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4Q2025
Supplemental Information
FURNISHED AS OF FEBRUARY 12, 2026 - 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
8			Salient Facts
9			Corporate Information
10			Balance Sheet
11			Statements of Income
12			FFO, Normalized FFO, & FAD
13			Capital Funding & Commitments
14			Debt Metrics
15			Debt Covenants & Liquidity
16			Investment Activity
17			Joint Ventures
17			Re/development Activity
19			Portfolio
20			Health Systems
21			MOB Proximity to Hospital
22			Lease Maturity & Occupancy
23			Leasing Statistics
24			Same Store
26			NOI Reconciliations
27			EBITDA Reconciliations
29			Components of Net Asset Value
30			2026 Guidance

HEALTHCARE REALTY						4Q 2025 SUPPLEMENTAL INFORMATION 3

    

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Highlights

HEALTHCARE REALTY REPORTS FOURTH QUARTER 2025 RESULTS

NASHVILLE, Tennessee, February 12, 2026 - Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the fourth quarter ended December 31, 2025 and introduced full year 2026 guidance.

“2025 represented a transformational year for Healthcare Realty,” commented Peter Scott, the Company’s President and Chief Executive Officer. “Our operational team delivered same-store growth that continues to exceed historical levels while our transactions team exceeded targets with $1.2 billion in dispositions at attractive pricing levels. We are encouraged by secular long-term trends driving demand for outpatient medical services, tenant space and assets across the country. We have strategically strengthened our corporate governance, leadership team and balance sheet over the past nine months, and I would like to thank the entire Healthcare Realty team for their strong efforts as we position the Company for sustainable long-term growth.”

FOURTH QUARTER 2025 HIGHLIGHTS

•GAAP Net Income of $0.04 per share, NAREIT FFO of $0.36 per share, Normalized FFO of $0.40 per share, and FAD of $113.9 million (payout ratio of 75%)

•Same store cash NOI growth of +5.5% was driven by tenant retention of 82.7% with +3.7% cash leasing spreads

•Fourth quarter lease executions totaled 1.5 million square feet including 316,000 square feet of new lease executions

◦Sequential lease up of over 500 bps in redevelopment projects versus prior quarter

◦Significant leasing momentum in early 2026 with nearly 1 million square feet of new and renewal leases executed year-to-date

•During the fourth quarter and through February, completed asset sales of $682 million, inclusive of one transaction expected to close later this month

•Net Debt to Adjusted EBITDA of 5.4x

•In December, Moody's Investors Service revised outlook to Stable and affirmed a Baa2 credit rating

FULL YEAR 2025 HIGHLIGHTS

•GAAP Net Loss of $0.71 per share, NAREIT FFO of $1.38 per share, Normalized FFO of $1.61 per share, and FAD of $448.3 million (payout ratio of 87%)

•Same store cash NOI growth of +4.8% was driven by 103 basis points in occupancy gain and tenant retention of 81.5% with +3.1% cash leasing spreads

•Full year lease executions totaled approximately 5.8 million square feet including 1.6 million square feet of new lease executions

•During 2025 and through February 2026, completed asset sales of $1.2 billion, inclusive of one transaction expected to close later this month, through 34 separate transactions at a blended cap rate of 6.7%

•Net Debt to Adjusted EBITDA was 5.4x at December 31, 2025, down from 6.1x at prior year end

•Repaid approximately $650 million of term loans and $250 million of senior notes. Extended $1.5 billion revolver to mature in July 2030 (inclusive of extension options) and added 1 to 2 years of additional extension options on outstanding term loans

•Reduced run-rate G&A expense by $10 million through cost saving implementations

•Appointed Peter Scott as President & Chief Executive Officer, Daniel Gabbay as Chief Financial Officer and supplemented leadership team with experienced industry executives

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

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Highlights

FOURTH QUARTER AND FULL YEAR 2025 RESULTS

			THREE MONTHS ENDED															YEAR ENDED
			DECEMBER 31, 2025						DECEMBER 31, 2024									DECEMBER 31, 2025						DECEMBER 31, 2024
(in thousands, except per share amounts)			AMOUNT			PER SHARE			AMOUNT			PER SHARE						AMOUNT			PER SHARE			AMOUNT			PER SHARE
GAAP Net income (loss)			$14,391			$0.04			$(106,846)			$(0.31)						$(246,071)			$(0.71)			$(654,485)			$(1.81)
NAREIT FFO, diluted			$126,981			$0.36			$105,642			$0.30						$490,048			$1.38			$193,257			$0.52
Normalized FFO, diluted			$142,147			$0.40			$143,414			$0.40						$568,946			$1.61			$576,785			$1.56

LEASING ACTIVITY

During the fourth quarter, the Company executed 292 new and renewal leases for 1.5 million square feet with a weighted average lease term of 6.2 years and average annual escalators of 3.0%.

Key leasing highlights:

•Memphis, TN. 166,000 square feet of renewals with our health system partner, Baptist Memorial Health, maintaining 100% occupancy across four on-campus medical office buildings

•Austin, TX. 92,100 square feet of renewals with Baylor Scott & White Health in two fully occupied on-campus assets

•Hartford, CT. 65,500 square feet of new leases with Hartford Health (A rated) expanding our existing relationship, which also resulted in a substantial credit upgrade from the former tenant, Prospect Health

•Charlotte, NC. 15,500 square foot new lease with a leading multi-specialty healthcare provider aligned with Novant Health

CAPITAL ALLOCATION

Dispositions

During the fourth quarter and through February, the Company successfully completed most of its previously identified dispositions for a total of $682 million, inclusive of one transaction expected to close later this month. A summary of the significant sale transactions is as follows:

•Portfolio Sale/Various Markets. Completed strategic market exits of the El Paso, TX; Des Moines, IA; Fort Wayne, IN; Cincinnati, OH; Salt Lake City, UT; Las Vegas, NV; and Kokomo, IN MSAs with the sale of a 25-property portfolio for $348.9 million to a single private purchaser, reducing exposure to non-priority markets and further refining the Company's core operating portfolio

•Phoenix, AZ. Disposed of two unaffiliated, off-campus properties to private market purchasers for $27.5 million. One asset was fully vacant at the time of the sale

•Atlanta, GA. Opportunistic sale of one fully stabilized asset to the affiliated health system at a premium valuation of $21.9 million

•Jacksonville, FL. Completed strategic market exit of the Jacksonville, FL MSA with the $18.6 million sale of two fully-leased MOBs at attractive market pricing

Development and Redevelopment

During the fourth quarter, the Company added five new redevelopments and made significant progress on its development and redevelopment pipeline, advancing several key projects across major markets. Highlights of new projects commenced include:

HEALTHCARE REALTY			Return to Table of Contents			4Q 2025 SUPPLEMENTAL INFORMATION 5

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Highlights

•Houston, TX. Part of a two-MOB cluster in the growing Clear Lake submarket located between two major hospitals, HCA Houston Clear Lake and Houston Methodist Clear Lake. The $10.4 million redevelopment will transform the large user space layouts into modern, multi-tenant clinical suites

•Denver, CO. A two-MOB cluster located in a rapidly growing submarket between UC Highlands Ranch hospital and Advent Health Littleton hospital. The $10.2 million redevelopment project will modernize the properties and deliver an expected return on investment through lease up of 31,000 square feet at strong rental rates

Balance Sheet

•Debt paydown from asset sales reduced Net Debt to Adjusted EBITDA to 5.4x. At year-end, the Company has approximately $1.4 billion of liquidity on the line of credit and cash on hand

•In the fourth quarter, the Company fully repaid $542 million of term loans due in 2027

•In January 2026, the Company repurchased 2.9 million shares of its common stock at an average price of $17.27 per share for a total of $50 million

