# EDGAR Filing Document

**Accession Number:** 0001360604
**File Stem:** 0001360604-25-000109
**Filing Date:** 2025-10
**Character Count:** 134965
**Document Hash:** 0b575b41b2e7ff4b9bfce5892e3aaa88
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001360604-25-000109.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001360604-25-000109

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Healthcare Realty Trust Inc
- **CENTRAL INDEX KEY:** 0001360604
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35568
- **FILM NUMBER:** 251435926

**BUSINESS ADDRESS:**
- **STREET 1:** 3310 WEST END AVENUE,  SUITE 700
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37203
- **BUSINESS PHONE:** 615-269-8175

**MAIL ADDRESS:**
- **STREET 1:** 3310 WEST END AVENUE,  SUITE 700
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HEALTHCARE TRUST OF AMERICA, INC.
- **DATE OF NAME CHANGE:** 20160802

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Healthcare Trust of America Holdings, Inc.
- **DATE OF NAME CHANGE:** 20160802

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Healthcare Trust of America Holdings, LP
- **DATE OF NAME CHANGE:** 20160802

?xml version='1.0' encoding='ASCII'? hr-20251030

**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): October 30, 2025 (October 30, 2025)**

**Healthcare Realty Trust Incorporated** 

(Exact name of registrant as specified in its charter)

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| | | | |
|:---|:---|:---|:---|
| | **Maryland** | **001-35568** | **20-4738467** |
| (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **3310 West End Avenue, Suite 700** | **Nashville,** | **Tennessee** | **37203** | **(615)** | **269-8175** |
| (Address of Principal Executive Office and Zip Code) | (Address of Principal Executive Office and Zip Code) | (Address of Principal Executive Office and Zip Code) | (Address of Principal Executive Office and Zip Code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |
|  |  |  |  | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |

---

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| |
|:---|
| **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:

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| | | |
|:---|:---|:---|
| 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** |

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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.** |

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**Third Quarter Earnings and Dividend Press Release**

On October 30, 2025, Healthcare Realty Trust Incorporated (the "Company") issued a press release announcing its earnings and dividend for the third quarter ended September 30, 2025. 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.

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure** |

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**Third Quarter Supplemental Information**

The Company is furnishing its Supplemental Information for the third quarter ended September 30, 2025, which is also contained on its website (www.healthcarerealty.com). See Exhibit 99.2 to this Current Report on Form 8-K.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) Exhibits.

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| | |
|:---|:---|
| 99.1 | <u>[Third quarter earnings and dividend press release, dated October 30, 2025.](exhibit991thirdquarter2025.htm)</u> |
| 99.2 | <u>[Supplemental Information for the third quarter ended September 30, 2025.](exhibit992supplementalinfo.htm)</u> |
| 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** | **Healthcare Realty Trust Incorporated** |
| Date: October 30, 2025 | By: | /s/ Austen B. Helfrich |
|  |  | Name: Austen B. Helfrich |
|  |  | Title: Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

Ron Hubbard

Vice President, Investor Relations

P: 615.269.8290

News Release

HEALTHCARE REALTY REPORTS THIRD QUARTER 2025 RESULTS

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

THIRD QUARTER 2025 HIGHLIGHTS

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

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

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

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

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

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

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

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

THIRD QUARTER 2025 RESULTS

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| | | | | |
|:---|:---|:---|:---|:---|
| | THREE MONTHS ENDED | THREE MONTHS ENDED | THREE MONTHS ENDED | THREE MONTHS ENDED |
| | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 |
| *(in thousands, except per share amounts)* | AMOUNT | PER SHARE | AMOUNT | PER SHARE |
| GAAP Net loss | $(57738) | $(0.17) | $(93023) | $(0.26) |
| NAREIT FFO, diluted | $118922 | $0.34 | $77288 | $0.21 |
| Normalized FFO, diluted | $145340 | $0.41 | $142049 | $0.39 |

---

LEASING ACTIVITY

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

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

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

Key leasing highlights:

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

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

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

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|:---|:---|
| ![hrlogo-rgbb.jpg](hrlogo-rgbb.jpg) | HEALTHCAREREALTY.COM \| PAGE 1 OF 8 |

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

CAPITAL ALLOCATION

<u>Dispositions</u>

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

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

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

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

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

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

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

<u>Development and Redevelopment</u>

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

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

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

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

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

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<u>Balance Sheet</u>

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

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

DIVIDEND

The Board unanimously approved a common stock dividend in the amount of $0.24 per share to be paid on November 21, 2025, to Class A common stockholders of record on November 11, 2025. Additionally, the eligible holders of operating partnership units will receive a distribution of $0.24 per unit, equivalent to the Company's Class A common stock dividend.

GUIDANCE

The Company increased its Normalized FFO per share and Same Store Cash NOI growth guidance, as outlined below, as well as updated the guidance provided on page 29 of the Supplemental Information:

---

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

---

*The 2025 annual guidance range reflects the Company's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, and operating and general and administrative expenses. The Company's guidance does not contemplate impacts from gains or losses from*

*dispositions, potential impairments, or debt extinguishment costs, if any. There can be no assurance that the Company's actual results will not be materially higher or lower than these expectations. If actual results vary from these assumptions, the Company's expectations may change.*

EARNINGS CALL

On Friday, October 31, 2025, at 9:00 a.m. Eastern Time, Healthcare Realty Trust has scheduled a conference call to discuss earnings results, quarterly activities, general operations of the Company and industry trends.

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

Live Conference Call Access Details:

• Domestic Dial-In Number: +1 800-715-9871 access code 4950066;

• All Other Locations: +1 646-307-1963 access code 4950066.

Replay Information:

• Domestic Dial-In Number: +1 800-770-2030 access code 4950066;

• All Other Locations: +1 609-800-9909 access code 4950066.

ABOUT HEALTHCARE REALTY

Healthcare Realty Trust Incorporated (NYSE: HR) is the largest, pure-play owner, operator and developer of medical outpatient buildings in the United States.

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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 include all statements that do not relate solely to historical or current facts and can be identified by the use of words such as "may," "will," "expect," "believe," "anticipate," "target," "intend," "plan," "estimate," "project," "continue," "should," "could," "budget" and other comparable terms. These forward-looking statements are based on the Company's current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Such risks and uncertainties include, among other things, the following: the Company's expected results may not be achieved; risks related to future opportunities and plans for the Company, including the uncertainty of expected future financial performance and results of the Company; pandemics or other health crises; increases in interest rates; the availability and cost of capital at expected rates; competition for quality assets; negative developments in the operating results or financial condition of the Company's tenants, including, but not limited to, their ability to pay rent; the Company's ability to reposition or sell facilities with profitable results; the Company's ability to release space at similar rates as vacancies occur; the Company's ability to renew expiring leases; government regulations affecting tenants' Medicare and Medicaid reimbursement rates and operational requirements; unanticipated difficulties and/or expenditures relating to future acquisitions and developments; changes in rules or practices governing the Company's financial reporting; the Company may be required under purchase options to sell properties and may not be able to reinvest the proceeds from such sales at rates of return equal to the return received on the properties sold; uninsured or underinsured losses related to casualty or liability; the incurrence of impairment charges on its real estate properties or other assets; other legal and operational matters; and other risks and uncertainties affecting the Company, including those described from time to time under the caption "Risk Factors" and elsewhere in the Company's filings and reports with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Moreover, other risks and uncertainties of which the Company is not currently aware may also affect the Company's forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made, except as required by law. Stockholders and investors are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in the Company's filings and reports, including, without limitation, estimates and projections regarding the performance of development projects the Company is pursuing. For a detailed discussion of the Company's risk factors, please refer to the Company's filings with the SEC, including this report and the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

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Consolidated Balance Sheets <br> DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ASSETS |  |  |  |  |  |
|  | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Real estate properties |  |  |  |  |  |
| Land | $1066616 | $1105231 | $1134635 | $1143468 | $1195116 |
| Buildings and improvements | 8557270 | 9199089 | 9729912 | 9707066 | 10074504 |
| Lease intangibles | 504309 | 567244 | 631864 | 664867 | 718343 |
| Personal property | 6854 | 6944 | 9938 | 9909 | 9246 |
| Investment in financing receivables, net | 123346 | 124134 | 123813 | 123671 | 123045 |
| Financing lease right-of-use assets | 75462 | 76574 | 76958 | 77343 | 77728 |
| Construction in progress |  | 40421 | 35101 | 31978 | 125944 |
| Land held for development | 57203 | 49110 | 52408 | 52408 | 52408 |
| Total real estate investments | 10391060 | 11168747 | 11794629 | 11810710 | 12376334 |
| Less accumulated depreciation and amortization | (2381297) | (2494169) | (2583819) | (2483656) | (2478544) |
| Total real estate investments, net | 8009763 | 8674578 | 9210810 | 9327054 | 9897790 |
| Cash and cash equivalents | 43345 | 25507 | 25722 | 68916 | 22801 |
| Assets held for sale, net | 604747 | 358207 | 6635 | 12897 | 156218 |
| Operating lease right-of-use assets | 209291 | 243910 | 259764 | 261438 | 259013 |
| Investments in unconsolidated joint ventures | 458627 | 463430 | 470418 | 473122 | 417084 |
| Other assets, net <sup>1</sup> | 533874 | 469940 | 522920 | 507496 | 491679 |
| Total assets | $9859647 | $10235572 | $10496269 | $10650923 | $11244585 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |
|  | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Liabilities |  |  |  |  |  |
| Notes and bonds payable | $4485706 | $4694391 | $4732618 | $4662771 | $4957796 |
| Accounts payable and accrued liabilities | 173784 | 194076 | 144855 | 222510 | 197428 |
| Liabilities of properties held for sale | 69808 | 30278 | 422 | 1283 | 7919 |
| Operating lease liabilities | 166231 | 203678 | 224117 | 224499 | 229925 |
| Financing lease liabilities | 72654 | 73019 | 72585 | 72346 | 71887 |
| Other liabilities | 146618 | 158704 | 174830 | 161640 | 180283 |
| Total liabilities | 5114801 | 5354146 | 5349427 | 5345049 | 5645238 |
| Redeemable non-controlling interests | 4332 | 4332 | 4627 | 4778 | 3875 |
| Stockholders' equity |  |  |  |  |  |
| Preferred stock, $0.01 par value; 200,000 shares authorized |  |  |  |  |  |
| Common stock, $0.01 par value; 1,000,000 shares authorized | 3516 | 3516 | 3510 | 3505 | 3558 |
| Additional paid-in capital | 9134486 | 9129338 | 9121269 | 9118229 | 9198004 |
| Accumulated other comprehensive (loss) income | (6461) | (9185) | (7206) | (1168) | (16963) |
| Cumulative net income attributable to common stockholders | 113847 | 171585 | 329436 | 374309 | 481155 |
| Cumulative dividends | (4562454) | (4477940) | (4368739) | (4260014) | (4150328) |
| Total stockholders' equity | 4682934 | 4817314 | 5078270 | 5234861 | 5515426 |
| Non-controlling interest | 57580 | 59780 | 63945 | 66235 | 80046 |
| Total equity | 4740514 | 4877094 | 5142215 | 5301096 | 5595472 |
| Total liabilities and stockholders' equity | $9859647 | $10235572 | $10496269 | $10650923 | $11244585 |

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Revenues |  |  |  |  |  |
| Rental income | $287399 | $287070 | $288857 | $300065 | $306499 |
| Interest income | 3480 | 3449 | 3731 | 4076 | 3904 |
| Other operating | 6886 | 6983 | 6389 | 5625 | 5020 |
|  | 297765 | 297502 | 298977 | 309766 | 315423 |
| Expenses |  |  |  |  |  |
| Property operating | 113456 | 109924 | 114963 | 114415 | 120232 |
| General and administrative | 21771 | 23482 | 13530 | 34208 | 20124 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Normalizing items* <sup>1</sup> | *(12046)* | *(10302)* | *(502)* | *(22991)* | *(6861)* |
| Normalized general and administrative | 9725 | 13180 | 13028 | 11217 | 13263 |
| Transaction costs | 125 | 593 | 1011 | 1577 | 719 |
| Depreciation and amortization | 137841 | 147749 | 150969 | 160330 | 163226 |
|  | 273193 | 281748 | 280473 | 310530 | 304301 |
| Other income (expense) |  |  |  |  |  |
| Interest expense before merger-related fair value | (41927) | (42766) | (44366) | (47951) | (50465) |
| *Merger-related fair value adjustment* | *(10715)* | *(10580)* | *(10446)* | *(10314)* | *(10184)* |
| Interest expense | (52642) | (53346) | (54812) | (58265) | (60649) |
| Gain on sales of real estate properties and other assets | 76771 | 20004 | 2904 | 32082 | 39310 |
| Loss on extinguishment of debt | (286) |  |  | (237) |  |
| Impairment of real estate assets and credit loss reserves | (104362) | (142348) | (12081) | (81098) | (84394) |
| Impairment of goodwill |  |  |  |  |  |
| Equity income (loss) from unconsolidated joint ventures | 287 | 158 | 1 | 224 | 208 |
| Interest and other income (expense), net | (2884) | (366) | 95 | (154) | (132) |
|  | (83116) | (175898) | (63893) | (107448) | (105657) |
| Net loss | $(58544) | $(160144) | $(45389) | $(108212) | $(94535) |
| Net loss attributable to non-controlling interests | 806 | 2293 | 516 | 1366 | 1512 |
| Net loss attributable to common stockholders | $(57738) | $(157851) | $(44873) | $(106846) | $(93023) |
| Basic earnings per common share | $(0.17) | $(0.45) | $(0.13) | $(0.31) | $(0.26) |
| Diluted earnings per common share | $(0.17) | $(0.45) | $(0.13) | $(0.31) | $(0.26) |
| Weighted average common shares outstanding - basic | 349964 | 349628 | 349539 | 351560 | 358960 |
| Weighted average common shares outstanding - diluted <sup>2</sup> | 349964 | 349628 | 349539 | 351560 | 358960 |

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1Normalizing items primarily include restructuring, severance-related costs and non-routine advisory fees associated with shareholder engagement.

2Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount. As a result, the outstanding limited partnership units in the Company's operating partnership ("OP"), totaling 4,253,989 units were not included.

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Reconciliation of FFO, Normalized FFO and FAD <sup>1,2,3</sup> <br> DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Net loss attributable to common stockholders | $(57738) | $(157851) | $(44873) | $(106846) | $(93023) |
| *Net loss attributable to common stockholders/diluted share* <sup>3</sup> | *$0.17* | *$(0.45)* | *$(0.13)* | *$(0.31)* | *$(0.26)* |
| Gain on sales of real estate assets | (76771) | (20004) | (2904) | (32082) | (39148) |
| Impairments of real estate assets | 104362 | 140877 | 10145 | 75423 | 37632 |
| Real estate depreciation and amortization | 143187 | 152936 | 155288 | 164656 | 167821 |
| Non-controlling loss from operating partnership units | (806) | (2293) | (599) | (1422) | (1372) |
| Unconsolidated JV depreciation and amortization | 6688 | 6706 | 6717 | 5913 | 5378 |
| FFO adjustments | $176660 | $278222 | $168647 | $212488 | $170311 |
| *FFO adjustments per common share - diluted* | *$0.50* | *$0.79* | *$0.48* | *$0.60* | *$0.47* |
| FFO | $118922 | $120371 | $123774 | $105642 | $77288 |
| FFO per common share - diluted | *$0.34* | *$0.34* | *$0.35* | *$0.30* | *$0.21* |
| Transaction costs | 125 | 593 | 1011 | 1577 | 719 |
| Lease intangible amortization | (203) | (222) | (228) | (2348) | (10) |
| Non-routine legal costs/forfeited earnest money received | 9 | 478 | 77 | 306 | 306 |
| Debt financing costs <sup>4</sup> | 3493 |  |  | 237 |  |
| Restructuring and severance-related charges | 12046 | 10302 | 502 | 22991 | 6861 |
| Credit losses and gains (losses) on other assets, net <sup>5</sup> |  | 1471 | 1936 | 4582 | 46600 |
| Merger-related fair value adjustment | 10715 | 10580 | 10446 | 10314 | 10184 |
| Unconsolidated JV normalizing items <sup>6</sup> | 233 | 163 | 204 | 113 | 101 |
| Normalized FFO adjustments | $26418 | $23365 | $13948 | $37772 | $64761 |
| *Normalized FFO adjustments per common share - diluted* | *$0.07* | *$0.07* | *$0.04* | *$0.11* | *$0.18* |
| Normalized FFO  | $145340 | $143736 | $137722 | $143414 | $142049 |
| *Normalized FFO per common share - diluted* | *$0.41* | *$0.41* | *$0.39* | *$0.40* | *$0.39* |
| Non-real estate depreciation and amortization | 114 | 207 | 222 | 404 | 276 |
| Non-cash interest amortization, net <sup>7</sup> | 1384 | 1130 | 1217 | 1239 | 1319 |
| Rent reserves, net | 146 | 130 | 94 | (369) | (27) |
| Straight-line rent income, net | (5899) | (7045) | (6844) | (7051) | (5771) |
| Stock-based compensation | 3386 | 3887 | 3028 | 3028 | 4064 |
| Unconsolidated JV non-cash items <sup>8</sup> | (463) | (356) | (253) | (277) | (376) |
| Normalized FFO adjusted for non-cash items | $144008 | $141689 | $135186 | $140388 | $141534 |
| &nbsp;&nbsp;&nbsp;2nd generation TI | (9398) | (12036) | (14885) | (20003) | (16951) |
| &nbsp;&nbsp;&nbsp;Leasing commissions paid | (7438) | (5187) | (11394) | (11957) | (10266) |
| &nbsp;&nbsp;&nbsp;Building capital | (10319) | (9112) | (6687) | (8347) | (7389) |
| Total maintenance capex | $(27155) | $(26335) | $(32966) | $(40307) | $(34606) |
| FAD | $116853 | $115354 | $102220 | $100081 | $106928 |
| **Quarterly dividends and OP distributions** | $85536 | $110486 | $109840 | $110808 | $113770 |
| **FFO wtd avg common shares outstanding - diluted** <sup>8</sup> | 354690 | 354078 | 353522 | 355874 | 363370 |

---

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

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

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

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

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

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

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

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

 <br> 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, and 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.

Cash NOI and 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 Cash NOI as rental income plus interest from financing receivables less property operating expenses. Cash NOI excludes non-cash items such as above and below market lease intangibles, straight-line rent, lease inducements, lease termination fees, financing receivable amortization, tenant improvement amortization and leasing commission amortization. Cash NOI is historical and not necessarily indicative of future results.

Same Store Cash NOI compares 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 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 five full quarters. Newly developed or redeveloped properties will be included in the same store pool five full quarters after substantial completion.

 <br> HEALTHCARE REALTY TRUST INCORPORATED HEALTHCAREREALTY.COM \| PAGE 8 OF 8

## Exhibit 99.2

---

| |
|:---|
| 3Q2025 |
| Supplemental Information |
| FURNISHED AS OF OCTOBER 30, 2025 - UNAUDITED |
| ![hrlogo-rgba.jpg](hrlogo-rgba.jpg) |

---

------

FORWARD LOOKING STATEMENTS & RISK FACTORS <br>

This Supplemental Information report contains disclosures that are "forward-looking statements." Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words such as "may," "will," "expect," "believe," "anticipate," "target," "intend," "plan," "estimate," "project," "continue," "should," "could," "budget" and other comparable terms. These forward-looking statements are based on the Company's current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Such risks and uncertainties include, among other things, the following: the Company's expected results may not be achieved; risks related to future opportunities and plans for the Company, including the uncertainty of expected future financial performance and results of the Company; pandemics or other health crises; increases in interest rates; the availability and cost of capital at expected rates; competition for quality assets; negative developments in the operating results or financial condition of the Company's tenants, including, but not limited to, their ability to pay rent; the Company's ability to reposition or sell facilities with profitable results; the Company's ability to release space at similar rates as vacancies occur; the Company's ability to renew expiring leases; government regulations affecting tenants' Medicare and Medicaid reimbursement rates and operational requirements; unanticipated difficulties and/or expenditures relating to future acquisitions and developments; changes in rules or practices governing the Company's financial reporting; the Company may be required under purchase options to sell properties and may not be able to reinvest the proceeds from such sales at rates of return equal to the return received on the properties sold; uninsured or underinsured losses related to casualty or liability; the incurrence of impairment charges on its real estate properties or other assets; other legal and operational matters; and other risks and uncertainties affecting the Company, including those described from time to time under the caption "Risk Factors" and elsewhere in the Company's filings and reports with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Moreover, other risks and uncertainties of which the Company is not currently aware may also affect the Company's forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made, except as required by law. Stockholders and investors are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in the Company's filings and reports, including, without limitation, estimates and projections regarding the performance of development projects the Company is pursuing. For a detailed discussion of the Company's risk factors, please refer to the Company's filings with the SEC, including this report and the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

------

**Table of Contents**

---

| | |
|:---|:---|
| [4](#ie7fbe4b1eb184f5ca2698f1be3ea9472_13) | <u>[Highlights](#ie7fbe4b1eb184f5ca2698f1be3ea9472_13)</u> |
| [7](#ie7fbe4b1eb184f5ca2698f1be3ea9472_16) | <u>[Salient Facts](#ie7fbe4b1eb184f5ca2698f1be3ea9472_16)</u> |
| [8](#ie7fbe4b1eb184f5ca2698f1be3ea9472_19) | <u>[Corporate Information](#ie7fbe4b1eb184f5ca2698f1be3ea9472_19)</u> |
| [9](#ie7fbe4b1eb184f5ca2698f1be3ea9472_22) | <u>[Balance Sheet](#ie7fbe4b1eb184f5ca2698f1be3ea9472_22)</u> |
| [10](#ie7fbe4b1eb184f5ca2698f1be3ea9472_25) | <u>[Statements of Income](#ie7fbe4b1eb184f5ca2698f1be3ea9472_25)</u> |
| [11](#ie7fbe4b1eb184f5ca2698f1be3ea9472_28) | <u>[FFO, Normalized FFO, & FAD](#ie7fbe4b1eb184f5ca2698f1be3ea9472_28)</u> |
| [12](#ie7fbe4b1eb184f5ca2698f1be3ea9472_31) | <u>[Capital Funding & Commitments](#ie7fbe4b1eb184f5ca2698f1be3ea9472_31)</u> |
| [13](#ie7fbe4b1eb184f5ca2698f1be3ea9472_34) | <u>[Debt Metrics](#ie7fbe4b1eb184f5ca2698f1be3ea9472_34)</u> |
| [14](#ie7fbe4b1eb184f5ca2698f1be3ea9472_37) | <u>[Debt Covenants & Liquidity](#ie7fbe4b1eb184f5ca2698f1be3ea9472_37)</u> |
| [15](#ie7fbe4b1eb184f5ca2698f1be3ea9472_40) | <u>[JV and Disposition Activity](#ie7fbe4b1eb184f5ca2698f1be3ea9472_40)</u> |
| [16](#ie7fbe4b1eb184f5ca2698f1be3ea9472_43) | <u>[Joint Ventures](#ie7fbe4b1eb184f5ca2698f1be3ea9472_43)</u> |
| [1](#ie7fbe4b1eb184f5ca2698f1be3ea9472_46)[7](#ie7fbe4b1eb184f5ca2698f1be3ea9472_46) | <u>[Re/development Activity](#ie7fbe4b1eb184f5ca2698f1be3ea9472_46)</u> |
| [18](#ie7fbe4b1eb184f5ca2698f1be3ea9472_49) | <u>[Portfolio](#ie7fbe4b1eb184f5ca2698f1be3ea9472_49)</u> |
| [19](#ie7fbe4b1eb184f5ca2698f1be3ea9472_52) | <u>[Health Systems](#ie7fbe4b1eb184f5ca2698f1be3ea9472_52)</u> |
| [20](#ie7fbe4b1eb184f5ca2698f1be3ea9472_55) | <u>[MOB Proximity to Hospital](#ie7fbe4b1eb184f5ca2698f1be3ea9472_55)</u> |
| [21](#ie7fbe4b1eb184f5ca2698f1be3ea9472_58) | <u>[Lease Maturity & Occupancy](#ie7fbe4b1eb184f5ca2698f1be3ea9472_58)</u> |
| [22](#ie7fbe4b1eb184f5ca2698f1be3ea9472_61) | <u>[Leasing Statistics](#ie7fbe4b1eb184f5ca2698f1be3ea9472_61)</u> |
| [23](#ie7fbe4b1eb184f5ca2698f1be3ea9472_64) | <u>[Same Store](#ie7fbe4b1eb184f5ca2698f1be3ea9472_64)</u> |
| [25](#ie7fbe4b1eb184f5ca2698f1be3ea9472_67) | <u>[NOI Reconciliations](#ie7fbe4b1eb184f5ca2698f1be3ea9472_67)</u> |
| 27 | <u>[EBITDA Reconciliations](#ie7fbe4b1eb184f5ca2698f1be3ea9472_70)</u> |
| [28](#ie7fbe4b1eb184f5ca2698f1be3ea9472_73) | <u>[Components of Net Asset Value](#ie7fbe4b1eb184f5ca2698f1be3ea9472_73)</u> |
| [29](#ie7fbe4b1eb184f5ca2698f1be3ea9472_76) | <u>[2025 Guidance](#ie7fbe4b1eb184f5ca2698f1be3ea9472_76)</u> |

---

 <br> HEALTHCARE REALTY 3Q 2025 SUPPLEMENTAL INFORMATION 3

&nbsp;&nbsp;&nbsp;&nbsp;

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Highlights

HEALTHCARE REALTY REPORTS THIRD QUARTER 2025 RESULTS

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

THIRD QUARTER 2025 HIGHLIGHTS

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

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

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

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

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

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

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

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

THIRD QUARTER 2025 RESULTS

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| | | | | |
|:---|:---|:---|:---|:---|
| | THREE MONTHS ENDED | THREE MONTHS ENDED | THREE MONTHS ENDED | THREE MONTHS ENDED |
| | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 |
| *(in thousands, except per share amounts)* | AMOUNT | PER SHARE | AMOUNT | PER SHARE |
| GAAP Net loss | $(57738) | $(0.17) | $(93023) | $(0.26) |
| NAREIT FFO, diluted | $118922 | $0.34 | $77288 | $0.21 |
| Normalized FFO, diluted | $145340 | $0.41 | $142049 | $0.39 |

---

LEASING ACTIVITY

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

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

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

Key leasing highlights:

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

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

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

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

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| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 4 |

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Highlights

CAPITAL ALLOCATION

<u>Dispositions</u>

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

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

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

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

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

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

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

<u>Development and Redevelopment</u>

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

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

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

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

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

<u>Balance Sheet</u>

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

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

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| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 5 |

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Highlights

DIVIDEND

The Board unanimously approved a common stock dividend in the amount of $0.24 per share to be paid on November 21, 2025, to Class A common stockholders of record on November 11, 2025. Additionally, the eligible holders of operating partnership units will receive a distribution of $0.24 per unit, equivalent to the Company's Class A common stock dividend.

