,928			$156,872			$152,832			$152,016			$149,821						$467,632			$447,259
Revenue per occ SF 4			$37.72			$37.10			$36.92			$36.68			$36.65						$37.23			$36.27
Margin			63.9		%	64.8		%	63.5		%	63.7		%	63.1		%				64.1		%	63.7		%
Period end occupancy			91.1		%	90.7		%	90.4		%	90.4		%	90.2		%				91.1		%	90.2		%
Number of properties			522			522			522			522			522						522			522
Year-Over-Year Change
Revenues			4.1		%																3.9		%
Base revenue			4.2		%																3.8		%
Exp recoveries			3.6		%																4.3		%
Expenses			1.8		%																2.8		%
Cash NOI			5.4		%																4.6		%

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, re/development completions, construction in progress, land held for development, corporate property, re/development properties. and assets classified as held for sale.

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

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 24

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NOI Reconciliations 1
DOLLARS IN THOUSANDS

BOTTOM UP RECONCILIATION
			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2024
Net loss			($58,544)			($160,144)			($45,389)			($108,212)			($94,535)
Other expense (income)			83,116			175,898			63,893			107,448			105,657
General and administrative expense			21,771			23,482			13,530			34,208			20,124
Depreciation and amortization expense			137,841			147,749			150,969			160,330			163,226
Other expenses 2			7,290			7,821			7,564			7,059			6,434
Straight-line rent expense			842			859			865			917			965
Straight-line rent revenue			(6,741)			(7,904)			(7,709)			(9,061)			(6,736)
Other revenue 3			(9,542)			(9,345)			(9,907)			(11,194)			(8,334)
Joint venture property cash NOI			8,380			8,225			8,282			7,280			6,477
Cash NOI			$184,413			$186,641			$182,098			$188,775			$193,278
Developments			(84)			74			64			69			—
Development completions			(799)			(788)			(854)			(276)			12
Redevelopment			(5,039)			(5,805)			(5,650)			(6,082)			(5,806)
Redevelopment completions			(348)			(348)			(95)			(252)			(1,168)
Wholly owned and joint venture acquisitions			(3,160)			(3,072)			(3,065)			(2,441)			(1,531)
Completed dispositions & assets held for sale			(17,055)			(19,830)			(19,666)			(27,777)			(34,964)
Same store cash NOI			$157,928			$156,872			$152,832			$152,016			$149,821
Same store joint venture properties			(4,351)			(4,406)			(4,400)			(4,547)			(4,513)
Same store excluding JVs			$153,577			$152,466			$148,432			$147,469			$145,308
TOP DOWN RECONCILIATION
			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2024
Rental income before rent concessions			$292,965			$292,859			$294,543			$305,229			$310,080
Rent concessions			(5,566)			(5,789)			(5,686)			(5,164)			(3,581)
Rental income			$287,399			$287,070			$288,857			$300,065			$306,499
Parking income			2,179			2,368			1,863			1,958			2,363
Interest from financing receivable, net			2,029			1,956			1,950			2,103			2,117
Exclude straight-line rent revenue			(6,741)			(7,904)			(7,709)			(9,061)			(6,736)
Exclude other non-cash revenue 4			(3,922)			(3,593)			(4,051)			(5,697)			(4,149)
Cash revenue			$280,944			$279,897			$280,910			$289,368			$300,094
Property operating expense			(113,456)			(109,924)			(114,963)			(114,415)			(120,232)
Exclude non-cash expenses 5			8,545			8,443			7,869			6,542			6,939
Joint venture property cash NOI			8,380			8,225			8,282			7,280			6,477
Cash NOI			$184,413			$186,641			$182,098			$188,775			$193,278
Developments			(84)			74			64			69			—
Development completions			(799)			(788)			(854)			(276)			12
Redevelopment			(5,039)			(5,805)			(5,650)			(6,082)			(5,806)
Redevelopment completions			(348)			(348)			(95)			(252)			(1,168)
Wholly owned and joint venture acquisitions			(3,160)			(3,072)			(3,065)			(2,441)			(1,531)
Completed dispositions & assets held for sale			(17,055)			(19,830)			(19,666)			(27,777)			(34,964)
Same store cash NOI			$157,928			$156,872			$152,832			$152,016			$149,821
Same store joint venture properties			(4,351)			(4,406)			(4,400)			(4,547)			(4,513)
Same store excluding JVs			$153,577			$152,466			$148,432			$147,469			$145,308

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.

