EX-99.2 3 exhibit992supplementalinfo.htm EX-99.2

4Q2022
Supplemental Information
FURNISHED AS OF MARCH 1, 2023 - UNAUDITED

FORWARD LOOKING STATEMENTS & RISK FACTORS

This Supplemental Information report contains disclosures that are “forward-looking statements” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words and phrases such as “can,” “may,” “payable,” “indicative,” "predictive," “annualized,” “expect,” “expected,” “range of expectations,” "would have been," "budget," and other comparable terms in this report, and include, but are not limited to, statements related to the merger between Healthcare Realty Trust Incorporated (“Legacy HR” and, after the closing of the merger, the “Company” or "HR") and Healthcare Trust of America, Inc. (“HTA”) that closed on July 20, 2022 (the “Merger”). These forward-looking statements are made as of the date of this report and are not necessarily indicative of future performance. These statements are based on the current plans and expectations of Company management and are subject to a number of unknown risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those described in this release or implied by such forward-looking statements. Such risks and uncertainties include, among other things, the following: failure to realize the expected benefits of the Merger; the risk that the Company’s and HTA’s respective businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; risks related to future opportunities and plans for the Company, including the uncertainty of expected future financial performance and results of the Company; the possibility that, if the Company does not achieve the perceived benefits of the Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline; pandemics or other health crises, such as COVID-19; increases in interest rates; the availability and cost of capital at expected rates; competition for quality assets; negative developments in the operating results or financial condition of the Company's tenants, including, but not limited to, their ability to pay rent; the Company's ability to reposition or sell facilities with profitable results; the Company's ability to release space at similar rates as vacancies occur; the Company's ability to renew expiring leases; government regulations affecting tenants' Medicare and Medicaid reimbursement rates and operational requirements; unanticipated difficulties and/or expenditures relating to future acquisitions and developments; changes in rules or practices governing the Company's financial reporting; the Company may be required under purchase options to sell properties and may not be able to reinvest the proceeds from such sales at rates of return equal to the return received on the properties sold; uninsured or underinsured losses related to casualty or liability; the incurrence of impairment charges on its real estate properties or other assets; and other legal and operational matters. Other risks, uncertainties and factors that could cause actual results to differ materially from those projected are detailed under the heading “Risk Factors,” in the Annual Reports on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for the year ended December 31, 2022, under the heading "Risk Factors" and other risks described from time to time thereafter in the Legacy HR’s. HTA’s, and the Company's SEC filings. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Table of Contents

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

Copies of this report may be obtained at www.healthcarerealty.com or by contacting Investor Relations at 615.269.8175 or communications@healthcarerealty.com.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 3

Highlights

QUARTERLY HIGHLIGHTS

•Net loss attributable to common stockholders for the three months ended December 31, 2022 was $35.8 million or $0.09 per diluted common share.
•Normalized FFO per share totaled $0.42
•Same store cash NOI, including the Company's share of joint ventures, for the fourth quarter increased 2.8% over the prior year. For the trailing twelve months ended December 31, 2022, same store cash NOI, including the Company's share of joint ventures, grew 2.6%.
•Predictive growth measures in the same store portfolio include:
◦Average in-place rent increases of 2.81%
◦Future annual contractual increases of 2.9% for leases commencing in the quarter excluding one lease with no escalators to facilitate a multi-year build out period.
◦Weighted average cash leasing spreads of 3.5% on 623,000 square feet renewed:
▪7% (<0% spread)
▪13% (0-3%)
▪66% (3-4%)
▪14% (>4%)
◦Tenant retention of 75.7%
◦Year-over-year occupancy increased 169,000 square feet, or 50 basis points, to 89.3%. Sequential occupancy increased 59,000 square feet, or 20 basis points.
•Portfolio leasing activity in the fourth quarter totaled 1,113,000 square feet related to 336 leases:
◦671,000 square feet of renewals
◦442,000 square feet of new and expansion leases
•The Company's fourth quarter G&A expense of $14.4 million compares to normalized combined second quarter G&A of $23.1 million. This $35 million annualized reduction of G&A achieves the targeted $33-$36 million of synergies expected from the merger. Further G&A synergies are expected to be more than offset by normal G&A growth.
•In 2022, the Company closed on joint ventures and asset sale transactions totaling $1.25 billion at a weighted average cap rate of 4.8%.
•Since year end, the Company closed on additional asset sales of $112.8 million. These sales bring the cumulative net proceeds since the merger closing in July 2022 to $1.125 billion. These proceeds fully complete the funding of the merger-related special dividend that was paid in July 2022.
•In the fourth quarter, the Company acquired interests in four medical office buildings totaling 76,000 square feet for $26.4 million at a 6.5% cap rate. The properties are all located in existing markets and expand clusters in high growth markets, including Austin, Denver, Houston and Jacksonville.
•In the fourth quarter, the Company entered into new interest rate swaps totaling $550 million. In January 2023, $300 million of interest rate swaps expired. In February 2023, $50 million of new swaps were initiated bringing proforma fixed rate debt to approximately 85% of total debt.
•Net debt to adjusted EBITDA on a proforma run-rate basis was 6.4 times at the end of the quarter. For a reconciliation to expected run-rate amounts, see the section below.
•A dividend of $0.31 per share will be paid on March 21, 2023 to stockholders of record on March 7, 2023.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 4

RUN-RATE ADJUSTED EBITDA, NORMALIZED FFO AND FAD

The following table provides a reconciliation of the current quarter full proforma normalized FFO, FAD and Adjusted EBITDA to an expected quarterly run-rate. The expected run-rates do not adjust for future changes in interest rates, portfolio NOI growth, or external investment activity. The expected run-rates also do not include any dispositions beyond those expected to repay the $1.125 billion asset sale term loan.

| NORMALIZED FFO | FAD | ADJUSTED EBITDA | NET DEBT |  |  |  |  |  |  |  |  |  |  |  |  |  |
Q4 2022 | $159,801 | $109,397 | $214,909 | $5,607,661 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Q4 NOI acquisition/disposition timing impact 1,2 | (2,255) | (1,704) | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
NOI adjustment for January 2023 asset sales 1 | (1,801) | (1,761) | (1,801) | (112,460) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Q4 asset sale term loan interest paid | 3,280 | 3,280 | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized maintenance capex adjustment 3 | — | 10,403 | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted run-rate | $159,025 | $119,615 | $213,108 | $5,495,201 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Per share | $0.41 | $0.31 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net debt to adjusted EBITDA |  |  |  | 6.4x |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO wtd avg common shares outstanding - diluted | 383,228 | 383,228 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

PROFORMA MAINTENANCE CAPITAL EXPENDITURES FUNDING
| 2022 PROFORMA | 4Q 2022 | PROFORMA 3Q 2022 | COMBINED COMPANY 2Q 2022 | COMBINED COMPANY 1Q 2022 |  |  |  |  |  |
2nd generation TI | $54,309 | $13,523 | $11,763 | $13,635 | $15,388 |  |  |  |  |  |
Leasing commissions paid | 31,992 | 7,404 | 8,739 | 7,251 | 8,598 |  |  |  |  |  |
Capital expenditures | 64,011 | 25,669 | 17,461 | 11,726 | 9,155 |  |  |  |  |  |
| $150,312 | $46,596 | $37,963 | $32,612 | $33,141 |  |  |  |  |  |
% of Cash NOI |  |  |  |  |  |
2nd generation TI | 6.2 | % | 6.4 | % | 5.5 | % | 6.0 | % | 6.9 | % |  |  |  |  |  |
Leasing commissions paid | 3.6 | % | 3.5 | % | 4.1 | % | 3.2 | % | 3.9 | % |  |  |  |  |  |
Capital expenditures | 7.3 | % | 12.1 | % | 8.1 | % | 5.2 | % | 4.1 | % |  |  |  |  |  |
| 17.1 | % | 22.0 | % | 17.7 | % | 14.4 | % | 14.9 | % |  |  |  |  |  |
FAD | $505,271 |  |  |  |  |  |  |  |  |  |
2022 Average of quarterly wtd average common shares outstanding - diluted | $383,592 |  |  |  |  |  |  |  |  |  |
2022 Dividend per share | $1.24 |  |  |  |  |  |  |  |  |  |
Proforma dividends | $475,654 |  |  |  |  |  |  |  |  |  |
Proforma Payout Ratio | 94.1 | % |  |  |  |  |  |  |  |  |  |

1 FFO and EBITDA includes the impact of straight-line rent.
2 Adjustments to reflect quarterly NOI/EBITDA from properties acquired or disposed of in the quarter.
3 Quarterly maintenance capex as a percentage of NOI was 22%. Full year maintenance cap ex was 17.1% on a combined company basis. Adjustment reflects a reduction to maintenance capex to be consistent with full year 2022.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 5

Salient Facts 1
AS OF DECEMBER 31, 2022

| Properties |  |
| 721 properties totaling 42.3M SF |
| 71 markets in 35 states |
| 93% managed by Healthcare Realty |
| 92% medical office and outpatient |
| 61% of NOI in Top 15 Markets |
| Capitalization |
| $13.0B enterprise value as of 12/31/22 |
| $7.4B market capitalization as of 12/31/22 |
| 384.6M shares outstanding (including OP units) |
| $0.31 quarterly dividend per share |
| BBB/Baa2 S&P/Moody's |
| 43.1% net debt to enterprise value at 12/31/22 |
| 6.4x net debt to adjusted EBITDA |

1 Includes properties held in joint ventures.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 6

Corporate Information

Healthcare Realty Trust is a real estate investment trust that integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of December 31, 2022, the Company was invested in 721 real estate properties in 35 states totaling 42.3 million square feet and had an enterprise value of approximately $13.0 billion, defined as equity market capitalization plus the principal amount of debt less cash. The Company provided leasing and property management services to 93% o f its portfolio.

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

| ANALYST COVERAGE
| Barclays Research
| BMO Capital Markets
| BTIG, LLC
| Citi Research
| Credit Suisse Securities (USA) LLC
| Green Street Advisors, Inc.
| J.P. Morgan Securities LLC
| Jefferies LLC
| KeyBanc Capital Markets Inc.
| Raymond James & Associates
| Scotiabank
| SMBC Nikko Securities America, Inc.
| Stifel, Nicolaus & Company, Inc.

