Healthcare Realty Trust 8K Reports Results for the Fourth Quarter and Announces Quarterly Dividend | HR 19 Feb 25


4Q2024
Supplemental Information
FURNISHED AS OF FEBRUARY 19, 2025 - UNAUDITED


FORWARD LOOKING STATEMENTS & RISK FACTORS

This Supplemental Information report contains disclosures that are “forward-looking statements” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 and phrases such as “can,” “may,” “payable,” “indicative,” "predictive," “annualized,” “expect,” “expected,” “range of expectations,” "would have been," "budget," "will," "run-rate," and other comparable terms in this report, and include, but are not limited to, statements related to the merger between Healthcare Realty Trust Incorporated (the “Company” or "HR") and Healthcare Trust of America, Inc. (“Legacy HTA”) that closed on July 20, 2022 (the “Merger”). These forward-looking statements are made as of the date of this report and are not necessarily indicative of future performance. These statements are based on the current plans and expectations of Company management and are subject to a number of unknown risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those described in this release or implied by such forward-looking statements. Such risks and uncertainties include, among other things, the following: the Company’s expected results may not be achieved; failure to realize the expected benefits of the Merger; risks related to future opportunities and plans for the Company, including the uncertainty of expected future financial performance and results of the Company; the possibility that, if the Company does not achieve the perceived benefits of the Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline; pandemics or other health crises, such as COVID-19; 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; and other legal and operational matters. Other risks, uncertainties and factors that could cause actual results to differ materially from those projected are detailed under the heading “Risk Factors,” in the Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for the year ended December 31, 2024, under the heading "Risk Factors" and other risks described from time to time thereafter in the Company's SEC filings. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


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			4Q 2024 SUPPLEMENTAL INFORMATION 3


Highlights

Net (loss) income attributable to common stockholders for the three months ended December 31, 2024 was $(106.8) million or $(0.31) per diluted common share. Net (loss) income attributable to common stockholders for the year ended December 31, 2024 was $(654.5) million or $(1.81) per diluted common share.

KEY FOURTH QUARTER AND ANNUAL HIGHLIGHTS

•Normalized FFO per share totaled $0.40 for the quarter, at the high end of the previously provided guidance range and up 2.5% over the prior year period. Normalized FFO per share was $1.56 for the year ended December 31, 2024.

•Cash NOI growth in the fourth quarter and year was as shown below (for more detail on the impact of Steward Health and Prospect Medical please see the related section herein):



	ACTUAL
	4Q 2024		2024
Same store	3.1	%	2.9	%
Same store excluding Steward Health & Prospect Medical	3.6	%	3.1	%

•140,000 square feet, or 44 basis points, of multi-tenant absorption for the quarter and 479,000 square feet, or 149 basis points, for the year

•686,000 square feet of signed new leases in the quarter, the sixth consecutive quarter above 400,000 and a new single-quarter high

CAPITAL ALLOCATION

•The Company closed joint venture and asset sale transactions totaling $522 million in the fourth quarter, and generated approximately $1.3 billion of proceeds for the year, which includes the following:

◦$770 million from joint venture transactions

◦$491 million from asset sales

•For the year, the Company repurchased approximately 31 million shares totaling $510 million at an average price of $16.56 per share.

•The Company repaid its $350 million term loan maturing in 2025 and ended the year with leverage at 6.4 times net debt to adjusted EBITDA.

MULTI-TENANT GROWTH AND ABSORPTION

•Compared to prior year periods, multi-tenant cash NOI growth in the fourth quarter and year was:



	ACTUAL
	4Q 2024		2024
Multi-tenant	3.4	%	3.0	%
Multi-tenant excluding Steward Health & Prospect Medical	3.9	%	3.2	%

•Multi-tenant occupancy gains at the high end of full year 2024 guidance were:

ACTUAL

2024 GUIDANCE

4Q 2024

2024

LOW

HIGH

Absorption (SF)

140,182

479,439

370,000

490,000

Change in occupancy (bps)

+ 44

+ 149

+ 100

+ 150

•At the end of the year, the multi-tenant portfolio occupancy rate was 86.3% and the leased percentage was 88.3%.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 4


Highlights

LEASING

•Portfolio leasing activity that commenced in the fourth quarter totaled 1,534,000 square feet related to 349 leases:

◦954,000 square feet of renewals

◦580,000 square feet of new and expansion lease commencements

•In the fourth quarter, the Company signed new leases totaling 686,000 square feet, a new, single-quarter high for the Company.

SAME STORE METRICS

•Cash NOI for the fourth quarter increased 3.1% over the same quarter in the prior year, and 2.9% for the year ended December 31, 2024. Adjusted for the impact of Steward Health and Prospect Medical, cash NOI growth would have been 3.6% for the fourth quarter and 3.1% for the year.

•Tenant retention for the fourth quarter was 81.6% and 83.4% for the year.

•Operating expenses for the fourth quarter increased 2.7% over the same quarter in the prior year, and 0.2% for the year ended December 31, 2024.

•MOB cash leasing spreads were 2.7% for the quarter and 3.4% for the year.

BALANCE SHEET

•At year end, net debt to adjusted EBITDA was 6.4 times, down from 6.7 times at the end of the third quarter.

•The Company fully repaid its $350 million Unsecured Term Loan maturing in 2025.

•At year end, the Company had no balance on its revolving credit facility, resulting in $1.5 billion of availability.

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

LEADERSHIP / GOVERNANCE

•Connie Moore appointed Interim President & Chief Executive Officer

•Austen Helfrich promoted to Chief Financial Officer

•Significant board refreshment in 2024, with four new directors joining, each with deep REIT industry and leadership experience

•Tom Bohjalian appointed Independent Chair of the Board

•Search committee of the board, chaired by Glenn Rufrano, conducting a search for a permanent President & Chief Executive Officer

DIVIDEND

•A common stock cash dividend in the amount of $0.31 per share will be paid on March 19, 2025 to Class A common stockholders of record on March 3, 2025. Additionally, the eligible holders of operating partnership units will receive a distribution of $0.31 per unit, equivalent to the Company's Class A common stock dividend.

STEWARD HEALTH AND PROSPECT MEDICAL UPDATE

•During the fourth quarter, the Company made significant progress re-leasing space previously occupied by Steward Health, with leases in-place for over 80% of the previously occupied 593,000 square feet. Based on these actions, the Company entered 2025 having replaced approximately $19 million of the $27 million of pre-bankruptcy total exposure to Steward. Longer term, the Company continues to expect to recover over 80% of the pre-bankruptcy Steward Health revenue.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 5


Highlights

•On January 11, 2025, Prospect Medical filed for Chapter 11 bankruptcy protection. Prospect Medical leases approximately 81,000 square feet of space from the Company accounting for approximately $2.9 million of annual revenue. 2025 guidance provided herein assumes no revenue collected from the Prospect leases.

GUIDANCE

•The Company's 2025 per share estimated guidance ranges are as follows:



	ACTUAL		2025 GUIDANCE
		2024		LOW	HIGH
Earnings per share		$(1.81)		$(0.28)	$(0.20)
NAREIT FFO per share		$0.52		$1.44	$1.48
Normalized FFO per share		$1.56		$1.56	$1.60

•The Company's 2025 same store cash NOI growth estimated guidance range is 3.00% to 3.75%, which excludes the impact of Prospect Medical and Steward Health.

•The Company's 2025 guidance range includes activities outlined on page 29 of the Supplemental Information.

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 Wednesday, February 19, 2025, at 11:00 a.m. Eastern Time, Healthcare Realty Trust has scheduled a conference call to discuss earnings results, quarterly activities, general operations of the Company and industry trends.

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

•Live Conference Call Access Details:

◦Domestic Dial-In Number: +1 646-968-2525 access code 4950066;

◦All Other Locations: +1 888-596-4144 access code 4950066.

•Replay Information:

◦Domestic Dial-In Number: +1 609-800-9909 access code 4950066;

◦All Other Locations: +1 800-770-2030 access code 4950066.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 6


Salient Facts 1


			Properties

			651 properties totaling 38.4M SF
			65 markets in 34 states
			92% managed by Healthcare Realty
			93% outpatient medical facilities
			59% of NOI in Top 15 Markets


			Capitalization

			$10.8B enterprise value as of 12/31/24
			$6.0B market capitalization as of 12/31/24
			354.1M shares/units outstanding as of 12/31/24
			355.9M diluted WA shares outstanding
			BBB/Baa2 S&P/Moody's
			44.6% net debt to enterprise value at 12/31/24
			6.4x net debt to EBITDA

1Includes properties held in joint ventures.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 7


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, 2024, the Company was invested in 651 real estate properties in 34 states totaling 38.4 million square feet and had an enterprise value of approximately $10.8 billion, defined as equity market capitalization plus the principal amount of debt less cash. The Company provided leasing and property management services to 93% of its portfolio.


