EX-99.2 3 exhibit992supplementalinfo.htm EX-99.2

2Q2024
Supplemental Information
FURNISHED AS OF AUGUST 2, 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
8 | Salient Facts
9 | Corporate Information
10 | Balance Sheet
11 | Statements of Income
12 | FFO, Normalized FFO, & FAD
13 | Capital Funding & Commitments
14 | Debt Metrics
15 | Debt Covenants & Liquidity
16 | JV and Disposition Activity
17 | Joint Ventures
18 | Re/development Activity
19 | Portfolio
20 | Health Systems
21 | MOB Proximity to Hospital
22 | Lease Maturity & Occupancy
23 | Leasing Statistics
24 | Same Store
26 | NOI Reconciliations
28 | EBITDA Reconciliations
29 | Components of Net Asset Value
30 | Components of Expected FFO

HEALTHCARE REALTY | 2Q 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
•Generated approximately $400 million of proceeds from JV and asset sale transactions through the second quarter
•Additional transactions under contract or LOI that are expected to increase proceeds to more than $1 billion, with the majority of these transactions occurring by the end of the third quarter
•Repurchased 18.5 million shares to date, totaling $294.5 million
OPERATIONAL MOMENTUM
•Delivered multi-tenant absorption of 183,000 square feet year-to-date, or 55 basis points, exceeding expectations for the first half of 2024
•Generated strong new leasing momentum with new leases of approximately 432,000 square feet, the fourth consecutive quarter above 400,000
•Improved tenant retention to 85.5%, compared to 84.8% in first quarter 2024 and 79.3% for full year 2023

NET INCOME AND NORMALIZED FFO

•Net (loss) income attributable to common stockholders for the three months ended June 30, 2024 was $(143.8) million or $(0.39) per diluted common share.
•Normalized FFO per share totaled $0.38 for the three months ended June 30, 2024, and $0.39 excluding approximately $3.0 million of Steward revenue reserves.

CAPITAL ALLOCATION |  |  |

•The Company generated approximately $400 million of proceeds from JV and asset sale transactions through the second quarter, which included the following:
◦$271 million from the previously disclosed KKR JV
◦$126 million from asset sales
•The Company has additional transactions under contract and letters of intent that are expected to increase proceeds to more than $1 billion, including the following:
◦Property contributions into the Company's existing KKR and Nuveen joint ventures expected to generate proceeds of approximately $400 million
◦Additional asset sales expected to generate proceeds of approximately $250 million
◦Expect majority of the transactions to occur in the third quarter.
•Year-to-date, the Company has repurchased 18.5 million shares totaling $294.5 million at an average price of $15.89 per share.
.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 4

Highlights

MULTI-TENANT OCCUPANCY AND ABSORPTION |  |  |

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

|  |  | 2Q 2024 ACTUAL |
Absorption (SF) |  |  | 121,924 |
Change in occupancy (bps) |  |  | + 37 |

•The multi-tenant portfolio leased percentage was 87.6% at June 30, which was 170 basis points greater than occupancy of 85.9%.
•Multi-tenant occupancy has increased by 112 basis points since third quarter of 2023. For the Legacy HTA properties, multi-tenant occupancy has increased by 172 basis points for the same period.
•An updated multi-tenant occupancy and NOI bridge can be found on page 5 of the Key Highlights Investor Presentation located on the Company's website.

LEASING |  |  |

•Portfolio leasing activity that commenced in the second quarter totaled 1,301,000 square feet related to 369 leases:
◦934,000 square feet of renewals
◦367,000 square feet of new and expansion lease commencements
•The Company signed new leases totaling approximately 432,000 square feet in the quarter.

SAME STORE |  |  |

•Same Store cash NOI for the second quarter increased 2.3% over the same quarter in the prior year, and 3.5% excluding Steward revenue reserves.
•Tenant retention for the second quarter was 85.5%.
•Operating expense decreased 0.9% over the same quarter in the prior year.
•Second quarter predictive growth measures in the Same Store portfolio include:
◦Average in-place rent increases of 2.8%.
◦Future annual contractual increases of 3.1% for leases commencing in the quarter.
◦Weighted average MOB cash leasing spreads of 2.9% on 789,000 square feet renewed:
▪10% (<0% spread)
▪5% (0-3%)
▪61% (3-4%)
▪24% (>4%)

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 5

Highlights

BALANCE SHEET |  |  |  |

•Net debt to adjusted EBITDA was 6.6 times as of June 30, 2024 and is expected to be approximately 6.4 times once additional joint ventures and dispositions are completed.
•In June 2024, the Company repaid $100 million of the $350 million Unsecured Term Loan and exercised its second option to extend the maturity date for one year to July 2025 for a fee of approximately $0.3 million.

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 May 2024. A dividend of $0.31 per share will be paid on August 28, 2024 to stockholders and OP unitholders of record on August 12, 2024.

GUIDANCE |  |  |  |

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

|  | ACTUAL |  | EXPECTED 3Q 2024 |  | EXPECTED 2024 |
|  | 2Q 2024 |  | YTD |  | LOW | HIGH |  | LOW | HIGH |  |
Earnings per share |  | $(0.39) |  | $(1.22) |  | $(0.11) | $(0.10) |  | $(1.50) | $(1.40) |  |
NAREIT FFO per share |  | $0.33 |  | $0.03 |  | $0.35 | $0.36 |  | $0.77 | $0.82 |  |
Normalized FFO per share |  | $0.38 |  | $0.77 |  | $0.38 | $0.39 |  | $1.53 | $1.58 |  |

•The Company's 2024 guidance range includes:
◦Activities outlined in the Components of Expected FFO on page 30 of the Supplemental Information
◦Completed share repurchases and expected debt repayment from JV and asset sale transactions. The partial-year net accretion is expected to be approximately $0.01 per share of normalized FFO in 2024
◦Seasonal utilities are expected to increase by approximately $2.0 million in the third quarter
◦Previously disclosed single-tenant vacate in the third quarter is expected to reduce rental revenue by $0.6 million in the third quarter and an additional $0.3 million in the fourth quarter
◦Steward Health rental income reduction of $3.6 million, comprised of $3.0 million of second quarter revenue reserves and loss of $0.6 million of straight-line rent income for the second through the fourth quarter
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.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 6

Highlights

EARNINGS CALL |  |  |  |

•On Friday, August 2, 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: +1 404-975-4839 access code 445920;
◦All Other Locations: +1 833-470-1428 access code 445920.
•Replay Information:
◦Domestic Toll-Free Number: +1 929-458-6194 access code 752070;
◦All Other Locations: +1 866-813-9403 access code 752070.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 7

Salient Facts 1
AS OF JUNE 30, 2024

| Properties |  |
| 673 properties totaling 39.7M SF |
| 67 markets in 35 states |
| 92% managed by Healthcare Realty |
| 93% outpatient medical facilities |
| 60% of NOI in Top 15 Markets |
| Capitalization |
| $11.7B enterprise value as of 7/26/24 |
| $6.6B market capitalization as of 7/26/24 |
| 366.7M shares/units outstanding as of 7/26/24 |
| 376.6M diluted WA shares outstanding |
| $0.31 quarterly dividend per share |
| BBB/Baa2 S&P/Moody's |
| 43.8% net debt to enterprise value at 7/26/24 |
| 6.4x run rate net debt to adjusted EBITDA |

1 Includes properties held in joint ventures.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 8

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 June 30, 2024, the Company was invested in 673 real estate properties in 35 states totaling 39.7 million square feet and had an enterprise value of approximately $11.2 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
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
Thomas N. Bohjalian
Retired Head of U.S. Real Estate
Cohen & Steers
Vicki U. Booth
President and Board Chair
Ueberroth Family Foundation
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 | 2Q 2024 SUPPLEMENTAL INFORMATION 9

Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

ASSETS |  |  |  |  |  |  |  |  |
| 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 |  |  |  |
Real estate properties |  |  |  |  |  |  |  |  |
Land | $1,287,532 |  | $1,342,895 |  | $1,343,265 |  | $1,387,821 |  | $1,424,453 |  |  |  |  |
Buildings and improvements | 10,436,218 |  | 10,902,835 |  | 10,881,373 |  | 11,004,195 |  | 11,188,821 |  |  |  |  |
Lease intangibles | 764,730 |  | 816,303 |  | 836,302 |  | 890,273 |  | 922,029 |  |  |  |  |
Personal property | 12,501 |  | 12,720 |  | 12,718 |  | 12,686 |  | 12,615 |  |  |  |  |
Investment in financing receivables, net | 122,413 |  | 122,001 |  | 122,602 |  | 120,975 |  | 121,315 |  |  |  |  |
Financing lease right-of-use assets | 81,401 |  | 81,805 |  | 82,209 |  | 82,613 |  | 83,016 |  |  |  |  |
Construction in progress | 97,732 |  | 70,651 |  | 60,727 |  | 85,644 |  | 53,311 |  |  |  |  |
Land held for development | 59,871 |  | 59,871 |  | 59,871 |  | 59,871 |  | 78,411 |  |  |  |  |
Total real estate investments | 12,862,398 |  | 13,409,081 |  | 13,399,067 |  | 13,644,078 |  | 13,883,971 |  |  |  |  |
Less accumulated depreciation and amortization | (2,427,709) |  | (2,374,047) |  | (2,226,853) |  | (2,093,952) |  | (1,983,944) |  |  |  |  |
Total real estate investments, net | 10,434,689 |  | 11,035,034 |  | 11,172,214 |  | 11,550,126 |  | 11,900,027 |  |  |  |  |
Cash and cash equivalents 1 | 137,773 |  | 26,172 |  | 25,699 |  | 24,668 |  | 35,904 |  |  |  |  |
Assets held for sale, net | 34,530 |  | 30,968 |  | 8,834 |  | 57,638 |  | 151 |  |  |  |  |
Operating lease right-of-use assets | 261,976 |  | 273,949 |  | 275,975 |  | 323,759 |  | 333,224 |  |  |  |  |
Investments in unconsolidated joint ventures | 374,841 |  | 309,754 |  | 311,511 |  | 325,453 |  | 327,245 |  |  |  |  |
Other assets, net and goodwill | 559,818 |  | 605,047 |  | 842,898 |  | 822,084 |  | 797,796 |  |  |  |  |
Total assets | $11,803,627 |  | $12,280,924 |  | $12,637,131 |  | $13,103,728 |  | $13,394,347 |  |  |  |  |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |
| 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Notes and bonds payable | $5,148,153 |  | $5,108,279 |  | $4,994,859 |  | $5,227,413 |  | $5,340,272 |  |  |  |  |
Accounts payable and accrued liabilities | 195,884 |  | 163,172 |  | 211,994 |  | 204,947 |  | 196,147 |  |  |  |  |
Liabilities of properties held for sale | 1,805 |  | 700 |  | 295 |  | 3,814 |  | 222 |  |  |  |  |
Operating lease liabilities | 230,601 |  | 229,223 |  | 229,714 |  | 273,319 |  | 278,479 |  |  |  |  |
Financing lease liabilities | 75,199 |  | 74,769 |  | 74,503 |  | 74,087 |  | 73,629 |  |  |  |  |
Other liabilities | 177,293 |  | 197,763 |  | 202,984 |  | 211,365 |  | 219,694 |  |  |  |  |
Total liabilities | 5,828,935 |  | 5,773,906 |  | 5,714,349 |  | 5,994,945 |  | 6,108,443 |  |  |  |  |
Redeemable non-controlling interests | 3,875 |  | 3,880 |  | 3,868 |  | 3,195 |  | 2,487 |  |  |  |  |
Stockholders' equity |  |  |  |  |  |  |  |  |
Preferred stock, $0.01 par value; 200,000 shares authorized | — |  | — |  | — |  | — |  | — |  |  |  |  |
Common stock, $0.01 par value; 1,000,000 shares authorized | 3,643 |  | 3,815 |  | 3,810 |  | 3,809 |  | 3,808 |  |  |  |  |
Additional paid-in capital | 9,340,028 |  | 9,609,530 |  | 9,602,592 |  | 9,597,629 |  | 9,595,033 |  |  |  |  |
Accumulated other comprehensive income (loss) | 6,986 |  | 4,791 |  | (10,741) |  | 17,079 |  | 9,328 |  |  |  |  |
Cumulative net income attributable to common stockholders | 574,178 |  | 717,958 |  | 1,028,794 |  | 1,069,327 |  | 1,137,171 |  |  |  |  |
Cumulative dividends | (4,037,693) |  | (3,920,199) |  | (3,801,793) |  | (3,684,144) |  | (3,565,941) |  |  |  |  |
Total stockholders' equity | 5,887,142 |  | 6,415,895 |  | 6,822,662 |  | 7,003,700 |  | 7,179,399 |  |  |  |  |
Non-controlling interest | 83,675 |  | 87,243 |  | 96,252 |  | 101,888 |  | 104,018 |  |  |  |  |
Total equity | 5,970,817 |  | 6,503,138 |  | 6,918,914 |  | 7,105,588 |  | 7,283,417 |  |  |  |  |
Total liabilities and stockholders' equity | $11,803,627 |  | $12,280,924 |  | $12,637,131 |  | $13,103,728 |  | $13,394,347 |  |  |  |

1 2Q 2024 cash and cash equivalents includes $96.0 million of proceeds held in a cash escrow account from a portfolio disposition that closed on June 28, 2024 and was received by the Company on July 1, 2024.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 10

Statements of Income
DOLLARS IN THOUSANDS

| 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income 1 | $308,135 | $318,076 | $322,076 | $333,335 | $329,680 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | 3,865 | 4,538 | 4,422 | 4,264 | 4,233 |  |  |  |  |  |  |  |  |  |  |  |  |
Other operating | 4,322 | 4,191 | 3,943 | 4,661 | 4,230 |  |  |  |  |  |  |  |  |  |  |  |  |
| 316,322 | 326,805 | 330,441 | 342,260 | 338,143 |  |  |  |  |  |  |  |  |  |  |  |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating | 117,719 | 121,078 | 121,362 | 131,639 | 125,395 |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative | 14,002 | 14,787 | 14,609 | 13,396 | 15,464 |  |  |  |  |  |  |  |  |  |  |  |  |
Normalizing items 2 | — | — | (1,445) | — | (275) |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized general and administrative | 14,002 | 14,787 | 13,164 | 13,396 | 15,189 |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 431 | 395 | 301 | 769 | 669 |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related costs | — | — | 1,414 | 7,450 | (15,670) |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 173,477 | 178,119 | 180,049 | 182,989 | 183,193 |  |  |  |  |  |  |  |  |  |  |  |  |
| 305,629 | 314,379 | 317,735 | 336,243 | 309,051 |  |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense before merger-related fair value | (52,393) | (50,949) | (52,387) | (55,637) | (54,780) |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | (10,064) | (10,105) | (10,800) | (10,667) | (10,554) |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (62,457) | (61,054) | (63,187) | (66,304) | (65,334) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales of real estate properties and other assets | 38,338 | 22 | 20,573 | 48,811 | 7,156 |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on extinguishment of debt | — | — | — | 62 | — |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of real estate assets and credit loss reserves | (132,118) | (15,937) | (11,403) | (56,873) | (55,215) |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of goodwill | — | (250,530) | — | — | — |  |  |  |  |  |  |  |  |  |  |  |  |
Equity loss from unconsolidated joint ventures | (146) | (422) | (430) | (456) | (17) |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other (expense) income, net | (248) | 275 | 65 | 139 | 592 |  |  |  |  |  |  |  |  |  |  |  |  |
| (156,631) | (327,646) | (54,382) | (74,621) | (112,818) |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income | $(145,938) | $(315,220) | $(41,676) | $(68,604) | $(83,726) |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss (income) attributable to non-controlling interests | 2,158 | 4,384 | 1,143 | 760 | 967 |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income attributable to common stockholders | $(143,780) | $(310,836) | $(40,533) | $(67,844) | $(82,759) |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per common share | $(0.39) | $(0.82) | $(0.11) | $(0.18) | $(0.22) |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted earnings per common share | $(0.39) | $(0.82) | $(0.11) | $(0.18) | $(0.22) |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - basic | 372,477 | 379,455 | 379,044 | 378,925 | 378,897 |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - diluted 3 | 372,477 | 379,455 | 379,044 | 378,925 | 378,897 |  |  |  |  |  |  |  |  |  |  |  |  |

STATEMENTS OF INCOME SUPPLEMENTAL INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing receivables | $2,094 | $2,117 | $2,132 | $2,002 | $2,053 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on mortgage and mezzanine loans | 1,771 | 2,421 | 2,290 | 2,262 | 2,180 |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $3,865 | $4,538 | $4,422 | $4,264 | $4,233 |  |  |  |  |  |  |  |  |  |  |  |  |
Other operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Parking income | $2,463 | $2,545 | $2,392 | $2,751 | $2,370 |  |  |  |  |  |  |  |  |  |  |  |  |
Management fee and miscellaneous income | 1,859 | 1,646 | 1,551 | 1,910 | 1,860 |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $4,322 | $4,191 | $3,943 | $4,661 | $4,230 |  |  |  |  |  |  |  |  |  |  |  |  |

1 Rental income was reduced by $3.0 million for Steward Health revenue reserves. This consisted of $2.2 million for April and prepetition rent for May as well as $0.8 million for March. In addition, the Company reversed $2.2 million of straight-line rent receivable against rental income.
2 4Q 2023 normalizing items include severance costs and 2Q 2023 includes non-routine legal costs.
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. As a result, the Company's OP totaling 3,657,682 units was not included.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 11

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

| 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to common stockholders | $(143,780) | $(310,836) | $(40,533) | $(67,844) | $(82,759) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to common stockholders per diluted share 3 | $(0.39) | $(0.82) | $(0.11) | $(0.18) | $(0.22) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales of real estate assets | $(33,431) | $(22) | $(20,573) | $(48,811) | $(7,156) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairments of real estate assets | 120,917 |  | 15,937 |  | 11,403 |  | 56,873 |  | 55,215 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate depreciation and amortization | 177,350 |  | 181,161 |  | 182,272 |  | 185,143 |  | 185,003 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling loss from partnership units | (2,077) |  | (4,278) |  | (491) |  | (841) |  | (1,027) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV depreciation and amortization | 4,818 | 4,568 | 4,442 | 4,421 | 4,412 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO adjustments | $267,577 | $197,366 | $177,053 | $196,785 | $236,447 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO adjustments per common share - diluted | $0.71 | $0.51 | $0.46 | $0.51 | $0.62 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO | $123,797 | $(113,470) | $136,520 | $128,941 | $153,688 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO per common share - diluted 4 | $0.33 | $(0.30) | $0.36 | $0.34 | $0.40 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 431 | 395 | 301 | 769 | 669 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related costs | — | — | 1,414 | 7,450 | (15,670) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease intangible amortization | 129 |  | 175 |  | 261 |  | 213 |  | 240 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-routine legal costs/forfeited earnest money received | 465 |  | — |  | (100) |  | — | 275 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt financing costs | — | — | — | (62) | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Severance costs | — | — | 1,445 | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit losses and gains on other assets, net 5 | 8,525 | — | — | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of goodwill | — | 250,530 | — | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | 10,064 | 10,105 | 10,800 | 10,667 | 10,554 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV normalizing items 6 | 89 | 87 | 89 | 90 | 93 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjustments | $19,703 | $261,292 | $14,210 | $19,127 | $(3,839) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjustments per common share - diluted | $0.05 | $0.68 | $0.04 | $0.05 | $(0.01) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO | $143,500 | $147,822 | $150,730 | $148,068 | $149,849 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO per common share - diluted | $0.38 | $0.39 | $0.39 | $0.39 | $0.39 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate depreciation and amortization | 313 | 485 | 685 | 475 | 802 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-cash interest amortization, net 7 | 1,267 | 1,277 | 1,265 | 1,402 | 1,618 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rent reserves, net 8 | 1,261 | (151) | 1,404 | 442 | (54) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent income, net | (6,799) | (7,633) | (7,872) | (8,470) | (8,005) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation | 3,383 | 3,562 | 3,566 | 2,556 | 3,924 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV non-cash items 9 | (148) | (122) | (206) | (231) | (316) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjusted for non-cash items | 142,777 | 145,240 | 149,572 | 144,242 | 147,818 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI | (12,287) | (20,204) | (18,715) | (21,248) | (17,236) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | (10,012) | (15,215) | (14,978) | (8,907) | (5,493) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Building capital | (12,835) | (5,363) | (17,393) | (14,354) | (8,649) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total maintenance capex | (35,134) | (40,782) | (51,086) | (44,509) | (31,378) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FAD | $107,643 | $104,458 | $98,486 | $99,733 | $116,440 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly dividends and OP distributions | $118,627 | $119,541 | $118,897 | $119,456 | $119,444 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO wtd avg common shares outstanding - diluted 10 | 376,556 | 383,413 | 383,326 | 383,428 | 383,409 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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 Comprised of $11.2 million of credit loss reserves and $2.2 million write-off of prior period Steward Health straight-line rent, offset by $4.9 million gain on other assets.
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 2Q 2024 includes $0.8 million related to the Steward Health revenue reserve for March.
9 Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.
10 The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 420,687 for the three months ended June 30, 2024. Als o includes the diluted impact of 3,657,682 OP units outstanding.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 12