•In addition, on February 12, 2026, Healthcare Realty announced the establishment of its inaugural commercial paper program, with a total size of up to $600 million, further diversifying the Company’s range of financing alternatives

DIVIDEND

The Board unanimously approved a common stock dividend in the amount of $0.24 per share to be paid on March 11, 2026, to Class A common stockholders of record on February 24, 2026. 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's 2026 per share estimated guidance ranges are as follows:

			ACTUAL			2026 GUIDANCE
			2025			LOW			HIGH
Earnings per share			$(0.71)			$(0.05)			$0.05
NAREIT FFO per share			$1.38			$1.44			$1.50
Normalized FFO per share			$1.61			$1.58			$1.64
Same Store Cash NOI growth			4.8		%	3.5		%	4.5		%

The 2026 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. The Company's guidance also does not include any future acquisitions, developments or share issuances or repurchases, other than as discussed in the detailed guidance assumptions on page 30 of the 4Q 2025 Supplemental. There can be no assurance that the Company's actual results will not be materially higher or lower than these expectations. If actual results or timing vary from these assumptions, the Company's expectations may change. See page 30 of the 4Q 2025 Supplemental for additional details and assumptions.

EARNINGS CALL

On Friday, February 13, 2026, 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

HEALTHCARE REALTY			Return to Table of Contents			4Q 2025 SUPPLEMENTAL INFORMATION 6

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Highlights

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 public, pure-play owner, operator and developer of medical outpatient buildings in the United States.

HEALTHCARE REALTY			Return to Table of Contents			4Q 2025 SUPPLEMENTAL INFORMATION 7

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Salient Facts 1

			Properties
			562 properties totaling 32.7M SF
			50 markets in 27 states
			65% of NOI in Top 15 Markets
			Capitalization
			$10.1B enterprise value as of 12/31/25
			$6.0B market capitalization as of 12/31/25
			355.9M shares/units outstanding as of 12/31/25
			354.9M diluted WA shares outstanding
			BBB/Baa2 S&P/Moody's
			40.3% net debt to enterprise value at 12/31/25
			5.4x net debt to adjusted EBITDA

1Includes properties held in joint ventures and excludes assets held for sale.

HEALTHCARE REALTY			Return to Table of Contents			4Q 2025 SUPPLEMENTAL INFORMATION 8

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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 December 31, 2025, the Company was invested in 562 real estate properties in 27 states totaling 32.7 million square feet and had an enterprise value of approximately $10.1 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
Daniel Gabbay
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			J.P. Morgan Securities LLC
			BTIG, LLC			Jefferies LLC
			Cantor Fitzgerald & Co.			KeyBanc Capital Markets Inc.
			Citi Research			RBC Capital Markets
			Deutsche Bank Securities			Scotiabank
			Green Street Advisors, Inc.			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 Chief Executive Officer

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			4Q 2025 SUPPLEMENTAL INFORMATION 9

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Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

ASSETS
			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
Real estate properties
Land			$1,060,254			$1,066,616			$1,105,231			$1,134,635			$1,143,468
Buildings and improvements			8,514,165			8,557,270			9,199,089			9,729,912			9,707,066
Lease intangibles			455,254			504,309			567,244			631,864			664,867
Personal property			7,056			6,854			6,944			9,938			9,909
Investment in financing receivables, net			123,249			123,346			124,134			123,813			123,671
Financing lease right-of-use assets			75,083			75,462			76,574			76,958			77,343
Construction in progress			—			—			40,421			35,101			31,978
Land held for development			57,535			57,203			49,110			52,408			52,408
Total real estate investments			10,292,596			10,391,060			11,168,747			11,794,629			11,810,710
Less accumulated depreciation and amortization			(2,397,795)			(2,381,297)			(2,494,169)			(2,583,819)			(2,483,656)
Total real estate investments, net			7,894,801			8,009,763			8,674,578			9,210,810			9,327,054
Cash and cash equivalents			26,172			43,345			25,507			25,722			68,916
Assets held for sale, net			143,580			604,747			358,207			6,635			12,897
Operating lease right-of-use assets			204,906			209,291			243,910			259,764			261,438
Investments in unconsolidated joint ventures			453,607			458,627			463,430			470,418			473,122
Other assets, net			487,795			533,874			469,940			522,920			507,496
Total assets			$9,210,861			$9,859,647			$10,235,572			$10,496,269			$10,650,923
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY
			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
Liabilities
Notes and bonds payable			$3,911,423			$4,485,706			$4,694,391			$4,732,618			$4,662,771
Accounts payable and accrued liabilities			211,071			173,784			194,076			144,855			222,510
Liabilities of properties held for sale			15,160			69,808			30,278			422			1,283
Operating lease liabilities			162,922			166,231			203,678			224,117			224,499
Financing lease liabilities			73,130			72,654			73,019			72,585			72,346
Other liabilities			160,530			146,618			158,704			174,830			161,640
Total liabilities			4,534,236			5,114,801			5,354,146			5,349,427			5,345,049
Redeemable non-controlling interests			3,252			4,332			4,332			4,627			4,778
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			3,516			3,510			3,505
Additional paid-in capital			9,137,257			9,134,486			9,129,338			9,121,269			9,118,229
Accumulated other comprehensive (loss) income			(5,174)			(6,461)			(9,185)			(7,206)			(1,168)
Cumulative net income attributable to common stockholders			128,238			113,847			171,585			329,436			374,309
Cumulative dividends			(4,646,944)			(4,562,454)			(4,477,940)			(4,368,739)			(4,260,014)
Total stockholders' equity			4,616,893			4,682,934			4,817,314			5,078,270			5,234,861
Non-controlling interest			56,480			57,580			59,780			63,945			66,235
Total equity			4,673,373			4,740,514			4,877,094			5,142,215			5,301,096
Total liabilities, redeemable non-controlling interests, and stockholders' equity			$9,210,861			$9,859,647			$10,235,572			$10,496,269			$10,650,923

HEALTHCARE REALTY			Return to Table of Contents			4Q 2025 SUPPLEMENTAL INFORMATION 10

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Statements of Income
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
Revenues
Rental income			$274,731			$287,399			$287,070			$288,857			$300,065
Interest income			3,614			3,480			3,449			3,731			4,076
Other operating			7,958			6,886			6,983			6,389			5,625
			286,303			297,765			297,502			298,977			309,766
Expenses
Property operating			110,732			113,456			109,924			114,963			114,415
General and administrative			13,787			21,771			23,482			13,530			34,208
Normalizing items 1			(3,469)			(12,046)			(10,302)			(502)			(22,991)
Normalized general and administrative			10,318			9,725			13,180			13,028			11,217
Transaction costs			300			125			593			1,011			1,577
Depreciation and amortization			127,408			137,841			147,749			150,969			160,330
			252,227			273,193			281,748			280,473			310,530
Other income (expense)
Interest expense before merger-related fair value			(37,337)			(41,927)			(42,766)			(44,366)			(47,951)
Merger-related fair value adjustment			(10,852)			(10,715)			(10,580)			(10,446)			(10,314)
Interest expense			(48,189)			(52,642)			(53,346)			(54,812)			(58,265)
Gain on sales of real estate properties and other assets			135,711			76,771			20,004			2,904			32,082
Loss on extinguishment of debt			(165)			(286)			—			—			(237)
Impairment of real estate assets and credit loss reserves			(105,806)			(104,362)			(142,348)			(12,081)			(81,098)
Equity (loss) income from unconsolidated joint ventures			(634)			287			158			1			224
Interest and other (expense) income, net			(402)			(2,884)			(366)			95			(154)
			(19,485)			(83,116)			(175,898)			(63,893)			(107,448)
Net income (loss)			$14,591			$(58,544)			$(160,144)			$(45,389)			$(108,212)
Net (income) loss attributable to non-controlling interests			(200)			806			2,293			516			1,366
Net income (loss) attributable to common stockholders			$14,391			$(57,738)			$(157,851)			$(44,873)			$(106,846)
Basic earnings per common share			$0.04			$(0.17)			$(0.45)			$(0.13)			$(0.31)
Diluted earnings per common share			$0.04			$(0.17)			$(0.45)			$(0.13)			$(0.31)
Weighted average common shares outstanding - basic			350,052			349,964			349,628			349,539			351,560
Weighted average common shares outstanding - diluted 2			350,052			349,964			349,628			349,539			351,560

