EX-99.2 3 exhibit992supplementalinfo.htm EX-99.2

1Q2024
Supplemental Information
FURNISHED AS OF MAY 7, 2024 - 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 (the “Company” or "HR") and Healthcare Trust of America, Inc. (“Legacy 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: the Company’s expected results may not be achieved; failure to realize the expected benefits of the Merger; 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 Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for the year ended December 31, 2023, under the heading "Risk Factors" and other risks described from time to time thereafter in 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
7 | Salient Facts
8 | Corporate Information
9 | Balance Sheet
10 | Statements of Income
11 | FFO, Normalized FFO, & FAD
12 | Capital Funding & Commitments
13 | Debt Metrics
14 | Debt Covenants & Liquidity
15 | Re/development Activity
16 | Portfolio
17 | Health Systems
18 | MOB Proximity to Hospital
19 | Lease Maturity & Occupancy
20 | Leasing Statistics
21 | Same Store
23 | NOI Reconciliations
25 | EBITDA Reconciliations
26 | Components of Net Asset Value
27 | Components of Expected FFO

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 3

Highlights

The Company is focused on its top priorities of capital allocation and operational momentum to accelerate FFO growth and improve dividend coverage.
CAPITAL ALLOCATION MOMENTUM
•Announced a $383 million JV with KKR at a 6.6% cap rate with expected proceeds of $300 million
•Expects additional proceeds of more than $300 million within 90 days from separate transactions
•Repurchased 3.0 million shares totaling $41.7 million in April
OPERATIONAL MOMENTUM
•Delivered multi-tenant absorption of 57,000 square feet, or 17 basis points, on pace with expectations
•Generated strong new leasing momentum with new leases of approximately 440,000 square feet
•Improved tenant retention to 84.8%, up from 78.2% in fourth quarter 2023

NET INCOME AND NORMALIZED FFO

•Net (loss) income attributable to common stockholders for the three months ended March 31, 2024 was $(310.8) million or $(0.82) per diluted common share.
•Normalized FFO per share totaled $0.39 for the three months ended March 31, 2024.

CAPITAL ALLOCATION |  |  |

•The Company announced a strategic JV with KKR & Co., Inc. with the following key terms:
◦The Company will contribute 12 existing properties at a value of $382.5 million, representing a cap rate of approximately 6.6%.
◦KKR will make an initial capital contribution into the JV equal to 80% of the value of the properties.
◦The Company will retain a 20% interest and will manage the JV, as well as continue to oversee day-to-day operations and leasing of the properties.
◦The JV is expected to generate approximately $300 million of proceeds to the Company, and the contribution of the properties is expected to occur throughout May and June, subject to customary closing conditions.
◦Asset-level financing is not expected to be used for the initial JV seed portfolio or future investments.
◦KKR has also committed up to $600 million of additional equity capital to invest in high-quality stabilized MOBs, which may include additional contributions of the Company's properties.
•The Company has additional transactions under contract and letters of intent that are expected to generate further proceeds of more than $300 million within 90 days.
•The impact of additional transactions as well as the KKR JV will be incorporated into the Company's guidance expectations when they are completed.
•Proceeds are expected to be used to repurchase shares on a leverage neutral basis, maintaining debt to adjusted EBITDA between 6.0 and 6.5 times.
•In April, the Company repurchased 3.0 million shares totaling $41.7 million at an average price of $14.07 per share.
•The Company's Board of Directors has authorized the repurchase of up to $500.0 million of outstanding shares of the Company’s common stock.
.

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 4

Highlights

MULTI-TENANT OCCUPANCY AND ABSORPTION |  |  |

•Multi-tenant sequential occupancy gains were in-line with expectations provided in the February 2024 Investor Presentation as shown below:

|  |  | 1Q 2024 ACTUAL |
Absorption (SF) |  |  | 56,972 |
Change in occupancy (bps) |  |  | + 17 |

•Strong multi-tenant absorption was noteworthy given the 1,603,000 square feet of expirations in first quarter, nearly double the expirations in the fourth quarter 2023 and the highest quarterly level scheduled in 2024.
•The multi-tenant portfolio leased percentage was 87.1% at March 31, which was 170 basis points greater than occupancy of 85.4%.
•Multi-tenant occupancy has increased by 70 basis points since third quarter of 2023. For the Legacy HTA properties, multi-tenant occupancy has increased by 130 basis points for the same period.
•The multi-tenant occupancy and NOI bridge can be found on page 5 of the Key Highlights Investor Presentation.

LEASING |  |  |

•Portfolio leasing activity that commenced in the first quarter totaled 2,077,000 square feet related to 411 leases:
◦1,595,000 square feet of renewals
◦482,000 square feet of new and expansion lease commencements
•The Company signed new leases totaling approximately 440,000 square feet in the quarter.

SAME STORE |  |  |

•Same Store cash NOI for the first quarter increased 3.0% over the same quarter in the prior year, up from 2.7% year over year growth in fourth quarter 2023.
•Tenant retention for the first quarter was 84.8%, an increase from 78.2% in fourth quarter 2023.
•Operating expense growth was 1.7% over the same quarter in the prior year, down from 4.1% year over year growth in fourth quarter 2023.
•First quarter predictive growth measures in the Same Store portfolio include:
◦Average in-place rent increases of 2.8%
◦Future annual contractual increases of 2.9% for leases commencing in the quarter.
◦Weighted average MOB cash leasing spreads of 3.7% on 1,313,000 square feet renewed:
▪4% (<0% spread)
▪10% (0-3%)
▪54% (3-4%)
▪31% (>4%)

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 5

Highlights

BALANCE SHEET |  |  |  |

•Net debt to adjusted EBITDA was 6.5 ti mes at March 31, 2024.
•In March 2024, the Company reduced its credit spread on its term loans and credit facility by 1 basis point as a result of meeting certain sustainability targets.
•As of March 31, 2024, variable rate debt was 10% of outstanding, an improvement from 16% as of March 31, 2023.

DIVIDEND |  |  |  |

•The Company is focused on its top priorities of capital allocation and operational momentum to accelerate earnings growth and improve dividend coverage.
•A dividend of $0.31 per share was paid in March 2024. A dividend of $0.31 per share will be paid on May 23, 2024 to stockholders and OP unitholders of record on May 13, 2024.

GUIDANCE |  |  |  |

•The Company affirms its 2024 Normalized FFO per share guidance as shown below:

|  | ACTUAL |  | EXPECTED 2Q 2024 |  | EXPECTED 2024 |
|  | 1Q 2024 |  |  | LOW | HIGH |  | LOW | HIGH |  |
Earnings per share |  | $(0.82) |  |  | $(0.12) | $(0.11) |  | $(1.30) | $(0.80) |  |
NAREIT FFO per share |  | $(0.30) |  |  | $0.35 | $0.36 |  | $0.77 | $0.82 |  |
Normalized FFO per share |  | $0.39 |  |  | $0.38 | $0.39 |  | $1.52 | $1.58 |  |

•The Company's 2024 guidance range includes activities outlined in the Components of Expected FFO on page 27 of the Supplemental Information.
•The Company's 2024 guidance range does not include any assumptions for recently announced or prospective JV seed portfolios, dispositions or share repurchases. These transactions will be incorporated into the Company's guidance expectations after completion.
•The Company's earnings per share and NAREIT FFO per share guidance ranges have been updated to reflect the impact of non-cash goodwill and real estate impairments recognized in 1Q 2024, as applicable.
The 2024 annual guidance range reflects the Company's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, and operating and general and administrative expenses. The Company's guidance does not contemplate impacts from gains or losses from
dispositions, potential impairments, or debt extinguishment costs, if any. There can be no assurance that the Company's actual results will not be materially higher or lower than these expectations. If actual results vary from these assumptions, the Company's expectations may change.

EARNINGS CALL |  |  |  |

•On Tuesday, May 7, 2024, at 12:00 p.m. Eastern Time, Healthcare Realty Trust has scheduled a conference call to discuss earnings results, quarterly activities, general operations of the Company and industry trends.
•Simultaneously, a webcast of the conference call will be available to interested parties at https://investors.healthcarerealty.com/corporate-profile/webcasts under the Investor Relations section. A webcast replay will be available following the call at the same address.
•Live Conference Call Access Details:
◦Domestic Toll-Free Number: +1 833-470-1428 access code 240790;
◦All Other Locations: +1 404-975-4839 access code 240790.
•Replay Information:
◦Domestic Toll-Free Number: +1 866-813-9403 access code 656103;
◦All Other Locations: +1 929-458-6194 access code 656103.

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 6

Salient Facts 1
AS OF MARCH 31, 2024

| Properties |  |
| 687 properties totaling 40.3M SF |
| 68 markets in 35 states |
| 92% managed by Healthcare Realty |
| 93% outpatient medical facilities |
| 60% of NOI in Top 15 Markets |
| Capitalization |
| $10.8B enterprise value as of 3/31/24 |
| $5.5B market capitalization as of 3/31/24 |
| 385.2M shares outstanding (including OP units) |
| $0.31 quarterly dividend per share |
| BBB/Baa2 S&P/Moody's |
| 49.5% net debt to enterprise value at 3/31/24 |
| 6.5x net debt to adjusted EBITDA |

1 Includes properties held in joint ventures.

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 7

Corporate Information

Healthcare Realty (NYSE: HR) is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As of March 31, 2024, the Company was invested in 687 real estate properties in 35 states totaling 40.3 million square feet and had an enterprise value of approximately $10.8 billion, defined as equity market capitalization plus the principal amount of debt less cash. The Company provided leasing and property management services to 92% 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
| BMO Capital Markets
| BTIG, LLC
| Citi Research
| Deutsche Bank Securities
| Green Street Advisors, Inc.
| J.P. Morgan Securities LLC
| Jefferies LLC
| KeyBanc Capital Markets Inc.
| Raymond James & Associates
| Scotiabank
| Wedbush Securities
| 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 (retiring May 2024)
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 (retiring May 2024)
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 Healthcare Executive
David R. Emery (1944-2019)
Chairman Emeritus
Healthcare Realty Trust Incorporated

