0001360604False00013606042024-05-072024-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2024 (May 7, 2024)

Healthcare Realty Trust Incorporated

(Exact name of registrant as specified in its charter)

Maryland

(Healthcare Realty Trust Incorporated)

001-35568

20-4738467

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

3310 West End Avenue, Suite 700

Nashville,

Tennessee

37203

(615)

269-8175

(Address of Principal Executive Office and Zip Code)

(Registrant’s telephone number, including area code)

www.healthcarerealty.com
(Internet address)

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.01 par value per share

HR

New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Healthcare Realty Trust Incorporated			☐			Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Healthcare Realty Trust Incorporated			☐

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Item 2.02			Results of Operations and Financial Condition.

First Quarter Earnings Press Release

On May 7, 2024, Healthcare Realty Trust Incorporated (the “Company”) issued a press release announcing its earnings for the first quarter ended March 31, 2024. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.

Item 7.01			Regulation FD Disclosure

First Quarter Supplemental Information

The Company is furnishing its Supplemental Information for the first quarter ended March 31, 2024, which is also contained on its website (www.healthcarerealty.com). See Exhibit 99.2 to this Current Report on Form 8-K.

Item 9.01			Financial Statements and Exhibits.

(d) Exhibits.

99.1			First quarter earnings press release, dated May 7, 2024.
99.2			Supplemental Information for the first quarter ended March 31, 2024.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Healthcare Realty Trust Incorporated
Date: May 7, 2024			By:			/s/ J. Christopher Douglas
						Name: J. Christopher Douglas
						Title: Executive Vice President - Chief Financial Officer

Ron Hubbard

Vice President, Investor Relations

P: 615.269.8290

News Release

HEALTHCARE REALTY TRUST REPORTS RESULTS FOR THE FIRST QUARTER

The Company is focused on its top priorities of capital allocation and operational momentum to accelerate FFO growth and improve dividend coverage.

CAPITAL ALLOCATION MOMENTUM

•Announced a $383 million JV with KKR at a 6.6% cap rate with expected proceeds of $300 million

•Expects additional proceeds of more than $300 million within 90 days from separate transactions

•Repurchased 3.0 million shares totaling $41.7 million in April

OPERATIONAL MOMENTUM

•Delivered multi-tenant absorption of 57,000 square feet, or 17 basis points, on pace with expectations

•Generated strong new leasing momentum with new leases of approximately 440,000 square feet

•Improved tenant retention to 84.8%, up from 78.2% in fourth quarter 2023

NASHVILLE, Tennessee, May 7, 2024 - Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the first quarter ended March 31, 2024. Net (loss) income attributable to common stockholders for the three months ended March 31, 2024 was $(310.8) million, or $(0.82) per diluted common share. Normalized FFO per share totaled $0.39 for the three months ended March 31, 2024.

CAPITAL ALLOCATION

•The Company announced a strategic JV with KKR & Co., Inc. with the following key terms:

◦The Company will contribute 12 existing properties at a value of $382.5 million, representing a cap rate of approximately 6.6%.

◦KKR will make an initial capital contribution into the JV equal to 80% of the value of the properties.

◦The Company will retain a 20% interest and will manage the JV, as well as continue to oversee day-to-day operations and leasing of the properties.

◦The JV is expected to generate approximately $300 million of proceeds to the Company, and the contribution of the properties is expected to occur throughout May and June, subject to customary closing conditions.

◦Asset-level financing is not expected to be used for the initial JV seed portfolio or future investments.

◦KKR has also committed up to $600 million of additional equity capital to invest in high-quality stabilized MOBs, which may include additional contributions of the Company's properties.

•The Company has additional transactions under contract and letters of intent that are expected to generate further proceeds of more than $300 million within 90 days.

			HEALTHCAREREALTY.COM | PAGE 1 OF 8

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•The impact of additional transactions as well as the KKR JV will be incorporated into the Company's guidance expectations when they are completed.

•Proceeds are expected to be used to repurchase shares on a leverage neutral basis, maintaining debt to adjusted EBITDA between 6.0 and 6.5 times.

•In April, the Company repurchased 3.0 million shares totaling $41.7 million at an average price of $14.07 per share.

•The Company's Board of Directors has authorized the repurchase of up to $500.0 million of outstanding shares of the Company’s common stock.

MULTI-TENANT OCCUPANCY AND ABSORPTION

•Multi-tenant sequential occupancy gains were in-line with expectations provided in the February 2024 Investor Presentation as shown below:

1Q 2024 ACTUAL

Absorption (SF)

56,972

Change in occupancy (bps)

+ 17

•Strong multi-tenant absorption was noteworthy given the 1,603,000 square feet of expirations in first quarter, nearly double the expirations in the fourth quarter 2023 and the highest quarterly level scheduled in 2024.

•The multi-tenant portfolio leased percentage was 87.1% at March 31, which was 170 basis points greater than occupancy of 85.4%.

•Multi-tenant occupancy has increased by 70 basis points since third quarter of 2023. For the Legacy HTA properties, multi-tenant occupancy has increased by 130 basis points for the same period.

•The multi-tenant occupancy and NOI bridge can be found on page 5 of the Key Highlights Investor Presentation.

LEASING

•Portfolio leasing activity that commenced in the first quarter totaled 2,077,000 square feet related to 411 leases:

◦1,595,000 square feet of renewals

◦482,000 square feet of new and expansion lease commencements

•The Company signed new leases totaling approximately 440,000 square feet in the quarter.

SAME STORE

•Same Store cash NOI for the first quarter increased 3.0% over the same quarter in the prior year, up from 2.7% year over year growth in fourth quarter 2023.

•Tenant retention for the first quarter was 84.8%, an increase from 78.2% in fourth quarter 2023.

HEALTHCARE REALTY TRUST INCORPORATED			HEALTHCAREREALTY.COM | PAGE 2 OF 8

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•Operating expense growth was 1.7% over the same quarter in the prior year, down from 4.1% year over year growth in fourth quarter 2023.

•First quarter predictive growth measures in the Same Store portfolio include:

◦Average in-place rent increases of 2.8%

◦Future annual contractual increases of 2.9% for leases commencing in the quarter.

◦Weighted average MOB cash leasing spreads of 3.7% on 1,313,000 square feet renewed:

▪4% (<0% spread)

▪10% (0-3%)

▪54% (3-4%)

▪31% (>4%)

BALANCE SHEET

•Net debt to adjusted EBITDA was 6.5 times at March 31, 2024.

•In March 2024, the Company reduced its credit spread on its term loans and credit facility by 1 basis point as a result of meeting certain sustainability targets.

•As of March 31, 2024, variable rate debt was 10% of outstanding, an improvement from 16% as of March 31, 2023.

DIVIDEND

•The Company is focused on its top priorities of capital allocation and operational momentum to accelerate earnings growth and improve dividend coverage.

•A dividend of $0.31 per share was paid in March 2024. A dividend of $0.31 per share will be paid on May 23, 2024 to stockholders and OP unitholders of record on May 13, 2024.

GUIDANCE

•The Company affirms its 2024 Normalized FFO per share guidance as shown below:

						ACTUAL						EXPECTED 2Q 2024									EXPECTED 2024
						1Q 2024									LOW			HIGH						LOW			HIGH
Earnings per share						$(0.82)									$(0.12)			$(0.11)						$(1.30)			$(0.80)
NAREIT FFO per share						$(0.30)									$0.35			$0.36						$0.77			$0.82
Normalized FFO per share						$0.39									$0.38			$0.39						$1.52			$1.58

•The Company's 2024 guidance range includes activities outlined in the Components of Expected FFO on page 27 of the Supplemental Information.

•The Company's 2024 guidance range does not include any assumptions for recently announced or prospective JV seed portfolios, dispositions or share repurchases. These transactions will be incorporated into the Company's guidance expectations after completion.

HEALTHCARE REALTY TRUST INCORPORATED			HEALTHCAREREALTY.COM | PAGE 3 OF 8

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•The Company's earnings per share and NAREIT FFO per share guidance ranges have been updated to reflect the impact of non-cash goodwill and real estate impairments recognized in 1Q 2024, as applicable.

The 2024 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 Tuesday, May 7, 2024, at 12:00 p.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 Toll-Free Number: +1 833-470-1428 access code 240790;

◦All Other Locations: +1 404-975-4839 access code 240790.

•Replay Information:

◦Domestic Toll-Free Number: +1 866-813-9403 access code 656103;

◦All Other Locations: +1 929-458-6194 access code 656103.

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 the first and largest REIT to specialize in medical outpatient buildings, Healthcare Realty's portfolio includes nearly 700 properties totaling over 40 million square feet concentrated in 15 growth markets.

Additional information regarding the Company, including this quarter's operations, can be found at www.healthcarerealty.com. In addition to the historical information contained within, this press release contains certain forward-looking statements with respect to the Company. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially and in adverse ways from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, without limitation, the following: the Company's expected results may not be achieved; failure to realize the expected benefits of the Merger; significant transaction costs and/or unknown or inestimable liabilities; 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; general adverse economic and local real estate conditions; changes in economic conditions generally and the real estate market specifically; legislative and regulatory changes, including changes to laws governing the taxation of REITs and changes to laws governing the healthcare industry; the availability of capital; changes in interest rates; competition in the real estate industry; the supply and demand for operating properties in the Company’s proposed market areas; changes in accounting principles generally accepted in the US; policies and guidelines applicable to REITs; the availability of properties to acquire; the availability of financing; pandemics and other health concerns, and the measures intended to prevent their spread, including the currently ongoing COVID-19 pandemic; and the potential material adverse effect these matters may have on the Company’s business, results of operations, cash flows and financial condition. Additional information concerning the Company and its business, including additional factors that could materially and adversely affect the Company’s financial results, include, without limitation, the risks described under Part I, Item 1A - Risk Factors, in the Company’s 2023 Annual Report on Form 10-K and in its other filings with the SEC.