    

STATEMENTS OF INCOME SUPPLEMENTAL INFORMATION
			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
Interest income
Financing receivables			$2,023			$2,029			$1,956			$1,950			$2,103
Interest on mortgage and mezzanine loans			1,591			1,451			1,493			1,781			1,973
Total			$3,614			$3,480			$3,449			$3,731			$4,076
Other operating income
Parking income			$2,193			$2,179			$2,369			$1,863			$1,958
Management fee and miscellaneous income			5,765			4,707			4,614			4,526			3,667
Total			$7,958			$6,886			$6,983			$6,389			$5,625

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 (or when dividends paid are greater than income), 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 4,280,972 units were not included.

HEALTHCARE REALTY			Return to Table of Contents			4Q 2025 SUPPLEMENTAL INFORMATION 11

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

			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
Net income (loss) attributable to common stockholders			$14,391			$(57,738)			$(157,851)			$(44,873)			$(106,846)
Net income (loss) attributable to common stockholders per diluted share 3			$0.04			$(0.17)			$(0.45)			$(0.13)			$(0.31)
Gain on sales of real estate assets			(135,711)			(76,771)			(20,004)			(2,904)			(32,082)
Impairments of real estate assets			105,706			104,362			140,877			10,145			75,423
Real estate depreciation and amortization			134,736			143,187			152,936			155,288			164,656
Non-controlling income (loss) from operating partnership units			200			(806)			(2,293)			(599)			(1,422)
Unconsolidated JV depreciation, amortization and impairment			7,659			6,688			6,706			6,717			5,913
FFO adjustments			$112,590			$176,660			$278,222			$168,647			$212,488
FFO adjustments per common share - diluted			$0.32			$0.50			$0.79			$0.48			$0.60
NAREIT FFO			$126,981			$118,922			$120,371			$123,774			$105,642
NAREIT FFO per common share - diluted			$0.36			$0.34			$0.34			$0.35			$0.30
Transaction costs			300			125			593			1,011			1,577
Lease intangible amortization			(698)			(203)			(222)			(228)			(2,348)
Non-routine tax and legal matters			(682)			9			478			77			306
Debt financing costs 4			1,614			3,493			—			—			237
Restructuring and severance-related charges			3,469			12,046			10,302			502			22,991
Credit losses and (gains) losses on other assets, net			100			—			1,471			1,936			4,582
Merger-related fair value adjustment			10,852			10,715			10,580			10,446			10,314
Unconsolidated JV normalizing items 5			211			233			163			204			113
Normalized FFO adjustments			$15,166			$26,418			$23,365			$13,948			$37,772
Normalized FFO adjustments per common share - diluted			$0.04			$0.07			$0.07			$0.04			$0.11
Normalized FFO			$142,147			$145,340			$143,736			$137,722			$143,414
Normalized FFO per common share - diluted			$0.40			$0.41			$0.41			$0.39			$0.40
Non-real estate depreciation and amortization			2,522			1,139			1,184			1,269			1,385
Non-cash interest amortization, net 6			1,396			1,384			1,130			1,217			1,239
Rent reserves, net			582			146			130			94			(369)
Straight-line amortization, net			(6,554)			(6,924)			(8,022)			(7,891)			(8,032)
Stock-based compensation			3,308			3,386			3,887			3,028			3,028
Unconsolidated JV non-cash items 7			(348)			(463)			(356)			(253)			(277)
Normalized FFO adjusted for non-cash items			$143,053			$144,008			$141,689			$135,186			$140,388
2nd generation TI			(11,120)			(9,398)			(12,036)			(14,885)			(20,003)
Leasing commissions paid			(7,645)			(7,438)			(5,187)			(11,394)			(11,957)
Building capital			(10,413)			(10,319)			(9,112)			(6,687)			(8,347)
Total maintenance capex			$(29,178)			$(27,155)			$(26,335)			$(32,966)			$(40,307)
FAD			$113,875			$116,853			$115,354			$102,220			$100,081
Quarterly dividends and OP distributions			$85,506			$85,536			$110,486			$109,840			$110,808
FFO wtd avg common shares outstanding - diluted 8			354,914			354,690			354,078			353,522			355,874

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 (or when dividends paid are greater than income), 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 and restated 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 581,073 for the three months ended December 31, 2025. Also includes the diluted impact of 4,280,972 OP units outstanding.

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

ACQUISITION AND RE/DEVELOPMENT FUNDING
			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
Acquisitions 1			$—			$—			$—			$—			$—
Re/development 2			29,352			36,031			42,040			33,436			39,611
1st generation TI/LC/Capital & acquisition capex 3			34,207			24,480			33,369			15,139			14,794
MAINTENANCE CAPITAL EXPENDITURES FUNDING
			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
2nd generation TI			$11,120			$9,398			$12,036			$14,885			$20,003
Leasing commissions paid			7,645			7,438			5,187			11,394			11,957
Building capital			10,413			10,319			9,112			6,687			8,347
			$29,178			$27,155			$26,335			$32,966			$40,307
% of Cash NOI
2nd generation TI			6.2		%	5.1		%	6.4		%	8.2		%	10.6		%
Leasing commissions paid			4.3		%	4.0		%	2.8		%	6.3		%	6.3		%
Building capital			5.8		%	5.6		%	4.9		%	3.7		%	4.4		%
			16.3		%	14.7		%	14.1		%	18.2		%	21.3		%
LEASING COMMITMENTS 4
			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
Renewals
Square feet			656,712			682,626			642,797			794,857			783,975
2nd generation TI/square foot/lease year			$1.96			$3.13			$1.66			$1.90			$2.20
Leasing commissions/square foot/lease year			$1.39			$1.85			$1.12			$1.48			$1.48
Renewal commitments as a % of annual net rent			14.2		%	16.8		%	12.2		%	13.8		%	14.1		%
WALT (in months) 5			54.6			58.9			37.9			47.7			59.7
New leases
Square feet			137,873			132,079			195,266			172,371			299,950
2nd generation TI/square foot/lease year			$7.54			$6.94			$7.12			$6.08			$7.30
Leasing commissions/square foot/lease year			$2.05			$1.90			$2.03			$1.90			$1.82
New lease commitments as a % of annual net rent			48.2		%	42.0		%	44.6		%	40.4		%	40.7		%
WALT (in months) 5			71.2			65.2			63.3			65.9			78.3
All
Square feet			794,585			814,705			838,063			967,228			1,083,925
Leasing commitments as a % of annual net rent			20.5		%	20.0		%	22.2		%	18.8		%	21.9		%
WALT (in months) 5			57.5			60.0			43.8			51.0			64.8

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.