EXECUTIVE OFFICERS

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

Constance B. Moore
Interim President and Chief Executive Officer

Julie F. Wilson
Executive Vice President and Chief Administrative Officer


			ANALYST COVERAGE

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


BOARD OF DIRECTORS

Nancy H. Agee

Retired President and Chief Executive Officer

Carilion Clinic

Thomas N. Bohjalian

Chairman, Healthcare Realty Trust Incorporated

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

Ajay Gupta

Chief Executive Officer

Physician Rehabilitation Network

David B. Henry

Retired Vice Chairman and Chief Executive Officer

Kimco Realty Corporation

James J. Kilroy

President and Portfolio Manager

Willis Investment Counsel

Jay P. Leupp

Managing Partner and Senior Portfolio Manager

Terra Firma Asset Management, LLC

Peter F. Lyle

Executive Vice President

Medical Management Associates, Inc.

Constance B. Moore

Interim President and Chief Executive Officer

Healthcare Realty Trust Incorporated

Glenn J. Rufrano

Executive Chairman

PREIT

Christann M. Vasquez

Retired Healthcare Executive

Donald C. Wood

Chief Executive Officer

Federal Realty Investment Trust

David R. Emery (1944-2019)

Chairman Emeritus

Healthcare Realty Trust Incorporated



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 8


Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA


ASSETS

	4Q 2024	3Q 2024	2Q 2024	1Q 2024	4Q 2023
Real estate properties
Land	$1,143,468	$1,195,116	$1,287,532	$1,342,895	$1,343,265
Buildings and improvements	9,707,066	10,074,504	10,436,218	10,902,835	10,881,373
Lease intangibles	664,867	718,343	764,730	816,303	836,302
Personal property	9,909	9,246	12,501	12,720	12,718
Investment in financing receivables, net	123,671	123,045	122,413	122,001	122,602
Financing lease right-of-use assets	77,343	77,728	81,401	81,805	82,209
Construction in progress	31,978	125,944	97,732	70,651	60,727
Land held for development	52,408	52,408	59,871	59,871	59,871
Total real estate investments	11,810,710	12,376,334	12,862,398	13,409,081	13,399,067
Less accumulated depreciation and amortization	(2,483,656)	(2,478,544)	(2,427,709)	(2,374,047)	(2,226,853)
Total real estate investments, net	9,327,054	9,897,790	10,434,689	11,035,034	11,172,214
Cash and cash equivalents 1	68,916	22,801	137,773	26,172	25,699

Assets held for sale, net	12,897	156,218	34,530	30,968	8,834
Operating lease right-of-use assets	261,438	259,013	261,976	273,949	275,975
Investments in unconsolidated joint ventures	473,122	417,084	374,841	309,754	311,511
Other assets, net and goodwill	507,496	491,679	559,818	605,047	842,898
Total assets	$10,650,923	$11,244,585	$11,803,627	$12,280,924	$12,637,131

LIABILITIES AND STOCKHOLDERS' EQUITY

	4Q 2024	3Q 2024	2Q 2024	1Q 2024	4Q 2023
Liabilities
Notes and bonds payable	$4,662,771	$4,957,796	$5,148,153	$5,108,279	$4,994,859
Accounts payable and accrued liabilities	222,510	197,428	195,884	163,172	211,994
Liabilities of properties held for sale	1,283	7,919	1,805	700	295
Operating lease liabilities	224,499	229,925	230,601	229,223	229,714
Financing lease liabilities	72,346	71,887	75,199	74,769	74,503
Other liabilities	161,640	180,283	177,293	197,763	202,984
Total liabilities	5,345,049	5,645,238	5,828,935	5,773,906	5,714,349


Redeemable non-controlling interests	4,778	3,875	3,875	3,880	3,868

Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized	—	—	—	—	—
Common stock, $0.01 par value; 1,000,000 shares authorized	3,505	3,558	3,643	3,815	3,810
Additional paid-in capital	9,118,229	9,198,004	9,340,028	9,609,530	9,602,592
Accumulated other comprehensive (loss) income	(1,168)	(16,963)	6,986	4,791	(10,741)
Cumulative net income attributable to common stockholders	374,309	481,155	574,178	717,958	1,028,794
Cumulative dividends	(4,260,014)	(4,150,328)	(4,037,693)	(3,920,199)	(3,801,793)
Total stockholders' equity	5,234,861	5,515,426	5,887,142	6,415,895	6,822,662
Non-controlling interest	66,235	80,046	83,675	87,243	96,252
Total equity	5,301,096	5,595,472	5,970,817	6,503,138	6,918,914
Total liabilities and stockholders' equity	$10,650,923	$11,244,585	$11,803,627	$12,280,924	$12,637,131

12Q 2024 cash and cash equivalents includes $96.0 million of proceeds held in a cash escrow account from a portfolio disposition that closed on June 28, 2024 and was received by the Company on July 1, 2024.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 9


Statements of Income
DOLLARS IN THOUSANDS




	4Q 2024	3Q 2024	2Q 2024	1Q 2024	4Q 2023
Revenues
Rental income 1	$300,065	$306,499	$308,135	$318,076	$322,076
Interest income	4,076	3,904	3,865	4,538	4,422
Other operating	5,625	5,020	4,322	4,191	3,943
	309,766	315,423	316,322	326,805	330,441
Expenses
Property operating	114,415	120,232	117,719	121,078	121,362
General and administrative	34,208	20,124	14,002	14,787	14,609
Normalizing items 2	(22,991)	(6,861)	—	—	(1,445)
Normalized general and administrative	11,217	13,263	14,002	14,787	13,164
Transaction costs	1,577	719	431	395	301
Merger-related costs	—	—	—	—	1,414
Depreciation and amortization	160,330	163,226	173,477	178,119	180,049
	310,530	304,301	305,629	314,379	317,735
Other income (expense)
Interest expense before merger-related fair value	(47,951)	(50,465)	(52,393)	(50,949)	(52,387)
Merger-related fair value adjustment	(10,314)	(10,184)	(10,064)	(10,105)	(10,800)
Interest expense	(58,265)	(60,649)	(62,457)	(61,054)	(63,187)
Gain on sales of real estate properties and other assets	32,082	39,310	38,338	22	20,573
Loss on extinguishment of debt	(237)	—	—	—	—
Impairment of real estate assets and credit loss reserves	(81,098)	(84,394)	(132,118)	(15,937)	(11,403)
Impairment of goodwill	—	—	—	(250,530)	—
Equity income (loss) from unconsolidated joint ventures	224	208	(146)	(422)	(430)
Interest and other (expense) income, net	(154)	(132)	(248)	275	65
	(107,448)	(105,657)	(156,631)	(327,646)	(54,382)
Net (loss) income	$(108,212)	$(94,535)	$(145,938)	$(315,220)	$(41,676)
Net loss (income) attributable to non-controlling interests	1,366	1,512	2,158	4,384	1,143
Net (loss) income attributable to common stockholders	$(106,846)	$(93,023)	$(143,780)	$(310,836)	$(40,533)

Basic earnings per common share	$(0.31)	$(0.26)	$(0.39)	$(0.82)	$(0.11)
Diluted earnings per common share	$(0.31)	$(0.26)	$(0.39)	$(0.82)	$(0.11)

Weighted average common shares outstanding - basic	351,560	358,960	372,477	379,455	379,044
Weighted average common shares outstanding - diluted 3	351,560	358,960	372,477	379,455	379,044


STATEMENTS OF INCOME SUPPLEMENTAL INFORMATION

	4Q 2024	3Q 2024	2Q 2024	1Q 2024	4Q 2023
Interest income
Financing receivables	$2,103	$2,117	$2,094	$2,117	$2,132
Interest on mortgage and mezzanine loans	1,973	1,787	1,771	2,421	2,290
Total	$4,076	$3,904	$3,865	$4,538	$4,422

Other operating income
Parking income	$1,958	$2,363	$2,463	$2,545	$2,392
Management fee and miscellaneous income	3,667	2,657	1,859	1,646	1,551
Total	$5,625	$5,020	$4,322	$4,191	$3,943

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

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

3Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount. As a result, the outstanding limited partnership units in the Company's operating partnership ("OP"), totaling 3,622,036 units were not included.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 10


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




	4Q 2024	3Q 2024	2Q 2024	1Q 2024	4Q 2023
Net loss attributable to common stockholders	$(106,846)	$(93,023)	$(143,780)	$(310,836)	$(40,533)
Net loss attributable to common stockholders per diluted share 3	$(0.31)	$(0.26)	$(0.39)	$(0.82)	$(0.11)