BOARD OF DIRECTORS

J. Knox Singleton
Chairman, Healthcare Realty Trust Incorporated
Retired Chief Executive Officer, Inova Health System
W. Bradley Blair, II
Vice Chairman, Healthcare Realty Trust Incorporated
Retired Chairman, Healthcare Trust of America
Todd J. Meredith
President and Chief Executive Officer
Healthcare Realty Trust Incorporated
John V. Abbott
Retired Chief Executive Officer
Aviation Asset Management Group, General Electric Company
Nancy H. Agee
President and Chief Executive Officer
Carilion Clinic
Vicki U. Booth
President and Board Chair
Ueberroth Family Foundation
Edward H. Braman
Retired Audit Partner
Ernst & Young LLP
Ajay Gupta
Chief Executive Officer
Physician Rehabilitation Network
James J. Kilroy
President and Portfolio Manager
Willis Investment Counsel
Jay P. Leupp
Managing Partner and Senior Portfolio Manager
Terra Firma Asset Management, LLC
Peter F. Lyle
Executive Vice President
Medical Management Associates, Inc.
Constance B. Moore
Retired President and CEO
BRE Properties, Inc.
Christann M. Vasquez
Executive Vice President and Chief Operating Officer
Ascension Texas
David R. Emery (1944-2019)
Chairman Emeritus
Healthcare Realty Trust Incorporated

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 7

Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

ASSETS |  |  |  |
| Post-merger | Pre-merger Combined |
| 4Q 2022 | 3Q 2022 | 2Q 2022 |
Real estate properties |  |  |  |
Land | $1,439,798 |  | $1,449,550 |  | $1,104,700 |  |
Buildings and improvements | 11,332,037 |  | 11,439,797 |  | 11,447,844 |  |
Lease intangibles | 959,998 |  | 968,914 |  | 382,738 |  |
Personal property | 11,907 |  | 11,680 |  | 11,799 |  |
Investment in financing receivables, net | 120,236 |  | 118,919 |  | 118,446 |  |
Financing lease right-of-use assets | 83,824 |  | 79,950 |  | 71,632 |  |
Construction in progress | 35,560 |  | 43,148 |  | 31,980 |  |
Land held for development | 74,265 |  | 73,321 |  | 22,952 |  |
Total real estate investments | 14,057,625 |  | 14,185,279 |  | 13,192,091 |  |
Less accumulated depreciation and amortization | (1,645,271) |  | (1,468,736) |  | (3,102,055) |  |
Total real estate investments, net | 12,412,354 |  | 12,716,543 |  | 10,090,036 |  |
Cash and cash equivalents | 60,961 |  | 57,583 |  | 64,026 |  |
Restricted cash | — |  | — |  | 4,559 |  |
Assets held for sale, net | 18,893 |  | 185,074 |  | — |  |
Operating lease right-of-use assets | 336,983 |  | 321,365 |  | 353,807 |  |
Investments in unconsolidated joint ventures | 327,248 |  | 327,752 |  | 272,851 |  |
Other assets, net and goodwill | 693,192 |  | 587,126 |  | 578,948 |  |
Total assets | $13,849,631 |  | $14,195,443 |  | $11,364,227 |  |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |
| Post-merger | Pre-merger Combined |
| 4Q 2022 | 3Q 2022 | 2Q 2022 |
Liabilities |  |  |  |
Notes and bonds payable | $5,351,827 |  | $5,570,139 |  | $5,158,398 |  |
Accounts payable and accrued liabilities | 244,033 |  | 231,018 |  | 255,883 |  |
Liabilities of properties held for sale | 437 |  | 10,644 |  | — |  |
Operating lease liabilities | 279,895 |  | 268,840 |  | 291,739 |  |
Financing lease liabilities | 72,939 |  | 72,378 |  | 62,195 |  |
Other liabilities | 218,668 |  | 203,398 |  | 176,844 |  |
Total liabilities | 6,167,799 |  | 6,356,417 |  | 5,945,059 |  |
Redeemable non-controlling interests | 2,014 |  | — |  | — |  |
Stockholders' equity |  |  |  |
Preferred stock, $0.01 par value; 200,000 shares authorized | — |  | — |  | — |  |
Common stock, $0.01 par value; 1,000,000 shares authorized | 3,806 |  | 3,806 |  | 3,807 |  |
Additional paid-in capital | 9,587,637 |  | 9,586,556 |  | 9,185,292 |  |
Accumulated other comprehensive income | 2,140 |  | 5,524 |  | 4,536 |  |
Cumulative net income attributable to common stockholders | 1,307,055 |  | 1,342,819 |  | 1,314,515 |  |
Cumulative dividends 1 | (3,329,562) |  | (3,211,492) |  | (5,171,621) |  |
Total stockholders' equity | 7,571,076 |  | 7,727,213 |  | 5,336,529 |  |
Non-controlling interest | 108,742 |  | 111,813 |  | 82,639 |  |
Total Equity | 7,679,818 |  | 7,839,026 |  | 5,419,168 |  |
Total liabilities and stockholders' equity | $ | 13,849,631 |  | $ | 14,195,443 |  | $ | 11,364,227 |  |

1 Includes HTA's cumulative dividends in excess of earnings.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 8

Statements of Income 1
DOLLARS IN THOUSANDS

|  | 3Q 2022 | 2Q 2022 |  |  |  |  |  |  |  |
| 4Q 2022 | PROFORMA FULL QUARTER | AS REPORTED | PRE-MERGER COMBINED |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Rental income | $329,399 | $344,251 | $298,931 |  | $338,916 |  |  |  |  |  |  |  |  |
Interest income | 4,227 | 3,750 | 3,366 |  | 1,957 |  |  |  |  |  |  |  |  |
Other operating | 4,436 | 4,057 | 4,057 |  | 4,587 |  |  |  |  |  |  |  |  |
| 338,062 | 352,058 | 306,354 |  | 345,460 |  |  |  |  |  |  |  |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Property operating | 117,009 | 127,172 | 112,473 |  | 120,383 |  |  |  |  |  |  |  |  |
General and administrative | 14,417 | 18,956 | 16,741 |  | 24,783 |  |  |  |  |  |  |  |  |
Acquisition and pursuit costs 2 | 92 | 482 | 482 |  | 1,449 |  |  |  |  |  |  |  |  |
Merger-related costs | 10,777 | 79,402 | 79,402 |  | 12,192 |  |  |  |  |  |  |  |  |
Depreciation and amortization | 185,275 | 186,643 | 158,117 |  | 130,782 |  |  |  |  |  |  |  |  |
| 327,570 | 412,655 | 367,215 |  | 289,589 |  |  |  |  |  |  |  |  |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |
Interest expense before merger-related fair value | (52,464) | ($48,547) |  | ($43,775) |  | ($40,303) |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | (11,979) | (11,844) | (9,269) |  | — |  |  |  |  |  |  |  |  |
Interest expense | (64,443) | (60,391) | (53,044) |  | (40,303) |  |  |  |  |  |  |  |  |
Gain on sales of real estate properties | 73,083 | 143,908 | 143,908 |  | 8,496 |  |  |  |  |  |  |  |  |
Gain (loss) on extinguishment of debt | 119 | (1,091) | (1,091) |  | (3,615) |  |  |  |  |  |  |  |  |
Impairment of real estate assets | (54,452) | — | — |  | — |  |  |  |  |  |  |  |  |
Equity gain (loss) from unconsolidated joint ventures | 89 | (124) | (124) |  | 94 |  |  |  |  |  |  |  |  |
Interest and other (expense) income, net | (1,168) | (172) | (172) |  | 9 |  |  |  |  |  |  |  |  |
| (46,772) | 82,130 | 89,477 |  | (35,319) |  |  |  |  |  |  |  |  |
Net (loss) income | $(36,280) | $21,533 | $28,616 |  | $20,552 |  |  |  |  |  |  |  |  |
Net loss (income) attributable to non-controlling interests | 516 | (316) | (312) |  | (254) |  |  |  |  |  |  |  |  |
Net (loss) income attributable to common stockholders | $(35,764) | $21,217 | $28,304 |  | $20,298 |  |  |  |  |  |  |  |  |
G&A SYNERGIES |  |  |  |  |  |  |  |  |  |  |  |
| QUARTERLY | ANNUALIZED |  |  |  |  |  |  |  |  |  |
Q2 combined normalized | $23,083 | $92,332 |  |  |  |  |  |  |  |  |  |  |
Q4 2022 | 14,417 |  | 57,668 |  |  |  |  |  |  |  |  |  |  |
Synergies realized | (8,666) |  | (34,664) |  |  |  |  |  |  |  |  |  |  |

1 On July 20, 2022, Legacy HR and HTA closed the merger of the two companies, in which Legacy HR was the acquirer under GAAP. Accordingly, the historic financial statements of the combined company are those of Legacy HR. Unless otherwise noted, third and fourth quarter data is for the combined company, whether on an actual or pro forma basis.
2 Includes third party and travel costs related to the pursuit of acquisitions and developments.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 9

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

|  | 3Q 2022 6 | 2Q 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 4Q 2022 | PROFORMA FULL QUARTER | AS REPORTED | COMBINED |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income attributable to common stockholders | $(35,764) | $21,217 | $28,304 | $20,298 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales of real estate assets | (73,083) | (143,908) | (143,908) | (8,496) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairments of real estate assets | 54,452 | — | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate depreciation and amortization | 186,658 | 188,131 | 159,643 | 131,778 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling (loss) income from partnership units | (382) | 316 | 377 | 254 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV depreciation and amortization | 4,020 | 3,526 | 3,526 | 3,295 |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO | $135,901 | $69,282 | $47,942 | $147,129 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition and pursuit costs 4 | 92 | 482 | 482 | 1,449 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related costs | 10,777 | 79,402 | 79,402 |  | 12,192 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease intangible amortization | 137 | 127 | (2) | 815 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-routine legal costs/forfeited earnest money received 5 | 194 | 346 | 346 | 1,842 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt financing costs | 625 | 1,091 | 1,091 | 4,716 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment 6 | 11,979 | 11,844 | 9,269 | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV normalizing items 7 | 96 | 154 | 154 | 83 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO | $159,801 | $162,728 | $138,684 | $168,226 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate depreciation and amortization | 624 | 577 | 577 | 1,780 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-cash interest amortization 8 | 2,284 | 1,869 | 1,387 | 747 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for bad debt, net | (100) | 457 | 457 | 16 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent income, net | (9,873) | (9,908) | (7,715) | (3,743) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation | 3,573 | 3,666 | 3,666 | 5,547 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV non-cash items 9 | (316) | (377) | (377) | (242) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjusted for non-cash items | 155,993 | 159,012 | 136,679 | 172,331 |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI | (13,523) | (11,763) | (10,147) | (13,635) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | (7,404) | (8,739) | (8,283) | (7,251) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (25,669) | (17,461) | (16,067) | (11,726) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total maintenance capex | (46,596) | (37,963) | (34,497) | (32,612) |  |  |  |  |  |  |  |  |  |  |  |  |  |
FAD | $109,397 | $121,049 | $102,182 | $139,719 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly dividends 10 | $118,070 | $119,194 | $103,174 | $122,862 |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO per common share - diluted | $0.35 | $0.18 | $0.14 | $0.38 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO per common share - diluted | $0.42 | $0.42 | $0.42 | $0.44 |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO wtd avg common shares outstanding - diluted 11 | 383,228 | 384,615 | 332,819 | 383,670 |  |  |  |  |  |  |  |  |  |  |  |  |  |

1 On July 20, 2022, Legacy HR and HTA closed the merger of the two companies, in which Legacy HR was the acquirer under GAAP. Accordingly, the historic financial statements of the combined company are those of Legacy HR. Unless otherwise noted, third quarter data is for the combined company, whether on an actual or pro forma basis.
2 Funds from operations (“FFO”) and FFO per share are operating performance measures adopted by the 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.”
3 FFO, Normalized FFO and Funds Available for Distribution ("FAD") do not represent cash generated from operating activities determined in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs. FFO, Normalized FFO and FAD should not be considered alternatives to net income attributable to common stockholders as indicators of the Company's operating performance or as alternatives to cash flow as measures of liquidity.
4 Acquisition and pursuit costs include third party and travel costs related to the pursuit of acquisitions and developments.
5 Non-routine legal costs include expenses related to two separate disputes: one with a contractor on a $61.1 million completed construction project and another with a tenant on a violation of use restrictions. Forfeited earnest money received related to a disposition that did not materialize.
6 Beginning in the fourth quarter, the Company adjusted normalized FFO for the impact of the merger-related fair value debt adjustment. Prior periods were adjusted for consistency.
7 Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and acquisition and pursuit costs.
8 Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.
9 Includes the Company's proportionate share of straight-line rent, net and provision for bad debt, net related to unconsolidated joint ventures.
10 Quarterly dividends for the third quarter represent dividends at the current rate of $0.31 per share multiplied by the weighted average shares outstanding. Actual dividends paid in the third quarter were $72.1 million.
11 The Company utilizes the treasury stock method which includes the dilutive effect of nonvested share-based awards outstanding of 515,352 for the three months ended December 31, 2022. Also includes the diluted impact of 4,042,993 OP units outstanding.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 10

Capital Funding & Commitments 1
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