HEALTHCARE REALTY			Return to Table of Contents			4Q 2025 SUPPLEMENTAL INFORMATION 13

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Debt Metrics 1
DOLLARS IN THOUSANDS

SUMMARY OF INDEBTEDNESS AS OF DECEMBER 31, 2025
			PRINCIPAL BALANCE			BALANCE 1			MATURITY DATE 2			MONTHS TO MATURITY 2			4Q 2025 INTEREST EXPENSE			CONTRACTUAL INTEREST EXPENSE			CONTRACTUAL RATE			EFFECTIVE RATE			FAIR VALUE MERGER ADJUSTED
SENIOR NOTES			$600,000			$595,026			8/1/2026			7			$7,338			$5,250			3.50		%	4.94		%	Y
			500,000			492,693			7/1/2027			18			5,855			4,687			3.75		%	4.76		%	Y
			300,000			298,652			1/15/2028			25			2,789			2,719			3.63		%	3.85		%
			650,000			597,188			2/15/2030			50			7,883			5,038			3.10		%	5.30		%	Y
			299,500			297,610			3/15/2030			51			1,929			1,797			2.40		%	2.72		%
			299,785			296,866			3/15/2031			63			1,594			1,536			2.05		%	2.25		%
			800,000			685,874			3/15/2031			63			8,750			4,000			2.00		%	5.13		%	Y
			$3,449,285			$3,263,909						39			$36,138			$25,027			2.90		%	4.47		%
TERM LOANS			$200,000			$199,635			7/20/2029			42			2,525			2,525			SOFR + 0.94%			4.81		%
			300,000			299,055			1/20/2029			36			3,788			3,788			SOFR + 0.94%			4.81		%
			—			—			5/31/2027 3			—			131			131			SOFR + 1.04%			4.91		%
			—			—			6/1/2027 3			—			1,316			1,316			SOFR + 1.04%			4.91		%
			—			—			10/31/2027 3			—			1,650			1,650			SOFR + 1.04%			4.91		%
			$500,000			$498,690						38			$9,410			$9,410						4.81		%
$1.5B CREDIT FACILITY			120,000			120,000			7/25/2030			54			$3,385			$3,385			SOFR + 0.84%			4.61		%
MORTGAGES			$28,904			$28,824			various			7			$382			$393			3.94		%	4.50		%
			$4,098,189			$3,911,423						39			$49,315			$38,215			3.19		%	4.52		%	$2,550,000
Less cash			(26,172)			(26,172)
Net debt			$4,072,017			$3,885,251
Interest rate swaps															(568)			(568)
Interest cost capitalization															(3,532)			—
Unsecured credit facility fee & deferred financing costs															2,042			728
Financing right-of-use asset amortization															932			—
															$48,189			$38,375

DEBT MATURITIES SCHEDULE AS OF DECEMBER 31, 2025 2
						PRINCIPAL PAYMENTS
						BANK LOANS			SENIOR NOTES			MORTGAGE NOTES			TOTAL						WA RATE
2026						$0			$600,000			$28,904			$628,904						3.52		%
2027						—			500,000			—			500,000						3.75		%
2028						—			300,000			—			300,000						3.63		%
2029						500,000			—			—			500,000						4.81		%
Thereafter						120,000			2,049,285			—			2,169,285						2.54		%
Total						$620,000			$3,449,285			$28,904			$4,098,189						3.19		%
Net debt (principal)															$4,072,017
Fixed rate debt balance						$500,000			$3,449,285			$28,904			$3,978,189
% fixed rate debt, net of cash												97.7		%
Company share of JV net debt									$31,751
																		`

INTEREST RATE SWAPS
MATURITY			AMOUNT			WA FIXED SOFR RATE
May 2026			$100,000			2.15		%
December 2026			150,000			3.84		%
June 2027			150,000			4.13		%
December 2027			100,000			4.13		%
As of 12/31/2025			$500,000			3.65		%

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

2Includes extension options.

3During the quarter, the Company paid off the remaining outstanding principal balance of term loans due in 2027 totaling $541.6 million.

HEALTHCARE REALTY			Return to Table of Contents			4Q 2025 SUPPLEMENTAL INFORMATION 14

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Debt Covenants & Liquidity
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED DECEMBER 31, 2025 1
			CALCULATION			REQUIREMENT			PER DEBT COVENANTS
Revolving credit facility and term loan
Leverage ratio			Total debt/total capital			Not greater than 60%			36.8		%
Secured leverage ratio			Total secured debt/total capital			Not greater than 30%			0.3		%
Unencumbered leverage ratio			Unsecured debt/unsecured real estate			Not greater than 60%			40.0		%
Fixed charge coverage ratio			EBITDA/fixed charges			Not less than 1.50x			3.4x
Unsecured coverage ratio			Unsecured EBITDA/unsecured interest			Not less than 1.75x			3.3x
Asset investments			Unimproved land, JVs & mortgages/total assets			Not greater than 35%			10.3		%
Senior Notes
Incurrence of total debt			Total debt/total assets			Not greater than 60%			35.8		%
Incurrence of debt secured by any lien			Secured debt/total assets			Not greater than 40%			0.3		%
Maintenance of total unsecured assets			Unencumbered assets/unsecured debt			Not less than 150%			267.9		%
Debt service coverage			EBITDA/interest expense			Not less than 1.5x			3.5x
Other
Net debt to adjusted EBITDA 2			Net debt (debt less cash)/adjusted EBITDA			Not required			5.4x
Net debt to enterprise value 3			Net debt/enterprise value			Not required			40.3		%

LIQUIDITY SOURCES
Cash			$26,172
Unsecured credit facility availability			$1,380,000
Consolidated unencumbered real estate assets (gross) 4			$10,383,604

        

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.

3Based on the closing price of $16.95 on December 31, 2025, and 355,878,607 shares outstanding including outstanding OP units.

4The annualized fourth quarter unencumbered asset NOI was $674.6 million.

HEALTHCARE REALTY			Return to Table of Contents			4Q 2025 SUPPLEMENTAL INFORMATION 15

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Investment Activity
DOLLARS IN THOUSANDS

DISPOSITION ACTIVITY DETAIL
LOCATION			COUNT						CLOSING			SQUARE FEET			OCCUPIED %			SALE PRICE
Dispositions
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
New Haven, CT			0						10/16/2025			—			—		%	725
Des Moines, IA			1						10/29/2025			152,655			79		%	7,225
Jacksonville, FL			2						11/17/2025			40,333			100		%	18,600
Richmond, VA			6						11/18/2025			405,945			93		%	171,000
Boston, MA			1						12/8/2025			10,380			—		%	278
Atlanta, GA			0						12/19/2025			—			—		%	3,000
Multiple			25						12/19/2025			1,522,500			83		%	348,900
Memphis, TN			1						12/29/2025			116,473			99		%	23,021
Phoenix, AZ			1						12/29/2025			89,980			92		%	22,275
Phoenix, AZ			1						12/29/2025			89,983			—		%	5,225
Houston, TX 2			1						12/30/2025			49,319			100		%	12,500
4Q 2025 total			39									2,477,568			83		%	$612,749
Total 2025 disposition activity			70									4,493,006			79		%	$1,090,310
Average cap rate 3																		6.7		%
																		.
Subsequent Disposition Activity
Atlanta, GA			1						1/14/2026			60,039			91		%	21,900
Chicago, IL			1						Est. Feb			139,200			95		%	47,000

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

2The Company provided seller financing of approximately $6.4 million in connection with this sale.

3Cap rate represents the in-place cash NOI divided by sales price. Cap rate includes subsequent disposition activity.