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 8

Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

ASSETS |  |  |  |  |  |  |  |
| 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 |  |  |
Real estate properties |  |  |  |  |  |  |  |
Land | $1,342,895 |  | $1,343,265 |  | $1,387,821 |  | $1,424,453 |  | $1,412,805 |  |  |  |
Buildings and improvements | 10,902,835 |  | 10,881,373 |  | 11,004,195 |  | 11,188,821 |  | 11,196,297 |  |  |  |
Lease intangibles | 816,303 |  | 836,302 |  | 890,273 |  | 922,029 |  | 929,008 |  |  |  |
Personal property | 12,720 |  | 12,718 |  | 12,686 |  | 12,615 |  | 11,945 |  |  |  |
Investment in financing receivables, net | 122,001 |  | 122,602 |  | 120,975 |  | 121,315 |  | 120,692 |  |  |  |
Financing lease right-of-use assets | 81,805 |  | 82,209 |  | 82,613 |  | 83,016 |  | 83,420 |  |  |  |
Construction in progress | 70,651 |  | 60,727 |  | 85,644 |  | 53,311 |  | 42,615 |  |  |  |
Land held for development | 59,871 |  | 59,871 |  | 59,871 |  | 78,411 |  | 69,575 |  |  |  |
Total real estate investments | 13,409,081 |  | 13,399,067 |  | 13,644,078 |  | 13,883,971 |  | 13,866,357 |  |  |  |
Less accumulated depreciation and amortization | (2,374,047) |  | (2,226,853) |  | (2,093,952) |  | (1,983,944) |  | (1,810,093) |  |  |  |
Total real estate investments, net | 11,035,034 |  | 11,172,214 |  | 11,550,126 |  | 11,900,027 |  | 12,056,264 |  |  |  |
Cash and cash equivalents | 26,172 |  | 25,699 |  | 24,668 |  | 35,904 |  | 49,941 |  |  |  |
Assets held for sale, net | 30,968 |  | 8,834 |  | 57,638 |  | 151 |  | 3,579 |  |  |  |
Operating lease right-of-use assets | 273,949 |  | 275,975 |  | 323,759 |  | 333,224 |  | 336,112 |  |  |  |
Investments in unconsolidated joint ventures | 309,754 |  | 311,511 |  | 325,453 |  | 327,245 |  | 327,746 |  |  |  |
Other assets, net and goodwill | 605,047 |  | 842,898 |  | 822,084 |  | 797,796 |  | 795,242 |  |  |  |
Total assets | $12,280,924 |  | $12,637,131 |  | $13,103,728 |  | $13,394,347 |  | $13,568,884 |  |  |  |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |
| 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 |  |  |
Liabilities |  |  |  |  |  |  |  |
Notes and bonds payable | $5,108,279 |  | $4,994,859 |  | $5,227,413 |  | $5,340,272 |  | $5,361,699 |  |  |  |
Accounts payable and accrued liabilities | 163,172 |  | 211,994 |  | 204,947 |  | 196,147 |  | 155,210 |  |  |  |
Liabilities of properties held for sale | 700 |  | 295 |  | 3,814 |  | 222 |  | 277 |  |  |  |
Operating lease liabilities | 229,223 |  | 229,714 |  | 273,319 |  | 278,479 |  | 279,637 |  |  |  |
Financing lease liabilities | 74,769 |  | 74,503 |  | 74,087 |  | 73,629 |  | 73,193 |  |  |  |
Other liabilities | 197,763 |  | 202,984 |  | 211,365 |  | 219,694 |  | 232,029 |  |  |  |
Total liabilities | 5,773,906 |  | 5,714,349 |  | 5,994,945 |  | 6,108,443 |  | 6,102,045 |  |  |  |
Redeemable non-controlling interests | 3,880 |  | 3,868 |  | 3,195 |  | 2,487 |  | 2,000 |  |  |  |
Stockholders' equity |  |  |  |  |  |  |  |
Preferred stock, $0.01 par value; 200,000 shares authorized | — |  | — |  | — |  | — |  | — |  |  |  |
Common stock, $0.01 par value; 1,000,000 shares authorized | 3,815 |  | 3,810 |  | 3,809 |  | 3,808 |  | 3,808 |  |  |  |
Additional paid-in capital | 9,609,530 |  | 9,602,592 |  | 9,597,629 |  | 9,595,033 |  | 9,591,194 |  |  |  |
Accumulated other comprehensive (loss) income | 4,791 |  | (10,741) |  | 17,079 |  | 9,328 |  | (8,554) |  |  |  |
Cumulative net income attributable to common stockholders | 717,958 |  | 1,028,794 |  | 1,069,327 |  | 1,137,171 |  | 1,219,930 |  |  |  |
Cumulative dividends | (3,920,199) |  | (3,801,793) |  | (3,684,144) |  | (3,565,941) |  | (3,447,750) |  |  |  |
Total stockholders' equity | 6,415,895 |  | 6,822,662 |  | 7,003,700 |  | 7,179,399 |  | 7,358,628 |  |  |  |
Non-controlling interest | 87,243 |  | 96,252 |  | 101,888 |  | 104,018 |  | 106,211 |  |  |  |
Total equity | 6,503,138 |  | 6,918,914 |  | 7,105,588 |  | 7,283,417 |  | 7,464,839 |  |  |  |
Total liabilities and stockholders' equity | $12,280,924 |  | $12,637,131 |  | $13,103,728 |  | $13,394,347 | $13,568,884 |  |  |

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 9

Statements of Income
DOLLARS IN THOUSANDS

| 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income | $318,076 | $322,076 | $333,335 | $329,680 | $324,093 |  |  |  |  |  |  |  |  |  |  |  |
Interest income | 4,538 | 4,422 | 4,264 | 4,233 | 4,214 |  |  |  |  |  |  |  |  |  |  |  |
Other operating | 4,191 | 3,943 | 4,661 | 4,230 | 4,618 |  |  |  |  |  |  |  |  |  |  |  |
| 326,805 | 330,441 | 342,260 | 338,143 | 332,925 |  |  |  |  |  |  |  |  |  |  |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating | 121,078 | 121,362 | 131,639 | 125,395 | 122,040 |  |  |  |  |  |  |  |  |  |  |  |
General and administrative | 14,787 | 14,609 | 13,396 | 15,464 | 14,935 |  |  |  |  |  |  |  |  |  |  |  |
Normalizing items 1 | — | (1,445) | — | (275) | — |  |  |  |  |  |  |  |  |  |  |  |
Normalized general and administrative | 14,787 | 13,164 | 13,396 | 15,189 | 14,935 |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 395 | 301 | 769 | 669 | 287 |  |  |  |  |  |  |  |  |  |  |  |
Merger-related costs | — | 1,414 | 7,450 | (15,670) | 4,855 |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 178,119 | 180,049 | 182,989 | 183,193 | 184,479 |  |  |  |  |  |  |  |  |  |  |  |
| 314,379 | 317,735 | 336,243 | 309,051 | 326,596 |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense before merger-related fair value | (50,949) | (52,387) | (55,637) | (54,780) | (52,895) |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | (10,105) | (10,800) | (10,667) | (10,554) | (10,864) |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (61,054) | (63,187) | (66,304) | (65,334) | (63,759) |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales of real estate properties | 22 | 20,573 | 48,811 | 7,156 | 1,007 |  |  |  |  |  |  |  |  |  |  |  |
Gain on extinguishment of debt | — | — | 62 | — | — |  |  |  |  |  |  |  |  |  |  |  |
Impairment of real estate assets and credit loss reserves | (15,937) | (11,403) | (56,873) | (55,215) | (31,422) |  |  |  |  |  |  |  |  |  |  |  |
Impairment of goodwill | (250,530) | — | — | — | — |  |  |  |  |  |  |  |  |  |  |  |
Equity (loss) gain from unconsolidated joint ventures | (422) | (430) | (456) | (17) | (780) |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income (expense), net | 275 | 65 | 139 | 592 | 547 |  |  |  |  |  |  |  |  |  |  |  |
| (327,646) | (54,382) | (74,621) | (112,818) | (94,407) |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income | $(315,220) | $(41,676) | $(68,604) | $(83,726) | $(88,078) |  |  |  |  |  |  |  |  |  |  |  |
Net loss (income) attributable to non-controlling interests | 4,384 | 1,143 | 760 | 967 | 953 |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income attributable to common stockholders | $(310,836) | $(40,533) | $(67,844) | $(82,759) | $(87,125) |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per common share | $(0.82) | $(0.11) | $(0.18) | $(0.22) | $(0.23) |  |  |  |  |  |  |  |  |  |  |  |
Diluted earnings per common share | $(0.82) | $(0.11) | $(0.18) | $(0.22) | $(0.23) |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - basic | 379,455 | 379,044 | 378,925 | 378,897 | 378,840 |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - diluted 2 | 379,455 | 379,044 | 378,925 | 378,897 | 378,840 |  |  |  |  |  |  |  |  |  |  |  |

STATEMENTS OF INCOME SUPPLEMENTAL INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing receivables | $2,117 | $2,132 | $2,002 | $2,053 | $2,144 |  |  |  |  |  |  |  |  |  |  |  |
Interest on mortgage and mezzanine loans | 2,421 | 2,290 | 2,262 | 2,180 | 2,070 |  |  |  |  |  |  |  |  |  |  |  |
Total | $4,538 | $4,422 | $4,264 | $4,233 | $4,214 |  |  |  |  |  |  |  |  |  |  |  |
Other operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Parking income | $2,545 | $2,392 | $2,751 | $2,370 | $2,391 |  |  |  |  |  |  |  |  |  |  |  |
Management fee and miscellaneous income | 1,646 | 1,551 | 1,910 | 1,860 | 2,227 |  |  |  |  |  |  |  |  |  |  |  |
Total | $4,191 | $3,943 | $4,661 | $4,230 | $4,618 |  |  |  |  |  |  |  |  |  |  |  |

1 4Q 2023 normalizing items include severance costs and 2Q 2023 includes non-routine legal costs.
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 3,681,225 units was not included.