Gain on sales of real estate assets	$(32,082)	$(39,148)	$(33,431)	$(22)	$(20,573)
Impairments of real estate assets	75,423	37,632	120,917	15,937	11,403
Real estate depreciation and amortization	164,656	167,821	177,350	181,161	182,272
Non-controlling loss from operating partnership units	(1,422)	(1,372)	(2,077)	(4,278)	(491)
Unconsolidated JV depreciation and amortization	5,913	5,378	4,818	4,568	4,442
FFO adjustments	$212,488	$170,311	$267,577	$197,366	$177,053
FFO adjustments per common share - diluted	$0.60	$0.47	$0.71	$0.51	$0.46
FFO	$105,642	$77,288	$123,797	$(113,470)	$136,520
FFO per common share - diluted 4	$0.30	$0.21	$0.33	$(0.30)	$0.36

Transaction costs	1,577	719	431	395	301
Merger-related costs	—	—	—	—	1,414
Lease intangible amortization	(2,348)	(10)	129	175	261
Non-routine legal costs/forfeited earnest money received	306	306	465	—	(100)
Debt financing costs	237	—	—	—	—
Restructuring and severance-related charges	22,991	6,861	—	—	1,445
Credit losses and gains (losses) on other assets, net 5	4,582	46,600	8,525	—	—
Impairment of goodwill	—	—	—	250,530	—
Merger-related fair value adjustment	10,314	10,184	10,064	10,105	10,800
Unconsolidated JV normalizing items 6	113	101	89	87	89
Normalized FFO adjustments	$37,772	$64,761	$19,703	$261,292	$14,210
Normalized FFO adjustments per common share - diluted	$0.11	$0.18	$0.05	$0.68	$0.04
Normalized FFO	$143,414	$142,049	$143,500	$147,822	$150,730
Normalized FFO per common share - diluted	$0.40	$0.39	$0.38	$0.39	$0.39

Non-real estate depreciation and amortization	404	276	313	485	685
Non-cash interest amortization, net 7	1,239	1,319	1,267	1,277	1,265
Rent reserves, net 8	(369)	(27)	1,261	(151)	1,404
Straight-line rent income, net	(7,051)	(5,771)	(6,799)	(7,633)	(7,872)
Stock-based compensation	3,028	4,064	3,383	3,562	3,566
Unconsolidated JV non-cash items 9	(277)	(376)	(148)	(122)	(206)
Normalized FFO adjusted for non-cash items	140,388	141,534	142,777	145,240	149,572
2nd generation TI	(20,003)	(16,951)	(12,287)	(20,204)	(18,715)
Leasing commissions paid	(11,957)	(10,266)	(10,012)	(15,215)	(14,978)
Building capital	(8,347)	(7,389)	(12,835)	(5,363)	(17,393)
Total maintenance capex	(40,307)	(34,606)	(35,134)	(40,782)	(51,086)
FAD	$100,081	$106,928	$107,643	$104,458	$98,486
Quarterly dividends and OP distributions	$110,808	$113,770	$118,627	$119,541	$118,897
FFO wtd avg common shares outstanding - diluted 10	355,874	363,370	376,556	383,413	383,326

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

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

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

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

54Q 2024 includes $1.6 million of credit loss reserves, net of recoveries and a $4.1 million loss on other assets. These amounts were partially offset by a $1.1 million recovery of prior-period Steward Health straight-line rent for leases assumed. 3Q 2024 includes $46.8 million of credit loss reserves and $0.2 million gain on other assets. 2Q 2024 includes $11.2 million of credit loss reserves and $2.2 million write-off of prior period Steward Health straight-line rent, offset by $4.9 million gain on other assets.

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

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

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

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

10The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 691,557 for the three months ended December 31, 2024. Also includes the diluted impact of 3,622,036 OP units outstanding.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 11


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


ACQUISITION AND RE/DEVELOPMENT FUNDING
	4Q 2024		3Q 2024		2Q 2024		1Q 2024		4Q 2023
Acquisitions 1	$—		$—		$—		$—		$—
Re/development 2	39,611		44,590		44,796		21,580		32,272
1st generation TI & acquisition capex 3	14,794		15,677		13,010		12,421		7,632

MAINTENANCE CAPITAL EXPENDITURES FUNDING
	4Q 2024		3Q 2024		2Q 2024		1Q 2024		4Q 2023

2nd generation TI	$20,003		$16,951		$12,287		$20,204		$18,715
Leasing commissions paid	11,957		10,266		10,012		15,215		14,978
Building capital	8,347		7,389		12,835		5,363		17,393
	$40,307		$34,606		$35,134		$40,782		$51,086
% of Cash NOI
2nd generation TI	10.6	%	8.8	%	6.2	%	10.1	%	9.2	%
Leasing commissions paid	6.3	%	5.3	%	5.0	%	7.6	%	7.3	%
Building capital	4.4	%	3.8	%	6.5	%	2.7	%	8.5	%
	21.3	%	17.9	%	17.7	%	20.4	%	25.0	%

LEASING COMMITMENTS 4
	4Q 2024		3Q 2024		2Q 2024		1Q 2024		4Q 2023
Renewals
Square feet	783,975		909,844		788,862		1,454,998		582,239
2nd generation TI/square foot/lease year	$2.20		$1.91		$1.81		$2.39		$1.89
Leasing commissions/square foot/lease year	$1.48		$1.36		$1.33		$0.90		$1.66
Renewal commitments as a % of annual net rent	14.1	%	12.2	%	13.6	%	13.8	%	12.7	%
WALT (in months) 5	59.7		50.3		52.3		60.5		43.1

New leases
Square feet	299,950		462,756		252,795		337,357		315,243
2nd generation TI/square foot/lease year	$7.30		$7.18		$6.90		$7.32		$5.98
Leasing commissions/square foot/lease year	$1.82		$1.91		$1.98		$1.68		$1.72
New lease commitments as a % of annual net rent	40.7	%	39.9	%	43.3	%	42.8	%	33.4	%
WALT (in months) 5	78.3		94.7		82.6		92.8		90.2

All
Square feet	1,083,925		1,372,600		1,041,657		1,792,355		897,482


Leasing commitments as a % of annual net rent	21.9	%	24.0	%	22.6	%	20.5	%	21.9	%
WALT (in months) 5	64.8		65.3		59.6		66.6		59.6

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

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

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

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

5WALT = weighted average lease term.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 12


Debt Metrics1
DOLLARS IN THOUSANDS


SUMMARY OF INDEBTEDNESS AS OF DECEMBER 31, 2024
	PRINCIPAL BALANCE	BALANCE 1	MATURITY DATE 2	MONTHS TO MATURITY 2	4Q 2024 INTEREST EXPENSE	CONTRACTUAL INTEREST EXPENSE	CONTRACTUAL RATE		EFFECTIVE RATE		FAIR VALUE MERGER ADJUSTED
SENIOR NOTES	$250,000	$249,868	5/1/2025	4	$2,470	$2,422	3.88	%	4.12	%
	600,000	586,824	8/1/2026	19	7,238	5,251	3.50	%	4.94	%	Y
	500,000	488,104	7/1/2027	30	5,801	4,687	3.75	%	4.76	%	Y
	300,000	298,029	1/15/2028	37	2,786	2,719	3.63	%	3.85	%
	650,000	586,028	2/15/2030	62	7,737	5,037	3.10	%	5.30	%	Y
	299,500	297,190	3/15/2030	63	1,928	1,797	2.40	%	2.72	%
	299,785	296,343	3/15/2031	75	1,593	1,536	2.05	%	2.25	%
	800,000	667,233	3/15/2031	75	8,513	4,000	2.00	%	5.13	%	Y
	$3,699,285	$3,469,619		47	$38,066	$27,449	2.97	%	4.44	%
TERM LOANS	$200,000	$199,896	5/31/2026	17	2,929	2,929	SOFR + 1.04%		5.59	%
	150,000	149,790	6/1/2026	17	2,197	2,197	SOFR + 1.04%		5.59	%
	300,000	299,981	10/31/2026	22	4,394	4,394	SOFR + 1.04%		5.59	%
	200,000	199,641	7/20/2027	30	2,929	2,929	SOFR + 1.04%		5.59	%
	300,000	298,708	1/20/2028	36	4,394	4,394	SOFR + 1.04%		5.59	%
	$1,150,000	$1,148,016		26	$16,843	$16,843			5.59	%
$1.5B CREDIT FACILITY	—	—	10/31/2027	34	$2,904	$2,904	SOFR + 0.94%		5.30	%