HEALTHCARE REALTY			Return to Table of Contents			4Q 2025 SUPPLEMENTAL INFORMATION 16

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Joint Ventures 1
DOLLARS IN THOUSANDS

PORTFOLIOS
						WA OWNERSHIP INTEREST												4Q 2025
JOINT VENTURE									# OF PROPERTIES			SQUARE FEET						OCCUPANCY			NOI			NOI AT SHARE			SAME STORE NOI AT SHARE
Nuveen						41		%	26			1,386,043						87		%	$7,361			$2,775			$2,172
CBRE						20		%	4			283,880						59		%	1,162			233			183
KKR						20		%	23			1,719,557						97		%	13,340			2,668			—
Other 2						58		%	10			723,632						90		%	5,241			2,780			1,886
Total									63			4,113,112						90		%	$27,104			$8,456			$4,241

BALANCE SHEET
JOINT VENTURE									REAL ESTATE INVESTMENT 3			DEBT 3			DEBT AT SHARE			INTEREST RATE
Nuveen									$571,440			$72,711			$14,542			5.9		%
CBRE									134,804			—			—			—
KKR									741,811			—			—			—
Other 2									343,622			68,117			27,247			5.3		%
Total									$1,791,677			$140,828			$41,789			5.6		%
Net debt at JV share									$31,751

1Excludes completed dispositions and assets held for sale.

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			4Q 2025 SUPPLEMENTAL INFORMATION 17

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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			$9,526
Fort Worth, TX 1			Baylor Scott & White						101,279			72		%	48,200			3,840
Total development									224,270			60		%	$106,200			$13,366
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			97		%	$35,050			$4,116
Houston, TX						2			314,861			152,172			35		%	30,000			2,735
White Plains, NY						1			65,851			44,634			85		%	24,900			1,366
Charlotte, NC						1			122,388			83,581			40		%	19,200			19,012
Washington, DC						1			57,323			24,034			82		%	15,200			1,015
Seattle, WA						1			78,288			34,916			29		%	13,600			13,542
Raleigh, NC						1			40,400			40,400			100		%	10,800			5,772
Houston, TX						1			40,214			40,214			42		%	10,400			10,400
Denver, CO						2			78,691			51,149			41		%	10,200			10,189
Port St. Lucie, FL						1			31,466			31,466			20		%	9,400			8,942
Dallas, TX						1			126,121			22,152			100		%	8,600			8,131
Denver, CO						1			55,978			28,832			53		%	7,300			6,625
Other 2						8			849,087			671,263			53		%	96,800			77,549
Total redevelopment						23			2,029,803			1,326,299			55		%	$291,450			$169,394
Projected stabilized yield - 9.0%-12.0%
Estimated stabilization period post completion - 12 - 36 months

LAND HELD FOR DEVELOPMENT
MARKET			COUNT			ACREAGE			INVESTMENT TO DATE
White Plains, NY			1			3.1			$3,440
Atlanta, GA			1			2.5			2,602
Nashville, TN			1			2.7			2,018
Round Rock, TX			1			6.3			6,681
Nashville, TN			1			0.4			4,653
Other			14			Various			38,141
Total			19						$57,535

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

2Leased percentage does not include a 64,000 square foot lease executed in January 2026 on a redevelopment in Albany, NY.

HEALTHCARE REALTY			Return to Table of Contents			4Q 2025 SUPPLEMENTAL INFORMATION 18

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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			9.9		%	9.9		%
Seattle, WA			15			29						1,324,047															1,324,047			257,121			1,581,168			7.1		%	17.0		%
Charlotte, NC			21			31						1,699,765															1,699,765						1,699,765			5.6		%	22.6		%
Houston, TX			5			27						1,747,673						67,500									1,815,173			249,158			2,064,331			5.3		%	27.9		%
Denver, CO			19			29						1,349,450															1,349,450			306,949			1,656,399			4.9		%	32.8		%
Atlanta, GA			6			25						1,222,606															1,222,606			96,108			1,318,714			4.3		%	37.1		%
Los Angeles, CA			2			27						787,715						63,000									850,715			786,520			1,637,235			4.0		%	41.1		%
Boston, MA			11			13						718,723															718,723						718,723			4.0		%	45.1		%
Raleigh, NC			41			27						978,218															978,218			198,485			1,176,703			3.4		%	48.5		%
Phoenix, AZ			10			33						1,251,557															1,251,557			101,086			1,352,643			3.3		%	51.8		%
Nashville, TN			35			12						1,134,891															1,134,891			106,981			1,241,872			3.0		%	54.8		%
Indianapolis, IN			33			37						996,511						61,398									1,057,909			357,915			1,415,824			2.9		%	57.7		%
Tampa, FL			17			17						830,843															830,843						830,843			2.6		%	60.3		%
Washington, DC			7			9						692,107															692,107						692,107			2.6		%	62.9		%
Austin, TX			25			12						657,575															657,575			129,879			787,454			2.5		%	65.4		%
Miami, FL			8			11						746,463															746,463			52,178			798,641			2.4		%	67.8		%
San Francisco, CA			13			9						449,706															449,706			110,865			560,571			2.3		%	70.1		%
Orlando, FL			20			7						359,477						56,998									416,475						416,475			2.1		%	72.2		%
New York, NY			1			14						557,111															557,111			57,411			614,522			2.1		%	74.3		%
Hartford, CT			50			25						554,371															554,371						554,371			2.0		%	76.3		%
Other (30 Markets)						121						6,066,696						473,636			895,708						7,436,040			721,360			8,157,400			23.7		%	100.0		%
Total						562						26,653,373						869,051			1,095,508						28,617,932			4,113,112			32,731,044			100.0		%
Number of properties												481						14			4						499			63			562
% of square feet												93.2		%				3.0		%	3.8		%				100.0		%
% multi-tenant												87.1		%				—		%	71.8		%				83.9		%
Investment												$9,317,607						$406,399			$272,967						$9,996,973
Quarterly cash NOI 2												$146,659						$8,418			$4,427						$159,504
% of cash NOI												91.9		%				5.3		%	2.8		%				100.0		%

BY OWNERSHIP AND TENANT TYPE
			WHOLLY OWNED						JOINT VENTURES
			MULTI-TENANT			SINGLE-TENANT						MULTI-TENANT			SINGLE-TENANT			TOTAL
Number of properties			397			102						47			16			562
Square feet			24,010,566			4,607,366						3,383,096			730,016			32,731,044
% of square feet			73.4		%	14.1		%				10.3		%	2.2		%	100.0		%
Investment 2			$8,012,291			$1,984,683						$493,232			$115,135			$10,605,340
Quarterly cash NOI 2			$126,915			$32,588						$6,375			$2,081			$167,960
% of cash NOI			75.6		%	19.4		%				3.8		%	1.2		%	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, and corporate property.

HEALTHCARE REALTY			Return to Table of Contents			4Q 2025 SUPPLEMENTAL INFORMATION 19