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

ACQUISITION AND RE/DEVELOPMENT FUNDING |  |  |  |  |  |
| 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions 1 | $— | $— | $— | $11,450 | $— |  |  |  |  |  |  |  |  |  |  |  |
Re/development 2 | 44,796 | 21,580 | 32,272 | 30,945 | 32,068 |  |  |  |  |  |  |  |  |  |  |  |
1st generation TI & acquisition capex 3 | 13,010 | 12,421 | 7,632 | 9,013 | 10,258 |  |  |  |  |  |  |  |  |  |  |  |
MAINTENANCE CAPITAL EXPENDITURES FUNDING
| 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI | $12,287 | $20,204 | $18,715 | $21,248 | $17,236 |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | 10,012 | 15,215 | 14,978 | 8,907 | 5,493 |  |  |  |  |  |  |  |  |  |  |  |
Building capital | 12,835 | 5,363 | 17,393 | 14,354 | 8,649 |  |  |  |  |  |  |  |  |  |  |  |
| $35,134 | $40,782 | $51,086 | $44,509 | $31,378 |  |  |  |  |  |  |  |  |  |  |  |
% of Cash NOI |  |  |  |  |  |
2nd generation TI | 6.2 | % | 10.1 | % | 9.2 | % | 10.4 | % | 8.3 | % |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | 5.0 | % | 7.6 | % | 7.3 | % | 4.4 | % | 2.6 | % |  |  |  |  |  |  |  |  |  |  |  |
Building capital | 6.5 | % | 2.7 | % | 8.5 | % | 7.0 | % | 4.2 | % |  |  |  |  |  |  |  |  |  |  |  |
| 17.7 | % | 20.4 | % | 25.0 | % | 21.8 | % | 15.1 | % |  |  |  |  |  |  |  |  |  |  |  |
LEASING COMMITMENTS 4
| 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 |  |  |  |  |  |  |  |  |  |  |  |
Renewals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 788,862 | 1,454,998 | 582,239 | 625,762 | 638,587 |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI/square foot/lease year | $1.81 | $2.39 | $1.89 | $1.76 | $1.64 |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions/square foot/lease year | $1.33 | $0.90 | $1.66 | $1.48 | $1.19 |  |  |  |  |  |  |  |  |  |  |  |
Renewal commitments as a % of annual net rent | 13.6 | % | 13.8 | % | 12.7 | % | 13.1 | % | 12.8 | % |  |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 52.3 | 60.5 | 43.1 | 42.1 | 56.7 |  |  |  |  |  |  |  |  |  |  |  |
New leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 252,795 | 337,357 | 315,243 | 344,524 | 205,565 |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI/square foot/lease year | $6.90 | $7.32 | $5.98 | $5.57 | $7.11 |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions/square foot/lease year | $1.98 | $1.68 | $1.72 | $1.81 | $1.40 |  |  |  |  |  |  |  |  |  |  |  |
New lease commitments as a % of annual net rent | 43.3 | % | 42.8 | % | 33.4 | % | 32.1 | % | 45.0 | % |  |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 82.6 | 92.8 | 90.2 | 85.8 | 81.3 |  |  |  |  |  |  |  |  |  |  |  |
All |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 1,041,657 | 1,792,355 | 897,482 | 970,286 | 844,152 |  |  |  |  |  |  |  |  |  |  |  |
Leasing commitments as a % of annual net rent | 22.6 | % | 20.5 | % | 21.9 | % | 22.6 | % | 21.7 | % |  |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 59.6 | 66.6 | 59.6 | 57.6 | 62.7 |  |  |  |  |  |  |  |  |  |  |  |

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 | 2Q 2024 SUPPLEMENTAL INFORMATION 13

Debt Metrics 1
DOLLARS IN THOUSANDS

SUMMARY OF INDEBTEDNESS AS OF JUNE 30, 2024 |
| PRINCIPAL BALANCE | BALANCE 1 | MATURITY DATE 2 | MONTHS TO MATURITY 2 | INTEREST EXPENSE | CONTRACTUAL INTEREST EXPENSE | CONTRACTUAL RATE | EFFECTIVE RATE | FAIR VALUE MERGER ADJUSTED
SENIOR NOTES | $250,000 | $249,674 | 5/1/2025 | 10 |  | $2,470 | $2,422 | 3.88 | % | 4.12 | % |
600,000 | 582,873 | 8/1/2026 | 25 |  | 7,189 | 5,251 | 3.50 | % | 4.94 | % | Y
500,000 | 485,889 | 7/1/2027 | 36 |  | 5,775 | 4,688 | 3.75 | % | 4.76 | % | Y
300,000 | 297,726 | 1/15/2028 | 43 |  | 2,785 | 2,719 | 3.63 | % | 3.85 | % |
650,000 | 580,666 | 2/15/2030 | 68 |  | 7,666 | 5,037 | 3.10 | % | 5.30 | % | Y
299,500 | 296,984 | 3/15/2030 | 69 |  | 1,928 | 1,797 | 2.40 | % | 2.72 | % |
299,785 | 296,086 | 3/15/2031 | 81 |  | 1,592 | 1,536 | 2.05 | % | 2.25 | % |
800,000 | 658,263 | 3/15/2031 | 81 |  | 8,400 | 4,000 | 2.00 | % | 5.13 | % | Y
| $3,699,285 | $3,448,161 |  | 53 |  | $37,805 | $27,450 | 2.97 | % | 4.44 | % |
TERM LOANS | $250,000 | $249,659 | 7/20/2025 | 13 |  | $5,434 | $5,434 | SOFR + 1.04% | 6.37 | % |
200,000 | 199,750 | 5/31/2026 | 23 |  | 3,217 | 3,217 | SOFR + 1.04% | 6.37 | % |
150,000 | 149,716 | 6/1/2026 | 23 |  | 2,413 | 2,413 | SOFR + 1.04% | 6.37 | % |
300,000 | 299,970 | 10/31/2026 | 28 |  | 4,825 | 4,825 | SOFR + 1.04% | 6.37 | % |
200,000 | 199,571 | 7/20/2027 | 36 |  | 3,217 | 3,217 | SOFR + 1.04% | 6.37 | % |
300,000 | 298,498 | 1/20/2028 | 42 |  | 4,825 | 4,825 | SOFR + 1.04% | 6.37 | % |
| $1,400,000 | $1,397,164 |  | 28 |  | $23,931 | $23,931 |  | 6.37 | % |
$1.5B CREDIT FACILITY | $250,000 | $250,000 | 10/31/2027 | 40 |  | $2,081 | $2,081 | SOFR + 0.94% | 6.28 | % |
MORTGAGES | $53,005 | $52,828 | various | 19 |  | $530 | $539 | 4.05 | % | 4.18 | % |
| $5,402,290 | $5,148,153 |  | 44 | $64,347 | $54,001 | 4.01 | % | 5.05 | % | $2,550,000
Less cash | (137,773) |  |  |  |  |  |  |  |  |
Net debt | $5,264,517 |  |  |  |  |  |  |  |
Interest rate swaps | (3,803) | (3,803) |  |  |
Interest cost capitalization | (974) | — |  |  |
Unsecured credit facility fee & deferred financing costs | 1,945 | 758 |  |  |
Financing right-of-use asset amortization | 942 | — |  |  |
|  |  |  |  | $62,457 | $50,956 |  |  |

DEBT MATURITIES SCHEDULE AS OF JUNE 30, 2024
|  | PRINCIPAL PAYMENTS |  |
|  | BANK LOANS | SENIOR NOTES | MORTGAGE NOTES | TOTAL |  | WA RATE
2024 |  |  |  | $7,726 | $7,726 |  | 4.10 | %
2025 |  | $250,000 | $250,000 | 16,375 | 516,375 |  | 5.09 | %
2026 |  | 650,000 | 600,000 | 28,904 | 1,278,904 |  | 4.95 | %
2027 |  | 450,000 | 500,000 |  | 950,000 |  | 4.97 | %
2028 |  | 300,000 | 300,000 |  | 600,000 |  | 5.00 | %
Thereafter |  |  | 2,049,285 |  | 2,049,285 |  | 2.41 | %
Total |  | $1,650,000 | $3,699,285 | $53,005 | $5,402,290 |  | 4.01 | %
Net debt |  |  |  |  | $5,264,517 |  |
Fixed rate debt balance |  | $1,075,000 | $3,699,285 | $53,005 | $4,827,290 |  |
% fixed rate debt, net of cash |  | 92 | % |  |
Company share of JV net debt |  | $20,299 |  |  |

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 6/30/2024 | $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 | 2Q 2024 SUPPLEMENTAL INFORMATION 14

Debt Covenants & Liquidity
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED JUNE 30, 2024 1 |
| CALCULATION | REQUIREMENT | PER DEBT COVENANTS
Revolving credit facility and term loan |  |
Leverage ratio | Total debt/total capital | Not greater than 60% | 39.3 | %
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% | 42.6 | %
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% | 9.9 | %
Senior Notes |  |  |
Incurrence of total debt | Total debt/total assets | Not greater than 60% | 39.4 | %
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% | 251.2 | %
Debt service coverage | EBITDA/interest expense | Not less than 1.5x | 3.1x
Other |  |  |
Net debt to adjusted EBITDA 2 | Net debt (debt less cash)/adjusted EBITDA | Not required | 6.6x
Run-rate net debt to adjusted EBITDA 4 | Run-rate net debt (debt less cash)/adjusted EBITDA 4 | Not required | 6.4x
Net debt to enterprise value 3 | Net debt/enterprise value | Not required | 45.8 | %