GUIDANCE

The Company increased its Normalized FFO per share and Same Store Cash NOI growth guidance, as outlined below, as well as updated the guidance provided on page 29 of the Supplemental Information:

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

---

*The 2025 annual guidance range reflects the Company's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, and operating and general and administrative expenses. The Company's guidance does not contemplate impacts from gains or losses from dispositions, potential impairments, or debt extinguishment costs, if any. There can be no assurance that the Company's actual results will not be materially higher or lower than these expectations. If actual results vary from these assumptions, the Company's expectations may change.*

EARNINGS CALL

On Friday, October 31, 2025, at 9:00 a.m. Eastern Time, Healthcare Realty Trust has scheduled a conference call to discuss earnings results, quarterly activities, general operations of the Company and industry trends.

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

Live Conference Call Access Details:

• Domestic Dial-In Number: +1 800-715-9871 access code 4950066;

• All Other Locations: +1 646-307-1963 access code 4950066.

Replay Information:

• Domestic Dial-In Number: +1 800-770-2030 access code 4950066;

• All Other Locations: +1 609-800-9909 access code 4950066.

ABOUT HEALTHCARE REALTY

Healthcare Realty Trust Incorporated (NYSE: HR) is the largest, pure-play owner, operator and developer of medical outpatient buildings in the United States.

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| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 6 |

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Salient Facts <sup>1</sup> <br>

---

| | |
|:---|:---|
| Properties | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
|  | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
| 579 properties totaling 33.6M SF | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
| 52 markets in 28 states | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
| 65% of NOI in Top 15 Markets | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
|  | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
|  | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
|  | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
|  | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
| Capitalization | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
|  | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
| $11.1B enterprise value as of 9/30/25 | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
| $6.4B market capitalization as of 9/30/25 | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
| 355.9M shares/units outstanding as of 9/30/25 | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
| 354.7M diluted WA shares outstanding | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
| BBB/Baa2 S&P/Moody's | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
| 42.0% net debt to enterprise value at 9/30/25 | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
| 5.8x run rate net debt to adjusted EBITDA | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
|  | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |
|  | ![salient-factsxq3x2025.jpg](salient-factsxq3x2025.jpg) |

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![salient-factsxq3x2025xmap.jpg](salient-factsxq3x2025xmap.jpg)

1Includes properties held in joint ventures.

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|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 7 |

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Corporate Information

Healthcare Realty (NYSE: HR) is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As of September 30, 2025, the Company was invested in 579 real estate properties in 28 states totaling 33.6 million square feet and had an enterprise value of approximately $11.1 billion, defined as equity market capitalization plus the principal amount of debt less cash.

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| |
|:---|
| EXECUTIVE OFFICERS |
| Peter A. Scott |
| President and Chief Executive Officer |
| Ryan E. Crowley |
| Executive Vice President and Chief Investment Officer |
| Austen B. Helfrich |
| Executive Vice President and Chief Financial Officer |
| Robert E. Hull |
| Executive Vice President and Chief Operating Officer |
| Andrew E. Loope |
| Executive Vice President, General Counsel and Secretary |

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| | |
|:---|:---|
| ANALYST COVERAGE | |
| BMO Capital Markets | Jefferies LLC |
| BTIG, LLC | KeyBanc Capital Markets Inc. |
| Cantor Fitzgerald & Co. | Raymond James & Associates |
| Citi Research | RBC Capital Markets |
| Deutsche Bank Securities | Scotiabank |
| Green Street Advisors, Inc. | Wells Fargo Securities, LLC |
| J.P. Morgan Securities LLC | |

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BOARD OF DIRECTORS <br>

Thomas N. Bohjalian&nbsp;&nbsp;&nbsp;&nbsp;

Chairman, Healthcare Realty Trust Incorporated

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

Peter A. Scott

President and Chief Executive Officer

Healthcare Realty Trust Incorporated

David B. Henry

Retired Vice Chairman and Chief Executive Officer

Kimco Realty Corporation

Jay P. Leupp

Managing Partner and Senior Portfolio Manager

Terra Firma Asset Management, LLC

Constance B. Moore

Retired President and CEO

BRE Properties, Inc.

Glenn J. Rufrano

Executive Chairman

PREIT

Donald C. Wood

Chief Executive Officer

Federal Realty Investment Trust

David R. Emery (1944-2019)

Chairman Emeritus

Healthcare Realty Trust Incorporated

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|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 8 |

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| |
|:---|
| Balance Sheet |
| AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ASSETS |  |  |  |  |  |
|  | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Real estate properties |  |  |  |  |  |
| Land | $1066616 | $1105231 | $1134635 | $1143468 | $1195116 |
| Buildings and improvements | 8557270 | 9199089 | 9729912 | 9707066 | 10074504 |
| Lease intangibles | 504309 | 567244 | 631864 | 664867 | 718343 |
| Personal property | 6854 | 6944 | 9938 | 9909 | 9246 |
| Investment in financing receivables, net | 123346 | 124134 | 123813 | 123671 | 123045 |
| Financing lease right-of-use assets | 75462 | 76574 | 76958 | 77343 | 77728 |
| Construction in progress |  | 40421 | 35101 | 31978 | 125944 |
| Land held for development | 57203 | 49110 | 52408 | 52408 | 52408 |
| Total real estate investments | 10391060 | 11168747 | 11794629 | 11810710 | 12376334 |
| Less accumulated depreciation and amortization | (2381297) | (2494169) | (2583819) | (2483656) | (2478544) |
| Total real estate investments, net | 8009763 | 8674578 | 9210810 | 9327054 | 9897790 |
| Cash and cash equivalents | 43345 | 25507 | 25722 | 68916 | 22801 |
| Assets held for sale, net | 604747 | 358207 | 6635 | 12897 | 156218 |
| Operating lease right-of-use assets | 209291 | 243910 | 259764 | 261438 | 259013 |
| Investments in unconsolidated joint ventures | 458627 | 463430 | 470418 | 473122 | 417084 |
| Other assets, net <sup>1</sup> | 533874 | 469940 | 522920 | 507496 | 491679 |
| Total assets | $9859647 | $10235572 | $10496269 | $10650923 | $11244585 |
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY | LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY | LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY | LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY | LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY |  |
|  | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Liabilities |  |  |  |  |  |
| Notes and bonds payable | $4485706 | $4694391 | $4732618 | $4662771 | $4957796 |
| Accounts payable and accrued liabilities | 173784 | 194076 | 144855 | 222510 | 197428 |
| Liabilities of properties held for sale | 69808 | 30278 | 422 | 1283 | 7919 |
| Operating lease liabilities | 166231 | 203678 | 224117 | 224499 | 229925 |
| Financing lease liabilities | 72654 | 73019 | 72585 | 72346 | 71887 |
| Other liabilities | 146618 | 158704 | 174830 | 161640 | 180283 |
| Total liabilities | 5114801 | 5354146 | 5349427 | 5345049 | 5645238 |
| Redeemable non-controlling interests | 4332 | 4332 | 4627 | 4778 | 3875 |
| Stockholders' equity |  |  |  |  |  |
| Preferred stock, $0.01 par value; 200,000 shares authorized |  |  |  |  |  |
| Common stock, $0.01 par value; 1,000,000 shares authorized | 3516 | 3516 | 3510 | 3505 | 3558 |
| Additional paid-in capital | 9134486 | 9129338 | 9121269 | 9118229 | 9198004 |
| Accumulated other comprehensive (loss) income | (6461) | (9185) | (7206) | (1168) | (16963) |
| Cumulative net income attributable to common stockholders | 113847 | 171585 | 329436 | 374309 | 481155 |
| Cumulative dividends | (4562454) | (4477940) | (4368739) | (4260014) | (4150328) |
| Total stockholders' equity | 4682934 | 4817314 | 5078270 | 5234861 | 5515426 |
| Non-controlling interest | 57580 | 59780 | 63945 | 66235 | 80046 |
| Total equity | 4740514 | 4877094 | 5142215 | 5301096 | 5595472 |
| Total liabilities, redeemable non-controlling interests, and stockholders' equity | $9859647 | $10235572 | $10496269 | $10650923 | $11244585 |

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

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| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 9 |

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| |
|:---|
| Statements of Income |
| AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Revenues |  |  |  |  |  |
| Rental income | $287399 | $287070 | $288857 | $300065 | $306499 |
| Interest income | 3480 | 3449 | 3731 | 4076 | 3904 |
| Other operating | 6886 | 6983 | 6389 | 5625 | 5020 |
|  | 297765 | 297502 | 298977 | 309766 | 315423 |
| Expenses |  |  |  |  |  |
| Property operating | 113456 | 109924 | 114963 | 114415 | 120232 |
| General and administrative | 21771 | 23482 | 13530 | 34208 | 20124 |
| &nbsp;&nbsp;*Normalizing items* <sup>1</sup> | *(12046)* | *(10302)* | *(502)* | *(22991)* | *(6861)* |
| Normalized general and administrative | 9725 | 13180 | 13028 | 11217 | 13263 |
| Transaction costs | 125 | 593 | 1011 | 1577 | 719 |
| Depreciation and amortization | 137841 | 147749 | 150969 | 160330 | 163226 |
|  | 273193 | 281748 | 280473 | 310530 | 304301 |
| Other income (expense) |  |  |  |  |  |
| Interest expense before merger-related fair value | (41927) | (42766) | (44366) | (47951) | (50465) |
| &nbsp;&nbsp;*Merger-related fair value adjustment* | *(10715)* | *(10580)* | *(10446)* | *(10314)* | *(10184)* |
| Interest expense | (52642) | (53346) | (54812) | (58265) | (60649) |
| Gain on sales of real estate properties and other assets | 76771 | 20004 | 2904 | 32082 | 39310 |
| Loss on extinguishment of debt | (286) |  |  | (237) |  |
| Impairment of real estate assets and credit loss reserves | (104362) | (142348) | (12081) | (81098) | (84394) |
| Equity income (loss) from unconsolidated joint ventures | 287 | 158 | 1 | 224 | 208 |
| Interest and other income (expense), net | (2884) | (366) | 95 | (154) | (132) |
|  | (83116) | (175898) | (63893) | (107448) | (105657) |
| Net loss | $(58544) | $(160144) | $(45389) | $(108212) | $(94535) |
| Net loss attributable to non-controlling interests | 806 | 2293 | 516 | 1366 | 1512 |
| Net loss attributable to common stockholders | $(57738) | $(157851) | $(44873) | $(106846) | $(93023) |
| Basic earnings per common share | $(0.17) | $(0.45) | $(0.13) | $(0.31) | $(0.26) |
| Diluted earnings per common share | $(0.17) | $(0.45) | $(0.13) | $(0.31) | $(0.26) |
| Weighted average common shares outstanding - basic | 349964 | 349628 | 349539 | 351560 | 358960 |
| Weighted average common shares outstanding - diluted <sup>2</sup> | 349964 | 349628 | 349539 | 351560 | 358960 |

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&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|:---|:---|:---|:---|
| STATEMENTS OF INCOME SUPPLEMENTAL INFORMATION |  |  |  |  |  |
|  | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Interest income |  |  |  |  |  |
| Financing receivables | $2029 | $1956 | $1950 | $2103 | $2117 |
| Interest on mortgage and mezzanine loans | 1451 | 1493 | 1781 | 1973 | 1787 |
| Total | $3480 | $3449 | $3731 | $4076 | $3904 |
| Other operating income |  |  |  |  |  |
| Parking income | $2179 | $2369 | $1863 | $1958 | $2363 |
| Management fee and miscellaneous income | 4707 | 4614 | 4526 | 3667 | 2657 |
| Total | $6886 | $6983 | $6389 | $5625 | $5020 |

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1Normalizing items primarily include restructuring, severance-related costs and non-routine advisory fees associated with shareholder engagement.

2Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount. As a result, the outstanding limited partnership units in the Company's operating partnership ("OP"), totaling 4,253,989 units were not included.