ACQUISITION AND RE/DEVELOPMENT FUNDING |  |  |  |  |  |
| 4Q 2022 | PROFORMA 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2021 |  |  |  |  |  |
Acquisitions 2 | $26,388 | $91,253 | $163,762 | $172,663 | $258,072 |  |  |  |  |  |
Re/development | 23,372 | 31,546 | 9,387 | 7,664 | 11,767 |  |  |  |  |  |
1st generation TI & acquisition capex 3 | 21,218 | 12,596 | 8,103 | 7,473 | 7,596 |  |  |  |  |  |
MAINTENANCE CAPITAL EXPENDITURES FUNDING
| 4Q 2022 | PROFORMA 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2021 |  |  |  |  |  |
2nd generation TI | $13,523 | $11,763 | $5,051 | $4,899 | $10,207 |  |  |  |  |  |
Leasing commissions paid | 7,404 | 8,739 | 3,475 | 3,767 | 2,214 |  |  |  |  |  |
Capital expenditures | 25,669 | 17,461 | 4,557 | 2,620 | 6,043 |  |  |  |  |  |
| $46,596 | $37,963 | $13,083 | $11,286 | $18,464 |  |  |  |  |  |
% of Cash NOI |  |  |  |  |  |
2nd generation TI | 6.4 | % | 5.5 | % | 5.6 | % | 5.6 | % | 12.1 | % |  |  |  |  |  |
Leasing commissions paid | 3.5 | % | 4.1 | % | 3.9 | % | 4.3 | % | 2.6 | % |  |  |  |  |  |
Capital expenditures | 12.1 | % | 8.1 | % | 5.1 | % | 3.0 | % | 7.2 | % |  |  |  |  |  |
| 22.0 | % | 17.7 | % | 14.6 | % | 12.9 | % | 21.9 | % |  |  |  |  |  |
LEASING COMMITMENTS
| 4Q 2022 | PROFORMA 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2021 |  |  |  |  |  |
Renewals |  |  |  |  |  |  |  |  |  |  |
Square feet | 623,363 | 632,690 | 205,400 | 260,202 | 332,819 |  |  |  |  |  |
2nd generation TI/square foot/lease year | $1.90 | $1.66 | $1.66 | $1.73 | $1.46 |  |  |  |  |  |
Leasing commissions/square foot/lease year | $0.78 | $1.03 | $1.15 | $1.04 | $1.23 |  |  |  |  |  |
Renewal commitments as a % of annual net rent | 11.7 | % | 10.5 | % | 11.4 | % | 11.0 | % | 11.4 | % |  |  |  |  |  |
WALT (in months) 4 | 51.7 | 50.1 | 39.7 | 42.9 | 46.4 |  |  |  |  |  |
New leases |  |  |  |  |  |  |  |  |  |  |
Square feet | 297,340 | 262,904 | 79,467 | 96,001 | 109,592 |  |  |  |  |  |
2nd generation TI/square foot/lease year | $6.25 | $4.84 | $7.07 | $5.93 | $5.44 |  |  |  |  |  |
Leasing commissions/square foot/lease year | $1.49 | $1.39 | $1.65 | $1.90 | $1.84 |  |  |  |  |  |
New lease commitments as a % of annual net rent | 36.2 | % | 28.1 | % | 40.6 | % | 32.2 | % | 34.2 | % |  |  |  |  |  |
WALT (in months) 4 | 72.7 | 87.1 | 77.4 | 76.9 | 77.2 |  |  |  |  |  |
All |  |  |  |  |  |  |  |  |  |  |
Square feet | 920,703 | 895,594 | 284,867 | 356,203 | 442,411 |  |  |  |  |  |
Leasing commitments as a % of annual net rent | 21.0 | % | 16.9 | % | 22.6 | % | 19.2 | % | 18.8 | % |  |  |  |  |  |
WALT (in months) 4 | 58.4 | 61.0 | 50.2 | 52.1 | 54.0 |  |  |  |  |  |

1 On July 20, 2022, Legacy HR and HTA closed the merger of the two companies, in which Legacy HR was the acquirer under GAAP. Accordingly, the historic financial statements of the combined company are those of Legacy HR. Unless otherwise noted, third and fourth quarter data is for the combined company, whether on an actual or pro forma basis.
2 Acquisitions include properties acquired through joint ventures at the Company's ownership percentage.
3 Acquisition capex includes near-term fundings underwritten as part of recent acquisitions.
4 WALT = weighted average lease term.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 11

Debt Metrics 1
DOLLARS IN THOUSANDS

SUMMARY OF INDEBTEDNESS AS OF DECEMBER 31, 2022 |
| PRINCIPAL BALANCE | BALANCE 2 | MATURITY DATE | MONTHS TO MATURITY 3 | INTEREST EXPENSE | CONTRACTUAL INTEREST EXPENSE | CONTRACTUAL RATE | EFFECTIVE RATE | FAIR VALUE MERGER ADJUSTED
SENIOR NOTES | $250,000 | $249,115 | 5/1/2025 | 28 |  | $2,470 | $2,422 | 3.88 | % | 4.12 | % |
600,000 | 571,587 | 8/1/2026 | 43 |  | 7,051 | 5,250 | 3.50 | % | 4.94 | % | Y
500,000 | 479,553 | 7/1/2027 | 54 |  | 5,700 | 4,687 | 3.75 | % | 4.76 | % | Y
300,000 | 296,852 | 1/15/2028 | 61 |  | 2,781 | 2,719 | 3.63 | % | 3.85 | % |
650,000 | 565,402 | 2/15/2030 | 86 |  | 7,466 | 5,037 | 3.10 | % | 5.30 | % | Y
299,500 | 296,385 | 3/15/2030 | 87 |  | 1,930 | 1,800 | 2.40 | % | 2.72 | % |
300,000 | 295,547 | 3/15/2031 | 99 |  | 1,592 | 1,538 | 2.05 | % | 2.25 | % |
800,000 | 632,693 | 3/15/2031 | 99 |  | 8,074 | 4,000 | 2.00 | % | 5.13 | % | Y
| $3,699,500 | $3,387,134 |  | 71 |  | $37,064 | $27,453 | 2.97 | % | 4.43 | % |
TERM LOANS | $350,000 | $349,114 | 7/20/2025 | 31 |  | $4,192 | $4,192 | SOFR + 1.05% | 5.17 | % |
200,000 | 199,670 | 5/31/2026 | 41 |  | 2,385 | 2,385 | SOFR + 1.05% | 5.17 | % |
150,000 | 149,495 | 6/1/2026 | 41 |  | 1,789 | 1,789 | SOFR + 1.05% | 5.17 | % |
300,000 | 299,936 | 10/31/2026 | 46 |  | 3,578 | 3,578 | SOFR + 1.05% | 5.17 | % |
200,000 | 199,362 | 7/1/2027 | 54 |  | 2,385 | 2,385 | SOFR + 1.05% | 5.17 | % |
300,000 | 297,869 | 1/12/2028 | 60 |  | 3,578 | 3,578 | SOFR + 1.05% | 5.17 | % |
| $1,500,000 | $1,495,446 |  | 45 |  | $17,907 | $17,907 |  | 5.17 | % |
$1.5B CREDIT FACILITY | $385,000 | $385,000 | 10/31/2027 | 58 |  | $2,759 | $2,759 | SOFR + 0.95% | 5.27 | % |
$1.125B ASSET SALE TERM | $— | $— | 7/19/2024 | — |  | $4,362 | $3,280 | SOFR + 1.05% |  | Y
MORTGAGES | $84,122 | $84,247 | various | 24 |  | $797 | $861 | 4.07 | % | 3.97 | % |
| $5,668,622 | $5,351,827 |  | 60 | $62,889 | $52,260 | 3.72 | % | 4.69 | % | $2,550,000
Interest rate swaps | (3,591) | (3,591) |  |  |
Interest cost capitalization | (561) | — |  |  |
Unsecured credit facility fee & deferred financing costs | 2,443 | 946 |  |  |
Fair value derivative amortization | 2,325 | — |  |  |
Financing right-of-use asset amortization | 938 | — |  |  |
|  |  |  |  | $64,443 | $49,615 |  |  |

DEBT MATURITIES SCHEDULE AS OF DECEMBER 31, 2022
|  | PRINCIPAL PAYMENTS |  |
|  | BANK LOANS | SENIOR NOTES | MORTGAGE NOTES | TOTAL |  | WA RATE
2023 |  |  |  | $18,880 | $18,880 |  | 3.83 | %
2024 |  |  |  | 25,352 | 25,352 |  | 4.41 | %
2025 |  | $350,000 | $250,000 | 16,250 | 616,250 |  | 4.62 | %
2026 |  | 650,000 | 600,000 | 23,640 | 1,273,640 |  | 4.36 | %
2027 |  | 585,000 | 500,000 |  | 1,085,000 |  | 4.55 | %
2028 |  | 300,000 | 300,000 |  | 600,000 |  | 4.40 | %
Thereafter |  |  | 2,049,500 |  | 2,049,500 |  | 2.41 | %
Total |  | $1,885,000 | $3,699,500 | $84,122 | $5,668,622 |  | 3.72 | %
Fixed rate debt balance 4 |  | $1,150,000 | $3,699,500 | $84,122 | $4,933,622 |  |
Company share of JV debt |  | $23,572 |  |  |

INTEREST RATE SWAPS
MATURITY | AMOUNT | RATE
January 2023 | $300,000 | 1.42 | %
January 2024 | 200,000 |  | 1.21 | %
May 2026 | 100,000 |  | 2.15 | %
December 2026 | 150,000 |  | 3.84 | %
June 2027 | 150,000 |  | 4.13 | %
December 2027 | 250,000 |  | 3.79 | %
As of 12/31/2022 | $ | 1,150,000 |  | 2.63 | %
Subsequent Activity: |  |
June 2026 | 50,000 |  | 4.16 | %
As of 3/1/2023 | 900,000 |  | 3.12 | %

1 On July 20, 2022, Legacy HR and HTA merged, in which Legacy HR was the acquirer under GAAP. Accordingly, the historic financial statements of the combined company are those of Legacy HR.
2 Balances are reflected net of discounts, fair value adjustments, and deferred financing costs and include premiums.
3 Includes extension options.
4 Reflects $1.2 million of interest rate swaps.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 12

Debt Covenants & Liquidity 1
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED DECEMBER 31, 2022 2 |
| CALCULATION | REQUIREMENT | PER DEBT COVENANTS
Revolving credit facility and term loan |  |
Leverage ratio | Total debt/total capital | Not greater than 60% | 38.7 | %
Secured leverage ratio | Total secured debt/total capital | Not greater than 30% | 0.6 | %
Unencumbered leverage ratio | Unsecured debt/unsecured real estate | Not greater than 60% | 40.9 | %
Fixed charge coverage ratio | EBITDA/fixed charges | Not less than 1.50x | 3.7x
Unsecured coverage ratio | Unsecured EBITDA/unsecured interest | Not less than 1.75x | 3.7x
Asset investments | Unimproved land, JVs & mortgages/total assets | Not greater than 35% | 6.3 | %
Senior Notes |  |  |
Incurrence of total debt | Total debt/total assets | Not greater than 60% | 38.4 | %
Incurrence of debt secured by any lien | Secured debt/total assets | Not greater than 40% | 0.6 | %
Maintenance of total unsecured assets | Unencumbered assets/unsecured debt | Not less than 150% | 257.7 | %
Debt service coverage | EBITDA/interest expense | Not less than 1.5x | 3.1x
Other |  |  |
Run-rate net debt to adjusted EBITDA 3 | Run-rate net debt (debt less cash)/adjusted EBITDA | Not required | 6.4x
Net debt to enterprise value 4 | Net debt/enterprise value | Not required | 43.1 | %

LIQUIDITY SOURCES
Cash | $60,961
Unsecured credit facility availability | 1,115,000
Consolidated unencumbered assets (gross) 5 | 13,848,152

1 On July 20, 2022, Legacy HR and HTA closed the merger of the two companies, in which Legacy HR was the acquirer under GAAP. Accordingly, the historic financial statements of the combined company are those of Legacy HR.
2 Does 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.
3 Adjusted EBITDA is based on the proforma full quarter results, annualized. See page 24 for a reconciliation of adjusted EBITDA. Proforma adjusted EBITDA and net debt includes run-rate adjustments highlighted on page 5.
4 Based on the closing price of $19.27 on December 31, 2022 and 384,632,887 shares outstanding.
5 Annualized fourth quarter 2022 unencumbered asset NOI was $805.9 million.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 13