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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-/Baa2			2,046,423			769,842			2,816,265			41			9.6		%	720,231			2.6		%	127
Baylor Scott & White			21			AA-/Aa2			2,146,334			66,376			2,212,710			25			6.8		%	1,085,258			4.0		%	154
CommonSpirit			4			A-/A3			1,442,804			535,300			1,978,104			37			6.7		%	806,420			2.9		%	152
Ascension Health			3			AA/Aa3			1,601,286			97,551			1,698,837			17			4.4		%	739,365			2.7		%	104
Advocate Health			14			AA/Aa2			751,636			240,910			992,546			17			3.8		%	869,101			3.2		%	87
Wellstar Health System			75			A+/A2			918,394			—			918,394			18			3.2		%	607,220			2.2		%	82
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		%	247,064			0.9		%	45
AdventHealth			11			AA/Aa2			640,215			118,585			758,800			12			2.6		%	390,729			1.4		%	97
MultiCare Health System			82			A/--			492,623			—			492,623			8			2.5		%	233,700			0.9		%	28
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			545,035			235,399			780,434			13			2.0		%	130,632			0.5		%	21
Tufts Medicine			None			BBB-/Aa3			252,087			—			252,087			2			1.9		%	260,784			1.0		%	5
Cedars-Sinai Health Systems			51			AA-/Aa3			199,701			90,607			290,308			5			1.8		%	90,515			0.3		%	20
WakeMed			185			--/A2			374,207			101,597			475,804			13			1.7		%	152,831			0.6		%	23
Banner Health			24			AA-/--			749,075			31,039			780,114			24			1.6		%	118,225			0.4		%	32
Hawaii Pacific Health			181			--/A1			173,502			124,925			298,427			3			1.6		%	104,915			0.4		%	41
Baptist Memorial Health Care			89			A-2/--			427,649			150,228			577,877			8			1.6		%	383,115			1.4		%	46
Sutter Health			12			A+/A1			175,591			96,987			272,578			4			1.4		%	110,448			0.4		%	24
Novant Health			42			A+/A1			473,471			138,035			611,506			10			1.4		%	193,957			0.7		%	26
MemorialCare Health Systems			133			A+/--			353,541			48,759			402,300			5			1.4		%	8,877			—		%	4
Other (60 Credit Rated)									6,062,259			2,698,466			8,760,725			174			28.4		%	4,140,953			15.1		%
Subtotal - credit rated 6									21,307,008			6,015,236			27,322,244			468			92.2		%	12,076,960			44.1		%
Other non-credit rated 7									609,845			380,385			990,230			18			2.6		%	410,712			1.5		%
Off-campus non-affiliated 8									—			2,227,935			2,227,935			51			5.2		%	—			—		%
Total									21,916,853			8,623,556			30,540,409			537			100.0		%	12,487,672			45.6		%
Joint ventures									2,731,325			1,155,711			3,887,036
Wholly-owned									19,185,528			7,467,845			26,653,373

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

7Includes 18 properties associated with hospital systems that are not credit rated.

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			4Q 2025 SUPPLEMENTAL INFORMATION 20

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MOB Proximity to Hospital 1,2,3

MOB BY LOCATION
			# OF PROPERTIES			SQUARE FEET			TOTAL			% GROUND LEASED
On campus			206			15,964,097			52.3		%	69.9		%
Adjacent to campus 4			137			5,952,756			19.5		%	14.1		%
Total on/adjacent			343			21,916,853			71.8		%	54.7		%
Off campus - affiliated 5			143			6,395,621			20.9		%	15.0		%
Off campus			51			2,227,935			7.3		%	8.3		%
			537			30,540,409			100.0		%	43.0		%
Wholly-owned			481			26,653,373
Joint ventures			56			3,887,036

MOB BY CLUSTER 6
			TOTAL									HOSPITAL CENTRIC 7
			# OF PROPERTIES			SQUARE FEET			% OF SQUARE FEET			# OF PROPERTIES			SQUARE FEET			% OF SQUARE FEET
Clustered			410			23,001,159			75.3		%	334			19,954,197			77.4		%
Non-clustered			127			7,539,250			24.7		%	86			5,823,814			22.6		%
Total			537			30,540,409			100.0		%	420			25,778,011			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 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			4Q 2025 SUPPLEMENTAL INFORMATION 21

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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						223,247			59,427			282,674			1.0		%	44,126			238,548			85
1Q 2026						1,081,421			44,806			1,126,227			3.8		%	41,461			1,084,766			304
2Q 2026						860,539			66,250			926,789			3.1		%	111,354			815,435			272
3Q 2026						805,290			112,329			917,619			3.1		%	91,014			826,605			230
4Q 2026						914,602			—			914,602			3.1		%	33,986			880,616			256
2027						3,742,692			1,098,726			4,841,418			16.4		%	467,584			4,373,834			950
2028						3,158,421			585,199			3,743,620			12.6		%	287,966			3,455,654			904
2029						2,926,257			715,648			3,641,905			12.3		%	581,886			3,060,019			683
2030						2,702,344			641,922			3,344,266			11.3		%	329,213			3,015,053			630
2031						1,499,137			369,883			1,869,020			6.3		%	245,981			1,623,039			324
2032						1,934,968			395,932			2,330,900			7.9		%	361,685			1,969,215			301
2033						890,366			52,813			943,179			3.2		%	192,162			751,017			190
2034						1,170,299			142,581			1,312,880			4.4		%	251,688			1,061,192			190
2035						1,231,407			159,725			1,391,132			4.7		%	116,938			1,274,194			206
Thereafter						1,178,740			835,365			2,014,105			6.8		%	530,630			1,483,475			181
Total occupied						24,319,730			5,280,606			29,600,336			90.4		%	3,687,674			25,912,662			5,706
Total building						27,393,662			5,337,382			32,731,044						4,113,112			28,617,932
Occupancy						88.8		%	98.9		%	90.4		%				89.7		%	90.5		%
WALTR (months) 4			51.0			69.2			54.3									52.1
WALT (months) 4			92.4			138.2			114.9									99.8

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						—			24,644,200			—			5,377,288						30,021,488
Dispositions, assets held for sale and corp office						—			(499,198)			—			(48,556)						(547,754)
Expirations and early vacates						(950,454)			—			(87,331)			—			(1,037,785)
Renewals, amendments, and extensions						667,521			—			39,205			—			706,726
New lease commencements						457,661			—			—			—			457,661
Absorption									174,728						(48,126)						126,602
Occupied square feet, end of period									24,319,730						5,280,606						29,600,336

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, corporate property and assets classified as held for sale, unless noted otherwise.

3The average lease size in the wholly-owned multi-tenant portfolio is 3,906 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			4Q 2025 SUPPLEMENTAL INFORMATION 22

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Leasing Statistics 1,2

SAME STORE RENEWALS 2
			4Q 2025			2025
Cash leasing spreads			3.7		%	3.1		%
Cash leasing spreads distribution
< 0% spread			10.1		%	8.3		%
0-3% spread			7.0		%	13.2		%
3-4% spread			60.5		%	55.8		%
> 4% spread			22.4		%	22.7		%
Total			100.0		%	100.0		%
Tenant retention rate			82.7		%	81.5		%

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			2.97		%	70.6		%				2.50		%	16.3		%				2.88		%	86.8		%
Acquisitions			2.81		%	6.2		%				2.74		%	1.7		%				2.80		%	7.9		%
Other 4			2.86		%	5.0		%				3.00		%	0.3		%				2.86		%	5.3		%
Total			2.95		%	81.8		%				2.53		%	18.2		%				2.87		%	100.0		%
Escalator type
Fixed			2.96		%	98.1		%				2.57		%	87.6		%				2.90		%	96.1		%
CPI			2.50		%	1.9		%				2.22		%	12.4		%				2.33		%	3.9		%

SAME STORE TYPE AND OWNERSHIP STRUCTURE 2
			MULTI-TENANT			SINGLE-TENANT						TOTAL
Tenant type
Hospital			48.4		%	54.7		%				49.4		%
Physician and other			51.6		%	45.3		%				50.6		%
Lease structure
Gross			8.6		%	1.4		%				7.3		%
Modified gross			32.9		%	9.3		%				28.7		%
Net			58.5		%	65.2		%				59.7		%
Absolute net 5			—		%	24.1		%				4.3		%
Ownership type
Ground lease			46.2		%	34.9		%				44.4		%
Fee simple			53.8		%	65.1		%				55.6		%

    

# OF LEASES BY SIZE 6
LEASED SQUARE FEET			# OF LEASES			WALT			WALTR
0 - 2,500			2,980			73.4			38.8
2,501 - 5,000			1,431			81.3			43.1
5,001 - 7,500			490			92.1			48.4
7,501 - 10,000			280			100.3			52.0
10,001 +			525			117.5			60.9
Total Leases			5,706			99.8			52.1

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, corporate property and assets classified as held for sale.