HEALTHCARE REALTY TRUST INCORPORATED			HEALTHCAREREALTY.COM | PAGE 4 OF 8

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Consolidated Balance Sheets
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

ASSETS
			1Q 2024			4Q 2023			3Q 2023			2Q 2023			1Q 2023
Real estate properties
Land			$1,342,895			$1,343,265			$1,387,821			$1,424,453			$1,412,805
Buildings and improvements			10,902,835			10,881,373			11,004,195			11,188,821			11,196,297
Lease intangibles			816,303			836,302			890,273			922,029			929,008
Personal property			12,720			12,718			12,686			12,615			11,945
Investment in financing receivables, net			122,001			122,602			120,975			121,315			120,692
Financing lease right-of-use assets			81,805			82,209			82,613			83,016			83,420
Construction in progress			70,651			60,727			85,644			53,311			42,615
Land held for development			59,871			59,871			59,871			78,411			69,575
Total real estate investments			13,409,081			13,399,067			13,644,078			13,883,971			13,866,357
Less accumulated depreciation and amortization			(2,374,047)			(2,226,853)			(2,093,952)			(1,983,944)			(1,810,093)
Total real estate investments, net			11,035,034			11,172,214			11,550,126			11,900,027			12,056,264
Cash and cash equivalents			26,172			25,699			24,668			35,904			49,941
Assets held for sale, net			30,968			8,834			57,638			151			3,579
Operating lease right-of-use assets			273,949			275,975			323,759			333,224			336,112
Investments in unconsolidated joint ventures			309,754			311,511			325,453			327,245			327,746
Other assets, net and goodwill			605,047			842,898			822,084			797,796			795,242
Total assets			$12,280,924			$12,637,131			$13,103,728			$13,394,347			$13,568,884
LIABILITIES AND STOCKHOLDERS' EQUITY
			1Q 2024			4Q 2023			3Q 2023			2Q 2023			1Q 2023
Liabilities
Notes and bonds payable			$5,108,279			$4,994,859			$5,227,413			$5,340,272			$5,361,699
Accounts payable and accrued liabilities			163,172			211,994			204,947			196,147			155,210
Liabilities of properties held for sale			700			295			3,814			222			277
Operating lease liabilities			229,223			229,714			273,319			278,479			279,637
Financing lease liabilities			74,769			74,503			74,087			73,629			73,193
Other liabilities			197,763			202,984			211,365			219,694			232,029
Total liabilities			5,773,906			5,714,349			5,994,945			6,108,443			6,102,045
Redeemable non-controlling interests			3,880			3,868			3,195			2,487			2,000
Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized			—			—			—			—			—
Common stock, $0.01 par value; 1,000,000 shares authorized			3,815			3,810			3,809			3,808			3,808
Additional paid-in capital			9,609,530			9,602,592			9,597,629			9,595,033			9,591,194
Accumulated other comprehensive (loss) income			4,791			(10,741)			17,079			9,328			(8,554)
Cumulative net income attributable to common stockholders			717,958			1,028,794			1,069,327			1,137,171			1,219,930
Cumulative dividends			(3,920,199)			(3,801,793)			(3,684,144)			(3,565,941)			(3,447,750)
Total stockholders' equity			6,415,895			6,822,662			7,003,700			7,179,399			7,358,628
Non-controlling interest			87,243			96,252			101,888			104,018			106,211
Total Equity			6,503,138			6,918,914			7,105,588			7,283,417			7,464,839
Total liabilities and stockholders' equity			$12,280,924			$12,637,131			$13,103,728			$13,394,347			$13,568,884

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Consolidated Statements of Income
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

			1Q 2024			4Q 2023			3Q 2023			2Q 2023			1Q 2023
Revenues
Rental income			$318,076			$322,076			$333,335			$329,680			$324,093
Interest income			4,538			4,422			4,264			4,233			4,214
Other operating			4,191			3,943			4,661			4,230			4,618
			326,805			330,441			342,260			338,143			332,925
Expenses
Property operating			121,078			121,362			131,639			125,395			122,040
General and administrative			14,787			14,609			13,396			15,464			14,935
Normalizing items 1			—			(1,445)			—			(275)			—
Normalized general and administrative			14,787			13,164			13,396			15,189			14,935
Transaction costs			395			301			769			669			287
Merger-related costs			—			1,414			7,450			(15,670)			4,855
Depreciation and amortization			178,119			180,049			182,989			183,193			184,479
			314,379			317,735			336,243			309,051			326,596
Other income (expense)
Interest expense before merger-related fair value			(50,949)			(52,387)			(55,637)			(54,780)			(52,895)
Merger-related fair value adjustment			(10,105)			(10,800)			(10,667)			(10,554)			(10,864)
Interest expense			(61,054)			(63,187)			(66,304)			(65,334)			(63,759)
Gain on sales of real estate properties			22			20,573			48,811			7,156			1,007
Gain (loss) on extinguishment of debt			—			—			62			—			—
Impairment of real estate assets and credit loss reserves			(15,937)			(11,403)			(56,873)			(55,215)			(31,422)
Impairment of goodwill			(250,530)			—			—			—			—
Equity (loss) gain from unconsolidated joint ventures			(422)			(430)			(456)			(17)			(780)
Interest and other income (expense), net			275			65			139			592			547
			(327,646)			(54,382)			(74,621)			(112,818)			(94,407)
Net (loss) income			$(315,220)			$(41,676)			$(68,604)			$(83,726)			$(88,078)
Net loss (income) attributable to non-controlling interests			4,384			1,143			760			967			953
Net (loss) income attributable to common stockholders			$(310,836)			$(40,533)			$(67,844)			$(82,759)			$(87,125)
Basic earnings per common share			$(0.82)			$(0.11)			$(0.18)			$(0.22)			$(0.23)
Diluted earnings per common share			$(0.82)			$(0.11)			$(0.18)			$(0.22)			$(0.23)
Weighted average common shares outstanding - basic			379,455			379,044			378,925			378,897			378,840
Weighted average common shares outstanding - diluted 2			379,455			379,044			378,925			378,897			378,840

14Q 2023 normalizing items include severance costs and and 2Q 2023 includes non-routine legal costs..

2Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount. As a result, the Company's OP totaling 3,681,225 units was not included.

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Reconciliation of FFO, Normalized FFO and FAD 1,2,3
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

			1Q 2024			4Q 2023			3Q 2023			2Q 2023			1Q 2023
Net (loss) income attributable to common stockholders			$(310,836)			$(40,533)			$(67,844)			$(82,759)			$(87,125)
Net loss attributable to common stockholders/diluted share 3			$(0.82)			$(0.11)			$(0.18)			$(0.22)			$(0.23)
Gain on sales of real estate assets			(22)			(20,573)			(48,811)			(7,156)			(1,007)
Impairments of real estate assets			15,937			11,403			56,873			55,215			26,227
Real estate depreciation and amortization			181,161			182,272			185,143			185,003			186,109
Non-controlling loss from partnership units			(4,278)			(491)			(841)			(1,027)			(1,067)
Unconsolidated JV depreciation and amortization			4,568			4,442			4,421			4,412			4,841
FFO adjustments			$197,366			$177,053			$196,785			$236,447			$215,103
FFO adjustments per common share - diluted			$0.51			$0.46			$0.51			$0.62			$0.56
FFO			$(113,470)			$136,520			$128,941			$153,688			$127,978
FFO per common share - diluted 4			$(0.30)			$0.36			$0.34			$0.40			$0.33
Transaction costs			395			301			769			669			287
Merger-related costs			—			1,414			7,450			(15,670)			4,855
Lease intangible amortization			175			261			213			240			146
Non-routine legal costs/forfeited earnest money received			—			(100)			—			275			—
Debt financing costs			—			—			(62)			—			—
Severance costs			—			1,445			—			—			—
Impairment of goodwill			250,530			—			—			—			—
Allowance for credit losses 5			—			—			—			—			8,599
Merger-related fair value adjustment			10,105			10,800			10,667			10,554			10,864
Unconsolidated JV normalizing items 6			87			89			90			93			117
Normalized FFO adjustments			$261,292			$14,210			$19,127			$(3,839)			$24,868
Normalized FFO adjustments per common share - diluted			$0.68			$0.04			$0.05			$(0.01)			$0.06
Normalized FFO			$147,822			$150,730			$148,068			$149,849			$152,846
Normalized FFO per common share - diluted			$0.39			$0.39			$0.39			$0.39			$0.40
Non-real estate depreciation and amortization			485			685			475			802			604
Non-cash interest amortization, net 7			1,277			1,265			1,402			1,618			682
Rent reserves, net			(151)			1,404			442			(54)			1,371
Straight-line rent income, net			(7,633)			(7,872)			(8,470)			(8,005)			(8,246)
Stock-based compensation			3,562			3,566			2,556			3,924			3,745
Unconsolidated JV non-cash items 8			(122)			(206)			(231)			(316)			(227)
Normalized FFO adjusted for non-cash items			145,240			149,572			144,242			147,818			150,775
2nd generation TI			(20,204)			(18,715)			(21,248)			(17,236)			(8,882)
Leasing commissions paid			(15,215)			(14,978)			(8,907)			(5,493)			(7,013)
Capital expenditures			(5,363)			(17,393)			(14,354)			(8,649)			(8,946)
Total maintenance capex			(40,782)			(51,086)			(44,509)			(31,378)			(24,841)
FAD			$104,458			$98,486			$99,733			$116,440			$125,934
Quarterly/annual dividends			$119,541			$118,897			$119,456			$119,444			$119,442
FFO wtd avg common shares outstanding - diluted 9			383,413			383,326			383,428			383,409			383,335

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 is 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.

5In 1Q 2023, allowance for credit losses included a $5.2 million credit allowance for a mezzanine loan and a $3.4 million reserve for three skilled nursing facilities.

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.

8Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.

9The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 254,261 for the three months ended March 31, 2024. Also includes the diluted impact of 3,681,225 OP units outstanding.

HEALTHCARE REALTY TRUST INCORPORATED			HEALTHCAREREALTY.COM | PAGE 7 OF 8

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Reconciliation of Non-GAAP Measures
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA - UNAUDITED

Management considers funds from operations ("FFO"), FFO per share, normalized FFO, normalized FFO per share, funds available for distribution ("FAD") to be useful non-GAAP measures of the Company's operating performance. A non-GAAP financial measure is generally defined as one that purports to measure historical financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP. Set forth below are descriptions of the non-GAAP financial measures management considers relevant to the Company's business and useful to investors.

The non-GAAP financial measures presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions. These measures should not be considered as alternatives to net income (determined in accordance with GAAP), as indicators of the Company's financial performance, or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of the Company's liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of the Company's needs.