LIQUIDITY SOURCES
Cash | $137,773
Unsecured credit facility availability | 1,250,000
Consolidated unencumbered assets (gross) 5 | 12,752,707

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 $16.48 on June 28, 2024 and 367,984,916 shares outstanding including outstanding OP units.
4 Run-rate net debt to adjusted EBITDA reflects expected proceeds from additional asset sales and JV transactions.
5 Annualized second quarter 2024 unencumbered asset NOI was $764.0 million.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 15

JV & Disposition Activity
DOLLARS IN THOUSANDS

JV AND DISPOSITION ACTIVITY |  |  |
LOCATION | COUNT | TYPE | CLOSING | SQUARE FEET | LEASED % | SALE PRICE | PROCEEDS | % OWNERSHIP RETAINED |
Albany, NY | 1 | MOB | 4/1/2024 | 14,800 | — | % | $725 | $725 | — |  |
San Angelo, TX | 1 | MOB | 4/12/2024 | 24,580 | 100 | % | 5,085 | 5,085 | — |  |
Houston, TX | 1 | MOB | 5/20/2024 | 37,040 | 5 | % | 250 | 250 | — |  |
KKR JV 1 | 10 | MOB | 5/23/2024 | 556,274 | 99 | % | 284,348 | 227,478 | 20 | % |
Denver, CO | 1 | MOB | 5/30/2024 | 37,130 | 100 | % | 19,000 | 19,000 | — |  |
KKR JV 1 | 1 | MOB | 6/6/2024 | 129,879 | 100 | % | 54,858 | 43,886 | 20 | % |
Minneapolis, MN | 1 | MOB | 6/21/2024 | 50,291 | 23 | % | 1,082 | 1,082 | — |  |
Greensboro/Raleigh, NC 2 | 9 | MOB | 6/28/2024 | 309,424 | 97 | % | 99,518 | 99,518 | — |  |
YTD total disposition activity | 25 |  |  | 1,159,418 | 91 | % | $464,866 | $397,024 |  |
Average cap rate 3 |  |  |  |  | 6.6 | % |  |  |

.
1 The Company sold the following MOBs into a joint venture, retaining 20% ownership: one in each of Raleigh, NC, New York, NY, Philadelphia, PA, Atlanta, GA and Austin, TX; two MOBs in Los Angeles and four in Seattle, WA.
2 The Company sold seven MOBs in Greensboro, NC and two non-clustered single-tenant MOBs in Raleigh, NC to a single buyer in a single transaction.
3 Cap rate represents the in-place cash NOI divided by sales price.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 16

Joint Ventures
DOLLARS IN THOUSANDS

PORTFOLIOS |  |  |  |  |  |  |  |
|  |  |  |  | 2Q 2024
JOINT VENTURE |  | OWNERSHIP INTEREST | # OF PROPERTIES | SQUARE FEET | OCCUPANCY | NOI | NOI AT SHARE | SAME STORE NOI AT SHARE
Nuveen |  | 50% | 21 | 1,053,773 |  | 85 | % | $5,117 | $2,562 | $2,562
CBRE |  | 20% | 4 | 283,880 |  | 71 | % | 1,655 | 331 | 331
KKR |  | 20% | 11 | 686,153 |  | 99 | % | 2,635 | 527 | —
Other 1 |  | 46% | 9 | 611,747 |  | 95 | % | 4,471 | 2,084 | 1,960
Total |  |  | 45 | 2,635,553 |  | 89 | % | $13,878 | $5,504 | $4,853

BALANCE SHEET
JOINT VENTURE |  |  | REAL ESTATE INVESTMENT 2 | DEBT 2 | DEBT AT SHARE | INTEREST RATE
Nuveen |  |  | $448,979 | $— | $— | — |
CBRE |  |  | 135,346 |  | — |  | — |  | — |
KKR |  |  | 314,506 |  | — |  | — |  | — |
Other 1 |  |  | 244,407 |  | 69,100 |  | 27,640 | 5.3 | %
Total |  |  | $1,143,238 | $69,100 | $27,640 | 5.3 | %
Net debt at JV share |  | $20,299 |

1 Includes one consolidated and two unconsolidated joint ventures. Ownership percentages are weighted based on investment.
2 Represents 100% of the real estate assets and debt of the joint ventures.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 17

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
Active development |  |  |  |  |  |  |
Raleigh, NC | UNC REX Health |  | 120,694 | 42 | % | $52,600 | $11,767 |  | 4Q 2024
Phoenix, AZ | HonorHealth |  | 101,000 | 80 | % | 58,000 | 16,525 |  | 4Q 2024
Fort Worth, TX 1 | Baylor Scott & White |  | 101,000 | 40 | % | 9,640 | 1,649 |  | 1Q 2026
Total development |  | 322,694 | 53 | % | $120,240 | $29,941 |  |
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 | $7,082 |  | 4Q 2024
Houston, TX | HCA |  | 314,861 | 62 | % | 30,000 | 21,860 |  | 4Q 2025
Charlotte, NC | Novant Health |  | 169,135 | 76 | % | 18,700 | 9,869 |  | 1Q 2026
Washington, DC | Inova Health |  | 57,323 | 66 | % | 10,078 | 3,864 |  | 1Q 2026
Total redevelopment |  | 800,609 | 73 | % | $76,335 | $42,675 |  |
Occupied % |  |  |  | 65 | % |  |  |  |
Projected stabilized yield - 9.0%-12.0% |  |  |
Estimated stabilization period post completion - 12 - 36 months |  |  |
Total active re/development projects | 1,123,303 | 67 | % | $196,575 | $72,616 |  |

1 Budget and cost to complete represent the Company's expected share of the development project. The total cost of the development is $48.2 million, of which approximately $38.6 million is expected to be funded by an institutional investor through a joint venture.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 18

Portfolio 1,2
DOLLARS IN THOUSANDS

MARKETS |  |  |  |
|  | COUNT |  | SQUARE FEET | WHOLLY OWNED
MARKET | MSA RANK |  | MOB |  | INPATIENT | OFFICE |  | WHOLLY OWNED | JOINT VENTURES | TOTAL | % OF NOI | CUMULATIVE % OF NOI
Dallas, TX | 4 | 50 |  | 3,230,488 |  | 146,519 | 199,800 |  | 3,576,807 | 226,076 | 3,802,883 | 9.4 | % | 9.4 | %
Seattle, WA | 15 | 29 |  | 1,402,890 |  |  |  |  | 1,402,890 | 189,611 | 1,592,501 | 5.7 | % | 15.1 | %
Houston, TX | 5 | 30 |  | 2,314,095 |  | 67,500 |  |  | 2,381,595 |  | 2,381,595 | 5.0 | % | 20.1 | %
Charlotte, NC | 22 | 32 |  | 1,792,908 |  |  |  |  | 1,792,908 |  | 1,792,908 | 4.6 | % | 24.7 | %
Denver, CO | 19 | 34 |  | 1,743,689 |  |  | 93,869 |  | 1,837,558 | 116,616 | 1,954,174 | 4.1 | % | 28.8 | %
Atlanta, GA | 9 | 27 |  | 1,375,178 |  |  |  |  | 1,375,178 | 47,963 | 1,423,141 | 3.9 | % | 32.7 | %
Los Angeles, CA | 2 | 30 |  | 950,269 |  | 63,000 |  |  | 1,013,269 | 786,520 | 1,799,789 | 3.8 | % | 36.5 | %
Boston, MA | 11 | 17 |  | 806,410 |  |  |  |  | 806,410 |  | 806,410 | 3.5 | % | 40.0 | %
Miami, FL | 7 | 18 |  | 1,196,531 |  |  |  |  | 1,196,531 |  | 1,196,531 | 3.3 | % | 43.3 | %
Nashville, TN | 36 | 13 |  | 1,241,872 |  |  | 108,691 |  | 1,350,563 |  | 1,350,563 | 3.1 | % | 46.4 | %
Phoenix, AZ | 10 | 35 |  | 1,512,304 |  |  |  |  | 1,512,304 |  | 1,512,304 | 3.1 | % | 49.5 | %
Tampa, FL | 18 | 19 |  | 971,975 |  |  |  |  | 971,975 |  | 971,975 | 2.8 | % | 52.3 | %
Raleigh, NC | 42 | 27 |  | 986,403 |  |  |  |  | 986,403 | 75,494 | 1,061,897 | 2.7 | % | 55.0 | %
Indianapolis, IN | 33 | 41 |  | 1,162,955 |  | 61,398 |  |  | 1,224,353 | 273,479 | 1,497,832 | 2.6 | % | 57.6 | %
Memphis, TN | 43 | 11 |  | 802,221 |  | 54,416 |  |  | 856,637 |  | 856,637 | 2.1 | % | 59.7 | %
Chicago, IL | 3 | 6 |  | 607,845 |  |  |  |  | 607,845 |  | 607,845 | 2.0 | % | 61.7 | %
New York, NY | 1 | 15 |  | 647,004 |  |  |  |  | 647,004 | 57,411 | 704,415 | 2.0 | % | 63.7 | %
Austin, TX | 29 | 12 |  | 657,575 |  |  |  |  | 657,575 | 129,879 | 787,454 | 2.0 | % | 65.7 | %
San Francisco, CA | 12 | 9 |  | 452,666 |  |  |  |  | 452,666 | 110,865 | 563,531 | 1.9 | % | 67.6 | %
Honolulu, HI | 56 | 6 |  | 439,500 |  |  |  |  | 439,500 |  | 439,500 | 1.9 | % | 69.5 | %
Other (47 Markets) |  | 212 |  | 10,235,057 |  | 540,974 | 1,228,363 |  | 12,004,394 | 621,639 | 12,626,033 | 30.5 | % | 100.0 | %
Total |  | 673 |  | 34,529,835 |  | 933,807 | 1,630,723 |  | 37,094,365 | 2,635,553 | 39,729,918 | 100.0 | % |
Number of properties |  |  | 605 |  | 15 | 8 |  | 628 | 45 | 673 |  |
% of square feet |  |  |  | 93.1 | % |  | 2.5 | % | 4.4 | % |  | 100.0 | % |  |  |  |
% multi-tenant |  |  |  | 86.3 | % |  | — | % | 64.3 | % |  | 83.2 | % |  |  |  |
Investment |  |  |  | $11,781,285 |  | $436,145 | $470,992 |  | $12,688,422 |  |  |  |
Quarterly cash NOI 2 |  |  | $173,492 |  | $8,182 | $5,756 |  | $187,430 |  |  |  |
% of cash NOI |  |  |  | 92.6 | % |  | 4.4 | % | 3.0 | % |  | 100.0 | % |  |  |  |

