EX-99.2 3 exhibit992supplementalinfo.htm EX-99.2

2Q2025
Supplemental Information
FURNISHED AS OF JULY 31, 2025 - UNAUDITED

FORWARD LOOKING STATEMENTS & RISK FACTORS

This Supplemental Information report contains disclosures that are “forward-looking statements.” 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 such as “may,” “will,” “expect,” “believe,” “anticipate,” “target,” “intend,” “plan,” “estimate,” “project,” “continue,” “should,” “could," "budget" and other comparable terms. These forward-looking statements are based on the Company's current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Such risks and uncertainties include, among other things, the following: the Company’s expected results may not be achieved; risks related to future opportunities and plans for the Company, including the uncertainty of expected future financial performance and results of the Company; pandemics or other health crises; 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; other legal and operational matters; and other risks and uncertainties affecting the Company, including those described from time to time under the caption “Risk Factors” and elsewhere in the Company’s filings and reports with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Moreover, other risks and uncertainties of which the Company is not currently aware may also affect the Company's forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made, except as required by law. Stockholders and investors are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in the Company’s filings and reports, including, without limitation, estimates and projections regarding the performance of development projects the Company is pursuing. For a detailed discussion of the Company’s risk factors, please refer to the Company's filings with the SEC, including this report and the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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
16 | 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
26 | EBITDA Reconciliations
29 | Components of Net Asset Value
30 | 2025 Guidance

HEALTHCARE REALTY |  | 2Q 2025 SUPPLEMENTAL INFORMATION 3

Highlights

HEALTHCARE REALTY REPORTS SECOND QUARTER 2025 RESULTS
NASHVILLE, Tennessee, July 31, 2025 - Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the second quarter ended June 30, 2025.
SECOND QUARTER 2025 HIGHLIGHTS
•GAAP Net loss of $(0.45) per share, NAREIT FFO of $0.34 per share, Normalized FFO of $0.41 per share, and FAD of $115.4 million (payout ratio of 96%).
•Improved same store operating metrics including cash NOI growth of +5.1%, a 40 bps sequential increase in occupancy to 90%, margin of 64.3%, 83% tenant retention, and +3.3% cash leasing spreads.
•Increased Normalized FFO per share guidance $0.01 at the midpoint to $1.57 - $1.61 and increased Same Store Cash NOI growth by +25 bps to 3.25% - 4.00%.
•Second quarter new and renewal lease executions totaled 1.5 million square feet including 452,000 square feet of new lease executions.
•During the second quarter and through July, completed sales of $182.4 million of assets through 9 separate transactions.
◦YTD sales total $210.5 million at a blended 6.2% cap rate
◦An additional $700 million of sales are under contract or LOI
•Run-rate Net Debt to Adjusted EBITDA of 6.0x; anticipated to be between 5.4x and 5.7x by year end
•Received strong support from our lender relationships to extend bank facilities:
◦Extended $1.5 billion revolver to mature in July 2030 (inclusive of extension options)
◦Added 1 to 2 years of additional extension options on outstanding term loans
•Announced a series of leadership and corporate governance changes:
◦Peter Scott joined as President and CEO on April 15th and as a director on May 20th
◦Board reduced from 12 to 7 members
◦Commenced a platform restructuring to drive improved results
◦Julie Wilson, EVP - Chief Administrative Officer, to depart the organization by year-end
•Published a Strategic Plan highlighting the decisive actions being taken by new leadership to maximize value for shareholders.
•Board unanimously approved a common stock dividend in the amount of $0.24 per share.
SECOND QUARTER 2025 RESULTS

| THREE MONTHS ENDED
| JUNE 30, 2025 | JUNE 30, 2024
(in thousands, except per share amounts) | AMOUNT | PER SHARE | AMOUNT | PER SHARE
GAAP Net loss | $(157,851) | $(0.45) | $(143,780) | $(0.39)
NAREIT FFO, diluted | $120,371 | $0.34 | $123,797 | $0.33
Normalized FFO, diluted | $143,736 | $0.41 | $143,500 | $0.38

