EX-99.2 3 exhibit992supplementalinfo.htm EX-99.2

3Q2024
Supplemental Information
FURNISHED AS OF OCTOBER 30, 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," "will," "run-rate," 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 | JV and Disposition Activity
16 | Joint Ventures
17 | Re/development Activity
18 | Portfolio
19 | Health Systems
20 | MOB Proximity to Hospital
21 | Lease Maturity & Occupancy
22 | Leasing Statistics
23 | Same Store
25 | NOI Reconciliations
27 | EBITDA Reconciliations
28 | Components of Net Asset Value
29 | Components of Expected FFO

HEALTHCARE REALTY | 3Q 2024 SUPPLEMENTAL INFORMATION 3

Highlights

Net (loss) income attributable to common stockholders for the three months ended September 30, 2024 was $(93.0) million or $(0.26) per diluted common share.

KEY THIRD QUARTER HIGHLIGHTS |  |  |

•Normalized FFO per share of $0.39, up 1.2% over the prior year period
•$875 million of proceeds from JV and asset sale transactions through October
•$447 million of share repurchases year-to-date through October
•159,000 square feet, or 49 basis points, of multi-tenant absorption
•431,000 square feet of signed new leases in the quarter, the fifth consecutive quarter above 400,000

CAPITAL ALLOCATION |  |  |

•The Company closed joint venture and asset sale transactions since the second quarter totaling $478 million bringing proceeds to approximately $875 million through October, which includes the following:
◦$522 million from joint venture transactions
◦$353 million from asset sales
•The Company has additional transactions under contract and letters of intent that are expected to increase proceeds to approximately $1.1 billion for the year.
•Through October, the Company has repurchased 27.1 million shares totaling $446.8 million at an average price of $16.48 per share.

MULTI-TENANT OCCUPANCY AND ABSORPTION |  |  |

•Multi-tenant sequential occupancy gains continue to track towards full year 2024 expectations provided in the February 2024 Investor Presentation as shown below:

|  |  | 3Q 2024 | YTD 2024 |
Absorption (SF) |  |  | 158,720 | 341,473 |
Change in occupancy (bps) |  |  | + 49 | + 106 |

•The multi-tenant portfolio occupancy rate was 86.5% and the leased percentage was 87.8% at September 30.
•Multi-tenant occupancy has increased by 164 basis points over the trailing-twelve-month period. For the Legacy HTA properties, multi-tenant occupancy has increased by 230 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 third quarter totaled 1,641,000 square feet related to 455 leases:
◦1,054,000 square feet of renewals
◦587,000 square feet of new and expansion lease commencements
•The Company signed new leases totaling 431,000 square feet in the quarter, the fifth consecutive quarter above 400,000.

HEALTHCARE REALTY | 3Q 2024 SUPPLEMENTAL INFORMATION 4

Highlights

SAME STORE |  |  |

•Same Store cash NOI for the third quarter increased 3.1% over the same quarter in the prior year.
•Tenant retention for the third quarter was 80.5%.
•Operating expenses decreased 1.5% over the same quarter in the prior year.
•Third 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 3.9% on 847,000 square feet renewed:
▪7% (<0% spread)
▪7% (0-3%)
▪58% (3-4%)
▪28% (>4%)

BALANCE SHEET |  |  |  |

•As of September 30, 2024, net debt to adjusted EBITDA was 6.7 times. Net debt to adjusted EBITDA is expected to be 6.5 times at the end of the year.
•In October, the Company repaid the remaining $100 million outstanding of Unsecured Term Loan maturing July 2025.
•As of September 30, 2024, the Company had approximately $1.3 billion of availability under its credit facility.

DIVIDEND |  |  |  |

•A dividend of $0.31 per share was paid in August 2024. A dividend of $0.31 per share will be paid on November 27, 2024 to stockholders and OP unitholders of record on November 12, 2024.

GUIDANCE |  |  |  |

•The Company's 2024 per share guidance ranges are as follows:

|  |  |  |  |  | EXPECTED 2024 |
|  | ACTUAL |  | PRIOR |  | CURRENT |  |
|  | 3Q 2024 |  | YTD |  | LOW | HIGH |  | LOW | HIGH |  |
Earnings per share |  | $(0.26) |  | $(1.49) |  | $(1.50) | $(1.40) |  | $(1.60) | $(1.59) |  |
NAREIT FFO per share |  | $0.21 |  | $0.23 |  | $0.77 | $0.82 |  | $0.58 | $0.59 |  |
Normalized FFO per share |  | $0.39 |  | $1.16 |  | $1.53 | $1.58 |  | $1.55 | $1.56 |  |

•The Company's 2024 guidance range includes activities outlined in the Components of Expected FFO on page 29 of the Supplemental Information.
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 | 3Q 2024 SUPPLEMENTAL INFORMATION 5

Highlights

EARNINGS CALL |  |  |  |

•On Wednesday, October 30, 2024, at 11:00 a.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 470628;
◦All Other Locations: +1 833-470-1428 access code 470628.
•Replay Information:
◦Domestic Toll-Free Number: +1 929-458-6194 access code 780754;
◦All Other Locations: +1 866-813-9403 access code 780754.

HEALTHCARE REALTY | 3Q 2024 SUPPLEMENTAL INFORMATION 6

Salient Facts 1

| Properties |  |
| 660 properties totaling 38.7M 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 9/30/24 |
| $6.5B market capitalization as of 9/30/24 |
| 359.5M shares/units outstanding as of 9/30/24 |
| 363.4M diluted WA shares outstanding |
| $0.31 quarterly dividend per share |
| BBB/Baa2 S&P/Moody's |
| 44.3% net debt to enterprise value at 9/30/24 |
| 6.5x run rate net debt to adjusted EBITDA |

1 Includes properties held in joint ventures.

HEALTHCARE REALTY | 3Q 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 September 30, 2024, the Company was invested in 660 real estate properties in 35 states totaling 38.7 million square feet and had an enterprise value of approximately $11.7 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
Ryan E. Crowley
Executive Vice President and Chief Investment Officer
Austen B. Helfrich
Interim Chief Financial Officer
Robert E. Hull
Executive Vice President and Chief Operating Officer
Julie F. Wilson
Executive Vice President and Chief Administrative Officer

| 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
Retired 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 | 3Q 2024 SUPPLEMENTAL INFORMATION 8

Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

ASSETS |  |  |  |  |  |  |  |  |  |
| 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |  |  |  |  |
Real estate properties |  |  |  |  |  |  |  |  |  |
Land | $1,195,116 |  | $1,287,532 |  | $1,342,895 |  | $1,343,265 |  | $1,387,821 |  |  |  |  |  |
Buildings and improvements | 10,074,504 |  | 10,436,218 |  | 10,902,835 |  | 10,881,373 |  | 11,004,195 |  |  |  |  |  |
Lease intangibles | 718,343 |  | 764,730 |  | 816,303 |  | 836,302 |  | 890,273 |  |  |  |  |  |
Personal property | 9,246 |  | 12,501 |  | 12,720 |  | 12,718 |  | 12,686 |  |  |  |  |  |
Investment in financing receivables, net | 123,045 |  | 122,413 |  | 122,001 |  | 122,602 |  | 120,975 |  |  |  |  |  |
Financing lease right-of-use assets | 77,728 |  | 81,401 |  | 81,805 |  | 82,209 |  | 82,613 |  |  |  |  |  |
Construction in progress | 125,944 |  | 97,732 |  | 70,651 |  | 60,727 |  | 85,644 |  |  |  |  |  |
Land held for development | 52,408 |  | 59,871 |  | 59,871 |  | 59,871 |  | 59,871 |  |  |  |  |  |
Total real estate investments | 12,376,334 |  | 12,862,398 |  | 13,409,081 |  | 13,399,067 |  | 13,644,078 |  |  |  |  |  |
Less accumulated depreciation and amortization | (2,478,544) |  | (2,427,709) |  | (2,374,047) |  | (2,226,853) |  | (2,093,952) |  |  |  |  |  |
Total real estate investments, net | 9,897,790 |  | 10,434,689 |  | 11,035,034 |  | 11,172,214 |  | 11,550,126 |  |  |  |  |  |
Cash and cash equivalents 1 | 22,801 |  | 137,773 |  | 26,172 |  | 25,699 |  | 24,668 |  |  |  |  |  |
Assets held for sale, net | 156,218 |  | 34,530 |  | 30,968 |  | 8,834 |  | 57,638 |  |  |  |  |  |
Operating lease right-of-use assets | 259,013 |  | 261,976 |  | 273,949 |  | 275,975 |  | 323,759 |  |  |  |  |  |
Investments in unconsolidated joint ventures | 417,084 |  | 374,841 |  | 309,754 |  | 311,511 |  | 325,453 |  |  |  |  |  |
Other assets, net and goodwill | 491,679 |  | 559,818 |  | 605,047 |  | 842,898 |  | 822,084 |  |  |  |  |  |
Total assets | $11,244,585 |  | $11,803,627 |  | $12,280,924 |  | $12,637,131 |  | $13,103,728 |  |  |  |  |  |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
| 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Notes and bonds payable | $4,957,796 |  | $5,148,153 |  | $5,108,279 |  | $4,994,859 |  | $5,227,413 |  |  |  |  |  |
Accounts payable and accrued liabilities | 197,428 |  | 195,884 |  | 163,172 |  | 211,994 |  | 204,947 |  |  |  |  |  |
Liabilities of properties held for sale | 7,919 |  | 1,805 |  | 700 |  | 295 |  | 3,814 |  |  |  |  |  |
Operating lease liabilities | 229,925 |  | 230,601 |  | 229,223 |  | 229,714 |  | 273,319 |  |  |  |  |  |
Financing lease liabilities | 71,887 |  | 75,199 |  | 74,769 |  | 74,503 |  | 74,087 |  |  |  |  |  |
Other liabilities | 180,283 |  | 177,293 |  | 197,763 |  | 202,984 |  | 211,365 |  |  |  |  |  |
Total liabilities | 5,645,238 |  | 5,828,935 |  | 5,773,906 |  | 5,714,349 |  | 5,994,945 |  |  |  |  |  |
Redeemable non-controlling interests | 3,875 |  | 3,875 |  | 3,880 |  | 3,868 |  | 3,195 |  |  |  |  |  |
Stockholders' equity |  |  |  |  |  |  |  |  |  |
Preferred stock, $0.01 par value; 200,000 shares authorized | — |  | — |  | — |  | — |  | — |  |  |  |  |  |
Common stock, $0.01 par value; 1,000,000 shares authorized | 3,558 |  | 3,643 |  | 3,815 |  | 3,810 |  | 3,809 |  |  |  |  |  |
Additional paid-in capital | 9,198,004 |  | 9,340,028 |  | 9,609,530 |  | 9,602,592 |  | 9,597,629 |  |  |  |  |  |
Accumulated other comprehensive (loss) income | (16,963) |  | 6,986 |  | 4,791 |  | (10,741) |  | 17,079 |  |  |  |  |  |
Cumulative net income attributable to common stockholders | 481,155 |  | 574,178 |  | 717,958 |  | 1,028,794 |  | 1,069,327 |  |  |  |  |  |
Cumulative dividends | (4,150,328) |  | (4,037,693) |  | (3,920,199) |  | (3,801,793) |  | (3,684,144) |  |  |  |  |  |
Total stockholders' equity | 5,515,426 |  | 5,887,142 |  | 6,415,895 |  | 6,822,662 |  | 7,003,700 |  |  |  |  |  |
Non-controlling interest | 80,046 |  | 83,675 |  | 87,243 |  | 96,252 |  | 101,888 |  |  |  |  |  |
Total equity | 5,595,472 |  | 5,970,817 |  | 6,503,138 |  | 6,918,914 |  | 7,105,588 |  |  |  |  |  |
Total liabilities and stockholders' equity | $11,244,585 |  | $11,803,627 |  | $12,280,924 |  | $12,637,131 |  | $13,103,728 |  |  |  |  |  |