HEALTHCARE REALTY			Return to Table of Contents			4Q 2025 SUPPLEMENTAL INFORMATION 23

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Same Store 1,2
DOLLARS IN THOUSANDS

TOTAL CASH NOI
			% of Total NOI			4Q 2025
Multi-tenant			68.1		%	$	121,798
Single-tenant			17.9		%	31,878
Joint venture			2.4		%	4,241
Same store			88.5		%	$157,917
Developments			0.2		%	268
Development completions			0.5		%	839
Redevelopment			2.9		%	5,153
Redevelopment completions			0.3		%	511
Wholly-owned and joint venture acquisitions			1.8		%	3,271
Completed dispositions & assets held for sale			5.8		%	10,500
Total cash NOI			100.0		%	$178,459

PORTFOLIO OCCUPANCY AND ABSORPTION
												OCCUPANCY %									ABSORPTION (square feet in thousands)
			COUNT			SQUARE FEET						4Q 2025			3Q 2025			4Q 2024			SEQUENTIAL			Y-O-Y
Multi-tenant			377			22,032,311						90.8		%	90.5		%	89.5		%	66			279
Single-tenant			96			4,271,051						99.9		%	99.9		%	100.0		%	—			(6)
Joint venture			28			1,532,190						90.1		%	90.2		%	89.2		%	(1)			14
Same store			501			27,835,552						92.1		%	91.9		%	91.1		%	65			287
Wholly owned and joint venture acquisitions			30			2,192,560						95.3		%	95.1		%	94.0		%	3			28
Total stabilized portfolio			531			30,028,112						92.4		%	92.1		%	91.3		%	68			316
Developments			2			224,270						47.1		%	34.3		%	12.4		%	29			90
Development completions			2			107,247						89.6		%	82.1		%	82.1		%	8			8
Redevelopments 3			23			2,029,803						69.9		%	68.7		%	74.8		%	23			(101)
Redevelopment completions			4			341,612						70.9		%	71.4		%	70.7		%	(1)			1
Total portfolio including re/developments			562			32,731,044						90.4		%	90.0		%	89.8		%	127			314
Joint ventures			63			4,113,112						89.7		%	89.5		%	87.3		%	8			98
Total wholly-owned			499			28,617,932						90.5		%	90.1		%	90.1		%	118			216
Multi-tenant			444			27,393,662						88.8		%	88.3		%	87.7		%	175			371

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			4Q 2025 SUPPLEMENTAL INFORMATION 24

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

SAME STORE CASH NOI
			TOTAL
			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024						2025			2024
Base revenue			$186,609			$184,806			$182,406			$179,492			$178,148						$733,313			$704,762
Op. exp. recoveries			58,697			57,556			54,847			55,683			55,627						226,783			216,707
Revenues			$245,306			$242,362			$237,253			$235,175			$233,775						$960,096			$921,469
Expenses			87,389			86,433			82,722			85,005			84,045						341,549			331,280
Cash NOI			$157,917			$155,929			$154,531			$150,170			$149,730						$618,547			$590,189
Revenue per occ SF 4			$38.31			$37.99			$37.34			$37.08			$36.92						$37.67			$36.61
Margin			64.4		%	64.3		%	65.1		%	63.9		%	64.0		%				64.4		%	64.0		%
Period end occupancy			92.1		%	91.9		%	91.5		%	91.2		%	91.1		%				92.1		%	91.1		%
Number of properties			501			501			501			501			501						501			501
Year-Over-Year Change
Revenues			4.9		%																4.2		%
Base revenue			4.7		%																4.1		%
Exp recoveries			5.5		%																4.6		%
Expenses			4.0		%																3.1		%
Cash NOI			5.5		%																4.8		%

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

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

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.

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NOI Reconciliations 1
DOLLARS IN THOUSANDS

BOTTOM UP RECONCILIATION
			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
Net income (loss)			$14,591			($58,544)			($160,144)			($45,389)			($108,212)
Other expense (income)			19,485			83,116			175,898			63,893			107,448
General and administrative expense			13,787			21,771			23,482			13,530			34,208
Depreciation and amortization expense			127,408			137,841			147,749			150,969			160,330
Other expenses 2			9,535			7,290			7,821			7,564			7,059
Straight-line rent expense			788			842			859			865			917
Straight-line rent revenue			(4,753)			(6,741)			(7,904)			(7,709)			(9,061)
Other revenue 3			(10,998)			(9,542)			(9,345)			(9,907)			(11,194)
Joint venture property cash NOI			8,616			8,380			8,225			8,282			7,280
Cash NOI			$178,459			$184,413			$186,641			$182,098			$188,775
Developments			(268)			(84)			74			64			69
Development completions			(839)			(799)			(788)			(854)			(276)
Redevelopment			(5,153)			(5,878)			(6,754)			(6,552)			(6,968)
Redevelopment completions			(511)			(380)			(389)			(106)			(278)
Wholly owned and joint venture acquisitions			(3,271)			(3,160)			(3,072)			(3,065)			(2,441)
Completed dispositions & assets held for sale			(10,500)			(18,183)			(21,181)			(21,415)			(29,151)
Same store cash NOI			$157,917			$155,929			$154,531			$150,170			$149,730
Same store joint venture properties			(4,241)			(4,093)			(4,147)			(4,141)			(4,291)
Same store excluding JVs			$153,676			$151,836			$150,384			$146,029			$145,439
TOP DOWN RECONCILIATION
			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
Rental income before rent concessions			$278,573			$292,965			$292,859			$294,543			$305,229
Rent concessions			(3,842)			(5,566)			(5,789)			(5,686)			(5,164)
Rental income			$274,731			$287,399			$287,070			$288,857			$300,065
Parking income			2,193			2,179			2,368			1,863			1,958
Interest from financing receivable, net			2,023			2,029			1,956			1,950			2,103
Exclude straight-line rent revenue			(4,753)			(6,741)			(7,904)			(7,709)			(9,061)
Exclude other non-cash revenue 4			(4,140)			(3,922)			(3,593)			(4,051)			(5,697)
Cash revenue			$270,054			$280,944			$279,897			$280,910			$289,368
Property operating expense			(110,732)			(113,456)			(109,924)			(114,963)			(114,415)
Exclude non-cash expenses 5			10,521			8,545			8,443			7,869			6,542
Joint venture property cash NOI			8,616			8,380			8,225			8,282			7,280
Cash NOI			$178,459			$184,413			$186,641			$182,098			$188,775
Developments			(268)			(84)			74			64			69
Development completions			(839)			(799)			(788)			(854)			(276)
Redevelopment			(5,153)			(5,878)			(6,754)			(6,552)			(6,968)
Redevelopment completions			(511)			(380)			(389)			(106)			(278)
Wholly owned and joint venture acquisitions			(3,271)			(3,160)			(3,072)			(3,065)			(2,441)
Completed dispositions & assets held for sale			(10,500)			(18,183)			(21,181)			(21,415)			(29,151)
Same store cash NOI			$157,917			$155,929			$154,531			$150,170			$149,730
Same store joint venture properties			(4,241)			(4,093)			(4,147)			(4,141)			(4,291)
Same store excluding JVs			$153,676			$151,836			$150,384			$146,029			$145,439