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 4

Highlights

LEASING ACTIVITY
During the second quarter, the Company executed 341 new and renewal leases for 1.5 million square feet.
•Weighted average lease term of 5.3 years with an average annual escalator of 3.2%.
•Health system leasing made up approximately 33% of our signed lease volume in the quarter.
Key leasing highlights:
•Houston, TX. 24,000 square foot new lease at our on-campus redevelopment in Houston with CLS Health, a premier multi-specialty group aligned with HCA's North Cypress hospital.
•Orange County, CA. 23,000 square foot new lease with UC Irvine Health. UC Irvine Health recently purchased the adjacent hospital from Tenet and is investing in the growth of the campus.
•Houston, TX. 42,000 square foot renewal in Houston with Texas Children's Pediatrics.
DISPOSITION PROGRESS
During the second quarter and through July, the Company completed asset sales of $182.4 million through nine se parate transactions. A summary of the significant completed transactions is as follows:
•Yakima, WA. Completed strategic market exit of the Yakima, WA MSA with the $31 million sale of two single-tenant MOBs to the affiliated health system. The sale achieved top of market pricing while avoiding costly tenant improvement allowances associated with a master lease renewal.
•Houston, TX. Disposed of a land parcel for $10.5 million previously intended for future development. The property was sold to the affiliated health system and was in a submarket where the Company owns no other properties.
•South Bend, IN. Completed its strategic market exit of the South Bend, IN MSA with the $43.1 million sale of a consistently under-occupied MOB to the affiliated health system.
•Milwaukee, WI. Disposed of two single-tenant, off-campus MOBs to a private market purchaser for $42 million. The Company achieved attractive disposition economics while partially exiting this noncore market.
•New York, NY. T argeted sale of an under-occupied property with a short ground lease term to the affiliated health system for $25 million. The Company was able to harvest maximum value for a noncore asset.
•Naples, FL. Disposed of its only asset in the Naples, FL MSA with the $19.3 million sale of this off-campus, unaffiliated property to a private market purchaser.
BALANCE SHEET
Debt paydown from asset sales has decreased run-rate Net Debt to Adjusted EBITDA to 6.0x. By year-end, Net Debt to Adjusted EBITDA is anticipated to be between 5.4x - 5.7x. Through July and inclusive of asset sales, the Company has approximately $1.2 billion of liquidity.
On July 25th, the Company entered into an extension of its $1.5 billion revolving credit facility, which extended the maturity to 2030 (inclusive of two 6-month extension options). As part of this process, the Company also received additional extension options on all its outstanding term loans. With these new extension options, the Company will have no term loan maturities in 2026 and has reduced its debt maturing through the end of 2026 from $1.5 billion to $600 million.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 5

Highlights

STRATEGIC PLAN PRESENTATION
A Strategic Plan presentation is posted to the Investor Relations section of the Company's website at www.healthcarerealty.com. Clear and purposeful changes are underway at the Company to improve operational performance, optimize the portfolio, and re-establish credibility. The successful implementation of the Strategic Plan will reposition the Company for accretive long-term growth and value creation to maximize shareholder value.
LEADERSHIP UPDATE
During the second quarter, the Company commenced a platform restructuring to drive meaningful cost savings and promote incremental accountability at the asset level between the operations and leasing teams. As part of this restructuring, the Company hired two proven industry veterans to spearhead the newly created asset management platform: Tony Acevedo (SVP – Asset Management) and Glenn Preston (SVP – Asset Management). Tony and Glenn have 16 years and 25 years of Outpatient Medical operating experience, respectively. They will each report up to our COO, Rob Hull.
After a 24-year career at Healthcare Realty, Julie Wilson (EVP – Chief Administrative Officer) will be departing the organization at year-end. In addition, there are various other senior leadership positions impacted by the restructuring that will result in additional departures during 2025.
“We have some exciting changes happening at Healthcare Realty aimed at improving performance. I look forward to working closely with Tony and Glenn as we shift towards an operations-centric model,” commented Peter Scott, President and CEO. “I would also like to express a heartfelt thanks to Julie and all the departing officers. They all played vital roles in the growth of the organization, and we wish them the best in their future endeavors.”
DIVIDEND
The Board unanimously approved a common stock dividend in the amount of $0.24 per share to be paid on August 28, 2025, to Class A common stockholders of record on August 14, 2025. Additionally, the eligible holders of operating partnership units will receive a distribution of $0.24 per unit, equivalent to the Company's Class A common stock dividend.
The right-sized dividend is a 23% reduction from the prior level and immediately reduces the FAD payout ratio to approximately 80%. The key drivers of the right-sized dividend are: (i) mitigating refinancing risk on near-term bonds; (ii) achieving $100 million of annual incremental retained earnings to fund significant return-on-capital investments in the existing portfolio; and (iii) maximizing go-forward earnings potential.
GUIDANCE
The Company increased its Normalized FFO per share and Same Store Cash NOI growth guidance, as outlined below, as well as updated the guidance provided on page 30 of the Supplemental Information:

| EXPECTED 2025 |  |
| PRIOR | CURRENT | ACTUAL
| LOW | HIGH | LOW | HIGH | 2Q 2025 | YTD
Earnings per share | $(0.28) | $(0.20) | $(0.78) | $(0.73) | $(0.45) | $(0.58)
NAREIT FFO per share | $1.44 | $1.48 | $1.42 | $1.46 | $0.34 | $0.69
Normalized FFO per share | $1.56 | $1.60 | $1.57 | $1.61 | $0.41 | $0.80
Same Store Cash NOI growth | 3.00 | % | 3.75 | % | 3.25 | % | 4.00 | % | 5.1 | % | 3.9 | %