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| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 10 |

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| |
|:---|
| FFO, Normalized FFO, & FAD <sup>1,2,3</sup> |
| AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Net loss attributable to common stockholders | $(57738) | $(157851) | $(44873) | $(106846) | $(93023) |
| *Net loss attributable to common stockholders per diluted share* <sup>3</sup> | *$(0.17)* | *$(0.45)* | *$(0.13)* | *$(0.31)* | *$(0.26)* |
| Gain on sales of real estate assets | (76771) | (20004) | (2904) | (32082) | (39148) |
| Impairments of real estate assets | 104362 | 140877 | 10145 | 75423 | 37632 |
| Real estate depreciation and amortization | 143187 | 152936 | 155288 | 164656 | 167821 |
| Non-controlling loss from operating partnership units | (806) | (2293) | (599) | (1422) | (1372) |
| Unconsolidated JV depreciation and amortization | 6688 | 6706 | 6717 | 5913 | 5378 |
| FFO adjustments | $176660 | $278222 | $168647 | $212488 | $170311 |
| *FFO adjustments per common share - diluted* | *$0.50* | *$0.79* | *$0.48* | *$0.60* | *$0.47* |
| FFO | $118922 | $120371 | $123774 | $105642 | $77288 |
| *FFO per common share - diluted* | *$0.34* | *$0.34* | *$0.35* | *$0.30* | *$0.21* |
| Transaction costs | 125 | 593 | 1011 | 1577 | 719 |
| Lease intangible amortization | (203) | (222) | (228) | (2348) | (10) |
| Non-routine legal costs/forfeited earnest money received | 9 | 478 | 77 | 306 | 306 |
| Debt financing costs <sup>4</sup> | 3493 |  |  | 237 |  |
| Restructuring and severance-related charges | 12046 | 10302 | 502 | 22991 | 6861 |
| Credit losses and gains (losses) on other assets, net |  | 1471 | 1936 | 4582 | 46600 |
| Merger-related fair value adjustment | 10715 | 10580 | 10446 | 10314 | 10184 |
| Unconsolidated JV normalizing items <sup>5</sup> | 233 | 163 | 204 | 113 | 101 |
| Normalized FFO adjustments | $26418 | $23365 | $13948 | $37772 | $64761 |
| *Normalized FFO adjustments per common share - diluted* | *$0.07* | *$0.07* | *$0.04* | *$0.11* | *$0.18* |
| Normalized FFO  | $145340 | $143736 | $137722 | $143414 | $142049 |
| *Normalized FFO per common share - diluted* | *$0.41* | *$0.41* | *$0.39* | *$0.40* | *$0.39* |
| Non-real estate depreciation and amortization | 114 | 207 | 222 | 404 | 276 |
| Non-cash interest amortization, net <sup>6</sup> | 1384 | 1130 | 1217 | 1239 | 1319 |
| Rent reserves, net | 146 | 130 | 94 | (369) | (27) |
| Straight-line rent income, net | (5899) | (7045) | (6844) | (7051) | (5771) |
| Stock-based compensation | 3386 | 3887 | 3028 | 3028 | 4064 |
| Unconsolidated JV non-cash items <sup>7</sup> | (463) | (356) | (253) | (277) | (376) |
| Normalized FFO adjusted for non-cash items | $144008 | $141689 | $135186 | $140388 | $141534 |
| &nbsp;&nbsp;&nbsp;2nd generation TI | (9398) | (12036) | (14885) | (20003) | (16951) |
| &nbsp;&nbsp;&nbsp;Leasing commissions paid | (7438) | (5187) | (11394) | (11957) | (10266) |
| &nbsp;&nbsp;&nbsp;Building capital | (10319) | (9112) | (6687) | (8347) | (7389) |
| Total maintenance capex | $(27155) | $(26335) | $(32966) | $(40307) | $(34606) |
| FAD | $116853 | $115354 | $102220 | $100081 | $106928 |
| **Quarterly dividends and OP distributions** | $85536 | $110486 | $109840 | $110808 | $113770 |
| **FFO wtd avg common shares outstanding - diluted** <sup>8</sup> | 354690 | 354078 | 353522 | 355874 | 363370 |

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 11 |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ACQUISITION AND RE/DEVELOPMENT FUNDING | ACQUISITION AND RE/DEVELOPMENT FUNDING | ACQUISITION AND RE/DEVELOPMENT FUNDING | ACQUISITION AND RE/DEVELOPMENT FUNDING | ACQUISITION AND RE/DEVELOPMENT FUNDING | ACQUISITION AND RE/DEVELOPMENT FUNDING |
|  | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Acquisitions <sup>1</sup> | $— | $— | $— | $— | $— |
| Re/development <sup>2</sup> | 36031 | 42040 | 33436 | 39611 | 44590 |
| 1st generation TI/LC & acquisition capex <sup>3</sup> | 24480 | 33369 | 15139 | 14794 | 15677 |
| MAINTENANCE CAPITAL EXPENDITURES FUNDING | MAINTENANCE CAPITAL EXPENDITURES FUNDING | MAINTENANCE CAPITAL EXPENDITURES FUNDING | MAINTENANCE CAPITAL EXPENDITURES FUNDING | MAINTENANCE CAPITAL EXPENDITURES FUNDING | MAINTENANCE CAPITAL EXPENDITURES FUNDING |
|  | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| 2nd generation TI | $9398 | $12036 | $14885 | $20003 | $16951 |
| Leasing commissions paid | 7438 | 5187 | 11394 | 11957 | 10266 |
| Building capital | 10319 | 9112 | 6687 | 8347 | 7389 |
|  | $27155 | $26335 | $32966 | $40307 | $34606 |
| % of Cash NOI | % of Cash NOI | % of Cash NOI | % of Cash NOI | % of Cash NOI | % of Cash NOI |
| 2nd generation TI | 5.1% | 6.4% | 8.2% | 10.6% | 8.8% |
| Leasing commissions paid | 4.0% | 2.8% | 6.3% | 6.3% | 5.3% |
| Building capital | 5.6% | 4.9% | 3.7% | 4.4% | 3.8% |
|  | 14.7% | 14.1% | 18.2% | 21.3% | 17.9% |
| LEASING COMMITMENTS <sup>4</sup> | LEASING COMMITMENTS <sup>4</sup> | LEASING COMMITMENTS <sup>4</sup> | LEASING COMMITMENTS <sup>4</sup> | LEASING COMMITMENTS <sup>4</sup> | LEASING COMMITMENTS <sup>4</sup> |
|  | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Renewals |  |  |  |  |  |
| Square feet | 682626 | 642797 | 794857 | 783975 | 909844 |
| 2nd generation TI/square foot/lease year | $3.13 | $1.66 | $1.90 | $2.20 | $1.91 |
| Leasing commissions/square foot/lease year | $1.85 | $1.12 | $1.48 | $1.48 | $1.36 |
| Renewal commitments as a % of annual net rent | 16.8% | 12.2% | 13.8% | 14.1% | 12.2% |
| WALT (in months) <sup>5</sup> | 58.9 | 37.9 | 47.7 | 59.7 | 50.3 |
| New leases |  |  |  |  |  |
| Square feet | 132079 | 195266 | 172371 | 299950 | 462756 |
| 2nd generation TI/square foot/lease year | $6.94 | $7.12 | $6.08 | $7.30 | $7.18 |
| Leasing commissions/square foot/lease year | $1.90 | $2.03 | $1.90 | $1.82 | $1.91 |
| New lease commitments as a % of annual net rent | 42.0% | 44.6% | 40.4% | 40.7% | 39.9% |
| WALT (in months) <sup>5</sup> | 65.2 | 63.3 | 65.9 | 78.3 | 94.7 |
| All |  |  |  |  |  |
| Square feet | 814705 | 838063 | 967228 | 1083925 | 1372600 |
| Leasing commitments as a % of annual net rent | 20.0% | 22.2% | 18.8% | 21.9% | 24.0% |
| WALT (in months) <sup>5</sup> | 60.0 | 43.8 | 51.0 | 64.8 | 65.3 |

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

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

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

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

5WALT = weighted average lease term.

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| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 12 |

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|:---|
| Debt Metrics<sup>1</sup> |
| DOLLARS IN THOUSANDS |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SUMMARY OF INDEBTEDNESS AS OF SEPTEMBER 30, 2025 | SUMMARY OF INDEBTEDNESS AS OF SEPTEMBER 30, 2025 | SUMMARY OF INDEBTEDNESS AS OF SEPTEMBER 30, 2025 | SUMMARY OF INDEBTEDNESS AS OF SEPTEMBER 30, 2025 | SUMMARY OF INDEBTEDNESS AS OF SEPTEMBER 30, 2025 | SUMMARY OF INDEBTEDNESS AS OF SEPTEMBER 30, 2025 | SUMMARY OF INDEBTEDNESS AS OF SEPTEMBER 30, 2025 | SUMMARY OF INDEBTEDNESS AS OF SEPTEMBER 30, 2025 | SUMMARY OF INDEBTEDNESS AS OF SEPTEMBER 30, 2025 |  |
|  | PRINCIPAL BALANCE | BALANCE <sup>1</sup> | MATURITY DATE <sup>2</sup> | MONTHS TO MATURITY <sup>2</sup> | 3Q 2025 INTEREST EXPENSE | CONTRACTUAL INTEREST EXPENSE | CONTRACTUAL RATE | EFFECTIVE RATE | FAIR VALUE MERGER ADJUSTED |
| SENIOR NOTES | $600000 | $592937 | 8/1/2026 | 10 | $7313 | $5250 | 3.50% | 4.94% | Y |
| SENIOR NOTES | 500000 | 491525 | 7/1/2027 | 21 | 5842 | 4688 | 3.75% | 4.76% | Y |
| SENIOR NOTES | 300000 | 298494 | 1/15/2028 | 28 | 2788 | 2719 | 3.63% | 3.85% |  |
| SENIOR NOTES | 650000 | 594343 | 2/15/2030 | 53 | 7846 | 5038 | 3.10% | 5.30% | Y |
| SENIOR NOTES | 299500 | 297504 | 3/15/2030 | 54 | 1929 | 1797 | 2.40% | 2.72% |  |
| SENIOR NOTES | 299785 | 296734 | 3/15/2031 | 66 | 1594 | 1536 | 2.05% | 2.25% |  |
| SENIOR NOTES | 800000 | 681124 | 3/15/2031 | 66 | 8690 | 4000 | 2.00% | 5.13% | Y |
|  | $3449285 | $3252661 |  | 42 | $36002 | $25028 | 2.90% | 4.47% |  |
| TERM LOANS | $151375 | $151315 | &nbsp;&nbsp;&nbsp;&nbsp;5/31/2027 <sup>3</sup> | 20 | 2159 | 2159 | SOFR + 1.04% | 5.32% |  |
| TERM LOANS | 121500 | 121420 | 6/1/2027 | 20 | 1767 | 1767 | SOFR + 1.04% | 5.32% |  |
| TERM LOANS | 268733 | 268651 | 10/31/2027 | 25 | 3758 | 3758 | SOFR + 1.04% | 5.32% |  |
| TERM LOANS | 200000 | 199576 | 7/20/2029 | 45 | 2703 | 2703 | SOFR + 0.94% | 5.22% |  |
| TERM LOANS | 300000 | 298941 | 1/20/2029 | 39 | 4054 | 4054 | SOFR + 0.94% | 5.22% |  |
|  | $1041608 | $1039903 |  | 32 | $14441 | $14441 |  | 5.27% |  |
| $1.5B CREDIT FACILITY | 149000 | 149000 | 7/25/2030 | 57 | $3939 | $3939 | SOFR + 0.84% | 5.00% |  |
| MORTGAGES | $44237 | $44142 | various | 7 | $438 | $450 | 4.04% | 4.18% |  |
|  | $4684130 | $4485706 |  | 40 | $54820 | $43858 | 3.51% | 4.67% | $2550000 |
| Less cash | (43345) | (43345) |  |  |  |  |  |  |  |
| Net debt | $4640785 | $4442361 |  |  |  |  |  |  |  |
| Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | (1112) | (1112) |  |  |  |
| Interest cost capitalization | Interest cost capitalization | Interest cost capitalization | Interest cost capitalization | Interest cost capitalization | (3983) |  |  |  |  |
| Unsecured credit facility fee & deferred financing costs | Unsecured credit facility fee & deferred financing costs | Unsecured credit facility fee & deferred financing costs | Unsecured credit facility fee & deferred financing costs | Unsecured credit facility fee & deferred financing costs | 1990 | 738 |  |  |  |
| Financing right-of-use asset amortization | Financing right-of-use asset amortization | Financing right-of-use asset amortization | Financing right-of-use asset amortization | Financing right-of-use asset amortization | 927 |  |  |  |  |
|  |  |  |  |  | $52642 | $43484 |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DEBT MATURITIES SCHEDULE AS OF SEPTEMBER 30, 2025 <sup>2</sup>  | DEBT MATURITIES SCHEDULE AS OF SEPTEMBER 30, 2025 <sup>2</sup>  | DEBT MATURITIES SCHEDULE AS OF SEPTEMBER 30, 2025 <sup>2</sup>  | DEBT MATURITIES SCHEDULE AS OF SEPTEMBER 30, 2025 <sup>2</sup>  | DEBT MATURITIES SCHEDULE AS OF SEPTEMBER 30, 2025 <sup>2</sup>  | DEBT MATURITIES SCHEDULE AS OF SEPTEMBER 30, 2025 <sup>2</sup>  |
|  | PRINCIPAL PAYMENTS | PRINCIPAL PAYMENTS | PRINCIPAL PAYMENTS | PRINCIPAL PAYMENTS |  |
|  | BANK <br>LOANS | SENIOR NOTES | MORTGAGE NOTES | TOTAL | WA RATE |
| 2025 | $— | $— | $15333 | $15333 | 4.24% |
| 2026 |  | 600000 | 28904 | 628904 | 3.52% |
| 2027 | 541608 | 500000 |  | 1041608 | 4.57% |
| 2028 |  | 300000 |  | 300000 | 3.63% |
| 2029 | 500000 |  |  | 500000 | 5.22% |
| Thereafter | 149000 | 2049285 |  | 2198285 | 2.59% |
| Total | $1190608 | $3449285 | $44237 | $4684130 | 3.51% |
| Net debt (principal) |  |  |  | $4640785 |  |
| Fixed rate debt balance  | $1041608 | $3449285 | $44237 | $4535130 |  |
| % fixed rate debt, net of cash | % fixed rate debt, net of cash | % fixed rate debt, net of cash |  | 97.7% |  |
| Company share of JV net debt | Company share of JV net debt |  | $30887 |  |  |

---

---

| | | |
|:---|:---|:---|
| INTEREST RATE SWAPS | INTEREST RATE SWAPS | INTEREST RATE SWAPS |
| MATURITY | AMOUNT | WA FIXED SOFR RATE |
| May 2026 | $241608 | 3.63% |
| June 2026 | 150000 | 3.83% |
| December 2026 | 150000 | 3.84% |
| June 2027 | 200000 | 4.27% |
| December 2027 | 300000 | 3.93% |
| As of 9/30/2025 | $1041608 | 3.90% |
| October Activity <sup>3</sup> | (151375) | 4.67% |
| As of 10/30/2025 | $890233 | 3.77% |

---

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

2Includes extension options.