Disposition Activity
DOLLARS IN THOUSANDS

DISPOSITION ACTIVITY |
| COUNT | SQUARE FEET | LEASED % | SALE PRICE | CAP RATE 1
Q1 2022 total | 2 | 150,291 | 82 | % | $84,950 | 3.4 | %
Q2 2022 total | 2 | 201,523 | 51 | % | 25,500 | 6.9 | %
Q3 2022 total 2 | 26 | 1,673,858 | 90 | % | 785,947 | 4.6 | %
Q4 2022 total | 15 | 1,077,455 | 86 | % | 349,771 | 5.4 | %
2022 total | 45 | 3,103,127 | 86 | % | $1,246,168 | 4.8 | %

Q4 2022 DISPOSITION DETAIL |
LOCATION | COUNT | CLOSING | SQUARE FEET | LEASED % | SALE PRICE |
Dallas, TX | 2 | 10/4/2022 | 291,328 | 82 | % | $104,025 |
Houston, TX | 1 | 10/21/2022 | 134,910 | 71 | % | 32,000 |
College Station, TX | 1 | 11/10/2022 | 122,942 | 87 | % | 49,177 |
El Paso, TX | 1 | 12/22/2022 | 110,465 | 98 | % | 55,326 |
Atlanta, GA | 9 | 12/22/2022 | 348,416 | 90 | % | 91,243 |
St. Louis, MO | 1 | 12/28/2022 | 69,394 | 100 | % | 18,000 |
Q4 2022 total | 15 |  | 1,077,455 | 86 | % | $349,771 |
Q4 average cap rate 1 |  |  |  | 5.4 | % |

SUBSEQUENT DISPOSITION ACTIVITY |
LOCATION | COUNT | CLOSING | SQUARE FEET | LEASED % | SALE PRICE |
Tampa, FL & Miami, FL 3 | 2 | 1/12/2023 | 224,037 | 100 | % | $93,250 |
Dallas, TX 4 | 1 | 1/30/2023 | 36,691 | 100 | % | 19,210 |
St. Louis, MO | 1 | 2/10/2023 | 6,500 | 100 | % | 350 |
Subsequent total | 4 |  | 267,228 | 100 | % | $112,810 |
Subsequent average cap rate 1 |  |  |  | 6.3 | % |

1 For dispositions, cap rate represents the in-place cash NOI divided by sales price.
2 Includes a portfolio in which the Company sold 80% of the properties into an unconsolidated joint venture, a portfolio in which the Company sold 60% of the properties into an unconsolidated joint venture, and an HTA asset that was sold prior to the merger in July.
3 Includes two properties, sold in two separate transactions to the same buyer on the same date.
4 Values and square feet are represented at 100%. The Company retained a 40% ownership interest in the joint venture that purchased this property.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 14

Acquisition Activity
DOLLARS IN THOUSANDS

ACQUISITION ACTIVITY
| COUNT |  |  |  | SQUARE FEET | LEASED % | PURCHASE PRICE 1 | % OWNERSHIP | CAP RATE 2
Q1 2022 total | 9 |  |  |  | 398,520 | 87 | % | $223,150 | 77 | % | 4.7 | %
Q2 2022 total | 13 |  |  |  | 359,706 | 100 | % | 163,762 | 100 | % | 5.8 | %
Q3 2022 total | 8 |  |  |  | 242,602 | 98 | % | 91,253 | 100 | % | 5.6 | %
Q4 2022 total | 3 |  |  |  | 76,480 | 99 | % | 26,388 | 100 | % | 6.5 | %
2022 total | 33 |  |  |  | 1,077,308 | 95 | % | $504,553 | 90 | % | 5.3 | %
JV Contribution |  |  |  |  |  | (50,488) |  |
2022 total, net |  |  |  |  |  | $454,065 |  |

Q4 2022 ACQUISITION DETAIL
MARKET | COUNT | MILES TO CAMPUS | ASSOCIATED HEALTH SYSTEM/TENANCY | CLOSING | SQUARE FEET | LEASED % | PURCHASE PRICE 1 | % OWNERSHIP |
Jacksonville, FL | 1 | 0.10 | Ascension | 10/12/2022 | 6,200 | 100 | % | $3,600 | 100 | % |
Houston, TX | 1 | 0.00 | Memorial Hermann Health | 11/21/2022 | 28,369 | 96 | % | 5,500 | 100 | % |
Austin, TX 3 | NA | 0.01 | Ascension | 12/28/2022 | 2,219 | 100 | % | 888 | 100 | % |
Denver, CO | 1 | 3.01 | None | 12/28/2022 | 39,692 | 100 | % | 16,400 | 100 | % |
Q4 2022 total | 3 |  |  |  | 76,480 | 99 | % | $26,388 | 100 | % |
Q4 average cap rate 2 |  |  |  |  |  | 6.5 | % |  |

1 Includes joint venture acquisitions at full acquisition price.
2 For acquisitions, cap rate represents the forecasted first year NOI divided by purchase price. Does not include fees earned related to the unconsolidated joint venture.
3 The Company acquired additional ownership in an existing building bringing the Company's ownership to 71.4%.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 15

Re/development Activity
DOLLARS IN THOUSANDS

RE/DEVELOPMENT PROJECTS |  |
MARKET | ASSOCIATED HEALTH SYSTEM |  | SQUARE FEET | CURRENT LEASED % | BUDGET | COST TO COMPLETE | PROJECT START | ESTIMATED COMPLETION/INITIAL LEASE COMMENCEMENT
Active development |  |  |  |  |  |  |
Nashville, TN | Ascension |  | 106,194 | 50 | % | $44,000 | $18,641 | 2Q 2021 | 3Q 2023
Orlando, FL 1 | Advent Health |  | 156,566 | 74 | % | 65,000 | 48,367 | 1Q 2022 | 2Q 2024
Raleigh, NC | UNC REX Health |  | 120,694 | — | % | 49,300 | 35,675 | 2Q 2022 | 4Q 2024
Orlando, FL | Exalt Health |  | 45,000 | 100 | % | 25,900 | 24,430 | 1Q 2023 | 1Q 2025
Total development |  | 428,454 | 50 | % | $184,200 | $127,113 |  |
Projected stabilized yield - 6.5%-8.0% |  |  |
Estimated stabilization period post completion - 12 - 36 months |  |  |
Active redevelopment |  |  |  |  |  |  |
Seattle, WA 2 | MultiCare |  | 56,000 | 100 | % | $12,500 | $247 | 1Q 2021 | 4Q 2022
Dallas, TX | Baylor Scott & White |  | 217,114 | 61 | % | 17,500 | 5,368 | 4Q 2020 | 4Q 2023
Washington, DC | Inova Health |  | 259,290 | 70 | % | 21,200 | 18,343 | 1Q 2022 | 2Q 2024
Total redevelopment |  | 532,404 | 69 | % | $51,200 | $23,958 |  |
Projected stabilized yield - 8.0%-11.0% |  |  |
Estimated stabilization period post completion - 12 - 36 months |  |  |
Total active re/development projects | 960,858 | 61 | % | $235,400 | $151,071 |  |

PROSPECTIVE RE/DEVELOPMENT
MARKET | TYPE | SQUARE FEET 3 | LEASED % 4 | BUDGET | EXPECTED START | PROJECT DESCRIPTION
Fort Worth, TX | Dev | 102,000 | 40 | % | $48,000 | 2H 2023 | New on-campus MOB
Houston, TX | Dev | 112,000 | 60 | % | 53,200 | 2H 2023 | New on-campus MOB
Phoenix, AZ | Dev | 100,000 | 60 | % | 52,000 | 2H 2023 | New MOB adjacent to campus
Denver, CO | Dev | 230,000 | 100 | % | 150,000 | 2H 2024 | New surgical facility and MOB adjacent to campus
Houston, TX | Redev | 297,423 | 60 | % | 20,275 | 2H 2023 | Redevelopment of two on-campus MOBs
Chicago, IL | Redev | 73,657 | 55 | % | 10,962 | 2H 2023 | Redevelopment of an MOB in Chicago CBD
Washington, DC | Redev | 57,323 | 72 | % | 10,078 | 2H 2023 | Off-campus MOB redevelopment
Total prospective re/development | 972,403 | 68 | % | $344,515 |  |

1 Investment is a construction loan with purchase rights upon completion.
2 Redevelopment project is a 23,000 square foot expansion to an existing medical office building. When complete, the building will be approximately 56,000 square feet. The first tenant took occupancy in 4Q2022.
3 If project is identified as development (dev), then amount is projected building size. If project is a redevelopment (redev), then amount is existing building size.
4 If project is identified as dev, then amount is expected preleasing percentage. If project is a redev, then amount is equal to current actual leased percentage.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 16

Portfolio 1,2,3
DOLLARS IN THOUSANDS

MARKETS |  |  |  |
|  |  | WHOLLY OWNED COUNT |  | SQUARE FEET | WHOLLY OWNED
MARKET | MSA RANK |  |  | MOB |  |  | INPATIENT/SURGICAL | OFFICE |  | WHOLLY OWNED | JOINT VENTURES | TOTAL | % OF NOI | CUMULATIVE % OF NOI
Dallas, TX | 4 |  | 45 |  | 3,308,315 |  |  | 302,764 | 199,800 |  | 3,810,879 | 189,385 | 4,000,264 | 10.3 | % | 10.3 | %
Seattle, WA | 15 |  | 29 |  | 1,592,501 |  |  |  |  |  | 1,592,501 |  | 1,592,501 | 5.1 | % | 15.4 | %
Los Angeles, CA | 2 |  | 23 |  | 1,218,579 |  |  | 63,000 | 104,377 |  | 1,385,956 | 702,453 | 2,088,409 | 4.9 | % | 20.3 | %
Boston, MA | 11 |  | 18 |  | 964,945 |  |  |  |  |  | 964,945 |  | 964,945 | 4.9 | % | 25.2 | %
Charlotte, NC | 22 |  | 32 |  | 1,790,415 |  |  |  |  |  | 1,790,415 |  | 1,790,415 | 4.6 | % | 29.8 | %
Houston, TX | 5 |  | 34 |  | 2,403,175 |  |  | 150,723 | 57,170 |  | 2,611,068 |  | 2,611,068 | 4.5 | % | 34.3 | %
Miami, FL | 7 |  | 23 |  | 1,414,086 |  |  | 133,500 |  |  | 1,547,586 |  | 1,547,586 | 4.3 | % | 38.6 | %
Atlanta, GA | 9 |  | 28 |  | 1,478,336 |  |  |  |  |  | 1,478,336 |  | 1,478,336 | 4.0 | % | 42.6 | %
Tampa, FL | 18 |  | 20 |  | 1,012,094 |  |  |  |  |  | 1,012,094 |  | 1,012,094 | 3.0 | % | 45.6 | %
Denver, CO | 19 |  | 33 |  | 1,780,819 |  |  |  | 93,869 |  | 1,874,688 | 116,616 | 1,991,304 | 2.9 | % | 48.5 | %
Raleigh, NC | 42 |  | 27 |  | 1,103,648 |  |  |  |  |  | 1,103,648 |  | 1,103,648 | 2.6 | % | 51.1 | %
Phoenix, AZ | 10 |  | 35 |  | 1,512,304 |  |  |  |  |  | 1,512,304 |  | 1,512,304 | 2.6 | % | 53.7 | %
Chicago, IL | 3 |  | 7 |  | 712,757 |  |  |  |  |  | 712,757 |  | 712,757 | 2.4 | % | 56.1 | %
Indianapolis, IN | 33 |  | 36 |  | 1,080,947 |  |  | 61,398 |  |  | 1,142,345 | 273,479 | 1,415,824 | 2.4 | % | 58.5 | %
Hartford, CT | 48 |  | 30 |  | 768,947 |  |  |  |  |  | 768,947 |  | 768,947 | 2.4 | % | 60.9 | %
Nashville, TN | 36 |  | 12 |  | 1,135,640 |  |  |  | 108,691 |  | 1,244,331 |  | 1,244,331 | 2.2 | % | 63.1 | %
New York, NY | 1 |  | 14 |  | 614,522 |  |  |  |  |  | 614,522 |  | 614,522 | 2.1 | % | 65.2 | %
Austin, TX | 29 |  | 13 |  | 863,700 |  |  |  |  |  | 863,700 |  | 863,700 | 2.0 | % | 67.2 | %
Orlando, FL | 23 |  | 8 |  | 359,477 |  |  | 186,998 |  |  | 546,475 |  | 546,475 | 2.0 | % | 69.2 | %
Memphis, TN | 43 |  | 11 |  | 802,221 |  |  | 54,416 |  |  | 856,637 |  | 856,637 | 1.9 | % | 71.1 | %
Other (51 markets) |  |  | 210 |  | 11,112,198 |  |  | 574,976 | 1,228,363 |  | 12,915,537 | 630,776 | 13,546,313 | 28.9 | % | 100.0 | %
Total |  |  | 688 |  | 37,029,626 |  |  | 1,527,775 | 1,792,270 |  | 40,349,671 | 1,912,709 | 42,262,380 | 100.0 | % |
Number of properties |  |  |  | 658 |  |  | 20 | 10 |  | 688 | 33 | 721 |  |
% of square feet |  |  |  |  | 91.8 | % |  |  | 3.8 | % | 4.4 | % |  | 100.0 | % |  |  |  |
% multi-tenant |  |  |  |  | 84.5 | % |  |  | — | % | 61.8 | % |  | 80.3 | % |  |  |  |
Investment |  |  |  |  | $12,658,894 |  |  | $653,648 | $509,211 |  | $13,821,753 |  |  |  |
Quarterly cash NOI 5 |  |  |  | $185,092 |  |  | $12,083 | $7,411 |  | $204,586 |  |  |  |
% of cash NOI |  |  |  |  | 90.5 | % |  |  | 5.9 | % | 3.6 | % |  | 100.0 | % |  |  |  |