The 2025 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 | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 6

Highlights

FINANCIAL REPORTING
In the second quarter, the Company began utilizing the Carrying Value of its debt in the calculation of Net Debt for purposes of reporting leverage metrics. For the second quarter, the result of this change was an approximate 0.25x reduction in Net Debt to Adjusted EBITDA.
The Company has also started excluding Leasing Commissions related to first generation leases from Maintenance Capital for its calculation of FAD. Prior to this change, first generation Leasing Commissions were included in Maintenance Capital. Based on historical data, the Company would expect this to be an approximate $5-10 million annual decrease in Maintenance Capital depending on leasing activity. The Company's 2Q 2025 payout ratio would still have been below 100% without this reporting change.
These changes are intended to conform the Company's reporting with market norms.
EARNINGS CALL
On Friday, August 1, 2025, at 9:00 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 Dial-In Number: +1 800-715-9871 access code 4950066;
•All Other Locations: +1 646-307-1963 access code 4950066.
Replay Information:
•Domestic Dial-In Number: +1 800-770-2030 access code 4950066;
•All Other Locations: +1 609-800-9909 access code 4950066.
ABOUT HEALTHCARE REALTY
Healthcare Realty Trust Incorporated (NYSE: HR) is the largest, pure-play owner, operator and developer of medical outpatient buildings in the United States.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 7

Salient Facts 1

| Properties |  |
| 619 properties totaling 36.1M SF |
| 60 markets in 32 states |
| 61% of NOI in Top 15 Markets |
| Capitalization |
| $10.5B enterprise value as of 6/30/25 |
| $5.6B market capitalization as of 6/30/25 |
| 355.7M shares/units outstanding as of 6/30/25 |
| 353.8M diluted WA shares outstanding |
| BBB/Baa2 S&P/Moody's |
| 46.4% net debt to enterprise value at 6/30/25 |
| 6.0x run rate net debt to adjusted EBITDA |

1 Includes properties held in joint ventures.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 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, 2025, the Company was invested in 619 real estate properties in 32 states totaling 36.1 million square feet and had an enterprise value of approximately $10.5 billion, defined as equity market capitalization plus the principal amount of debt less cash.

EXECUTIVE OFFICERS
Peter A. Scott
President and Chief Executive Officer
Ryan E. Crowley
Executive Vice President and Chief Investment Officer
Austen B. Helfrich
Executive Vice President and Chief Financial Officer
Robert E. Hull
Executive Vice President and Chief Operating Officer
Andrew E. Loope
Executive Vice President, General Counsel and Secretary
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
| Wells Fargo Securities, LLC

BOARD OF DIRECTORS

Thomas N. Bohjalian
Chairman, Healthcare Realty Trust Incorporated
Retired Head of U.S Real Estate, Cohen & Steers
Peter A. Scott
President and Chief Executive Officer
Healthcare Realty Trust Incorporated
David B. Henry
Retired Vice Chairman and Chief Executive Officer
Kimco Realty Corporation
Jay P. Leupp
Managing Partner and Senior Portfolio Manager
Terra Firma Asset Management, LLC
Constance B. Moore
Retired President and CEO
BRE Properties, Inc.
Glenn J. Rufrano
Executive Chairman
PREIT
Donald C. Wood
Chief Executive Officer
Federal Realty Investment Trust
David R. Emery (1944-2019)
Chairman Emeritus
Healthcare Realty Trust Incorporated