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 10

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

| 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income attributable to common stockholders | $(310,836) | $(40,533) | $(67,844) | $(82,759) | $(87,125) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to common stockholders per diluted share 3 | $(0.82) | $(0.11) | $(0.18) | $(0.22) | $(0.23) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales of real estate assets | $(22) | $(20,573) | $(48,811) | $(7,156) | $(1,007) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairments of real estate assets | 15,937 |  | 11,403 |  | 56,873 |  | 55,215 |  | 26,227 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate depreciation and amortization | 181,161 |  | 182,272 |  | 185,143 |  | 185,003 |  | 186,109 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling loss from partnership units | (4,278) |  | (491) |  | (841) |  | (1,027) |  | (1,067) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV depreciation and amortization | 4,568 | 4,442 | 4,421 | 4,412 | 4,841 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO adjustments | $197,366 | $177,053 | $196,785 | $236,447 | $215,103 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO adjustments per common share - diluted | $0.51 | $0.46 | $0.51 | $0.62 | $0.56 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO | $(113,470) | $136,520 | $128,941 | $153,688 | $127,978 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO per common share - diluted 4 | $(0.30) | $0.36 | $0.34 | $0.40 | $0.33 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 395 | 301 | 769 | 669 | 287 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related costs | — | 1,414 | 7,450 | (15,670) | 4,855 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease intangible amortization | 175 |  | 261 |  | 213 |  | 240 | 146 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-routine legal costs/forfeited earnest money received | — |  | (100) |  | — | 275 | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt financing costs | — | — | (62) | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Severance costs | — | 1,445 | — | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses 5 | — | — | — | — | 8,599 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of goodwill | 250,530 | — | — | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | 10,105 | 10,800 | 10,667 | 10,554 | 10,864 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV normalizing items 6 | 87 | 89 | 90 | 93 | 117 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjustments | $261,292 | $14,210 | $19,127 | $(3,839) | $24,868 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjustments per common share - diluted | $0.68 | $0.04 | $0.05 | $(0.01) | $0.06 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO | $147,822 | $150,730 | $148,068 | $149,849 | $152,846 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO per common share - diluted | $0.39 | $0.39 | $0.39 | $0.39 | $0.40 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate depreciation and amortization | 485 | 685 | 475 | 802 | 604 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-cash interest amortization, net 7 | 1,277 | 1,265 | 1,402 | 1,618 | 682 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rent reserves, net | (151) | 1,404 | 442 | (54) | 1,371 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent income, net | (7,633) | (7,872) | (8,470) | (8,005) | (8,246) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation | 3,562 | 3,566 | 2,556 | 3,924 | 3,745 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV non-cash items 8 | (122) | (206) | (231) | (316) | (227) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjusted for non-cash items | 145,240 | 149,572 | 144,242 | 147,818 | 150,775 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI | (20,204) | (18,715) | (21,248) | (17,236) | (8,882) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | (15,215) | (14,978) | (8,907) | (5,493) | (7,013) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (5,363) | (17,393) | (14,354) | (8,649) | (8,946) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total maintenance capex | (40,782) | (51,086) | (44,509) | (31,378) | (24,841) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FAD | $104,458 | $98,486 | $99,733 | $116,440 | $125,934 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly dividends and OP distributions | $119,541 | $118,897 | $119,456 | $119,444 | $119,442 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO wtd avg common shares outstanding - diluted 9 | 383,413 | 383,326 | 383,428 | 383,409 | 383,335 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

1 Funds from operations (“FFO”) and FFO per share are operating performance measures adopted by NAREIT. NAREIT defines FFO as “net income (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.”
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 For 1Q 2024, basic weighted average common shares outstanding was the denominator used in the per share calculation.
5 In 1Q 2023, allowance for credit losses included a $5.2 million credit allowance for a mezzanine loan and a $3.4 million reserve for three skilled nursing facilities.
6 Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and acquisition and pursuit costs.
7 Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.
8 Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.
9 The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 254,261 for the three months ended March 31, 2024. Als o includes the diluted impact of 3,681,225 OP units outstanding.

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 11

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

ACQUISITION AND RE/DEVELOPMENT FUNDING |  |  |  |  |  |
| 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 |  |  |  |  |  |  |  |  |  |  |
Acquisitions 1 | $— | $— | $11,450 | $— | $31,500 |  |  |  |  |  |  |  |  |  |  |
Re/development 2 | 21,580 | 32,272 | 30,945 | 32,068 | 16,928 |  |  |  |  |  |  |  |  |  |  |
1st generation TI & acquisition capex 3 | 12,421 | 7,632 | 9,013 | 10,258 | 11,870 |  |  |  |  |  |  |  |  |  |  |
MAINTENANCE CAPITAL EXPENDITURES FUNDING
| 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 |  |  |  |  |  |  |  |  |  |  |
2nd generation TI | $20,204 | $18,715 | $21,248 | $17,236 | $8,882 |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | 15,215 | 14,978 | 8,907 | 5,493 | 7,013 |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | 5,363 | 17,393 | 14,354 | 8,649 | 8,946 |  |  |  |  |  |  |  |  |  |  |
| $40,782 | $51,086 | $44,509 | $31,378 | $24,841 |  |  |  |  |  |  |  |  |  |  |
% of Cash NOI |  |  |  |  |  |
2nd generation TI | 10.1 | % | 9.2 | % | 10.4 | % | 8.3 | % | 4.2 | % |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | 7.6 | % | 7.3 | % | 4.4 | % | 2.6 | % | 3.3 | % |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | 2.7 | % | 8.5 | % | 7.0 | % | 4.2 | % | 4.3 | % |  |  |  |  |  |  |  |  |  |  |
| 20.4 | % | 25.0 | % | 21.8 | % | 15.1 | % | 11.8 | % |  |  |  |  |  |  |  |  |  |  |
LEASING COMMITMENTS 4
| 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 |  |  |  |  |  |  |  |  |  |  |
Renewals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 1,454,998 | 582,239 | 625,762 | 638,587 | 949,285 |  |  |  |  |  |  |  |  |  |  |
2nd generation TI/square foot/lease year | $2.39 | $1.89 | $1.76 | $1.64 | $1.84 |  |  |  |  |  |  |  |  |  |  |
Leasing commissions/square foot/lease year | $0.90 | $1.66 | $1.48 | $1.19 | $0.87 |  |  |  |  |  |  |  |  |  |  |
Renewal commitments as a % of annual net rent | 13.8 | % | 12.7 | % | 13.1 | % | 12.8 | % | 11.5 | % |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 60.5 | 43.1 | 42.1 | 56.7 | 56.8 |  |  |  |  |  |  |  |  |  |  |
New leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 337,357 | 315,243 | 344,524 | 205,565 | 274,344 |  |  |  |  |  |  |  |  |  |  |
2nd generation TI/square foot/lease year | $7.32 | $5.98 | $5.57 | $7.11 | $4.44 |  |  |  |  |  |  |  |  |  |  |
Leasing commissions/square foot/lease year | $1.68 | $1.72 | $1.81 | $1.40 | $0.83 |  |  |  |  |  |  |  |  |  |  |
New lease commitments as a % of annual net rent | 42.8 | % | 33.4 | % | 32.1 | % | 45.0 | % | 21.6 | % |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 92.8 | 90.2 | 85.8 | 81.3 | 84.7 |  |  |  |  |  |  |  |  |  |  |
All |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 1,792,355 | 897,482 | 970,286 | 844,152 | 1,223,629 |  |  |  |  |  |  |  |  |  |  |
Leasing commitments as a % of annual net rent | 20.5 | % | 21.9 | % | 22.6 | % | 21.7 | % | 14.7 | % |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 66.6 | 59.6 | 57.6 | 62.7 | 63.1 |  |  |  |  |  |  |  |  |  |  |

1 Acquisitions include properties acquired through joint ventures at the Company's ownership percentage.
2 Re/development funding includes capital spend on re/developments, development completions and unstabilized properties.
3 Acquisition capex includes near-term fundings underwritten as part of recent acquisitions. 1st generation tenant improvements for re/developments are excluded.
4 Reflects leases commencing in the quarter. Excludes recently acquired or disposed properties, development completions, construction in progress, land held for development, corporate property, redevelopment properties, unstabilized properties, planned dispositions and assets classified as held for sale.
5 WALT = weighted average lease term.

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 12

Debt Metrics 1
DOLLARS IN THOUSANDS

SUMMARY OF INDEBTEDNESS AS OF MARCH 31, 2024 |
| 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 | $249,579 | 5/1/2025 | 13 |  | $2,470 | $2,422 | 3.88 | % | 4.12 | % |
600,000 | 580,933 | 8/1/2026 | 28 |  | 7,166 | 5,250 | 3.50 | % | 4.94 | % | Y
500,000 | 484,802 | 7/1/2027 | 39 |  | 5,762 | 4,688 | 3.75 | % | 4.76 | % | Y
300,000 | 297,577 | 1/15/2028 | 46 |  | 2,784 | 2,719 | 3.63 | % | 3.85 | % |
650,000 | 578,037 | 2/15/2030 | 71 |  | 7,632 | 5,037 | 3.10 | % | 5.30 | % | Y
299,500 | 296,881 | 3/15/2030 | 72 |  | 1,928 | 1,797 | 2.40 | % | 2.72 | % |
299,785 | 295,958 | 3/15/2031 | 84 |  | 1,592 | 1,536 | 2.05 | % | 2.25 | % |
800,000 | 653,864 | 3/15/2031 | 84 |  | 8,343 | 4,000 | 2.00 | % | 5.13 | % | Y
| $3,699,285 | $3,437,631 |  | 56 |  | $37,677 | $27,449 | 2.97 | % | 4.43 | % |
TERM LOANS | $350,000 | $349,885 | 7/20/2025 | 16 |  | $5,647 | $5,647 | SOFR + 1.04% | 6.36 | % |
200,000 | 199,961 | 5/31/2026 | 26 |  | 3,227 | 3,227 | SOFR + 1.04% | 6.36 | % |
150,000 | 149,679 | 6/1/2026 | 26 |  | 2,420 | 2,420 | SOFR + 1.04% | 6.36 | % |
300,000 | 299,964 | 10/31/2026 | 31 |  | 4,841 | 4,841 | SOFR + 1.04% | 6.36 | % |
200,000 | 199,537 | 7/20/2027 | 39 |  | 3,227 | 3,227 | SOFR + 1.04% | 6.36 | % |
300,000 | 298,393 | 1/20/2028 | 45 |  | 4,841 | 4,841 | SOFR + 1.04% | 6.36 | % |
| $1,500,000 | $1,497,419 |  | 30 |  | $24,203 | $24,203 |  | 6.36 | % |
$1.5B CREDIT FACILITY | $120,000 | $120,000 | 10/31/2027 | 43 |  | $676 | $676 | SOFR + 0.94% | 6.27 | % |
MORTGAGES | $53,425 | $53,229 | various | 22 |  | $550 | $562 | 4.05 | % | 4.18 | % |
| $5,372,710 | $5,108,279 |  | 46 | $63,106 | $52,890 | 4.00 | % | 5.04 | % | $2,550,000
Interest rate swaps | (4,191) | (4,191) |  |  |
Interest cost capitalization | (942) | — |  |  |
Unsecured credit facility fee & deferred financing costs | 1,966 | 759 |  |  |
Amortization of fair value of swap maturing January 2024 | 177 | — | 1.21 | % | 3.21 | % | Y
Financing right-of-use asset amortization | 938 | — |  |  |
|  |  |  |  | $61,054 | $49,458 |  |  |