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

---

| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 13 |

---

------

---

| |
|:---|
| Debt Covenants & Liquidity |
| DOLLARS IN THOUSANDS |

---

---

| | | | |
|:---|:---|:---|:---|
| SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED SEPTEMBER 30, 2025 <sup>1</sup>  | SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED SEPTEMBER 30, 2025 <sup>1</sup>  | SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED SEPTEMBER 30, 2025 <sup>1</sup>  |  |
|  | CALCULATION | REQUIREMENT | PER DEBT COVENANTS |
| Revolving credit facility and term loan | Revolving credit facility and term loan |  |  |
| Leverage ratio | Total debt/total capital | Not greater than 60% | 39.2% |
| Secured leverage ratio | Total secured debt/total capital | Not greater than 30% | 0.4% |
| Unencumbered leverage ratio | Unsecured debt/unsecured real estate | Not greater than 60% | 42.9% |
| Fixed charge coverage ratio | EBITDA/fixed charges | Not less than 1.50x | 3.3x |
| Unsecured coverage ratio | Unsecured EBITDA/unsecured interest | Not less than 1.75x | 3.2x |
| Asset investments | Unimproved land, JVs & mortgages/total assets | Not greater than 35% | 10.0% |
| Senior Notes |  |  |  |
| Incurrence of total debt | Total debt/total assets | Not greater than 60% | 38.3% |
| Incurrence of debt secured by any lien | Secured debt/total assets | Not greater than 40% | 0.4% |
| Maintenance of total unsecured assets | Unencumbered assets/unsecured debt | Not less than 150% | 250.5% |
| Debt service coverage | EBITDA/interest expense | Not less than 1.5x | 3.4x |
| Other |  |  |  |
| Net debt to adjusted EBITDA <sup>2</sup> | Net debt (debt less cash)/adjusted EBITDA | Not required | 5.9x |
| Run rate net debt to adjusted EBITDA <sup>3</sup> | Proforma net debt (debt less cash)/proforma adjusted EBITDA | Not required | 5.8x |
| Net debt to enterprise value <sup>4</sup> | Net debt/enterprise value | Not required | 42.0% |

---

---

| | |
|:---|:---|
| LIQUIDITY SOURCES | LIQUIDITY SOURCES |
| Cash | $43345 |
| Unsecured credit facility availability | $1351000 |
| Consolidated unencumbered real estate assets (gross) <sup>5</sup> | $11031361 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1Does not include all financial and non-financial covenants and restrictions that are required by the Company's various debt agreements. Financial measures include the Company's proportionate share of unconsolidated joint ventures, as applicable.

2Net debt includes the Company's share of unconsolidated JV net debt. See page 27 for a reconciliation of adjusted EBITDA.

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

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

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

---

| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 14 |

---

------

---

| |
|:---|
| Investment Activity |
| DOLLARS IN THOUSANDS |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DISPOSITION ACTIVITY DETAIL |  |  |  |  |  |
| LOCATION | COUNT | CLOSING | SQUARE FEET | OCCUPIED % | SALE <br>PRICE |
| Boston, MA | 1 | 2/7/2025 | 30304 | 41% | $4500 |
| Denver, CO | 2 | 2/14/2025 | 69715 | 54% | 8600 |
| Houston, TX <sup>1</sup> | 1 | 3/20/2025 | 127933 | 35% | 15000 |
| 1Q 2025 total | 4 |  | 227952 | 42% | $28100 |
| Boston, MA |  | 4/30/2025 |  | —% | 486 |
| Boston, MA | 1 | 5/23/2025 | 33176 | 61% | 3000 |
| Jacksonville, FL | 1 | 6/26/2025 | 53169 | 12% | 8100 |
| Yakima, WA | 2 | 6/26/2025 | 91561 | 100% | 31000 |
| Houston, TX |  | 6/27/2025 |  | —% | 10500 |
| 2Q 2025 total | 4 |  | 177906 | 66% | $53086 |
| South Bend, IN | 1 | 7/15/2025 | 205573 | 77% | 43100 |
| Milwaukee, WI | 2 | 7/29/2025 | 147406 | 100% | 42000 |
| Naples, FL | 1 | 7/29/2025 | 61359 | 81% | 19250 |
| New York, NY | 1 | 7/30/2025 | 89893 | 88% | 25000 |
| Boston, MA | 1 | 8/25/2025 | 9010 | 66% | 450 |
| Lakeland, FL | 4 | 8/27/2025 | 31158 | 100% | 7325 |
| Salem, OR | 1 | 8/29/2025 | 21026 | 43% | 4000 |
| Milwaukee, WI | 1 | 9/29/2025 | 220747 | 74% | 60000 |
| Tampa, FL | 2 | 9/30/2025 | 47962 | 100% | 22000 |
| Dallas, TX | 4 | 9/30/2025 | 448879 | 62% | 58800 |
| Chicago, IL | 1 | 9/30/2025 | 56531 | 97% | 18700 |
| Columbus, OH | 3 | 9/30/2025 | 117060 | 100% | 33750 |
| Miami, FL | 1 | 9/30/2025 | 152976 | 95% | 62000 |
| 3Q 2025 total | 23 |  | 1609580 | 80% | $396375 |
| Total 2025 disposition activity | 31 |  | 2015438 | 74% | $477561 |
| Average cap rate <sup>2</sup> | Average cap rate <sup>2</sup> |  |  |  | 6.5% |
|  |  |  |  |  | . |
| Subsequent Disposition Activity |  |  |  |  |  |
| New Haven, CT |  | 10/16/2025 |  | —% | 725 |
| Des Moines, IA | 1 | 10/29/2025 | 152655 | 79% | 7225 |

---

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

2Cap rate represents the in-place cash NOI divided by sales price. Cap rate includes subsequent disposition activity.

---

| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 15 |

---

------

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| |
|:---|
| Joint Ventures <sup>1</sup> |
| DOLLARS IN THOUSANDS |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| PORTFOLIOS | PORTFOLIOS | PORTFOLIOS | PORTFOLIOS |  |  |  |  |
|  | WA OWNERSHIP INTEREST |  |  | 3Q 2025 | 3Q 2025 | 3Q 2025 | 3Q 2025 |
| JOINT VENTURE | WA OWNERSHIP INTEREST | # OF PROPERTIES | SQUARE FEET | OCCUPANCY | NOI | NOI AT SHARE | SAME STORE NOI AT SHARE |
| Nuveen | 41% | 28 | 1526776 | 88% | $7598 | $2950 | $2383 |
| CBRE | 20% | 4 | 283880 | 59% | 1168 | 234 | 183 |
| KKR | 20% | 23 | 1719557 | 96% | 12971 | 2594 |  |
| Other <sup>2</sup> | 58% | 10 | 723632 | 89% | 4924 | 2603 | 1785 |
| Total |  | 65 | 4253845 | 90% | $26661 | $8381 | $4351 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| BALANCE SHEET | BALANCE SHEET | BALANCE SHEET | BALANCE SHEET | BALANCE SHEET |
| JOINT VENTURE | REAL ESTATE INVESTMENT <sup>3</sup> | DEBT <sup>3</sup> | DEBT AT SHARE | INTEREST RATE |
| Nuveen | $608772 | $71879 | $14376 | 5.9% |
| CBRE | 134224 |  |  |  |
| KKR | 740963 |  |  |  |
| Other <sup>2</sup> | 340556 | 68313 | 27325 | 5.3% |
| Total | $1824515 | $140192 | $41701 | 5.6% |
| Net debt at JV share | Net debt at JV share |  | $30887 |  |

---

1Excludes completed dispositions, assets held for sale and construction in progress.

2Ownership percentages are weighted based on investment.

3Represents 100% of the real estate assets and debt of the joint ventures.

---

| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 16 |

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------

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| |
|:---|
| Re/development Activity |
| DOLLARS IN THOUSANDS |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DEVELOPMENTS | DEVELOPMENTS | DEVELOPMENTS | DEVELOPMENTS | DEVELOPMENTS | DEVELOPMENTS |
| MARKET | ASSOCIATED HEALTH SYSTEM | SQUARE<br>FEET | CURRENT LEASED % | BUDGET | COST TO COMPLETE |
| Raleigh, NC | UNC REX Health | 122991 | 51% | $58000 | $10081 |
| Fort Worth, TX <sup>1</sup> | Baylor Scott & White | 101279 | 72% | 48200 | 5568 |
| Total development | Total development | 224270 | 60% | $106200 | $15649 |
| *Projected stabilized yield - 7.0%-8.5%* | *Projected stabilized yield - 7.0%-8.5%* | *Projected stabilized yield - 7.0%-8.5%* | *Projected stabilized yield - 7.0%-8.5%* | *Projected stabilized yield - 7.0%-8.5%* |  |
| *Estimated stabilization period post completion - 12 - 36 months* | *Estimated stabilization period post completion - 12 - 36 months* | *Estimated stabilization period post completion - 12 - 36 months* | *Estimated stabilization period post completion - 12 - 36 months* | *Estimated stabilization period post completion - 12 - 36 months* |  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| REDEVELOPMENTS | REDEVELOPMENTS | REDEVELOPMENTS | REDEVELOPMENTS | REDEVELOPMENTS | REDEVELOPMENTS | REDEVELOPMENTS |
| MARKET | COUNT | SQUARE<br>FEET | PROJECT SQUARE FEET | PROJECT LEASED % | BUDGET | COST TO COMPLETE |
| Charlotte, NC | 2 | 169135 | 101486 | 96% | $35050 | $5949 |
| Houston, TX | 2 | 314861 | 152172 | 35% | 30000 | 5144 |
| White Plains, NY | 1 | 65851 | 44634 | 85% | 23900 | 5671 |
| Charlotte, NC | 1 | 122388 | 83581 | 21% | 19200 | 19079 |
| Washington, DC | 1 | 57323 | 24034 | 82% | 15200 | 1761 |
| Seattle, WA | 1 | 78288 | 34916 | —% | 13600 | 13551 |
| Raleigh, NC | 1 | 40400 | 40400 | 100% | 10800 | 8264 |
| Port St. Lucie, FL | 1 | 31466 | 31466 | —% | 9400 | 9305 |
| Dallas, TX | 1 | 126121 | 22152 | 100% | 8600 | 8600 |
| Denver, CO | 1 | 55978 | 28832 | —% | 7300 | 7247 |
| Other | 6 | 807240 | 629416 | 46% | 87400 | 72248 |
| Total redevelopment | 18 | 1869051 | 1193089 | 49% | $260450 | $156819 |
| *Projected stabilized yield - 9.0%-12.0%* | *Projected stabilized yield - 9.0%-12.0%* | *Projected stabilized yield - 9.0%-12.0%* | *Projected stabilized yield - 9.0%-12.0%* | *Projected stabilized yield - 9.0%-12.0%* | *Projected stabilized yield - 9.0%-12.0%* |  |
| *Estimated stabilization period post completion - 12 - 36 months* | *Estimated stabilization period post completion - 12 - 36 months* | *Estimated stabilization period post completion - 12 - 36 months* | *Estimated stabilization period post completion - 12 - 36 months* | *Estimated stabilization period post completion - 12 - 36 months* | *Estimated stabilization period post completion - 12 - 36 months* |  |

---

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| | | | |
|:---|:---|:---|:---|
| LAND | LAND | LAND | LAND |
| MARKET | COUNT | ACREAGE | INVESTMENT TO DATE |
| White Plains, NY | 1 | 3.1 | $3424 |
| Atlanta, GA | 1 | 2.5 | 2584 |
| Nashville, TN | 1 | 2.7 | 2018 |
| Round Rock, TX | 1 | 6.3 | 6680 |
| Nashville, TN | 1 | 0.4 | 4650 |
| Other | 14 | Various | 37847 |
| Total | 19 |  | $57203 |