BY BUILDING TYPE |  |  |  |  |
| WHOLLY OWNED |  |
| MULTI-TENANT | SINGLE-TENANT | SUBTOTAL | JOINT VENTURE | TOTAL
Number of properties | 545 | 143 | 688 | 33 | 721
Square feet | 32,397,093 | 7,952,578 | 40,349,671 | 1,912,709 | 42,262,380
% of square feet | 76.7 | % | 18.8 | % | 95.5 | % | 4.5 | % | 100.0 | %
Investment 2 | $10,553,866 | $3,267,887 | $13,821,753 | $350,305 | $14,172,058
Quarterly cash NOI 2, | $152,128 | $52,458 | $204,586 | $4,579 | $209,165
% of cash NOI | 72.7 | % | 25.1 | % | 97.8 | % | 2.2 | % | 100.0 | %

1 On July 20, 2022, Legacy HR and HTA closed the merger of the two companies, in which Legacy HR was the acquirer under GAAP. Accordingly, the historic financial statements of the combined company are those of Legacy HR.
2 Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage.
3 Excludes assets held for sale, land held for development, construction in progress and corporate property.
4 The Company's weighted average ownership percentage in its joint ventures was approximately 48%.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 17

Health Systems 1,2

MOB PORTFOLIO |  |
|  |  | BUILDING SQUARE FEET | # OF BLDGS |  | LEASED BY HEALTH SYSTEM | % OF LEASED SF | # OF LEASES
HEALTH SYSTEM | SYSTEM RANK 3 | CREDIT RATING | ON/ADJACENT 4 | OFF-CAMPUS AFFILIATED 5 | TOTAL | % OF NOI 6
HCA | 1 | BBB-/Baa3 | 2,308,053 | 779,250 | 3,087,303 |  | 46 | 8.3 | % | 796,825 | 2.5 | % | 136
CommonSpirit | 4 | A-/Baa1 | 1,906,957 | 593,550 | 2,500,507 |  | 43 | 6.8 | % | 882,801 | 2.7 | % | 157
Baylor Scott & White | 21 | AA-/Aa3 | 2,570,180 | 66,376 | 2,636,556 |  | 29 | 6.2 | % | 1,401,055 | 4.3 | % | 194
Ascension Health | 3 | AA+/Aa2 | 2,156,369 | 97,551 | 2,253,920 |  | 24 | 5.5 | % | 929,797 | 2.9 | % | 146
Tenet Healthcare Corporation | 6 | B+/B1 | 1,526,040 | 414,278 | 1,940,318 |  | 35 | 4.3 | % | 486,321 | 1.5 | % | 91
Atrium Health | 16 | AA-/Aa3 | 682,654 | 348,792 | 1,031,446 |  | 18 | 3.3 | % | 906,608 | 2.8 | % | 81
AdventHealth | 11 | AA/Aa2 | 797,587 | 118,585 |  | 916,172 |  | 14 | 2.6 | % | 410,916 | 1.3 | % | 82
Wellstar Health System | 75 | A+/A2 | 896,773 | 23,088 | 919,861 |  | 18 | 2.5 | % | 580,281 | 1.8 | % | 81
Community Health Systems | 8 | /B3 | 1,024,527 | — |  | 1,024,527 |  | 26 | 2.5 | % | 384,850 | 1.2 | % | 50
UW Medicine (Seattle) | 91 | AA+/Aaa | 461,363 | 169,709 | 631,072 |  | 10 | 2.5 | % | 292,712 | 0.9 | % | 31
Trinity Health | 7 | AA-/Aa3 | 633,711 | 153,938 | 787,649 |  | 11 | 2.1 | % | 493,431 | 1.5 | % | 67
Baptist Memorial Health Care | 89 | A-2/-- | 544,122 | 252,414 | 796,536 |  | 10 | 1.9 | % | 430,579 | 1.3 | % | 58
Providence St. Joseph Health | 5 | A+/A1 | 330,287 | 31,601 | 361,888 |  | 8 | 1.6 | % | 162,816 | 0.5 | % | 26
Cedars-Sinai Health Systems | 24 | AA-/-- | 199,701 | 90,607 | 290,308 |  | 5 | 1.4 | % | 52,891 | 0.2 | % | 19
Hawaii Pacific Health | 181 | --/A1 | 173,502 | 124,925 | 298,427 |  | 3 | 1.3 | % | 97,735 | 0.3 | % | 39
Banner Health | 51 | AA-/Aa3 | 749,075 | 31,039 | 780,114 |  | 24 | 1.3 | % | 147,178 | 0.5 | % | 38
Overlake Health System | 291 | A/A2 | 230,710 | — |  | 230,710 |  | 3 | 1.2 | % | 73,676 | 0.2 | % | 8
Medstar Health | 45 | A/A2 | 326,129 | — |  | 326,129 |  | 4 | 1.2 | % | 223,965 | 0.7 | % | 64
WakeMed | 185 | --/A2 | 368,046 | 101,597 |  | 469,643 |  | 12 | 1.2 | % | 114,435 | 0.4 | % | 15
Bon Secours Health System | 22 | A+/A1 | 405,945 | — |  | 405,945 |  | 6 | 1.1 | % | 236,637 | 0.7 | % | 49
UNC Health Care | 62 | /Aa3 | 166,374 | 160,380 |  | 326,754 |  | 7 | 1.0 | % | 208,554 | 0.6 | % | 27
Other (65 credit rated) |  |  | 6,508,813 | 2,950,049 | 9,458,862 |  | 172 |  | 24.7 | % | 4,550,366 | 14.1 | % |
Subtotal - credit rated 7 |  |  | 24,966,918 | 6,507,729 | 31,474,647 |  | 528 |  | 84.5 | % | 13,864,429 | 42.9 | % |
Other non-credit rated 8 |  |  | 1,162,849 | 475,679 | 1,638,528 |  | 35 | 5.8 | % | 897,280 | 2.8 | % |
Off-campus non-affiliated 9 |  |  | — | 3,916,451 | 3,916,451 |  | 95 | 9.7 | % | — | — | % |
Wholly-owned |  |  | 26,129,767 | 10,899,859 | 37,029,626 |  | 658 | 100.0 | % | 14,761,709 | 45.7 | % |
Joint ventures |  |  | 1,143,456 | 579,868 | 1,723,324 |  |  |  |  |  |
Total |  |  | 27,273,223 | 11,479,727 | 38,752,950 |  |  |  |  |  |

1 On July 20, 2022, Legacy HR and HTA closed the merger of the two companies, in which Legacy HR was the acquirer under GAAP. Accordingly, the historic financial statements of the combined company are those of Legacy HR.
2 Excludes construction in progress and assets classified as held for sale.
3 Ranked by revenue based on Modern Healthcare's Healthcare Systems Financials Database.
4 The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.
5 Includes off-campus buildings where health systems lease 20% or more of the property and/or are located within 2 miles from a hospital campus.
6 Includes HTA on a full quarter proforma basis.
7 Based on square footage, 77.1% is associated and 40.1% is leased by an investment-grade rated healthcare provider.
8 Includes 38 properties associated with a hospital system that is not credit rated.
9 Includes off-campus buildings that are not 20% or more leased by a health system and are more than two miles from a hospital campus.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 18

MOB Proximity to Hospital 1,2

MEDICAL OFFICE BUILDINGS BY LOCATION |  |  |  |  |
| # OF PROPERTIES | SQUARE FEET | TOTAL | % GROUND LEASED |
On campus | 233 | 18,021,863 | 46.5 | % | 36.7 | % |
Adjacent to campus 3 | 202 | 9,251,360 | 23.9 | % | 4.0 | % |
Total on/adjacent | 435 | 27,273,223 | 70.4 | % | 40.7 | % |
Off campus - affiliated 4 | 152 | 7,429,915 | 19.2 | % | 3.5 | % |
Off campus | 98 | 4,049,812 | 10.4 | % | 1.1 | % |
| 685 | 38,752,950 | 100.0 | % | 45.3 | % |
Wholly-owned | 658 | 37,029,626 |  |  |
Joint ventures | 27 | 1,723,324 |  |  |

MEDICAL OFFICE BUILDINGS BY CLUSTER 5 |
| TOTAL | HOSPITAL CENTRIC 6 |
| # OF PROPERTIES | SQUARE FEET | % OF MOB SQUARE FEET | # OF PROPERTIES | SQUARE FEET | % OF MOB SQUARE FEET |
Clustered | 485 | 26,721,853 | 69.0 | % | 401 | 23,247,723 | 72.0 | % |
Non-clustered | 200 | 12,031,097 | 31.0 | % | 134 | 9,043,121 | 28.0 | % |
Total | 685 | 38,752,950 | 100.0 | % | 535 | 32,290,844 | 100.0 | % |

1 Includes joint venture properties and excludes construction in progress and assets classified as held for sale.
2 Proximity 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.
3 The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.
4 Includes off-campus buildings where health systems lease 20% or more of the property and/or are located within 2 miles from a hospital campus.
5 A 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.
6 Includes buildings that are located within two miles of a hospital campus.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 19