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 | 3Q 2024 SUPPLEMENTAL INFORMATION 9

Statements of Income
DOLLARS IN THOUSANDS

| 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income 1 | $306,499 | $308,135 | $318,076 | $322,076 | $333,335 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | 3,904 | 3,865 | 4,538 | 4,422 | 4,264 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other operating | 5,020 | 4,322 | 4,191 | 3,943 | 4,661 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 315,423 | 316,322 | 326,805 | 330,441 | 342,260 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating | 120,232 | 117,719 | 121,078 | 121,362 | 131,639 |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative | 20,124 | 14,002 | 14,787 | 14,609 | 13,396 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalizing items 2 | (6,861) | — | — | (1,445) | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized general and administrative | 13,263 | 14,002 | 14,787 | 13,164 | 13,396 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 719 | 431 | 395 | 301 | 769 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related costs | — | — | — | 1,414 | 7,450 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 163,226 | 173,477 | 178,119 | 180,049 | 182,989 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 304,301 | 305,629 | 314,379 | 317,735 | 336,243 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense before merger-related fair value | (50,465) | (52,393) | (50,949) | (52,387) | (55,637) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | (10,184) | (10,064) | (10,105) | (10,800) | (10,667) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (60,649) | (62,457) | (61,054) | (63,187) | (66,304) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales of real estate properties and other assets | 39,310 | 38,338 | 22 | 20,573 | 48,811 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on extinguishment of debt | — | — | — | — | 62 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of real estate assets and credit loss reserves | (84,394) | (132,118) | (15,937) | (11,403) | (56,873) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of goodwill | — | — | (250,530) | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity income (loss) from unconsolidated joint ventures | 208 | (146) | (422) | (430) | (456) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other (expense) income, net | (132) | (248) | 275 | 65 | 139 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (105,657) | (156,631) | (327,646) | (54,382) | (74,621) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income | $(94,535) | $(145,938) | $(315,220) | $(41,676) | $(68,604) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss (income) attributable to non-controlling interests | 1,512 | 2,158 | 4,384 | 1,143 | 760 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income attributable to common stockholders | $(93,023) | $(143,780) | $(310,836) | $(40,533) | $(67,844) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per common share | $(0.26) | $(0.39) | $(0.82) | $(0.11) | $(0.18) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted earnings per common share | $(0.26) | $(0.39) | $(0.82) | $(0.11) | $(0.18) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - basic | 358,960 | 372,477 | 379,455 | 379,044 | 378,925 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - diluted 3 | 358,960 | 372,477 | 379,455 | 379,044 | 378,925 |  |  |  |  |  |  |  |  |  |  |  |  |  |

STATEMENTS OF INCOME SUPPLEMENTAL INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing receivables | $2,117 | $2,094 | $2,117 | $2,132 | $2,002 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on mortgage and mezzanine loans | 1,787 | 1,771 | 2,421 | 2,290 | 2,262 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $3,904 | $3,865 | $4,538 | $4,422 | $4,264 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Parking income | $2,363 | $2,463 | $2,545 | $2,392 | $2,751 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fee and miscellaneous income | 2,657 | 1,859 | 1,646 | 1,551 | 1,910 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $5,020 | $4,322 | $4,191 | $3,943 | $4,661 |  |  |  |  |  |  |  |  |  |  |  |  |  |

1 In 2Q 2024, 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 3Q 2024 and 4Q 2023 normalizing items primarily include severance-related 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 outstanding limited partnership units in the Company's operating partnership ("OP"), totaling 3,649,637 units were not included.

HEALTHCARE REALTY | 3Q 2024 SUPPLEMENTAL INFORMATION 10

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

| 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to common stockholders | $(93,023) | $(143,780) | $(310,836) | $(40,533) | $(67,844) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to common stockholders per diluted share 3 | $(0.26) | $(0.39) | $(0.82) | $(0.11) | $(0.18) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales of real estate assets | $(39,148) | $(33,431) | $(22) | $(20,573) | $(48,811) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairments of real estate assets | 37,632 |  | 120,917 |  | 15,937 |  | 11,403 |  | 56,873 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate depreciation and amortization | 167,821 |  | 177,350 |  | 181,161 |  | 182,272 |  | 185,143 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling loss from operating partnership units | (1,372) |  | (2,077) |  | (4,278) |  | (491) |  | (841) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV depreciation and amortization | 5,378 | 4,818 | 4,568 | 4,442 | 4,421 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO adjustments | $170,311 | $267,577 | $197,366 | $177,053 | $196,785 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO adjustments per common share - diluted | $0.47 | $0.71 | $0.51 | $0.46 | $0.51 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO | $77,288 | $123,797 | $(113,470) | $136,520 | $128,941 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO per common share - diluted 4 | $0.21 | $0.33 | $(0.30) | $0.36 | $0.34 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 719 | 431 | 395 | 301 | 769 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related costs | — | — | — | 1,414 | 7,450 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease intangible amortization | (10) |  | 129 |  | 175 |  | 261 |  | 213 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-routine legal costs/forfeited earnest money received | 306 |  | 465 |  | — |  | (100) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt financing costs | — | — | — | — | (62) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and severance-related charges | 6,861 | — | — | 1,445 | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit losses and gains on other assets, net 5 | 46,600 | 8,525 | — | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of goodwill | — | — | 250,530 | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | 10,184 | 10,064 | 10,105 | 10,800 | 10,667 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV normalizing items 6 | 101 | 89 | 87 | 89 | 90 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjustments | $64,761 | $19,703 | $261,292 | $14,210 | $19,127 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjustments per common share - diluted | $0.18 | $0.05 | $0.68 | $0.04 | $0.05 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO | $142,049 | $143,500 | $147,822 | $150,730 | $148,068 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO per common share - diluted | $0.39 | $0.38 | $0.39 | $0.39 | $0.39 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate depreciation and amortization | 276 | 313 | 485 | 685 | 475 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-cash interest amortization, net 7 | 1,319 | 1,267 | 1,277 | 1,265 | 1,402 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rent reserves, net 8 | (27) | 1,261 | (151) | 1,404 | 442 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent income, net | (5,771) | (6,799) | (7,633) | (7,872) | (8,470) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation | 4,064 | 3,383 | 3,562 | 3,566 | 2,556 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV non-cash items 9 | (376) | (148) | (122) | (206) | (231) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjusted for non-cash items | 141,534 | 142,777 | 145,240 | 149,572 | 144,242 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI | (16,951) | (12,287) | (20,204) | (18,715) | (21,248) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | (10,266) | (10,012) | (15,215) | (14,978) | (8,907) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Building capital | (7,389) | (12,835) | (5,363) | (17,393) | (14,354) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total maintenance capex | (34,606) | (35,134) | (40,782) | (51,086) | (44,509) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FAD | $106,928 | $107,643 | $104,458 | $98,486 | $99,733 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly dividends and OP distributions | $113,770 | $118,627 | $119,541 | $118,897 | $119,456 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO wtd avg common shares outstanding - diluted 10 | 363,370 | 376,556 | 383,413 | 383,326 | 383,428 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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 are 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 3Q 2024 includes $46.8 million of credit loss reserves and $0.2 million gain on other assets. 2Q 2024 includes $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 760,552 for the three months ended September 30, 2024. Also includes the diluted impact of 3,649,637 OP units outstanding.