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 9

Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |
| 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |  |  |  |  |  |  |  |
Real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |
Land | $1,105,231 |  | $1,134,635 |  | $1,143,468 |  | $1,195,116 |  | $1,287,532 |  |  |  |  |  |  |  |  |
Buildings and improvements | 9,199,089 |  | 9,729,912 |  | 9,707,066 |  | 10,074,504 |  | 10,436,218 |  |  |  |  |  |  |  |  |
Lease intangibles | 567,244 |  | 631,864 |  | 664,867 |  | 718,343 |  | 764,730 |  |  |  |  |  |  |  |  |
Personal property | 6,944 |  | 9,938 |  | 9,909 |  | 9,246 |  | 12,501 |  |  |  |  |  |  |  |  |
Investment in financing receivables, net | 124,134 |  | 123,813 |  | 123,671 |  | 123,045 |  | 122,413 |  |  |  |  |  |  |  |  |
Financing lease right-of-use assets | 76,574 |  | 76,958 |  | 77,343 |  | 77,728 |  | 81,401 |  |  |  |  |  |  |  |  |
Construction in progress | 40,421 |  | 35,101 |  | 31,978 |  | 125,944 |  | 97,732 |  |  |  |  |  |  |  |  |
Land held for development | 49,110 |  | 52,408 |  | 52,408 |  | 52,408 |  | 59,871 |  |  |  |  |  |  |  |  |
Total real estate investments | 11,168,747 |  | 11,794,629 |  | 11,810,710 |  | 12,376,334 |  | 12,862,398 |  |  |  |  |  |  |  |  |
Less accumulated depreciation and amortization | (2,494,169) |  | (2,583,819) |  | (2,483,656) |  | (2,478,544) |  | (2,427,709) |  |  |  |  |  |  |  |  |
Total real estate investments, net | 8,674,578 |  | 9,210,810 |  | 9,327,054 |  | 9,897,790 |  | 10,434,689 |  |  |  |  |  |  |  |  |
Cash and cash equivalents 1 | 25,507 |  | 25,722 |  | 68,916 |  | 22,801 |  | 137,773 |  |  |  |  |  |  |  |  |
Assets held for sale, net | 358,207 |  | 6,635 |  | 12,897 |  | 156,218 |  | 34,530 |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets | 243,910 |  | 259,764 |  | 261,438 |  | 259,013 |  | 261,976 |  |  |  |  |  |  |  |  |
Investments in unconsolidated joint ventures | 463,430 |  | 470,418 |  | 473,122 |  | 417,084 |  | 374,841 |  |  |  |  |  |  |  |  |
Other assets, net and goodwill | 469,940 |  | 522,920 |  | 507,496 |  | 491,679 |  | 559,818 |  |  |  |  |  |  |  |  |
Total assets | $10,235,572 |  | $10,496,269 |  | $10,650,923 |  | $11,244,585 |  | $11,803,627 |  |  |  |  |  |  |  |  |
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
| 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Notes and bonds payable | $4,694,391 |  | $4,732,618 |  | $4,662,771 |  | $4,957,796 |  | $5,148,153 |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | 194,076 |  | 144,855 |  | 222,510 |  | 197,428 |  | 195,884 |  |  |  |  |  |  |  |  |
Liabilities of properties held for sale | 30,278 |  | 422 |  | 1,283 |  | 7,919 |  | 1,805 |  |  |  |  |  |  |  |  |
Operating lease liabilities | 203,678 |  | 224,117 |  | 224,499 |  | 229,925 |  | 230,601 |  |  |  |  |  |  |  |  |
Financing lease liabilities | 73,019 |  | 72,585 |  | 72,346 |  | 71,887 |  | 75,199 |  |  |  |  |  |  |  |  |
Other liabilities | 158,704 |  | 174,830 |  | 161,640 |  | 180,283 |  | 177,293 |  |  |  |  |  |  |  |  |
Total liabilities | 5,354,146 |  | 5,349,427 |  | 5,345,049 |  | 5,645,238 |  | 5,828,935 |  |  |  |  |  |  |  |  |
Redeemable non-controlling interests | 4,332 |  | 4,627 |  | 4,778 |  | 3,875 |  | 3,875 |  |  |  |  |  |  |  |  |
Stockholders' equity |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $0.01 par value; 200,000 shares authorized | — |  | — |  | — |  | — |  | — |  |  |  |  |  |  |  |  |
Common stock, $0.01 par value; 1,000,000 shares authorized | 3,516 |  | 3,510 |  | 3,505 |  | 3,558 |  | 3,643 |  |  |  |  |  |  |  |  |
Additional paid-in capital | 9,129,338 |  | 9,121,269 |  | 9,118,229 |  | 9,198,004 |  | 9,340,028 |  |  |  |  |  |  |  |  |
Accumulated other comprehensive (loss) income | (9,185) |  | (7,206) |  | (1,168) |  | (16,963) |  | 6,986 |  |  |  |  |  |  |  |  |
Cumulative net income attributable to common stockholders | 171,585 |  | 329,436 |  | 374,309 |  | 481,155 |  | 574,178 |  |  |  |  |  |  |  |  |
Cumulative dividends | (4,477,940) |  | (4,368,739) |  | (4,260,014) |  | (4,150,328) |  | (4,037,693) |  |  |  |  |  |  |  |  |
Total stockholders' equity | 4,817,314 |  | 5,078,270 |  | 5,234,861 |  | 5,515,426 |  | 5,887,142 |  |  |  |  |  |  |  |  |
Non-controlling interest | 59,780 |  | 63,945 |  | 66,235 |  | 80,046 |  | 83,675 |  |  |  |  |  |  |  |  |
Total equity | 4,877,094 |  | 5,142,215 |  | 5,301,096 |  | 5,595,472 |  | 5,970,817 |  |  |  |  |  |  |  |  |
Total liabilities, redeemable non-controlling interests, and stockholders' equity | $10,235,572 |  | $10,496,269 |  | $10,650,923 |  | $11,244,585 |  | $11,803,627 |  |  |  |  |  |  |  |  |

1 2Q 2024 cash and cash equivalents include $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 | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 10