DEBT MATURITIES SCHEDULE AS OF MARCH 31, 2024
|  | PRINCIPAL PAYMENTS |  |
|  | BANK LOANS | SENIOR NOTES | MORTGAGE NOTES | TOTAL |  | WA RATE
2024 |  |  |  | $8,146 | $8,146 |  | 4.07 | %
2025 |  | $350,000 | $250,000 | 16,375 | 616,375 |  | 5.29 | %
2026 |  | 650,000 | 600,000 | 28,904 | 1,278,904 |  | 4.94 | %
2027 |  | 320,000 | 500,000 |  | 820,000 |  | 4.75 | %
2028 |  | 300,000 | 300,000 |  | 600,000 |  | 4.99 | %
Thereafter |  |  | 2,049,285 |  | 2,049,285 |  | 2.41 | %
Total |  | $1,620,000 | $3,699,285 | $53,425 | $5,372,710 |  | 4.00 | %
Fixed rate debt balance |  | $1,075,000 | $3,699,285 | $53,425 | $4,827,710 |  |
% fixed rate debt |  | 90 | % |  |
Company share of JV net debt |  | $23,276 |  |  |

INTEREST RATE SWAPS
MATURITY | AMOUNT | FIXED SOFR RATE
May 2026 | 275,000 |  | 3.74 | %
June 2026 | 150,000 |  | 3.83 | %
December 2026 | 150,000 |  | 3.84 | %
June 2027 | 200,000 |  | 4.27 | %
December 2027 | 300,000 |  | 3.93 | %
As of 3/31/2024 | $1,075,000 | 3.92 | %

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

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 13

Debt Covenants & Liquidity
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED MARCH 31, 2024 1 |
| CALCULATION | REQUIREMENT | PER DEBT COVENANTS
Revolving credit facility and term loan |  |
Leverage ratio | Total debt/total capital | Not greater than 60% | 37.9 | %
Secured leverage ratio | Total secured debt/total capital | Not greater than 30% | 0.4 | %
Unencumbered leverage ratio | Unsecured debt/unsecured real estate | Not greater than 60% | 40.7 | %
Fixed charge coverage ratio | EBITDA/fixed charges | Not less than 1.50x | 3.1x
Unsecured coverage ratio | Unsecured EBITDA/unsecured interest | Not less than 1.75x | 3.1x
Asset investments | Unimproved land, JVs & mortgages/total assets | Not greater than 35% | 8.4 | %
Senior Notes |  |  |
Incurrence of total debt | Total debt/total assets | Not greater than 60% | 38.1 | %
Incurrence of debt secured by any lien | Secured debt/total assets | Not greater than 40% | 0.4 | %
Maintenance of total unsecured assets | Unencumbered assets/unsecured debt | Not less than 150% | 259.8 | %
Debt service coverage | EBITDA/interest expense | Not less than 1.5x | 3.2x
Other |  |  |
Net debt to adjusted EBITDA 2 | Net debt (debt less cash)/adjusted EBITDA | Not required | 6.5x
Net debt to enterprise value 3 | Net debt/enterprise value | Not required | 49.5 | %

LIQUIDITY SOURCES
Cash | $26,172
Unsecured credit facility availability | 1,380,000
Consolidated unencumbered assets (gross) 4 | 13,269,798

1 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.
2 Net debt includes the Company's share of unconsolidated JV net debt. See page 25 for a reconciliation of adjusted EBITDA.
3 Based on the closing price of $14.15 on March 28, 2024 and 385,159,184 shares outstanding including outstanding OP units.
4 Annualized first quarter 2024 unencumbered asset NOI was $774.3 million.

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 14

Re/development Activity
DOLLARS IN THOUSANDS

RE/DEVELOPMENT PROJECTS |  |
MARKET | ASSOCIATED HEALTH SYSTEM |  | SQUARE FEET | CURRENT LEASED % | BUDGET | COST TO COMPLETE |  | ESTIMATED COMPLETION/INITIAL LEASE COMMENCEMENT
Recently completed development |  |  |  |  |  |  |
Nashville, TN | Ascension |  | 106,194 | 88 | % | $44,000 | $6,670 |  | In service
Active development |  |  |  |  |  |  |
Raleigh, NC | UNC REX Health |  | 120,694 | 42 | % | 52,600 | 18,259 |  | 4Q 2024
Phoenix, AZ | HonorHealth |  | 101,000 | 80 | % | 54,000 | 26,853 |  | 4Q 2024
Orlando, FL 1 | Advent Health |  | 156,566 | 78 | % | 65,000 | 31,402 |  | 2Q 2025
Total development |  | 484,454 | 72 | % | $215,600 | $83,184 |  |
Projected stabilized yield - 6.5%-8.0% |  |  |
Estimated stabilization period post completion - 12 - 36 months |  |  |
Active redevelopment |  |  |  |  |  |  |
Washington, DC | Inova Health |  | 259,290 | 85 | % | $17,557 | $7,588 |  | 2Q 2024
Houston, TX | HCA |  | 314,861 | 63 | % | 30,000 | 22,987 |  | 4Q 2025
Charlotte, NC | Novant Health |  | 169,135 | 58 | % | 18,700 | 13,159 |  | 1Q 2026
Washington, DC | Inova Health |  | 57,323 | 60 | % | 10,078 | 4,630 |  | 1Q 2026
Total redevelopment |  | 800,609 | 69 | % | $76,335 | $48,364 |  |
Occupied % |  |  |  | 64 | % |  |  |  |
Projected stabilized yield - 9.0%-12.0% |  |  |
Estimated stabilization period post completion - 12 - 36 months |  |  |
Total active re/development projects | 1,285,063 | 70 | % | $291,935 | $131,548 |  |

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

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 15

Portfolio 1,2
DOLLARS IN THOUSANDS

MARKETS |  |  |  |
|  |  | WHOLLY OWNED COUNT |  | SQUARE FEET | WHOLLY OWNED
MARKET | MSA RANK |  |  | MOB |  |  | INPATIENT | OFFICE |  | WHOLLY OWNED | JOINT VENTURES 3 | TOTAL | % OF NOI | CUMULATIVE % OF NOI
Dallas, TX | 4 |  | 43 |  | 3,230,488 |  |  | 146,519 | 199,800 |  | 3,576,807 | 226,076 | 3,802,883 | 8.9 | % | 8.9 | %
Seattle, WA | 15 |  | 29 |  | 1,592,501 |  |  |  |  |  | 1,592,501 |  | 1,592,501 | 6.3 | % | 15.2 | %
Houston, TX | 5 |  | 31 |  | 2,351,135 |  |  | 67,500 |  |  | 2,418,635 |  | 2,418,635 | 4.8 | % | 20.0 | %
Charlotte, NC | 22 |  | 32 |  | 1,792,908 |  |  |  |  |  | 1,792,908 |  | 1,792,908 | 4.4 | % | 24.4 | %
Denver, CO | 19 |  | 33 |  | 1,780,819 |  |  |  | 93,869 |  | 1,874,688 | 116,616 | 1,991,304 | 4.2 | % | 28.6 | %
Los Angeles, CA | 2 |  | 20 |  | 1,034,336 |  |  | 63,000 |  |  | 1,097,336 | 702,453 | 1,799,789 | 4.2 | % | 32.8 | %
Atlanta, GA | 9 |  | 27 |  | 1,423,141 |  |  |  |  |  | 1,423,141 |  | 1,423,141 | 3.9 | % | 36.7 | %
Boston, MA | 11 |  | 17 |  | 806,410 |  |  |  |  |  | 806,410 |  | 806,410 | 3.6 | % | 40.3 | %
Miami, FL | 7 |  | 18 |  | 1,196,531 |  |  |  |  |  | 1,196,531 |  | 1,196,531 | 3.2 | % | 43.5 | %
Raleigh, NC | 42 |  | 29 |  | 1,115,743 |  |  |  |  |  | 1,115,743 |  | 1,115,743 | 3.0 | % | 46.5 | %
Nashville, TN | 36 |  | 13 |  | 1,241,872 |  |  |  | 108,691 |  | 1,350,563 |  | 1,350,563 | 3.0 | % | 49.5 | %
Phoenix, AZ | 10 |  | 35 |  | 1,512,304 |  |  |  |  |  | 1,512,304 |  | 1,512,304 | 2.9 | % | 52.4 | %
Tampa, FL | 18 |  | 19 |  | 971,975 |  |  |  |  |  | 971,975 |  | 971,975 | 2.7 | % | 55.1 | %
Austin, TX | 29 |  | 13 |  | 863,700 |  |  |  |  |  | 863,700 |  | 863,700 | 2.6 | % | 57.7 | %
Indianapolis, IN | 33 |  | 40 |  | 1,162,955 |  |  | 61,398 |  |  | 1,224,353 | 273,479 | 1,497,832 | 2.5 | % | 60.2 | %
New York, NY | 1 |  | 15 |  | 704,415 |  |  |  |  |  | 704,415 |  | 704,415 | 2.2 | % | 62.4 | %
Memphis, TN | 43 |  | 11 |  | 802,221 |  |  | 54,416 |  |  | 856,637 |  | 856,637 | 1.9 | % | 64.3 | %
San Francisco, CA | 12 |  | 6 |  | 452,666 |  |  |  |  |  | 452,666 | 110,865 | 563,531 | 1.9 | % | 66.2 | %
Chicago, IL | 3 |  | 6 |  | 607,845 |  |  |  |  |  | 607,845 |  | 607,845 | 1.9 | % | 68.1 | %
Honolulu, HI | 56 |  | 6 |  | 439,500 |  |  |  |  |  | 439,500 |  | 439,500 | 1.8 | % | 69.9 | %
Other (48 markets) |  |  | 210 |  | 10,678,027 |  |  | 540,974 | 1,228,363 |  | 12,447,364 | 519,911 | 12,967,275 | 30.1 | % | 100.0 | %
Total |  |  | 653 |  | 35,761,492 |  |  | 933,807 | 1,630,723 |  | 38,326,022 | 1,949,400 | 40,275,422 | 100.0 | % |
Number of properties |  |  |  | 630 |  |  | 15 | 8 |  | 653 | 34 | 687 |  |
% of square feet |  |  |  |  | 93.3 | % |  |  | 2.4 | % | 4.3 | % |  | 100.0 | % |  |  |  |
% multi-tenant |  |  |  |  | 85.9 | % |  |  | — | % | 64.3 | % |  | 82.9 | % |  |  |  |
Investment |  |  |  |  | $12,248,065 |  |  | $436,313 | $468,899 |  | $13,153,278 |  |  |  |
Quarterly cash NOI 1 |  |  |  | $181,137 |  |  | $8,155 | $6,227 |  | $195,519 |  |  |  |
% of cash NOI |  |  |  |  | 92.6 | % |  |  | 4.2 | % | 3.2 | % |  | 100.0 | % |  |  |  |

