EX-99.2 3 exhibit992supplementalinfo.htm EX-99.2

Document

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		%

1FFO and EBITDA includes the impact of straight-line rent.

2Adjustments to reflect quarterly NOI/EBITDA from properties acquired or disposed of in the quarter.

3Quarterly 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% of its portfolio.

EXECUTIVE OFFICERS

Todd J. Meredith

President and Chief Executive Officer

John M. Bryant, Jr.

Executive Vice President and General Counsel

J. Christopher Douglas

Executive Vice President and Chief Financial Officer

Robert E. Hull

Executive Vice President - Investments

Julie F. Wilson

Executive Vice President - Operations

ANALYST COVERAGE

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

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

HEALTHCARE REALTY 4Q 2022 SUPPLEMENTAL INFORMATION 8

Statements of Income1

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)

1On 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.

2Includes 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

1On 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.

2Funds 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.”

3FFO, 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.

4Acquisition and pursuit costs include third party and travel costs related to the pursuit of acquisitions and developments.

5Non-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.

6Beginning 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.

7Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and acquisition and pursuit costs.

8Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.

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

10Quarterly 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.

11The 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

1On 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.

2Acquisitions include properties acquired through joint ventures at the Company's ownership percentage.

3Acquisition capex includes near-term fundings underwritten as part of recent acquisitions.

4WALT = weighted average lease term.

HEALTHCARE REALTY 4Q 2022 SUPPLEMENTAL INFORMATION 11

Debt Metrics1

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		%

1On 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.

2Balances are reflected net of discounts, fair value adjustments, and deferred financing costs and include premiums.

3Includes extension options.

4Reflects $1.2 million of interest rate swaps.

HEALTHCARE REALTY 4Q 2022 SUPPLEMENTAL INFORMATION 12

Debt Covenants & Liquidity1

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

1On 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.

2Does 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.

3Adjusted 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.

4Based on the closing price of $19.27 on December 31, 2022 and 384,632,887 shares outstanding.

5Annualized 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		%

1For dispositions, cap rate represents the in-place cash NOI divided by sales price.

2Includes 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.

3Includes two properties, sold in two separate transactions to the same buyer on the same date.

4Values 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		%

1Includes joint venture acquisitions at full acquisition price.

2For acquisitions, cap rate represents the forecasted first year NOI divided by purchase price. Does not include fees earned related to the unconsolidated joint venture.

3The 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

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

2Redevelopment 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.

3If project is identified as development (dev), then amount is projected building size. If project is a redevelopment (redev), then amount is existing building size.

4If 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		%

1On 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.

2Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage.

3Excludes assets held for sale, land held for development, construction in progress and corporate property.

4The 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

1On 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.

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.

6Includes HTA on a full quarter proforma basis.

7Based on square footage, 77.1% is associated and 40.1% is leased by an investment-grade rated healthcare provider.

8Includes 38 properties associated with a hospital system that is not credit rated.

9Includes 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		%

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

2Proximity to hospital campus includes acute care hospitals with inpatient beds. The Company does not consider inpatient rehab hospitals (IRFs), skilled nursing facilities (SNFs) or long-term acute care hospitals (LTACHs) to be hospital campuses for distance calculations.

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

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

5A cluster is defined as at least two properties within a geographic radius of two miles. The Company believes clusters provide operational efficiencies and greater local leasing knowledge that accelerate NOI growth.

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

HEALTHCARE REALTY 4Q 2022 SUPPLEMENTAL INFORMATION 19

Lease Maturity & Occupancy1

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		%

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

2The average lease size in the multi-tenant portfolio is 3,993 square feet.

3WALTR = 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

1Excludes recently acquired or disposed properties, construction in progress, land held for development, corporate property, planned dispositions and assets classified as held for sale.

2Excludes leases with lease terms of one year or less.

3Includes redevelopment properties, development completion, and joint ventures.

4Tenant 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		%

1Excludes 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.

2Revenue 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

1Includes 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.

2Includes 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.

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

4Includes 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

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

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

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

HEALTHCARE REALTY 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

1Earnings 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.”

2Adjusted to reflect quarterly EBITDA from properties acquired or disposed in the quarter.

3For 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.

4FFO 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

1See NOI Performance schedule on page 22 for details on same store NOI.

2Adjusted 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.

3Timing 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

4Assets held for sale includes one real estate property that is excluded from same store NOI and reflects the expected sale price.

5Includes 39 properties comprising 1.2 million square feet that generated positive NOI of $0.5 million at gross book value.

6Includes 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.

7Includes only liabilities that are expected to reduce future cash or NOI and that are currently producing non-cash benefits to NOI. Included are accounts payable and accrued liabilities of $244.0 million, security deposits of $28.5 million, and deferred operating expense reimbursements of $0.5 million.

8Total 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