MORTGAGES	$45,279	$45,136	various	16	$449	$460	4.04	%	4.17	%
	$4,894,564	$4,662,771		42	$58,262	$47,656	3.59	%	4.72	%	$2,550,000
Less cash	(68,916)
Net debt	$4,825,648
Interest on term loan fully repaid in October 2024					$391	$391
Interest rate swaps					(2,135)	(2,135)
Interest cost capitalization					(1,083)	—
Unsecured credit facility fee & deferred financing costs					1,918	767

Financing right-of-use asset amortization					912	—
					$58,265	$46,679


DEBT MATURITIES SCHEDULE AS OF DECEMBER 31, 2024
	PRINCIPAL PAYMENTS
	BANK LOANS	SENIOR NOTES	MORTGAGE NOTES		TOTAL	WA RATE
2025	$0	$250,000	$16,375		$266,375	3.90	%
2026	650,000	600,000	28,904		1,278,904	4.57	%
2027	200,000	500,000	—		700,000	4.28	%
2028	300,000	300,000	—		600,000	4.61	%
2029	—	—	—		—	—	%
Thereafter	—	2,049,285	—		2,049,285	2.41	%
Total	$1,150,000	$3,699,285	$45,279		$4,894,564	3.59	%
Net debt					$4,825,648
Fixed rate debt balance	$1,075,000	$3,699,285	$45,279		$4,819,564
% fixed rate debt, net of cash			99.9	%
Company share of JV net debt		$31,455


INTEREST RATE SWAPS
MATURITY	AMOUNT	FIXED SOFR RATE
May 2026	$275,000	3.74	%
June 2026	150,000	3.83	%
December 2026	150,000	3.84	%
June 2027	200,000	4.27	%
December 2027	300,000	3.93	%
As of 12/31/2024	$1,075,000	3.92	%

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

2Includes extension options.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 13


Debt Covenants & Liquidity
DOLLARS IN THOUSANDS


SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED DECEMBER 31, 2024 1
	CALCULATION	REQUIREMENT	PER DEBT COVENANTS
Revolving credit facility and term loan
Leverage ratio	Total debt/total capital	Not greater than 60%	38.8	%
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%	42.2	%
Fixed charge coverage ratio	EBITDA/fixed charges	Not less than 1.50x	2.8x
Unsecured coverage ratio	Unsecured EBITDA/unsecured interest	Not less than 1.75x	2.9x
Asset investments	Unimproved land, JVs & mortgages/total assets	Not greater than 35%	10.5	%

Senior Notes
Incurrence of total debt	Total debt/total assets	Not greater than 60%	38.0	%
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%	252.6	%
Debt service coverage	EBITDA/interest expense	Not less than 1.5x	2.9x

Other
Net debt to adjusted EBITDA 2	Net debt (debt less cash)/adjusted EBITDA	Not required	6.4x
Net debt to enterprise value 3	Net debt/enterprise value	Not required	44.6	%


LIQUIDITY SOURCES

Cash			$68,916
Unsecured credit facility availability			1,500,000
Consolidated unencumbered assets (gross) 4			11,688,475

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.

3Based on the closing price of $16.95 on December 31, 2024 and 354,147,499 shares outstanding including outstanding OP units.

4Annualized fourth quarter 2024 unencumbered asset NOI was $720.0 million.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 14


JV & Disposition Activity
DOLLARS IN THOUSANDS


JV AND DISPOSITION ACTIVITY
LOCATION	COUNT	TYPE	CLOSING	SQUARE FEET	LEASED %		SALE PRICE		PROCEEDS	% OWNERSHIP RETAINED
Joint Ventures
KKR JV 1	10	MOB	5/23/2024	556,274	99	%	$284,348		$227,478	20	%
KKR JV 1	1	MOB	6/6/2024	129,879	100	%	54,858		43,886	20	%
KKR JV 1	4	MOB	8/23/2024	266,782	93	%	118,000		94,400	20	%
Nuveen JV 2	7	MOB	8/27/2024	473,003	89	%	177,250		156,180	20	%
KKR JV 1	8	MOB	12/18/2024	766,622	92	%	310,250		248,200	20	%

Total 2024 joint venture activity	30			2,192,560	94	%	$944,706		$770,144

Dispositions
Albany, NY	1	MOB	4/1/2024	14,800	—	%	$725		$725	—
San Angelo, TX	1	MOB	4/12/2024	24,580	100	%	5,085		5,085	—
Houston, TX	1	MOB	5/20/2024	37,040	5	%	250		250	—
Denver, CO	1	MOB	5/30/2024	37,130	100	%	19,000		19,000	—
Minneapolis, MN	1	MOB	6/21/2024	50,291	23	%	1,082		1,082	—
Greensboro/Raleigh, NC 3	9	MOB	6/28/2024	309,424	97	%	99,518		99,518	—
Albany, NY	1	OFFICE	8/2/2024	180,000	100	%	6,300		6,300	—
Charlotte, NC	1	MOB	8/6/2024	90,633	100	%	26,670		26,670	—
Charleston, SC	1	MOB	8/13/2024	46,711	46	%	14,500		14,500	—
Austin, TX	1	MOB	9/13/2024	76,246	100	%	42,281		42,281	—
Raleigh, NC	1	MOB	9/26/2024	5,934	100	%	1,813		1,813	—
Houston, TX 4	1	MOB	10/3/2024	140,012	66	%	12,000		2,400	—
Greensboro, NC	1	MOB	10/9/2024	35,373	100	%	12,514		12,514	—
Des Moines, IA	1	MOB	10/15/2024	95,486	94	%	31,750		31,750	—
Albany, NY	1	MOB	10/15/2024	80,676	72	%	9,500		9,500	—
Salt Lake City, UT 5	1	MOB	10/24/2024	112,192	72	%	30,712		25,400	—
Miami, FL	1	MOB	10/25/2024	102,186	96	%	36,789		36,789	—
Miami, FL	2	MOB	10/25/2024	60,761	92	%	17,767		17,767	—
Cleveland, OH	1	MOB	12/10/2024	31,152	58	%	1,000		1,000	—
Boise, ID	3	MOB	12/12/2024	83,078	95	%	18,350		18,350	—
Atlanta, GA	1	MOB	12/20/2024	42,921	100	%	15,900		15,900	—
Los Angeles, CA	3	MOB	12/20/2024	162,554	94	%	64,000		64,000	—
Tampa, FL	1	MOB	12/27/2024	95,896	100	%	37,500		37,500	—
Wichita Falls, TX	1	MOB	12/27/2024	25,133	100	%	600		600	—

Total 2024 disposition activity	37			1,940,209	86	%	$505,606		$490,694

Total 2024 JV and disposition activity	67			4,132,769	89	%	$1,450,312		$1,260,838
Average cap rate 6							6.6	%

Subsequent Disposition Activity
Boston, MA	1	MOB	2/7/2025	30,304	41	%	4,500		4,500	—
Denver, CO	2	MOB	2/14/2025	69,715	54	%	8,600		8,600	—

1The Company sold the following MOBs into a joint venture, retaining 20% ownership: one in each of Raleigh, NC, New York, NY, Philadelphia, PA, Atlanta, GA, Austin, TX, Miami, FL, Denver, CO, Memphis, TN, Indianapolis, IN, and Honolulu, HI; two MOBs in Los Angeles; three MOBs in Houston, TX and Dallas, TX; and five in Seattle, WA.

2The Company sold the following MOBs into a joint venture, retaining 20% ownership: one in each of Dallas, TX, San Antonio, TX and Atlanta, GA; and two MOBs in each of Nashville, TN and Denver, CO. The joint venture obtained secured financing equal to approximately 40% of the contribution value. The proceeds are net of the Company's share of the secured financing.

3The Company sold seven MOBs in Greensboro, NC and two non-clustered single-tenant MOBs in Raleigh, NC to a single buyer in a single transaction.

4The Company provided seller financing of approximately $9.6 million in connection with this sale.

5The Company sold an MOB that was included in a consolidated joint venture in which the Company held a 63% ownership interest. Proceeds include the Company's pro-rata share of the purchase price as well as amounts due to the Company by the joint venture.