Lease Maturity & Occupancy 1

LEASE MATURITY SCHEDULE |  |  |
| MULTI-TENANT 2 | SINGLE-TENANT | TOTAL
| # OF LEASES | SQUARE FEET | # OF LEASES | SQUARE FEET | # OF LEASES | SQUARE FEET | % OF LEASED SQUARE FEET
2023 | 1,447 | 4,286,422 | 13 |  | 731,847 | 1,460 | 5,018,269 | 14.2 | %
2024 | 1,153 | 4,235,453 | 18 |  | 914,693 | 1,171 | 5,150,146 | 14.5 | %
2025 | 1,006 | 3,491,315 | 17 |  | 964,475 | 1,023 | 4,455,790 | 12.6 | %
2026 | 805 | 3,124,820 | 9 |  | 485,445 | 814 | 3,610,265 | 10.2 | %
2027 | 790 | 3,281,539 | 17 |  | 1,138,829 | 807 | 4,420,368 | 12.5 | %
2028 | 425 | 1,884,955 | 15 |  | 662,660 | 440 | 2,547,615 | 7.2 | %
2029 | 366 | 1,732,347 | 15 |  | 752,632 | 381 | 2,484,979 | 7.0 | %
2030 | 275 | 1,581,033 | 13 |  | 625,890 | 288 | 2,206,923 | 6.2 | %
2031 | 224 | 974,364 | 3 |  | 229,223 | 227 | 1,203,587 | 3.4 | %
2032 | 261 | 1,773,687 | 6 |  | 332,678 | 267 | 2,106,365 | 5.9 | %
Thereafter | 169 | 1,269,325 | 16 |  | 944,357 | 185 | 2,213,682 | 6.3 | %
Total occupied | 6,921 | 27,635,260 | 142 |  | 7,782,729 | 7,063 | 35,417,989 | 87.8 | %
Total building |  | 32,397,093 |  | 7,952,578 |  | 40,349,671 |
Occupancy |  | 85.3 | % |  | 97.9 | % |  | 87.8 | % |
WALTR (months) 3 | 49.9 |  | 69.3 |  | 54.2 |
WALT (months) 3 | 95.5 |  | 146.1 |  | 106.6 |

PORTFOLIO OCCUPANCY AND ABSORPTION |  |  |
|  |  |  | OCCUPANCY % | ABSORPTION (square feet in thousands)
| # OF PROPERTIES | SQUARE FEET |  | 4Q 2022 | 3Q 2022 | 4Q 2021 | SEQUENTIAL | Y-O-Y
Same store multi-tenant | 465 | 27,860,852 |  | 86.6 | % | 86.4 | % | 85.9 | % | 59 | 197
Same store single-tenant | 128 | 7,366,431 |  | 99.5 | % | 99.5 | % | 99.9 | % | — | (28)
Total same store properties | 593 | 35,227,283 |  | 89.3 | % | 89.2 | % | 88.8 | % | 59 | 169
Acquisitions | 74 | 3,399,064 |  | 87.1 | % | 88.0 | % | 86.1 | % | (37) | (17)
Development completions | 6 | 409,801 |  | 86.8 | % | 86.8 | % | 79.2 | % | — | 31
Re/development | 11 | 1,090,690 |  | 58.0 | % | 57.1 | % | 67.3 | % | 9 | (102)
Planned dispositions | 4 | 222,833 |  | 1.4 | % | 2.4 | % | 25.9 | % | (2) | (55)
Wholly-owned | 688 | 40,349,671 |  | 87.8 | % | 87.7 | % | 87.6 | % | 29 | 26
Joint ventures | 33 | 1,912,709 |  | 85.4 | % | 85.5 | % | 88.3 | % | (1) | 3
Total | 721 | 42,262,380 |  | 87.7 | % | 87.6 | % | 87.6 | % | 28 | 29
Same store leased % |  |  |  | 90.5 | % |  |  |  |
Total leased % |  |  |  | 88.9 | % |  |  |  |

1 Excludes joint ventures, land held for development, construction in progress, corporate property and assets classified as held for sale, unless noted otherwise.
2 The average lease size in the multi-tenant portfolio is 3,993 square feet.
3 WALTR = weighted average lease term remaining; WALT = weighted average lease term.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 20

Leasing Statistics 1

SAME STORE 4Q 2022 RENEWALS
| Q4 2022 | TTM |  |
Cash leasing spreads | 3.5 | % | 2.8 | % |  |
Cash leasing spreads distribution |  |  |
< 0% spread | 6.5 | % | 9.3 | % |  |
0-3% spread | 13.2 | % | 23.8 | % |  |
3-4% spread | 66.2 | % | 47.8 | % |  |
> 4% spread | 14.1 | % | 19.1 | % |  |
Total | 100.0 | % | 100.0 | % |  |
Tenant retention rate | 75.7 | % | 78.9 | % |  |

AVERAGE IN-PLACE CONTRACTUAL INCREASES 2
| MULTI-TENANT | SINGLE-TENANT | TOTAL
| % INCREASE | % OF BASE RENT |  | % INCREASE | % OF BASE RENT |  | % INCREASE | % OF BASE RENT
Same store | 2.80 | % | 65.0 | % |  | 2.85 | % | 19.9 | % |  | 2.81 | % | 84.9 | %
Acquisitions | 2.47 | % | 6.7 | % |  | 2.52 | % | 1.3 | % |  | 2.48 | % | 8.0 | %
Other 3 | 2.66 | % | 6.5 | % |  | 2.13 | % | 0.6 | % |  | 2.61 | % | 7.1 | %
Total | 2.76 | % | 78.2 | % |  | 2.81 | % | 21.8 | % |  | 2.77 | % | 100.0 | %
Escalator type |  |  |  |  |  |  |  |
Fixed | 2.71 | % | 96.5 | % |  | 2.39 | % | 83.1 | % |  | 2.65 | % | 93.6 | %
CPI | 4.09 | % | 3.5 | % |  | 4.89 | % | 16.9 | % |  | 4.55 | % | 6.4 | %

TYPE AND OWNERSHIP STRUCTURE
| MULTI-TENANT | SINGLE-TENANT |  | TOTAL
Tenant type |  |  |  |
Hospital | 44.7 | % | 75.2 | % |  | 51.4 | %
Physician and other | 55.3 | % | 24.8 | % |  | 48.6 | %
Lease structure |  |  |  |
Gross | 9.0 | % | 6.5 | % |  | 8.4 | %
Modified gross | 31.8 | % | 9.6 | % |  | 26.9 | %
Net | 59.2 | % | 53.9 | % |  | 58.1 | %
Absolute net 4 | — | % | 30.0 | % |  | 6.6 | %
Ownership type |  |  |  |
Ground lease | 44.8 | % | 33.2 | % |  | 42.5 | %
Fee simple | 55.2 | % | 66.8 | % |  | 57.5 | %

# OF LEASES BY SIZE |  |
LEASED SQUARE FEET | MULTI-TENANT | SINGLE-TENANT | WALT | WALTR
0 - 2,500 | 3,640 |  | — |  | 70.6 |  | 36.3 |
2,501 - 5,000 | 1,764 |  | 2 |  | 82.8 |  | 42.3 |
5,001 - 7,500 | 611 |  | 5 |  | 93.8 |  | 48.4 |
7,501 - 10,000 | 320 |  | 5 |  | 97.1 |  | 48.4 |
10,001 + | 586 |  | 130 |  | 127.6 |  | 64.6 |
Total Leases | 6,921 |  | 142 |  | 106.6 |  | 54.2 |

1 Excludes recently acquired or disposed properties, construction in progress, land held for development, corporate property, planned dispositions and assets classified as held for sale.
2 Excludes leases with lease terms of one year or less.
3 Includes redevelopment properties, development completion, and joint ventures.
4 Tenant is typically responsible for operating expenses and capital obligations.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 21

NOI Performance 1
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA
REFLECTS COMBINED COMPANY RESULTS FOR ALL PERIODS

SAME STORE CASH NOI
| 2022 |  | 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 |  | 2021 |  | 4Q 2021 | 3Q 2021 | 2Q 2021 | 1Q 2021
Base revenue | $859,591 |  | $217,273 | $216,091 | $213,034 | $213,193 |  | $835,925 |  | $210,957 | $209,611 | $208,057 | $207,300
Operating expense recoveries | 253,789 |  | 61,652 | 65,626 | 62,852 | 63,659 |  | 236,719 |  | 58,978 | 59,346 | 58,760 | 59,635
Revenues | $1,113,380 |  | $278,925 | $281,717 | $275,886 | $276,852 |  | $1,072,644 |  | $269,935 | $268,957 | $266,817 | $266,935
Expenses | 390,817 |  | 95,789 | 101,500 | 94,922 | 98,606 |  | 367,691 |  | 91,579 | 94,077 | 90,196 | 91,839
Cash NOI | $722,563 |  | $183,136 | $180,217 | $180,964 | $178,246 |  | $704,953 |  | $178,356 | $174,880 | $176,621 | $175,096
Revenue per occ SF 2 | $35.49 |  | $35.49 | $35.88 | $35.20 | $35.38 |  | $34.26 |  | $34.53 | $34.45 | $34.13 | $34.01
Margin | 64.9 | % |  | 65.7 | % | 64.0 | % | 65.6 | % | 64.4 | % |  | 65.7 | % |  | 66.1 | % | 65.0 | % | 66.2 | % | 65.6 | %
Average occupancy | 89.1 | % |  | 89.2 | % | 89.1 | % | 89.0 | % | 88.8 | % |  | 88.9 | % |  | 88.8 | % | 88.7 | % | 88.8 | % | 89.1 | %
Period end occupancy | 89.3 | % |  | 89.3 | % | 89.2 | % | 89.1 | % | 88.8 | % |  | 88.8 | % |  | 88.8 | % | 88.7 | % | 88.6 | % | 88.9 | %
Number of properties | 593 |  | 593 | 593 | 593 | 593 |  | 593 |  | 593 | 593 | 593 | 593

SAME STORE GROWTH |
| YEAR-OVER-YEAR |
| 2022 |  | 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 |
Revenue per occ SF 2 | 3.6 | % |  | 2.8 | % | 4.2 | % | 3.1 | % | 4.0 | % |
Avg occupancy (bps) | +20 |  | +50 | +50 | +20 | -30 |
Revenues | 3.8 | % |  | 3.3 | % | 4.7 | % | 3.4 | % | 3.7 | % |
Base revenue | 2.8 | % |  | 3.0 | % | 3.1 | % | 2.4 | % | 2.8 | % |
Exp recoveries | 7.2 | % |  | 4.5 | % | 10.6 | % | 7.0 | % | 6.7 | % |
Expenses | 6.3 | % |  | 4.6 | % | 7.9 | % | 5.2 | % | 7.4 | % |
Cash NOI | 2.5 | % |  | 2.7 | % | 3.1 | % | 2.5 | % | 1.8 | % |

TOTAL CASH NOI
| 4Q 2022 | 4Q 2021 | % CHANGE |  | 2022 | 2021 | % CHANGE
Same store cash NOI | 183,136 |  | 178,356 |  | 2.7 | % |  | 722,563 |  | 704,953 |  | 2.5 | %
Same store joint ventures | 1,876 |  | 1,600 |  | 17.3 | % |  | 7,302 |  | 6,426 |  | 13.6 | %
| 185,012 |  | 179,956 |  | 2.8 | % |  | 729,865 |  | 711,379 |  | 2.6 | %
Acquisitions/development completions | 19,376 |  | 9,699 |  | 99.8 | % |  | 69,314 |  | 18,602 |  | 272.6 | %
Dispositions/assets held for sale/other | 1,998 |  | 17,598 |  | (88.6 | %) |  | 42,050 |  | 76,448 |  | (45.0 | %)
Joint venture property cash NOI | 2,703 |  | 804 |  | 236.2 | % |  | 7,920 |  | 1,873 |  | 322.9 | %
Redevelopment | 2,567 |  | 3,248 |  | (21.0 | %) |  | 10,548 |  | 16,211 |  | (34.9 | %)
Proforma Cash NOI | $211,656 |  | $211,305 |  | 0.2 | % |  | $859,697 |  | $824,513 |  | 4.3 | %

1 Excludes recently acquired or disposed properties, development completions, construction in progress, land held for development, corporate property, reposition properties and assets classified as held for sale.
2 Revenue per occ SF is calculated by dividing revenue by the average of the occupied SF for the period provided. Quarterly revenue per occ SF is annualized.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 22