---

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

---

| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 17 |

---

------

---

| |
|:---|
| Portfolio <sup>1,2</sup> |
| DOLLARS IN THOUSANDS |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| MARKETS | MARKETS | MARKETS | MARKETS | MARKETS | MARKETS | MARKETS | MARKETS | MARKETS | MARKETS |  |  |  |  |
|  |  | COUNT |  | SQUARE FEET | SQUARE FEET | SQUARE FEET | SQUARE FEET | SQUARE FEET | SQUARE FEET | SQUARE FEET | SQUARE FEET | WHOLLY OWNED | WHOLLY OWNED |
| MARKET | MSA RANK | COUNT |  | MOB |  | INPATIENT | OFFICE |  | WHOLLY OWNED | JOINT VENTURES | TOTAL | % OF NOI | CUMULATIVE % OF NOI |
| Dallas, TX | 4 | COUNT | 47 |  | 2527868 |  | 146519 | 199800 |  | 2874187 | 581096 | 3455283 | 9.8% |
| Seattle, WA | 15 | 29 |  | 1324047 |  |  |  |  | 1324047 | 257121 | 1581168 | 7.0% | 16.8% |
| Charlotte, NC | 21 | 31 |  | 1698667 |  |  |  |  | 1698667 |  | 1698667 | 5.6% | 22.4% |
| Houston, TX | 5 | 27 |  | 1747673 |  | 67500 |  |  | 1815173 | 249158 | 2064331 | 5.0% | 27.4% |
| Denver, CO | 19 | 29 |  | 1349450 |  |  |  |  | 1349450 | 306949 | 1656399 | 4.8% | 32.2% |
| Atlanta, GA | 6 | 25 |  | 1222606 |  |  |  |  | 1222606 | 96108 | 1318714 | 4.2% | 36.4% |
| Boston, MA | 11 | 14 |  | 729103 |  |  |  |  | 729103 |  | 729103 | 4.1% | 40.5% |
| Los Angeles, CA | 2 | 27 |  | 787715 |  | 63000 |  |  | 850715 | 786520 | 1637235 | 4.1% | 44.6% |
| Raleigh, NC | 41 | 27 |  | 978218 |  |  |  |  | 978218 | 198485 | 1176703 | 3.4% | 48.0% |
| Phoenix, AZ | 10 | 34 |  | 1327845 |  |  |  |  | 1327845 | 101086 | 1428931 | 3.2% | 51.2% |
| Nashville, TN | 35 | 13 |  | 1134891 |  |  | 108691 |  | 1243582 | 106981 | 1350563 | 3.1% | 54.3% |
| Indianapolis, IN | 33 | 37 |  | 996511 |  | 61398 |  |  | 1057909 | 357915 | 1415824 | 2.9% | 57.2% |
| Tampa, FL | 17 | 17 |  | 828117 |  |  |  |  | 828117 |  | 828117 | 2.7% | 59.9% |
| Washington, DC | 7 | 9 |  | 692107 |  |  |  |  | 692107 |  | 692107 | 2.5% | 62.4% |
| Austin, TX | 25 | 12 |  | 657575 |  |  |  |  | 657575 | 129879 | 787454 | 2.5% | 64.9% |
| Miami, FL | 8 | 14 |  | 828430 |  |  |  |  | 828430 | 52178 | 880608 | 2.4% | 67.3% |
| San Francisco, CA | 13 | 9 |  | 449706 |  |  |  |  | 449706 | 110865 | 560571 | 2.3% | 69.6% |
| Orlando, FL | 20 | 7 |  | 359477 |  | 56998 |  |  | 416475 |  | 416475 | 2.2% | 71.8% |
| New York, NY | 1 | 14 |  | 557111 |  |  |  |  | 557111 | 57411 | 614522 | 2.1% | 73.9% |
| Colorado Springs, CO | 79 | 13 |  | 594497 |  |  |  |  | 594497 | 51466 | 645963 | 1.9% | 75.8% |
| Other (32 Market) | Other (32 Market) | 144 |  | 6391918 |  | 538392 | 895708 |  | 7826018 | 810627 | 8636645 | 24.2% | 100.0% |
| Total |  | 579 |  | 27183532 |  | 933807 | 1204199 |  | 29321538 | 4253845 | 33575383 | 100.0% |  |
| Number of properties | Number of properties |  |  | 494 |  | 15 | 5 |  | 514 | 65 | 579 |  |  |
| % of square feet |  |  |  | 92.7% |  | 3.2% | 4.1% |  | 100.0% |  |  |  |  |
| % multi-tenant |  |  |  | 87.2% |  | 6.9% | 74.3% |  | 84.1% |  |  |  |  |
| Investment  |  |  |  | $9393540 |  | $434718 | $319598 |  | $10147856 |  |  |  |  |
| Quarterly cash NOI <sup>2</sup> | Quarterly cash NOI <sup>2</sup> |  |  | $145521 |  | $8465 | $4992 |  | $158978 |  |  |  |  |
| % of cash NOI |  |  |  | 91.6% |  | 5.3% | 3.1% |  | 100.0% |  |  |  |  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| BY OWNERSHIP AND TENANT TYPE | BY OWNERSHIP AND TENANT TYPE | BY OWNERSHIP AND TENANT TYPE | BY OWNERSHIP AND TENANT TYPE | BY OWNERSHIP AND TENANT TYPE | BY OWNERSHIP AND TENANT TYPE |
|  | WHOLLY OWNED | WHOLLY OWNED | JOINT VENTURES  | JOINT VENTURES  |  |
|  | MULTI-TENANT | SINGLE-TENANT | MULTI-TENANT | SINGLE-TENANT | TOTAL |
| Number of properties | 411 | 103 | 49 | 16 | 579 |
| Square feet | 24665616 | 4655922 | 3523829 | 730016 | 33575383 |
| % of square feet | 73.4% | 13.9% | 10.5% | 2.2% | 100.0% |
| Investment <sup>2</sup> | $8157553 | $1990303 | $508549 | $115225 | $10771630 |
| Quarterly cash NOI <sup>2</sup> | $125532 | $33446 | $6498 | $1884 | $167359 |
| % of cash NOI | 75.0% | 20.0% | 3.9% | 1.1% | 100.0% |

---

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

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

---

| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 18 |

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------

Health Systems <sup>1,2</sup><br>

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| MOB PORTFOLIO | MOB PORTFOLIO | MOB PORTFOLIO | MOB PORTFOLIO | MOB PORTFOLIO | MOB PORTFOLIO | MOB PORTFOLIO | MOB PORTFOLIO | MOB PORTFOLIO |  |  |  |  |  |  |
|  |  |  | BUILDING SQUARE FEET | BUILDING SQUARE FEET | BUILDING SQUARE FEET | # OF BLDGS |  | LEASED BY HEALTH SYSTEM | % OF LEASED SF | # OF LEASES |  |  |  |  |
| HEALTH SYSTEM | SYSTEM RANK <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CREDIT RATING | ON/ADJACENT <sup>4</sup> | OFF-CAMPUS AFFILIATED <sup>5</sup> | TOTAL | # OF BLDGS | % OF NOI | LEASED BY HEALTH SYSTEM | % OF LEASED SF | # OF LEASES |  |  |  |  |
| **HCA** | 1 | BBB-/Baa3 | 2094979 | 769842 | 2864821 | # OF BLDGS | 42 | LEASED BY HEALTH SYSTEM | % OF LEASED SF | # OF LEASES | 9.6% | 813687 | 2.9% | 133 |
| Baylor Scott & White | 21 | AA-/Aa2 | 2146334 | 66376 | 2212710 | 25 | 6.7% | 1081516 | 3.9% | 155 |  |  |  |  |
| CommonSpirit | 4 | A-/A3 | 1442804 | 535300 | 1978104 | 37 | 6.7% | 720465 | 2.6% | 128 |  |  |  |  |
| Ascension Health | 3 | AA/Aa2 | 1631390 | 97551 | 1728941 | 18 | 4.4% | 744757 | 2.7% | 107 |  |  |  |  |
| Advocate Health | 14 | AA/Aa3 | 751636 | 240910 | 992546 | 17 | 3.8% | 869101 | 3.1% | 87 |  |  |  |  |
| Wellstar Health System | 75 | A+/A2 | 918394 |  | 918394 | 18 | 3.2% | 611572 | 2.2% | 83 |  |  |  |  |
| UW Medicine (Seattle) | 91 | AA+/Aa1 | 461363 | 169709 | 631072 | 10 | 3.0% | 294971 | 1.1% | 32 |  |  |  |  |
| Providence Health & Services | 5 | A/A3 | 602834 | 31601 | 634435 | 12 | 2.7% | 248611 | 0.9% | 46 |  |  |  |  |
| AdventHealth | 11 | AA/Aa2 | 640215 | 118585 | 758800 | 12 | 2.6% | 393923 | 1.4% | 99 |  |  |  |  |
| MultiCare Health System | 82 | A/-- | 492623 |  | 492623 | 8 | 2.5% | 255111 | 0.9% | 33 |  |  |  |  |
| Indiana University Health | 26 | AA/Aa2 | 416978 | 269320 | 686298 | 10 | 2.1% | 387649 | 1.4% | 51 |  |  |  |  |
| Tenet Healthcare Corporation | 6 | BB-/Ba3 | 648066 | 235399 | 883465 | 16 | 2.0% | 146482 | 0.5% | 28 |  |  |  |  |
| Tufts Medicine |  | BBB-/Aa3 | 252087 |  | 252087 | 2 | 1.9% | 260784 | 0.9% | 5 |  |  |  |  |
| Cedars-Sinai Health Systems | 51 | AA-/Aa3 | 199701 | 90607 | 290308 | 5 | 1.8% | 96614 | 0.3% | 22 |  |  |  |  |
| WakeMed | 185 | --/A2 | 374207 | 101597 | 475804 | 13 | 1.7% | 149676 | 0.5% | 22 |  |  |  |  |
| Banner Health | 24 | AA-/-- | 749075 | 31039 | 780114 | 24 | 1.6% | 118225 | 0.4% | 32 |  |  |  |  |
| Sutter Health | 12 | A+/A1 | 175591 | 96987 | 272578 | 4 | 1.5% | 121481 | 0.4% | 25 |  |  |  |  |
| Hawaii Pacific Health | 181 | --/A1 | 173502 | 124925 | 298427 | 3 | 1.4% | 104915 | 0.4% | 41 |  |  |  |  |
| MemorialCare Health Systems | 133 | AA-/-- | 353541 | 48759 | 402300 | 5 | 1.4% | 8877 | —% | 4 |  |  |  |  |
| Novant Health | 42 | A+/A1 | 473471 | 138035 | 611506 | 10 | 1.4% | 162943 | 0.6% | 24 |  |  |  |  |
| MedStar Health | 45 | A/A2 | 326129 |  | 326129 | 4 | 1.3% | 203501 | 0.7% | 65 |  |  |  |  |
| Other (61 Credit Rated) |  |  | 6483390 | 2848694 | 9332084 | 182 | 28.8% | 4489641 | 16.2% |  |  |  |  |  |
| Subtotal - credit rated <sup>6</sup> |  |  | 21808310 | 6015236 | 27823546 | 477 | 92.1% | 12284502 | 44.0% |  |  |  |  |  |
| Other non-credit rated <sup>7</sup> |  |  | 691812 | 380385 | 1072197 | 21 | 2.5% | 421597 | 1.5% |  |  |  |  |  |
| Off-campus non-affiliated <sup>8</sup> |  |  |  | 2315558 | 2315558 | 54 | 5.4% |  | —% |  |  |  |  |  |
| Total |  |  | 22500122 | 8711179 | 31211301 | 552 | 100.0% | 12706099 | 45.5% |  |  |  |  |  |
| Joint ventures |  |  | 2823464 | 1204305 | 4027769 |  |  |  |  |  |  |  |  |  |
| Wholly-owned |  |  | 19676658 | 7506874 | 27183532 |  |  |  |  |  |  |  |  |  |

---

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

2Excludes construction in progress and assets classified as held for sale.

3Ranked by revenue based on Modern Healthcare's Healthcare Systems Financials Database.

4The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.

5Includes off-campus buildings where health systems lease 20% or more of the property and/or are located within 2 miles from a hospital campus.

6Based on square footage, 96% is associated and 42% is leased by an investment-grade rated healthcare provider.

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

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

---

| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 19 |

---

------

MOB Proximity to Hospital <sup>1,2,3</sup><br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| MOB BY LOCATION |  |  |  |  |
|  | # OF PROPERTIES | SQUARE FEET | TOTAL | % GROUND LEASED |
| On campus | 218 | 16550092 | 53.0% | 69.6% |
| Adjacent to campus <sup>4</sup> | 137 | 5950030 | 19.1% | 14.1% |
| Total on/adjacent | 355 | 22500122 | 72.1% | 54.9% |
| Off campus - affiliated <sup>5</sup> | 143 | 6395621 | 20.5% | 15.0% |
| Off campus | 54 | 2315558 | 7.4% | 9.2% |
|  | 552 | 31211301 | 100.0% | 43.4% |
| Wholly-owned | 494 | 27183532 |  |  |
| Joint ventures | 58 | 4027769 |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| MOB BY CLUSTER <sup>6</sup>  | MOB BY CLUSTER <sup>6</sup>  | MOB BY CLUSTER <sup>6</sup>  | MOB BY CLUSTER <sup>6</sup>  | MOB BY CLUSTER <sup>6</sup>  | MOB BY CLUSTER <sup>6</sup>  | MOB BY CLUSTER <sup>6</sup>  |
|  | TOTAL | TOTAL | TOTAL | HOSPITAL CENTRIC <sup>7</sup> | HOSPITAL CENTRIC <sup>7</sup> | HOSPITAL CENTRIC <sup>7</sup> |
|  | # OF PROPERTIES | SQUARE FEET | % OF SQUARE FEET | # OF PROPERTIES | SQUARE FEET | % OF SQUARE FEET |
| Clustered | 420 | 23430071 | 75.1% | 344 | 20383109 | 77.3% |
| Non-clustered | 132 | 7781230 | 24.9% | 89 | 5988551 | 22.7% |
| Total | 552 | 31211301 | 100.0% | 433 | 26371660 | 100.0% |

---

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

2Includes joint venture properties and excludes construction in progress and assets classified as held for sale.

