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 increases of 2.7%

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

◦Weighted average cash leasing spreads 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% 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

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

1Includes third party and travel costs related to the pursuit of acquisitions and developments.

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

1Funds 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.”

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

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

4Includes 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.

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

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

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

8The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 401,937 for the three months ended March 31, 2023. Also 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

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.

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 1Q 2023 SUPPLEMENTAL INFORMATION 11

Debt Metrics1

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		%

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

2Includes extension options.

3Interest expense includes $0.4 million of amortization related to the January 2023 expiring swap.

4Reflects $1.0 billion of interest rate swaps.

HEALTHCARE REALTY 1Q 2023 SUPPLEMENTAL INFORMATION 12

Debt Covenants & Liquidity1

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

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.

3See page 24 for a reconciliation of adjusted EBITDA.

4Based on the closing price of $19.33 on March 31, 2023 and 384,859,422 shares outstanding including outstanding OP units.

5Annualized 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		%

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.

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.

5The Company entered into a mortgage note agreement with the buyer for $45 million.

6For 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

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

2If project is identified as development (dev), then amount is projected building size. If project is a redevelopment (redev), then amount is existing building size.

3If 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		%

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

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

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

HEALTHCARE REALTY 1Q 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

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

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

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

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

5Based on square footage, 77.1% is associated and 40.8% is leased by an investment-grade rated healthcare provider.

6Includes 33 properties associated with a hospital system that is not credit rated.

7Includes off-campus buildings that are not 20% or more leased by a health system and are more than two miles from a hospital campus.

HEALTHCARE REALTY 1Q 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		%

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

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

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

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

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

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

HEALTHCARE REALTY 1Q 2023 SUPPLEMENTAL INFORMATION 18

Lease Maturity & Occupancy1

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		%

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 3,955 square feet.

3WALTR = 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

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.

5Excludes 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		%

1Beginning 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.

2Excludes 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.

3Revenue per occ SF is calculated by dividing revenue by the average of the occupied SF for the period provided. Quarterly revenue per occ SF is annualized.

HEALTHCARE REALTY 1Q 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

1Represents a full quarter on a combined company basis.

2Includes 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.

3Includes 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.

4Amounts include cash NOI from HTA properties, which were not included in our financial statements prior to July 20, 2022.

5Includes above and below market lease intangibles, lease inducements, lease termination fees, deferred financing cost amortization, financing receivable adjustments, and TI amortization.

6Includes 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

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

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

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

HEALTHCARE REALTY 1Q 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

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.

3Includes 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

1See NOI Performance schedule on page 21 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 $0.5 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.

4Assets 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.

5Includes 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.

6Includes 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.

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 $155.2 million, security deposits of $29.0 million, and deferred operating expense reimbursements of $2.9 million.

8Total 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