FFO and FFO per share are operating performance measures adopted by the National Association of Real Estate Investment Trusts, Inc. (“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.” The Company defines Normalized FFO as FFO excluding acquisition-related expenses, lease intangible amortization and other normalizing items that are unusual and infrequent in nature. FAD is presented by adding to Normalized FFO non-real estate depreciation and amortization, deferred financing fees amortization, share-based compensation expense and rent reserves, net; and subtracting maintenance capital expenditures, including second generation tenant improvements and leasing commissions paid and straight-line rent income, net of expense. The Company's definition of these terms may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts. FFO, Normalized FFO and 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 an alternative to net income as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO, Normalized FFO and FAD should be reviewed in connection with GAAP financial measures.

Management believes FFO, FFO per share, Normalized FFO, Normalized FFO per share, and FAD provide an understanding of the operating performance of the Company’s properties without giving effect to certain significant non-cash items, including depreciation and amortization expense. Historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. However, real estate values instead have historically risen or fallen with market conditions. The Company believes that by excluding the effect of depreciation, amortization, gains or losses from sales of real estate, and other normalizing items that are unusual and infrequent, FFO, FFO per share, Normalized FFO, Normalized FFO per share and FAD can facilitate comparisons of operating performance between periods. The Company reports these measures because they have been observed by management to be the predominant measures used by the REIT industry and by industry analysts to evaluate REITs and because these measures are consistently reported, discussed, and compared by research analysts in their notes and publications about REITs.

Merger Combined Cash NOI and Merger Combined Same Store Cash NOI are key performance indicators. Management considers these to be supplemental measures that allow investors, analysts and Company management to measure unlevered property-level operating results. The Company defines Merger Combined Cash NOI as rental income and less property operating expenses. Merger Combined Cash NOI excludes non-cash items such as above and below market lease intangibles, straight-line rent, lease inducements, lease termination fees, tenant improvement amortization and leasing commission amortization. Merger Combined Cash NOI is historical and not necessarily indicative of future results.

Merger Combined Same Store Cash NOI compares Merger Combined Cash NOI for stabilized properties. Stabilized properties are properties that have been included in operations for the duration of the year-over-year comparison period presented. Accordingly, stabilized properties exclude properties that were recently acquired or disposed of, properties classified as held for sale, properties undergoing redevelopment, and newly redeveloped or developed properties.

The Company utilizes the redevelopment classification for properties where management has approved a change in strategic direction for such properties through the application of additional resources including an amount of capital expenditures significantly above routine maintenance and capital improvement expenditures.

Any recently acquired property will be included in the same store pool once the Company has owned the property for eight full quarters. Newly developed or redeveloped properties will be included in the same store pool eight full quarters after substantial completion.

HEALTHCARE REALTY TRUST INCORPORATED			HEALTHCAREREALTY.COM | PAGE 8 OF 8

1Q2024
Supplemental Information
FURNISHED AS OF MAY 7, 2024 - UNAUDITED

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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," 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, 2023, 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.

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Table of Contents

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

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 3

    

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Highlights

The Company is focused on its top priorities of capital allocation and operational momentum to accelerate FFO growth and improve dividend coverage.

CAPITAL ALLOCATION MOMENTUM

•Announced a $383 million JV with KKR at a 6.6% cap rate with expected proceeds of $300 million

•Expects additional proceeds of more than $300 million within 90 days from separate transactions

•Repurchased 3.0 million shares totaling $41.7 million in April

OPERATIONAL MOMENTUM

•Delivered multi-tenant absorption of 57,000 square feet, or 17 basis points, on pace with expectations

•Generated strong new leasing momentum with new leases of approximately 440,000 square feet

•Improved tenant retention to 84.8%, up from 78.2% in fourth quarter 2023

NET INCOME AND NORMALIZED FFO

•Net (loss) income attributable to common stockholders for the three months ended March 31, 2024 was $(310.8) million or $(0.82) per diluted common share.

•Normalized FFO per share totaled $0.39 for the three months ended March 31, 2024.

CAPITAL ALLOCATION

•The Company announced a strategic JV with KKR & Co., Inc. with the following key terms:

◦The Company will contribute 12 existing properties at a value of $382.5 million, representing a cap rate of approximately 6.6%.

◦KKR will make an initial capital contribution into the JV equal to 80% of the value of the properties.

◦The Company will retain a 20% interest and will manage the JV, as well as continue to oversee day-to-day operations and leasing of the properties.

◦The JV is expected to generate approximately $300 million of proceeds to the Company, and the contribution of the properties is expected to occur throughout May and June, subject to customary closing conditions.

◦Asset-level financing is not expected to be used for the initial JV seed portfolio or future investments.

◦KKR has also committed up to $600 million of additional equity capital to invest in high-quality stabilized MOBs, which may include additional contributions of the Company's properties.

•The Company has additional transactions under contract and letters of intent that are expected to generate further proceeds of more than $300 million within 90 days.

•The impact of additional transactions as well as the KKR JV will be incorporated into the Company's guidance expectations when they are completed.

•Proceeds are expected to be used to repurchase shares on a leverage neutral basis, maintaining debt to adjusted EBITDA between 6.0 and 6.5 times.

•In April, the Company repurchased 3.0 million shares totaling $41.7 million at an average price of $14.07 per share.

•The Company's Board of Directors has authorized the repurchase of up to $500.0 million of outstanding shares of the Company’s common stock.

.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 4

    

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Highlights

MULTI-TENANT OCCUPANCY AND ABSORPTION

•Multi-tenant sequential occupancy gains were in-line with expectations provided in the February 2024 Investor Presentation as shown below:

1Q 2024 ACTUAL

Absorption (SF)

56,972

Change in occupancy (bps)

+ 17

•Strong multi-tenant absorption was noteworthy given the 1,603,000 square feet of expirations in first quarter, nearly double the expirations in the fourth quarter 2023 and the highest quarterly level scheduled in 2024.

•The multi-tenant portfolio leased percentage was 87.1% at March 31, which was 170 basis points greater than occupancy of 85.4%.

•Multi-tenant occupancy has increased by 70 basis points since third quarter of 2023. For the Legacy HTA properties, multi-tenant occupancy has increased by 130 basis points for the same period.

•The multi-tenant occupancy and NOI bridge can be found on page 5 of the Key Highlights Investor Presentation.

LEASING

•Portfolio leasing activity that commenced in the first quarter totaled 2,077,000 square feet related to 411 leases:

◦1,595,000 square feet of renewals

◦482,000 square feet of new and expansion lease commencements

•The Company signed new leases totaling approximately 440,000 square feet in the quarter.

SAME STORE

•Same Store cash NOI for the first quarter increased 3.0% over the same quarter in the prior year, up from 2.7% year over year growth in fourth quarter 2023.

•Tenant retention for the first quarter was 84.8%, an increase from 78.2% in fourth quarter 2023.

•Operating expense growth was 1.7% over the same quarter in the prior year, down from 4.1% year over year growth in fourth quarter 2023.

•First quarter predictive growth measures in the Same Store portfolio include:

◦Average in-place rent increases of 2.8%

◦Future annual contractual increases of 2.9% for leases commencing in the quarter.

◦Weighted average MOB cash leasing spreads of 3.7% on 1,313,000 square feet renewed:

▪4% (<0% spread)

▪10% (0-3%)

▪54% (3-4%)

▪31% (>4%)

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 5

    

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Highlights

BALANCE SHEET

•Net debt to adjusted EBITDA was 6.5 times at March 31, 2024.

•In March 2024, the Company reduced its credit spread on its term loans and credit facility by 1 basis point as a result of meeting certain sustainability targets.

•As of March 31, 2024, variable rate debt was 10% of outstanding, an improvement from 16% as of March 31, 2023.

DIVIDEND

•The Company is focused on its top priorities of capital allocation and operational momentum to accelerate earnings growth and improve dividend coverage.

•A dividend of $0.31 per share was paid in March 2024. A dividend of $0.31 per share will be paid on May 23, 2024 to stockholders and OP unitholders of record on May 13, 2024.

GUIDANCE

•The Company affirms its 2024 Normalized FFO per share guidance as shown below:

						ACTUAL						EXPECTED 2Q 2024									EXPECTED 2024
						1Q 2024									LOW			HIGH						LOW			HIGH
Earnings per share						$(0.82)									$(0.12)			$(0.11)						$(1.30)			$(0.80)
NAREIT FFO per share						$(0.30)									$0.35			$0.36						$0.77			$0.82
Normalized FFO per share						$0.39									$0.38			$0.39						$1.52			$1.58

•The Company's 2024 guidance range includes activities outlined in the Components of Expected FFO on page 27 of the Supplemental Information.

•The Company's 2024 guidance range does not include any assumptions for recently announced or prospective JV seed portfolios, dispositions or share repurchases. These transactions will be incorporated into the Company's guidance expectations after completion.

•The Company's earnings per share and NAREIT FFO per share guidance ranges have been updated to reflect the impact of non-cash goodwill and real estate impairments recognized in 1Q 2024, as applicable.

The 2024 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 Tuesday, May 7, 2024, at 12:00 p.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 Toll-Free Number: +1 833-470-1428 access code 240790;

◦All Other Locations: +1 404-975-4839 access code 240790.

•Replay Information:

◦Domestic Toll-Free Number: +1 866-813-9403 access code 656103;

◦All Other Locations: +1 929-458-6194 access code 656103.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 6

    

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Salient Facts 1
AS OF MARCH 31, 2024

			Properties
			687 properties totaling 40.3M SF
			68 markets in 35 states
			92% managed by Healthcare Realty
			93% outpatient medical facilities
			60% of NOI in Top 15 Markets
			Capitalization
			$10.8B enterprise value as of 3/31/24
			$5.5B market capitalization as of 3/31/24
			385.2M shares outstanding (including OP units)
			$0.31 quarterly dividend per share
			BBB/Baa2 S&P/Moody's
			49.5% net debt to enterprise value at 3/31/24
			6.5x net debt to adjusted EBITDA

1 Includes properties held in joint ventures.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 7

    

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Corporate Information

Healthcare Realty (NYSE: HR) is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As of March 31, 2024, the Company was invested in 687 real estate properties in 35 states totaling 40.3 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 92% of its portfolio.