HEALTHCARE REALTY | 3Q 2024 SUPPLEMENTAL INFORMATION 11

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

ACQUISITION AND RE/DEVELOPMENT FUNDING |  |  |  |  |  |  |
| 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions 1 | $— | $— | $— | $— | $11,450 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Re/development 2 | 44,590 | 44,796 | 21,580 | 32,272 | 30,945 |  |  |  |  |  |  |  |  |  |  |  |  |  |
1st generation TI & acquisition capex 3 | 15,677 | 13,010 | 12,421 | 7,632 | 9,013 |  |  |  |  |  |  |  |  |  |  |  |  |  |
MAINTENANCE CAPITAL EXPENDITURES FUNDING |
| 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI | $16,951 | $12,287 | $20,204 | $18,715 | $21,248 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | 10,266 | 10,012 | 15,215 | 14,978 | 8,907 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Building capital | 7,389 | 12,835 | 5,363 | 17,393 | 14,354 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $34,606 | $35,134 | $40,782 | $51,086 | $44,509 |  |  |  |  |  |  |  |  |  |  |  |  |  |
% of Cash NOI |  |  |  |  |  |  |
2nd generation TI | 8.8 | % | 6.2 | % | 10.1 | % | 9.2 | % | 10.4 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | 5.3 | % | 5.0 | % | 7.6 | % | 7.3 | % | 4.4 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
Building capital | 3.8 | % | 6.5 | % | 2.7 | % | 8.5 | % | 7.0 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 17.9 | % | 17.7 | % | 20.4 | % | 25.0 | % | 21.8 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
LEASING COMMITMENTS 4 |
| 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Renewals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 909,844 | 788,862 | 1,454,998 | 582,239 | 625,762 |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI/square foot/lease year | $1.91 | $1.81 | $2.39 | $1.89 | $1.76 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions/square foot/lease year | $1.36 | $1.33 | $0.90 | $1.66 | $1.48 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Renewal commitments as a % of annual net rent | 12.2 | % | 13.6 | % | 13.8 | % | 12.7 | % | 13.1 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 50.3 | 52.3 | 60.5 | 43.1 | 42.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
New leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 462,756 | 252,795 | 337,357 | 315,243 | 344,524 |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI/square foot/lease year | $7.18 | $6.90 | $7.32 | $5.98 | $5.57 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions/square foot/lease year | $1.91 | $1.98 | $1.68 | $1.72 | $1.81 |  |  |  |  |  |  |  |  |  |  |  |  |  |
New lease commitments as a % of annual net rent | 39.9 | % | 43.3 | % | 42.8 | % | 33.4 | % | 32.1 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 94.7 | 82.6 | 92.8 | 90.2 | 85.8 |  |  |  |  |  |  |  |  |  |  |  |  |  |
All |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 1,372,600 | 1,041,657 | 1,792,355 | 897,482 | 970,286 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commitments as a % of annual net rent | 24.0 | % | 22.6 | % | 20.5 | % | 21.9 | % | 22.6 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 65.3 | 59.6 | 66.6 | 59.6 | 57.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |

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 | 3Q 2024 SUPPLEMENTAL INFORMATION 12

Debt Metrics 1
DOLLARS IN THOUSANDS

SUMMARY OF INDEBTEDNESS AS OF SEPTEMBER 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 | $249,771 | 5/1/2025 | 7 |  | $2,470 | $2,422 | 3.88 | % | 4.12 | % |
600,000 | 584,836 | 8/1/2026 | 22 |  | 7,214 | 5,251 | 3.50 | % | 4.94 | % | Y
500,000 | 486,990 | 7/1/2027 | 33 |  | 5,788 | 4,687 | 3.75 | % | 4.76 | % | Y
300,000 | 297,877 | 1/15/2028 | 40 |  | 2,785 | 2,719 | 3.63 | % | 3.85 | % |
650,000 | 583,329 | 2/15/2030 | 65 |  | 7,701 | 5,037 | 3.10 | % | 5.30 | % | Y
299,500 | 297,086 | 3/15/2030 | 66 |  | 1,928 | 1,797 | 2.40 | % | 2.72 | % |
299,785 | 296,214 | 3/15/2031 | 78 |  | 1,593 | 1,536 | 2.05 | % | 2.25 | % |
800,000 | 662,721 | 3/15/2031 | 78 |  | 8,455 | 4,000 | 2.00 | % | 5.13 | % | Y
| $3,699,285 | $3,458,824 |  | 50 |  | $37,934 | $27,449 | 2.97 | % | 4.44 | % |
TERM LOANS | $100,000 | $99,740 | 7/20/2025 | 10 |  | $3,593 | $3,593 | SOFR + 1.04% | 6.24 | % |
200,000 | 199,833 | 5/31/2026 | 20 |  | 3,240 | 3,240 | SOFR + 1.04% | 6.24 | % |
150,000 | 149,753 | 6/1/2026 | 20 |  | 2,430 | 2,430 | SOFR + 1.04% | 6.24 | % |
300,000 | 299,975 | 10/31/2026 | 25 |  | 4,860 | 4,860 | SOFR + 1.04% | 6.24 | % |
200,000 | 199,605 | 7/20/2027 | 33 |  | 3,240 | 3,240 | SOFR + 1.04% | 6.24 | % |
300,000 | 298,603 | 1/20/2028 | 39 |  | 4,860 | 4,860 | SOFR + 1.04% | 6.24 | % |
| $1,250,000 | $1,247,509 |  | 27 |  | $22,223 | $22,223 |  | 6.24 | % |
$1.5B CREDIT FACILITY | $206,000 | $206,000 | 10/31/2027 | 37 |  | $2,147 | $2,147 | SOFR + 0.94% | 5.79 | % |
MORTGAGES | $45,622 | $45,463 | various | 19 |  | $501 | $511 | 4.04 | % | 4.17 | % |
| $5,200,907 | $4,957,796 |  | 44 | $62,805 | $52,330 | 3.88 | % | 4.94 | % | $2,550,000
Less cash | (22,801) |  |  |  |  |  |  |  |  |
Net debt | $5,178,106 |  |  |  |  |  |  |  |
Interest rate swaps | (3,789) | (3,789) |  |  |
Interest cost capitalization | (1,295) | — |  |  |
Unsecured credit facility fee & deferred financing costs | 1,994 | 767 |  |  |
Financing right-of-use asset amortization | 934 | — |  |  |
|  |  |  |  | $60,649 | $49,308 |  |  |

DEBT MATURITIES SCHEDULE AS OF SEPTEMBER 30, 2024
|  | PRINCIPAL PAYMENTS |  |
|  | BANK LOANS | SENIOR NOTES | MORTGAGE NOTES | TOTAL |  | WA RATE
2024 |  |  |  | $343 | $343 |  | 3.94 | %
2025 |  | $100,000 | $250,000 | 16,375 | 366,375 |  | 4.54 | %
2026 |  | 650,000 | 600,000 | 28,904 | 1,278,904 |  | 4.90 | %
2027 |  | 406,000 | 500,000 |  | 906,000 |  | 4.76 | %
2028 |  | 300,000 | 300,000 |  | 600,000 |  | 4.93 | %
Thereafter |  |  | 2,049,285 |  | 2,049,285 |  | 2.41 | %
Total |  | $1,456,000 | $3,699,285 | $45,622 | $5,200,907 |  | 3.88 | %
Net debt |  |  |  |  | $5,178,106 |  |
Fixed rate debt balance |  | $1,075,000 | $3,699,285 | $45,622 | $4,819,907 |  |
% fixed rate debt, net of cash |  | 93 | % |  |
Company share of JV net debt |  | $30,054 |  |  |

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 9/30/2024 | $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 | 3Q 2024 SUPPLEMENTAL INFORMATION 13

Debt Covenants & Liquidity
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED SEPTEMBER 30, 2024 1 |
| CALCULATION | REQUIREMENT | PER DEBT COVENANTS
Revolving credit facility and term loan |  |
Leverage ratio | Total debt/total capital | Not greater than 60% | 39.4 | %
Secured leverage ratio | Total secured debt/total capital | Not greater than 30% | 0.3 | %
Unencumbered leverage ratio | Unsecured debt/unsecured real estate | Not greater than 60% | 42.3 | %
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% | 10.6 | %
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% | 0.3 | %
Maintenance of total unsecured assets | Unencumbered assets/unsecured debt | Not less than 150% | 250.0 | %
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 | 6.7x
Run-rate net debt to adjusted EBITDA 4 | Run-rate net debt (debt less cash)/adjusted EBITDA 4 | Not required | 6.5x
Net debt to enterprise value 3 | Net debt/enterprise value | Not required | 44.3 | %

LIQUIDITY SOURCES
Cash | $22,801
Unsecured credit facility availability | 1,294,000
Consolidated unencumbered assets (gross) 5 | 12,414,402

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 27 for a reconciliation of adjusted EBITDA.
3 Based on the closing price of $18.15 on September 30, 2024 and 359,456,876 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 third quarter 2024 unencumbered asset NOI was $738.3 million.