Statements of Income
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

| 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income | $287,070 | $288,857 | $300,065 | $306,499 | $308,135 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | 3,449 | 3,731 | 4,076 | 3,904 | 3,865 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other operating | 6,983 | 6,389 | 5,625 | 5,020 | 4,322 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 297,502 | 298,977 | 309,766 | 315,423 | 316,322 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating | 109,924 | 114,963 | 114,415 | 120,232 | 117,719 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative | 23,482 | 13,530 | 34,208 | 20,124 | 14,002 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalizing items 1 | (10,302) | (502) | (22,991) | (6,861) | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized general and administrative | 13,180 | 13,028 | 11,217 | 13,263 | 14,002 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 593 | 1,011 | 1,577 | 719 | 431 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 147,749 | 150,969 | 160,330 | 163,226 | 173,477 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 281,748 | 280,473 | 310,530 | 304,301 | 305,629 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense before merger-related fair value | (42,766) | (44,366) | (47,951) | (50,465) | (52,393) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | (10,580) | (10,446) | (10,314) | (10,184) | (10,064) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (53,346) | (54,812) | (58,265) | (60,649) | (62,457) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales of real estate properties and other assets | 20,004 | 2,904 | 32,082 | 39,310 | 38,338 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on extinguishment of debt | — | — | (237) | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of real estate assets and credit loss reserves | (142,348) | (12,081) | (81,098) | (84,394) | (132,118) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity income (loss) from unconsolidated joint ventures | 158 | 1 | 224 | 208 | (146) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income (expense), net | (366) | 95 | (154) | (132) | (248) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (175,898) | (63,893) | (107,448) | (105,657) | (156,631) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss | $(160,144) | $(45,389) | $(108,212) | $(94,535) | $(145,938) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to non-controlling interests | 2,293 | 516 | 1,366 | 1,512 | 2,158 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to common stockholders | $(157,851) | $(44,873) | $(106,846) | $(93,023) | $(143,780) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per common share | $(0.45) | $(0.13) | $(0.31) | $(0.26) | $(0.39) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted earnings per common share | $(0.45) | $(0.13) | $(0.31) | $(0.26) | $(0.39) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - basic | 349,628 | 349,539 | 351,560 | 358,960 | 372,477 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - diluted 2 | 349,628 | 349,539 | 351,560 | 358,960 | 372,477 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

STATEMENTS OF INCOME SUPPLEMENTAL INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing receivables | $1,956 | $1,950 | $2,103 | $2,117 | $2,094 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on mortgage and mezzanine loans | 1,493 | 1,781 | 1,973 | 1,787 | 1,771 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $3,449 | $3,731 | $4,076 | $3,904 | $3,865 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Parking income | $2,369 | $1,863 | $1,958 | $2,363 | $2,463 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fee and miscellaneous income | 4,614 | 4,526 | 3,667 | 2,657 | 1,859 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $6,983 | $6,389 | $5,625 | $5,020 | $4,322 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

1 Normalizing items primarily include restructuring, severance-related costs and non-routine advisory fees associated with shareholder engagement.
2 Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount. As a result, the outstanding limited partnership units in the Company's operating partnership ("OP"), totaling 4,161,628 units were not included.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 11