BY OWNERSHIP AND TENANT TYPE
| WHOLLY OWNED | JOINT VENTURES 3 |
| MULTI-TENANT | SINGLE-TENANT |  | MULTI-TENANT | SINGLE-TENANT | TOTAL
Number of properties | 528 | 125 |  | 24 | 10 | 687
Square feet | 31,765,733 | 6,560,289 |  | 1,594,634 | 354,766 | 40,275,422
% of square feet | 78.8 | % | 16.3 | % |  | 4.0 | % | 0.9 | % | 100.0 | %
Investment 1 | $10,422,082 | $2,731,196 |  | $278,544 | $83,628 | $13,515,450
Quarterly cash NOI 1 | $150,614 | $44,906 |  | $3,693 | $1,262 | $200,475
% of cash NOI | 75.1 | % | 22.4 | % |  | 1.9 | % | 0.6 | % | 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 2024 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 | 2,105,415 | 779,288 | 2,884,703 |  | 43 | 8.6 | % | 821,724 | 2.6 | % | 131
Baylor Scott & White | 21 | AA-/Aa3 | 2,570,180 | 66,376 | 2,636,556 |  | 29 | 6.8 | % | 1,271,509 | 4.1 | % | 195
CommonSpirit | 4 | A-/A3 | 1,801,813 | 540,834 | 2,342,647 |  | 42 | 6.2 | % | 728,994 | 2.3 | % | 143
Ascension Health | 3 | AA+/Aa2 | 2,262,563 | 97,551 | 2,360,114 |  | 25 | 5.8 | % | 968,077 | 3.1 | % | 148
Advocate Health | 14 | AA/Aa3 | 790,317 | 496,198 | 1,286,515 |  | 20 | 4.1 | % | 1,130,858 | 3.6 | % | 104
Wellstar Health System | 75 | A+/A2 | 896,773 | 23,088 | 919,861 |  | 18 | 2.8 | % | 582,754 | 1.9 | % | 81
UW Medicine (Seattle) | 91 | AA+/Aaa | 461,363 | 169,709 |  | 631,072 |  | 10 | 2.7 | % | 294,971 | 0.9 | % | 32
AdventHealth | 11 | AA/Aa2 | 758,638 | 118,585 | 877,223 |  | 13 | 2.6 | % | 384,529 | 1.2 | % | 82
Trinity Health | 7 | AA-/Aa3 | 830,772 | 184,318 |  | 1,015,090 |  | 14 | 2.4 | % | 542,027 | 1.7 | % | 73
Tenet Healthcare Corporation | 6 | B+/B1 | 884,029 | 238,375 |  | 1,122,404 |  | 17 | 2.3 | % | 309,949 | 1.0 | % | 62
Baptist Memorial Health Care | 89 | A-2/-- | 544,122 | 252,414 | 796,536 |  | 10 | 2.1 | % | 434,721 | 1.4 | % | 56
Community Health Systems | 8 | CCC+/Caa2 | 785,169 | — |  | 785,169 |  | 16 | 2.0 | % | 353,558 | 1.1 | % | 45
Providence Health & Services | 5 | A/A2 | 330,287 | 31,601 | 361,888 |  | 8 | 1.7 | % | 137,032 | 0.4 | % | 25
Cedars-Sinai Health Systems | 51 | AA-/Aa3 | 199,701 | 90,607 | 290,308 |  | 5 | 1.7 | % | 65,278 | 0.2 | % | 21
Hawaii Pacific Health | 181 | --/A1 | 173,502 | 124,925 | 298,427 |  | 3 | 1.5 | % | 98,398 | 0.3 | % | 39
Banner Health | 24 | AA-/-- | 749,075 | 31,039 | 780,114 |  | 24 | 1.4 | % | 134,107 | 0.4 | % | 34
WakeMed | 185 | --/A2 | 380,141 | 101,597 |  | 481,738 |  | 14 | 1.4 | % | 144,265 | 0.5 | % | 21
Bon Secours Health System | 22 | A+/A2 | 405,945 | — |  | 405,945 |  | 6 | 1.3 | % | 242,817 | 0.8 | % | 50
Sutter Health | 12 | A+/A1 | 175,591 | 76,507 |  | 252,098 |  | 3 | 1.2 | % | 93,229 | 0.3 | % | 19
Overlake Health System | 291 | BBB+/Baa1 | 230,710 | — |  | 230,710 |  | 3 | 1.2 | % | 73,676 | 0.2 | % | 7
Memorial Hermann Health | 39 | A+/Aa3 | 444,780 | — |  | 444,780 |  | 8 | 1.2 | % | 257,409 | 0.8 | % | 4
Other (70 credit rated) |  |  | 6,953,056 | 3,674,423 | 10,627,479 |  | 206 |  | 29.6 | % | 4,437,662 | 14.2 | % |
Subtotal - credit rated 5 |  |  | 24,733,942 | 7,097,435 | 31,831,377 |  | 537 |  | 90.6 | % | 13,507,544 | 43.0 | % |
Other non-credit rated 6 |  |  | 1,042,749 | 470,851 | 1,513,600 |  | 34 | 4.5 | % | 861,880 | 2.8 | % |
Off-campus non-affiliated 7 |  |  | — | 2,416,515 | 2,416,515 |  | 59 | 4.9 | % | — | — | % |
Wholly-owned |  |  | 25,776,691 | 9,984,801 | 35,761,492 |  | 630 | 100.0 | % | 14,369,424 | 45.8 | % |
Joint ventures |  |  | 1,143,456 | 579,868 | 1,723,324 |  |  |  |  |  |
Total |  |  | 26,920,147 | 10,564,669 | 37,484,816 |  |  |  |  |  |

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, 83% is associated and 41% is leased by an investment-grade rated healthcare provider.
6 Includes 34 properties associated with hospital systems that are not credit rated. Steward Health leases 580,000 square feet and represents 1.6% of total company ABR.
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 2024 SUPPLEMENTAL INFORMATION 17

MOB Proximity to Hospital 1,2

MOB BY LOCATION |  |  |  |  |
| # OF PROPERTIES | SQUARE FEET | TOTAL | % GROUND LEASED |
On campus | 236 | 18,183,081 | 48.5 | % | 37.6 | % |
Adjacent to campus 3 | 185 | 8,737,066 | 23.3 | % | 3.4 | % |
Total on/adjacent | 421 | 26,920,147 | 71.8 | % | 41.0 | % |
Off campus - affiliated 4 | 174 | 8,014,793 | 21.4 | % | 3.7 | % |
Off campus | 62 | 2,549,876 | 6.8 | % | 0.6 | % |
| 657 | 37,484,816 | 100.0 | % | 45.3 | % |
Wholly-owned | 630 | 35,761,492 |  |  |
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 | 474 | 26,237,339 | 70.0 | % | 391 | 22,916,995 | 72.3 | % |
Non-clustered | 183 | 11,247,477 | 30.0 | % | 126 | 8,770,915 | 27.7 | % |
Total | 657 | 37,484,816 | 100.0 | % | 517 | 31,687,910 | 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 2024 SUPPLEMENTAL INFORMATION 18