HEALTHCARE REALTY | 3Q 2024 SUPPLEMENTAL INFORMATION 14

JV & Disposition Activity
DOLLARS IN THOUSANDS

JV AND DISPOSITION ACTIVITY |  |  |
LOCATION | COUNT | TYPE | CLOSING | SQUARE FEET | LEASED % | SALE PRICE | PROCEEDS | % OWNERSHIP RETAINED |
Joint Ventures |  |  |  |  |  |  |  |  |
KKR JV 1 | 10 | MOB | 5/23/2024 | 556,274 | 99 | % | $284,348 | $227,478 | 20 | % |
KKR JV 1 | 1 | MOB | 6/6/2024 | 129,879 | 100 | % | 54,858 | 43,886 | 20 | % |
KKR JV 1 | 4 | MOB | 8/23/2024 | 266,782 | 93 | % | 118,000 | 94,400 | 20 | % |
Nuveen JV 2 | 7 | MOB | 8/27/2024 | 473,003 | 89 | % | 177,250 | 156,180 | 20 | % |
YTD joint venture activity | 22 |  |  | 1,425,938 | 95 | % | $634,456 | $521,944 |  |
Dispositions |  |  |  |  |  |  |  |  |
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 | — |  |
Denver, CO | 1 | MOB | 5/30/2024 | 37,130 | 100 | % | 19,000 | 19,000 | — |  |
Minneapolis, MN | 1 | MOB | 6/21/2024 | 50,291 | 23 | % | 1,082 | 1,082 | — |  |
Greensboro/Raleigh, NC 3 | 9 | MOB | 6/28/2024 | 309,424 | 97 | % | 99,518 | 99,518 | — |  |
Albany, NY | 1 | OFFICE | 8/2/2024 | 180,000 | 100 | % | 6,300 | 6,300 | — |  |
Charlotte, NC | 1 | MOB | 8/6/2024 | 90,633 | 100 | % | 26,670 | 26,670 | — |  |
Charleston, SC | 1 | MOB | 8/13/2024 | 46,711 | 46 | % | 14,500 | 14,500 | — |  |
Austin, TX | 1 | MOB | 9/13/2024 | 76,246 | 100 | % | 42,281 | 42,281 | — |  |
Raleigh, NC | 1 | MOB | 9/26/2024 | 5,934 | 100 | % | 1,813 | 1,813 | — |  |
Houston, TX 4 | 1 | MOB | 10/3/2024 | 140,012 | 66 | % | 12,000 | 2,400 | — |  |
Greensboro, NC | 1 | MOB | 10/9/2024 | 35,373 | 100 | % | 12,514 | 12,514 | — |  |
Des Moines, IA | 1 | MOB | 10/15/2024 | 95,486 | 98 | % | 31,750 | 31,750 | — |  |
Albany, NY | 1 | MOB | 10/15/2024 | 80,676 | 72 | % | 9,500 | 9,500 | — |  |
Salt Lake City, UT 5 | 1 | MOB | 10/24/2024 | 112,192 | 72 | % | 30,712 | 25,400 | — |  |
Miami, FL | 1 | MOB | 10/25/2024 | 102,186 | 96 | % | 36,789 | 36,789 | — |  |
Miami, FL | 2 | MOB | 10/25/2024 | 60,761 | 92 | % | 17,767 | 17,767 | — |  |
YTD disposition activity | 27 |  |  | 1,499,475 | 84 | % | $368,256 | $353,344 |  |
YTD total JV and disposition activity | 49 |  |  | 2,925,413 | 89 | % | $1,002,712 | $875,288 |  |
Average cap rate 6 |  |  |  |  | 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, Austin, TX, Houston, TX, Miami, FL, and Denver, CO; two MOBs in Los Angeles and five in Seattle, WA.
2 The Company sold the following MOBs into a joint venture, retaining 20% ownership: one in each of Dallas, TX, San Antonio, TX and Atlanta, GA; and two MOBs in each of Nashville, TN and Denver, CO. The joint venture obtained secured financing of 40% of the contribution value. The proceeds are net of the Company's share of the secured financing.
3 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.
4 The Company provided seller financing of approximately $9.6 million in connection with this sale.
5 The Company sold an MOB that was included in a consolidated joint venture in which the Company held a 63% ownership interest. Proceeds include the Company's pro-rata share of the purchase price as well as amounts due to the Company by the joint venture.
6 Cap rate represents the in-place cash NOI divided by sales price.

HEALTHCARE REALTY | 3Q 2024 SUPPLEMENTAL INFORMATION 15

Joint Ventures 1
DOLLARS IN THOUSANDS

PORTFOLIOS |  |  |  |
|  | WA OWNERSHIP INTEREST |  |  | 3Q 2024
JOINT VENTURE |  | # OF PROPERTIES | SQUARE FEET | OCCUPANCY | NOI | NOI AT SHARE | SAME STORE NOI AT SHARE
Nuveen |  | 41 | % | 28 | 1,526,776 |  | 86 | % | $6,030 | $2,680 | $2,460
CBRE |  | 20 | % | 4 | 283,880 |  | 56 | % | 1,586 | 317 | 192
KKR |  | 20 | % | 15 | 952,935 |  | 98 | % | 6,541 | 1,308 | —
Other 2 |  | 43 | % | 8 | 499,555 |  | 100 | % | 4,166 | 1,861 | 1,735
Total |  |  | 55 | 3,263,146 |  | 89 | % | $18,323 | $6,166 | $4,387

BALANCE SHEET
JOINT VENTURE |  |  | REAL ESTATE INVESTMENT 3 | DEBT 3 | DEBT AT SHARE | INTEREST RATE
Nuveen |  |  | $596,705 | $71,900 | $14,380 | 5.9 | %
CBRE |  |  | 132,688 |  | — |  | — |  | — |
KKR |  |  | 428,403 |  | — |  | — |  | — |
Other 2 |  |  | 237,011 |  | 69,100 |  | 27,640 | 5.3 | %
Total |  |  | $1,394,807 | $141,000 | $42,020 | 5.6 | %
Net debt at JV share |  | $30,054 |

1 Excludes assets held for sale and construction in progress.
2 Includes two unconsolidated joint ventures. Ownership percentages are weighted based on investment.
3 Represents 100% of the real estate assets and debt of the joint ventures.

HEALTHCARE REALTY | 3Q 2024 SUPPLEMENTAL INFORMATION 16

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 | $10,231 |  | 4Q 2024
Phoenix, AZ | HonorHealth |  | 101,000 | 80 | % | 58,000 | 3,784 |  | 4Q 2024
Fort Worth, TX 1 | Baylor Scott & White |  | 101,000 | 40 | % | 48,200 | 15,946 |  | 1Q 2026
Total development |  | 322,694 | 53 | % | $158,800 | $29,961 |  |
Projected stabilized yield - 7.0%-8.5% |  |  |
Estimated stabilization period post completion - 12 - 36 months |  |  |
Active redevelopment |  |  |  |  |  |  |
Washington, DC | Inova Health |  | 259,290 | 88 | % | $17,557 | $6,728 |  | 4Q 2024
Houston, TX | HCA |  | 314,861 | 63 | % | 30,000 | 19,072 |  | 4Q 2026
Charlotte, NC | Novant Health |  | 169,135 | 83 | % | 18,700 | 5,198 |  | 4Q 2025
Washington, DC | Inova Health |  | 57,323 | 88 | % | 10,078 | 2,557 |  | 4Q 2025
Total redevelopment |  | 800,609 | 77 | % | $76,335 | $33,555 |  |
Occupied % |  |  |  | 69 | % |  |  |  |
Projected stabilized yield - 9.0%-12.0% |  |  |
Estimated stabilization period post completion - 12 - 36 months |  |  |
Total active re/development projects | 1,123,303 | 70 | % | $235,135 | $63,516 |  |

1 The Company expects to enter into an equity joint venture with an institutional investor providing 80% of the equity required to fund the development project.

HEALTHCARE REALTY | 3Q 2024 SUPPLEMENTAL INFORMATION 17

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 |  | 3,182,296 |  | 146,519 | 199,800 |  | 3,528,615 | 274,268 | 3,802,883 | 9.7 | % | 9.7 | %
Seattle, WA | 15 | 29 |  | 1,335,380 |  |  |  |  | 1,335,380 | 257,121 | 1,592,501 | 5.6 | % | 15.3 | %
Houston, TX | 5 | 29 |  | 2,064,475 |  | 67,500 |  |  | 2,131,975 | 109,608 | 2,241,583 | 4.8 | % | 20.1 | %
Charlotte, NC | 23 | 31 |  | 1,702,275 |  |  |  |  | 1,702,275 |  | 1,702,275 | 4.7 | % | 24.8 | %
Denver, CO | 19 | 33 |  | 1,553,356 |  |  |  |  | 1,553,356 | 306,949 | 1,860,305 | 4.0 | % | 28.8 | %
Los Angeles, CA | 2 | 30 |  | 950,269 |  | 63,000 |  |  | 1,013,269 | 786,520 | 1,799,789 | 3.9 | % | 32.7 | %
Atlanta, GA | 8 | 26 |  | 1,273,816 |  |  |  |  | 1,273,816 | 96,108 | 1,369,924 | 3.7 | % | 36.4 | %
Boston, MA | 11 | 17 |  | 806,410 |  |  |  |  | 806,410 |  | 806,410 | 3.7 | % | 40.1 | %
Phoenix, AZ | 10 | 35 |  | 1,512,304 |  |  |  |  | 1,512,304 |  | 1,512,304 | 3.2 | % | 43.3 | %
Tampa, FL | 18 | 19 |  | 971,975 |  |  |  |  | 971,975 |  | 971,975 | 3.0 | % | 46.3 | %
Raleigh, NC | 41 | 26 |  | 980,469 |  |  |  |  | 980,469 | 75,494 | 1,055,963 | 2.8 | % | 49.1 | %
Miami, FL | 9 | 15 |  | 981,406 |  |  |  |  | 981,406 | 52,178 | 1,033,584 | 2.8 | % | 51.9 | %
Indianapolis, IN | 33 | 41 |  | 1,162,955 |  | 61,398 |  |  | 1,224,353 | 273,479 | 1,497,832 | 2.8 | % | 54.7 | %
Nashville, TN | 35 | 13 |  | 1,134,891 |  |  | 108,691 |  | 1,243,582 | 106,981 | 1,350,563 | 2.7 | % | 57.4 | %
Memphis, TN | 44 | 11 |  | 802,221 |  | 54,416 |  |  | 856,637 |  | 856,637 | 2.1 | % | 59.5 | %
New York, NY | 1 | 15 |  | 647,004 |  |  |  |  | 647,004 | 57,411 | 704,415 | 2.0 | % | 61.5 | %
Austin, TX | 27 | 12 |  | 657,575 |  |  |  |  | 657,575 | 129,879 | 787,454 | 2.0 | % | 63.5 | %
Chicago, IL | 3 | 6 |  | 607,845 |  |  |  |  | 607,845 |  | 607,845 | 2.0 | % | 65.5 | %
Washington, DC | 6 | 9 |  | 692,107 |  |  |  |  | 692,107 |  | 692,107 | 2.0 | % | 67.5 | %
Honolulu, HI | 56 | 6 |  | 439,500 |  |  |  |  | 439,500 |  | 439,500 | 2.0 | % | 69.5 | %
Other (47 Market) | 207 |  | 9,655,905 |  | 540,974 | 1,048,363 |  | 11,245,242 | 737,150 | 11,982,392 | 30.5 | % | 100.0 | %
Total |  | 660 |  | 33,114,434 |  | 933,807 | 1,356,854 |  | 35,405,095 | 3,263,146 | 38,668,241 | 100.0 | % |
Number of properties |  |  | 584 |  | 15 | 6 |  | 605 | 55 | 660 |  |
% of square feet |  |  |  | 93.6 | % |  | 2.6 | % | 3.8 | % |  | 100.0 | % |  |  |  |
% multi-tenant |  |  |  | 85.9 | % |  | — | % | 77.2 | % |  | 83.3 | % |  |  |  |
Investment |  |  |  | $11,247,130 |  | $436,292 | $421,911 |  | $12,105,333 |  |  |  |
Quarterly cash NOI 2 |  |  | $167,125 |  | $8,195 | $5,307 |  | $180,627 |  |  |  |
% of cash NOI |  |  |  | 92.5 | % |  | 4.5 | % | 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 | 491 | 114 |  | 42 | 13 | 660
Square feet | 29,508,901 | 5,896,194 |  | 2,731,094 | 532,052 | 38,668,241
% of square feet | 76.3 | % | 15.2 | % |  | 7.1 | % | 1.4 | % | 100.0 | %
Investment 2 | $9,602,369 | $2,502,964 |  | $361,427 | $100,320 | $12,567,080
Quarterly cash NOI 2 | $139,792 | $40,835 |  | $4,612 | $1,545 | $186,784
% of cash NOI | 74.8 | % | 21.9 | % |  | 2.5 | % | 0.8 | % | 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 | 3Q 2024 SUPPLEMENTAL INFORMATION 18