EXECUTIVE OFFICERS
Todd J. Meredith
President and Chief Executive Officer
John M. Bryant, Jr.
Executive Vice President and General Counsel
J. Christopher Douglas
Executive Vice President and Chief Financial Officer
Robert E. Hull
Executive Vice President - Investments
Julie F. Wilson
Executive Vice President - Operations

			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

J. Knox Singleton    

Chairman, Healthcare Realty Trust Incorporated

Retired Chief Executive Officer, Inova Health System

W. Bradley Blair, II (retiring May 2024)

Vice Chairman, Healthcare Realty Trust Incorporated

Retired Chairman, Healthcare Trust of America

Todd J. Meredith

President and Chief Executive Officer

Healthcare Realty Trust Incorporated

John V. Abbott

Retired Chief Executive Officer

Aviation Asset Management Group, General Electric Company

Nancy H. Agee

President and Chief Executive Officer

Carilion Clinic

Vicki U. Booth

President and Board Chair

Ueberroth Family Foundation

Edward H. Braman (retiring May 2024)

Retired Audit Partner

Ernst & Young LLP

Ajay Gupta

Chief Executive Officer

Physician Rehabilitation Network

James J. Kilroy

President and Portfolio Manager

Willis Investment Counsel

Jay P. Leupp

Managing Partner and Senior Portfolio Manager

Terra Firma Asset Management, LLC

Peter F. Lyle

Executive Vice President

Medical Management Associates, Inc.

Constance B. Moore

Retired President and CEO

BRE Properties, Inc.

Christann M. Vasquez

Retired Healthcare Executive

David R. Emery (1944-2019)

Chairman Emeritus

Healthcare Realty Trust Incorporated

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 8

    

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Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

ASSETS
			1Q 2024			4Q 2023			3Q 2023			2Q 2023			1Q 2023
Real estate properties
Land			$1,342,895			$1,343,265			$1,387,821			$1,424,453			$1,412,805
Buildings and improvements			10,902,835			10,881,373			11,004,195			11,188,821			11,196,297
Lease intangibles			816,303			836,302			890,273			922,029			929,008
Personal property			12,720			12,718			12,686			12,615			11,945
Investment in financing receivables, net			122,001			122,602			120,975			121,315			120,692
Financing lease right-of-use assets			81,805			82,209			82,613			83,016			83,420
Construction in progress			70,651			60,727			85,644			53,311			42,615
Land held for development			59,871			59,871			59,871			78,411			69,575
Total real estate investments			13,409,081			13,399,067			13,644,078			13,883,971			13,866,357
Less accumulated depreciation and amortization			(2,374,047)			(2,226,853)			(2,093,952)			(1,983,944)			(1,810,093)
Total real estate investments, net			11,035,034			11,172,214			11,550,126			11,900,027			12,056,264
Cash and cash equivalents			26,172			25,699			24,668			35,904			49,941
Assets held for sale, net			30,968			8,834			57,638			151			3,579
Operating lease right-of-use assets			273,949			275,975			323,759			333,224			336,112
Investments in unconsolidated joint ventures			309,754			311,511			325,453			327,245			327,746
Other assets, net and goodwill			605,047			842,898			822,084			797,796			795,242
Total assets			$12,280,924			$12,637,131			$13,103,728			$13,394,347			$13,568,884
LIABILITIES AND STOCKHOLDERS' EQUITY
			1Q 2024			4Q 2023			3Q 2023			2Q 2023			1Q 2023
Liabilities
Notes and bonds payable			$5,108,279			$4,994,859			$5,227,413			$5,340,272			$5,361,699
Accounts payable and accrued liabilities			163,172			211,994			204,947			196,147			155,210
Liabilities of properties held for sale			700			295			3,814			222			277
Operating lease liabilities			229,223			229,714			273,319			278,479			279,637
Financing lease liabilities			74,769			74,503			74,087			73,629			73,193
Other liabilities			197,763			202,984			211,365			219,694			232,029
Total liabilities			5,773,906			5,714,349			5,994,945			6,108,443			6,102,045
Redeemable non-controlling interests			3,880			3,868			3,195			2,487			2,000
Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized			—			—			—			—			—
Common stock, $0.01 par value; 1,000,000 shares authorized			3,815			3,810			3,809			3,808			3,808
Additional paid-in capital			9,609,530			9,602,592			9,597,629			9,595,033			9,591,194
Accumulated other comprehensive (loss) income			4,791			(10,741)			17,079			9,328			(8,554)
Cumulative net income attributable to common stockholders			717,958			1,028,794			1,069,327			1,137,171			1,219,930
Cumulative dividends			(3,920,199)			(3,801,793)			(3,684,144)			(3,565,941)			(3,447,750)
Total stockholders' equity			6,415,895			6,822,662			7,003,700			7,179,399			7,358,628
Non-controlling interest			87,243			96,252			101,888			104,018			106,211
Total equity			6,503,138			6,918,914			7,105,588			7,283,417			7,464,839
Total liabilities and stockholders' equity			$12,280,924			$12,637,131			$13,103,728			$13,394,347			$13,568,884

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 9

    

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Statements of Income
DOLLARS IN THOUSANDS

			1Q 2024			4Q 2023			3Q 2023			2Q 2023			1Q 2023
Revenues
Rental income			$318,076			$322,076			$333,335			$329,680			$324,093
Interest income			4,538			4,422			4,264			4,233			4,214
Other operating			4,191			3,943			4,661			4,230			4,618
			326,805			330,441			342,260			338,143			332,925
Expenses
Property operating			121,078			121,362			131,639			125,395			122,040
General and administrative			14,787			14,609			13,396			15,464			14,935
Normalizing items 1			—			(1,445)			—			(275)			—
Normalized general and administrative			14,787			13,164			13,396			15,189			14,935
Transaction costs			395			301			769			669			287
Merger-related costs			—			1,414			7,450			(15,670)			4,855
Depreciation and amortization			178,119			180,049			182,989			183,193			184,479
			314,379			317,735			336,243			309,051			326,596
Other income (expense)
Interest expense before merger-related fair value			(50,949)			(52,387)			(55,637)			(54,780)			(52,895)
Merger-related fair value adjustment			(10,105)			(10,800)			(10,667)			(10,554)			(10,864)
Interest expense			(61,054)			(63,187)			(66,304)			(65,334)			(63,759)
Gain on sales of real estate properties			22			20,573			48,811			7,156			1,007
Gain on extinguishment of debt			—			—			62			—			—
Impairment of real estate assets and credit loss reserves			(15,937)			(11,403)			(56,873)			(55,215)			(31,422)
Impairment of goodwill			(250,530)			—			—			—			—
Equity (loss) gain from unconsolidated joint ventures			(422)			(430)			(456)			(17)			(780)
Interest and other income (expense), net			275			65			139			592			547
			(327,646)			(54,382)			(74,621)			(112,818)			(94,407)
Net (loss) income			$(315,220)			$(41,676)			$(68,604)			$(83,726)			$(88,078)
Net loss (income) attributable to non-controlling interests			4,384			1,143			760			967			953
Net (loss) income attributable to common stockholders			$(310,836)			$(40,533)			$(67,844)			$(82,759)			$(87,125)
Basic earnings per common share			$(0.82)			$(0.11)			$(0.18)			$(0.22)			$(0.23)
Diluted earnings per common share			$(0.82)			$(0.11)			$(0.18)			$(0.22)			$(0.23)
Weighted average common shares outstanding - basic			379,455			379,044			378,925			378,897			378,840
Weighted average common shares outstanding - diluted 2			379,455			379,044			378,925			378,897			378,840

    

STATEMENTS OF INCOME SUPPLEMENTAL INFORMATION
			1Q 2024			4Q 2023			3Q 2023			2Q 2023			1Q 2023
Interest income
Financing receivables			$2,117			$2,132			$2,002			$2,053			$2,144
Interest on mortgage and mezzanine loans			2,421			2,290			2,262			2,180			2,070
Total			$4,538			$4,422			$4,264			$4,233			$4,214
Other operating income
Parking income			$2,545			$2,392			$2,751			$2,370			$2,391
Management fee and miscellaneous income			1,646			1,551			1,910			1,860			2,227
Total			$4,191			$3,943			$4,661			$4,230			$4,618

14Q 2023 normalizing items include severance costs and 2Q 2023 includes non-routine legal costs.

2Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount. As a result, the Company's OP totaling 3,681,225 units was not included.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 10

    

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

			1Q 2024			4Q 2023			3Q 2023			2Q 2023			1Q 2023
Net (loss) income attributable to common stockholders			$(310,836)			$(40,533)			$(67,844)			$(82,759)			$(87,125)
Net loss attributable to common stockholders per diluted share 3			$(0.82)			$(0.11)			$(0.18)			$(0.22)			$(0.23)
Gain on sales of real estate assets			$(22)			$(20,573)			$(48,811)			$(7,156)			$(1,007)
Impairments of real estate assets			15,937			11,403			56,873			55,215			26,227
Real estate depreciation and amortization			181,161			182,272			185,143			185,003			186,109
Non-controlling loss from partnership units			(4,278)			(491)			(841)			(1,027)			(1,067)
Unconsolidated JV depreciation and amortization			4,568			4,442			4,421			4,412			4,841
FFO adjustments			$197,366			$177,053			$196,785			$236,447			$215,103
FFO adjustments per common share - diluted			$0.51			$0.46			$0.51			$0.62			$0.56
FFO			$(113,470)			$136,520			$128,941			$153,688			$127,978
FFO per common share - diluted 4			$(0.30)			$0.36			$0.34			$0.40			$0.33
Transaction costs			395			301			769			669			287
Merger-related costs			—			1,414			7,450			(15,670)			4,855
Lease intangible amortization			175			261			213			240			146
Non-routine legal costs/forfeited earnest money received			—			(100)			—			275			—
Debt financing costs			—			—			(62)			—			—
Severance costs			—			1,445			—			—			—
Allowance for credit losses 5			—			—			—			—			8,599
Impairment of goodwill			250,530			—			—			—			—
Merger-related fair value adjustment			10,105			10,800			10,667			10,554			10,864
Unconsolidated JV normalizing items 6			87			89			90			93			117
Normalized FFO adjustments			$261,292			$14,210			$19,127			$(3,839)			$24,868
Normalized FFO adjustments per common share - diluted			$0.68			$0.04			$0.05			$(0.01)			$0.06
Normalized FFO			$147,822			$150,730			$148,068			$149,849			$152,846
Normalized FFO per common share - diluted			$0.39			$0.39			$0.39			$0.39			$0.40
Non-real estate depreciation and amortization			485			685			475			802			604
Non-cash interest amortization, net 7			1,277			1,265			1,402			1,618			682
Rent reserves, net			(151)			1,404			442			(54)			1,371
Straight-line rent income, net			(7,633)			(7,872)			(8,470)			(8,005)			(8,246)
Stock-based compensation			3,562			3,566			2,556			3,924			3,745
Unconsolidated JV non-cash items 8			(122)			(206)			(231)			(316)			(227)
Normalized FFO adjusted for non-cash items			145,240			149,572			144,242			147,818			150,775
2nd generation TI			(20,204)			(18,715)			(21,248)			(17,236)			(8,882)
Leasing commissions paid			(15,215)			(14,978)			(8,907)			(5,493)			(7,013)
Capital expenditures			(5,363)			(17,393)			(14,354)			(8,649)			(8,946)
Total maintenance capex			(40,782)			(51,086)			(44,509)			(31,378)			(24,841)
FAD			$104,458			$98,486			$99,733			$116,440			$125,934
Quarterly dividends and OP distributions			$119,541			$118,897			$119,456			$119,444			$119,442
FFO wtd avg common shares outstanding - diluted 9			383,413			383,326			383,428			383,409			383,335

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 is 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.