BY OWNERSHIP AND TENANT TYPE
| WHOLLY OWNED | JOINT VENTURES |
| MULTI-TENANT | SINGLE-TENANT |  | MULTI-TENANT | SINGLE-TENANT | TOTAL
Number of properties | 511 | 117 |  | 33 | 12 | 673
Square feet | 30,856,792 | 6,237,573 |  | 2,171,011 | 464,542 | 39,729,918
% of square feet | 77.6 | % | 15.7 | % |  | 5.5 | % | 1.2 | % | 100.0 | %
Investment 2 | $10,104,760 | $2,583,662 |  | $329,843 | $94,441 | $13,112,706
Quarterly cash NOI 2 | $147,528 | $39,902 |  | $4,113 | $1,390 | $192,933
% of cash NOI | 76.5 | % | 20.7 | % |  | 2.1 | % | 0.7 | % | 100.0 | %

1 Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage. Lease and building level related metrics such as building square feet and occupancy are reflected at 100% of the buildings.
2 Excludes assets held for sale, land held for development, construction in progress and corporate property.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 19

Health Systems 1,2

MOB PORTFOLIO |  |
|  |  | BUILDING SQUARE FEET | # OF BLDGS |  | LEASED BY HEALTH SYSTEM | % OF LEASED SF | # OF LEASES
HEALTH SYSTEM | SYSTEM RANK 3 | CREDIT RATING | ON/ADJACENT 4 | OFF-CAMPUS AFFILIATED 5 | TOTAL | % OF NOI
HCA | 1 | BBB-/Baa3 | 2,068,375 | 779,288 | 2,847,663 |  | 42 | 9.1 | % | 813,694 | 2.7 | % | 130
CommonSpirit | 4 | A-/A3 | 1,801,813 | 540,834 | 2,342,647 |  | 42 | 6.5 | % | 728,994 | 2.4 | % | 140
Baylor Scott & White | 21 | AA-/Aa3 | 2,364,055 | 66,376 | 2,430,431 |  | 27 | 6.3 | % | 1,064,986 | 3.5 | % | 168
Ascension Health | 3 | AA+/Aa2 | 2,262,563 | 97,551 | 2,360,114 |  | 25 | 6.0 | % | 970,637 | 3.2 | % | 149
Advocate Health | None | AA/Aa3 | 790,317 | 496,198 | 1,286,515 |  | 20 | 4.4 | % | 1,083,740 | 3.6 | % | 101
Wellstar Health System | None | A+/A2 | 896,773 | 23,088 | 919,861 |  | 18 | 2.9 | % | 586,056 | 1.9 | % | 79
AdventHealth | 11 | AA/Aa2 | 758,638 | 118,585 |  | 877,223 |  | 13 | 2.7 | % | 384,529 | 1.3 | % | 82
UW Medicine (Seattle) | 91 | AA+/Aaa | 461,363 | 125,543 | 586,906 |  | 9 | 2.6 | % | 282,014 | 0.9 | % | 31
Trinity Health | 7 | AA-/Aa3 | 830,772 | 184,318 |  | 1,015,090 |  | 14 | 2.5 | % | 542,027 | 1.8 | % | 73
Tenet Healthcare Corporation | 6 | B+/B1 | 884,029 | 238,375 |  | 1,122,404 |  | 17 | 2.4 | % | 300,723 | 1.0 | % | 58
Baptist Memorial Health Care | 89 | A-2/-- | 544,122 | 252,414 | 796,536 |  | 10 | 2.2 | % | 430,663 | 1.4 | % | 53
Community Health Systems | 8 | CCC+/Caa2 | 785,169 | — |  | 785,169 |  | 16 | 2.1 | % | 353,558 | 1.2 | % | 45
Tufts Medicine | None | BBB-/ | 252,087 |  | — |  | 252,087 |  | 2 | 1.8 | % | 252,087 | 0.8 | % | 2
University of California Health | None | AA/Aa2 | 477,272 | — | 477,272 |  | 9 | 1.6 | % | 30,080 | 0.1 | % | 11
Hawaii Pacific Health | 181 | --/A1 | 173,502 | 124,925 | 298,427 |  | 3 | 1.6 | % | 98,398 | 0.3 | % | 39
WakeMed | 185 | --/A2 | 380,141 | 101,597 | 481,738 |  | 14 | 1.5 | % | 144,265 | 0.5 | % | 21
Banner Health | 24 | AA-/-- | 749,075 | 31,039 |  | 780,114 |  | 24 | 1.5 | % | 126,553 | 0.4 | % | 33
Providence Health & Services | 5 | A/A2 | 277,474 | 31,601 |  | 309,075 |  | 7 | 1.5 | % | 111,557 | 0.4 | % | 24
Bon Secours Health System | 22 | A+/A2 | 405,945 | — |  | 405,945 |  | 6 | 1.4 | % | 242,817 | 0.8 | % | 50
Sutter Health | 12 | A+/A1 | 175,591 | 76,507 |  | 252,098 |  | 3 | 1.3 | % | 93,229 | 0.3 | % | 19
Overlake Health System | 291 | BBB+/Baa2 | 230,710 | — |  | 230,710 |  | 3 | 1.2 | % | 61,218 | 0.2 | % | 5
Other (69 Credit Rated) |  |  | 6,129,159 | 3,661,590 | 9,790,749 |  | 190 |  | 27.6 | % | 4,109,395 | 13.6 | % |
Subtotal - credit rated 6 |  |  | 23,698,945 | 6,949,829 | 30,648,774 |  | 514 |  | 90.7 | % | 12,811,220 | 42.3 | % |
Other non-credit rated 7 |  |  | 1,042,749 | 470,851 | 1,513,600 |  | 34 | 4.3 | % | 878,872 | 2.9 | % |
Off-campus non-affiliated 8 |  |  | — | 2,367,461 | 2,367,461 |  | 57 | 5.0 | % | — | — | % |
Wholly-owned |  |  | 24,741,694 | 9,788,141 | 34,529,835 |  | 605 | 100.0 | % | 13,690,092 | 45.2 | % |
Joint ventures |  |  | 1,749,093 | 660,384 | 2,409,477 |  |  |  |  |  |
Total |  |  | 26,490,787 | 10,448,525 | 36,939,312 |  |  |  |  |  |

1 Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage. Lease and building level related metrics such as building square feet and occupancy are reflected at 100% of the buildings.
2 Excludes construction in progress and assets classified as held for sale.
3 Ranked by revenue based on Modern Healthcare's Healthcare Systems Financials Database.
4 The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.
5 Includes off-campus buildings where health systems lease 20% or more of the property and/or are located within 2 miles from a hospital campus.
6 Based on square footage, 82% is associated and 40% is leased by an investment-grade rated healthcare provider.
7 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.
8 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 | 2Q 2024 SUPPLEMENTAL INFORMATION 20

MOB Proximity to Hospital 1,2,3

MOB BY LOCATION |  |  |  |  |
| # OF PROPERTIES | SQUARE FEET | TOTAL | % GROUND LEASED |
On campus | 232 | 17,984,131 | 48.7 | % | 77.6 | % |
Adjacent to campus 4 | 179 | 8,506,656 | 23.0 | % | 15.2 | % |
Total on/adjacent | 411 | 26,490,787 | 71.7 | % | 57.6 | % |
Off campus - affiliated 5 | 172 | 7,947,703 | 21.5 | % | 17.5 | % |
Off campus | 60 | 2,500,822 | 6.8 | % | 9.4 | % |
| 643 | 36,939,312 | 100.0 | % | 45.7 | % |
Wholly-owned | 605 | 34,529,835 |  |  |
Joint ventures | 38 | 2,409,477 |  |  |

MOB BY CLUSTER 6 |
| TOTAL | HOSPITAL CENTRIC 7 |
| # OF PROPERTIES | SQUARE FEET | % OF MOB SQUARE FEET | # OF PROPERTIES | SQUARE FEET | % OF MOB SQUARE FEET |
Clustered | 466 | 25,905,434 | 70.1 | % | 383 | 22,585,090 | 72.4 | % |
Non-clustered | 177 | 11,033,878 | 29.9 | % | 122 | 8,606,370 | 27.6 | % |
Total | 643 | 36,939,312 | 100.0 | % | 505 | 31,191,460 | 100.0 | % |

1 Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage. Lease and building level related metrics such as building square feet and occupancy are reflected at 100% of the buildings.
2 Includes joint venture properties and excludes construction in progress and assets classified as held for sale.
3 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.
4 The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.
5 Includes off-campus buildings where health systems lease 20% or more of the property and/or are located within 2 miles from a hospital campus.
6 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.
7 Includes buildings that are located within two miles of a hospital campus.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 21

Lease Maturity & Occupancy 1,2

LEASE MATURITY SCHEDULE |  |  |  |  |
|  | SQUARE FEET | # OF WHOLLY-OWNED LEASES
|  | WHOLLY-OWNED AND JOINT VENTURE |  |
|  | MULTI-TENANT 3 | SINGLE-TENANT | TOTAL | % OF TOTAL | JOINT VENTURES | WHOLLY-OWNED
Month-to-month |  | 457,605 | 24,996 | 482,601 | 1.4 | % | 13,136 | 469,465 | 181
3Q 2024 |  | 1,093,706 | 380,276 | 1,473,982 | 4.2 | % | 130,683 | 1,343,299 | 338
4Q 2024 |  | 1,039,667 | 104,517 | 1,144,184 | 3.3 | % | 41,074 | 1,103,110 | 300
2025 |  | 4,165,471 | 950,537 | 5,116,008 | 14.7 | % | 274,188 | 4,841,820 | 1,229
2026 |  | 3,951,704 | 304,579 | 4,256,283 | 12.2 | % | 184,641 | 4,071,642 | 1,061
2027 |  | 3,796,648 | 1,023,495 | 4,820,143 | 13.8 | % | 257,369 | 4,562,774 | 1,022
2028 |  | 3,179,896 | 610,332 | 3,790,228 | 10.9 | % | 161,658 | 3,628,570 | 848
2029 |  | 2,576,498 | 846,555 | 3,423,053 | 9.8 | % | 378,111 | 3,044,942 | 635
2030 |  | 1,884,093 | 729,095 | 2,613,188 | 7.5 | % | 159,421 | 2,453,767 | 364
2031 |  | 1,268,246 | 236,689 | 1,504,935 | 4.3 | % | 101,919 | 1,403,016 | 286
2032 |  | 1,848,475 | 368,172 | 2,216,647 | 6.4 | % | 168,109 | 2,048,538 | 298
2033 |  | 984,154 | 177,327 | 1,161,481 | 3.3 | % | 128,433 | 1,033,048 | 202
Thereafter |  | 2,129,942 | 732,975 | 2,862,917 | 8.1 | % | 363,840 | 2,499,077 | 323
Total occupied |  | 28,376,105 | 6,489,545 | 34,865,650 | 87.8 | % | 2,362,582 | 32,503,068 | 7,087
Total building |  | 33,027,803 | 6,702,115 | 39,729,918 |  | 2,635,553 | 37,094,365 |
Occupancy |  | 85.9 | % | 96.8 | % | 87.8 | % |  | 89.6 | % | 87.6 | % |
Leased % |  | 87.6 | % | 97.6 | % | 89.3 | % |  | 90.0 | % | 89.3 | % |
WALTR (months) 4 | 49.3 | 63.9 | 52.0 |  |  | 50.5 |
WALT (months) 4 | 92.8 | 136.6 | 100.9 |  |  | 99.7 |