Lease Maturity & Occupancy 1

LEASE MATURITY SCHEDULE |  |  |  |  |
|  | SQUARE FEET | # OF WHOLLY-OWNED LEASES
|  | WHOLLY-OWNED AND JOINT VENTURE |  |
|  | MULTI-TENANT 2 | SINGLE-TENANT | TOTAL | % OF TOTAL | JOINT VENTURES | WHOLLY-OWNED
Month-to-month |  | 429,643 | 2,946 | 432,589 | 1.2 | % | 13,335 | 419,254 | 184
Q2 2024 |  | 1,042,018 | 78,584 | 1,120,602 | 3.2 | % | 55,305 | 1,065,297 | 340
Q3 2024 |  | 1,135,409 | 456,522 | 1,591,931 | 4.5 | % | 111,397 | 1,480,534 | 354
Q4 2024 |  | 1,054,603 | 104,517 | 1,159,120 | 3.3 | % | 28,977 | 1,130,143 | 304
2025 |  | 4,065,381 | 933,060 | 4,998,441 | 14.2 | % | 187,084 | 4,811,357 | 1,191
2026 |  | 3,938,139 | 304,579 | 4,242,718 | 12.1 | % | 135,601 | 4,107,117 | 1,066
2027 |  | 3,627,213 | 1,030,094 | 4,657,307 | 13.2 | % | 159,643 | 4,497,664 | 960
2028 |  | 3,162,337 | 610,332 | 3,772,669 | 10.7 | % | 106,363 | 3,666,306 | 847
2029 |  | 2,230,758 | 871,252 | 3,102,010 | 8.8 | % | 348,982 | 2,753,028 | 542
2030 |  | 1,869,407 | 756,694 | 2,626,101 | 7.5 | % | 87,788 | 2,538,313 | 370
2031 |  | 1,168,087 | 236,689 | 1,404,776 | 4.0 | % | 29,760 | 1,375,016 | 270
2032 |  | 1,856,514 | 361,573 | 2,218,087 | 6.3 | % | 62,415 | 2,155,672 | 301
2033 |  | 963,068 | 207,370 | 1,170,438 | 3.3 | % | 40,812 | 1,129,626 | 204
Thereafter |  | 1,962,836 | 748,273 | 2,711,109 | 7.6 | % | 317,826 | 2,393,283 | 287
Total occupied |  | 28,505,413 | 6,702,485 | 35,207,898 | 87.4 | % | 1,685,288 | 33,522,610 | 7,220
Total building |  | 33,360,367 | 6,915,055 | 40,275,422 |  | 1,949,400 | 38,326,022 |
Occupancy |  | 85.4 | % | 96.9 | % | 87.4 | % |  | 86.5 | % | 87.5 | % |
Leased % |  | 87.1 | % | 96.9 | % | 88.7 | % |  | 86.7 | % | 88.9 | % |
WALTR (months) 3 | 49.9 | 66.2 | 53.0 |  |  | 51.7 |
WALT (months) 3 | 95.5 | 137.6 | 103.5 |  |  | 101.7 |

QUARTERLY LEASING ACTIVITY 4
|  | MULTI-TENANT | SINGLE-TENANT | TOTAL
|  | ABSORPTION ACTIVITY | SQUARE FEET | ABSORPTION ACTIVITY | SQUARE FEET | ABSORPTION ACTIVITY | SQUARE FEET
Occupied square feet, beginning of period |  |  | 28,448,571 |  |  | 6,820,934 |  |  | 35,269,505 |
Dispositions and assets held for sale |  |  | (130) |  |  | (24,580) |  |  | (24,710) |
Expirations and early vacates |  | (1,603,203) |  |  | (510,355) |  |  | (2,113,558) |  |
Renewals, amendments and extensions |  | 1,180,501 |  |  | 414,617 |  |  | 1,595,118 |  |
New lease commencements |  | 479,674 |  |  | 1,869 |  |  | 481,543 |  |
Absorption |  |  | 56,972 |  |  | (93,869) |  |  | (36,897) |
Occupied square feet, end of period |  |  | 28,505,413 |  |  | 6,702,485 |  |  | 35,207,898 |

1 Excludes 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 wholly-owned multi-tenant portfolio is 3,934 square feet.
3 WALTR = weighted average lease term remaining; WALT = weighted average lease term.
4 Excludes month-to-month activity until such time that a term renewal is signed or the tenant vacates.

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 19

Leasing Statistics 1

SAME STORE RENEWALS 1
| 1Q 2024 |  |  |
MOB cash leasing spreads 2 | 3.7 | % |  |  |
MOB cash leasing spreads distribution |  |  |
< 0% spread | 4.3 | % |  |  |
0-3% spread | 10.5 | % |  |  |
3-4% spread | 54.0 | % |  |  |
> 4% spread | 31.2 | % |  |  |
Total | 100.0 | % |  |  |
MOB tenant retention rate | 84.8 | % |  |  |

AVERAGE IN-PLACE CONTRACTUAL INCREASES 3
| MULTI-TENANT | SINGLE-TENANT | TOTAL
| % INCREASE | % OF BASE RENT |  | % INCREASE | % OF BASE RENT |  | % INCREASE | % OF BASE RENT
Same store 1 | 2.89 | % | 72.6 | % |  | 2.53 | % | 18.5 | % |  | 2.81 | % | 91.1 | %
Acquisitions | 3.16 | % | 0.4 | % |  | — | % | — | % |  | 3.16 | % | 0.4 | %
Other 4 | 2.70 | % | 7.0 | % |  | 2.19 | % | 1.4 | % |  | 2.61 | % | 8.5 | %
Total | 2.87 | % | 80.0 | % |  | 2.51 | % | 19.9 | % |  | 2.80 | % | 100.0 | %
Escalator type |  |  |  |  |  |  |  |
Fixed | 2.83 | % | 96.9 | % |  | 2.55 | % | 88.4 | % |  | 2.78 | % | 95.2 | %
CPI | 4.13 | % | 3.1 | % |  | 2.21 | % | 11.6 | % |  | 3.20 | % | 4.8 | %

SAME STORE TYPE AND OWNERSHIP STRUCTURE 1
| MULTI-TENANT | SINGLE-TENANT |  | TOTAL
Tenant type |  |  |  |
Hospital | 47.1 | % | 69.4 | % |  | 51.4 | %
Physician and other | 52.9 | % | 30.6 | % |  | 48.6 | %
Lease structure |  |  |  |
Gross | 8.9 | % | 1.9 | % |  | 7.6 | %
Modified gross | 31.3 | % | 10.2 | % |  | 27.3 | %
Net | 59.8 | % | 65.8 | % |  | 60.9 | %
Absolute net 5 | — | % | 22.1 | % |  | 4.2 | %
Ownership type |  |  |  |
Ground lease | 44.3 | % | 38.5 | % |  | 43.3 | %
Fee simple | 55.7 | % | 61.5 | % |  | 56.7 | %

# OF LEASES BY SIZE 6 |
LEASED SQUARE FEET | # OF LEASES | WALT | WALTR
0 - 2,500 | 3,689 |  | 71.2 |  | 40.0 |
2,501 - 5,000 | 1,825 |  | 82.3 |  | 44.8 |
5,001 - 7,500 | 640 |  | 92.0 |  | 49.1 |
7,501 - 10,000 | 365 |  | 97.7 |  | 56.1 |
10,001 + | 701 |  | 121.8 |  | 64.1 |
Total Leases | 7,220 |  | 101.7 |  | 51.7 |

1 Same store properties are properties that have been included in operations for the duration of the year-over-year comparison period presented. Accordingly, same store properties exclude properties that were recently acquired or disposed of, properties classified as held for sale or intended for sale, properties undergoing redevelopment, and newly redeveloped or developed properties.
2 Excludes non-MOB renewals of 68,000 square feet and 164,000 square feet for the first quarter and trailing twelve months, respectively.
3 Excludes leases with lease terms of one year or less.
4 Includes redevelopment properties, development completion, and joint ventures.
5 Tenant is typically responsible for operating expenses and capital obligations.
6 Excludes joint ventures, land held for development, construction in progress, corporate property and assets classified as held for sale.

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 20

Same Store 1
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA

TOTAL CASH NOI
| % of Total NOI | 1Q 2024 | 4Q 2023 | 1Q 2023 | Y-o-Y% CHANGE |  |  |
Multi-tenant | 73 | % | $ | 146,339 |  | $ | 146,998 |  | $ | 143,231 |  | 2.2 | % |  |  |
Single-tenant | 22 | % | 44,883 |  | 42,740 |  | 42,565 |  | 5.4 | % |  |  |
Joint venture | 2 | % | 4,833 |  | 4,652 |  | 4,563 |  | 5.9 | % |  |  |
Same store | 98 | % | $ | 196,055 |  | $ | 194,390 |  | $ | 190,359 |  | 3.0 | % |  |  |
Planned dispositions | — | % | 44 |  | 117 |  | 544 |  | (91.9 | %) |  |  |
Re/development | 1 | % | 2,814 |  | 3,478 |  | 3,610 |  | (22.0 | %) |  |  |
Wholly owned and joint venture acquisitions | — | % | 835 |  | 614 |  | 148 |  | 464.2 | % |  |  |
Development completions | — | % | 731 |  | 687 |  | 443 |  | 65.0 | % |  |  |
Completed dispositions & assets held for sale | — | % | (101) |  | 4,785 |  | 14,370 |  | (100.7 | %) |  |  |
Total cash NOI | 100 | % | $200,378 |  | $204,071 |  | $209,474 |  | (4.3 | %) |  |  |

PORTFOLIO OCCUPANCY AND ABSORPTION |  |  |  |  |  |  |  |
|  |  |  | OCCUPANCY % | ABSORPTION (square feet in thousands) |  |  |  |  |
| COUNT | SQUARE FEET |  | 1Q 2024 | 4Q 2023 | 1Q 2023 | SEQUENTIAL | Y-O-Y |  |  |  |  |
Multi-tenant | 502 | 29,750,173 |  | 87.4 | % | 87.2 | % | 87.0 | % | 46 | 114 |  |  |  |  |
Single-tenant | 122 | 6,351,134 |  | 99.6 | % | 99.6 | % | 99.4 | % | — | 14 |  |  |  |  |
Joint venture | 33 | 1,912,709 |  | 86.2 | % | 86.0 | % | 86.8 | % | 4 | (11) |  |  |  |  |
Same store | 657 | 38,014,016 |  | 89.3 | % | 89.2 | % | 89.0 | % | 50 | 117 |  |  |  |  |
Planned dispositions | 5 | 227,686 |  | 25.9 | % | 25.5 | % | 30.4 | % | 1 | (10) |  |  |  |  |
Re/development | 18 | 1,502,989 |  | 51.7 | % | 58.6 | % | 59.6 | % | (104) | (119) |  |  |  |  |
Wholly owned and joint venture acquisitions | 3 | 195,328 |  | 97.8 | % | 97.8 | % | 95.2 | % | — | 8 |  |  |  |  |
Development completions | 4 | 335,403 |  | 64.5 | % | 59.7 | % | 58.1 | % | 16 | 83 |  |  |  |  |
Total portfolio | 687 | 40,275,422 |  | 87.4 | % | 87.5 | % | 87.5 | % | (37) | 79 |  |  |  |  |
Joint ventures | 34 | 1,949,400 |  | 86.5 | % | 86.2 | % | 87.0 | % | 4 | (11) |  |  |  |  |
Total wholly-owned | 653 | 38,326,022 |  | 87.5 | % | 87.6 | % | 87.5 | % | (41) | 90 |  |  |  |  |
Multi-tenant | 552 | 33,360,367 |  | 85.4 | % | 85.3 | % | 85.2 | % | 57 | 196 |  |  |  |  |

