EX-99.2 3 exhibit992supplementalinfo.htm EX-99.2

1Q2023
Supplemental Information
FURNISHED AS OF MAY 9, 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 | Investment Activity
15 | Re/development Activity
16 | Portfolio
17 | Health Systems
18 | MOB Proximity to Hospital
19 | Lease Maturity & Occupancy
20 | Leasing Statistics
21 | NOI Performance
22 | NOI Reconciliations
23 | EBITDA Reconciliations
25 | Components of Net Asset Value
26 | 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 | 1Q 2023 SUPPLEMENTAL INFORMATION 3

Highlights

QUARTERLY HIGHLIGHTS

•Net loss attributable to common stockholders for the three months ended March 31, 2023 was $87.1 million or $0.23 per diluted common share.
•Normalized FFO per share totaled $0.40.
•Same store cash NOI, including the Company's share of joint ventures, for the first quarter increased 2.8% over the prior year. For the trailing twelve months ended March 31, 2023, same store cash NOI, including the Company's share of joint ventures, grew 2.9%.
•Predictive growth measures in the same store portfolio include:
◦Average in-place rent i ncreases of 2.7%
◦Future annual contractual increases of 2.9% for leases commencing in the quarter.
◦Weighted average cash leasing sp reads of 3.1% on 954,000 square feet renewed:
▪7% (<0% spread)
▪22% (0-3%)
▪52% (3-4%)
▪19% (>4%)
◦Tenant retention of 82.3%
◦Year-over-year absorption of 150,000 square feet resulted in an average occupancy increase of 50 basis points, to 89.0%.
•Portfolio leasing activity in the first quarter totaled 1,463,000 square feet related to 338 leases:
◦1,039,000 square feet of renewals
◦424,000 square feet of new and expansion leases
•Since January 31st, the Company has closed $96.0 million of asset sales. Year-to-date, the Company closed joint ventures and asset sale transactions totaling $208.8 million at a weighted average cap rate of 6.5%.
•The Company reserved $2.4 million, or approximately $0.01 per share, of first quarter revenue related to Legacy HTA assets more fully described below.
◦The Company reserved $1.5 million of rental income for three skilled nursing facilities in Florida, and $0.9 million in interest income due under a $54.1 million mezzanine construction loan for a project in Houston.
◦In addition, the Company recorded an allowance for credit loss of $5.2 million against the mezzanine loan principal balance and $3.4 million for previously deferred rent from the skilled nursing facilities. The Company normalized for the non-cash charges related to these balance sheet allowances.
◦The Company expects to generate in excess of $100 million in proceeds over the next twelve months from the repayment of the loan and the sale of the skilled nursing facilities.
◦The Company does not have any additional mezzanine loans or skilled nursing facilities in the portfolio.
•In March, the Company acquired an outpatient medical facility in Tampa, FL totaling 116,000 square feet for $31.5 million at a 6.6% cap rate. This building is adjacent to the 465-bed BayCare St. Joseph's Hospital. The Company now owns three buildings totaling 172,000 square feet in this cluster.
•In the first quarter, the Company entered into new interest rate swaps totaling $150 million at a weighted average rate of 3.8%. In January, $300 million of interest rate swaps expired.
•Net debt to adjusted EBITDA was 6.6 times at the end of the quarter. Leverage is expected to decline from additional asset sales and underlying portfolio NOI growth.
•A dividend of $0.31 per share was paid in March, which equaled 95% of FAD. For the trailing twelve months, quarterly dividends paid equaled 97% of FAD. A dividend of $0.31 per share will be paid on June 2, 2023 to stockholders and OP unitholders of record on May 16, 2023.

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 4

Highlights

•On Tuesday, May 9, 2023, at 10:00 a.m. Central Time, Healthcare Realty Trust has scheduled a conference call to discuss earnings results, quarterly activities, general operations of the Company and industry trends. Simultaneously, a webcast of the conference call will be available to interested parties at www.healthcarerealty.com under the Investor Relations section. A webcast replay will be available following the call at the same address. Conference Call Access Details: Domestic Dial-In Number: +1 833-470-1428 access code 420531; All Other Locations: +1 404-975-4839 access code 420531. Replay Information: Domestic Dial-In Number: 866-813-9403 access code 380939; All Other Locations: +1 929-458-6194 access code 380939

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 5

Salient Facts 1
AS OF MARCH 31, 2023

| Properties |  |
| 715 properties totaling 41.8M SF |
| 71 markets in 35 states |
| 93% managed by Healthcare Realty |
| 92% outpatient medical facilities |
| 60% of NOI in Top 15 Markets |
| Capitalization |
| $13.1B enterprise value as of 3/31/23 |
| $7.4B market capitalization as of 3/31/23 |
| 384.9M shares outstanding (including OP units) |
| $0.31 quarterly dividend per share |
| BBB/Baa2 S&P/Moody's |
| 43.0% net debt to enterprise value at 3/31/23 |
| 6.6x net debt to adjusted EBITDA |

1 Includes properties held in joint ventures.

HEALTHCARE REALTY | 1Q 2023 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 March 31, 2023, the Company was invested in 715 real estate properties in 35 states totaling 41.8 million square feet and had an enterprise value of approximately $13.1 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
| Stifel, Nicolaus & Company, Inc.
| Wells Fargo Securities, LLC

BOARD OF DIRECTORS

J. Knox Singleton
Chairman, Healthcare Realty Trust Incorporated
Retired Chief Executive Officer, Inova Health System
W. Bradley Blair, II
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
Retired Executive Vice President and Chief Operating Officer
Ascension Texas
David R. Emery (1944-2019)
Chairman Emeritus
Healthcare Realty Trust Incorporated

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 7

Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

ASSETS |  |  |  |  |
| 1Q 2023 | 4Q 2022 | 3Q 2022 |  |
Real estate properties |  |  |  |  |
Land | $1,412,805 |  | $1,439,798 |  | $1,449,550 |  |  |
Buildings and improvements | 11,196,297 |  | 11,332,037 |  | 11,439,797 |  |  |
Lease intangibles | 929,008 |  | 959,998 |  | 968,914 |  |  |
Personal property | 11,945 |  | 11,907 |  | 11,680 |  |  |
Investment in financing receivables, net | 120,692 |  | 120,236 |  | 118,919 |  |  |
Financing lease right-of-use assets | 83,420 |  | 83,824 |  | 79,950 |  |  |
Construction in progress | 42,615 |  | 35,560 |  | 43,148 |  |  |
Land held for development | 69,575 |  | 74,265 |  | 73,321 |  |  |
Total real estate investments | 13,866,357 |  | 14,057,625 |  | 14,185,279 |  |  |
Less accumulated depreciation and amortization | (1,810,093) |  | (1,645,271) |  | (1,468,736) |  |  |
Total real estate investments, net | 12,056,264 |  | 12,412,354 |  | 12,716,543 |  |  |
Cash and cash equivalents | 49,941 |  | 60,961 |  | 57,583 |  |  |
Assets held for sale, net | 3,579 |  | 18,893 |  | 185,074 |  |  |
Operating lease right-of-use assets | 336,112 |  | 336,983 |  | 321,365 |  |  |
Investments in unconsolidated joint ventures | 327,746 |  | 327,248 |  | 327,752 |  |  |
Other assets, net and goodwill | 795,242 |  | 693,192 |  | 587,126 |  |  |
Total assets | $13,568,884 |  | $13,849,631 |  | $14,195,443 |  |  |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |
| 1Q 2023 | 4Q 2022 | 3Q 2022 |  |
Liabilities |  |  |  |  |
Notes and bonds payable | $5,361,699 |  | $5,351,827 |  | $5,570,139 |  |  |
Accounts payable and accrued liabilities | 155,210 |  | 244,033 |  | 231,018 |  |  |
Liabilities of properties held for sale | 277 |  | 437 |  | 10,644 |  |  |
Operating lease liabilities | 279,637 |  | 279,895 |  | 268,840 |  |  |
Financing lease liabilities | 73,193 |  | 72,939 |  | 72,378 |  |  |
Other liabilities | 232,029 |  | 218,668 |  | 203,398 |  |  |
Total liabilities | 6,102,045 |  | 6,167,799 |  | 6,356,417 |  |  |
Redeemable non-controlling interests | 2,000 |  | 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 | 3,808 |  | 3,806 |  | 3,806 |  |  |
Additional paid-in capital | 9,591,194 |  | 9,587,637 |  | 9,586,556 |  |  |
Accumulated other comprehensive (loss) income | (8,554) |  | 2,140 |  | 5,524 |  |  |
Cumulative net income attributable to common stockholders | 1,219,930 |  | 1,307,055 |  | 1,342,819 |  |  |
Cumulative dividends | (3,447,750) |  | (3,329,562) |  | (3,211,492) |  |  |
Total stockholders' equity | 7,358,628 |  | 7,571,076 |  | 7,727,213 |  |  |
Non-controlling interest | 106,211 |  | 108,742 |  | 111,813 |  |  |
Total equity | 7,464,839 |  | 7,679,818 |  | 7,839,026 |  |  |
Total liabilities and stockholders' equity | $ | 13,568,884 |  | $ | 13,849,631 |  | $ | 14,195,443 |  |  |