QUARTERLY LEASING ACTIVITY 5
|  | MULTI-TENANT | SINGLE-TENANT | TOTAL
|  | ABSORPTION ACTIVITY | SQUARE FEET | ABSORPTION ACTIVITY | SQUARE FEET | ABSORPTION ACTIVITY | SQUARE FEET
Occupied square feet, beginning of period |  |  | 28,505,413 |  |  | 6,702,485 |  |  | 35,207,898 |
Dispositions and assets held for sale |  |  | (251,232) |  |  | (212,940) |  |  | (464,172) |
Expirations and early vacates |  | (1,100,109) |  |  | (78,584) |  |  | (1,178,693) |  |
Renewals, amendments and extensions |  | 855,246 |  |  | 78,584 |  |  | 933,830 |  |
New lease commencements |  | 366,787 |  |  | — |  |  | 366,787 |  |
Absorption |  |  | 121,924 |  |  | — |  |  | 121,924 |
Occupied square feet, end of period |  |  | 28,376,105 |  |  | 6,489,545 |  |  | 34,865,650 |

1 Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage. Lease and building level related metrics such as building square feet and occupancy are reflected at 100% of the buildings.
2 Excludes land held for development, construction in progress, corporate property and assets classified as held for sale, unless noted otherwise.
3 The average lease size in the wholly-owned multi-tenant portfolio is 3,895 square feet.
4 WALTR = weighted average lease term remaining; WALT = weighted average lease term.
5 Excludes month-to-month activity until such time that a term renewal is signed or the tenant vacates.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 22

Leasing Statistics 1,2

SAME STORE RENEWALS 2
| 2Q 2024 | YTD |  |
MOB cash leasing spreads 3 | 2.9 | % | 3.4 | % |  |
MOB cash leasing spreads distribution |  |  |
< 0% spread | 9.7 | % | 6.2 | % |  |
0-3% spread | 5.4 | % | 8.7 | % |  |
3-4% spread | 60.5 | % | 56.3 | % |  |
> 4% spread | 24.4 | % | 28.8 | % |  |
Total | 100.0 | % | 100.0 | % |  |
MOB tenant retention rate | 85.5 | % | 85.1 | % |  |

AVERAGE IN-PLACE CONTRACTUAL INCREASES 4
| MULTI-TENANT | SINGLE-TENANT | TOTAL
| % INCREASE | % OF BASE RENT |  | % INCREASE | % OF BASE RENT |  | % INCREASE | % OF BASE RENT
Same store 2 | 2.87 | % | 75.2 | % |  | 2.50 | % | 18.9 | % |  | 2.79 | % | 94.1 | %
Acquisitions | 2.91 | % | 2.1 | % |  | 2.38 | % | 0.6 | % |  | 2.79 | % | 2.8 | %
Other 5 | 2.80 | % | 3.1 | % |  | 2.00 | % | 0.1 | % |  | 2.78 | % | 3.2 | %
Total | 2.87 | % | 80.4 | % |  | 2.50 | % | 19.6 | % |  | 2.79 | % | 100.1 | %
Escalator type |  |  |  |  |  |  |  |
Fixed | 2.84 | % | 96.9 | % |  | 2.54 | % | 88.5 | % |  | 2.78 | % | 95.3 | %
CPI | 3.80 | % | 3.1 | % |  | 2.21 | % | 11.5 | % |  | 3.04 | % | 4.7 | %

SAME STORE TYPE AND OWNERSHIP STRUCTURE 2
| MULTI-TENANT | SINGLE-TENANT |  | TOTAL
Tenant type |  |  |  |
Hospital | 46.3 | % | 68.5 | % |  | 50.5 | %
Physician and other | 53.7 | % | 31.5 | % |  | 49.5 | %
Lease structure |  |  |  |
Gross | 9.0 | % | 1.3 | % |  | 7.6 | %
Modified gross | 30.9 | % | 10.5 | % |  | 27.1 | %
Net | 60.1 | % | 65.4 | % |  | 61.1 | %
Absolute net 6 | — | % | 22.8 | % |  | 4.3 | %
Ownership type |  |  |  |
Ground lease | 44.6 | % | 38.6 | % |  | 43.6 | %
Fee simple | 55.4 | % | 61.4 | % |  | 56.4 | %

# OF LEASES BY SIZE 7 |
LEASED SQUARE FEET | # OF LEASES | WALT | WALTR
0 - 2,500 | 3,649 |  | 70.9 |  | 37.1 |
2,501 - 5,000 | 1,795 |  | 81.4 |  | 41.5 |
5,001 - 7,500 | 621 |  | 91.5 |  | 45.8 |
7,501 - 10,000 | 351 |  | 98.1 |  | 53.6 |
10,001 + | 671 |  | 118.5 |  | 58.8 |
Total Leases | 7,087 |  | 99.7 |  | 50.5 |

1 Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage. Lease and building level related metrics such as building square feet and occupancy are reflected at 100% of the buildings.
2 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.
3 Year-to-date excludes non-MOB renewals of 67,500 square feet.
4 Excludes leases with lease terms of one year or less.
5 Includes redevelopment properties, development completion, and joint ventures.
6 Tenant is typically responsible for operating expenses and capital obligations.
7 Excludes joint ventures, land held for development, construction in progress, corporate property and assets classified as held for sale.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 23

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

TOTAL CASH NOI
| % of Total NOI | 2Q 2024 | 1Q 2024 | 2Q 2023 | Y-o-Y% CHANGE | YTD 2024 | YTD 2023 | % CHANGE
Multi-tenant | 72 | % | $ | 142,762 |  | $ | 140,644 |  | $ | 138,839 |  | 2.8 | % | $ | 283,406 |  | $ | 276,565 |  | 2.5 | %
Single-tenant | 20 | % | 39,990 |  | 42,173 |  | 39,863 |  | 0.3 | % | 82,163 |  | 79,924 |  | 2.8 | %
Joint venture | 2 | % | 4,853 |  | 4,833 |  | 4,714 |  | 2.9 | % | 9,686 |  | 9,277 |  | 4.4 | %
Same store | 94 | % | $ | 187,605 |  | $ | 187,650 |  | $ | 183,416 |  | 2.3 | % | $ | 375,255 |  | $ | 365,766 |  | 2.6 | %
Planned dispositions | — | % | 90 |  | 92 |  | (88) |  | (202.3 | %) | 182 |  | 502 |  | (63.7 | %)
Re/development | 2 | % | 3,099 |  | 2,814 |  | 3,276 |  | (5.4 | %) | 5,913 |  | 6,886 |  | (14.1 | %)
Wholly owned and joint venture acquisitions | 1 | % | 1,368 |  | 835 |  | 651 |  | 110.1 | % | 2,203 |  | 799 |  | 175.7 | %
Development completions | — | % | 771 |  | 731 |  | 426 |  | 81.0 | % | 1,502 |  | 869 |  | 72.8 | %
Completed dispositions & assets held for sale | 3 | % | 5,969 |  | 8,256 |  | 20,059 |  | (70.2 | %) | 14,225 |  | 42,392 |  | (66.4 | %)
Total cash NOI | 100 | % | $198,902 |  | $200,378 |  | $207,740 |  | (4.3 | %) | $399,280 |  | $417,214 |  | (4.3 | %)
Same store cash NOI without Steward reserve |  | $189,756 |  | $187,650 |  | $183,416 |  | 3.5 | % | $377,406 |  | $365,766 |  | 3.2 | %

PORTFOLIO OCCUPANCY AND ABSORPTION |  |  |  |  |  |
|  |  |  | OCCUPANCY % | ABSORPTION (square feet in thousands) |  |  |
| COUNT | SQUARE FEET |  | 2Q 2024 | 1Q 2024 | 2Q 2023 | SEQUENTIAL | Y-O-Y |  |  |
Multi-tenant | 486 | 28,878,272 |  | 87.5 | % | 87.2 | % | 86.8 | % | 89 | 183 |  |  |
Single-tenant | 114 | 6,028,418 |  | 99.6 | % | 99.6 | % | 99.6 | % | — | 3 |  |  |
Joint venture | 33 | 1,912,709 |  | 86.0 | % | 86.2 | % | 86.8 | % | (3) | (15) |  |  |
Same store | 633 | 36,819,399 |  | 89.4 | % | 89.1 | % | 88.9 | % | 86 | 171 |  |  |
Planned dispositions | 4 | 190,646 |  | 29.9 | % | 29.9 | % | 32.4 | % | — | (5) |  |  |
Re/development | 18 | 1,502,989 |  | 53.5 | % | 51.7 | % | 55.7 | % | 27 | (33) |  |  |
Wholly owned and joint venture acquisitions | 14 | 881,481 |  | 98.9 | % | 98.7 | % | 97.4 | % | 1 | 17 |  |  |
Development completions | 4 | 335,403 |  | 66.7 | % | 64.5 | % | 60.2 | % | 8 | 86 |  |  |
Total portfolio | 673 | 39,729,918 |  | 87.8 | % | 87.4 | % | 87.4 | % | 122 | 226 |  |  |
Joint ventures | 45 | 2,635,553 |  | 89.6 | % | 89.7 | % | 89.8 | % | (2) | (4) |  |  |
Total wholly-owned | 628 | 37,094,365 |  | 87.8 | % | 87.3 | % | 87.2 | % | 124 | 240 |  |  |
Multi-tenant | 544 | 33,027,803 |  | 85.9 | % | 85.5 | % | 85.2 | % | 122 | 365 |  |  |