3Proximity to hospital campus includes acute care hospitals with inpatient beds. The Company does not consider inpatient rehab hospitals (IRFs), skilled nursing facilities (SNFs) or long-term acute care hospitals (LTACHs) to be hospital campuses for distance calculations.

4The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.

5Includes off-campus buildings where health systems lease 20% or more of the property and/or are located within 2 miles from a hospital campus.

6A cluster is defined as at least two properties within a geographic radius of two miles. The Company believes clusters provide operational efficiencies and greater local leasing knowledge that accelerate NOI growth.

7Includes buildings that are located within two miles of a hospital campus.

---

| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 20 |

---

------

Lease Maturity & Occupancy <sup>1,2</sup><br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| LEASE MATURITY SCHEDULE | LEASE MATURITY SCHEDULE | LEASE MATURITY SCHEDULE |  |  |  |  |  |
|  | SQUARE FEET | SQUARE FEET | SQUARE FEET | SQUARE FEET | SQUARE FEET | SQUARE FEET | # OF WHOLLY-OWNED LEASES |
|  | WHOLLY-OWNED AND JOINT VENTURE | WHOLLY-OWNED AND JOINT VENTURE | WHOLLY-OWNED AND JOINT VENTURE | WHOLLY-OWNED AND JOINT VENTURE |  |  | # OF WHOLLY-OWNED LEASES |
|  | MULTI-TENANT <sup>3</sup> | SINGLE-TENANT | TOTAL | % OF TOTAL | JOINT VENTURES | WHOLLY-OWNED | # OF WHOLLY-OWNED LEASES |
| Month-to-month | 313372 | 90893 | 404265 | 1.3% | 47730 | 356535 | 99 |
| 4Q 2025 | 874006 | 104421 | 978427 | 3.3% | 65791 | 912636 | 254 |
| 2026 | 3729510 | 324771 | 4054281 | 13.5% | 277255 | 3777026 | 1082 |
| 2027 | 3647669 | 1098726 | 4746395 | 15.8% | 494913 | 4251482 | 947 |
| 2028 | 3080729 | 585199 | 3665928 | 12.2% | 269254 | 3396674 | 873 |
| 2029 | 2960448 | 715648 | 3676096 | 12.2% | 588597 | 3087499 | 700 |
| 2030 | 2520336 | 540536 | 3060872 | 10.2% | 350584 | 2710288 | 586 |
| 2031 | 1471033 | 369883 | 1840916 | 6.1% | 249495 | 1591421 | 324 |
| 2032 | 1872555 | 356727 | 2229282 | 7.4% | 356388 | 1872894 | 308 |
| 2033 | 869718 | 52813 | 922531 | 3.1% | 205524 | 717007 | 192 |
| 2034 | 1152042 | 142581 | 1294623 | 4.3% | 256739 | 1037884 | 197 |
| Thereafter | 2152782 | 995090 | 3147872 | 10.6% | 645508 | 2502364 | 415 |
| Total occupied | 24644200 | 5377288 | 30021488 | 89.4% | 3807778 | 26213710 | 5977 |
| Total building | 28189445 | 5385938 | 33575383 |  | 4253845 | 29321538 |  |
| Occupancy | 87.4% | 99.8% | 89.4% |  | 89.5% | 89.4% |  |
| WALTR (months) <sup>4</sup> | 50.7 | 69.4 | 54.1 |  |  | 51.6 |  |
| WALT (months) <sup>4</sup> | 92.0 | 144.2 | 116.0 |  |  | 100.6 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| QUARTERLY LEASING ACTIVITY <sup>5</sup> | QUARTERLY LEASING ACTIVITY <sup>5</sup> | QUARTERLY LEASING ACTIVITY <sup>5</sup> | QUARTERLY LEASING ACTIVITY <sup>5</sup> | QUARTERLY LEASING ACTIVITY <sup>5</sup> | QUARTERLY LEASING ACTIVITY <sup>5</sup> | QUARTERLY LEASING ACTIVITY <sup>5</sup> |
|  | MULTI-TENANT | MULTI-TENANT | SINGLE-TENANT | SINGLE-TENANT | TOTAL | TOTAL |
|  | ABSORPTION ACTIVITY | SQUARE FEET | ABSORPTION ACTIVITY | SQUARE FEET | ABSORPTION ACTIVITY | SQUARE FEET |
| Occupied square feet, beginning of period |  | 26626739 |  | 5574496 |  | 32201235 |
| Dispositions and assets held for sale |  | (2038641) |  | (191504) |  | (2230145) |
| Expirations and early vacates | (1026737) |  | (58061) |  | (1084798) |  |
| Renewals, amendments, and extensions | 701789 |  | 52357 |  | 754146 |  |
| New lease commencements | 381050 |  |  |  | 381050 |  |
| Absorption |  | 56102 |  | (5704) |  | 50398 |
| Occupied square feet, end of period |  | 24644200 |  | 5377288 |  | 30021488 |

---

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

2Excludes land held for development, construction in progress, corporate property and assets classified as held for sale, unless noted otherwise.

3The average lease size in the wholly-owned multi-tenant portfolio is 3,761 square feet.

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

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

---

| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 21 |

---

------

Leasing Statistics <sup>1,2</sup> <br>

---

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

---

---

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

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| # OF LEASES BY SIZE <sup>6</sup>  | # OF LEASES BY SIZE <sup>6</sup>  | # OF LEASES BY SIZE <sup>6</sup>  |  |
| LEASED SQUARE FEET | # OF LEASES | WALT | WALTR |
| 0 - 2500 | 3228 | 71.8 | 37.8 |
| 2501 - 5000 | 1442 | 80.4 | 42.7 |
| 5001 - 7500 | 498 | 90.7 | 46.2 |
| 7501 - 10000 | 280 | 99.9 | 53.1 |
| 10,001 + | 529 | 120.9 | 60.7 |
| Total Leases | 5977 | 100.6 | 51.6 |

---

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

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

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

4Includes re/development properties, re/development completion, and joint ventures.

5Tenants are typically responsible for operating expenses and capital obligations.

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

---

| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 22 |

---

------

Same Store <sup>1,2</sup> <br> DOLLARS IN THOUSANDS

---

| | | |
|:---|:---|:---|
| TOTAL CASH NOI | TOTAL CASH NOI | TOTAL CASH NOI |
|  | % of Total NOI | 3Q 2025 |
| Multi-tenant | 65% | $120762 |
| Single-tenant | 18% | 32815 |
| Joint venture | 2% | 4351 |
| Same store | 85% | $157928 |
| Developments | —% | 84 |
| Development completions | —% | 799 |
| Redevelopment | 3% | 5039 |
| Redevelopment completions | —% | 348 |
| Wholly-owned and joint venture acquisitions | 2% | 3160 |
| Completed dispositions & assets held for sale | 10% | 17055 |
| Total cash NOI | 100% | $184413 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| PORTFOLIO OCCUPANCY AND ABSORPTION | PORTFOLIO OCCUPANCY AND ABSORPTION | PORTFOLIO OCCUPANCY AND ABSORPTION | PORTFOLIO OCCUPANCY AND ABSORPTION | PORTFOLIO OCCUPANCY AND ABSORPTION |  |  |  |
|  |  |  | OCCUPANCY % | OCCUPANCY % | OCCUPANCY % | ABSORPTION<br>(square feet in thousands) | ABSORPTION<br>(square feet in thousands) |
|  | COUNT | SQUARE FEET | 3Q 2025 | 2Q 2025 | 3Q 2024 | SEQUENTIAL | Y-O-Y |
| Multi-tenant | 393 | 22798612 | 89.5% | 88.9% | 88.6% | 134 | 224 |
| Single-tenant | 99 | 4358728 | 99.9% | 100.0% | 98.7% | (6) | 50 |
| Joint venture | 30 | 1672923 | 90.3% | 88.9% | 90.0% |  |  |
| Same store | 522 | 28830263 | 91.1% | 90.6% | 90.2% | 128 | 274 |
| Wholly owned and joint venture acquisitions | 30 | 2192560 | 95.1% | 94.4% | 94.4% | 15 | 30 |
| Total stabilized portfolio | 552 | 31022823 | 91.4% | 91.0% | 88.1% |  |  |
| Developments | 2 | 224270 | 34.3% | 45.1% | —% | 21 | 77 |
| Development completions | 2 | 107247 | 82.1% | 82.1% | 100.0% |  | 82 |
| Redevelopments <sup>3</sup> | 18 | 1869051 | 66.9% | 73.4% | 72.9% | (121) | (112) |
| Redevelopment completions | 5 | 351992 | 70.3% | 67.9% | 69.9% | 7 |  |
| Total portfolio including re/developments | 579 | 33575383 | 89.4% | 89.3% | 89.1% | 50 | 351 |
| Joint ventures | 65 | 4253845 | 89.5% | 88.3% | 89.8% |  |  |
| Total wholly-owned | 514 | 29321538 | 89.4% | 89.5% | 89.1% | 50 | 351 |
| Multi-tenant | 460 | 28189445 | 87.4% | 87.4% | 87.3% | 54 | 845 |

---

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

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

3Includes the entire building under redevelopment.

---

| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 23 |

---

------

---

| |
|:---|
| Same Store <sup>1,2,3</sup> |
| DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| SAME STORE CASH NOI | SAME STORE CASH NOI | SAME STORE CASH NOI | SAME STORE CASH NOI | SAME STORE CASH NOI | SAME STORE CASH NOI | SAME STORE CASH NOI | SAME STORE CASH NOI |
|  | TOTAL | TOTAL | TOTAL | TOTAL | TOTAL | TOTAL | TOTAL |
|  | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | YTD 2025 | YTD 2024 |
| Base revenue | $188458 | $186339 | $183807 | $182047 | $180830 | $558604 | $538127 |
| Op. exp. recoveries | 58700 | 55791 | 56711 | 56591 | 56671 | 171202 | 164159 |
| Revenues | $247158 | $242130 | $240518 | $238638 | $237501 | $729806 | $702286 |
| Expenses | 89230 | 85258 | 87686 | 86622 | 87680 | 262174 | 255027 |
| Cash NOI | $157928 | $156872 | $152832 | $152016 | $149821 | $467632 | $447259 |
| Revenue per occ SF <sup>4</sup> | $37.72 | $37.10 | $36.92 | $36.68 | $36.65 | $37.23 | $36.27 |
| Margin | 63.9% | 64.8% | 63.5% | 63.7% | 63.1% | 64.1% | 63.7% |
| Period end occupancy | 91.1% | 90.7% | 90.4% | 90.4% | 90.2% | 91.1% | 90.2% |
| Number of properties | 522 | 522 | 522 | 522 | 522 | 522 | 522 |
| Year-Over-Year Change |  |  |  |  |  |  |  |
| Revenues | 4.1% |  |  |  |  | 3.9% |  |
| &nbsp;&nbsp;&nbsp;Base revenue | 4.2% |  |  |  |  | 3.8% |  |
| &nbsp;&nbsp;&nbsp;Exp recoveries | 3.6% |  |  |  |  | 4.3% |  |
| Expenses | 1.8% |  |  |  |  | 2.8% |  |
| Cash NOI | 5.4% |  |  |  |  | 4.6% |  |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 24 |

---

------

---

| |
|:---|
| NOI Reconciliations <sup>1</sup> |
| DOLLARS IN THOUSANDS |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| BOTTOM UP RECONCILIATION |  |  |  |  |  |
|  | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Net loss | ($58544) | ($160144) | ($45389) | ($108212) | ($94535) |
| Other expense (income) | 83116 | 175898 | 63893 | 107448 | 105657 |
| General and administrative expense | 21771 | 23482 | 13530 | 34208 | 20124 |
| Depreciation and amortization expense | 137841 | 147749 | 150969 | 160330 | 163226 |
| Other expenses <sup>2</sup> | 7290 | 7821 | 7564 | 7059 | 6434 |
| Straight-line rent expense | 842 | 859 | 865 | 917 | 965 |
| Straight-line rent revenue | (6741) | (7904) | (7709) | (9061) | (6736) |
| Other revenue <sup>3</sup> | (9542) | (9345) | (9907) | (11194) | (8334) |
| Joint venture property cash NOI | 8380 | 8225 | 8282 | 7280 | 6477 |
| Cash NOI | $184413 | $186641 | $182098 | $188775 | $193278 |
| Developments | (84) | 74 | 64 | 69 |  |
| Development completions | (799) | (788) | (854) | (276) | 12 |
| Redevelopment | (5039) | (5805) | (5650) | (6082) | (5806) |
| Redevelopment completions | (348) | (348) | (95) | (252) | (1168) |
| Wholly owned and joint venture acquisitions | (3160) | (3072) | (3065) | (2441) | (1531) |
| Completed dispositions & assets held for sale | (17055) | (19830) | (19666) | (27777) | (34964) |
| Same store cash NOI | $157928 | $156872 | $152832 | $152016 | $149821 |
| Same store joint venture properties | (4351) | (4406) | (4400) | (4547) | (4513) |
| Same store excluding JVs | $153577 | $152466 | $148432 | $147469 | $145308 |
| TOP DOWN RECONCILIATION |  |  |  |  |  |
|  | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Rental income before rent concessions | $292965 | $292859 | $294543 | $305229 | $310080 |
| Rent concessions | (5566) | (5789) | (5686) | (5164) | (3581) |
| Rental income | $287399 | $287070 | $288857 | $300065 | $306499 |
| Parking income | 2179 | 2368 | 1863 | 1958 | 2363 |
| Interest from financing receivable, net | 2029 | 1956 | 1950 | 2103 | 2117 |
| Exclude straight-line rent revenue | (6741) | (7904) | (7709) | (9061) | (6736) |
| Exclude other non-cash revenue <sup>4</sup> | (3922) | (3593) | (4051) | (5697) | (4149) |
| Cash revenue | $280944 | $279897 | $280910 | $289368 | $300094 |
| Property operating expense | (113456) | (109924) | (114963) | (114415) | (120232) |
| Exclude non-cash expenses <sup>5</sup> | 8545 | 8443 | 7869 | 6542 | 6939 |
| Joint venture property cash NOI | 8380 | 8225 | 8282 | 7280 | 6477 |
| Cash NOI | $184413 | $186641 | $182098 | $188775 | $193278 |
| Developments | (84) | 74 | 64 | 69 |  |
| Development completions | (799) | (788) | (854) | (276) | 12 |
| Redevelopment | (5039) | (5805) | (5650) | (6082) | (5806) |
| Redevelopment completions | (348) | (348) | (95) | (252) | (1168) |
| Wholly owned and joint venture acquisitions | (3160) | (3072) | (3065) | (2441) | (1531) |
| Completed dispositions & assets held for sale | (17055) | (19830) | (19666) | (27777) | (34964) |
| Same store cash NOI | $157928 | $156872 | $152832 | $152016 | $149821 |
| Same store joint venture properties | (4351) | (4406) | (4400) | (4547) | (4513) |
| Same store excluding JVs | $153577 | $152466 | $148432 | $147469 | $145308 |