6Cap rate represents the in-place cash NOI divided by sales price.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 15


Joint Ventures 1
DOLLARS IN THOUSANDS


PORTFOLIOS
	WA OWNERSHIP INTEREST				4Q 2024
JOINT VENTURE			# OF PROPERTIES	SQUARE FEET	OCCUPANCY		NOI	NOI AT SHARE	SAME STORE NOI AT SHARE
Nuveen	40	%	28	1,526,776	86	%	$8,163	$3,145	$2,520
CBRE	20	%	4	283,880	58	%	1,066	213	190
KKR	20	%	23	1,719,557	96	%	9,083	1,817	—
Other 2	57	%	10	723,632	82	%	4,321	2,020	1,710
Total			65	4,253,845	87	%	$22,633	$7,195	$4,420


BALANCE SHEET
JOINT VENTURE	REAL ESTATE INVESTMENT 3	DEBT 3	DEBT AT SHARE	INTEREST RATE
Nuveen	$600,089	$71,900	$14,380	5.9	%
CBRE	132,850	—	—	—
KKR	734,378	—	—	—
Other 2	335,050	69,100	27,640	5.3	%
Total	$1,802,367	$141,000	$42,020	5.6	%
Net debt at JV share	$31,455

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			4Q 2024 SUPPLEMENTAL INFORMATION 16


Re/development Activity
DOLLARS IN THOUSANDS


RE/DEVELOPMENT PROJECTS
MARKET	ASSOCIATED HEALTH SYSTEM		SQUARE FEET		CURRENT LEASED %		BUDGET	COST TO COMPLETE	ESTIMATED COMPLETION/INITIAL LEASE COMMENCEMENT
Recently completed development
Raleigh, NC	UNC REX Health		122,991		41	%	$52,600	$7,606	4Q 2024
Phoenix, AZ	HonorHealth		101,086		89	%	58,000	3,050	4Q 2024
Active development
Fort Worth, TX	Baylor Scott & White		101,000		54	%	48,200	18,124	4Q 2025
Total development			325,077		60	%	$158,800	$28,780
Projected stabilized yield - 7.0%-8.5%
Estimated stabilization period post completion - 12 - 36 months

Active redevelopment
Washington, DC	Inova Health		259,290		88	%	$17,557	$1,704	4Q 2024
Charlotte, NC	Novant Health		169,135		94	%	18,700	1,291	2Q 2025
Washington, DC	Inova Health		57,323		87	%	10,078	1,083	4Q 2025
White Plains, NY	Montefiore Einstein/White Plains		65,851		89	%	19,400	14,799	4Q 2025
Raleigh, NC	UNC REX Health		40,400		100	%	10,800	10,032	1Q 2026
Houston, TX	HCA		314,861		67	%	30,000	16,439	2Q 2026
Total redevelopment			906,860		83	%	$106,535	$45,348
Occupied %					69	%
Projected stabilized yield - 9.0%-12.0%
Estimated stabilization period post completion - 12 - 36 months

Total active re/development projects		1,231,937	77	%	$265,335		$74,128



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 17


Portfolio 1,2
DOLLARS IN THOUSANDS


MARKETS
		COUNT	SQUARE FEET										WHOLLY OWNED

MARKET	MSA RANK		MOB		INPATIENT		OFFICE		WHOLLY OWNED		JOINT VENTURES	TOTAL	% OF NOI		CUMULATIVE % OF NOI
Dallas, TX	4	50	2,875,468		146,519		199,800		3,221,787		581,096	3,802,883	9.0	%	9.0	%
Seattle, WA	15	29	1,335,380						1,335,380		257,121	1,592,501	5.9	%	14.9	%
Charlotte, NC	23	31	1,702,275						1,702,275			1,702,275	4.9	%	19.8	%
Houston, TX	5	29	1,924,925		67,500				1,992,425		249,158	2,241,583	4.5	%	24.3	%
Denver, CO	19	31	1,483,641						1,483,641		306,949	1,790,590	4.1	%	28.4	%
Atlanta, GA	8	26	1,284,112						1,284,112		96,108	1,380,220	3.8	%	32.2	%
Boston, MA	11	16	776,106						776,106			776,106	3.7	%	35.9	%
Los Angeles, CA	2	27	787,715		63,000				850,715		786,520	1,637,235	3.5	%	39.4	%
Phoenix, AZ	10	36	1,512,304						1,512,304		101,086	1,613,390	3.3	%	42.7	%
Raleigh, NC	41	27	980,469						980,469		198,485	1,178,954	2.9	%	45.6	%
Nashville, TN	35	13	1,134,891				108,691		1,243,582		106,981	1,350,563	2.8	%	48.4	%
Miami, FL	9	15	981,406						981,406		52,178	1,033,584	2.8	%	51.2	%
Tampa, FL	18	18	876,079						876,079			876,079	2.7	%	53.9	%
Indianapolis, IN	33	41	1,078,519		61,398				1,139,917		357,915	1,497,832	2.7	%	56.6	%
New York, NY	1	15	647,004						647,004		57,411	704,415	2.1	%	58.7	%
Austin, TX	27	12	657,575						657,575		129,879	787,454	2.1	%	60.8	%
Washington, DC	6	9	692,107						692,107			692,107	2.1	%	62.9	%
Chicago, IL	3	6	607,845						607,845			607,845	2.1	%	65.0	%
San Francisco, CA	13	9	452,666						452,666		110,865	563,531	2.1	%	67.1	%
Orlando, FL	22	7	359,477		56,998				416,475			416,475	1.9	%	69.0	%
Other (45 Market)		204	9,750,704		538,392		1,048,363		11,337,459		862,093	12,199,552	31.0	%	100.0	%
Total		651	31,900,668		933,807		1,356,854		34,191,329		4,253,845	38,445,174	100.0	%
Number of properties			565		15		6		586		65	651
% of square feet			93.3	%	2.7	%	4.0	%	100.0	%
% multi-tenant			86.3	%	—	%	77.2	%	83.6	%
Investment			$10,675,361		$438,074		$422,211		$11,535,646
Quarterly cash NOI 2			$161,715		$8,307		$5,524		$175,546
% of cash NOI			92.2	%	4.7	%	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	476		110			50		15		651
Square feet	28,583,286		5,608,043			3,554,671		699,174		38,445,174
% of square feet	74.4	%	14.6	%		9.2	%	1.8	%	100.0	%
Investment 2	$9,150,489		$2,385,157			$456,411		$100,487		$12,092,543
Quarterly cash NOI 2	$137,349		$38,197			$5,630		$1,565		$182,741
% of cash NOI	75.1	%	20.9	%		3.1	%	0.9	%	100.0	%

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

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



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 18


Health Systems 1,2


MOB PORTFOLIO
			BUILDING SQUARE FEET			# OF BLDGS			LEASED BY HEALTH SYSTEM	% OF LEASED SF		# OF LEASES

HEALTH SYSTEM	SYSTEM RANK 3	CREDIT RATING	ON/ADJACENT 4	OFF-CAMPUS AFFILIATED 5	TOTAL		% OF NOI
HCA	1	BBB-/Baa3	2,136,592	770,430	2,907,022	43	7.2	%	813,257	2.6	%	134
CommonSpirit	4	A-/A3	1,801,813	564,790	2,366,603	43	6.5	%	737,002	2.3	%	141
Baylor Scott & White	21	AA-/Aa3	2,493,934	66,376	2,560,310	28	6.5	%	1,201,110	3.8	%	196
Ascension Health	3	AA/Aa2	2,262,563	97,551	2,360,114	25	5.7	%	960,277	3.1	%	149
Advocate Health	14	AA/Aa3	898,199	388,316	1,286,515	20	4.5	%	1,069,872	3.4	%	99
Tenet Healthcare Corporation	6	B+/Ba3	1,024,007	277,447	1,301,454	22	2.9	%	330,699	1.1	%	61
Wellstar Health System	75	A+/A2	919,861	—	919,861	18	2.8	%	602,555	1.9	%	81
UW Medicine (Seattle)	91	AA+/Aaa	461,363	169,709	631,072	10	2.7	%	294,971	0.9	%	32
Providence Health & Services	5	A/A2	614,167	31,601	645,768	12	2.5	%	238,370	0.8	%	48
AdventHealth	11	AA/Aa2	662,742	118,585	781,327	12	2.4	%	288,633	0.9	%	72
Community Health Systems	8	CCC+/Caa2	785,169	—	785,169	16	2.1	%	353,264	1.1	%	44
Indiana University Health	26	AA/Aa2	416,978	269,320	686,298	10	2.0	%	376,842	1.2	%	50
Trinity Health	7	AA-/Aa3	804,737	8,156	812,893	11	2.0	%	454,969	1.4	%	54
Tufts Medicine	None	BBB-/Aa3	252,087	—	252,087	2	1.8	%	254,680	0.8	%	3
WakeMed	185	--/A2	374,207	101,597	475,804	13	1.5	%	132,015	0.4	%	19
Cedars-Sinai Health Systems	51	AA-/Aa3	199,701	90,607	290,308	5	1.5	%	65,278	0.2	%	21
Banner Health	24	AA-/--	749,075	31,039	780,114	24	1.5	%	125,664	0.4	%	33
Baptist Memorial Health Care	89	A-2/--	544,122	150,228	694,350	9	1.4	%	407,894	1.3	%	50
Sutter Health	12	A+/A1	175,591	99,947	275,538	4	1.4	%	105,752	0.3	%	22
MemorialCare Health Systems	133	AA-/--	353,541	48,759	402,300	5	1.4	%	3,156	—	%	2
Bon Secours Health System	22	A+/A2	405,945	—	405,945	6	1.4	%	242,817	0.8	%	50
Other (71 Credit Rated)			7,571,886	3,544,355	11,116,241	208	30.6	%	4,669,027	14.8	%
Subtotal - credit rated 6			25,908,280	6,828,813	32,737,093	546	92.3	%	13,728,104	43.5	%
Other non-credit rated 7			220,425	456,005	676,430	15	1.9	%	249,601	0.8	%
Off-campus non-affiliated 8			—	2,514,914	2,514,914	62	5.8	%	—	—	%
Total			26,128,705	9,799,732	35,928,437	623	100.0	%	13,977,705	44.3	%
Joint ventures			2,823,464	1,204,305	4,027,769
Wholly-owned			23,305,241	8,595,427	31,900,668

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, 92% is associated and 40% is leased by an investment-grade rated healthcare provider.