5In 1Q 2023, allowance for credit losses included a $5.2 million credit allowance for a mezzanine loan and a $3.4 million reserve for three skilled nursing facilities.

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.

8Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.

9The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 254,261 for the three months ended March 31, 2024. Also includes the diluted impact of 3,681,225 OP units outstanding.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 11

    

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

ACQUISITION AND RE/DEVELOPMENT FUNDING
			1Q 2024			4Q 2023			3Q 2023			2Q 2023			1Q 2023
Acquisitions 1			$—			$—			$11,450			$—			$31,500
Re/development 2			21,580			32,272			30,945			32,068			16,928
1st generation TI & acquisition capex 3			12,421			7,632			9,013			10,258			11,870
MAINTENANCE CAPITAL EXPENDITURES FUNDING
			1Q 2024			4Q 2023			3Q 2023			2Q 2023			1Q 2023
2nd generation TI			$20,204			$18,715			$21,248			$17,236			$8,882
Leasing commissions paid			15,215			14,978			8,907			5,493			7,013
Capital expenditures			5,363			17,393			14,354			8,649			8,946
			$40,782			$51,086			$44,509			$31,378			$24,841
% of Cash NOI
2nd generation TI			10.1		%	9.2		%	10.4		%	8.3		%	4.2		%
Leasing commissions paid			7.6		%	7.3		%	4.4		%	2.6		%	3.3		%
Capital expenditures			2.7		%	8.5		%	7.0		%	4.2		%	4.3		%
			20.4		%	25.0		%	21.8		%	15.1		%	11.8		%
LEASING COMMITMENTS 4
			1Q 2024			4Q 2023			3Q 2023			2Q 2023			1Q 2023
Renewals
Square feet			1,454,998			582,239			625,762			638,587			949,285
2nd generation TI/square foot/lease year			$2.39			$1.89			$1.76			$1.64			$1.84
Leasing commissions/square foot/lease year			$0.90			$1.66			$1.48			$1.19			$0.87
Renewal commitments as a % of annual net rent			13.8		%	12.7		%	13.1		%	12.8		%	11.5		%
WALT (in months) 5			60.5			43.1			42.1			56.7			56.8
New leases
Square feet			337,357			315,243			344,524			205,565			274,344
2nd generation TI/square foot/lease year			$7.32			$5.98			$5.57			$7.11			$4.44
Leasing commissions/square foot/lease year			$1.68			$1.72			$1.81			$1.40			$0.83
New lease commitments as a % of annual net rent			42.8		%	33.4		%	32.1		%	45.0		%	21.6		%
WALT (in months) 5			92.8			90.2			85.8			81.3			84.7
All
Square feet			1,792,355			897,482			970,286			844,152			1,223,629
Leasing commitments as a % of annual net rent			20.5		%	21.9		%	22.6		%	21.7		%	14.7		%
WALT (in months) 5			66.6			59.6			57.6			62.7			63.1

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			1Q 2024 SUPPLEMENTAL INFORMATION 12

    

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Debt Metrics1
DOLLARS IN THOUSANDS

SUMMARY OF INDEBTEDNESS AS OF MARCH 31, 2024
			PRINCIPAL BALANCE			BALANCE 1			MATURITY DATE			MONTHS TO MATURITY 2			INTEREST EXPENSE			CONTRACTUAL INTEREST EXPENSE			CONTRACTUAL RATE			EFFECTIVE RATE			FAIR VALUE MERGER ADJUSTED
SENIOR NOTES			$250,000			$249,579			5/1/2025			13			$2,470			$2,422			3.88		%	4.12		%
			600,000			580,933			8/1/2026			28			7,166			5,250			3.50		%	4.94		%	Y
			500,000			484,802			7/1/2027			39			5,762			4,688			3.75		%	4.76		%	Y
			300,000			297,577			1/15/2028			46			2,784			2,719			3.63		%	3.85		%
			650,000			578,037			2/15/2030			71			7,632			5,037			3.10		%	5.30		%	Y
			299,500			296,881			3/15/2030			72			1,928			1,797			2.40		%	2.72		%
			299,785			295,958			3/15/2031			84			1,592			1,536			2.05		%	2.25		%
			800,000			653,864			3/15/2031			84			8,343			4,000			2.00		%	5.13		%	Y
			$3,699,285			$3,437,631						56			$37,677			$27,449			2.97		%	4.43		%
TERM LOANS			$350,000			$349,885			7/20/2025			16			$5,647			$5,647			SOFR + 1.04%			6.36		%
			200,000			199,961			5/31/2026			26			3,227			3,227			SOFR + 1.04%			6.36		%
			150,000			149,679			6/1/2026			26			2,420			2,420			SOFR + 1.04%			6.36		%
			300,000			299,964			10/31/2026			31			4,841			4,841			SOFR + 1.04%			6.36		%
			200,000			199,537			7/20/2027			39			3,227			3,227			SOFR + 1.04%			6.36		%
			300,000			298,393			1/20/2028			45			4,841			4,841			SOFR + 1.04%			6.36		%
			$1,500,000			$1,497,419						30			$24,203			$24,203						6.36		%
$1.5B CREDIT FACILITY			$120,000			$120,000			10/31/2027			43			$676			$676			SOFR + 0.94%			6.27		%
MORTGAGES			$53,425			$53,229			various			22			$550			$562			4.05		%	4.18		%
			$5,372,710			$5,108,279						46			$63,106			$52,890			4.00		%	5.04		%	$2,550,000
Interest rate swaps															(4,191)			(4,191)
Interest cost capitalization															(942)			—
Unsecured credit facility fee & deferred financing costs															1,966			759
Amortization of fair value of swap maturing January 2024															177			—			1.21		%	3.21		%	Y
Financing right-of-use asset amortization															938			—
															$61,054			$49,458

DEBT MATURITIES SCHEDULE AS OF MARCH 31, 2024
						PRINCIPAL PAYMENTS
						BANK LOANS			SENIOR NOTES			MORTGAGE NOTES			TOTAL						WA RATE
2024												$8,146			$8,146						4.07		%
2025						$350,000			$250,000			16,375			616,375						5.29		%
2026						650,000			600,000			28,904			1,278,904						4.94		%
2027						320,000			500,000						820,000						4.75		%
2028						300,000			300,000						600,000						4.99		%
Thereafter									2,049,285						2,049,285						2.41		%
Total						$1,620,000			$3,699,285			$53,425			$5,372,710						4.00		%
Fixed rate debt balance						$1,075,000			$3,699,285			$53,425			$4,827,710
% fixed rate debt												90		%
Company share of JV net debt									$23,276

    

INTEREST RATE SWAPS
MATURITY			AMOUNT			FIXED SOFR RATE
May 2026			275,000			3.74		%
June 2026			150,000			3.83		%
December 2026			150,000			3.84		%
June 2027			200,000			4.27		%
December 2027			300,000			3.93		%
As of 3/31/2024			$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			1Q 2024 SUPPLEMENTAL INFORMATION 13

    

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Debt Covenants & Liquidity
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED MARCH 31, 2024 1
			CALCULATION			REQUIREMENT			PER DEBT COVENANTS
Revolving credit facility and term loan
Leverage ratio			Total debt/total capital			Not greater than 60%			37.9		%
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%			40.7		%
Fixed charge coverage ratio			EBITDA/fixed charges			Not less than 1.50x			3.1x
Unsecured coverage ratio			Unsecured EBITDA/unsecured interest			Not less than 1.75x			3.1x
Asset investments			Unimproved land, JVs & mortgages/total assets			Not greater than 35%			8.4		%
Senior Notes
Incurrence of total debt			Total debt/total assets			Not greater than 60%			38.1		%
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%			259.8		%
Debt service coverage			EBITDA/interest expense			Not less than 1.5x			3.2x
Other
Net debt to adjusted EBITDA 2			Net debt (debt less cash)/adjusted EBITDA			Not required			6.5x
Net debt to enterprise value 3			Net debt/enterprise value			Not required			49.5		%

LIQUIDITY SOURCES
Cash			$26,172
Unsecured credit facility availability			1,380,000
Consolidated unencumbered assets (gross) 4			13,269,798

        

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 25 for a reconciliation of adjusted EBITDA.

3Based on the closing price of $14.15 on March 28, 2024 and 385,159,184 shares outstanding including outstanding OP units.