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

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

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

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

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

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| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 25 |

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|:---|
| NOI Reconciliations <sup>1</sup>  |
| DOLLARS IN THOUSANDS |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO | RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO | RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO | RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO | RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO | RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO |
|  | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Cash NOI | $184413 | $186641 | $182098 | $188775 | $193278 |
| General and administrative expense | (21771) | (23482) | (13530) | (34208) | (20124) |
| Straight-line rent revenue | 6741 | 7904 | 7709 | 9061 | 6736 |
| Interest and other income (expense), net | (2884) | (366) | 95 | (154) | (132) |
| Management fees and other income | 4707 | 4614 | 4525 | 3667 | 2658 |
| Note receivable interest income | 1451 | 1492 | 1781 | 1973 | 1787 |
| Other non-cash revenue <sup>2</sup> | 3385 | 3239 | 3601 | 5554 | 3891 |
| Other non-cash expenses <sup>3</sup> | (8007) | (8087) | (7418) | (6400) | (6687) |
| Non-real estate impairment |  | (1471) |  | (1600) | (46762) |
| Restructuring and severance-related costs | 9010 | 7060 | 114 | 19288 |  |
| Income taxes | 372 | 297 | 310 | 657 | 448 |
| Unconsolidated JV adjustments | (1031) | (683) | (1155) | (720) | (401) |
| Debt Covenant EBITDA | $176386 | $177158 | $178130 | $185893 | $134692 |
| Interest expense | (52642) | (53346) | (54812) | (58265) | (60649) |
| Transaction costs | (125) | (593) | (1011) | (1577) | (719) |
| Leasing commission amortization <sup>4</sup> | 6519 | 6404 | 5621 | 5744 | 5827 |
| Non-real estate depreciation and amortization | (1173) | (1217) | (1301) | (1418) | (1232) |
| (Loss) gain on non-real estate assets |  |  | (1936) | (4075) | 162 |
| Non-controlling interest |  |  | (83) | (56) | 139 |
| Restructuring and severance-related costs | (9010) | (7060) | (114) | (19288) |  |
| Income taxes | (372) | (297) | (310) | (657) | (448) |
| Loss on extinguishment of debt | (286) |  |  | (237) |  |
| Unconsolidated JV adjustments | (375) | (678) | (410) | (422) | (484) |
| FFO | $118922 | $120371 | $123774 | $105642 | $77288 |
| Transaction costs | 125 | 593 | 1011 | 1577 | 719 |
| Lease intangible amortization | (203) | (222) | (228) | (2348) | (10) |
| Significant non-recurring legal fees/forfeited earnest money received | 9 | 478 | 77 | 306 | 306 |
| Debt financing costs <sup>5</sup> | 3493 |  |  | 237 |  |
| Restructuring and severance-related costs | 12046 | 10302 | 502 | 22991 | 6861 |
| Merger-related fair value adjustment | 10715 | 10580 | 10446 | 10314 | 10184 |
| Credit losses and gains on other assets, net |  | 1471 | 1936 | 4582 | 46600 |
| Unconsolidated JV normalizing items | 233 | 163 | 204 | 113 | 101 |
| Normalized FFO | $145340 | $143736 | $137722 | $143414 | $142049 |

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

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

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

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

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

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| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 26 |

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| EBITDA Reconciliations <sup>1</sup> |
| DOLLARS IN THOUSANDS |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| RECONCILIATION OF EBITDA |  |  |  |  |  |
|  | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |
| Net loss | ($58544) | ($160144) | ($45389) | ($108212) | ($94535) |
| Interest expense | 52642 | 53346 | 54812 | 58265 | 60649 |
| Income taxes | 372 | 297 | 310 | 657 | 448 |
| Depreciation and amortization | 137841 | 147749 | 150968 | 160330 | 163226 |
| Unconsolidated JV depreciation, amortization, and interest | 7063 | 7384 | 7128 | 6336 | 5863 |
| EBITDA | $139374 | $48632 | $167829 | $117376 | $135651 |
| Transaction costs | 125 | 593 | 1011 | 1577 | 719 |
| Gain on sales of assets | (76771) | (20004) | (2904) | (32082) | (39310) |
| Impairments on real estate assets | 104362 | 140877 | 12080 | 79497 | 37632 |
| Restructuring and severance-related costs | 9010 | 7060 | 114 | 19288 |  |
| Loss on extinguishment of debt | 286 |  |  | 237 |  |
| Debt Covenant EBITDA | $176386 | $177158 | $178130 | $185893 | $134692 |
| Leasing commission amortization <sup>2</sup> | 6520 | 6404 | 5621 | 5744 | 5827 |
| Lease intangibles, franchise taxes and prepaid ground amortization | (111) | 578 | 520 | (3596) | 692 |
| Timing impact <sup>3</sup> | 558 | 4129 | 4176 | (2125) | (1511) |
| Stock based compensation | 3386 | 3887 | 3028 | 3028 | 7908 |
| Allowance for credit losses |  | 1471 |  | 1600 | 46762 |
| Rent reserves, net | 146 | 130 | 94 | (369) | (27) |
| Debt financing costs <sup>4</sup> | 3207 |  |  |  |  |
| Unconsolidated JV adjustments | 425 | 163 | 204 | 113 | 101 |
| Adjusted EBITDA | $190517 | $193920 | $191773 | $190288 | $194444 |
| Annualized Adjusted EBITDA | $762068 | $775680 | $767092 | $761152 | $777776 |
| RECONCILIATION OF NET DEBT |  |  |  |  |  |
| Debt | $4485706 | $4694391 | $4732618 | $4662771 | $4957796 |
| Share of unconsolidated net debt | 30887 | 32437 | 29908 | 31455 | 30054 |
| Cash | (43345) | (25507) | (25722) | (68916) | (22801) |
| Net debt | $4473248 | $4701321 | $4736804 | $4625310 | $4965049 |
| Net debt to adjusted EBITDA <sup>5</sup> | 5.9x | 6.1x | 6.2x | 6.1x | 6.4x |
| Run rate net debt to adjusted EBITDA <sup>6</sup> | 5.8x |  |  |  |  |

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

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

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

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

5Beginning in 2Q 2025, the Company began utilizing the carrying value of its debt in the calculation of net debt for purposes of reporting leverage metrics. Prior periods have been adjusted to align with this definition.

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

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| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 27 |

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| Components of Net Asset Value <sup>1</sup>  |
| DOLLARS IN THOUSANDS |

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|:---|:---|
| CASH NOI | CASH NOI |
|  | 3Q 2025 |
| Same store <sup>2</sup> | $157928 |
| Acquisition & Re/development Completions | 4307 |
| Total | $162235 |
| Other adjustments <sup>3</sup> | 4126 |
| Total Cash NOI | $166361 |

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| | | | | |
|:---|:---|:---|:---|:---|
| DEVELOPMENT & REDEVELOPMENT PROPERTIES | DEVELOPMENT & REDEVELOPMENT PROPERTIES | DEVELOPMENT & REDEVELOPMENT PROPERTIES | DEVELOPMENT & REDEVELOPMENT PROPERTIES | DEVELOPMENT & REDEVELOPMENT PROPERTIES |
|  |  |  | PROJECTED STABILIZED ANNUAL CASH NOI <sup>4</sup> | PROJECTED STABILIZED ANNUAL CASH NOI <sup>4</sup> |
|  | COST TO COMPLETE | BUDGET | LOW | HIGH |
| Developments | $15649 | $106200 | $7000 | $8000 |
| Redevelopments <sup>5</sup> | 156819 | 260450 | 37000 | 40000 |
|  | $172468 | $366650 | $44000 | $48000 |

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| | |
|:---|:---|
| LAND HELD FOR DEVELOPMENT, CASH, & OTHER ASSETS |  |
| Land held for development | $57203 |
| Disposition pipeline <sup>6</sup> | 764325 |
| Unstabilized properties <sup>7</sup> | 202667 |
| Cash and other assets <sup>8</sup> | 449295 |
|  | $1473490 |
| DEBT |  |
| Unsecured credit facility | $149000 |
| Unsecured term loans | 1041608 |
| Senior notes | 3449285 |
| Mortgage notes payable | 44237 |
| Company share of joint venture net debt | 30887 |
| Other liabilities <sup>9</sup> | 300871 |
|  | $5015888 |
| TOTAL SHARES OUTSTANDING |  |
| As of September 30, 2025 <sup>10</sup> | 355888405 |

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

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

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

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

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

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

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

8Includes cash of $43.5 million, notes receivable of $84.1 million, prepaid assets of $192.8 million, accounts receivable of $36.0 million, and prepaid ground leases of $19.2 million. Also includes $55.7 million of proceeds held in a cash escrow account from a portfolio disposition that closed on September 30, 2025 and was received by the Company on October 1, 2025. In addition, it includes the Company's occupied portion of its corporate headquarters in Nashville of $18.0 million.

9Includes only liabilities that are expected to reduce future cash or NOI and that are currently producing non-cash benefits to NOI. Included are accounts payable and accrued liabilities of $187.3 million, security deposits of $33.0 million, financing right of use liabilities of $73.3 million, and deferred operating expense reimbursements of $7.3 million.

10Total shares outstanding include OP units.

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| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 28 |

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|:---|
| 2025 Guidance |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | 2025 GUIDANCE | 2025 GUIDANCE | 2025 GUIDANCE | 2025 GUIDANCE | | |
| | PRIOR | PRIOR | CURRENT | CURRENT | ACTUAL | ACTUAL |
| | LOW | HIGH | LOW | HIGH | YTD 2025 | 3Q 2025 |
| OPERATING METRICS |  |  |  |  |  |  |
| Year-end same store net absorption (bps) | 75 | 125 | 75 | 125 | 77 | 44 |
| Same store cash NOI growth | 3.25% | 4.00% | 4.00% | 4.75% | 4.6% | 5.4% |
| Same store cash leasing spreads | 2.0% | 3.0% | 2.0% | 3.0% | 3.0% | 3.9% |
| Same store lease retention rate | 80.0% | 85.0% | 80.0% | 85.0% | 83.1% | 88.6% |
| Normalized G&A | $48000 | $52000 | $46000 | $49000 | $35933 | $9725 |
| CAPITAL FUNDING |  |  |  |  |  |  |
| Asset sales and JV contributions | $800000 | $1000000 | $800000 | $1000000 | $485511 | $396375 |
| Re/development | 105000 | 125000 | 140000 | 150000 | 111507 | 36031 |
| 1st generation TI and acq. capex | 85000 | 95000 | 85000 | 95000 | 72988 | 24480 |
| Total maintenance capex | 115000 | 135000 | 115000 | 135000 | 86456 | 27155 |
| CASH YIELD |  |  |  |  |  |  |
| Dispositions | 6.8% | 7.3% | 6.5% | 7.0% | 6.5% |  |
| EARNINGS AND LEVERAGE |  |  |  |  |  |  |
| Earnings per share | $(0.78) | $(0.73) | $(0.86) | $(0.81) | $(0.75) | $(0.17) |
| Normalized FFO per share | $1.57 | $1.61 | $1.59 | $1.61 | $1.20 | $0.41 |
| Net debt to adjusted EBITDA <sup>1</sup> | 5.4x | 5.7x | 5.4x | 5.7x | 5.8x | 5.8x |

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

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| | | |
|:---|:---|:---|
| HEALTHCARE REALTY | <u>[Return to **Table of Contents**](#ie7fbe4b1eb184f5ca2698f1be3ea9472_10)</u> | 3Q 2025 SUPPLEMENTAL INFORMATION 29 |

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