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NOI Reconciliations 1
DOLLARS IN THOUSANDS

RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO
			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2024
Cash NOI			$184,413			$186,641			$182,098			$188,775			$193,278
General and administrative expense			(21,771)			(23,482)			(13,530)			(34,208)			(20,124)
Straight-line rent revenue			6,741			7,904			7,709			9,061			6,736
Interest and other income (expense), net			(2,884)			(366)			95			(154)			(132)
Management fees and other income			4,707			4,614			4,525			3,667			2,658
Note receivable interest income			1,451			1,492			1,781			1,973			1,787
Other non-cash revenue 2			3,385			3,239			3,601			5,554			3,891
Other non-cash expenses 3			(8,007)			(8,087)			(7,418)			(6,400)			(6,687)
Non-real estate impairment			—			(1,471)			—			(1,600)			(46,762)
Restructuring and severance-related costs			9,010			7,060			114			19,288			—
Income taxes			372			297			310			657			448
Unconsolidated JV adjustments			(1,031)			(683)			(1,155)			(720)			(401)
Debt Covenant EBITDA			$176,386			$177,158			$178,130			$185,893			$134,692
Interest expense			(52,642)			(53,346)			(54,812)			(58,265)			(60,649)
Transaction costs			(125)			(593)			(1,011)			(1,577)			(719)
Leasing commission amortization 4			6,519			6,404			5,621			5,744			5,827
Non-real estate depreciation and amortization			(1,173)			(1,217)			(1,301)			(1,418)			(1,232)
(Loss) gain on non-real estate assets			—			—			(1,936)			(4,075)			162
Non-controlling interest			—			—			(83)			(56)			139
Restructuring and severance-related costs			(9,010)			(7,060)			(114)			(19,288)			—
Income taxes			(372)			(297)			(310)			(657)			(448)
Loss on extinguishment of debt			(286)			—			—			(237)			—
Unconsolidated JV adjustments			(375)			(678)			(410)			(422)			(484)
FFO			$118,922			$120,371			$123,774			$105,642			$77,288
Transaction costs			125			593			1,011			1,577			719
Lease intangible amortization			(203)			(222)			(228)			(2,348)			(10)
Significant non-recurring legal fees/forfeited earnest money received			9			478			77			306			306
Debt financing costs 5			3,493			—			—			237			—
Restructuring and severance-related costs			12,046			10,302			502			22,991			6,861
Merger-related fair value adjustment			10,715			10,580			10,446			10,314			10,184
Credit losses and gains on other assets, net			—			1,471			1,936			4,582			46,600
Unconsolidated JV normalizing items			233			163			204			113			101
Normalized FFO			$145,340			$143,736			$137,722			$143,414			$142,049

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.

5Includes loss on debt extinguishment, loss on derivatives, and legal fees related to the amended credit facility.

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EBITDA Reconciliations 1
DOLLARS IN THOUSANDS

RECONCILIATION OF EBITDA
			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2024
Net loss			($58,544)			($160,144)			($45,389)			($108,212)			($94,535)
Interest expense			52,642			53,346			54,812			58,265			60,649
Income taxes			372			297			310			657			448
Depreciation and amortization			137,841			147,749			150,968			160,330			163,226
Unconsolidated JV depreciation, amortization, and interest			7,063			7,384			7,128			6,336			5,863
EBITDA			$139,374			$48,632			$167,829			$117,376			$135,651
Transaction costs			125			593			1,011			1,577			719
Gain on sales of assets			(76,771)			(20,004)			(2,904)			(32,082)			(39,310)
Impairments on real estate assets			104,362			140,877			12,080			79,497			37,632
Restructuring and severance-related costs			9,010			7,060			114			19,288			—
Loss on extinguishment of debt			286			—			—			237			—
Debt Covenant EBITDA			$176,386			$177,158			$178,130			$185,893			$134,692
Leasing commission amortization 2			6,520			6,404			5,621			5,744			5,827
Lease intangibles, franchise taxes and prepaid ground amortization			(111)			578			520			(3,596)			692
Timing impact 3			558			4,129			4,176			(2,125)			(1,511)
Stock based compensation			3,386			3,887			3,028			3,028			7,908
Allowance for credit losses			—			1,471			—			1,600			46,762
Rent reserves, net			146			130			94			(369)			(27)
Debt financing costs 4			3,207			—			—			—			—
Unconsolidated JV adjustments			425			163			204			113			101
Adjusted EBITDA			$190,517			$193,920			$191,773			$190,288			$194,444
Annualized Adjusted EBITDA			$762,068			$775,680			$767,092			$761,152			$777,776
RECONCILIATION OF NET DEBT
Debt			$4,485,706			$4,694,391			$4,732,618			$4,662,771			$4,957,796
Share of unconsolidated net debt			30,887			32,437			29,908			31,455			30,054
Cash			(43,345)			(25,507)			(25,722)			(68,916)			(22,801)
Net debt			$4,473,248			$4,701,321			$4,736,804			$4,625,310			$4,965,049
Net debt to adjusted EBITDA 5			5.9x			6.1x			6.2x			6.1x			6.4x
Run rate net debt to adjusted EBITDA 6			5.8x

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.