4Annualized first quarter 2024 unencumbered asset NOI was $774.3 million.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 14

    

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Re/development Activity
DOLLARS IN THOUSANDS

RE/DEVELOPMENT PROJECTS
MARKET			ASSOCIATED HEALTH SYSTEM						SQUARE FEET			CURRENT LEASED %			BUDGET			COST TO COMPLETE						ESTIMATED COMPLETION/INITIAL LEASE COMMENCEMENT
Recently completed development
Nashville, TN			Ascension						106,194			88		%	$44,000			$6,670						In service
Active development
Raleigh, NC			UNC REX Health						120,694			42		%	52,600			18,259						4Q 2024
Phoenix, AZ			HonorHealth						101,000			80		%	54,000			26,853						4Q 2024
Orlando, FL 1			Advent Health						156,566			78		%	65,000			31,402						2Q 2025
Total development									484,454			72		%	$215,600			$83,184
Projected stabilized yield - 6.5%-8.0%
Estimated stabilization period post completion - 12 - 36 months
Active redevelopment
Washington, DC			Inova Health						259,290			85		%	$17,557			$7,588						2Q 2024
Houston, TX			HCA						314,861			63		%	30,000			22,987						4Q 2025
Charlotte, NC			Novant Health						169,135			58		%	18,700			13,159						1Q 2026
Washington, DC			Inova Health						57,323			60		%	10,078			4,630						1Q 2026
Total redevelopment									800,609			69		%	$76,335			$48,364
Occupied %												64		%
Projected stabilized yield - 9.0%-12.0%
Estimated stabilization period post completion - 12 - 36 months
Total active re/development projects						1,285,063			70		%	$291,935			$131,548

1Investment is a construction loan with purchase rights upon completion.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 15

    

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Portfolio 1,2
DOLLARS IN THOUSANDS

MARKETS
									WHOLLY OWNED COUNT						SQUARE FEET																								WHOLLY OWNED
MARKET			MSA RANK												MOB									INPATIENT			OFFICE						WHOLLY OWNED			JOINT VENTURES3			TOTAL			% OF NOI			CUMULATIVE % OF NOI
Dallas, TX			4						43						3,230,488									146,519			199,800						3,576,807			226,076			3,802,883			8.9		%	8.9		%
Seattle, WA			15						29						1,592,501																		1,592,501						1,592,501			6.3		%	15.2		%
Houston, TX			5						31						2,351,135									67,500									2,418,635						2,418,635			4.8		%	20.0		%
Charlotte, NC			22						32						1,792,908																		1,792,908						1,792,908			4.4		%	24.4		%
Denver, CO			19						33						1,780,819												93,869						1,874,688			116,616			1,991,304			4.2		%	28.6		%
Los Angeles, CA			2						20						1,034,336									63,000									1,097,336			702,453			1,799,789			4.2		%	32.8		%
Atlanta, GA			9						27						1,423,141																		1,423,141						1,423,141			3.9		%	36.7		%
Boston, MA			11						17						806,410																		806,410						806,410			3.6		%	40.3		%
Miami, FL			7						18						1,196,531																		1,196,531						1,196,531			3.2		%	43.5		%
Raleigh, NC			42						29						1,115,743																		1,115,743						1,115,743			3.0		%	46.5		%
Nashville, TN			36						13						1,241,872												108,691						1,350,563						1,350,563			3.0		%	49.5		%
Phoenix, AZ			10						35						1,512,304																		1,512,304						1,512,304			2.9		%	52.4		%
Tampa, FL			18						19						971,975																		971,975						971,975			2.7		%	55.1		%
Austin, TX			29						13						863,700																		863,700						863,700			2.6		%	57.7		%
Indianapolis, IN			33						40						1,162,955									61,398									1,224,353			273,479			1,497,832			2.5		%	60.2		%
New York, NY			1						15						704,415																		704,415						704,415			2.2		%	62.4		%
Memphis, TN			43						11						802,221									54,416									856,637						856,637			1.9		%	64.3		%
San Francisco, CA			12						6						452,666																		452,666			110,865			563,531			1.9		%	66.2		%
Chicago, IL			3						6						607,845																		607,845						607,845			1.9		%	68.1		%
Honolulu, HI			56						6						439,500																		439,500						439,500			1.8		%	69.9		%
Other (48 markets)									210						10,678,027									540,974			1,228,363						12,447,364			519,911			12,967,275			30.1		%	100.0		%
Total									653						35,761,492									933,807			1,630,723						38,326,022			1,949,400			40,275,422			100.0		%
Number of properties															630									15			8						653			34			687
% of square feet															93.3		%							2.4		%	4.3		%				100.0		%
% multi-tenant															85.9		%							—		%	64.3		%				82.9		%
Investment															$12,248,065									$436,313			$468,899						$13,153,278
Quarterly cash NOI 1															$181,137									$8,155			$6,227						$195,519
% of cash NOI															92.6		%							4.2		%	3.2		%				100.0		%

BY OWNERSHIP AND TENANT TYPE
			WHOLLY OWNED						JOINT VENTURES3
			MULTI-TENANT			SINGLE-TENANT						MULTI-TENANT			SINGLE-TENANT			TOTAL
Number of properties			528			125						24			10			687
Square feet			31,765,733			6,560,289						1,594,634			354,766			40,275,422
% of square feet			78.8		%	16.3		%				4.0		%	0.9		%	100.0		%
Investment 1			$10,422,082			$2,731,196						$278,544			$83,628			$13,515,450
Quarterly cash NOI 1			$150,614			$44,906						$3,693			$1,262			$200,475
% of cash NOI			75.1		%	22.4		%				1.9		%	0.6		%	100.0		%

1Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage.

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

3The Company's weighted average ownership percentage in its joint ventures was approximately 44%.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 16

    

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Health Systems 1

MOB PORTFOLIO
									BUILDING SQUARE FEET									# OF BLDGS						LEASED BY HEALTH SYSTEM			% OF LEASED SF			# OF LEASES
HEALTH SYSTEM			SYSTEM RANK 2			CREDIT RATING			ON/ADJACENT 3			OFF-CAMPUS AFFILIATED 4			TOTAL						% OF NOI
HCA			1			BBB-/Baa3			2,105,415			779,288			2,884,703			43			8.6		%	821,724			2.6		%	131
Baylor Scott & White			21			AA-/Aa3			2,570,180			66,376			2,636,556			29			6.8		%	1,271,509			4.1		%	195
CommonSpirit			4			A-/A3			1,801,813			540,834			2,342,647			42			6.2		%	728,994			2.3		%	143
Ascension Health			3			AA+/Aa2			2,262,563			97,551			2,360,114			25			5.8		%	968,077			3.1		%	148
Advocate Health			14			AA/Aa3			790,317			496,198			1,286,515			20			4.1		%	1,130,858			3.6		%	104
Wellstar Health System			75			A+/A2			896,773			23,088			919,861			18			2.8		%	582,754			1.9		%	81
UW Medicine (Seattle)			91			AA+/Aaa			461,363			169,709			631,072			10			2.7		%	294,971			0.9		%	32
AdventHealth			11			AA/Aa2			758,638			118,585			877,223			13			2.6		%	384,529			1.2		%	82
Trinity Health			7			AA-/Aa3			830,772			184,318			1,015,090			14			2.4		%	542,027			1.7		%	73
Tenet Healthcare Corporation			6			B+/B1			884,029			238,375			1,122,404			17			2.3		%	309,949			1.0		%	62
Baptist Memorial Health Care			89			A-2/--			544,122			252,414			796,536			10			2.1		%	434,721			1.4		%	56
Community Health Systems			8			CCC+/Caa2			785,169			—			785,169			16			2.0		%	353,558			1.1		%	45
Providence Health & Services			5			A/A2			330,287			31,601			361,888			8			1.7		%	137,032			0.4		%	25
Cedars-Sinai Health Systems			51			AA-/Aa3			199,701			90,607			290,308			5			1.7		%	65,278			0.2		%	21
Hawaii Pacific Health			181			--/A1			173,502			124,925			298,427			3			1.5		%	98,398			0.3		%	39
Banner Health			24			AA-/--			749,075			31,039			780,114			24			1.4		%	134,107			0.4		%	34
WakeMed			185			--/A2			380,141			101,597			481,738			14			1.4		%	144,265			0.5		%	21
Bon Secours Health System			22			A+/A2			405,945			—			405,945			6			1.3		%	242,817			0.8		%	50
Sutter Health			12			A+/A1			175,591			76,507			252,098			3			1.2		%	93,229			0.3		%	19
Overlake Health System			291			BBB+/Baa1			230,710			—			230,710			3			1.2		%	73,676			0.2		%	7
Memorial Hermann Health			39			A+/Aa3			444,780			—			444,780			8			1.2		%	257,409			0.8		%	4
Other (70 credit rated)									6,953,056			3,674,423			10,627,479			206			29.6		%	4,437,662			14.2		%
Subtotal - credit rated 5									24,733,942			7,097,435			31,831,377			537			90.6		%	13,507,544			43.0		%
Other non-credit rated 6									1,042,749			470,851			1,513,600			34			4.5		%	861,880			2.8		%
Off-campus non-affiliated 7									—			2,416,515			2,416,515			59			4.9		%	—			—		%
Wholly-owned									25,776,691			9,984,801			35,761,492			630			100.0		%	14,369,424			45.8		%
Joint ventures									1,143,456			579,868			1,723,324
Total									26,920,147			10,564,669			37,484,816

1Excludes construction in progress and assets classified as held for sale.

2Ranked by revenue based on Modern Healthcare's Healthcare Systems Financials Database.

3The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.

4Includes off-campus buildings where health systems lease 20% or more of the property and/or are located within 2 miles from a hospital campus.

5Based on square footage, 83% is associated and 41% is leased by an investment-grade rated healthcare provider.

6Includes 34 properties associated with hospital systems that are not credit rated. Steward Health leases 580,000 square feet and represents 1.6% of total company ABR.

7Includes 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			1Q 2024 SUPPLEMENTAL INFORMATION 17

    

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MOB Proximity to Hospital 1,2

MOB BY LOCATION
			# OF PROPERTIES			SQUARE FEET			TOTAL			% GROUND LEASED
On campus			236			18,183,081			48.5		%	37.6		%
Adjacent to campus 3			185			8,737,066			23.3		%	3.4		%
Total on/adjacent			421			26,920,147			71.8		%	41.0		%
Off campus - affiliated 4			174			8,014,793			21.4		%	3.7		%
Off campus			62			2,549,876			6.8		%	0.6		%
			657			37,484,816			100.0		%	45.3		%
Wholly-owned			630			35,761,492
Joint ventures			27			1,723,324

MOB BY CLUSTER 5
			TOTAL									HOSPITAL CENTRIC 6
			# OF PROPERTIES			SQUARE FEET			% OF MOB SQUARE FEET			# OF PROPERTIES			SQUARE FEET			% OF MOB SQUARE FEET
Clustered			474			26,237,339			70.0		%	391			22,916,995			72.3		%
Non-clustered			183			11,247,477			30.0		%	126			8,770,915			27.7		%
Total			657			37,484,816			100.0		%	517			31,687,910			100.0		%

1Includes joint venture properties and excludes construction in progress and assets classified as held for sale.