7Includes 15 properties associated with hospital systems that are not credit rated. Prospect Medical leases approximately 81,000 square feet and represents 0.2% of 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			4Q 2024 SUPPLEMENTAL INFORMATION 19


MOB Proximity to Hospital 1,2,3


MOB BY LOCATION

	# OF PROPERTIES	SQUARE FEET	TOTAL		% GROUND LEASED
On campus	252	19,628,604	54.6	%	72.9	%
Adjacent to campus 4	147	6,500,101	18.1	%	13.7	%
Total on/adjacent	399	26,128,705	72.7	%	58.2	%
Off campus - affiliated 5	162	7,284,818	20.3	%	16.5	%
Off campus	62	2,514,914	7.0	%	10.4	%
	623	35,928,437	100.0	%	46.4	%
Wholly-owned	565	31,900,668
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	455	25,561,438	71.1	%	375	22,391,485	73.1	%
Non-clustered	168	10,366,999	28.9	%	115	8,238,103	26.9	%
Total	623	35,928,437	100.0	%	490	30,629,588	100.0	%

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			4Q 2024 SUPPLEMENTAL INFORMATION 20


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		270,123		2,946		273,069		0.9	%	15,115		257,954		109
1Q 2025		1,176,527		244,660		1,421,187		4.2	%	67,907		1,353,280		357
2Q 2025		927,189		445,967		1,373,156		4.0	%	144,514		1,228,642		295
3Q 2025		1,234,979		157,404		1,392,383		4.1	%	51,788		1,340,595		358
4Q 2025		1,026,267		155,225		1,181,492		3.5	%	70,547		1,110,945		303
2026		3,890,407		300,862		4,191,269		12.4	%	243,790		3,947,479		1,029
2027		4,022,433		1,023,495		5,045,928		14.9	%	492,331		4,553,597		1,071
2028		3,034,948		585,199		3,620,147		10.7	%	219,640		3,400,507		814
2029		3,224,097		919,192		4,143,289		12.2	%	595,279		3,548,010		804
2030		1,899,462		547,479		2,446,941		7.2	%	233,008		2,213,933		351
2031		1,475,992		362,674		1,838,666		5.4	%	231,989		1,606,677		315
2032		1,872,263		359,827		2,232,090		6.6	%	340,988		1,891,102		290
2033		961,990		0		961,990		2.8	%	195,993		765,997		179
2034		1,242,095		124,204		1,366,299		4.0	%	256,739		1,109,560		197
Thereafter		1,485,668		939,000		2,424,668		7.1	%	558,189		1,866,479		195
Total occupied		27,744,440		6,168,134		33,912,574		88.2	%	3,717,817		30,194,757		6,667
Total building		32,137,957		6,307,217		38,445,174				4,253,845		34,191,329
Occupancy		86.3	%	97.8	%	88.2	%			87.4	%	88.3	%
Leased %		88.3	%	97.8	%	89.8	%			89.8	%	89.8	%
WALTR (months) 4	49.5	67.2		52.7						49.9
WALT (months) 4	91.5	138.0		100.0						99.3


QUARTERLY LEASING ACTIVITY 5
	MULTI-TENANT		SINGLE-TENANT		TOTAL
	ABSORPTION ACTIVITY	SQUARE FEET	ABSORPTION ACTIVITY	SQUARE FEET	ABSORPTION ACTIVITY	SQUARE FEET
Occupied square feet, beginning of period		27,881,907		6,270,282		34,152,189
Dispositions and assets held for sale		(277,649)		(121,029)		(398,678)
Expirations and early vacates	(1,147,362)		(226,896)		(1,374,258)
Renewals, amendments and extensions	834,287		119,315		953,602
New lease commencements	453,257		126,462		579,719
Absorption		140,182		18,881		159,063
Occupied square feet, end of period		27,744,440		6,168,134		33,912,574

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 3,868 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			4Q 2024 SUPPLEMENTAL INFORMATION 21


Leasing Statistics 1,2


SAME STORE RENEWALS 2
	4Q 2024		2024

MOB cash leasing spreads 3	2.7	%	3.4	%

MOB cash leasing spreads distribution
< 0% spread	4.6	%	6.1	%
0-3% spread	11.2	%	8.9	%
3-4% spread	72.2	%	59.9	%
> 4% spread	12.0	%	25.1	%
Total	100.0	%	100.0	%

MOB tenant retention rate	81.6	%	83.4	%


AVERAGE IN-PLACE CONTRACTUAL INCREASES 4
	MULTI-TENANT				SINGLE-TENANT				TOTAL
	% INCREASE		% OF BASE RENT		% INCREASE		% OF BASE RENT		% INCREASE		% OF BASE RENT
Same store 2	2.87	%	71.3	%	2.48	%	17.1	%	2.80	%	88.4	%
Acquisitions	2.86	%	6.0	%	2.48	%	1.3	%	2.80	%	7.3	%
Other 5	2.95	%	3.9	%	2.53	%	0.4	%	2.91	%	4.3	%
Total	2.87	%	81.2	%	2.48	%	18.8	%	2.80	%	100.0	%
Escalator type
Fixed	2.86	%	97.2	%	2.52	%	89.2	%	2.80	%	95.7	%
CPI	3.36	%	2.8	%	2.18	%	10.8	%	2.81	%	4.3	%


SAME STORE TYPE AND OWNERSHIP STRUCTURE 2
	MULTI-TENANT		SINGLE-TENANT		TOTAL
Tenant type
Hospital	45.7	%	58.2	%	48.0	%
Physician and other	54.3	%	41.8	%	52.0	%

Lease structure
Gross	9.3	%	1.5	%	7.9	%
Modified gross	31.6	%	10.0	%	27.7	%
Net	59.1	%	64.8	%	60.1	%
Absolute net 6	—	%	23.7	%	4.3	%

Ownership type
Ground lease	47.8	%	39.8	%	46.5	%
Fee simple	52.2	%	60.2	%	53.5	%


# OF LEASES BY SIZE 7
LEASED SQUARE FEET	# OF LEASES	WALT	WALTR
0 - 2,500	3,481	70.4	36.8
2,501 - 5,000	1,668	79.8	41.2
5,001 - 7,500	583	90.8	46.1
7,501 - 10,000	318	97.3	52.7
10,001 +	617	119.2	58.1
Total Leases	6,667	99.3	49.9

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 non-MOB renewals of 15,582 square feet and 146,082 square feet for the fourth quarter and full year 2024, respectively.

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

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

6Tenant is typically responsible for operating expenses and capital obligations.