NOI Reconciliations
DOLLARS IN THOUSANDS

BOTTOM UP RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 |  |  |  | 4Q 2021 | 3Q 2021 | 2Q 2021 | 1Q 2021 |  |  |  |  |  |
Net income (loss) | ($35,764) |  | $28,304 |  | $6,130 |  | $42,227 |  |  |  |  | $21,607 |  | ($2,066) |  | $23,096 |  | $24,022 |  |  |  |  |  |  |
Other income (expense) | 46,772 |  | (89,477) |  | 7,479 |  | (29,293) |  |  |  |  | (468) |  | 23,000 |  | (2,223) |  | (5,220) |  |  |  |  |  |  |
General and administrative expense | 14,417 |  | 16,741 |  | 10,540 |  | 11,036 |  |  |  |  | 8,901 |  | 8,207 |  | 8,545 |  | 8,499 |  |  |  |  |  |  |
Depreciation and amortization expense | 185,275 |  | 158,117 |  | 55,731 |  | 54,041 |  |  |  |  | 51,810 |  | 50,999 |  | 49,826 |  | 50,079 |  |  |  |  |  |  |
Other expenses 1 | 13,580 |  | 82,659 |  | 11,034 |  | 9,929 |  |  |  |  | 3,850 |  | 3,193 |  | 2,840 |  | 2,783 |  |  |  |  |  |  |
Straight-line rent expense | 1,358 |  | 1,260 |  | 378 |  | 378 |  |  |  |  | 382 |  | 380 |  | 369 |  | 367 |  |  |  |  |  |  |
Straight-line rent revenue | (11,231) |  | (8,975) |  | (1,705) |  | (1,587) |  |  |  |  | (1,227) |  | (1,550) |  | (1,563) |  | (1,461) |  |  |  |  |  |  |
Other revenue 2 | (7,330) |  | (5,242) |  | (1,961) |  | (2,044) |  |  |  |  | (2,134) |  | (2,043) |  | (2,075) |  | (1,865) |  |  |  |  |  |  |
Joint venture property cash NOI | 4,579 |  | 3,877 |  | 3,627 |  | 3,139 |  |  |  |  | 2,404 |  | 2,210 |  | 2,164 |  | 1,521 |  |  |  |  |  |  |
Cash NOI | $211,656 |  | $187,264 |  | $91,253 |  | $87,826 |  |  |  |  | $85,125 |  | $82,330 |  | $80,979 |  | $78,725 |  |  |  |  |  |  |
Pre-merger Legacy HTA NOI | — |  | 27,114 |  | 128,308 |  | 126,276 |  |  |  |  | 126,180 |  | 123,807 |  | 123,784 |  | 123,583 |  |  |  |  |  |  |
Proforma Cash NOI | $211,656 |  | $214,378 |  | $219,561 |  | $214,102 |  |  |  |  | $211,305 |  | $206,137 |  | $204,763 |  | $202,308 |  |  |  |  |  |  |
Acquisitions/development completions | (19,376) |  | (18,527) |  | (17,659) |  | (13,752) |  |  |  |  | (9,699) |  | (5,771) |  | (2,411) |  | (721) |  |  |  |  |  |  |
Dispositions/assets held for sale/other | (1,998) |  | (9,201) |  | (14,981) |  | (15,870) |  |  |  |  | (17,598) |  | (18,759) |  | (19,463) |  | (20,628) |  |  |  |  |  |  |
Joint venture property cash NOI | (4,579) |  | (3,877) |  | (3,627) |  | (3,139) |  |  |  |  | (2,404) |  | (2,210) |  | (2,164) |  | (1,521) |  |  |  |  |  |  |
Redevelopment | (2,567) |  | (2,556) |  | (2,330) |  | (3,095) |  |  |  |  | (3,248) |  | (4,517) |  | (4,104) |  | (4,342) |  |  |  |  |  |  |
Proforma Same store cash NOI | $183,136 |  | $180,217 |  | $180,964 |  | $178,246 |  |  |  |  | $178,356 |  | $174,880 |  | $176,621 |  | $175,096 |  |  |  |  |  |  |
TOP DOWN RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 |  |  |  | 4Q 2021 | 3Q 2021 | 2Q 2021 | 1Q 2021 |  |  |  |  |  |
Rental income before rent concessions | $332,652 |  | $301,692 |  | $142,073 |  | $139,775 |  |  |  |  | $132,853 |  | $132,971 |  | $129,609 |  | $129,466 |  |  |  |  |  |  |
Rent concessions | (3,253) |  | (2,761) |  | (1,441) |  | (1,286) |  |  |  |  | (1,139) |  | (1,225) |  | (1,123) |  | (1,077) |  |  |  |  |  |  |
Rental income | 329,399 |  | 298,931 |  | 140,632 |  | 138,489 |  |  |  |  | 131,714 |  | 131,746 |  | 128,486 |  | 128,389 |  |  |  |  |  |  |
Parking income | 2,413 |  | 2,428 |  | 1,919 |  | 1,753 |  |  |  |  | 2,134 |  | 2,187 |  | 1,880 |  | 1,658 |  |  |  |  |  |  |
Interest from financing receivable, net | 2,284 |  | 2,034 |  | 1,957 |  | 1,930 |  |  |  |  | 1,766 |  | 1,917 |  | 510 |  | — |  |  |  |  |  |  |
Exclude straight-line rent revenue | (11,231) |  | (8,975) |  | (1,705) |  | (1,587) |  |  |  |  | (1,227) |  | (1,550) |  | (1,563) |  | (1,461) |  |  |  |  |  |  |
Exclude other non-cash revenue 3 | (3,059) |  | (2,280) |  | (1,142) |  | (1,322) |  |  |  |  | (1,325) |  | (1,261) |  | (1,528) |  | (1,573) |  |  |  |  |  |  |
Cash revenue | 319,806 |  | 292,138 |  | 141,661 |  | 139,263 |  |  |  |  | 133,062 |  | 133,039 |  | 127,785 |  | 127,013 |  |  |  |  |  |  |
Property operating expense | (117,009) |  | (112,473) |  | (57,010) |  | (57,464) |  |  |  |  | (53,032) |  | (55,518) |  | (51,509) |  | (52,215) |  |  |  |  |  |  |
Exclude non-cash expenses 4 | 3,764 |  | 4,034 |  | 2,975 |  | 2,888 |  |  |  |  | 2,691 |  | 2,599 |  | 2,539 |  | 2,406 |  |  |  |  |  |  |
Non-controlling interest | 516 |  | (312) |  | — |  | — |  |  |  |  | — |  | — |  | — |  | — |  |  |  |  |  |  |
Joint venture property cash NOI | 4,579 |  | 3,877 |  | 3,627 |  | 3,139 |  |  |  |  | 2,404 |  | 2,210 |  | 2,164 |  | 1,521 |  |  |  |  |  |  |
Cash NOI | $211,656 |  | $187,264 |  | $91,253 |  | $87,826 |  |  |  |  | $85,125 |  | $82,330 |  | $80,979 |  | $78,725 |  |  |  |  |  |  |
Pre-merger Legacy HTA NOI | — |  | 27,114 |  | 128,308 |  | 126,276 |  |  |  |  | 126,180 |  | 123,807 |  | 123,784 |  | 123,583 |  |  |  |  |  |  |
Proforma Cash NOI | $211,656 |  | $214,378 |  | $219,561 |  | $214,102 |  |  |  |  | $211,305 |  | $206,137 |  | $204,763 |  | $202,308 |  |  |  |  |  |  |
Acquisitions/development completions | (19,376) |  | (18,527) |  | (17,659) |  | (13,752) |  |  |  |  | (9,699) |  | (5,771) |  | (2,411) |  | (721) |  |  |  |  |  |  |
Dispositions/assets held for sale/other | (1,998) |  | (9,201) |  | (14,981) |  | (15,870) |  |  |  |  | (17,598) |  | (18,759) |  | (19,463) |  | (20,628) |  |  |  |  |  |  |
Joint venture property cash NOI | (4,579) |  | (3,877) |  | (3,627) |  | (3,139) |  |  |  |  | (2,404) |  | (2,210) |  | (2,164) |  | (1,521) |  |  |  |  |  |  |
Redevelopment | (2,567) |  | (2,556) |  | (2,330) |  | (3,095) |  |  |  |  | (3,248) |  | (4,517) |  | (4,104) |  | (4,342) |  |  |  |  |  |  |
Proforma Same store cash NOI | $183,136 |  | $180,217 |  | $180,964 |  | $178,246 |  |  |  |  | $178,356 |  | $174,880 |  | $176,621 |  | $175,096 |  |  |  |  |  |  |

1 Includes acquisition and pursuit costs, merger-related costs, bad debt, above and below market ground lease intangible amortization, leasing commission amortization, non-cash adjustments for financing receivables, and ground lease straight-line rent.
2 Includes management fee income, interest, above and below market lease intangible amortization, lease inducement amortization, lease termination fees, deferred financing cost amortization and principle related to investment in financing receivable, and tenant improvement overage amortization.
3 Includes above and below market lease intangibles, lease inducements, lease termination fees, deferred financing cost amortization, financing receivable adjustments, and TI amortization.
4 Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 23

NOI Reconciliations
DOLLARS IN THOUSANDS

RECONCILIATION OF NOI TO PROFORMA FULL QUARTER FFO AND NORMALIZED FFO |  |  |  |  |  |  |
| 4Q 2022 | PROFORMA 3Q 2022 | 2Q 2022 | 1Q 2022 |  |  |  | 4Q 2021 | 3Q 2021 | 2Q 2021 | 1Q 2021
Cash NOI | $211,656 |  | $214,378 |  | $91,253 |  | $87,826 |  |  |  |  | $85,125 |  | $82,330 |  | $80,979 |  | $78,725 |
General and administrative expense | (14,417) |  | (18,956) |  | (10,540) |  | (11,036) |  |  |  |  | (8,901) |  | (8,207) |  | (8,545) |  | (8,499) |
Straight-line rent | 11,231 |  | 11,456 |  | 1,705 |  | 1,587 |  |  |  |  | 1,227 |  | 1,550 |  | 1,563 |  | 1,461 |
Interest and other income (expense), net | (1,168) |  | (172) |  | (125) |  | (81) |  |  |  |  | (250) |  | — |  | (262) |  | 500 |
Management fees and other income | 2,023 |  | 1,629 |  | 819 |  | 722 |  |  |  |  | 809 |  | 782 |  | 547 |  | 292 |
Note receivable interest income | 1,943 |  | 1,332 |  | — |  | — |  |  |  |  | — |  | — |  | — |  | — |
Other non-cash revenue 1 | 3,059 |  | 2,781 |  | 1,142 |  | 1,322 |  |  |  |  | 1,325 |  | 1,261 |  | 1,528 |  | 1,573 |
Other non-cash expenses 2 | (3,764) |  | (4,289) |  | (2,975) |  | (2,888) |  |  |  |  | (2,691) |  | (2,599) |  | (2,539) |  | (2,406) |
Pre-merger Legacy HTA NOI | — |  | 1,476 |  | — |  | — |  |  |  |  | — |  | — |  | — |  | — |
Unconsolidated JV adjustments | (462) | (475) |  | (1,127) |  | (1,081) |  |  |  |  | (942) |  | (833) |  | (948) |  | (780) |
Debt Covenant EBITDA | $210,101 |  | $209,160 |  | $80,152 |  | $76,371 |  |  |  |  | $75,702 |  | $74,284 |  | $72,323 |  | $70,866 |
Interest expense | (64,443) |  | (60,391) |  | (15,543) |  | (13,661) |  |  |  |  | (13,266) |  | (13,334) |  | (13,261) |  | (13,262) |
Loss on extinguishment of debt | 119 |  | (1,091) |  | — |  | (1,429) |  |  |  |  | — |  | — |  | — |  | — |
Acquisition and pursuit costs | (92) |  | (482) |  | (1,352) |  | (1,303) |  |  |  |  | (1,152) |  | (974) |  | (670) |  | (744) |
Merger-related costs | (10,777) |  | (79,402) |  | (7,085) |  | (6,116) |  |  |  |  | (389) |  | — |  | — |  | — |
Leasing commission amortization 3 | 2,706 |  | 2,731 |  | 2,683 |  | 2,600 |  |  |  |  | 2,382 |  | 2,294 |  | 2,258 |  | 2,111 |
Non-real estate depreciation and amortization | (1,323) |  | (1,243) |  | (1,080) |  | (983) |  |  |  |  | (937) |  | (903) |  | (885) |  | (879) |
Non controlling interest | (382) |  | — |  | — |  |  |  |  | — |  | — |  | — |  | — |
Unconsolidated JV adjustments | (8) | — |  | — |  | (34) |  |  |  |  | (37) |  | (2) |  | (8) |  | (2) |
FFO | $135,901 |  | $69,282 |  | $57,775 |  | $55,445 |  |  |  |  | $62,303 |  | $61,365 |  | $59,757 |  | $58,090 |
Acquisition and pursuit costs | 92 |  | 482 |  | 1,352 |  | 1,303 |  |  |  |  | 1,152 |  | 974 |  | 670 |  | 744 |
Merger-related costs | 10,777 |  | 79,402 |  | 7,085 |  | 6,116 |  |  |  |  | 389 |  | — |  | — |  | — |
Lease intangible amortization | 137 | 127 |  | 584 |  | 309 |  |  |  |  | 192 |  | 48 |  | (6) |  | (72) |
Significant non-recurring legal fees/forfeited earnest money received | 194 | 346 |  | 140 |  | 91 |  |  |  |  | 465 |  | — |  | — |  | (500) |
Debt financing costs | 625 | 1,091 |  | — |  | 1,429 |  |  |  |  | — |  | — |  | 283 |  | — |
Merger-related fair value adjustment | 11,979 | 11,844 |  | — |  | — |  |  |  |  | — |  | — |  | — |  | — |
Unconsolidated JV normalizing items | 96 | 154 |  | 83 |  | 95 |  |  |  |  | 90 |  | 54 |  | 55 |  | 27 |
Normalized FFO | $159,801 |  | $162,728 |  | $67,019 |  | $64,788 |  |  |  |  | $64,591 |  | $62,441 |  | $60,759 |  | $58,289 |