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 8

Statements of Income
DOLLARS IN THOUSANDS

| 1Q 2023 | 4Q 2022 |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income | $324,093 | $329,399 |  |  |  |  |  |  |  |  |  |  |
Interest income | 4,214 | 4,227 |  |  |  |  |  |  |  |  |  |  |
Other operating | 4,618 | 4,436 |  |  |  |  |  |  |  |  |  |  |
| 332,925 | 338,062 |  |  |  |  |  |  |  |  |  |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating | 122,040 | 117,009 |  |  |  |  |  |  |  |  |  |  |
General and administrative | 14,935 | 14,417 |  |  |  |  |  |  |  |  |  |  |
Acquisition and pursuit costs 1 | 287 | 92 |  |  |  |  |  |  |  |  |  |  |
Merger-related costs | 4,855 | 10,777 |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 184,479 | 185,275 |  |  |  |  |  |  |  |  |  |  |
| 326,596 | 327,570 |  |  |  |  |  |  |  |  |  |  |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense before merger-related fair value | (52,895) | (52,464) |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | (10,864) | (11,979) |  |  |  |  |  |  |  |  |  |  |
Interest expense | (63,759) | (64,443) |  |  |  |  |  |  |  |  |  |  |
Gain on sales of real estate properties | 1,007 | 73,083 |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on extinguishment of debt | — | 119 |  |  |  |  |  |  |  |  |  |  |
Impairment of real estate assets and credit loss reserves | (31,422) | (54,452) |  |  |  |  |  |  |  |  |  |  |
Equity (loss) gain from unconsolidated joint ventures | (780) | 89 |  |  |  |  |  |  |  |  |  |  |
Interest and other income (expense), net | 547 | (1,168) |  |  |  |  |  |  |  |  |  |  |
| (94,407) | (46,772) |  |  |  |  |  |  |  |  |  |  |
Net (loss) income | $(88,078) | $(36,280) |  |  |  |  |  |  |  |  |  |  |
Net loss (income) attributable to non-controlling interests | 953 | 516 |  |  |  |  |  |  |  |  |  |  |
Net (loss) income attributable to common stockholders | $(87,125) | $(35,764) |  |  |  |  |  |  |  |  |  |  |
Basic earnings per common share | $(0.23) | $(0.10) |  |  |  |  |  |  |  |  |  |  |
Diluted earnings per common share | $(0.23) | $(0.10) |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - basic | 378,840 | 378,617 |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - diluted 2 | 378,840 | 378,617 |  |  |  |  |  |  |  |  |  |  |

1 Includes third party and travel costs related to the pursuit of acquisitions and developments.
2 Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount. As a result, the Company's OP totaling 4,042,993 units was not included.

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 9

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

| 1Q 2023 | 4Q 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to common stockholders | $(87,125) | $(35,764) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to common stockholders per share 3 | $(0.23) | $(0.10) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales of real estate assets | $(1,007) | (73,083) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairments of real estate assets | 26,227 |  | 54,452 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate depreciation and amortization | 186,109 |  | 186,658 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling (loss) income from partnership units | (1,067) |  | (382) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV depreciation and amortization | 4,841 | 4,020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO adjustments | $215,103 | $171,665 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO adjustments per common share - diluted | $0.56 | $0.45 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO | $127,978 | $135,901 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO per common share - diluted | $0.33 | $0.35 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition and pursuit costs | 287 | 92 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related costs | 4,855 | 10,777 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease intangible amortization | 146 | 137 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-routine legal costs/forfeited earnest money received | — | 194 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt financing costs | — | 625 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses 4 | 8,599 | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | 10,864 | 11,979 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV normalizing items 5 | 117 | 96 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjustments | $24,868 | $23,900 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjustments per common share - diluted | $0.06 | $0.06 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO | $152,846 | $159,801 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO per common share - diluted | $0.40 | $0.42 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate depreciation and amortization | 604 | 624 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-cash interest amortization, net 6 | 682 | 2,284 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rent reserves, net | 1,371 | (100) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent income, net | (8,246) | (9,873) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation | 3,745 | 3,573 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV non-cash items 7 | (227) | (316) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjusted for non-cash items | 150,775 | 155,993 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI | (8,882) | (13,523) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | (7,013) | (7,404) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (8,946) | (25,669) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total maintenance capex | (24,841) | (46,596) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FAD | $125,934 | $109,397 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly dividends and OP distributions | $119,442 | $119,323 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO wtd avg common shares outstanding - diluted 8 | 383,335 | 383,228 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

1 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.”
2 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.
3 Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount.
4 Includes a $5.2 million credit allowance for a mezzanine loan included in "Impairment of real estate and credit loss reserves" on the Statement of Income and $3.4 million reserve included in “Rental Income” on the Statement of Income for previously deferred rent and straight line rent for three skilled nursing facilities.
5 Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and acquisition and pursuit costs.
6 Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.
7 Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.
8 The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 401,937 for the three months ended March 31, 2023. Als o includes the diluted impact of 4,042,993 OP units outstanding.

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 10

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

ACQUISITION AND RE/DEVELOPMENT FUNDING |  |  |  |  |  |
| Post-merger | Pre-merger |  |  |  |  |  |  |
| 1Q 2023 | 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 |  |  |  |  |  |  |
Acquisitions 2 | $31,500 | $26,388 | $91,253 | $163,762 | $172,663 |  |  |  |  |  |  |
Re/development | 16,928 | 23,372 | 31,546 | 9,387 | 7,664 |  |  |  |  |  |  |
1st generation TI & acquisition capex 3 | 11,870 | 21,218 | 12,596 | 8,103 | 7,473 |  |  |  |  |  |  |
MAINTENANCE CAPITAL EXPENDITURES FUNDING
| 1Q 2023 | 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 |  |  |  |  |  |  |
2nd generation TI | $8,882 | $13,523 | $11,763 | $5,051 | $4,899 |  |  |  |  |  |  |
Leasing commissions paid | 7,013 | 7,404 | 8,739 | 3,475 | 3,767 |  |  |  |  |  |  |
Capital expenditures | 8,946 | 25,669 | 17,461 | 4,557 | 2,620 |  |  |  |  |  |  |
| $24,841 | $46,596 | $37,963 | $13,083 | $11,286 |  |  |  |  |  |  |
% of Cash NOI |  |  |  |  |  |
2nd generation TI | 4.2 | % | 6.4 | % | 5.5 | % | 5.6 | % | 5.6 | % |  |  |  |  |  |  |
Leasing commissions paid | 3.3 | % | 3.5 | % | 4.1 | % | 3.9 | % | 4.3 | % |  |  |  |  |  |  |
Capital expenditures | 4.3 | % | 12.1 | % | 8.1 | % | 5.1 | % | 3.0 | % |  |  |  |  |  |  |
| 11.8 | % | 22.0 | % | 17.7 | % | 14.6 | % | 12.9 | % |  |  |  |  |  |  |
LEASING COMMITMENTS
| 1Q 2023 | 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 |  |  |  |  |  |  |
Renewals |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 949,285 | 623,363 | 632,690 | 205,400 | 260,202 |  |  |  |  |  |  |
2nd generation TI/square foot/lease year | $1.84 | $1.90 | $1.66 | $1.66 | $1.73 |  |  |  |  |  |  |
Leasing commissions/square foot/lease year | $0.87 | $0.78 | $1.03 | $1.15 | $1.04 |  |  |  |  |  |  |
Renewal commitments as a % of annual net rent | 11.5 | % | 11.7 | % | 10.5 | % | 11.4 | % | 11.0 | % |  |  |  |  |  |  |
WALT (in months) 4 | 56.8 | 51.7 | 50.1 | 39.7 | 42.9 |  |  |  |  |  |  |
New leases |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 274,344 | 297,340 | 262,904 | 79,467 | 96,001 |  |  |  |  |  |  |
2nd generation TI/square foot/lease year | $4.44 | $6.25 | $4.84 | $7.07 | $5.93 |  |  |  |  |  |  |
Leasing commissions/square foot/lease year | $0.83 | $1.49 | $1.39 | $1.65 | $1.90 |  |  |  |  |  |  |
New lease commitments as a % of annual net rent | 21.6 | % | 36.2 | % | 28.1 | % | 40.6 | % | 32.2 | % |  |  |  |  |  |  |
WALT (in months) 4 | 84.7 | 72.7 | 87.1 | 77.4 | 76.9 |  |  |  |  |  |  |
All |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 1,223,629 | 920,703 | 895,594 | 284,867 | 356,203 |  |  |  |  |  |  |
Leasing commitments as a % of annual net rent | 14.7 | % | 21.0 | % | 16.9 | % | 22.6 | % | 19.2 | % |  |  |  |  |  |  |
WALT (in months) 4 | 63.1 | 58.4 | 61.0 | 50.2 | 52.1 |  |  |  |  |  |  |

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 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 | 1Q 2023 SUPPLEMENTAL INFORMATION 11