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 | 2,136,592 | 770,430 | 2,907,022 |  | 43 | 7.8 | % | 809,266 | 2.5 | % | 133
CommonSpirit | 4 | A-/A3 | 1,801,813 | 564,790 | 2,366,603 |  | 43 | 6.3 | % | 743,838 | 2.3 | % | 143
Baylor Scott & White | 21 | AA-/Aa3 | 2,493,934 | 66,376 | 2,560,310 |  | 28 | 6.2 | % | 1,194,155 | 3.8 | % | 194
Ascension Health | 3 | AA+/Aa2 | 2,262,563 | 97,551 | 2,360,114 |  | 25 | 5.8 | % | 972,638 | 3.1 | % | 150
Advocate Health | 14 | AA/Aa3 | 898,199 | 388,316 | 1,286,515 |  | 20 | 4.3 | % | 1,079,940 | 3.4 | % | 101
Tenet Healthcare Corporation | 6 | B+/B1 | 1,024,007 | 238,375 | 1,262,382 |  | 21 | 2.7 | % | 315,699 | 1.0 | % | 60
AdventHealth | 11 | AA/Aa2 | 758,638 | 118,585 |  | 877,223 |  | 13 | 2.7 | % | 384,529 | 1.2 | % | 82
UW Medicine (Seattle) | 91 | AA+/Aaa | 461,363 | 169,709 | 631,072 |  | 10 | 2.6 | % | 294,971 | 0.9 | % | 32
Wellstar Health System | 75 | A+/A2 | 866,644 | — |  | 866,644 |  | 17 | 2.5 | % | 561,785 | 1.8 | % | 75
Providence Health & Services | 5 | A/A2 | 614,167 | 31,601 |  | 645,768 |  | 12 | 2.4 | % | 254,878 | 0.8 | % | 50
Community Health Systems | 8 | CCC+/Caa2 | 785,169 | — | 785,169 |  | 16 | 2.0 | % | 353,558 | 1.1 | % | 45
Trinity Health | 7 | AA-/Aa3 | 830,772 | 8,156 |  | 838,928 |  | 12 | 2.0 | % | 454,969 | 1.4 | % | 54
Indiana University Health | 26 | AA/Aa2 | 416,978 |  | 269,320 |  | 686,298 |  | 10 | 2.0 | % | 376,842 | 1.2 | % | 50
Baptist Memorial Health Care | 89 | A-2/-- | 544,122 | 150,228 | 694,350 |  | 9 | 1.7 | % | 407,894 | 1.3 | % | 50
Tufts Medicine | None | BBB-/Aa3 | 252,087 | 0 | 252,087 |  | 2 | 1.7 | % | 252,087 | 0.8 | % | 2
University of California Health | None | AA/Aa2 | 477,272 | 0 | 477,272 |  | 9 | 1.6 | % | 30,080 | 0.1 | % | 11
Hawaii Pacific Health | 181 | --/A1 | 173,502 | 124,925 |  | 298,427 |  | 3 | 1.5 | % | 98,656 | 0.3 | % | 39
WakeMed | 185 | --/A2 | 374,207 | 101,597 |  | 475,804 |  | 13 | 1.5 | % | 138,331 | 0.4 | % | 20
Banner Health | 24 | AA-/-- | 749,075 | 31,039 |  | 780,114 |  | 24 | 1.4 | % | 122,252 | 0.4 | % | 32
Sutter Health | 12 | A+/A1 | 175,591 | 99,947 |  | 275,538 |  | 4 | 1.3 | % | 105,752 | 0.3 | % | 22
Bon Secours Health System | 22 | A+/A2 | 405,945 | — |  | 405,945 |  | 6 | 1.3 | % | 242,817 | 0.8 | % | 50
Other (70 Credit Rated) |  |  | 6,941,842 | 3,397,631 | 10,339,473 |  | 195 |  | 28.6 | % | 3,999,660 | 12.6 | % |
Subtotal - credit rated 6 |  |  | 25,444,482 | 6,628,576 | 32,073,058 |  | 535 |  | 89.9 | % | 13,194,597 | 41.5 | % |
Other non-credit rated 7 |  |  | 1,014,100 | 660,091 | 1,674,191 |  | 37 | 4.7 | % | 854,358 | 2.7 | % |
Off-campus non-affiliated 8 |  |  | — | 2,404,255 | 2,404,255 |  | 60 | 5.4 | % | — | — | % |
Total |  |  | 26,458,582 | 9,692,922 | 36,151,504 |  | 632 | 100.0 | % | 14,048,955 | 44.2 | % |
Joint ventures |  |  | 2,191,564 | 845,506 | 3,037,070 |  |  |  |  |  |
Wholly-owned |  |  | 24,267,018 | 8,847,416 | 33,114,434 |  |  |  |  |  |

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, 88% is associated and 38% is leased by an investment-grade rated healthcare provider.
7 Includes 37 properties associated with hospital systems that are not credit rated. Steward Health leases 593,000 square feet and represents 2.0% of total company rental income.
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 | 3Q 2024 SUPPLEMENTAL INFORMATION 19

MOB Proximity to Hospital 1,2,3

MOB BY LOCATION |  |  |  |  |
| # OF PROPERTIES | SQUARE FEET | TOTAL | % GROUND LEASED |
On campus | 259 | 19,913,710 | 55.1 | % | 72.4 | % |
Adjacent to campus 4 | 151 | 6,544,872 | 18.1 | % | 13.6 | % |
Total on/adjacent | 410 | 26,458,582 | 73.2 | % | 57.8 | % |
Off campus - affiliated 5 | 162 | 7,288,667 | 20.2 | % | 16.4 | % |
Off campus | 60 | 2,404,255 | 6.6 | % | 10.9 | % |
| 632 | 36,151,504 | 100.0 | % | 46.4 | % |
Wholly-owned | 584 | 33,114,434 |  |  |
Joint ventures | 48 | 3,037,070 |  |  |

MOB BY CLUSTER 6 |
| TOTAL | HOSPITAL CENTRIC 7 |
| # OF PROPERTIES | SQUARE FEET | % OF SQUARE FEET | # OF PROPERTIES | SQUARE FEET | % OF SQUARE FEET |
Clustered | 461 | 25,704,846 | 71.1 | % | 379 | 22,465,178 | 72.9 | % |
Non-clustered | 171 | 10,446,658 | 28.9 | % | 119 | 8,356,834 | 27.1 | % |
Total | 632 | 36,151,504 | 100.0 | % | 498 | 30,822,012 | 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 | 3Q 2024 SUPPLEMENTAL INFORMATION 20

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 |  | 307,309 | 17,744 | 325,053 | 1.0 | % | 13,618 | 311,435 | 141
4Q 2024 |  | 994,449 | 104,517 | 1,098,966 | 3.2 | % | 51,321 | 1,047,645 | 277
2025 |  | 4,230,884 | 973,027 | 5,203,911 | 15.2 | % | 324,767 | 4,879,144 | 1,280
2026 |  | 3,956,290 | 304,579 | 4,260,869 | 12.5 | % | 226,776 | 4,034,093 | 1,056
2027 |  | 3,908,201 | 1,023,495 | 4,931,696 | 14.4 | % | 330,535 | 4,601,161 | 1,052
2028 |  | 3,105,417 | 610,332 | 3,715,749 | 10.9 | % | 184,783 | 3,530,966 | 838
2029 |  | 2,923,799 | 909,555 | 3,833,354 | 11.2 | % | 461,267 | 3,372,087 | 750
2030 |  | 1,866,304 | 729,095 | 2,595,399 | 7.6 | % | 191,263 | 2,404,136 | 362
2031 |  | 1,282,073 | 247,489 | 1,529,562 | 4.5 | % | 173,573 | 1,355,989 | 285
2032 |  | 1,840,400 | 368,172 | 2,208,572 | 6.5 | % | 244,673 | 1,963,899 | 291
2033 |  | 984,229 | 177,327 | 1,161,556 | 3.4 | % | 142,841 | 1,018,715 | 197
Thereafter |  | 2,482,552 | 804,950 | 3,287,502 | 9.5 | % | 562,407 | 2,725,095 | 363
Total occupied |  | 27,881,907 | 6,270,282 | 34,152,189 | 88.3 | % | 2,907,824 | 31,244,365 | 6,892
Total building |  | 32,239,995 | 6,428,246 | 38,668,241 |  | 3,263,146 | 35,405,095 |
Occupancy |  | 86.5 | % | 97.5 | % | 88.3 | % |  | 89.1 | % | 88.2 | % |
Leased % |  | 87.8 | % | 98.3 | % | 89.6 | % |  | 90.1 | % | 89.5 | % |
WALTR (months) 4 | 49.6 | 65.2 | 52.5 |  |  | 50.4 |
WALT (months) 4 | 92.0 | 136.9 | 100.2 |  |  | 99.2 |