1 Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage. Lease and building level related metrics such as building square feet and occupancy are reflected at 100% of the buildings.
2 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 | 2Q 2024 SUPPLEMENTAL INFORMATION 24

Same Store 1,2,3
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA

SAME STORE CASH NOI
| TOTAL
| 2Q 2024 | 1Q 2024 | 2Q 2023 | YTD 2024 | YTD 2023
Base revenue | $224,157 | $224,929 | $221,006 | $449,086 | $440,326
Op. exp. recoveries | 68,519 | 70,121 | 68,467 | 138,640 | 137,163
Revenues | $292,676 | $295,050 | $289,473 | $587,726 | $577,489
Expenses | 105,071 | 107,400 | 106,057 | 212,471 | 211,723
Cash NOI | $187,605 | $187,650 | $183,416 | $375,255 | $365,766
Revenue per occ SF 4 | $35.62 | $35.98 | $35.38 | $35.80 | $35.31
Margin | 64.1 | % | 63.6 | % | 63.4 | % | 63.8 | % | 63.3 | %
Average occupancy | 89.3 | % | 89.1 | % | 88.9 | % | 89.2 | % | 88.8 | %
Period end occupancy | 89.4 | % | 89.1 | % | 88.9 | % | 89.2 | % | 88.9 | %
Number of properties | 633 | 633 | 633 | 633 | 633
Year-Over-Year Change |  |  |  |  |
Revenue per occ SF 4 | 0.7 | % |  |  | 1.4 | % |
Avg occupancy (bps) | +40 |  |  | +40 |
Revenues | 1.1 | % |  |  | 1.8 | % |
Base revenue | 1.4 | % |  |  | 2.0 | % |
Exp recoveries | 0.1 | % |  |  | 1.1 | % |
Expenses | (0.9 | %) |  |  | 0.4 | % |
Cash NOI | 2.3 | % |  |  | 2.6 | % |
Cash NOI without Steward reserve | 3.5 | % |  |  | 3.2 | % |

1 Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage. Lease and building level related metrics such as building square feet and occupancy are reflected at 100% of the buildings.
2 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.
3 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.
4 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 | 2Q 2024 SUPPLEMENTAL INFORMATION 25

NOI Reconciliations 1
DOLLARS IN THOUSANDS

BOTTOM UP RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2Q 2024 | 1Q 2024 |  |  | 2Q 2023 |  | 1Q 2023 |  |  |  |  |  |  |  |  |  |  |
Net loss | ($145,938) |  | ($315,220) |  |  |  | ($83,726) |  |  | ($88,078) |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense) | 156,631 |  | 327,646 |  |  |  | 112,818 |  |  | 94,407 |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expense | 14,002 |  | 14,787 |  |  |  | 15,464 |  |  | 14,935 |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | 173,477 |  | 178,119 |  |  |  | 183,193 |  |  | 184,479 |  |  |  |  |  |  |  |  |  |  |  |
Other expenses 2 | 5,226 |  | 4,727 |  |  |  | (11,969) |  |  | 7,940 |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent expense | 1,063 |  | 935 |  |  |  | 1,525 |  |  | 1,537 |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent revenue | (5,630) |  | (8,568) |  |  |  | (9,530) |  |  | (9,782) |  |  |  |  |  |  |  |  |  |  |  |
Other revenue 3 | (5,433) |  | (7,006) |  |  |  | (4,992) |  |  | (733) |  |  |  |  |  |  |  |  |  |  |  |
Joint venture property cash NOI | 5,504 |  | 4,958 |  |  |  | 4,957 |  |  | 4,769 |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $198,902 |  | $200,378 |  |  |  | $207,740 |  |  | $209,474 |  |  |  |  |  |  |  |  |  |  |  |
Planned dispositions | (90) |  | (92) |  |  |  | 88 |  |  | (590) |  |  |  |  |  |  |  |  |  |  |  |
Redevelopment | (3,099) |  | (2,814) |  |  |  | (3,276) |  |  | (3,610) |  |  |  |  |  |  |  |  |  |  |  |
Wholly owned and joint venture acquisitions | (1,368) |  | (835) |  |  |  | (651) |  |  | (148) |  |  |  |  |  |  |  |  |  |  |  |
Development completions | (771) |  | (731) |  |  |  | (426) |  |  | (443) |  |  |  |  |  |  |  |  |  |  |  |
Completed dispositions & assets held for sale | (5,969) |  | (8,256) |  |  |  | (20,059) |  |  | (22,333) |  |  |  |  |  |  |  |  |  |  |  |
Same store cash NOI | $187,605 |  | $187,650 |  |  |  | $183,416 |  |  | $182,350 |  |  |  |  |  |  |  |  |  |  |  |
Same store joint venture properties | (4,853) |  | (4,833) |  |  |  | (4,714) |  |  | (4,563) |  |  |  |  |  |  |  |  |  |  |  |
Same store excluding JVs | $182,752 |  | $182,817 |  |  |  | $178,702 |  |  | $177,787 |  |  |  |  |  |  |  |  |  |  |  |
TOP DOWN RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2Q 2024 | 1Q 2024 |  |  | 2Q 2023 |  | 1Q 2023 |  |  |  |  |  |  |  |  |  |  |
Rental income before rent concessions | $311,592 |  | $321,833 |  |  |  | $332,992 |  |  | $328,115 |  |  |  |  |  |  |  |  |  |  |  |
Rent concessions | (3,457) |  | (3,757) |  |  |  | (3,312) |  |  | (4,022) |  |  |  |  |  |  |  |  |  |  |  |
Rental income | 308,135 |  | 318,076 |  |  |  | 329,680 |  |  | 324,093 |  |  |  |  |  |  |  |  |  |  |  |
Parking income | 2,463 |  | 2,545 |  |  |  | 2,370 |  |  | 2,391 |  |  |  |  |  |  |  |  |  |  |  |
Interest from financing receivable, net | 2,094 |  | 2,117 |  |  |  | 2,180 |  |  | 2,227 |  |  |  |  |  |  |  |  |  |  |  |
Exclude straight-line rent revenue | (5,630) |  | (8,568) |  |  |  | (9,530) |  |  | (9,782) |  |  |  |  |  |  |  |  |  |  |  |
Exclude other non-cash revenue 4 | (2,018) |  | (3,163) |  |  |  | (1,018) |  |  | 3,594 |  |  |  |  |  |  |  |  |  |  |  |
Cash revenue | 305,044 |  | 311,007 |  |  |  | 323,682 |  |  | 322,523 |  |  |  |  |  |  |  |  |  |  |  |
Property operating expense | (117,719) |  | (121,078) |  |  |  | (125,395) |  |  | (122,040) |  |  |  |  |  |  |  |  |  |  |  |
Exclude non-cash expenses 5 | 6,073 |  | 5,491 |  |  |  | 4,496 |  |  | 4,222 |  |  |  |  |  |  |  |  |  |  |  |
Joint venture property cash NOI | 5,504 |  | 4,958 |  |  |  | 4,957 |  |  | 4,769 |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $198,902 |  | $200,378 |  |  |  | $207,740 |  |  | $209,474 |  |  |  |  |  |  |  |  |  |  |  |
Planned dispositions | (90) |  | (92) |  |  |  | 88 |  |  | (590) |  |  |  |  |  |  |  |  |  |  |  |
Redevelopment | (3,099) |  | (2,814) |  |  |  | (3,276) |  |  | (3,610) |  |  |  |  |  |  |  |  |  |  |  |
Wholly owned and joint venture acquisitions | (1,368) |  | (835) |  |  |  | (651) |  |  | (148) |  |  |  |  |  |  |  |  |  |  |  |
Development completions | (771) |  | (731) |  |  |  | (426) |  |  | (443) |  |  |  |  |  |  |  |  |  |  |  |
Completed dispositions & assets held for sale | (5,969) |  | (8,256) |  |  |  | (20,059) |  |  | (22,333) |  |  |  |  |  |  |  |  |  |  |  |
Same store cash NOI | $187,605 |  | $187,650 |  |  |  | $183,416 |  |  | $182,350 |  |  |  |  |  |  |  |  |  |  |  |
Same store joint venture properties | (4,853) |  | (4,833) |  |  |  | (4,714) |  |  | (4,563) |  |  |  |  |  |  |  |  |  |  |  |
Same store excluding JVs | $182,752 |  | $182,817 |  |  |  | $178,702 |  |  | $177,787 |  |  |  |  |  |  |  |  |  |  |  |

1 Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage. Lease and building level related metrics such as building square feet and occupancy are reflected at 100% of the buildings.
2 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.
3 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.
4 Includes above and below market intangibles, lease inducements, lease termination fees, deferred financing cost amortization, financing receivable, and TI amortization.
5 Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 26

NOI Reconciliations 1
DOLLARS IN THOUSANDS

RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO |  |  |  |  |  |  |
| 2Q 2024 | 1Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $198,902 |  | $200,378 |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expense | (14,002) |  | (14,787) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent | 5,630 |  | 8,568 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income (expense), net | (248) |  | 275 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fees and other income | 1,858 |  | 1,646 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Note receivable interest income | 1,771 |  | 2,421 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-cash revenue 2 | 1,804 |  | 2,939 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-cash expenses 3 | (5,858) |  | (5,268) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate impairment | (11,201) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income taxes | 454 |  | 336 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV adjustments | (443) | (427) |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Covenant EBITDA | $178,667 |  | $196,081 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (62,457) |  | (61,054) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | (431) |  | (395) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commission amortization 4 | 5,151 |  | 4,467 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate depreciation and amortization | (1,278) |  | (1,424) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on non-real estate assets | 4,907 | — |  |  |  |  |  |  |  |  |  |  |  |  |
Non controlling interest | 81 | 106 |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill impairment | — | (250,530) |  |  |  |  |  |  |  |  |  |  |  |  |
Income taxes | (454) |  | (336) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV adjustments | (389) | (385) |  |  |  |  |  |  |  |  |  |  |  |  |
FFO | $123,797 |  | ($113,470) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 431 | 395 |  |  |  |  |  |  |  |  |  |  |  |  |
Lease intangible amortization | 129 | 175 |  |  |  |  |  |  |  |  |  |  |  |  |
Significant non-recurring legal fees/forfeited earnest money received | 465 | — |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | 10,064 | 10,105 |  |  |  |  |  |  |  |  |  |  |  |  |
Credit losses and gains on other assets, net | 8,525 | — |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill impairment | — | 250,530 |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV normalizing items | 89 | 87 |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO | $143,500 |  | $147,822 |  |  |  |  |  |  |  |  |  |  |  |  |  |