Debt Metrics 1
DOLLARS IN THOUSANDS

SUMMARY OF INDEBTEDNESS AS OF MARCH 31, 2023 |
| PRINCIPAL BALANCE | BALANCE 1 | MATURITY DATE | MONTHS TO MATURITY 2 | INTEREST EXPENSE | CONTRACTUAL INTEREST EXPENSE | CONTRACTUAL RATE | EFFECTIVE RATE | FAIR VALUE MERGER ADJUSTED
SENIOR NOTES | $250,000 | $249,206 | 5/1/2025 | 25 |  | $2,470 | $2,422 | 3.88 | % | 4.12 | % |
600,000 | 573,410 | 8/1/2026 | 40 |  | 7,073 | 5,250 | 3.50 | % | 4.94 | % | Y
500,000 | 480,578 | 7/1/2027 | 51 |  | 5,712 | 4,687 | 3.75 | % | 4.76 | % | Y
300,000 | 296,995 | 1/15/2028 | 58 |  | 2,782 | 2,719 | 3.63 | % | 3.85 | % |
650,000 | 567,863 | 2/15/2030 | 83 |  | 7,498 | 5,037 | 3.10 | % | 5.30 | % | Y
299,500 | 296,479 | 3/15/2030 | 84 |  | 1,927 | 1,797 | 2.40 | % | 2.72 | % |
300,000 | 295,671 | 3/15/2031 | 96 |  | 1,592 | 1,538 | 2.05 | % | 2.25 | % |
800,000 | 636,819 | 3/15/2031 | 96 |  | 8,127 | 4,000 | 2.00 | % | 5.13 | % | Y
| $3,699,500 | $3,397,021 |  | 68 |  | $37,181 | $27,450 | 2.97 | % | 4.43 | % |
TERM LOANS | $350,000 | $349,494 | 7/20/2025 | 28 |  | $4,870 | $4,870 | SOFR + 1.05% | 5.72 | % |
200,000 | 199,728 | 5/31/2026 | 38 |  | 2,783 | 2,783 | SOFR + 1.05% | 5.72 | % |
150,000 | 149,532 | 6/1/2026 | 38 |  | 2,087 | 2,087 | SOFR + 1.05% | 5.72 | % |
300,000 | 299,941 | 10/31/2026 | 43 |  | 4,175 | 4,175 | SOFR + 1.05% | 5.72 | % |
200,000 | 199,397 | 7/1/2027 | 51 |  | 2,783 | 2,783 | SOFR + 1.05% | 5.72 | % |
300,000 | 297,974 | 1/12/2028 | 57 |  | 4,175 | 4,175 | SOFR + 1.05% | 5.72 | % |
| $1,500,000 | $1,496,066 |  | 42 |  | $20,873 | $20,873 |  | 5.72 | % |
$1.5B CREDIT FACILITY | $385,000 | $385,000 | 10/31/2027 | 55 |  | $4,577 | $4,577 | SOFR + 0.95% | 5.76 | % |
MORTGAGES | $83,455 | $83,612 | various | 23 |  | $861 | $852 | 4.07 | % | 4.00 | % |
| $5,667,955 | $5,361,699 |  | 57 | $63,492 | $53,752 | 3.90 | % | 4.88 | % | $2,550,000
Interest rate swaps | (3,911) | (3,911) |  |  |
Interest cost capitalization | (570) | — |  |  |
Unsecured credit facility fee & deferred financing costs | 2,401 | 925 |  |  |
Amortization of fair value of January 2024 swap 3 | 1,429 | — | 1.21 | % | 3.21 | % | Y
Financing right-of-use asset amortization | 918 | — |  |  |
|  |  |  |  | $63,759 | $50,766 |  |  |

DEBT MATURITIES SCHEDULE AS OF MARCH 31, 2023
|  | PRINCIPAL PAYMENTS |  |
|  | BANK LOANS | SENIOR NOTES | MORTGAGE NOTES | TOTAL |  | WA RATE
2023 |  |  |  | $18,212 | $18,212 |  | 3.82 | %
2024 |  |  |  | 25,353 | 25,353 |  | 4.41 | %
2025 |  | $350,000 | $250,000 | 16,250 | 616,250 |  | 4.93 | %
2026 |  | 650,000 | 600,000 | 23,640 | 1,273,640 |  | 4.64 | %
2027 |  | 585,000 | 500,000 |  | 1,085,000 |  | 4.82 | %
2028 |  | 300,000 | 300,000 |  | 600,000 |  | 4.67 | %
Thereafter |  |  | 2,049,500 |  | 2,049,500 |  | 2.41 | %
Total |  | $1,885,000 | $3,699,500 | $83,455 | $5,667,955 |  | 3.90 | %
Fixed rate debt balance 4 |  | $1,000,000 | $3,699,500 | $83,455 | $4,782,955 |  |
% fixed rate debt to net debt |  |  | 85.1 | % |  |
Company share of JV debt |  | $27,640 |  |  |

INTEREST RATE SWAPS
MATURITY | AMOUNT | FIXED SOFR RATE
January 2024 | 200,000 |  | 1.21 | %
May 2026 | 100,000 |  | 2.15 | %
June 2026 | 150,000 |  | 3.83 | %
December 2026 | 150,000 |  | 3.84 | %
June 2027 | 150,000 |  | 4.13 | %
December 2027 | 250,000 |  | 3.79 | %
As of 3/31/2023 | $ | 1,000,000 |  | 3.17 | %

1 Balances are reflected net of discounts, fair value adjustments, and deferred financing costs and include premiums.
2 Includes extension options.
3 Interest expense includes $0.4 million of amortization related to the January 2023 expiring swap.
4 Reflects $1.0 billion of interest rate swaps.

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 12

Debt Covenants & Liquidity 1
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED MARCH 31, 2023 2 |
| CALCULATION | REQUIREMENT | PER DEBT COVENANTS
Revolving credit facility and term loan |  |
Leverage ratio | Total debt/total capital | Not greater than 60% | 38.9 | %
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% | 41.6 | %
Fixed charge coverage ratio | EBITDA/fixed charges | Not less than 1.50x | 3.4x
Unsecured coverage ratio | Unsecured EBITDA/unsecured interest | Not less than 1.75x | 3.4x
Asset investments | Unimproved land, JVs & mortgages/total assets | Not greater than 35% | 6.9 | %
Senior Notes |  |  |
Incurrence of total debt | Total debt/total assets | Not greater than 60% | 38.9 | %
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% | 254.3 | %
Debt service coverage | EBITDA/interest expense | Not less than 1.5x | 3.0x
Other |  |  |
Net debt to adjusted EBITDA 3 | Net debt (debt less cash)/adjusted EBITDA | Not required | 6.6x
Net debt to enterprise value 4 | Net debt/enterprise value | Not required | 43.0 | %

LIQUIDITY SOURCES
Cash | $49,941
Unsecured credit facility availability | 1,115,000
Consolidated unencumbered assets (gross) 5 | 13,643,729

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 See page 24 for a reconciliation of adjusted EBITDA.
4 Based on the closing price of $19.33 on March 31, 2023 and 384,859,422 shares outstanding including outstanding OP units.
5 Annualized first quarter 2023 unencumbered asset NOI was $792.8 million.

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 13

Investment Activity
DOLLARS IN THOUSANDS

MOB ACQUISITION ACTIVITY
MARKET | COUNT | MILES TO CAMPUS | ASSOCIATED HEALTH SYSTEM | CLOSING | SQUARE FEET | LEASED % | PURCHASE PRICE 1 | % OWNERSHIP |
Tampa, FL | 1 | 0.06 | BayCare Health | 3/10/2023 | 115,867 | 98 | % | $31,500 | 100 | % |
YTD average cap rate 2 |  |  |  |  |  | 6.6 | % |  |

DISPOSITIONS TO REPAY ASSET SALE TERM LOAN |
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 |
Total | 3 |  | 260,728 | 100 | % | $112,460 |
ADDITIONAL DISPOSITION ACTIVITY |
LOCATION | COUNT | CLOSING | SQUARE FEET | LEASED % | SALE PRICE |
St. Louis, MO | 1 | 2/10/2023 | 6,500 | 100 | % | $350 |
Los Angeles, CA | 1 | 3/23/2023 | 37,165 | 100 | % | 21,000 |
Los Angeles, CA 5 | 1 | 3/30/2023 | 147,078 | 99 | % | 75,000 |
Total | 3 |  | 190,743 | 99 | % | $96,350 |
YTD total disposition activity |  | 451,471 |  | $208,810 |
YTD average cap rate 6 |  |  |  | 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 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.
5 The Company entered into a mortgage note agreement with the buyer for $45 million.
6 For dispositions, cap rate represents the in-place cash NOI divided by sales price.