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 |  |  | 28,376,105 |  |  | 6,489,545 |  |  | 34,865,650 |
Dispositions and assets held for sale |  |  | (652,918) |  |  | (180,000) |  |  | (832,918) |
Expirations and early vacates |  | (1,314,267) |  |  | (207,528) |  |  | (1,521,795) |  |
Renewals, amendments and extensions |  | 908,216 |  |  | 146,215 |  |  | 1,054,431 |  |
New lease commencements |  | 564,771 |  |  | 22,050 |  |  | 586,821 |  |
Absorption |  |  | 158,720 |  |  | (39,263) |  |  | 119,457 |
Occupied square feet, end of period |  |  | 27,881,907 |  |  | 6,270,282 |  |  | 34,152,189 |

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 3,855 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 | 3Q 2024 SUPPLEMENTAL INFORMATION 21

Leasing Statistics 1,2

SAME STORE RENEWALS 2
| 3Q 2024 | YTD |  |
MOB cash leasing spreads 3 | 3.9 | % | 3.6 | % |  |
MOB cash leasing spreads distribution |  |  |
< 0% spread | 7.1 | % | 6.5 | % |  |
0-3% spread | 7.3 | % | 8.3 | % |  |
3-4% spread | 58.1 | % | 56.8 | % |  |
> 4% spread | 27.5 | % | 28.4 | % |  |
Total | 100.0 | % | 100.0 | % |  |
MOB tenant retention rate | 80.5 | % | 83.8 | % |  |

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 | % | 74.0 | % |  | 2.52 | % | 17.6 | % |  | 2.81 | % | 91.6 | %
Acquisitions | 2.79 | % | 4.1 | % |  | 2.65 | % | 0.8 | % |  | 2.77 | % | 4.9 | %
Other 5 | 2.84 | % | 3.5 | % |  | 2.00 | % | 0.1 | % |  | 2.82 | % | 3.5 | %
Total | 2.87 | % | 81.5 | % |  | 2.53 | % | 18.5 | % |  | 2.81 | % | 100.0 | %
Escalator type |  |  |  |  |  |  |  |
Fixed | 2.85 | % | 96.8 | % |  | 2.57 | % | 89.0 | % |  | 2.80 | % | 95.4 | %
CPI | 3.47 | % | 3.2 | % |  | 2.19 | % | 11.0 | % |  | 2.91 | % | 4.6 | %

SAME STORE TYPE AND OWNERSHIP STRUCTURE 2
| MULTI-TENANT | SINGLE-TENANT |  | TOTAL
Tenant type |  |  |  |
Hospital | 45.9 | % | 61.3 | % |  | 48.9 | %
Physician and other | 54.1 | % | 38.7 | % |  | 51.1 | %
Lease structure |  |  |  |
Gross | 9.1 | % | 1.4 | % |  | 7.6 | %
Modified gross | 31.9 | % | 10.4 | % |  | 27.8 | %
Net | 59.0 | % | 63.7 | % |  | 59.9 | %
Absolute net 6 | — | % | 24.5 | % |  | 4.7 | %
Ownership type |  |  |  |
Ground lease | 46.7 | % | 40.8 | % |  | 45.7 | %
Fee simple | 53.3 | % | 59.2 | % |  | 54.3 | %

# OF LEASES BY SIZE 7 |
LEASED SQUARE FEET | # OF LEASES | WALT | WALTR
0 - 2,500 | 3,604 |  | 70.6 |  | 37.4 |
2,501 - 5,000 | 1,705 |  | 80.8 |  | 41.6 |
5,001 - 7,500 | 608 |  | 91.6 |  | 45.9 |
7,501 - 10,000 | 333 |  | 97.4 |  | 53.4 |
10,001 + | 642 |  | 118.2 |  | 58.7 |
Total Leases | 6,892 |  | 99.2 |  | 50.4 |

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 non-MOB renewals of 63,000 square feet and 130,500 square feet for the third quarter and year-to-date, respectively.
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 | 3Q 2024 SUPPLEMENTAL INFORMATION 22

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

TOTAL CASH NOI
| % of Total NOI | 3Q 2024 | 2Q 2024 | 3Q 2023 | Y-o-Y% CHANGE | YTD 2024 | YTD 2023 | % CHANGE
Multi-tenant | 70 | % | $ | 135,045 |  | $ | 135,841 |  | $ | 131,079 |  | 3.0 | % | $ | 405,602 |  | $ | 394,794 |  | 2.7 | %
Single-tenant | 21 | % | 40,842 |  | 38,750 |  | 39,528 |  | 3.3 | % | 120,528 |  | 117,040 |  | 3.0 | %
Joint venture | 2 | % | 4,387 |  | 4,395 |  | 4,178 |  | 5.0 | % | 13,175 |  | 12,645 |  | 4.2 | %
Same store | 93 | % | $ | 180,274 |  | $ | 178,986 |  | $ | 174,785 |  | 3.1 | % | $ | 539,305 |  | $ | 524,479 |  | 2.8 | %
Planned dispositions | — | % | (14) |  | 57 |  | (100) |  | (86.0 | %) | 82 |  | 280 |  | (70.7 | %)
Re/development | 2 | % | 3,373 |  | 3,558 |  | 2,887 |  | 16.8 | % | 10,111 |  | 9,771 |  | 3.5 | %
Wholly owned and joint venture acquisitions | 1 | % | 2,406 |  | 1,368 |  | 817 |  | 194.5 | % | 4,609 |  | 1,616 |  | 185.2 | %
Development completions | — | % | 756 |  | 738 |  | 622 |  | 21.5 | % | 2,193 |  | 1,509 |  | 45.3 | %
Completed dispositions & assets held for sale | 3 | % | 6,483 |  | 14,195 |  | 25,710 |  | (74.8 | %) | 36,258 |  | 84,280 |  | (57.0 | %)
Total cash NOI | 100 | % | $193,278 |  | $198,902 |  | $204,721 |  | (5.6 | %) | $592,558 |  | $621,935 |  | (4.7 | %)
Same store cash NOI without Steward reserve |  | $180,274 |  | $181,137 |  | $174,785 |  | 3.1 | % | $541,456 |  | $524,479 |  | 3.2 | %

PORTFOLIO OCCUPANCY AND ABSORPTION |  |  |  |  |  |
|  |  |  | OCCUPANCY % | ABSORPTION (square feet in thousands) |  |  |
| COUNT | SQUARE FEET |  | 3Q 2024 | 2Q 2024 | 3Q 2023 | SEQUENTIAL | Y-O-Y |  |  |
Multi-tenant | 467 | 27,517,175 |  | 87.9 | % | 87.5 | % | 87.0 | % | 119 | 264 |  |  |
Single-tenant | 112 | 5,780,908 |  | 99.5 | % | 99.6 | % | 99.6 | % | (5) | (3) |  |  |
Joint venture | 29 | 1,636,232 |  | 89.8 | % | 89.6 | % | 90.5 | % | 2 | (13) |  |  |
Same store | 608 | 34,934,315 |  | 89.9 | % | 89.6 | % | 89.2 | % | 116 | 248 |  |  |
Planned dispositions | 3 | 143,935 |  | 26.3 | % | 24.7 | % | 24.2 | % | 2 | 3 |  |  |
Re/development | 21 | 1,639,256 |  | 57.6 | % | 57.6 | % | 53.9 | % | (1) | 60 |  |  |
Wholly owned and joint venture acquisitions | 25 | 1,621,266 |  | 94.9 | % | 94.6 | % | 88.4 | % | 4 | 105 |  |  |
Development completions | 3 | 329,469 |  | 65.6 | % | 66.1 | % | 63.2 | % | (2) | 75 |  |  |
Total portfolio | 660 | 38,668,241 |  | 88.3 | % | 88.0 | % | 87.3 | % | 119 | 491 |  |  |
Joint ventures | 55 | 3,263,146 |  | 89.1 | % | 90.2 | % | 87.6 | % | (36) | 49 |  |  |
Total wholly-owned | 605 | 35,405,095 |  | 88.3 | % | 87.8 | % | 87.3 | % | 155 | 442 |  |  |
Multi-tenant | 533 | 32,239,995 |  | 86.5 | % | 86.0 | % | 85.1 | % | 159 | 527 |  |  |

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 | 3Q 2024 SUPPLEMENTAL INFORMATION 23