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

| 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to common stockholders | $(157,851) | $(44,873) | $(106,846) | $(93,023) | $(143,780) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to common stockholders per diluted share 3 | $(0.45) | $(0.13) | $(0.31) | $(0.26) | $(0.39) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales of real estate assets | (20,004) | (2,904) | (32,082) | (39,148) | (33,431) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairments of real estate assets | 140,877 |  | 10,145 |  | 75,423 |  | 37,632 |  | 120,917 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate depreciation and amortization | 152,936 |  | 155,288 |  | 164,656 |  | 167,821 |  | 177,350 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling loss from operating partnership units | (2,293) |  | (599) |  | (1,422) |  | (1,372) |  | (2,077) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV depreciation and amortization | 6,706 | 6,717 | 5,913 | 5,378 | 4,818 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO adjustments | $278,222 | $168,647 | $212,488 | $170,311 | $267,577 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO adjustments per common share - diluted | $0.79 | $0.48 | $0.60 | $0.47 | $0.71 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO | $120,371 | $123,774 | $105,642 | $77,288 | $123,797 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO per common share - diluted | $0.34 | $0.35 | $0.30 | $0.21 | $0.33 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 593 | 1,011 | 1,577 | 719 | 431 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease intangible amortization | (222) |  | (228) |  | (2,348) |  | (10) |  | 129 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-routine legal costs/forfeited earnest money received | 478 |  | 77 |  | 306 |  | 306 |  | 465 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt financing costs | — | — | 237 | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and severance-related charges | 10,302 | 502 | 22,991 | 6,861 | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit losses and gains (losses) on other assets, net 4 | 1,471 | 1,936 | 4,582 | 46,600 | 8,525 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | 10,580 | 10,446 | 10,314 | 10,184 | 10,064 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV normalizing items 5 | 163 | 204 | 113 | 101 | 89 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjustments | $23,365 | $13,948 | $37,772 | $64,761 | $19,703 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjustments per common share - diluted | $0.07 | $0.04 | $0.11 | $0.18 | $0.05 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO | $143,736 | $137,722 | $143,414 | $142,049 | $143,500 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO per common share - diluted | $0.41 | $0.39 | $0.40 | $0.39 | $0.38 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate depreciation and amortization | 207 | 222 | 404 | 276 | 313 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-cash interest amortization, net 6 | 1,130 | 1,217 | 1,239 | 1,319 | 1,267 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rent reserves, net 7 | 130 | 94 | (369) | (27) | 1,261 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent income, net | (7,045) | (6,844) | (7,051) | (5,771) | (6,799) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation | 3,887 | 3,028 | 3,028 | 4,064 | 3,383 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV non-cash items 8 | (356) | (253) | (277) | (376) | (148) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjusted for non-cash items | $141,689 | $135,186 | $140,388 | $141,534 | $142,777 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI | (12,036) | (14,885) | (20,003) | (16,951) | (12,287) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | (5,187) | (11,394) | (11,957) | (10,266) | (10,012) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Building capital | (9,112) | (6,687) | (8,347) | (7,389) | (12,835) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total maintenance capex | $(26,335) | $(32,966) | $(40,307) | $(34,606) | $(35,134) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FAD | $115,354 | $102,220 | $100,081 | $106,928 | $107,643 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly dividends and OP distributions | $110,486 | $109,840 | $110,808 | $113,770 | $118,627 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO wtd avg common shares outstanding - diluted 9 | 354,078 | 353,522 | 355,874 | 363,370 | 376,556 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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 2Q2025 represents $1.5 million of credit loss reserves. 1Q 2025 represents a $1.9 million loss on other assets. 4Q 2024 includes $1.6 million of credit loss reserves, net of recoveries and a $4.1 million loss on other assets. These amounts were partially offset by a $1.1 million recovery of prior-period Steward Health straight-line rent for leases assumed. 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.
5 Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and acquisition and pursuit costs.
6 Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.
7 2Q 2024 includes $0.8 million related to the Steward Health revenue reserve for March.
8 Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.
9 The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 287,797 for the three months ended June 30, 2025. Also includes the diluted impact of 4,161,628 OP units outstanding.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 12

Capital Funding & Commitments
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA

ACQUISITION AND RE/DEVELOPMENT FUNDING |  |  |  |  |  |  |
| 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions 1 | $— | $— | $— | $— | $— |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Re/development 2 | 42,040 | 33,436 | 39,611 | 44,590 | 44,796 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1st generation TI/LC & acquisition capex 3 | 33,369 | 15,139 | 14,794 | 15,677 | 13,010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MAINTENANCE CAPITAL EXPENDITURES FUNDING |
| 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI | $12,036 | $14,885 | $20,003 | $16,951 | $12,287 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | 5,187 | 11,394 | 11,957 | 10,266 | 10,012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Building capital | 9,112 | 6,687 | 8,347 | 7,389 | 12,835 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $26,335 | $32,966 | $40,307 | $34,606 | $35,134 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
% of Cash NOI |  |  |  |  |  |  |
2nd generation TI | 6.4 | % | 8.2 | % | 10.6 | % | 8.8 | % | 6.2 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | 2.8 | % | 6.3 | % | 6.3 | % | 5.3 | % | 5.0 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Building capital | 4.9 | % | 3.7 | % | 4.4 | % | 3.8 | % | 6.5 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 14.1 | % | 18.2 | % | 21.3 | % | 17.9 | % | 17.7 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LEASING COMMITMENTS 4 |
| 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Renewals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 642,797 | 794,857 | 783,975 | 909,844 | 788,862 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI/square foot/lease year | $1.66 | $1.90 | $2.20 | $1.91 | $1.81 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions/square foot/lease year | $1.12 | $1.48 | $1.48 | $1.36 | $1.33 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Renewal commitments as a % of annual net rent | 12.2 | % | 13.8 | % | 14.1 | % | 12.2 | % | 13.6 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 37.9 | 47.7 | 59.7 | 50.3 | 52.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 195,266 | 172,371 | 299,950 | 462,756 | 252,795 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI/square foot/lease year | $7.12 | $6.08 | $7.30 | $7.18 | $6.90 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions/square foot/lease year | $2.03 | $1.90 | $1.82 | $1.91 | $1.98 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New lease commitments as a % of annual net rent | 44.6 | % | 40.4 | % | 40.7 | % | 39.9 | % | 43.3 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 63.3 | 65.9 | 78.3 | 94.7 | 82.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
All |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 838,063 | 967,228 | 1,083,925 | 1,372,600 | 1,041,657 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commitments as a % of annual net rent | 22.2 | % | 18.8 | % | 21.9 | % | 24.0 | % | 22.6 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 43.8 | 51.0 | 64.8 | 65.3 | 59.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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 and leasing commissions 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 | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 13