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 14

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 | $12,962 | 2Q 2021 | 3Q 2023
Orlando, FL 1 | Advent Health |  | 156,566 | 74 | % | 65,000 | 44,113 | 1Q 2022 | 2Q 2024
Raleigh, NC | UNC REX Health |  | 120,694 | 17 | % | 52,600 | 36,948 | 2Q 2022 | 4Q 2024
Orlando, FL | Exalt Health |  | 45,000 | 100 | % | 25,900 | 23,146 | 1Q 2023 | 1Q 2025
Total development |  | 428,454 | 55 | % | $187,500 | $117,169 |  |
Projected stabilized yield - 6.5%-8.0% |  |  |
Estimated stabilization period post completion - 12 - 36 months |  |  |
Active redevelopment |  |  |  |  |  |  |
Dallas, TX | Baylor Scott & White |  | 217,114 | 65 | % | 17,500 | 5,141 | 4Q 2020 | 4Q 2023
Washington, DC | Inova Health |  | 259,290 | 79 | % | 21,200 | 18,085 | 1Q 2022 | 2Q 2024
Houston, TX | HCA |  | 314,861 | 62 | % | 30,000 | 28,814 | 2Q 2023 | 4Q 2025
Total redevelopment |  | 791,265 | 68 | % | $68,700 | $52,040 |  |
Projected stabilized yield - 9.0%-12.0% |  |  |
Estimated stabilization period post completion - 12 - 36 months |  |  |
Total active re/development projects | 1,219,719 | 63 | % | $256,200 | $169,209 |  |

PROSPECTIVE RE/DEVELOPMENT
MARKET | TYPE | SQUARE FEET 2 | LEASED % 3 | 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 | % | 59,000 | 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
Chicago, IL | Redev | 73,657 | 55 | % | 12,500 | 2H 2023 | On-campus MOB redevelopment
Washington, DC | Redev | 57,323 | 72 | % | 10,078 | 2H 2023 | Off-campus MOB redevelopment
Charlotte, NC | Redev | 169,135 | 53 | % | 18,700 | 2H 2023 | Two adjacent to campus MOBs redevelopment
Total prospective re/development | 844,115 | 67 | % | $350,278 |  |

1 Investment is a construction loan with purchase rights upon completion.
2 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.
3 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 | 1Q 2023 SUPPLEMENTAL INFORMATION 15

Portfolio 1,2
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 |  |  | 307,783 | 199,800 |  | 3,815,898 | 226,076 | 4,041,974 | 9.7 | % | 9.7 | %
Seattle, WA | 15 |  | 29 |  | 1,592,501 |  |  |  |  |  | 1,592,501 |  | 1,592,501 | 5.9 | % | 15.6 | %
Houston, TX | 5 |  | 34 |  | 2,403,175 |  |  | 150,723 | 57,170 |  | 2,611,068 |  | 2,611,068 | 4.6 | % | 20.2 | %
Boston, MA | 11 |  | 18 |  | 964,945 |  |  |  |  |  | 964,945 |  | 964,945 | 4.5 | % | 24.7 | %
Charlotte, NC | 22 |  | 32 |  | 1,790,415 |  |  |  |  |  | 1,790,415 |  | 1,790,415 | 4.2 | % | 28.9 | %
Denver, CO | 19 |  | 33 |  | 1,780,819 |  |  |  | 93,869 |  | 1,874,688 | 116,616 | 1,991,304 | 4.2 | % | 33.1 | %
Los Angeles, CA | 2 |  | 21 |  | 1,034,336 |  |  | 63,000 | 104,377 |  | 1,201,713 | 702,453 | 1,904,166 | 4.2 | % | 37.3 | %
Atlanta, GA | 9 |  | 28 |  | 1,478,336 |  |  |  |  |  | 1,478,336 |  | 1,478,336 | 3.8 | % | 41.1 | %
Miami, FL | 7 |  | 22 |  | 1,307,086 |  |  | 133,500 |  |  | 1,440,586 |  | 1,440,586 | 3.6 | % | 44.7 | %
Nashville, TN | 36 |  | 12 |  | 1,135,678 |  |  |  | 108,691 |  | 1,244,369 |  | 1,244,369 | 2.8 | % | 47.5 | %
Phoenix, AZ | 10 |  | 35 |  | 1,512,304 |  |  |  |  |  | 1,512,304 |  | 1,512,304 | 2.7 | % | 50.2 | %
Raleigh, NC | 42 |  | 27 |  | 1,103,648 |  |  |  |  |  | 1,103,648 |  | 1,103,648 | 2.7 | % | 52.9 | %
Austin, TX | 29 |  | 13 |  | 863,700 |  |  |  |  |  | 863,700 |  | 863,700 | 2.4 | % | 55.3 | %
Tampa, FL | 18 |  | 20 |  | 1,010,924 |  |  |  |  |  | 1,010,924 |  | 1,010,924 | 2.4 | % | 57.7 | %
Indianapolis, IN | 33 |  | 36 |  | 1,080,947 |  |  | 61,398 |  |  | 1,142,345 | 273,479 | 1,415,824 | 2.2 | % | 59.9 | %
Chicago, IL | 3 |  | 7 |  | 712,757 |  |  |  |  |  | 712,757 |  | 712,757 | 2.2 | % | 62.1 | %
Hartford, CT | 48 |  | 30 |  | 768,947 |  |  |  |  |  | 768,947 |  | 768,947 | 2.1 | % | 64.2 | %
New York, NY | 1 |  | 14 |  | 614,522 |  |  |  |  |  | 614,522 |  | 614,522 | 1.9 | % | 66.1 | %
Orlando, FL | 23 |  | 8 |  | 359,477 |  |  | 186,998 |  |  | 546,475 |  | 546,475 | 1.9 | % | 68.0 | %
San Francisco, CA | 12 |  | 6 |  | 452,666 |  |  |  |  |  | 452,666 | 110,865 | 563,531 | 1.8 | % | 69.8 | %
Other (51 markets) |  |  | 211 |  | 11,254,119 |  |  | 629,392 | 1,228,363 |  | 13,111,874 | 519,911 | 13,631,785 | 30.2 | % | 100.0 | %
Total |  |  | 681 |  | 36,529,617 |  |  | 1,532,794 | 1,792,270 |  | 39,854,681 | 1,949,400 | 41,804,081 | 100.0 | % |
Number of properties |  |  |  | 651 |  |  | 20 | 10 |  | 681 | 34 | 715 |  |
% of square feet |  |  |  |  | 91.7 | % |  |  | 3.8 | % | 4.5 | % |  | 100.0 | % |  |  |  |
% multi-tenant |  |  |  |  | 85.6 | % |  |  | — | % | 61.7 | % |  | 81.2 | % |  |  |  |
Investment |  |  |  |  | $12,469,848 |  |  | $653,527 | $504,985 |  | $13,628,360 |  |  |  |
Quarterly cash NOI 1 |  |  |  | $182,189 |  |  | $12,727 | $7,427 |  | $202,343 |  |  |  |
% of cash NOI |  |  |  |  | 90.0 | % |  |  | 6.3 | % | 3.7 | % |  | 100.0 | % |  |  |  |

BY BUILDING TYPE |  |  |  |  |
| WHOLLY OWNED |  |
| MULTI-TENANT | SINGLE-TENANT | SUBTOTAL | JOINT VENTURE | TOTAL
Number of properties | 545 | 136 | 681 | 34 | 715
Square feet | 32,365,920 | 7,488,761 | 39,854,681 | 1,949,400 | 41,804,081
% of square feet | 77.4 | % | 17.9 | % | 95.3 | % | 4.7 | % | 100.0 | %
Investment 1 | $10,523,533 | $3,104,827 | $13,628,360 | $358,239 | $13,986,599
Quarterly cash NOI 1 | $152,150 | $50,193 | $202,343 | $4,192 | $206,535
% of cash NOI | 73.7 | % | 24.3 | % | 98.0 | % | 2.0 | % | 100.0 | %

1 Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage.
2 Excludes assets held for sale, land held for development, construction in progress and corporate property.
3 The Company's weighted average ownership percentage in its joint ventures was approximately 44%.