2Proximity 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.

3The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.

4Includes off-campus buildings where health systems lease 20% or more of the property and/or are located within 2 miles from a hospital campus.

5A 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.

6Includes buildings that are located within two miles of a hospital campus.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 18

    

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Lease Maturity & Occupancy1

LEASE MATURITY SCHEDULE
						SQUARE FEET																		# OF WHOLLY-OWNED LEASES
						WHOLLY-OWNED AND JOINT VENTURE
						MULTI-TENANT 2			SINGLE-TENANT			TOTAL			% OF TOTAL			JOINT VENTURES			WHOLLY-OWNED
Month-to-month						429,643			2,946			432,589			1.2		%	13,335			419,254			184
Q2 2024						1,042,018			78,584			1,120,602			3.2		%	55,305			1,065,297			340
Q3 2024						1,135,409			456,522			1,591,931			4.5		%	111,397			1,480,534			354
Q4 2024						1,054,603			104,517			1,159,120			3.3		%	28,977			1,130,143			304
2025						4,065,381			933,060			4,998,441			14.2		%	187,084			4,811,357			1,191
2026						3,938,139			304,579			4,242,718			12.1		%	135,601			4,107,117			1,066
2027						3,627,213			1,030,094			4,657,307			13.2		%	159,643			4,497,664			960
2028						3,162,337			610,332			3,772,669			10.7		%	106,363			3,666,306			847
2029						2,230,758			871,252			3,102,010			8.8		%	348,982			2,753,028			542
2030						1,869,407			756,694			2,626,101			7.5		%	87,788			2,538,313			370
2031						1,168,087			236,689			1,404,776			4.0		%	29,760			1,375,016			270
2032						1,856,514			361,573			2,218,087			6.3		%	62,415			2,155,672			301
2033						963,068			207,370			1,170,438			3.3		%	40,812			1,129,626			204
Thereafter						1,962,836			748,273			2,711,109			7.6		%	317,826			2,393,283			287
Total occupied						28,505,413			6,702,485			35,207,898			87.4		%	1,685,288			33,522,610			7,220
Total building						33,360,367			6,915,055			40,275,422						1,949,400			38,326,022
Occupancy						85.4		%	96.9		%	87.4		%				86.5		%	87.5		%
Leased %						87.1		%	96.9		%	88.7		%				86.7		%	88.9		%
WALTR (months) 3			49.9			66.2			53.0									51.7
WALT (months) 3			95.5			137.6			103.5									101.7

QUARTERLY LEASING ACTIVITY 4
						MULTI-TENANT						SINGLE-TENANT						TOTAL
						ABSORPTION ACTIVITY			SQUARE FEET			ABSORPTION ACTIVITY			SQUARE FEET			ABSORPTION ACTIVITY			SQUARE FEET
Occupied square feet, beginning of period									28,448,571						6,820,934						35,269,505
Dispositions and assets held for sale									(130)						(24,580)						(24,710)
Expirations and early vacates						(1,603,203)						(510,355)						(2,113,558)
Renewals, amendments and extensions						1,180,501						414,617						1,595,118
New lease commencements						479,674						1,869						481,543
Absorption									56,972						(93,869)						(36,897)
Occupied square feet, end of period									28,505,413						6,702,485						35,207,898

1Excludes land held for development, construction in progress, corporate property and assets classified as held for sale, unless noted otherwise.

2The average lease size in the wholly-owned multi-tenant portfolio is 3,934 square feet.

3WALTR = weighted average lease term remaining; WALT = weighted average lease term.

4Excludes month-to-month activity until such time that a term renewal is signed or the tenant vacates.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 19

    

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Leasing Statistics 1

SAME STORE RENEWALS 1
			1Q 2024
MOB cash leasing spreads 2			3.7		%
MOB cash leasing spreads distribution
< 0% spread			4.3		%
0-3% spread			10.5		%
3-4% spread			54.0		%
> 4% spread			31.2		%
Total			100.0		%
MOB tenant retention rate			84.8		%

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 1			2.89		%	72.6		%				2.53		%	18.5		%				2.81		%	91.1		%
Acquisitions			3.16		%	0.4		%				—		%	—		%				3.16		%	0.4		%
Other 4			2.70		%	7.0		%				2.19		%	1.4		%				2.61		%	8.5		%
Total			2.87		%	80.0		%				2.51		%	19.9		%				2.80		%	100.0		%
Escalator type
Fixed			2.83		%	96.9		%				2.55		%	88.4		%				2.78		%	95.2		%
CPI			4.13		%	3.1		%				2.21		%	11.6		%				3.20		%	4.8		%

SAME STORE TYPE AND OWNERSHIP STRUCTURE 1
			MULTI-TENANT			SINGLE-TENANT						TOTAL
Tenant type
Hospital			47.1		%	69.4		%				51.4		%
Physician and other			52.9		%	30.6		%				48.6		%
Lease structure
Gross			8.9		%	1.9		%				7.6		%
Modified gross			31.3		%	10.2		%				27.3		%
Net			59.8		%	65.8		%				60.9		%
Absolute net 5			—		%	22.1		%				4.2		%
Ownership type
Ground lease			44.3		%	38.5		%				43.3		%
Fee simple			55.7		%	61.5		%				56.7		%

    

# OF LEASES BY SIZE 6
LEASED SQUARE FEET			# OF LEASES			WALT			WALTR
0 - 2,500			3,689			71.2			40.0
2,501 - 5,000			1,825			82.3			44.8
5,001 - 7,500			640			92.0			49.1
7,501 - 10,000			365			97.7			56.1
10,001 +			701			121.8			64.1
Total Leases			7,220			101.7			51.7

1Same 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.

2Excludes non-MOB renewals of 68,000 square feet and 164,000 square feet for the first quarter and trailing twelve months, respectively.

3Excludes leases with lease terms of one year or less.

4Includes redevelopment properties, development completion, and joint ventures.

5Tenant is typically responsible for operating expenses and capital obligations.

6Excludes joint ventures, land held for development, construction in progress, corporate property and assets classified as held for sale.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 20

    

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Same Store1
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA

TOTAL CASH NOI
			% of Total NOI			1Q 2024			4Q 2023			1Q 2023			Y-o-Y% CHANGE
Multi-tenant			73		%	$	146,339		$	146,998		$	143,231		2.2		%
Single-tenant			22		%	44,883			42,740			42,565			5.4		%
Joint venture			2		%	4,833			4,652			4,563			5.9		%
Same store			98		%	$	196,055		$	194,390		$	190,359		3.0		%
Planned dispositions			—		%	44			117			544			(91.9		%)
Re/development			1		%	2,814			3,478			3,610			(22.0		%)
Wholly owned and joint venture acquisitions			—		%	835			614			148			464.2		%
Development completions			—		%	731			687			443			65.0		%
Completed dispositions & assets held for sale			—		%	(101)			4,785			14,370			(100.7		%)
Total cash NOI			100		%	$200,378			$204,071			$209,474			(4.3		%)

PORTFOLIO OCCUPANCY AND ABSORPTION
												OCCUPANCY %									ABSORPTION (square feet in thousands)
			COUNT			SQUARE FEET						1Q 2024			4Q 2023			1Q 2023			SEQUENTIAL			Y-O-Y
Multi-tenant			502			29,750,173						87.4		%	87.2		%	87.0		%	46			114
Single-tenant			122			6,351,134						99.6		%	99.6		%	99.4		%	—			14
Joint venture			33			1,912,709						86.2		%	86.0		%	86.8		%	4			(11)
Same store			657			38,014,016						89.3		%	89.2		%	89.0		%	50			117
Planned dispositions			5			227,686						25.9		%	25.5		%	30.4		%	1			(10)
Re/development			18			1,502,989						51.7		%	58.6		%	59.6		%	(104)			(119)
Wholly owned and joint venture acquisitions			3			195,328						97.8		%	97.8		%	95.2		%	—			8
Development completions			4			335,403						64.5		%	59.7		%	58.1		%	16			83
Total portfolio			687			40,275,422						87.4		%	87.5		%	87.5		%	(37)			79
Joint ventures			34			1,949,400						86.5		%	86.2		%	87.0		%	4			(11)
Total wholly-owned			653			38,326,022						87.5		%	87.6		%	87.5		%	(41)			90
Multi-tenant			552			33,360,367						85.4		%	85.3		%	85.2		%	57			196

1Same 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.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 21

    

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Same Store1, 2
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA

SAME STORE CASH NOI
			TOTAL
			1Q 2024			4Q 2023			1Q 2023
Base revenue			$234,333			$232,662			$228,118
Op. exp. recoveries			73,331			71,375			71,992
Revenues			$307,664			$304,037			$300,110
Expenses			111,609			109,648			109,751
Cash NOI			$196,055			$194,389			$190,359
Revenue per occ SF 3			$36.26			$35.91			$35.50
Margin			63.7		%	63.9		%	63.4		%
Average occupancy			89.3		%	89.1		%	89.0		%
Period end occupancy			89.3		%	89.2		%	89.0		%
Number of properties			657			657			657
Year-Over-Year Change
Revenue per occ SF 3			2.1		%
Avg occupancy (bps)			+30
Revenues			2.5		%
Base revenue			2.7		%
Exp recoveries			1.9		%
Expenses			1.7		%
Cash NOI			3.0		%

1Same 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.

2Excludes 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.