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

SAME STORE CASH NOI
| TOTAL
| 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | YTD 2024 | YTD 2023
Base revenue | $217,874 | $214,959 | $215,919 | $214,426 | $212,518 | $648,752 | $634,952
Op. exp. recoveries | 68,234 | 63,829 | 65,890 | 64,268 | 69,685 | 197,953 | 199,008
Revenues | $286,108 | $278,788 | $281,809 | $278,694 | $282,203 | $846,705 | $833,960
Expenses | 105,834 | 99,802 | 101,764 | 100,636 | 107,418 | 307,400 | 309,481
Cash NOI | $180,274 | $178,986 | $180,045 | $178,058 | $174,785 | $539,305 | $524,479
Revenue per occ SF 4 | $36.49 | $35.67 | $36.10 | $35.74 | $36.19 | $36.08 | $35.66
Margin | 63.0 | % | 64.2 | % | 63.9 | % | 63.9 | % | 61.9 | % | 63.7 | % | 62.9 | %
Average occupancy | 89.8 | % | 89.5 | % | 89.4 | % | 89.3 | % | 89.3 | % | 89.6 | % | 89.3 | %
Period end occupancy | 89.9 | % | 89.6 | % | 89.4 | % | 89.4 | % | 89.2 | % | 89.9 | % | 89.2 | %
Number of properties | 608 | 608 | 608 | 608 | 608 | 608 | 608
Year-Over-Year Change |  |  |  |  |  |  |
Revenue per occ SF 4 | 0.8 | % |  |  |  |  | 1.2 | % |
Avg occupancy (bps) | +50 |  |  |  |  | +30 |
Revenues | 1.4 | % |  |  |  |  | 1.5 | % |
Base revenue | 2.5 | % |  |  |  |  | 2.2 | % |
Exp recoveries | (2.1 | %) |  |  |  |  | (0.5 | %) |
Expenses | (1.5 | %) |  |  |  |  | (0.7 | %) |
Cash NOI | 3.1 | % |  |  |  |  | 2.8 | % |
Cash NOI without Steward reserve | 3.1 | % |  |  |  |  | 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 | 3Q 2024 SUPPLEMENTAL INFORMATION 24

NOI Reconciliations 1
DOLLARS IN THOUSANDS

BOTTOM UP RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 |  |  |  |  |  |  |  |  |  |  |
Net loss | ($94,535) |  | ($145,938) |  | ($315,220) |  | ($41,676) |  | ($68,604) |  | ($83,726) |  | ($88,078) |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense) | 105,657 |  | 156,631 |  | 327,646 |  | 54,382 |  | 74,621 |  | 112,818 |  | 94,407 |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expense | 20,124 |  | 14,002 |  | 14,787 |  | 14,609 |  | 13,396 |  | 15,464 |  | 14,935 |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | 163,226 |  | 173,477 |  | 178,119 |  | 180,049 |  | 182,989 |  | 183,193 |  | 184,479 |  |  |  |  |  |  |  |  |  |  |  |
Other expenses 2 | 6,434 |  | 5,226 |  | 4,727 |  | 4,899 |  | 12,543 |  | (11,969) |  | 7,940 |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent expense | 965 |  | 1,063 |  | 935 |  | 1,484 |  | 1,538 |  | 1,525 |  | 1,537 |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent revenue | (6,736) |  | (5,630) |  | (8,568) |  | (9,356) |  | (10,008) |  | (9,530) |  | (9,782) |  |  |  |  |  |  |  |  |  |  |  |
Other revenue 3 | (8,334) |  | (5,433) |  | (7,006) |  | (5,078) |  | (6,446) |  | (4,992) |  | (733) |  |  |  |  |  |  |  |  |  |  |  |
Joint venture property cash NOI | 6,477 |  | 5,504 |  | 4,958 |  | 4,758 |  | 4,692 |  | 4,957 |  | 4,769 |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $193,278 |  | $198,902 |  | $200,378 |  | $204,071 |  | $204,721 |  | $207,740 |  | $209,474 |  |  |  |  |  |  |  |  |  |  |  |
Planned dispositions | 14 |  | (57) |  | (39) |  | (86) |  | 100 |  | 151 |  | (531) |  |  |  |  |  |  |  |  |  |  |  |
Redevelopment | (3,373) |  | (3,558) |  | (3,181) |  | (3,365) |  | (2,887) |  | (3,230) |  | (3,654) |  |  |  |  |  |  |  |  |  |  |  |
Wholly owned and joint venture acquisitions | (2,406) |  | (1,368) |  | (835) |  | (614) |  | (817) |  | (651) |  | (148) |  |  |  |  |  |  |  |  |  |  |  |
Development completions | (756) |  | (738) |  | (700) |  | (656) |  | (622) |  | (435) |  | (452) |  |  |  |  |  |  |  |  |  |  |  |
Completed dispositions & assets held for sale | (6,483) |  | (14,195) |  | (15,578) |  | (21,292) |  | (25,710) |  | (28,258) |  | (30,312) |  |  |  |  |  |  |  |  |  |  |  |
Same store cash NOI | $180,274 |  | $178,986 |  | $180,045 |  | $178,058 |  | $174,785 |  | $175,317 |  | $174,377 |  |  |  |  |  |  |  |  |  |  |  |
Same store joint venture properties | (4,387) |  | (4,395) |  | (4,393) |  | (4,224) |  | (4,178) |  | (4,318) |  | (4,149) |  |  |  |  |  |  |  |  |  |  |  |
Same store excluding JVs | $175,887 |  | $174,591 |  | $175,652 |  | $173,834 |  | $170,607 |  | $170,999 |  | $170,228 |  |  |  |  |  |  |  |  |  |  |  |
TOP DOWN RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 |  |  |  |  |  |  |  |  |  |  |
Rental income before rent concessions | $310,080 |  | $311,592 |  | $321,833 |  | $325,772 |  | $336,503 |  | $332,992 |  | $328,115 |  |  |  |  |  |  |  |  |  |  |  |
Rent concessions | (3,581) |  | (3,457) |  | (3,757) |  | (3,696) |  | (3,168) |  | (3,312) |  | (4,022) |  |  |  |  |  |  |  |  |  |  |  |
Rental income | $306,499 |  | $308,135 |  | $318,076 |  | $322,076 |  | $333,335 |  | $329,680 |  | $324,093 |  |  |  |  |  |  |  |  |  |  |  |
Parking income | 2,363 |  | 2,463 |  | 2,545 |  | 2,392 |  | 2,751 |  | 2,370 |  | 2,391 |  |  |  |  |  |  |  |  |  |  |  |
Interest from financing receivable, net | 2,117 |  | 2,094 |  | 2,117 |  | 2,132 |  | 2,002 |  | 2,180 |  | 2,227 |  |  |  |  |  |  |  |  |  |  |  |
Exclude straight-line rent revenue | (6,736) |  | (5,630) |  | (8,568) |  | (9,356) |  | (10,008) |  | (9,530) |  | (9,782) |  |  |  |  |  |  |  |  |  |  |  |
Exclude other non-cash revenue 4 | (4,149) |  | (2,018) |  | (3,163) |  | (1,513) |  | (1,410) |  | (1,018) |  | 3,594 |  |  |  |  |  |  |  |  |  |  |  |
Cash revenue | $300,094 |  | $305,044 |  | $311,007 |  | $315,731 |  | $326,670 |  | $323,682 |  | $322,523 |  |  |  |  |  |  |  |  |  |  |  |
Property operating expense | (120,232) |  | (117,719) |  | (121,078) |  | (121,362) |  | (131,639) |  | (125,395) |  | (122,040) |  |  |  |  |  |  |  |  |  |  |  |
Exclude non-cash expenses 5 | 6,939 |  | 6,073 |  | 5,491 |  | 4,944 |  | 4,998 |  | 4,496 |  | 4,222 |  |  |  |  |  |  |  |  |  |  |  |
Joint venture property cash NOI | 6,477 |  | 5,504 |  | 4,958 |  | 4,758 |  | 4,692 |  | 4,957 |  | 4,769 |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $193,278 |  | $198,902 |  | $200,378 |  | $204,071 |  | $204,721 |  | $207,740 |  | $209,474 |  |  |  |  |  |  |  |  |  |  |  |
Planned dispositions | 14 |  | (57) |  | (39) |  | (86) |  | 100 |  | 151 |  | (531) |  |  |  |  |  |  |  |  |  |  |  |
Redevelopment | (3,373) |  | (3,558) |  | (3,181) |  | (3,365) |  | (2,887) |  | (3,230) |  | (3,654) |  |  |  |  |  |  |  |  |  |  |  |
Wholly owned and joint venture acquisitions | (2,406) |  | (1,368) |  | (835) |  | (614) |  | (817) |  | (651) |  | (148) |  |  |  |  |  |  |  |  |  |  |  |
Development completions | (756) |  | (738) |  | (700) |  | (656) |  | (622) |  | (435) |  | (452) |  |  |  |  |  |  |  |  |  |  |  |
Completed dispositions & assets held for sale | (6,483) |  | (14,195) |  | (15,578) |  | (21,292) |  | (25,710) |  | (28,258) |  | (30,312) |  |  |  |  |  |  |  |  |  |  |  |
Same store cash NOI | $180,274 |  | $178,986 |  | $180,045 |  | $178,058 |  | $174,785 |  | $175,317 |  | $174,377 |  |  |  |  |  |  |  |  |  |  |  |
Same store joint venture properties | (4,387) |  | (4,395) |  | (4,393) |  | (4,224) |  | (4,178) |  | (4,318) |  | (4,149) |  |  |  |  |  |  |  |  |  |  |  |
Same store excluding JVs | $175,887 |  | $174,591 |  | $175,652 |  | $173,834 |  | $170,607 |  | $170,999 |  | $170,228 |  |  |  |  |  |  |  |  |  |  |  |

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 | 3Q 2024 SUPPLEMENTAL INFORMATION 25