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 16

Health Systems 1

MOB PORTFOLIO |  |
|  |  | BUILDING SQUARE FEET | # OF BLDGS |  | LEASED BY HEALTH SYSTEM | % OF LEASED SF | # OF LEASES
HEALTH SYSTEM | SYSTEM RANK 2 | CREDIT RATING | ON/ADJACENT 3 | OFF-CAMPUS AFFILIATED 4 | TOTAL | % OF NOI
HCA | 1 | BBB-/Baa3 | 2,271,013 | 832,672 | 3,103,685 |  | 47 | 8.4 | % | 798,223 | 2.5 | % | 137
CommonSpirit | 4 | A-/Baa1 | 1,906,957 | 558,765 | 2,465,722 |  | 42 | 6.8 | % | 898,922 | 2.8 | % | 161
Baylor Scott & White | 21 | AA-/Aa3 | 2,570,180 | 66,376 | 2,636,556 |  | 29 | 6.2 | % | 1,246,085 | 3.9 | % | 193
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 | 4.2 | % | 423,711 | 1.3 | % | 90
Atrium Health | 16 | AA-/Aa3 | 682,654 | 348,792 | 1,031,446 |  | 18 | 3.2 | % | 912,781 | 2.9 | % | 82
AdventHealth | 11 | AA/Aa2 | 797,587 | 118,585 |  | 916,172 |  | 14 | 2.6 | % | 412,920 | 1.3 | % | 82
Wellstar Health System | 75 | A+/A2 | 896,773 | 23,088 | 919,861 |  | 18 | 2.5 | % | 580,281 | 1.8 | % | 81
UW Medicine (Seattle) | 91 | AA+/Aaa | 461,363 | 169,709 |  | 631,072 |  | 10 | 2.5 | % | 292,712 | 0.9 | % | 31
Community Health Systems | 8 | CCC+/Caa1 | 1,024,527 | — |  | 1,024,527 |  | 26 | 2.5 | % | 384,850 | 1.2 | % | 50
Trinity Health | 7 | AA-/Aa3 | 633,711 | 153,938 | 787,649 |  | 11 | 2.1 | % | 493,431 | 1.6 | % | 67
Baptist Memorial Health Care | 89 | A-2/-- | 544,122 | 252,414 | 796,536 |  | 10 | 1.9 | % | 436,497 | 1.4 | % | 59
Providence St. Joseph Health | 5 | A/A1 | 330,287 | 31,601 | 361,888 |  | 8 | 1.6 | % | 111,557 | 0.4 | % | 24
Cedars-Sinai Health Systems | 51 | AA-/Aa3 | 199,701 | 90,607 | 290,308 |  | 5 | 1.5 | % | 52,891 | 0.2 | % | 19
Hawaii Pacific Health | 181 | --/A1 | 173,502 | 124,925 | 298,427 |  | 3 | 1.4 | % | 98,398 | 0.3 | % | 39
Banner Health | 24 | AA-/-- | 749,075 | 31,039 | 780,114 |  | 24 | 1.3 | % | 147,178 | 0.5 | % | 38
Overlake Health System | 291 | A/Baa1 | 230,710 | — |  | 230,710 |  | 3 | 1.2 | % | 73,676 | 0.2 | % | 8
WakeMed | 185 | --/A2 | 368,046 | 101,597 |  | 469,643 |  | 12 | 1.2 | % | 134,300 | 0.4 | % | 18
MedStar Health | 45 | A/A2 | 326,129 | — |  | 326,129 |  | 4 | 1.1 | % | 203,477 | 0.6 | % | 66
Bon Secours Health System | 22 | A+/A1 | 405,945 | — |  | 405,945 |  | 6 | 1.2 | % | 239,167 | 0.8 | % | 50
Boston Medical Center Corp | 204 | BBB/Baa2 | 161,254 | — |  | 161,254 |  | 1 | 1.0 | % | 86,947 | 0.3 | % | 9
Other (64 credit rated) |  |  | 6,867,291 | 2,734,526 | 9,601,817 |  | 176 |  | 24.8 | % | 4,902,626 | 15.4 | % |
Subtotal - credit rated 5 |  |  | 25,283,236 | 6,150,463 | 31,433,699 |  | 526 |  | 84.7 | % | 13,860,427 | 43.6 | % |
Other non-credit rated 6 |  |  | 968,852 | 556,355 | 1,525,207 |  | 33 | 5.2 | % | 860,883 | 2.7 | % |
Off-campus non-affiliated 7 |  |  | — | 3,570,711 | 3,570,711 |  | 92 | 10.1 | % | — | — | % |
Wholly-owned |  |  | 26,252,088 | 10,277,529 | 36,529,617 |  | 651 | 100.0 | % | 14,721,310 | 46.3 | % |
Joint ventures |  |  | 1,143,456 | 579,868 | 1,723,324 |  |  |  |  |  |
Total |  |  | 27,395,544 | 10,857,397 | 38,252,941 |  |  |  |  |  |

1 Excludes construction in progress and assets classified as held for sale.
2 Ranked by revenue based on Modern Healthcare's Healthcare Systems Financials Database.
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 Based on square footage, 77.1% is associated and 40.8% is leased by an investment-grade rated healthcare provider.
6 Includes 33 properties associated with a hospital system that is not credit rated.
7 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 | 1Q 2023 SUPPLEMENTAL INFORMATION 17

MOB Proximity to Hospital 1,2

MOB BY LOCATION |  |  |  |  |
| # OF PROPERTIES | SQUARE FEET | TOTAL | % GROUND LEASED |
On campus | 233 | 18,060,317 | 47.2 | % | 37.3 | % |
Adjacent to campus 3 | 202 | 9,335,227 | 24.4 | % | 4.0 | % |
Total on/adjacent | 435 | 27,395,544 | 71.6 | % | 41.3 | % |
Off campus - affiliated 4 | 148 | 7,153,325 | 18.7 | % | 3.4 | % |
Off campus | 95 | 3,704,072 | 9.7 | % | 1.2 | % |
| 678 | 38,252,941 | 100.0 | % | 45.9 | % |
Wholly-owned | 651 | 36,529,617 |  |  |
Joint ventures | 27 | 1,723,324 |  |  |

MOB BY CLUSTER 5 |
| TOTAL | HOSPITAL CENTRIC 6 |
| # OF PROPERTIES | SQUARE FEET | % OF MOB SQUARE FEET | # OF PROPERTIES | SQUARE FEET | % OF MOB SQUARE FEET |
Clustered | 481 | 26,403,720 | 69.0 | % | 397 | 23,014,627 | 71.6 | % |
Non-clustered | 197 | 11,849,221 | 31.0 | % | 135 | 9,126,871 | 28.4 | % |
Total | 678 | 38,252,941 | 100.0 | % | 532 | 32,141,498 | 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 | 1Q 2023 SUPPLEMENTAL INFORMATION 18

Lease Maturity & Occupancy 1

LEASE MATURITY SCHEDULE |  |
|  | SQUARE FEET | % OF LEASED TOTAL SQUARE FEET
| # OF LEASES | MULTI-TENANT 2 | SINGLE-TENANT | TOTAL
2023 | 1,188 | 3,299,461 | 240,764 | 3,540,225 | 10.2 | %
2024 | 1,278 | 4,375,445 | 910,510 | 5,285,955 | 15.2 | %
2025 | 1,072 | 3,540,687 | 992,940 | 4,533,627 | 13.0 | %
2026 | 880 | 3,285,338 | 484,579 | 3,769,917 | 10.8 | %
2027 | 842 | 3,270,044 | 999,428 | 4,269,472 | 12.2 | %
2028 | 553 | 2,176,872 | 662,687 | 2,839,559 | 8.1 | %
2029 | 391 | 1,730,690 | 715,371 | 2,446,061 | 7.0 | %
2030 | 319 | 1,615,408 | 705,833 | 2,321,241 | 6.7 | %
2031 | 236 | 981,078 | 242,739 | 1,223,817 | 3.5 | %
2032 | 285 | 1,787,697 | 334,424 | 2,122,121 | 6.1 | %
Thereafter | 265 | 1,534,647 | 985,638 | 2,520,285 | 7.2 | %
Total occupied | 7,309 | 27,597,367 | 7,274,913 | 34,872,280 | 87.5 | %
Total building |  | 32,365,920 | 7,488,761 | 39,854,681 |
Occupancy |  | 85.3 | % | 97.1 | % | 87.5 | % |
WALTR (months) 3 | 49.4 | 73.3 | 54.4 |
WALT (months) 3 | 95.2 | 143.4 | 105.3 |

PORTFOLIO OCCUPANCY AND ABSORPTION |  |  |
|  |  |  | OCCUPANCY % | ABSORPTION (square feet in thousands)
| # OF PROPERTIES | SQUARE FEET |  | 1Q 2023 | 4Q 2022 | 1Q 2022 | SEQUENTIAL | Y-O-Y
Same store multi-tenant | 468 | 27,895,714 |  | 86.5 | % | 86.5 | % | 86.1 | % | — | 145
Same store single-tenant | 120 | 6,575,340 |  | 99.5 | % | 99.5 | % | 99.5 | % | 5 | 5
Total same store properties | 588 | 34,471,054 |  | 89.0 | % | 89.0 | % | 88.6 | % | 5 | 150
Acquisitions | 67 | 3,182,795 |  | 88.1 | % | 87.3 | % | 87.4 | % | 17 | (20)
Development completions | 6 | 355,200 |  | 84.2 | % | 84.2 | % | 78.9 | % | — | 37
Re/development | 12 | 1,203,543 |  | 59.4 | % | 61.0 | % | 68.2 | % | (19) | (105)
Planned dispositions | 8 | 642,089 |  | 58.9 | % | 65.8 | % | 74.0 | % | (43) | (97)
Wholly-owned | 681 | 39,854,681 |  | 87.5 | % | 87.6 | % | 87.6 | % | (40) | (35)
Joint ventures | 34 | 1,949,400 |  | 87.0 | % | 85.4 | % | 88.3 | % | 27 | 15
Total | 715 | 41,804,081 |  | 87.5 | % | 87.5 | % | 87.6 | % | (13) | (20)
Same store leased % |  |  |  | 90.1 | % |  |  |  |
Total leased % |  |  |  | 88.6 | % |  |  |  |

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 3,955 square feet.
3 WALTR = weighted average lease term remaining; WALT = weighted average lease term.