Debt Metrics 1
DOLLARS IN THOUSANDS

SUMMARY OF INDEBTEDNESS AS OF JUNE 30, 2025 |
| PRINCIPAL BALANCE | BALANCE 1 | MATURITY DATE 2 | MONTHS TO MATURITY 2 | 2Q 2025 INTEREST EXPENSE | CONTRACTUAL INTEREST EXPENSE | CONTRACTUAL RATE | EFFECTIVE RATE | FAIR VALUE MERGER ADJUSTED
SENIOR NOTES | $600,000 | $590,874 | 8/1/2026 | 13 |  | $7,288 | $5,250 | 3.50 | % | 4.94 | % | Y
500,000 | 490,371 | 7/1/2027 | 24 |  | 5,828 | 4,688 | 3.75 | % | 4.76 | % | Y
300,000 | 298,338 | 1/15/2028 | 31 |  | 2,787 | 2,719 | 3.63 | % | 3.85 | % |
650,000 | 591,535 | 2/15/2030 | 56 |  | 7,809 | 5,038 | 3.10 | % | 5.30 | % | Y
299,500 | 297,399 | 3/15/2030 | 57 |  | 1,929 | 1,797 | 2.40 | % | 2.72 | % |
299,785 | 296,603 | 3/15/2031 | 69 |  | 1,594 | 1,536 | 2.05 | % | 2.25 | % |
800,000 | 676,433 | 3/15/2031 | 69 |  | 8,630 | 4,000 | 2.00 | % | 5.13 | % | Y
— |  | — |  | 5/1/2025 3 | — |  | 821 | 807 | 3.88 | % | 4.12 | % |
| $3,449,285 | $3,241,553 |  | 45 |  | $36,686 | $25,835 | 2.90 | % | 4.47 | % |
TERM LOANS | $175,000 | $174,878 | 5/31/2027 | 23 |  | 2,373 | 2,373 | SOFR + 1.04% | 5.36 | % |
150,000 | 149,864 | 6/1/2027 | 23 |  | 2,034 | 2,034 | SOFR + 1.04% | 5.36 | % |
290,000 | 289,992 | 10/31/2027 | 28 |  | 3,933 | 3,933 | SOFR + 1.04% | 5.36 | % |
200,000 | 199,710 | 7/20/2029 | 48 |  | 2,712 | 2,712 | SOFR + 1.04% | 5.36 | % |
300,000 | 298,918 | 1/20/2029 | 42 |  | 4,068 | 4,068 | SOFR + 1.04% | 5.36 | % |
| $1,115,000 | $1,113,362 |  | 32 |  | $15,120 | $15,120 |  | 5.37 | % |
$1.5B CREDIT FACILITY | 295,000 |  | 295,000 |  | 7/25/2030 | 28 |  | $3,202 | $3,202 | SOFR + 0.94% | 5.27 | % |
MORTGAGES | $44,587 | $44,476 | various | 10 |  | $441 | $452 | 4.04 | % | 4.18 | % |
| $4,903,872 | $4,694,391 |  | 41 | $55,449 | $44,609 | 3.61 | % | 4.73 | % | $2,550,000
Less cash | (25,507) |  | (25,507) |  |  |  |  |  |  |  |
Net debt | $4,878,365 | $4,668,884 |  |  |  |  |  |  |
Interest rate swaps | (1,098) | (1,098) |  |  |
Interest cost capitalization | (3,751) | — |  |  |
Unsecured credit facility fee & deferred financing costs | 1,825 | 758 |  |  |
Financing right-of-use asset amortization | 921 | — |  |  |
|  |  |  |  | $53,346 | $44,269 |  |  |

DEBT MATURITIES SCHEDULE AS OF JUNE 30, 2025 2
|  | PRINCIPAL PAYMENTS |  |
|  | BANK LOANS | SENIOR NOTES | MORTGAGE NOTES | TOTAL |  | WA RATE
2025 |  | $— | $— | $15,683 | $15,683 |  | 4.24 | %
2026 |  | — |  | 600,000 | 28,904 | 628,904 |  | 4.43 | %
2027 |  | 615,000 | 500,000 | — |  | 1,115,000 |  | 4.52 | %
2028 |  | — |  | 300,000 | — |  | 300,000 |  | 4.49 | %
2029 |  | 500,000 | — |  | — |  | 500,000 |  | 5.36 | %
Thereafter |  | 295,000 | 2,049,285 | — |  | 2,344,285 |  | 2.41 | %
Total |  | $1,410,000 | $3,449,285 | $44,587 | $4,903,872 |  | 3.61 | %
Net debt (principal) |  |  |  |  | $4,878,365 |  |
Fixed rate debt balance |  | $1,075,000 | $3,449,285 | $44,587 | $4,568,872 |  |
% fixed rate debt, net of cash |  | 93.7 | % |  |
Company share of JV net debt |  | $32,437 |  |  |