3Revenue 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			1Q 2024 SUPPLEMENTAL INFORMATION 22

    

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NOI Reconciliations
DOLLARS IN THOUSANDS

BOTTOM UP RECONCILIATION
			1Q 2024			4Q 2023												1Q 2023
Net loss			($315,220)			($41,676)												($88,078)
Other income (expense)			327,646			54,382												94,407
General and administrative expense			14,787			14,609												14,935
Depreciation and amortization expense			178,119			180,049												184,479
Other expenses 1			4,727			4,899												7,940
Straight-line rent expense			935			1,484												1,537
Straight-line rent revenue			(8,568)			(9,356)												(9,782)
Other revenue 2			(7,006)			(5,078)												(733)
Joint venture property cash NOI			4,958			4,758												4,769
Cash NOI			$200,378			$204,071												$209,474
Planned dispositions			(44)			(117)												(544)
Redevelopment			(2,814)			(3,478)												(3,610)
Wholly owned and joint venture acquisitions			(835)			(614)												(148)
Development completions			(731)			(687)												(443)
Completed dispositions & assets held for sale			101			(4,785)												(14,370)
Same store cash NOI			$196,055			$194,390												$190,359
Same store joint venture properties			(4,833)			(4,652)												(4,563)
Same store excluding JVs			$191,222			$189,738												$185,796
TOP DOWN RECONCILIATION
			1Q 2024			4Q 2023												1Q 2023
Rental income before rent concessions			$321,833			$325,772												$328,115
Rent concessions			(3,757)			(3,696)												(4,022)
Rental income			318,076			322,076												324,093
Parking income			2,545			2,392												2,391
Interest from financing receivable, net			2,117			2,132												2,227
Exclude straight-line rent revenue			(8,568)			(9,356)												(9,782)
Exclude other non-cash revenue 3			(3,163)			(1,513)												3,594
Cash revenue			311,007			315,731												322,523
Property operating expense			(121,078)			(121,362)												(122,040)
Exclude non-cash expenses 4			5,491			4,944												4,222
Joint venture property cash NOI			4,958			4,758												4,769
Cash NOI			$200,378			$204,071												$209,474
Planned dispositions			(44)			(117)												(544)
Redevelopment			(2,814)			(3,478)												(3,610)
Wholly owned and joint venture acquisitions			(835)			(614)												(148)
Development completions			(731)			(687)												(443)
Completed dispositions & assets held for sale			101			(4,785)												(14,370)
Same store cash NOI			$196,055			$194,390												$190,359
Same store joint venture properties			(4,833)			(4,652)												(4,563)
Same store excluding JVs			$191,222			$189,738												$185,796

1Includes 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.

2Includes 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.

3Includes above and below market intangibles, lease inducements, lease termination fees, deferred financing cost amortization, financing receivable, and TI amortization.

4Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 23

    

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NOI Reconciliations
DOLLARS IN THOUSANDS

RECONCILIATION OF NOI TO FULL QUARTER FFO AND NORMALIZED FFO
			1Q 2024			4Q 2023									1Q 2023
Cash NOI			$200,378			$204,071									$209,474
General and administrative expense			(14,787)			(14,609)									(14,935)
Straight-line rent			8,568			9,356									9,782
Interest and other income (expense), net			275			65									547
Management fees and other income			1,646			1,551									2,227
Note receivable interest income			2,421			2,290									1,987
Other non-cash revenue 1			2,939			1,237									(3,479)
Other non-cash expenses 2			(5,268)			(4,668)									(4,336)
Non-real estate impairment			—			—									(5,196)
Income taxes			336			330									382
Unconsolidated JV adjustments			(427)			(352)									(357)
Debt Covenant EBITDA			$196,081			$199,271									$196,096
Interest expense			(61,054)			(63,187)									(63,759)
Transaction costs			(395)			(301)									(287)
Merger-related costs			—			(1,414)									(4,855)
Leasing commission amortization 3			4,467			3,818									3,002
Non-real estate depreciation and amortization			(1,424)			(1,596)									(1,372)
Non controlling interest			106			652									(114)
Goodwill impairment			(250,530)			—									—
Income taxes			(336)			(330)									(382)
Unconsolidated JV adjustments			(385)			(393)									(351)
FFO			($113,470)			$136,520									$127,978
Transaction costs			395			301									287
Merger-related costs			—			1,414									4,855
Lease intangible amortization			175			261									146
Significant non-recurring legal fees/forfeited earnest money received			—			(100)									—
Severance costs			—			1,445									—
Merger-related fair value adjustment			10,105			10,800									10,864
Allowance for credit losses			—			—									8,599
Goodwill impairment			250,530			—									—
Unconsolidated JV normalizing items			87			89									117
Normalized FFO			$147,822			$150,730									$152,846

1Includes above and below market lease intangibles, interest income related to sales-type leases, lease inducements, lease termination fees, deferred financing cost amortization, and principle related to investment in financing receivable and TI amortization.

2Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.

3Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 24

    

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EBITDA Reconciliations
DOLLARS IN THOUSANDS

RECONCILIATION OF EBITDA
			1Q 2024			4Q 2023									1Q 2023
Net loss			($315,220)			($41,676)									($88,078)
Interest expense			61,054			63,187									63,759
Income taxes			336			330									382
Depreciation and amortization			178,119			180,049									184,479
Unconsolidated JV depreciation, amortization, and interest			4,952			4,836									5,192
EBITDA			$(70,759)			$206,726									$165,734
Transaction costs			395			301									287
Merger-related costs			—			1,414									4,855
Gain on sales of real estate properties			(22)			(20,573)									(1,007)
Impairments on real estate assets			15,937			11,403									26,227
Goodwill Impairment			250,530			—									—
Debt Covenant EBITDA			$196,081			$199,271									$196,096
Leasing commission amortization 1			4,467			3,818									3,002
Lease intangibles, franchise taxes and prepaid ground amortization			975			473									1,037
Timing impact 2			—			(4,155)									(945)
Stock based compensation			3,562			3,566									3,745
Allowance for credit losses			—			—									8,599
Rent reserves, net			(151)			1,404									1,371
Unconsolidated JV adjustments			87			89									117
Adjusted EBITDA			$205,021			$204,466									$213,022
Annualized Adjusted EBITDA			$820,084			$817,864									$852,088
RECONCILIATION OF NET DEBT
Debt (principal balance)			$5,372,710			$5,270,037									$5,667,955
Share of unconsolidated net debt			23,276			24,284									27,640
Cash			(26,172)			(25,699)									(49,941)
Net debt			$5,369,814			$5,268,622									$5,645,654
Net debt to adjusted EBITDA			6.5x			6.4x									6.6x

1Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.

2Timing adjustments to represent a full quarter impact of acquisitions and dispositions.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 25

    

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

CASH NOI BY PROPERTY TYPE
			1Q 2024
ASSET TYPE			SAME STORE 1			ACQ./DEV. COMPLETIONS 2						REDEVELOPMENT			TIMING/OTHER ADJUSTMENTS 3			ADJUSTED CASH NOI						ANNUALIZED ADJUSTED NOI
MOB/Outpatient			$180,960			$1,441						$2,822			$1,807			$187,030						$748,120
Inpatient/Surgical			8,860			125						—			—			8,985						35,940
Office			6,235			—						(8)			—			6,227						24,908
Total Cash NOI			$196,055			$1,566						$2,814			$1,807			$202,242						$808,968

DEVELOPMENT PROPERTIES									TOTAL SHARES OUTSTANDING
Land held for development			$59,871						As of March 31, 2024 8									385,159,184
Re/development budget			247,935
			$307,806						IMPLIED CAP RATE
															STOCK PRICE			IMPLIED CAP RATE
									As of March 31, 2024						$14.15			8.0		%
OTHER ASSETS
Disposition pipeline 4			$77,969						1Q 2024 High						$17.52			7.1		%
Unstabilized properties 5			293,845						1Q 2024 Low						$12.94			8.4		%
Cash and other assets 6			450,740
			$822,554
DEBT
Unsecured credit facility			$120,000
Unsecured term loans			1,500,000
Senior notes			3,699,285
Mortgage notes payable			53,425
Company share of joint venture net debt			23,276
Remaining re/development funding			124,878
Other liabilities 7			286,039
			$5,806,903

1See Same Store schedule on pages 21 - 22 for details on Same Store NOI.

2Adjusted 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.

3Timing adjustments include adjustments to reflect full quarterly stabilized NOI of a recently completed development of $0.7 million and management fee income of $1.5 million, offset by $0.3 million of positive NOI for unstabilized properties, which are shown in other assets.

4Includes assets held for sale and planned dispositions.

5Includes 35 properties at their gross book value. These properties were comprised of 1.3 million square feet that generated positive NOI of $0.3 million.

6Includes cash of $26.4 million, notes receivable of $174.4 million, prepaid assets of $139.0 million, accounts receivable of $67.8 million, prepaid ground leases of $19.5 million, and other investments of $6.0 million. In addition, includes the Company's occupied portion of its corporate headquarters in Nashville of $17.6 million.

7Includes 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 $163.3 million, security deposits of $31.5 million, financing right of use liabilities of $74.8 million, and deferred operating expense reimbursements of $16.4 million.

8Total shares outstanding includes OP units.

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 26

    

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Components of Expected FFO
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

Guidance does not include any assumptions for the recently announced KKR JV, prospective JV seed portfolios, excess dispositions, or share repurchases. These transactions will be incorporated into the Company's guidance expectations after completion.

						EXPECTED 2024									ACTUAL
						LOW			HIGH						1Q 2024
OPERATING METRICS
Multi-tenant absorption (bps)						100			150						17
Multi-tenant portfolio cash NOI growth						3.50		%	4.75		%				2.8		%
Single-tenant portfolio cash NOI growth						0.50		%	1.50		%				2.1		%
Same store cash NOI growth, including Company's share of JVs						2.50		%	3.50		%				3.0		%
Same store lease retention rate						75.0		%	85.0		%				84.8		%
Normalized G&A						$61,000			$64,000						$14,787
Straight-line rent, net						30,000			34,000						7,633
CAPITAL FUNDING
Acquisitions						$—			$—						$—
Dispositions						150,000			250,000						—
Re/development						100,000			130,000						21,580
1st generation TI and acq. capex						30,000			40,000						12,421
Maintenance capex
2nd generation TI						60,000			70,000						20,204
Leasing commissions paid						35,000			40,000						15,215
Capital expenditures						45,000			50,000						5,363
Total maintenance capex						140,000			160,000						40,782
CASH YIELD
Acquisitions						—		%	—		%				—		%
Dispositions						6.0		%	7.0		%				—		%
Development (stabilized)						6.5		%	8.0		%
Redevelopment (stabilized)						9.0		%	12.0		%
EARNINGS AND LEVERAGE
Earnings per share						$(1.30)			$(0.80)						$(0.82)
Normalized FFO per share						$1.52			$1.58						$0.39
Net debt to adjusted EBITDA						6.0x			6.5x						6.5x

HEALTHCARE REALTY			1Q 2024 SUPPLEMENTAL INFORMATION 27