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



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 22


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


TOTAL CASH NOI
	% of Total NOI		4Q 2024		4Q 2023		Y-o-Y% CHANGE		2024		2023		% CHANGE
Multi-tenant	70	%	$	132,122	$	128,558	2.8	%	$	520,725	$	507,086	2.7	%
Single-tenant	20	%	37,924		36,509		3.9	%	150,142		145,334		3.3	%
Joint venture	2	%	4,420		4,224		4.6	%	17,595		16,869		4.3	%
Same store	92	%	$	174,466	$	169,291	3.1	%	$	688,462	$	669,289	2.9	%
Planned dispositions	—	%	40		86		(53.5	%)	122		366		(66.7	%)
Re/development	2	%	3,974		4,747		(16.3	%)	17,618		18,697		(5.8	%)
Wholly owned and joint venture acquisitions	2	%	3,220		614		424.4	%	7,829		2,230		251.1	%
Development completions	1	%	1,043		656		59.0	%	3,236		2,165		49.5	%
Completed dispositions & assets held for sale	3	%	6,032		28,677		(79.0	%)	64,066		133,259		(51.9	%)
Total cash NOI	100	%	$188,775		$204,071		(7.5	%)	$781,333		$826,006		(5.4	%)

Same store cash NOI w/o Steward Health & Prospect Medical			$173,988		$167,987		3.6	%	$684,216		$663,747		3.1	%


PORTFOLIO OCCUPANCY AND ABSORPTION
			OCCUPANCY %						ABSORPTION (square feet in thousands)
	COUNT	SQUARE FEET	4Q 2024		3Q 2024		4Q 2023		SEQUENTIAL	Y-O-Y
Multi-tenant	452	26,591,560	88.0	%	87.9	%	87.1	%	21	240
Single-tenant	104	5,258,047	99.3	%	99.4	%	99.5	%	(9)	(15)
Joint venture	29	1,636,232	89.2	%	89.8	%	89.7	%	(9)	(9)
Same store	585	33,485,839	89.8	%	89.8	%	89.2	%	3	216
Planned dispositions	3	143,935	58.3	%	26.3	%	23.3	%	46	50
Re/development	25	1,873,966	63.0	%	62.9	%	62.0	%	2	17
Wholly owned and joint venture acquisitions	33	2,387,888	94.3	%	94.1	%	92.3	%	5	50
Development completions	5	553,546	57.7	%	65.6	%	59.0	%	103	125
Total portfolio	651	38,445,174	88.2	%	88.3	%	87.5	%	159	459
Joint ventures	65	4,253,845	87.4	%	89.8	%	89.7	%	100	103
Total wholly-owned	586	34,191,329	88.3	%	88.1	%	87.3	%	59	356

Multi-tenant	526	32,137,957	86.3	%	86.5	%	85.4	%	140	479



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 23


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


SAME STORE CASH NOI
	TOTAL
	4Q 2024		3Q 2024		2Q 2024		1Q 2024		4Q 2023		2024		2023
Base revenue	$209,310		$208,131		$206,019		$206,094		$204,944		$829,554		$812,114
Op. exp. recoveries	63,840		64,122		60,006		61,990		60,466		249,958		247,425
Revenues	$273,150		$272,253		$266,025		$268,084		$265,410		$1,079,512		$1,059,539
Expenses	98,684		100,540		94,967		96,859		96,119		391,050		390,250
Cash NOI	$174,466		$171,713		$171,058		$171,225		$169,291		$688,462		$669,289
Revenue per occ SF 4	$36.33		$36.29		$35.57		$35.90		$35.58		$36.02		$35.51
Margin	63.9	%	63.1	%	64.3	%	63.9	%	63.8	%	63.8	%	63.2	%
Average occupancy	89.8	%	89.6	%	89.3	%	89.2	%	89.1	%	89.5	%	89.1	%
Period end occupancy	89.8	%	89.8	%	89.4	%	89.2	%	89.2	%	89.8	%	89.2	%
Number of properties	585		585		585		585		585		585		585

Year-Over-Year Change
Revenue per occ SF 4	2.1	%									1.4	%
Avg occupancy (bps)	+70										+40
Revenues	2.9	%									1.9	%
Base revenue	2.1	%									2.1	%
Exp recoveries	5.6	%									1.0	%
Expenses	2.7	%									0.2	%
Cash NOI	3.1	%									2.9	%

Cash NOI w/o Steward Health & Prospect Medical	3.6	%									3.1	%

3Excludes recently acquired or disposed properties, development completions, construction in progress, land held for development, corporate property, redevelopment properties, planned dispositions and assets classified as held for sale.

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



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 24


NOI Reconciliations 1
DOLLARS IN THOUSANDS


BOTTOM UP RECONCILIATION
	4Q 2024	3Q 2024	2Q 2024	1Q 2024	4Q 2023	3Q 2023	2Q 2023	1Q 2023
Net loss	($108,212)	($94,535)	($145,938)	($315,220)	($41,676)	($68,604)	($83,726)	($88,078)
Other income (expense)	107,448	105,657	156,631	327,646	54,382	74,621	112,818	94,407
General and administrative expense	34,208	20,124	14,002	14,787	14,609	13,396	15,464	14,935
Depreciation and amortization expense	160,330	163,226	173,477	178,119	180,049	182,989	183,193	184,479
Other expenses 2	7,059	6,434	5,226	4,727	4,899	12,543	(11,969)	7,940
Straight-line rent expense	917	965	1,063	935	1,484	1,538	1,525	1,537
Straight-line rent revenue	(9,061)	(6,736)	(5,630)	(8,568)	(9,356)	(10,008)	(9,530)	(9,782)
Other revenue 3	(11,194)	(8,334)	(5,433)	(7,006)	(5,078)	(6,446)	(4,992)	(733)
Joint venture property cash NOI	7,280	6,477	5,504	4,958	4,758	4,692	4,957	4,769
Cash NOI	$188,775	$193,278	$198,902	$200,378	$204,071	$204,721	$207,740	$209,474
Planned dispositions	(40)	14	(57)	(39)	(86)	100	151	(531)
Redevelopment	(3,974)	(4,795)	(4,276)	(4,573)	(4,747)	(4,260)	(4,649)	(5,041)
Wholly owned and joint venture acquisitions	(3,220)	(2,406)	(1,368)	(835)	(614)	(817)	(651)	(148)
Development completions	(1,043)	(756)	(738)	(699)	(656)	(622)	(435)	(452)
Completed dispositions & assets held for sale	(6,032)	(13,622)	(21,405)	(23,007)	(28,677)	(32,650)	(35,027)	(36,905)
Same store cash NOI	$174,466	$171,713	$171,058	$171,225	$169,291	$166,472	$167,129	$166,397
Same store joint venture properties	(4,420)	(4,387)	(4,395)	(4,393)	(4,224)	(4,178)	(4,318)	(4,149)
Same store excluding JVs	$170,046	$167,326	$166,663	$166,832	$165,067	$162,294	$162,811	$162,248

TOP DOWN RECONCILIATION
	4Q 2024	3Q 2024	2Q 2024	1Q 2024	4Q 2023	3Q 2023	2Q 2023	1Q 2023
Rental income before rent concessions	$305,229	$310,080	$311,592	$321,833	$325,772	$336,503	$332,992	$328,115
Rent concessions	(5,164)	(3,581)	(3,457)	(3,757)	(3,696)	(3,168)	(3,312)	(4,022)
Rental income	$300,065	$306,499	$308,135	$318,076	$322,076	$333,335	$329,680	$324,093
Parking income	1,958	2,363	2,463	2,545	2,392	2,751	2,370	2,391
Interest from financing receivable, net	2,103	2,117	2,094	2,117	2,132	2,002	2,180	2,227
Exclude straight-line rent revenue	(9,061)	(6,736)	(5,630)	(8,568)	(9,356)	(10,008)	(9,530)	(9,782)
Exclude other non-cash revenue 4	(5,697)	(4,149)	(2,018)	(3,163)	(1,513)	(1,410)	(1,018)	3,594
Cash revenue	$289,368	$300,094	$305,044	$311,007	$315,731	$326,670	$323,682	$322,523
Property operating expense	(114,415)	(120,232)	(117,719)	(121,078)	(121,362)	(131,639)	(125,395)	(122,040)
Exclude non-cash expenses 5	6,542	6,939	6,073	5,491	4,944	4,998	4,496	4,222
Joint venture property cash NOI	7,280	6,477	5,504	4,958	4,758	4,692	4,957	4,769
Cash NOI	$188,775	$193,278	$198,902	$200,378	$204,071	$204,721	$207,740	$209,474
Planned dispositions	(40)	14	(57)	(39)	(86)	100	151	(531)
Redevelopment	(3,974)	(4,795)	(4,276)	(4,573)	(4,747)	(4,260)	(4,649)	(5,041)
Wholly owned and joint venture acquisitions	(3,220)	(2,406)	(1,368)	(835)	(614)	(817)	(651)	(148)
Development completions	(1,043)	(756)	(738)	(699)	(656)	(622)	(435)	(452)
Completed dispositions & assets held for sale	(6,032)	(13,622)	(21,405)	(23,007)	(28,677)	(32,650)	(35,027)	(36,905)
Same store cash NOI	$174,466	$171,713	$171,058	$171,225	$169,291	$166,472	$167,129	$166,397
Same store joint venture properties	(4,420)	(4,387)	(4,395)	(4,393)	(4,224)	(4,178)	(4,318)	(4,149)
Same store excluding JVs	$170,046	$167,326	$166,663	$166,832	$165,067	$162,294	$162,811	$162,248

2Includes transaction costs, merger-related costs, rent reserves, above and below market ground lease intangible amortization, leasing commission amortization, non-cash adjustments for financing receivables, and ground lease straight-line rent.

3Includes management fee income, interest, above and below market lease intangible amortization, lease inducement amortization, lease termination fees, deferred financing cost amortization and principal related to investment in financing receivable, and tenant improvement overage amortization.