1 Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage. Lease and building level related metrics such as building square feet and occupancy are reflected at 100% of the buildings.
2 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.
3 Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.
4 Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 27

EBITDA Reconciliations 1
DOLLARS IN THOUSANDS

RECONCILIATION OF EBITDA |  |  |
| 2Q 2024 | 1Q 2024 |  |  |  |
Net loss | ($145,938) |  | ($315,220) |  |  |  |  |
Interest expense | 62,457 | 61,054 |  |  |  |
Income taxes | 454 | 336 |  |  |  |
Depreciation and amortization | 173,477 | 178,119 |  |  |  |
Unconsolidated JV depreciation, amortization, and interest | 5,207 | 4,952 |  |  |  |
EBITDA | $95,657 | $(70,759) |  |  |  |
Transaction costs | 431 | 395 |  |  |  |
Gain on sales of assets | (38,338) |  | (22) |  |  |  |  |
Impairments on real estate assets | 120,917 | 15,937 |  |  |  |
Goodwill Impairment | — | 250,530 |  |  |  |
Debt Covenant EBITDA | $178,667 | $196,081 |  |  |  |
Leasing commission amortization 2 | 5,151 | 4,467 |  |  |  |
Lease intangibles, franchise taxes and prepaid ground amortization | 980 | 975 |  |  |  |
Timing impact 3 | (1,438) |  | — |  |  |  |  |
Stock based compensation | 3,383 | 3,562 |  |  |  |
Allowance for credit losses | 11,201 | — |  |  |  |
Rent reserves, net | 1,261 |  | (151) |  |  |  |  |
Unconsolidated JV adjustments | 89 | 87 |  |  |  |
Adjusted EBITDA | $199,294 | $205,021 |  |  |  |
Annualized Adjusted EBITDA | $797,176 | $820,084 |  |  |  |
RECONCILIATION OF NET DEBT |  |  |  |  |  |
Debt (principal balance) | $5,402,290 |  | $5,372,710 |  |  |  |  |
Share of unconsolidated net debt | 20,299 | 23,276 |  |  |  |
Cash 4 | (137,773) |  | (26,172) |  |  |  |  |
Net debt | $5,284,816 | $5,369,814 |  |  |  |
Net debt to adjusted EBITDA | 6.6x | 6.5x |  |  |  |
Run-rate adjusted EBITDA | 6.4x |  |  |  |  |

1 Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage. Lease and building level related metrics such as building square feet and occupancy are reflected at 100% of the buildings.
2 Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.
3 Timing adjustments to represent a full quarter impact of acquisitions and dispositions. Properties contributed into a joint venture are adjusted at the Company's share. Timing adjustments also include non-recurring impacts due to one-time items recognized in the quarter.
4 2Q 2024 cash includes $96.0 million of proceeds from a portfolio disposition held in a cash escrow account as of June 30, 2024.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 28

Components of Net Asset Value 1
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

CASH NOI BY PROPERTY TYPE
| 2Q 2024 |
ASSET TYPE | SAME STORE 2 | ACQ./DEV. COMPLETIONS 3 |  | REDEVELOPMENT | TIMING/OTHER ADJUSTMENTS 4 | ADJUSTED CASH NOI |  | ANNUALIZED ADJUSTED NOI
MOB/Outpatient | $172,555 |  | $1,441 |  |  | $2,822 |  | $3,554 |  | $180,372 |  |  | $721,488 |
Inpatient/Surgical | 8,860 |  | 125 |  |  | — |  | — |  | 8,985 |  |  | 35,940 |
Office | 6,235 |  | — |  |  | (8) |  | — |  | 6,227 |  |  | 24,908 |
Total Cash NOI | $187,650 |  | $1,566 |  |  | $2,814 |  | $3,554 |  | $195,584 |  |  | $782,336 |

DEVELOPMENT PROPERTIES |  |  | TOTAL SHARES OUTSTANDING
Land held for development | $59,871 |  |  | As of July 26, 2024 9 | 366,687,931
Re/development budget | 196,575 |  |  |  |  |  |
| $256,446 |  |  | IMPLIED CAP RATE
|  |  |  |  | STOCK PRICE | IMPLIED CAP RATE
|  |  | As of July 26, 2024 | $17.96 | 7.0 | %
OTHER ASSETS |  |  |  |
Disposition pipeline 5 | $106,764 |  |  | 2Q 2024 High | $16.63 | 7.3 | %
Unstabilized properties 6 | 276,498 |  |  | 2Q 2024 Low | $13.70 | 8.1 | %
Cash and other assets 7 | 533,908 |  |  |  |  |  |
| $917,170 |  |  |  |  |  |
DEBT |  |  |  |  |  |
Unsecured credit facility | $250,000 |  |  |  |  |  |
Unsecured term loans | 1,400,000 |  |  |  |  |  |
Senior notes | 3,699,285 |  |  |  |  |  |
Mortgage notes payable | 53,005 |  |  |  |  |  |
Company share of joint venture net debt | 20,299 |  |  |  |  |  |
Remaining re/development funding | 72,616 |  |  |  |  |  |
Other liabilities 8 | 310,852 |  |  |  |  |  |
| $5,806,057 |  |  |  |  |  |

1 Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage. Lease and building level related metrics such as building square feet and occupancy are reflected at 100% of the buildings.
2 See Same Store schedule on pages 24 - 24 for details on Same Store NOI.
3 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.
4 Ti ming adjustm ents include adjustments to reflect full quarterly stabilized NOI of a recently completed development of $0.7 million, full quarter NOI for JV contributed assets of $0.7 million, Steward Health revenue reserve adjustment of $2.2 million, and management fee income of $1.7 million, offset by $1.8 million of positive NOI for unstabilized properties, which are shown in other assets.
5 Includes assets held for sale and planned dispositions.
6 Includes 33 properties at their gross book value. These properties were comprised of 1.2 million square feet that generated positive NOI of $1.8 million.
7 Includes cash of $137.8 million, notes receivable of $166.0 million, prepaid assets of $134.3 million, accounts receivable of $52.2 million, prepaid ground leases of $19.7 million, and other investments of $6.0 million. In addition, includes the Company's occupied portion of its corporate headquarters in Nashville of $17.9 million.
8 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 $196.4 million, security deposits of $32.6 million, financing right of use liabilities of $75.2 million, and deferred operating expense reimbursements of $6.7 million.
9 Total shares outstanding includes OP units.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 29

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

|  | EXPECTED 2024 |  | ACTUAL | ACTUAL |  |  |  |
|  | LOW | HIGH |  | YTD 2024 | 2Q 2024 |  |  |  |  |  |
OPERATING METRICS |  |  |  |  |  |  |  |  |  |  |  |
Multi-tenant absorption (bps) |  | 100 | 150 |  | 55 | 37 |  |  |  |  |  |
Multi-tenant portfolio cash NOI growth 1 |  | 3.50 | % | 4.75 | % |  | 3.3 | % | 3.9 | % |  |  |  |  |  |
Single-tenant portfolio cash NOI growth 1 |  | 0.50 | % | 1.50 | % |  | 2.2 | % | 2.6 | % |  |  |  |  |  |
Same store cash NOI growth, including Company's share of JVs 1 |  | 2.50 | % | 3.50 | % |  | 3.2 | % | 3.5 | % |  |  |  |  |  |
Same store lease retention rate |  | 75.0 | % | 85.0 | % |  | 85.1 | % | 85.5 | % |  |  |  |  |  |
Normalized G&A |  | $60,000 | $62,000 |  | $28,788 | $14,002 |  |  |  |  |  |
Straight-line rent, net |  | 26,000 | 30,000 |  | 14,432 | 6,799 |  |  |  |  |  |
CAPITAL FUNDING |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions |  | $— | $— |  | $— |  |  |  |  |  |  |
JV and disposition proceeds |  | 900,000 | 1,100,000 |  | 397,024 |  |  |  |  |  |  |
Re/development |  | 100,000 | 130,000 |  | 66,376 |  |  |  |  |  |  |
1st generation TI and acq. capex |  | 30,000 | 40,000 |  | 25,431 |  |  |  |  |  |  |
Maintenance capex |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI |  | 60,000 | 70,000 |  | 32,491 |  |  |  |  |  |  |
Leasing commissions paid |  | 40,000 | 45,000 |  | 25,227 |  |  |  |  |  |  |
Building capital |  | 40,000 | 45,000 |  | 18,198 |  |  |  |  |  |  |
Total maintenance capex |  | 140,000 | 160,000 |  | 75,916 |  |  |  |  |  |  |
CASH YIELD |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions |  | — | % | — | % |  | — | % |  |  |  |  |  |  |
Dispositions |  | 6.0 | % | 7.0 | % |  | 6.6 | % |  |  |  |  |  |  |
Development (stabilized) |  | 6.5 | % | 8.0 | % |  |  |  |  |  |  |  |  |
Redevelopment (stabilized) |  | 9.0 | % | 12.0 | % |  |  |  |  |  |  |  |  |
EARNINGS AND LEVERAGE |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share |  | $(1.50) | $(1.40) |  | $(1.22) |  |  |  |  |  |  |
Normalized FFO per share |  | $1.53 | $1.58 |  | $0.77 |  |  |  |  |  |  |
Run-rate net debt to adjusted EBITDA 2 |  | 6.0x | 6.5x |  | 6.4x |  |  |  |  |  |  |

1 Adjusted to exclude the impact of the Steward revenue reserves.
2 Run-rate net debt to adjusted EBITDA reflects expected proceeds from additional asset sales and JV transactions. Net debt to adjusted EBITDA was 6.6x at June 30, 2024.

HEALTHCARE REALTY | 2Q 2024 SUPPLEMENTAL INFORMATION 30