NOI Reconciliations 1
DOLLARS IN THOUSANDS

RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO |  |  |  |  |  |  |
| 3Q 2024 | 2Q 2024 | 1Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $193,278 |  | $198,902 |  | $200,378 |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expense | (20,124) |  | (14,002) |  | (14,787) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent | 6,736 |  | 5,630 |  | 8,568 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income (expense), net | (132) |  | (248) |  | 275 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fees and other income | 2,658 |  | 1,858 |  | 1,646 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Note receivable interest income | 1,787 |  | 1,771 |  | 2,421 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-cash revenue 2 | 3,891 |  | 1,804 |  | 2,939 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-cash expenses 3 | (6,687) |  | (5,858) |  | (5,268) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate impairment | (46,762) |  | (11,201) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income taxes | 448 |  | 454 |  | 336 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV adjustments | (401) | (443) | (427) |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Covenant EBITDA | $134,692 |  | $178,667 |  | $196,081 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (60,649) |  | (62,457) |  | (61,054) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | (719) |  | (431) |  | (395) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commission amortization 4 | 5,827 |  | 5,151 |  | 4,467 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate depreciation and amortization | (1,232) |  | (1,278) |  | (1,424) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on non-real estate assets | 162 | 4,907 | — |  |  |  |  |  |  |  |  |  |  |  |  |
Non controlling interest | 139 | 81 | 106 |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill impairment | — | — | (250,530) |  |  |  |  |  |  |  |  |  |  |  |  |
Income taxes | (448) |  | (454) |  | (336) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV adjustments | (484) | (389) | (385) |  |  |  |  |  |  |  |  |  |  |  |  |
FFO | $77,288 |  | $123,797 |  | ($113,470) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 719 | 431 | 395 |  |  |  |  |  |  |  |  |  |  |  |  |
Lease intangible amortization | (10) | 129 | 175 |  |  |  |  |  |  |  |  |  |  |  |  |
Significant non-recurring legal fees/forfeited earnest money received | 306 | 465 | — |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and severance-related costs | 6,861 | — | — |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | 10,184 | 10,064 | 10,105 |  |  |  |  |  |  |  |  |  |  |  |  |
Credit losses and gains on other assets, net | 46,600 | 8,525 | — |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill impairment | — | — | 250,530 |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV normalizing items | 101 | 89 | 87 |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO | $142,049 |  | $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 | 3Q 2024 SUPPLEMENTAL INFORMATION 26

EBITDA Reconciliations 1
DOLLARS IN THOUSANDS

RECONCILIATION OF EBITDA |  |  |  |
| 3Q 2024 | 2Q 2024 | 1Q 2024 |  |  |  |
Net loss | ($94,535) |  | ($145,938) |  | ($315,220) |  |  |  |  |
Interest expense | 60,649 | 62,457 | 61,054 |  |  |  |
Income taxes | 448 | 454 | 336 |  |  |  |
Depreciation and amortization | 163,226 | 173,477 | 178,119 |  |  |  |
Unconsolidated JV depreciation, amortization, and interest | 5,863 | 5,207 | 4,952 |  |  |  |
EBITDA | $135,651 | $95,657 | $(70,759) |  |  |  |
Transaction costs | 719 | 431 | 395 |  |  |  |
Gain on sales of assets | (39,310) |  | (38,338) |  | (22) |  |  |  |  |
Impairments on real estate assets | 37,632 | 120,917 | 15,937 |  |  |  |
Goodwill Impairment | — | — | 250,530 |  |  |  |
Debt Covenant EBITDA | $134,692 | $178,667 | $196,081 |  |  |  |
Leasing commission amortization 2 | 5,827 | 5,151 | 4,467 |  |  |  |
Lease intangibles, franchise taxes and prepaid ground amortization | 692 | 980 | 975 |  |  |  |
Timing impact 3 | (1,511) |  | (1,438) |  | — |  |  |  |  |
Stock based compensation | 7,908 | 3,383 | 3,562 |  |  |  |
Allowance for credit losses | 46,762 | 11,201 | — |  |  |  |
Rent reserves, net | (27) |  | 1,261 |  | (151) |  |  |  |  |
Unconsolidated JV adjustments | 101 | 89 | 87 |  |  |  |
Adjusted EBITDA | $194,444 | $199,294 | $205,021 |  |  |  |
Annualized Adjusted EBITDA | $777,776 | $797,176 | $820,084 |  |  |  |
RECONCILIATION OF NET DEBT |  |  |  |  |  |  |
Debt (principal balance) | $5,200,907 |  | $5,402,290 |  | $5,372,710 |  |  |  |  |
Share of unconsolidated net debt | 30,054 | 20,299 | 23,276 |  |  |  |
Cash 4 | (22,801) |  | (137,773) |  | (26,172) |  |  |  |  |
Net debt | $5,208,160 | $5,284,816 | $5,369,814 |  |  |  |
Net debt to adjusted EBITDA | 6.7x | 6.6x | 6.5x |  |  |  |
Run-rate net debt to adjusted EBITDA | 6.5x |  |  |  |  |  |

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 | 3Q 2024 SUPPLEMENTAL INFORMATION 27

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

CASH NOI BY PROPERTY TYPE
| 3Q 2024 |
ASSET TYPE | SAME STORE 2 | ACQ./DEV. COMPLETIONS 3 |  | REDEVELOPMENT | TIMING/OTHER ADJUSTMENTS 4 | ADJUSTED CASH NOI |  | ANNUALIZED ADJUSTED NOI
MOB/Outpatient | $166,011 |  | $3,036 |  |  | $3,373 |  | $3,143 |  | $175,563 |  |  | $702,252 |
Inpatient/Surgical | 8,957 |  | 126 |  |  | — |  | — |  | 9,083 |  |  | 36,332 |
Office | 5,306 |  | — |  |  | — |  | — |  | 5,306 |  |  | 21,224 |
Total Cash NOI | $180,274 |  | $3,162 |  |  | $3,373 |  | $3,143 |  | $189,952 |  |  | $759,808 |

DEVELOPMENT PROPERTIES |  |
Land held for development | $52,408 |  |
Re/development budget | 235,135 |  |
| $287,543 |  |
OTHER ASSETS |  |
Disposition pipeline 5 | $148,430 |  |
Unstabilized properties 6 | 245,188 |  |
Cash and other assets 7 | 373,613 |  |
| $767,231 |  |
DEBT |  |
Unsecured credit facility | $206,000 |  |
Unsecured term loans | 1,250,000 |  |
Senior notes | 3,699,285 |  |
Mortgage notes payable | 45,622 |  |
Company share of joint venture net debt | 30,054 |  |
Remaining re/development funding | 63,516 |  |
Other liabilities 8 | 309,357 |  |
| $5,603,834 |  |
TOTAL SHARES OUTSTANDING |  |
As of September 30, 2024 9 | 359,456,876 |  |

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 23 - 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 Timing adjustments 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 $0.6 million, and management fee income of $2.5 million, offset by $0.7 million of positive NOI for unstabilized properties, which are shown in other assets.
5 Includes assets held for sale and planned dispositions.
6 Includes 30 properties at their gross book value. These properties were comprised of 1.2 million square feet that generated positive NOI of $0.7 million.
7 Includes cash of $26.2 million, notes receivable of $120.0 million, prepaid assets of $140.9 million, accounts receivable of $43.7 million, prepaid ground leases of $18.9 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 $200.9 million, security deposits of $32.3 million, financing right of use liabilities of $71.9 million, and deferred operating expense reimbursements of $4.3 million.
9 Total shares outstanding includes OP units.

HEALTHCARE REALTY | 3Q 2024 SUPPLEMENTAL INFORMATION 28

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

|  | EXPECTED 2024 |  | ACTUAL | ACTUAL |  |  |  |
|  | LOW | HIGH |  | YTD 2024 | 3Q 2024 |  |  |  |  |  |
OPERATING METRICS |  |  |  |  |  |  |  |  |  |  |  |
Multi-tenant absorption (bps) |  | 140 | 160 |  | 106 | 49 |  |  |  |  |  |
Multi-tenant portfolio cash NOI growth 1 |  | 3.4 | % | 3.7 | % |  | 3.4 | % | 3.5 | % |  |  |  |  |  |
Single-tenant portfolio cash NOI growth 1 |  | 1.0 | % | 2.0 | % |  | 3.3 | % | 3.5 | % |  |  |  |  |  |
Same store cash NOI growth, including Company's share of JVs 1 |  | 2.5 | % | 3.5 | % |  | 3.2 | % | 3.1 | % |  |  |  |  |  |
Same store lease retention rate |  | 80.0 | % | 85.0 | % |  | 83.8 | % | 80.5 | % |  |  |  |  |  |
Normalized G&A |  | $55,000 | $57,000 |  | $42,052 | $13,263 |  |  |  |  |  |
Straight-line rent, net |  | 25,000 | 27,000 |  | 20,203 | 5,771 |  |  |  |  |  |
CAPITAL FUNDING |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions |  | $— | $— |  | $— |  |  |  |  |  |  |
JV and disposition proceeds |  | 1,050,000 | 1,150,000 |  | 875,288 |  |  |  |  |  |  |
Re/development |  | 140,000 | 160,000 |  | 110,966 |  |  |  |  |  |  |
1st generation TI and acq. capex |  | 50,000 | 60,000 |  | 41,108 |  |  |  |  |  |  |
Maintenance capex |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI |  | 60,000 | 70,000 |  | 49,442 |  |  |  |  |  |  |
Leasing commissions paid |  | 43,000 | 47,000 |  | 35,493 |  |  |  |  |  |  |
Building capital |  | 33,000 | 36,000 |  | 25,587 |  |  |  |  |  |  |
Total maintenance capex |  | 136,000 | 153,000 |  | 110,522 |  |  |  |  |  |  |
CASH YIELD |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions |  | — | % | — | % |  | — | % |  |  |  |  |  |  |
Dispositions |  | 6.4 | % | 6.8 | % |  | 6.6 | % |  |  |  |  |  |  |
Development (stabilized) |  | 7.0 | % | 8.5 | % |  |  |  |  |  |  |  |  |
Redevelopment (stabilized) |  | 9.0 | % | 12.0 | % |  |  |  |  |  |  |  |  |
EARNINGS AND LEVERAGE |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share |  | $(1.60) | $(1.59) |  | $(1.49) |  |  |  |  |  |  |
Normalized FFO per share |  | $1.55 | $1.56 |  | $1.16 |  |  |  |  |  |  |
Run-rate net debt to adjusted EBITDA 2 |  | 6.0x | 6.5x |  | 6.5x |  |  |  |  |  |  |

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 6.7x at September 30, 2024.

HEALTHCARE REALTY | 3Q 2024 SUPPLEMENTAL INFORMATION 29