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 19

Leasing Statistics

SAME STORE 1Q 2023 RENEWALS 1
| Q1 2023 | TTM |  |
Cash leasing spreads | 3.1 | % | 3.1 | % |  |
Cash leasing spreads distribution |  |  |
< 0% spread | 7.4 | % | 8.3 | % |  |
0-3% spread | 21.9 | % | 20.8 | % |  |
3-4% spread | 51.7 | % | 51.3 | % |  |
> 4% spread | 19.0 | % | 19.6 | % |  |
Total | 100.0 | % | 100.0 | % |  |
Tenant retention rate | 82.3 | % | 79.7 | % |  |

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 1 | 2.80 | % | 65.3 | % |  | 2.35 | % | 18.2 | % |  | 2.70 | % | 83.5 | %
Acquisitions | 2.55 | % | 6.6 | % |  | 2.48 | % | 1.2 | % |  | 2.54 | % | 7.8 | %
Other 3 | 2.68 | % | 6.6 | % |  | 1.47 | % | 2.1 | % |  | 2.38 | % | 8.7 | %
Total | 2.77 | % | 78.5 | % |  | 2.27 | % | 21.5 | % |  | 2.66 | % | 100.0 | %
Escalator type |  |  |  |  |  |  |  |
Fixed | 2.72 | % | 96.4 | % |  | 2.27 | % | 90.5 | % |  | 2.63 | % | 95.1 | %
CPI | 4.05 | % | 3.6 | % |  | 2.28 | % | 9.5 | % |  | 3.30 | % | 4.9 | %

TYPE AND OWNERSHIP STRUCTURE 1
| MULTI-TENANT | SINGLE-TENANT |  | TOTAL
Tenant type |  |  |  |
Hospital | 44.6 | % | 72.3 | % |  | 50.2 | %
Physician and other | 55.4 | % | 27.7 | % |  | 49.8 | %
Lease structure |  |  |  |
Gross | 9.2 | % | 3.9 | % |  | 8.1 | %
Modified gross | 31.7 | % | 10.8 | % |  | 27.5 | %
Net | 59.1 | % | 64.6 | % |  | 60.2 | %
Absolute net 4 | — | % | 20.6 | % |  | 4.2 | %
Ownership type |  |  |  |
Ground lease | 44.8 | % | 37.6 | % |  | 43.6 | %
Fee simple | 55.2 | % | 62.4 | % |  | 56.4 | %

# OF LEASES BY SIZE 5 |  |
LEASED SQUARE FEET | # OF LEASES | WALT | WALTR
0 - 2,500 | 3,746 |  | 71.1 |  | 36.3 |
2,501 - 5,000 | 1,812 |  | 83.4 |  | 42.0 |
5,001 - 7,500 | 648 |  | 95.0 |  | 47.8 |
7,501 - 10,000 | 362 |  | 101.6 |  | 54.1 |
10,001 + | 741 |  | 125.8 |  | 65.5 |
Total Leases | 7,309 |  | 105.3 |  | 54.4 |

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

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 20

NOI Performance 1, 2
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA
REFLECTS COMBINED COMPANY RESULTS FOR ALL PERIODS

SAME STORE CASH NOI
| TTM 2023 |  | 1Q 2023 | 4Q 2022 | 3Q 2022 | 2Q 2022 |  | TTM 2022 |  | 1Q 2022 | 4Q 2021 | 3Q 2021 | 2Q 2021
Base revenue | $845,543 |  | $213,646 | $212,615 | $211,613 | $207,669 |  | $821,681 |  | $208,035 | $205,810 | $204,590 | $203,246
Operating expense recoveries | 253,255 |  | 65,280 | 60,742 | 64,558 | 62,675 |  | 238,779 |  | 63,444 | 58,307 | 58,742 | 58,286
Revenues | $1,098,798 |  | $278,926 | $273,357 | $276,171 | $270,344 |  | $1,060,460 |  | $271,479 | $264,117 | $263,332 | $261,532
Expenses | 390,134 |  | 100,366 | 95,200 | 100,476 | 94,092 |  | 371,692 |  | 97,830 | 90,777 | 93,609 | 89,476
Cash NOI | $708,664 |  | $178,560 | $178,157 | $175,695 | $176,252 |  | $688,768 |  | $173,649 | $173,340 | $169,723 | $172,056
Revenue per occ SF 2 | $35.88 |  | $36.38 | $35.68 | $36.07 | $35.36 |  | $34.79 |  | $35.59 | $34.67 | $34.61 | $34.33
Margin | 64.5 | % |  | 64.0 | % | 65.2 | % | 63.6 | % | 65.2 | % |  | 64.9 | % |  | 64.0 | % | 65.6 | % | 64.5 | % | 65.8 | %
Average occupancy | 88.8 | % |  | 89.0 | % | 88.9 | % | 88.9 | % | 88.7 | % |  | 88.4 | % |  | 88.5 | % | 88.4 | % | 88.3 | % | 88.4 | %
Period end occupancy | 89.0 | % |  | 89.0 | % | 89.0 | % | 88.8 | % | 88.9 | % |  | 88.6 | % |  | 88.6 | % | 88.5 | % | 88.3 | % | 88.3 | %
Number of properties | 588 |  | 588 | 588 | 588 | 588 |  | 588 |  | 588 | 588 | 588 | 588

SAME STORE GROWTH |
| YEAR-OVER-YEAR |
| TTM 2023 |  | 1Q 2023 | 4Q 2022 | 3Q 2022 | 2Q 2022 |
Revenue per occ SF 3 | 3.1 | % |  | 2.2 | % | 2.9 | % | 4.2 | % | 3.0 | % |
Avg occupancy (bps) | +40 |  | +50 | +50 | +60 | +30 |
Revenues | 3.6 | % |  | 2.7 | % | 3.5 | % | 4.9 | % | 3.4 | % |
Base revenue | 2.9 | % |  | 2.7 | % | 3.3 | % | 3.4 | % | 2.2 | % |
Exp recoveries | 6.1 | % |  | 2.9 | % | 4.2 | % | 9.9 | % | 7.5 | % |
Expenses | 5.0 | % |  | 2.6 | % | 4.9 | % | 7.3 | % | 5.2 | % |
Cash NOI | 2.9 | % |  | 2.8 | % | 2.8 | % | 3.5 | % | 2.4 | % |

TOTAL CASH NOI
| 1Q 2023 | 1Q 2022 | % CHANGE |  | TTM 2023 | TTM 2022 | % CHANGE
Same store cash NOI | 178,560 |  | 173,649 |  | 2.8 | % |  | 708,664 |  | 688,768 |  | 2.9 | %
Same store joint ventures | 1,946 |  | 1,955 |  | (0.5 | %) |  | 7,722 |  | 7,182 |  | 7.5 | %
| 180,506 |  | 175,604 |  | 2.8 | % |  | 716,386 |  | 695,950 |  | 2.9 | %
Acquisitions/development completions | 18,174 |  | 12,285 |  | 47.9 | % |  | 69,745 |  | 26,711 |  | 161.1 | %
Dispositions/assets held for sale/other | 5,526 |  | 21,495 |  | (74.3 | %) |  | 48,782 |  | 94,644 |  | (48.5 | %)
Joint venture property cash NOI | 2,823 |  | 1,184 |  | 138.4 | % |  | 9,130 |  | 2,735 |  | 233.8 | %
Redevelopment | 2,445 |  | 3,534 |  | (30.8 | %) |  | 11,026 |  | 16,267 |  | (32.2 | %)
Cash NOI | $209,474 |  | $214,102 |  | (2.2 | %) |  | $855,069 |  | $836,307 |  | 2.2 | %

1 Beginning with the third quarter of 2022, properties acquired through the merger with HTA were considered under each element of our same store criterion, except for the requirement that the property be owned for the full comparative period. If the property was owned by HTA for the full comparative period and each other criterion were met, the property was included in our same store pool.
2 Excludes recently acquired or disposed properties, development completions, construction in progress, land held for development, corporate property, reposition properties, planned dispositions and assets classified as held for sale.
3 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 | 1Q 2023 SUPPLEMENTAL INFORMATION 21