1 Includes above and below market lease intangibles, interest income related to sales-type leases, lease inducements, lease termination fees, deferred financing cost amortization, and principle related to investment in financing receivable and TI amortization.
2 Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.
3 Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 24

EBITDA Reconciliations
DOLLARS IN THOUSANDS
REFLECTS COMBINED COMPANY RESULTS FOR ALL PERIODS

RECONCILIATION OF EBITDA |  |  |  |
|  | 3Q 2022 | 2Q 2022
| 4Q 2022 | PROFORMA FULL QUARTER | AS REPORTED | PRE-MERGER COMBINED
Net income | ($35,764) |  | $21,533 |  | $28,615 |  | $20,552 |
Interest expense | 64,443 |  | 60,391 |  | 53,044 |  | 40,303 |
Depreciation and amortization | 185,275 |  | 186,643 |  | 158,117 |  | 130,782 |
Unconsolidated JV depreciation and amortization | 4,020 |  | 3,526 |  | 3,526 |  | 3,295 |
EBITDA | $217,974 |  | $272,093 |  | $243,302 |  | $194,932 |
Leasing commission amortization | 2,706 |  | 2,731 |  | 2,731 |  | 2,683 |
Gain on sales of real estate properties | (73,083) |  | (143,908) |  | (143,908) |  | (8,496) |
Impairments on real estate properties | 54,452 |  | — |  | — |  | — |
EBITDAre 1 | $202,049 |  | $130,916 |  | $102,125 |  | $189,119 |
EBITDA | $217,974 |  | $272,093 |  | $243,302 |  | $194,932 |
Acquisition and pursuit costs | 92 |  | 482 |  | 482 |  | 1,449 |
Merger-related costs | 10,777 |  | 79,402 |  | 79,402 |  | 12,192 |
Gain on sales of real estate properties | (73,083) |  | (143,908) |  | (143,908) |  | (8,496) |
Impairments on real estate assets | 54,452 |  | — |  | — |  | — |
Loss on extinguishment of debt | (119) |  | 1,091 |  | 1,091 |  | 3,615 |
Unconsolidated JV adjustments | 8 |  | — |  | — |  | — |
Debt Covenant EBITDA | $210,101 |  | $209,160 |  | $180,369 |  | $203,692 |
Leasing commission amortization | 2,706 |  | 2,731 |  | 2,731 |  | 2,683 |
Lease intangible amortization | 137 |  | 127 |  | (2) |  | 584 |
Acquisition/disposition timing impact 2 | (1,704) |  | (3,079) |  | (1,155) |  | 2,337 |
Stock based compensation | 3,573 |  | 3,666 |  | 3,666 |  | 5,547 |
Other normalizing adjustments 3 | — |  | — |  | — |  | 1,702 |
Unconsolidated JV adjustments | 96 |  | 154 |  | 154 |  | 83 |
Adjusted EBITDA | $214,909 |  | $212,759 |  | $185,763 |  | $216,628 |
Run-rate adjustments |  |  |  |
January 2023 asset sales 5 | (1,801) |  |  |  |
Run-rate adjusted EBITDA | $213,108 |  |  |  |

1 Earnings before interest, taxes, depreciation and amortization for real estate ("EBITDAre") is an operating performance measure adopted by NAREIT. NAREIT defines EBITDAre equal to “net income (computed in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, impairments and minus gains on the disposition of depreciated property.”
2 Adjusted to reflect quarterly EBITDA from properties acquired or disposed in the quarter.
3 For the three months ended June 30, 2022, other normalizing adjustments for HTA include the following: (i) legal and professional fees related to the whistleblower investigation and other audit committee matters of $1.0 million; and (ii) net costs related to nonrecurring legal and tenant matters of $0.7 million. For the six months ended June 30, 2022, other normalizing adjustments include the following: (i) legal and professional fees related to the whistleblower investigation and other audit committee matters of $1.1 million; (ii) net costs related to nonrecurring legal and tenant matters of $0.8 million; (iii) additional board meeting fees of $0.2 million; and (iv) professional fees related to strategic review matters of $0.1 million.
4 FFO and EBITDA includes the impact of straight-line rent.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 25

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

CASH NOI BY PROPERTY TYPE
| 4Q 2022 |
ASSET TYPE | SAME STORE 1 | ACQ./DEV. COMPLETIONS 2 | JOINT VENTURE | REDEVELOPMENT | TIMING/OTHER ADJUSTMENTS 3 | ADJUSTED CASH NOI |  | ANNUALIZED ADJUSTED NOI
MOB/outpatient | $163,240 |  | $19,376 |  | $3,842 |  | $2,567 |  | $2,399 |  | $191,424 |  |  | $765,696 |
Inpatient/Surgical | 12,485 |  | — |  | 737 |  | — |  | — |  | 13,222 |  |  | 52,888 |
Office | 7,411 |  | — |  | — |  | — |  | — |  | 7,411 |  |  | 29,644 |
Total Cash NOI | $183,136 |  | $19,376 |  | $4,579 |  | $2,567 |  | $2,399 |  | $212,057 |  |  | $848,228 |

DEVELOPMENT PROPERTIES |  |  | TOTAL SHARES OUTSTANDING
Land held for development | $74,265 |  |  | As of February 24, 2023 8 | 384,822,854
Re/development budget | 235,400 |  |  |  |  |  |
| $309,665 |  |  | IMPLIED CAP RATE
|  |  |  |  | STOCK PRICE | IMPLIED CAP RATE
|  |  | As of February 24, 2023 8 | $19.68 | 6.7 | %
OTHER ASSETS |  |  |  |
Assets held for sale 4 | $19,210 |  |  | 4Q 2022 High | $21.40 | 6.3 | %
Unstabilized properties 5 | 273,105 |  |  | 4Q 2022 Low | $18.39 | 6.9 | %
Cash and other assets 6 | 337,961 |  |  |  |  |  |
| $630,276 |  |  |  |  |  |
DEBT |  |  |  |  |  |
Unsecured credit facility | $385,000 |  |  |  |  |  |
Unsecured term loans | 1,500,000 |  |  |  |  |  |
Senior notes | 3,699,500 |  |  |  |  |  |
Mortgage notes payable | 84,122 |  |  |  |  |  |
Company share of joint venture debt | 23,572 |  |  |  |  |  |
Remaining re/development funding | 151,071 |  |  |  |  |  |
Other liabilities 7 | 273,045 |  |  |  |  |  |
| $6,116,310 |  |  |  |  |  |

1 See NOI Performance schedule on page 22 for details on same store NOI.
2 Adjusted to reflect quarterly NOI from properties acquired or stabilized re/developments completed during the full eight quarter period that are not included in same store NOI.
3 Ti ming adjustments include adjustments to reflect full quarterly stabilized NOI of current quarter acquisitions of $0.3 million, re/development completion adjustments of $0.7 million, and management fee income of $1.9 million. This is partially offset by $0.5 million of positive NOI for unstabilized properties, which are shown in other assets
4 Assets held for sale includes one real estate property that is excluded from same store NOI and reflects the expected sale price.
5 Includes 39 properties comprising 1.2 million square feet that generated positive NOI of $0.5 million at gross book value.
6 Includes cash of $61.0 million, prepaid assets of $85.3 million, notes receivable of $99.6 million, accounts receivable of $51.8 million, prepaid ground leases of $18.0 million, and other investments of $6.0 million. In addition, includes the Company's occupied portion of its corporate headquarters in Nashville and Charleston of $16.3 million.
7 Includes 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 $244.0 million, security deposits of $28.5 million, and deferred operating expense reimbursements of $0.5 million.
8 Total shares outstanding includes OP units.

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 26

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

|  | 2022 | EXPECTED 2023 |  |  |
|  | ACTUAL | LOW | HIGH |  |  |  |  |
SAME STORE |  |  |  |  |  |  |  |  |
Total absorption (bps) |  | 50 | 40 | 80 |  |  |  |  |
Revenue per occupied square foot |  | $35.49 | $36.25 | $37.00 |  |  |  |  |
Cash NOI margin |  | 64.9 | % | 64.0 | % | 65.0 | % |  |  |  |  |
Cash leasing spreads |  | 2.8 | % | 3.0 | % | 4.0 | % |  |  |  |  |
Lease retention rate |  | 78.9 | % | 75.0 | % | 90.0 | % |  |  |  |  |
Cash NOI growth |  | 2.5 | % | 2.5 | % | 3.5 | % |  |  |  |  |
NON-SAME STORE |  |  |  |  |  |  |  |  |
Normalized G&A |  | 81,640 | 57,000 | 60,000 |  |  |  |  |
Straight-line rent, net |  | 20,124 | 32,000 | 36,000 |  |  |  |  |
Funding activity |  |  |  |  |  |  |  |  |
Acquisitions |  | $530,053 | $75,000 | $125,000 |  |  |  |  |
Completed dispositions |  | 1,272,986 | 112,810 | 112,810 |  |  |  |  |
Additional dispositions |  |  | 225,000 | 350,000 |  |  |  |  |
Re/development |  | 79,410 | 100,000 | 125,000 |  |  |  |  |
1st generation TI and acq. capex |  | 63,341 | 45,000 | 85,000 |  |  |  |  |
Maintenance capex |  |  |  |  |  |  |  |  |
2nd generation TI |  | 54,309 | 50,000 | 60,000 |  |  |  |  |
Leasing commissions paid |  | 31,992 | 30,000 | 35,000 |  |  |  |  |
Capital expenditures |  | 64,011 | 60,000 | 65,000 |  |  |  |  |
Total maintenance capex |  | 150,312 | 140,000 | 160,000 |  |  |  |  |
Cash yield |  |  |  |  |  |  |  |  |
Acquisitions |  | 5.3 | % | 6.0 | % | 6.5 | % |  |  |  |  |
Dispositions |  | 4.8 | % | 6.0 | % | 7.0 | % |  |  |  |  |
Development (stabilized) |  |  | 6.5 | % | 8.0 | % |  |  |  |  |
Redevelopment (stabilized) |  |  | 8.0 | % | 11.0 | % |  |  |  |  |
Net debt to adjusted EBITDA |  | 6.4x | 6.0x | 6.5x |  |  |  |  |

HEALTHCARE REALTY | 4Q 2022 SUPPLEMENTAL INFORMATION 27