4Includes above and below market intangibles, lease inducements, lease termination fees, deferred financing cost amortization, financing receivable, and TI amortization.

5Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 25


NOI Reconciliations 1
DOLLARS IN THOUSANDS


RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO
	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Cash NOI	$188,775	$193,278	$198,902	$200,378
General and administrative expense	(34,208)	(20,124)	(14,002)	(14,787)
Straight-line rent	9,061	6,736	5,630	8,568
Interest and other income (expense), net	(154)	(132)	(248)	275
Management fees and other income	3,667	2,658	1,858	1,646
Note receivable interest income	1,973	1,787	1,771	2,421
Other non-cash revenue 2	5,554	3,891	1,804	2,939
Other non-cash expenses 3	(6,400)	(6,687)	(5,858)	(5,268)
Non-real estate impairment	(1,600)	(46,762)	(11,201)	—
Restructuring and severance-related costs	19,288	—	—	—
Income taxes	657	448	454	336
Unconsolidated JV adjustments	(720)	(401)	(443)	(427)
Debt Covenant EBITDA	$185,893	$134,692	$178,667	$196,081
Interest expense	(58,265)	(60,649)	(62,457)	(61,054)
Transaction costs	(1,577)	(719)	(431)	(395)

Leasing commission amortization 4	5,744	5,827	5,151	4,467
Non-real estate depreciation and amortization	(1,418)	(1,232)	(1,278)	(1,424)
(Loss) gain on non-real estate assets	(4,075)	162	4,907	—
Non-controlling interest	(56)	139	81	106
Goodwill impairment	—	—	—	(250,530)
Restructuring and severance-related costs	(19,288)	—	—	—
Income taxes	(657)	(448)	(454)	(336)
Loss on extinguishment of debt	(237)	—	—	—
Unconsolidated JV adjustments	(422)	(484)	(389)	(385)
FFO	$105,642	$77,288	$123,797	($113,470)
Transaction costs	1,577	719	431	395

Lease intangible amortization	(2,348)	(10)	129	175
Significant non-recurring legal fees/forfeited earnest money received	306	306	465	—
Loss on extinguishment of debt	237	—	—	—
Restructuring and severance-related costs	22,991	6,861	—	—
Merger-related fair value adjustment	10,314	10,184	10,064	10,105

Credit losses and gains on other assets, net	4,582	46,600	8,525	—
Goodwill impairment	—	—	—	250,530
Unconsolidated JV normalizing items	113	101	89	87
Normalized FFO	$143,414	$142,049	$143,500	$147,822

2Includes above and below market lease intangibles, interest income related to sales-type leases, lease inducements, lease termination fees, deferred financing cost amortization, and principal related to investment in financing receivable and TI amortization.

3Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.

4Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 26


EBITDA Reconciliations 1
DOLLARS IN THOUSANDS


RECONCILIATION OF EBITDA

	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Net loss	($108,212)	($94,535)	($145,938)	($315,220)
Interest expense	58,265	60,649	62,457	61,054
Income taxes	657	448	454	336
Depreciation and amortization	160,330	163,226	173,477	178,119
Unconsolidated JV depreciation, amortization, and interest	6,336	5,863	5,207	4,952
EBITDA	$117,376	$135,651	$95,657	$(70,759)





Transaction costs	1,577	719	431	395

Gain on sales of assets	(32,082)	(39,310)	(38,338)	(22)
Impairments on real estate assets	79,497	37,632	120,917	15,937
Restructuring and severance-related costs	19,288	—	—	—
Goodwill Impairment	—	—	—	250,530
Loss on extinguishment of debt	237	—	—	—

Debt Covenant EBITDA	$185,893	$134,692	$178,667	$196,081
Leasing commission amortization 2	5,744	5,827	5,151	4,467
Lease intangibles, franchise taxes and prepaid ground amortization	(3,596)	692	980	975
Timing impact 3	(2,125)	(1,511)	(1,438)	—
Stock based compensation	3,028	7,908	3,383	3,562
Allowance for credit losses	1,600	46,762	11,201	—
Rent reserves, net	(369)	(27)	1,261	(151)
Unconsolidated JV adjustments	113	101	89	87
Adjusted EBITDA	$190,288	$194,444	$199,294	$205,021
Annualized Adjusted EBITDA	$761,152	$777,776	$797,176	$820,084

RECONCILIATION OF NET DEBT
Debt (principal balance)	$4,894,564	$5,200,907	$5,402,290	$5,372,710
Share of unconsolidated net debt	31,455	30,054	20,299	23,276
Cash 4	(68,916)	(22,801)	(137,773)	(26,172)
Net debt	$4,857,103	$5,208,160	$5,284,816	$5,369,814

Net debt to adjusted EBITDA	6.4x	6.7x	6.6x	6.5x

2Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.

3Timing adjustments to represent a full quarter impact of acquisitions and dispositions. Properties contributed into a joint venture are adjusted at the Company's share. Timing adjustments also include non-recurring impacts due to one-time items recognized in the quarter.

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



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 27


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


CASH NOI
			4Q 2024
Same store 2			$174,466
Acquisition/Development Completions 3			4,263
Re/development			3,974
Total			$182,703
Timing adjustments 4			631
Total Cash NOI			$183,334


DEVELOPMENT & REDEVELOPMENT PROPERTIES
	ESTIMATED COST TO COMPLETE	ESTIMATED TOTAL COST	PROJECTED STABILIZED ANNUAL CASH NOI
Developments	$28,780	$158,800	$11,858
Redevelopments 5	45,348	106,535	19,130
	$74,128	$265,335	$30,988


LAND HELD FOR DEVELOPMENT, CASH, & OTHER ASSETS
Land held for development			$52,408
Disposition pipeline 6			67,801
Unstabilized properties 7			234,842
Cash and other assets 8			434,145
			$789,196

DEBT
Unsecured credit facility			$—
Unsecured term loans			1,150,000
Senior notes			3,699,285
Mortgage notes payable			45,279
Company share of joint venture net debt			31,455
Other liabilities 9			329,779
			$5,255,798

TOTAL SHARES OUTSTANDING
As of December 31, 2024 10			354,147,499

2See Same Store schedule on pages 23 - 24 for details on Same Store NOI.

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

4Timing adjustments include adjustments to reflect full quarterly stabilized NOI of a recently completed development of $0.7 million, full quarter NOI for JV contributed assets of $0.9 million, and management fee income of $3.5 million, offset by $2.9 million of in-place NOI on development and redevelopment properties and $1.6 million of positive NOI for unstabilized properties, which are shown in other assets.

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

6Includes assets held for sale and planned dispositions.

7Includes 27 properties at their gross book value. These properties were comprised of 1.2 million square feet that generated positive NOI of $1.6 million.

8Includes cash of $68.9 million, notes receivable of $127.6 million, prepaid assets of $162.1 million, accounts receivable of $36.7 million, prepaid ground leases of $18.9 million, and other investments of $1.9 million. In addition, 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 $223.2 million, security deposits of $30.9 million, financing right of use liabilities of $72.4 million, and deferred operating expense reimbursements of $3.3 million.

10Total shares outstanding includes OP units.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 28


2025 Guidance
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA



	ACTUAL		2025 GUIDANCE
	2024		LOW		HIGH







OPERATING METRICS



Year-end same store net absorption (bps)	73		75		125
Same store cash NOI growth 1	2.9	%	3.00	%	3.75	%

Same store MOB cash leasing spreads	3.4	%	2.0	%	3.0	%
Same store lease retention rate	83.4	%	80.0	%	85.0	%


Normalized G&A	$53,269		$52,000		$56,000


CAPITAL FUNDING

Asset sales and JV contributions	$1,260,838		$400,000		$500,000
Re/development	150,577		95,000		115,000
1st generation TI and acq. capex	55,902		55,000		65,000
Maintenance capex
2nd generation TI	69,445		55,000		65,000
Leasing commissions paid	47,450		35,000		45,000
Building capital	33,934		30,000		40,000
Total maintenance capex	150,829		120,000		150,000

CASH YIELD

Dispositions	6.6	%	6.8	%	7.3	%




EARNINGS AND LEVERAGE
Earnings per share	$(1.81)		$(0.28)		$(0.20)
Normalized FFO per share	$1.56		$1.56		$1.60
Net debt to adjusted EBITDA	6.4x		6.00x		6.25x

1Same store cash NOI growth guidance excludes the impact of Prospect Medical and Steward Health.



HEALTHCARE REALTY			4Q 2024 SUPPLEMENTAL INFORMATION 29

Healthcare Realty Trust (HR) 8-KHealthcare Realty Trust Reports Results for the Fourth Quarter and Announces Quarterly Dividend