NOI Reconciliations
DOLLARS IN THOUSANDS

BOTTOM UP RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1Q 2023 | 4Q 2022 | 3Q 2022 1 | 2Q 2022 |  |  |  | 1Q 2022 | 4Q 2021 | 3Q 2021 | 2Q 2021 |  |  |  |  |  |
Net income (loss) | ($87,125) |  | ($35,764) |  | $28,304 |  | $6,130 |  |  |  |  | $42,227 |  | $21,607 |  | ($2,066) |  | $23,096 |  |  |  |  |  |  |
Other income (expense) | 94,407 |  | 46,772 |  | (89,477) |  | 7,479 |  |  |  |  | (29,293) |  | (468) |  | 23,000 |  | (2,223) |  |  |  |  |  |  |
General and administrative expense | 14,935 |  | 14,417 |  | 16,741 |  | 10,540 |  |  |  |  | 11,036 |  | 8,901 |  | 8,207 |  | 8,545 |  |  |  |  |  |  |
Depreciation and amortization expense | 184,479 |  | 185,275 |  | 158,117 |  | 55,731 |  |  |  |  | 54,041 |  | 51,810 |  | 50,999 |  | 49,826 |  |  |  |  |  |  |
Other expenses 2 | 7,940 |  | 13,580 |  | 82,659 |  | 11,034 |  |  |  |  | 9,929 |  | 3,850 |  | 3,193 |  | 2,840 |  |  |  |  |  |  |
Straight-line rent expense | 1,537 |  | 1,358 |  | 1,260 |  | 378 |  |  |  |  | 378 |  | 382 |  | 380 |  | 369 |  |  |  |  |  |  |
Straight-line rent revenue | (9,782) |  | (11,231) |  | (8,975) |  | (1,705) |  |  |  |  | (1,587) |  | (1,227) |  | (1,550) |  | (1,563) |  |  |  |  |  |  |
Other revenue 3 | (1,686) |  | (7,330) |  | (5,242) |  | (1,961) |  |  |  |  | (2,044) |  | (2,134) |  | (2,043) |  | (2,075) |  |  |  |  |  |  |
Joint venture property cash NOI | 4,769 |  | 4,579 |  | 3,877 |  | 2,551 |  |  |  |  | 2,052 |  | 1,331 |  | 1,210 |  | 1,035 |  |  |  |  |  |  |
Cash NOI | $209,474 |  | $211,656 |  | $187,264 |  | $90,177 |  |  |  |  | $86,739 |  | $84,052 |  | $81,330 |  | $79,850 |  |  |  |  |  |  |
Pre-merger Legacy HTA NOI 4 | — |  | — |  | 27,114 |  | 129,384 |  |  |  |  | 127,363 |  | 127,253 |  | 124,807 |  | 124,913 |  |  |  |  |  |  |
Cash NOI including pre-merger Legacy HTA NOI | $209,474 |  | $211,656 |  | $214,378 |  | $219,561 |  |  |  |  | $214,102 |  | $211,305 |  | $206,137 |  | $204,763 |  |  |  |  |  |  |
Acquisitions/development completions | (18,174) |  | (18,130) |  | (17,248) |  | (16,193) |  |  |  |  | (12,285) |  | (8,501) |  | (4,796) |  | (1,129) |  |  |  |  |  |  |
Dispositions/assets held for sale/other | (5,526) |  | (7,792) |  | (14,706) |  | (20,758) |  |  |  |  | (21,495) |  | (23,504) |  | (24,620) |  | (25,025) |  |  |  |  |  |  |
Joint venture property cash NOI | (4,769) |  | (4,579) |  | (3,877) |  | (3,627) |  |  |  |  | (3,139) |  | (2,404) |  | (2,210) |  | (2,164) |  |  |  |  |  |  |
Redevelopment | (2,445) |  | (2,998) |  | (2,852) |  | (2,731) |  |  |  | -3095 | (3,534) |  | (3,556) |  | (4,788) |  | (4,389) |  |  |  |  |  |  |
Same store cash NOI | $178,560 |  | $178,157 |  | $175,695 |  | $176,252 |  |  |  |  | $173,649 |  | $173,340 |  | $169,723 |  | $172,056 |  |  |  |  |  |  |
TOP DOWN RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1Q 2023 | 4Q 2022 | 3Q 2022 | 2Q 2022 |  |  |  | 1Q 2022 | 4Q 2021 | 3Q 2021 | 2Q 2021 |  |  |  |  |  |
Rental income before rent concessions | $328,115 |  | $332,652 |  | $301,692 |  | $142,073 |  |  |  |  | $139,775 |  | $132,853 |  | $132,971 |  | $129,609 |  |  |  |  |  |  |
Rent concessions | (4,022) |  | (3,253) |  | (2,761) |  | (1,441) |  |  |  |  | (1,286) |  | (1,139) |  | (1,225) |  | (1,123) |  |  |  |  |  |  |
Rental income | 324,093 |  | 329,399 |  | 298,931 |  | 140,632 |  |  |  |  | 138,489 |  | 131,714 |  | 131,746 |  | 128,486 |  |  |  |  |  |  |
Parking income | 2,391 |  | 2,413 |  | 2,428 |  | 1,919 |  |  |  |  | 1,753 |  | 2,134 |  | 2,187 |  | 1,880 |  |  |  |  |  |  |
Interest from financing receivable, net | 2,227 |  | 2,284 |  | 2,034 |  | 1,957 |  |  |  |  | 1,930 |  | 1,766 |  | 1,917 |  | 510 |  |  |  |  |  |  |
Exclude straight-line rent revenue | (9,782) |  | (11,231) |  | (8,975) |  | (1,705) |  |  |  |  | (1,587) |  | (1,227) |  | (1,550) |  | (1,563) |  |  |  |  |  |  |
Exclude other non-cash revenue 5 | 3,594 |  | (3,059) |  | (2,280) |  | (1,142) |  |  |  |  | (1,322) |  | (1,325) |  | (1,261) |  | (1,528) |  |  |  |  |  |  |
Cash revenue | 322,523 |  | 319,806 |  | 292,138 |  | 141,661 |  |  |  |  | 139,263 |  | 133,062 |  | 133,039 |  | 127,785 |  |  |  |  |  |  |
Property operating expense | (122,040) |  | (117,009) |  | (112,473) |  | (57,010) |  |  |  |  | (57,464) |  | (53,032) |  | (55,518) |  | (51,509) |  |  |  |  |  |  |
Exclude non-cash expenses 6 | 4,336 |  | 3,764 |  | 4,034 |  | 2,975 |  |  |  |  | 2,888 |  | 2,691 |  | 2,599 |  | 2,539 |  |  |  |  |  |  |
Non-controlling interest | (114) |  | 516 |  | (312) |  | — |  |  |  |  | — |  | — |  | — |  | — |  |  |  |  |  |  |
Joint venture property cash NOI | 4,769 |  | 4,579 |  | 3,877 |  | 2,551 |  |  |  |  | 2,052 |  | 1,331 |  | 1,210 |  | 1,035 |  |  |  |  |  |  |
Cash NOI | $209,474 |  | $211,656 |  | $187,264 |  | $90,177 |  |  |  |  | $86,739 |  | $84,052 |  | $81,330 |  | $79,850 |  |  |  |  |  |  |
Pre-merger Legacy HTA NOI 4 | — |  | — |  | 27,114 |  | 129,384 |  |  |  |  | 127,363 |  | 127,253 |  | 124,807 |  | 124,913 |  |  |  |  |  |  |
Cash NOI including pre-merger Legacy HTA NOI | $209,474 |  | $211,656 |  | $214,378 |  | $219,561 |  |  |  |  | $214,102 |  | $211,305 |  | $206,137 |  | $204,763 |  |  |  |  |  |  |
Acquisitions/development completions | (18,174) |  | (18,130) |  | (17,248) |  | (16,193) |  |  |  |  | (12,285) |  | (8,501) |  | (4,796) |  | (1,129) |  |  |  |  |  |  |
Dispositions/assets held for sale/other | (5,526) |  | (7,792) |  | (14,706) |  | (20,758) |  |  |  |  | (21,495) |  | (23,504) |  | (24,620) |  | (25,025) |  |  |  |  |  |  |
Joint venture property cash NOI | (4,769) |  | (4,579) |  | (3,877) |  | (3,627) |  |  |  |  | (3,139) |  | (2,404) |  | (2,210) |  | (2,164) |  |  |  |  |  |  |
Redevelopment | (2,445) |  | (2,998) |  | (2,852) |  | (2,731) |  |  |  |  | (3,534) |  | (3,556) |  | (4,788) |  | (4,389) |  |  |  |  |  |  |
Same store cash NOI | $178,560 |  | $178,157 |  | $175,695 |  | $176,252 |  |  |  |  | $173,649 |  | $173,340 |  | $169,723 |  | $172,056 |  |  |  |  |  |  |

1 Represents a full quarter on a combined company basis.
2 Includes acquisition and pursuit costs, merger-related costs, rent reserves, above and below market ground lease intangible amortization, leasing commission amortization, non-cash adjustments for financing receivables, and ground lease straight-line rent.
3 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.
4 Amounts include cash NOI from HTA properties, which were not included in our financial statements prior to July 20, 2022.
5 Includes above and below market lease intangibles, lease inducements, lease termination fees, deferred financing cost amortization, financing receivable adjustments, and TI amortization.
6 Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 22

NOI Reconciliations
DOLLARS IN THOUSANDS

RECONCILIATION OF NOI TO FULL QUARTER FFO AND NORMALIZED FFO |  |  |  |  |  |  |
| 1Q 2023 | 4Q 2022 |  |  |  |  |  |  |  |  |
Cash NOI | $209,474 |  | $211,656 |  |  |  |  |  |  |  |  |  |
General and administrative expense | (14,935) |  | (14,417) |  |  |  |  |  |  |  |  |  |
Straight-line rent | 9,782 |  | 11,231 |  |  |  |  |  |  |  |  |  |
Interest and other income (expense), net | 547 |  | (1,168) |  |  |  |  |  |  |  |  |  |
Management fees and other income | 2,227 |  | 2,023 |  |  |  |  |  |  |  |  |  |
Note receivable interest income | 1,987 |  | 1,943 |  |  |  |  |  |  |  |  |  |
Other non-cash revenue 1 | (2,526) |  | 3,059 |  |  |  |  |  |  |  |  |  |
Other non-cash expenses 2 | (4,336) |  | (3,764) |  |  |  |  |  |  |  |  |  |
Non-real estate impairment | (5,196) |  | — |  |  |  |  |  |  |  |  |  |
Unconsolidated JV adjustments | (708) | (462) |  |  |  |  |  |  |  |  |  |
Debt Covenant EBITDA | $196,316 |  | $210,101 |  |  |  |  |  |  |  |  |  |
Interest expense | (63,759) |  | (64,443) |  |  |  |  |  |  |  |  |  |
Loss on extinguishment of debt | — |  | 119 |  |  |  |  |  |  |  |  |  |
Acquisition and pursuit costs | (287) |  | (92) |  |  |  |  |  |  |  |  |  |
Merger-related costs | (4,855) |  | (10,777) |  |  |  |  |  |  |  |  |  |
Leasing commission amortization 3 | 3,002 |  | 2,706 |  |  |  |  |  |  |  |  |  |
Non-real estate depreciation and amortization | (1,372) |  | (1,323) |  |  |  |  |  |  |  |  |  |
Non controlling interest | (1,067) | (382) |  |  |  |  |  |  |  |  |  |
Unconsolidated JV adjustments | — | (8) |  |  |  |  |  |  |  |  |  |
FFO | $127,978 |  | $135,901 |  |  |  |  |  |  |  |  |  |
Acquisition and pursuit costs | 287 |  | 92 |  |  |  |  |  |  |  |  |  |
Merger-related costs | 4,855 |  | 10,777 |  |  |  |  |  |  |  |  |  |
Lease intangible amortization | 146 | 137 |  |  |  |  |  |  |  |  |  |
Significant non-recurring legal fees/forfeited earnest money received | — | 194 |  |  |  |  |  |  |  |  |  |
Debt financing costs | — | 625 |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | 10,864 | 11,979 |  |  |  |  |  |  |  |  |  |
Allowance for credit losses | 8,599 | — |  |  |  |  |  |  |  |  |  |
Unconsolidated JV normalizing items | 117 | 96 |  |  |  |  |  |  |  |  |  |
Normalized FFO | $152,846 |  | $159,801 |  |  |  |  |  |  |  |  |  |