4Includes loss on derivatives and legal fees related to the amended credit facility.

5Beginning in 2Q 2025, 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.

6Includes the proforma impact of October dispositions. Net debt also includes $55.7 million of proceeds held in a cash escrow account from a portfolio disposition that closed on September 30, 2025 and was received by the Company on October 1, 2025.

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Components of Net Asset Value 1
DOLLARS IN THOUSANDS

CASH NOI
			3Q 2025
Same store 2			$157,928
Acquisition & Re/development Completions			4,307
Total			$162,235
Other adjustments 3			4,126
Total Cash NOI			$166,361

DEVELOPMENT & REDEVELOPMENT PROPERTIES
									PROJECTED STABILIZED ANNUAL CASH NOI 4
			COST TO COMPLETE			BUDGET			LOW			HIGH
Developments			$15,649			$106,200			$7,000			$8,000
Redevelopments 5			156,819			260,450			37,000			40,000
			$172,468			$366,650			$44,000			$48,000

LAND HELD FOR DEVELOPMENT, CASH, & OTHER ASSETS
Land held for development			$57,203
Disposition pipeline 6			764,325
Unstabilized properties 7			202,667
Cash and other assets 8			449,295
			$1,473,490
DEBT
Unsecured credit facility			$149,000
Unsecured term loans			1,041,608
Senior notes			3,449,285
Mortgage notes payable			44,237
Company share of joint venture net debt			30,887
Other liabilities 9			300,871
			$5,015,888
TOTAL SHARES OUTSTANDING
As of September 30, 2025 10			355,888,405

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 23-24 for details on Same Store NOI.

3Other adjustments include adjustments for management fee income of $4.6 million, offset by $0.4 million of positive NOI for unstabilized properties, which are shown in other assets.

4Represents total building projected stabilized NOI for properties in development and redevelopment at project stabilization.

5Estimated total cost includes only the incremental capital to complete the redevelopment.

6Includes 43 properties identified as assets held for sale that is excluded from Same Store Cash NOI and reflects expected sales price.

7Includes 26 properties at their gross book value. These properties were comprised of 0.9 million square feet that generated positive NOI of $0.4 million.

8Includes cash of $43.5 million, notes receivable of $84.1 million, prepaid assets of $192.8 million, accounts receivable of $36.0 million, and prepaid ground leases of $19.2 million. Also includes $55.7 million of proceeds held in a cash escrow account from a portfolio disposition that closed on September 30, 2025 and was received by the Company on October 1, 2025. 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 $187.3 million, security deposits of $33.0 million, financing right of use liabilities of $73.3 million, and deferred operating expense reimbursements of $7.3 million.

10Total shares outstanding include OP units.

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2025 Guidance
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

			2025 GUIDANCE
			PRIOR						CURRENT									ACTUAL
			LOW			HIGH			LOW			HIGH						YTD 2025			3Q 2025
OPERATING METRICS
Year-end same store net absorption (bps)			75			125			75			125						77			44
Same store cash NOI growth			3.25		%	4.00		%	4.00		%	4.75		%				4.6		%	5.4		%
Same store cash leasing spreads			2.0		%	3.0		%	2.0		%	3.0		%				3.0		%	3.9		%
Same store lease retention rate			80.0		%	85.0		%	80.0		%	85.0		%				83.1		%	88.6		%
Normalized G&A			$48,000			$52,000			$46,000			$49,000						$35,933			$9,725
CAPITAL FUNDING
Asset sales and JV contributions			$800,000			$1,000,000			$800,000			$1,000,000						$485,511			$396,375
Re/development			105,000			125,000			140,000			150,000						111,507			36,031
1st generation TI and acq. capex			85,000			95,000			85,000			95,000						72,988			24,480
Total maintenance capex			115,000			135,000			115,000			135,000						86,456			27,155
CASH YIELD
Dispositions			6.8		%	7.3		%	6.5		%	7.0		%				6.5		%
EARNINGS AND LEVERAGE
Earnings per share			$(0.78)			$(0.73)			$(0.86)			$(0.81)						$(0.75)			$(0.17)
Normalized FFO per share			$1.57			$1.61			$1.59			$1.61						$1.20			$0.41
Net debt to adjusted EBITDA 1			5.4x			5.7x			5.4x			5.7x						5.8x			5.8x

1Includes the proforma impact of October dispositions. Net debt also includes $55.7 million of proceeds held in a cash escrow account from a portfolio disposition that closed on September 30, 2025 and was received by the Company on October 1, 2025.

HEALTHCARE REALTY			Return to Table of Contents			3Q 2025 SUPPLEMENTAL INFORMATION 29