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

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 21

Same Store 1, 2
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA

SAME STORE CASH NOI
| TOTAL
| 1Q 2024 | 4Q 2023 | 1Q 2023 |  |
Base revenue | $234,333 | $232,662 | $228,118 |  |
Op. exp. recoveries | 73,331 | 71,375 | 71,992 |  |
Revenues | $307,664 | $304,037 | $300,110 |  |
Expenses | 111,609 | 109,648 | 109,751 |  |
Cash NOI | $196,055 | $194,389 | $190,359 |  |
Revenue per occ SF 3 | $36.26 | $35.91 | $35.50 |  |
Margin | 63.7 | % | 63.9 | % | 63.4 | % |  |
Average occupancy | 89.3 | % | 89.1 | % | 89.0 | % |  |
Period end occupancy | 89.3 | % | 89.2 | % | 89.0 | % |  |
Number of properties | 657 | 657 | 657 |  |
Year-Over-Year Change |  |  |  |  |
Revenue per occ SF 3 | 2.1 | % |  |  |  |
Avg occupancy (bps) | +30 |  |  |  |
Revenues | 2.5 | % |  |  |  |
Base revenue | 2.7 | % |  |  |  |
Exp recoveries | 1.9 | % |  |  |  |
Expenses | 1.7 | % |  |  |  |
Cash NOI | 3.0 | % |  |  |  |

1 Same store properties are properties that have been included in operations for the duration of the year-over-year comparison period presented. Accordingly, same store properties exclude properties that were recently acquired or disposed of, properties classified as held for sale or intended for sale, properties undergoing redevelopment, and newly redeveloped or developed properties.
2 Excludes recently acquired or disposed properties, development completions, construction in progress, land held for development, corporate property, redevelopment 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 2024 SUPPLEMENTAL INFORMATION 22

NOI Reconciliations
DOLLARS IN THOUSANDS

BOTTOM UP RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1Q 2024 | 4Q 2023 |  |  |  | 1Q 2023 |  |  |  |  |  |  |  |  |  |  |
Net loss | ($315,220) |  | ($41,676) |  |  |  |  | ($88,078) |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense) | 327,646 |  | 54,382 |  |  |  |  | 94,407 |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expense | 14,787 |  | 14,609 |  |  |  |  | 14,935 |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | 178,119 |  | 180,049 |  |  |  |  | 184,479 |  |  |  |  |  |  |  |  |  |  |  |
Other expenses 1 | 4,727 |  | 4,899 |  |  |  |  | 7,940 |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent expense | 935 |  | 1,484 |  |  |  |  | 1,537 |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent revenue | (8,568) |  | (9,356) |  |  |  |  | (9,782) |  |  |  |  |  |  |  |  |  |  |  |
Other revenue 2 | (7,006) |  | (5,078) |  |  |  |  | (733) |  |  |  |  |  |  |  |  |  |  |  |
Joint venture property cash NOI | 4,958 |  | 4,758 |  |  |  |  | 4,769 |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $200,378 |  | $204,071 |  |  |  |  | $209,474 |  |  |  |  |  |  |  |  |  |  |  |
Planned dispositions | (44) |  | (117) |  |  |  |  | (544) |  |  |  |  |  |  |  |  |  |  |  |
Redevelopment | (2,814) |  | (3,478) |  |  |  |  | (3,610) |  |  |  |  |  |  |  |  |  |  |  |
Wholly owned and joint venture acquisitions | (835) |  | (614) |  |  |  |  | (148) |  |  |  |  |  |  |  |  |  |  |  |
Development completions | (731) |  | (687) |  |  |  |  | (443) |  |  |  |  |  |  |  |  |  |  |  |
Completed dispositions & assets held for sale | 101 |  | (4,785) |  |  |  |  | (14,370) |  |  |  |  |  |  |  |  |  |  |  |
Same store cash NOI | $196,055 |  | $194,390 |  |  |  |  | $190,359 |  |  |  |  |  |  |  |  |  |  |  |
Same store joint venture properties | (4,833) |  | (4,652) |  |  |  |  | (4,563) |  |  |  |  |  |  |  |  |  |  |  |
Same store excluding JVs | $191,222 |  | $189,738 |  |  |  |  | $185,796 |  |  |  |  |  |  |  |  |  |  |  |
TOP DOWN RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1Q 2024 | 4Q 2023 |  |  |  | 1Q 2023 |  |  |  |  |  |  |  |  |  |  |
Rental income before rent concessions | $321,833 |  | $325,772 |  |  |  |  | $328,115 |  |  |  |  |  |  |  |  |  |  |  |
Rent concessions | (3,757) |  | (3,696) |  |  |  |  | (4,022) |  |  |  |  |  |  |  |  |  |  |  |
Rental income | 318,076 |  | 322,076 |  |  |  |  | 324,093 |  |  |  |  |  |  |  |  |  |  |  |
Parking income | 2,545 |  | 2,392 |  |  |  |  | 2,391 |  |  |  |  |  |  |  |  |  |  |  |
Interest from financing receivable, net | 2,117 |  | 2,132 |  |  |  |  | 2,227 |  |  |  |  |  |  |  |  |  |  |  |
Exclude straight-line rent revenue | (8,568) |  | (9,356) |  |  |  |  | (9,782) |  |  |  |  |  |  |  |  |  |  |  |
Exclude other non-cash revenue 3 | (3,163) |  | (1,513) |  |  |  |  | 3,594 |  |  |  |  |  |  |  |  |  |  |  |
Cash revenue | 311,007 |  | 315,731 |  |  |  |  | 322,523 |  |  |  |  |  |  |  |  |  |  |  |
Property operating expense | (121,078) |  | (121,362) |  |  |  |  | (122,040) |  |  |  |  |  |  |  |  |  |  |  |
Exclude non-cash expenses 4 | 5,491 |  | 4,944 |  |  |  |  | 4,222 |  |  |  |  |  |  |  |  |  |  |  |
Joint venture property cash NOI | 4,958 |  | 4,758 |  |  |  |  | 4,769 |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $200,378 |  | $204,071 |  |  |  |  | $209,474 |  |  |  |  |  |  |  |  |  |  |  |
Planned dispositions | (44) |  | (117) |  |  |  |  | (544) |  |  |  |  |  |  |  |  |  |  |  |
Redevelopment | (2,814) |  | (3,478) |  |  |  |  | (3,610) |  |  |  |  |  |  |  |  |  |  |  |
Wholly owned and joint venture acquisitions | (835) |  | (614) |  |  |  |  | (148) |  |  |  |  |  |  |  |  |  |  |  |
Development completions | (731) |  | (687) |  |  |  |  | (443) |  |  |  |  |  |  |  |  |  |  |  |
Completed dispositions & assets held for sale | 101 |  | (4,785) |  |  |  |  | (14,370) |  |  |  |  |  |  |  |  |  |  |  |
Same store cash NOI | $196,055 |  | $194,390 |  |  |  |  | $190,359 |  |  |  |  |  |  |  |  |  |  |  |
Same store joint venture properties | (4,833) |  | (4,652) |  |  |  |  | (4,563) |  |  |  |  |  |  |  |  |  |  |  |
Same store excluding JVs | $191,222 |  | $189,738 |  |  |  |  | $185,796 |  |  |  |  |  |  |  |  |  |  |  |

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

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 23

NOI Reconciliations
DOLLARS IN THOUSANDS

RECONCILIATION OF NOI TO FULL QUARTER FFO AND NORMALIZED FFO |  |  |  |  |  |  |
| 1Q 2024 | 4Q 2023 |  |  | 1Q 2023 |  |  |  |  |  |  |  |  |
Cash NOI | $200,378 |  | $204,071 |  |  |  | $209,474 |  |  |  |  |  |  |  |  |  |
General and administrative expense | (14,787) |  | (14,609) |  |  |  | (14,935) |  |  |  |  |  |  |  |  |  |
Straight-line rent | 8,568 |  | 9,356 |  |  |  | 9,782 |  |  |  |  |  |  |  |  |  |
Interest and other income (expense), net | 275 |  | 65 |  |  |  | 547 |  |  |  |  |  |  |  |  |  |
Management fees and other income | 1,646 |  | 1,551 |  |  |  | 2,227 |  |  |  |  |  |  |  |  |  |
Note receivable interest income | 2,421 |  | 2,290 |  |  |  | 1,987 |  |  |  |  |  |  |  |  |  |
Other non-cash revenue 1 | 2,939 |  | 1,237 |  |  |  | (3,479) |  |  |  |  |  |  |  |  |  |
Other non-cash expenses 2 | (5,268) |  | (4,668) |  |  |  | (4,336) |  |  |  |  |  |  |  |  |  |
Non-real estate impairment | — |  | — |  |  |  | (5,196) |  |  |  |  |  |  |  |  |  |
Income taxes | 336 |  | 330 |  |  |  | 382 |  |  |  |  |  |  |  |  |  |
Unconsolidated JV adjustments | (427) | (352) |  |  | (357) |  |  |  |  |  |  |  |  |
Debt Covenant EBITDA | $196,081 |  | $199,271 |  |  |  | $196,096 |  |  |  |  |  |  |  |  |  |
Interest expense | (61,054) |  | (63,187) |  |  |  | (63,759) |  |  |  |  |  |  |  |  |  |
Transaction costs | (395) |  | (301) |  |  |  | (287) |  |  |  |  |  |  |  |  |  |
Merger-related costs | — |  | (1,414) |  |  |  | (4,855) |  |  |  |  |  |  |  |  |  |
Leasing commission amortization 3 | 4,467 |  | 3,818 |  |  |  | 3,002 |  |  |  |  |  |  |  |  |  |
Non-real estate depreciation and amortization | (1,424) |  | (1,596) |  |  |  | (1,372) |  |  |  |  |  |  |  |  |  |
Non controlling interest | 106 | 652 |  |  | (114) |  |  |  |  |  |  |  |  |
Goodwill impairment | (250,530) | — |  |  | — |  |  |  |  |  |  |  |  |
Income taxes | (336) |  | (330) |  |  |  | (382) |  |  |  |  |  |  |  |  |  |
Unconsolidated JV adjustments | (385) | (393) |  |  | (351) |  |  |  |  |  |  |  |  |
FFO | ($113,470) |  | $136,520 |  |  |  | $127,978 |  |  |  |  |  |  |  |  |  |
Transaction costs | 395 | 301 |  |  | 287 |  |  |  |  |  |  |  |  |
Merger-related costs | — | 1,414 |  |  | 4,855 |  |  |  |  |  |  |  |  |
Lease intangible amortization | 175 | 261 |  |  | 146 |  |  |  |  |  |  |  |  |
Significant non-recurring legal fees/forfeited earnest money received | — | (100) |  |  | — |  |  |  |  |  |  |  |  |
Severance costs | — | 1,445 |  |  | — |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | 10,105 | 10,800 |  |  | 10,864 |  |  |  |  |  |  |  |  |
Allowance for credit losses | — | — |  |  | 8,599 |  |  |  |  |  |  |  |  |
Goodwill impairment | 250,530 | — |  |  | — |  |  |  |  |  |  |  |  |
Unconsolidated JV normalizing items | 87 | 89 |  |  | 117 |  |  |  |  |  |  |  |  |
Normalized FFO | $147,822 |  | $150,730 |  |  |  | $152,846 |  |  |  |  |  |  |  |  |  |