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 | 1Q 2023 SUPPLEMENTAL INFORMATION 23

EBITDA Reconciliations
DOLLARS IN THOUSANDS

RECONCILIATION OF EBITDA |  |  |  |  |
| 1Q 2023 | 4Q 2022 |  |  |
Net income | ($87,125) |  | ($35,764) |  |  |  |
Interest expense | 63,759 | 64,443 |  |  |
Depreciation and amortization | 184,479 | 185,275 |  |  |
Unconsolidated JV depreciation and amortization | 4,841 | 4,020 |  |  |
EBITDA | $165,954 | $217,974 |  |  |
Leasing commission amortization | 3,002 | 2,706 |  |  |
Gain on sales of real estate properties | (1,007) |  | (73,083) |  |  |  |
Impairments on real estate properties | 26,227 | 54,452 |  |  |
EBITDAre 1 | $194,176 | $202,049 |  |  |
EBITDA | $165,954 | $217,974 |  |  |
Acquisition and pursuit costs | 287 | 92 |  |  |
Merger-related costs | 4,855 | 10,777 |  |  |
Gain on sales of real estate properties | (1,007) |  | (73,083) |  |  |  |
Impairments on real estate assets | 26,227 | 54,452 |  |  |
Loss on extinguishment of debt | — | (119) |  |  |  |
Unconsolidated JV adjustments | — | 8 |  |  |
Debt Covenant EBITDA | $196,316 | $210,101 |  |  |
Leasing commission amortization | 3,002 | 2,706 |  |  |
Lease intangible amortization | 147 | 137 |  |  |
Acquisition/disposition timing impact 2 | (945) |  | (1,704) |  |  |  |
Stock based compensation | 3,745 | 3,573 |  |  |
Allowance for credit losses 3 | 8,599 | — |  |  |
Rent reserves, net | 1,371 | (100) |  |  |
Unconsolidated JV adjustments | 117 | 96 |  |  |
Adjusted EBITDA | $212,352 | $214,809 |  |  |

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 Includes a $5.2 million credit allowance for a mezzanine loan included in "Impairment of real estate and credit loss reserves" on the Statement of Income and $3.4 million reserve included in “Rental Income” on the Statement of Income for previously deferred rent and straight line rent for three skilled nursing facilities.

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 24

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

CASH NOI BY PROPERTY TYPE
| 1Q 2023 |
ASSET TYPE | SAME STORE 1 | ACQ./DEV. COMPLETIONS 2 | JOINT VENTURE | REDEVELOPMENT | TIMING/OTHER ADJUSTMENTS 3 | ADJUSTED CASH NOI |  | ANNUALIZED ADJUSTED NOI
MOB/Outpatient | $160,733 |  | $18,174 |  | $3,944 |  | $2,445 |  | $2,347 |  | $187,643 |  |  | $750,572 |
Inpatient/Surgical | 10,425 |  | — |  | 825 |  | — |  | — |  | 11,250 |  |  | 45,000 |
Office | 7,402 |  | — |  | — |  | — |  | — |  | 7,402 |  |  | 29,608 |
Total Cash NOI | $178,560 |  | $18,174 |  | $4,769 |  | $2,445 |  | $2,347 |  | $206,295 |  |  | $825,180 |

DEVELOPMENT PROPERTIES |  |  | TOTAL SHARES OUTSTANDING
Land held for development | $69,575 |  |  | As of March 31, 2023 8 | 384,859,422
Re/development budget | 256,200 |  |  |  |  |  |
| $325,775 |  |  | IMPLIED CAP RATE
|  |  |  |  | STOCK PRICE | IMPLIED CAP RATE
|  |  | As of March 31, 2023 8 | $19.33 | 6.7 | %
OTHER ASSETS |  |  |  |
Assets held for sale 4 | $3,300 |  |  | 1Q 2023 High | $21.95 | 6.2 | %
Planned dispositions | 165,243 |  |  | 1Q 2023 Low | $18.11 | 7.0 | %
Unstabilized properties 5 | 286,940 |  |  |  |  |
Cash and other assets 6 | 377,750 |  |  |  |  |  |
| $833,233 |  |  |  |  |  |
DEBT |  |  |  |  |  |
Unsecured credit facility | $385,000 |  |  |  |  |  |
Unsecured term loans | 1,500,000 |  |  |  |  |  |
Senior notes | 3,699,500 |  |  |  |  |  |
Mortgage notes payable | 83,455 |  |  |  |  |  |
Company share of joint venture debt | 27,640 |  |  |  |  |  |
Remaining re/development funding | 169,209 |  |  |  |  |  |
Other liabilities 7 | 187,101 |  |  |  |  |  |
| $6,051,905 |  |  |  |  |  |

1 See NOI Performance schedule on page 21 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 $0.5 million, re/development completion adjustments of $0.3 million, and management fee income of $2.0 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 include three real estate properties and one land parcel that are excluded from same store NOI and reflect the expected sale price or net book value.
5 Includes 34 properties at their gross book value. These properties were comprised of 1.3 million square feet that generated positive NOI of $0.5 million.
6 Includes cash of $49.9 million, prepaid assets of $88.2 million, notes receivable of $147.3 million, accounts receivable of $51.5 million, prepaid ground leases of $18.5 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 $16.4 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 $155.2 million, security deposits of $29.0 million, and deferred operating expense reimbursements of $2.9 million.
8 Total shares outstanding includes OP units.

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 25

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

|  | EXPECTED 2023 | ACTUAL
|  | LOW | HIGH |  | Q1 2023 | TTM
SAME STORE |  |  |  |  |  |
Multi-tenant absorption (bps) |  | 50 | 100 |  | 40 |
Revenue per occupied square foot |  | $36.25 | $37.00 |  | $36.38 | $35.88
Cash NOI margin |  | 64.0 | % | 65.0 | % |  | 64.0 | % | 64.5 | %
Cash leasing spreads |  | 3.0 | % | 4.0 | % |  | 3.1 | % | 3.1 | %
Lease retention rate |  | 75.0 | % | 90.0 | % |  | 82.3 | % | 79.7 | %
Cash NOI growth |  | 2.5 | % | 3.5 | % |  | 2.8 | % | 2.9 | %
NON-SAME STORE |  |  |  |  |  |
Normalized G&A |  | 57,000 | 60,000 |  | 14,935 |
Straight-line rent, net |  | 32,000 | 36,000 |  | 8,246 |
Funding activity |  |  |  |  |  |
Acquisitions |  | $75,000 | $125,000 |  | 31,500 |
Dispositions to repay asset sale term loan |  | 112,460 | 112,460 |  | 112,460 |
Additional dispositions |  | 225,000 | 350,000 |  | 96,350 |
Re/development |  | 100,000 | 125,000 |  | 16,928 |
1st generation TI and acq. capex |  | 45,000 | 85,000 |  | 11,870 |
Maintenance capex |  |  |  |  |  |
2nd generation TI |  | 50,000 | 60,000 |  | 8,882 |
Leasing commissions paid |  | 30,000 | 35,000 |  | 7,013 |
Capital expenditures |  | 60,000 | 65,000 |  | 8,946 |
Total maintenance capex |  | 140,000 | 160,000 |  | 24,841 |
Cash yield |  |  |  |  |  |
Acquisitions |  | 6.0 | % | 6.5 | % |  | 6.6 | % |
Dispositions |  | 6.0 | % | 7.0 | % |  | 6.5 | % |
Development (stabilized) |  | 6.5 | % | 8.0 | % |  |  |
Redevelopment (stabilized) |  | 9.0 | % | 12.0 | % |  |  |
Net debt to adjusted EBITDA |  | 6.0x | 6.5x |  | 6.6x |
Net income (loss) attributable to common stockholders per share |  | $(0.75) | $(1.00) |  | $(0.23) |
Normalized FFO per share |  | $1.60 | $1.65 |  | $0.40 |

HEALTHCARE REALTY | 1Q 2023 SUPPLEMENTAL INFORMATION 26