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, 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
			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
Cash NOI			$178,459			$184,413			$186,641			$182,098			$188,775
General and administrative expense			(13,787)			(21,771)			(23,482)			(13,530)			(34,208)
Straight-line rent revenue			4,753			6,741			7,904			7,709			9,061
Interest and other (expense) income, net			(402)			(2,884)			(366)			95			(154)
Management fees and other income			5,765			4,707			4,614			4,525			3,667
Note receivable interest income			1,591			1,451			1,492			1,781			1,973
Other non-cash revenue 2			3,642			3,385			3,239			3,601			5,554
Other non-cash expenses 3			(10,358)			(8,007)			(8,087)			(7,418)			(6,400)
Non-real estate impairment			—			—			(1,471)			—			(1,600)
Restructuring and severance-related costs			588			9,010			7,060			114			19,288
Income taxes			300			372			297			310			657
Unconsolidated JV adjustments			(894)			(1,031)			(683)			(1,155)			(720)
Debt Covenant EBITDA			$169,657			$176,386			$177,158			$178,130			$185,893
Interest expense			(48,189)			(52,642)			(53,346)			(54,812)			(58,265)
Transaction costs			(300)			(125)			(593)			(1,011)			(1,577)
Leasing commission amortization 4			8,418			6,519			6,404			5,621			5,744
Non-real estate depreciation and amortization			(1,091)			(1,173)			(1,217)			(1,301)			(1,418)
Loss on non-real estate assets			—			—			—			(1,936)			(4,075)
Non-controlling interest			—			—			—			(83)			(56)
Restructuring and severance-related costs			(588)			(9,010)			(7,060)			(114)			(19,288)
Income taxes			(300)			(372)			(297)			(310)			(657)
Loss on extinguishment of debt			(165)			(286)			—			—			(237)
Unconsolidated JV adjustments			(461)			(375)			(678)			(410)			(422)
NAREIT FFO			$126,981			$118,922			$120,371			$123,774			$105,642
Transaction costs			300			125			593			1,011			1,577
Lease intangible amortization			(698)			(203)			(222)			(228)			(2,348)
Non-routine tax and legal matters			(682)			9			478			77			306
Debt financing costs 5			1,614			3,493			—			—			237
Restructuring and severance-related charges			3,469			12,046			10,302			502			22,991
Merger-related fair value adjustment			10,852			10,715			10,580			10,446			10,314
Credit losses and (gains) losses on other assets, net			100			—			1,471			1,936			4,582
Unconsolidated JV normalizing items			211			233			163			204			113
Normalized FFO			$142,147			$145,340			$143,736			$137,722			$143,414

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 and restated credit facility.

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EBITDA Reconciliations 1
DOLLARS IN THOUSANDS

RECONCILIATION OF EBITDA
			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
Net income (loss)			$14,591			($58,544)			($160,144)			($45,389)			($108,212)
Interest expense			48,189			52,642			53,346			54,812			58,265
Income taxes			300			372			297			310			657
Depreciation and amortization			127,408			137,841			147,749			150,968			160,330
Unconsolidated JV depreciation, amortization, and interest			8,121			7,063			7,384			7,128			6,336
EBITDA			$198,609			$139,374			$48,632			$167,829			$117,376
Transaction costs			300			125			593			1,011			1,577
Gain on sales of assets			(135,711)			(76,771)			(20,004)			(2,904)			(32,082)
Impairments on real estate assets			105,706			104,362			140,877			12,080			79,497
Restructuring and severance-related charges			588			9,010			7,060			114			19,288
Loss on extinguishment of debt			165			286			—			—			237
Debt Covenant EBITDA			$169,657			$176,386			$177,158			$178,130			$185,893
Leasing commission amortization 2			8,418			6,520			6,404			5,621			5,744
Lease intangibles, franchise taxes and prepaid ground amortization			(31)			(111)			578			520			(3,596)
Timing impact 3			(2,089)			558			4,129			4,176			(2,125)
Stock based compensation			3,308			3,386			3,887			3,028			3,028
Allowance for credit losses			100			—			1,471			—			1,600
Rent reserves, net			582			146			130			94			(369)
Debt financing costs 4			1,449			3,207			—			—			—
Unconsolidated JV adjustments			319			425			163			204			113
Adjusted EBITDA			$181,713			$190,517			$193,920			$191,773			$190,288
Annualized Adjusted EBITDA			$726,852			$762,068			$775,680			$767,092			$761,152
RECONCILIATION OF NET DEBT
Debt			$3,911,423			$4,485,706			$4,694,391			$4,732,618			$4,662,771
Share of unconsolidated net debt			31,751			30,887			32,437			29,908			31,455
Cash			(26,172)			(43,345)			(25,507)			(25,722)			(68,916)
Net debt			$3,917,002			$4,473,248			$4,701,321			$4,736,804			$4,625,310
Net debt to adjusted EBITDA 5			5.4x			5.9x			6.1x			6.2x			6.1x

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 and restated 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.

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Components of Net Asset Value 1
DOLLARS IN THOUSANDS

CASH NOI
			4Q 2025
Same store 2			$157,917
Acquisition & Re/development Completions			4,110
Total			$162,537
Other adjustments 3			5,179
Total Cash NOI			$167,716

DEVELOPMENT & REDEVELOPMENT PROPERTIES
									PROJECTED STABILIZED ANNUAL CASH NOI 4
			COST TO COMPLETE			BUDGET			LOW			HIGH
Developments			$13,366			$106,200			$7,000			$8,000
Redevelopments 5			169,394			291,450			42,000			44,000
			$182,760			$397,650			$49,000			$52,000

LAND HELD FOR DEVELOPMENT, CASH, & OTHER ASSETS
Land held for development			$57,535
Disposition pipeline 6			187,361
Unstabilized properties 7			128,621
Cash and other assets 8			394,414
			$767,931
DEBT
Unsecured credit facility			$120,000
Unsecured term loans			500,000
Senior notes			3,449,285
Mortgage notes payable			28,904
Company share of joint venture net debt			31,751
Other liabilities 9			323,413
			$4,453,353
TOTAL SHARES OUTSTANDING
As of December 31, 2025 10			355,878,607

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.

3Other adjustments include adjustments for management fee income of $5.6 million, offset by $0.5 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 20 properties identified as assets held for sale that is excluded from Same Store Cash NOI and reflects net book value or sales price, if applicable.

7Includes 18 properties at their gross book value. These properties were comprised of 0.5 million square feet that generated positive NOI of $0.5 million.

8Includes cash of $26.2 million, notes receivable of $87.0 million, prepaid assets of $187.1 million, accounts receivable of $34.0 million, and prepaid ground leases of $11.8 million. In addition, it includes the Company's gross investment of its corporate headquarters in Nashville of $48.3 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 $215.6 million, security deposits of $31.5 million, financing right of use liabilities of $73.1 million, and deferred operating expense reimbursements of $3.2 million.

10Total shares outstanding include OP units.

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2026 Guidance
DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE DATA

2026 EARNINGS GUIDANCE
						LOW			HIGH
Earnings per share						$(0.05)			$0.05
NAREIT FFO per share						$1.44			$1.50
Normalized FFO per share						$1.58			$1.64
Same store cash NOI growth						3.5		%	4.5		%
KEY ASSUMPTIONS
						LOW			HIGH
Normalized general and administrative						$43			$47
Interest expense, net of capitalized interest 1						$135			$145
Total maintenance capex						$105			$125
SOURCES AND USES 2
									MIDPOINT
Asset sales and loan receivable repayments 3									$175
Bond issuance 4									600
FAD less dividends									100
Total Sources									$875
Bond repayments									$600
Investments and share repurchases 5									50
Development, redevelopment, and 1st gen capital									225
Total Uses									$875
Target adjusted net debt to EBITDA									mid-5x
Diluted shares outstanding 6									353

1Excludes the merger-related fair value adjustment and interest expense associated with unconsolidated joint ventures.

2Based on approximate midpoints.

3Includes the January and expected February 2026 dispositions and a $45 million loan at a 6.5% interest rate that is expected to be repaid at maturity in March 2026.

4Assumes mid-year issuance at an approximate 5% interest rate.

5Includes January 2026 share repurchases totaling $50 million.

6Includes the diluted impact of the OP units, estimated stock based compensation grants, and January 2026 share repurchases.

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