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 2024 SUPPLEMENTAL INFORMATION 24

EBITDA Reconciliations
DOLLARS IN THOUSANDS

RECONCILIATION OF EBITDA |  |
| 1Q 2024 | 4Q 2023 |  |  | 1Q 2023
Net loss | ($315,220) |  | ($41,676) |  |  |  | ($88,078) |
Interest expense | 61,054 | 63,187 |  |  | 63,759
Income taxes | 336 | 330 |  |  | 382
Depreciation and amortization | 178,119 | 180,049 |  |  | 184,479
Unconsolidated JV depreciation, amortization, and interest | 4,952 | 4,836 |  |  | 5,192
EBITDA | $(70,759) | $206,726 |  |  | $165,734
Transaction costs | 395 | 301 |  |  | 287
Merger-related costs | — |  | 1,414 |  |  |  | 4,855
Gain on sales of real estate properties | (22) |  | (20,573) |  |  |  | (1,007) |
Impairments on real estate assets | 15,937 | 11,403 |  |  | 26,227
Goodwill Impairment | 250,530 | — |  |  | —
Debt Covenant EBITDA | $196,081 | $199,271 |  |  | $196,096
Leasing commission amortization 1 | 4,467 | 3,818 |  |  | 3,002
Lease intangibles, franchise taxes and prepaid ground amortization | 975 | 473 |  |  | 1,037
Timing impact 2 | — |  | (4,155) |  |  |  | (945) |
Stock based compensation | 3,562 | 3,566 |  |  | 3,745
Allowance for credit losses | — | — |  |  | 8,599
Rent reserves, net | (151) |  | 1,404 |  |  |  | 1,371
Unconsolidated JV adjustments | 87 | 89 |  |  | 117
Adjusted EBITDA | $205,021 | $204,466 |  |  | $213,022
Annualized Adjusted EBITDA | $820,084 | $817,864 |  |  | $852,088
RECONCILIATION OF NET DEBT |  |  |  |  |
Debt (principal balance) | $5,372,710 |  | $5,270,037 |  |  |  | $5,667,955 |
Share of unconsolidated net debt | 23,276 | 24,284 |  |  |  | 27,640 |
Cash | (26,172) |  | (25,699) |  |  |  | (49,941) |
Net debt | $5,369,814 | $5,268,622 |  |  | $5,645,654
Net debt to adjusted EBITDA | 6.5x | 6.4x |  |  | 6.6x

1 Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.
2 Timing adjustments to represent a full quarter impact of acquisitions and dispositions.

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 25

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

CASH NOI BY PROPERTY TYPE
| 1Q 2024 |
ASSET TYPE | SAME STORE 1 | ACQ./DEV. COMPLETIONS 2 |  | REDEVELOPMENT | TIMING/OTHER ADJUSTMENTS 3 | ADJUSTED CASH NOI |  | ANNUALIZED ADJUSTED NOI
MOB/Outpatient | $180,960 |  | $1,441 |  |  | $2,822 |  | $1,807 |  | $187,030 |  |  | $748,120 |
Inpatient/Surgical | 8,860 |  | 125 |  |  | — |  | — |  | 8,985 |  |  | 35,940 |
Office | 6,235 |  | — |  |  | (8) |  | — |  | 6,227 |  |  | 24,908 |
Total Cash NOI | $196,055 |  | $1,566 |  |  | $2,814 |  | $1,807 |  | $202,242 |  |  | $808,968 |

DEVELOPMENT PROPERTIES |  |  | TOTAL SHARES OUTSTANDING
Land held for development | $59,871 |  |  | As of March 31, 2024 8 | 385,159,184
Re/development budget | 247,935 |  |  |  |  |  |
| $307,806 |  |  | IMPLIED CAP RATE
|  |  |  |  | STOCK PRICE | IMPLIED CAP RATE
|  |  | As of March 31, 2024 | $14.15 | 8.0 | %
OTHER ASSETS |  |  |  |
Disposition pipeline 4 | $77,969 |  |  | 1Q 2024 High | $17.52 | 7.1 | %
Unstabilized properties 5 | 293,845 |  |  | 1Q 2024 Low | $12.94 | 8.4 | %
Cash and other assets 6 | 450,740 |  |  |  |  |  |
| $822,554 |  |  |  |  |  |
DEBT |  |  |  |  |  |
Unsecured credit facility | $120,000 |  |  |  |  |  |
Unsecured term loans | 1,500,000 |  |  |  |  |  |
Senior notes | 3,699,285 |  |  |  |  |  |
Mortgage notes payable | 53,425 |  |  |  |  |  |
Company share of joint venture net debt | 23,276 |  |  |  |  |  |
Remaining re/development funding | 124,878 |  |  |  |  |  |
Other liabilities 7 | 286,039 |  |  |  |  |  |
| $5,806,903 |  |  |  |  |  |

1 See Same Store schedule on pages 21 - 22 for details on Same Store NOI.
2 Adjusted to reflect quarterly NOI from properties acquired or stabilized re/developments completed during the full five quarter period that are not included in same store NOI.
3 Ti ming adjustm ents include adjustments to reflect full quarterly stabilized NOI of a recently completed development of $0.7 million and management fee income of $1.5 million, offset by $0.3 million of positive NOI for unstabilized properties, which are shown in other assets.
4 Includes assets held for sale and planned dispositions.
5 Includes 35 properties at their gross book value. These properties were comprised of 1.3 million square feet that generated positive NOI of $0.3 million.
6 Includes cash of $26.4 million, notes receivable of $174.4 million, prepaid assets of $139.0 million, accounts receivable of $67.8 million, prepaid ground leases of $19.5 million, and other investments of $6.0 million. In addition, includes the Company's occupied portion of its corporate headquarters in Nashville of $17.6 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 $163.3 million, security deposits of $31.5 million, financing right of use liabilities of $74.8 million, and deferred operating expense reimbursements of $16.4 million.
8 Total shares outstanding includes OP units.

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 26

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

Guidance does not include any assumptions for the recently announced KKR JV, prospective JV seed portfolios, excess dispositions, or share repurchases. These transactions will be incorporated into the Company's guidance expectations after completion.

|  | EXPECTED 2024 |  | ACTUAL |  |  |
|  | LOW | HIGH |  | 1Q 2024 |  |  |  |  |
OPERATING METRICS |  |  |  |  |  |  |  |  |  |
Multi-tenant absorption (bps) |  | 100 | 150 |  | 17 |  |  |  |  |
Multi-tenant portfolio cash NOI growth |  | 3.50 | % | 4.75 | % |  | 2.8 | % |  |  |  |  |
Single-tenant portfolio cash NOI growth |  | 0.50 | % | 1.50 | % |  | 2.1 | % |  |  |  |  |
Same store cash NOI growth, including Company's share of JVs |  | 2.50 | % | 3.50 | % |  | 3.0 | % |  |  |  |  |
Same store lease retention rate |  | 75.0 | % | 85.0 | % |  | 84.8 | % |  |  |  |  |
Normalized G&A |  | $61,000 | $64,000 |  | $14,787 |  |  |  |  |
Straight-line rent, net |  | 30,000 | 34,000 |  | 7,633 |  |  |  |  |
CAPITAL FUNDING |  |  |  |  |  |  |  |  |  |
Acquisitions |  | $— | $— |  | $— |  |  |  |  |
Dispositions |  | 150,000 | 250,000 |  | — |  |  |  |  |
Re/development |  | 100,000 | 130,000 |  | 21,580 |  |  |  |  |
1st generation TI and acq. capex |  | 30,000 | 40,000 |  | 12,421 |  |  |  |  |
Maintenance capex |  |  |  |  |  |  |  |  |  |
2nd generation TI |  | 60,000 | 70,000 |  | 20,204 |  |  |  |  |
Leasing commissions paid |  | 35,000 | 40,000 |  | 15,215 |  |  |  |  |
Capital expenditures |  | 45,000 | 50,000 |  | 5,363 |  |  |  |  |
Total maintenance capex |  | 140,000 | 160,000 |  | 40,782 |  |  |  |  |
CASH YIELD |  |  |  |  |  |  |  |  |  |
Acquisitions |  | — | % | — | % |  | — | % |  |  |  |  |
Dispositions |  | 6.0 | % | 7.0 | % |  | — | % |  |  |  |  |
Development (stabilized) |  | 6.5 | % | 8.0 | % |  |  |  |  |  |  |
Redevelopment (stabilized) |  | 9.0 | % | 12.0 | % |  |  |  |  |  |  |
EARNINGS AND LEVERAGE |  |  |  |  |  |  |  |  |  |
Earnings per share |  | $(1.30) | $(0.80) |  | $(0.82) |  |  |  |  |
Normalized FFO per share |  | $1.52 | $1.58 |  | $0.39 |  |  |  |  |
Net debt to adjusted EBITDA |  | 6.0x | 6.5x |  | 6.5x |  |  |  |  |

HEALTHCARE REALTY | 1Q 2024 SUPPLEMENTAL INFORMATION 27