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 6/30/2025 | $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. On July 25, 2025, the Company entered into the Fifth Amended and Restated Credit Agreement. The maturity dates reflected include the impact of this agreement.
3 On May 1, 2025, the Company repaid its Senior Notes due 2025 at maturity including $250 million of principal and $4.8 million of accrued interest.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 14

Debt Covenants & Liquidity
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED JUNE 30, 2025 1 |
| CALCULATION | REQUIREMENT | PER DEBT COVENANTS
Revolving credit facility and term loan |  |
Leverage ratio | Total debt/total capital | Not greater than 60% | 39.7 | %
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% | 43.0 | %
Fixed charge coverage ratio | EBITDA/fixed charges | Not less than 1.50x | 3.0x
Unsecured coverage ratio | Unsecured EBITDA/unsecured interest | Not less than 1.75x | 3.0x
Asset investments | Unimproved land, JVs & mortgages/total assets | Not greater than 35% | 10.2 | %
Senior Notes |  |  |
Incurrence of total debt | Total debt/total assets | Not greater than 60% | 38.9 | %
Incurrence of debt secured by any lien | Secured debt/total assets | Not greater than 40% | 0.4 | %
Maintenance of total unsecured assets | Unencumbered assets/unsecured debt | Not less than 150% | 247.1 | %
Debt service coverage | EBITDA/interest expense | Not less than 1.5x | 3.0x
Other |  |  |
Net debt to adjusted EBITDA 2 | Net debt (debt less cash)/adjusted EBITDA | Not required | 6.1x
Run rate net debt to adjusted EBITDA 3 | Proforma net debt (debt less cash)/proforma adjusted EBITDA | Not required | 6.0x
Net debt to enterprise value 4 | Net debt/enterprise value | Not required | 46.4 | %

LIQUIDITY SOURCES
Cash | $25,507
Unsecured credit facility availability | $1,205,000
Consolidated unencumbered real estate assets (gross) 5 | $11,524,440

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 28 for a reconciliation of adjusted EBITDA.
3 Includes the proforma impact of July dispositions.
4 Based on the closing price of $15.86 on June 30, 2025, and 355,730,606 shares outstanding including outstanding OP units.
5 The annualized second quarter 2025 unencumbered asset NOI was $707.3 million.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 15

Investment Activity
DOLLARS IN THOUSANDS

DISPOSITION ACTIVITY DETAIL |  |  |
LOCATION | COUNT | TYPE | CLOSING | SQUARE FEET | LEASED % | SALE PRICE |  |  |
Dispositions |  |  |  |  |  |  |  |  |
Boston, MA | 1 | MOB | 2/7/2025 | 30,304 | 41 | % | $4,500 |  |  |
Denver, CO | 2 | MOB | 2/14/2025 | 69,715 | 54 | % | 8,600 |  |  |
Houston, TX 1 | 1 | MOB | 3/20/2025 | 127,933 | 35 | % | 15,000 |  |  |
1Q 2025 total | 4 |  |  | 227,952 | 42 | % | $28,100 |  |  |
Boston, MA | — | LAND | 4/30/2025 | — |  | — | % | 486 |  |  |
Boston, MA | 1 | MOB | 5/23/2025 | 33,176 | 61 | % | 3,000 |  |  |
Jacksonville, FL | 1 | MOB | 6/26/2025 | 53,169 | 12 | % | 8,100 |  |  |
Yakima, WA | 2 | MOB | 6/26/2025 | 91,561 | 100 | % | 31,000 |  |  |
Houston, TX | — | LAND | 6/27/2025 | — |  | — | % | 10,500 |  |  |
2Q 2025 total | 4 |  |  | 177,906 | 66 | % | $53,086 |  |  |
South Bend, IN | 1 | MOB | 7/15/2025 | 205,573 | 77 | % | 43,100 |  |  |
Milwaukee, WI | 2 | MOB | 7/29/2025 | 147,406 | 100 | % | 42,000 |  |  |
Naples, FL | 1 | MOB | 7/29/2025 | 61,359 | 81 | % | 19,250 |  |  |
New York, NY | 1 | MOB | 7/30/2025 | 89,893 | 88 | % | 25,000 |  |  |
Total 2025 disposition activity | 13 |  |  | 910,089 | 71 | % | $210,536 |  |  |
Average cap rate 2 |  |  |  |  | 6.2 | % |  |  |

1 The Company provided seller financing of approximately $5.4 million in connection with this sale.
2 Cap rate represents the in-place cash NOI divided by sales price.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 16

Joint Ventures 1
DOLLARS IN THOUSANDS

PORTFOLIOS |  |  |  |
|  | WA OWNERSHIP INTEREST |  |  | 2Q 2025
JOINT VENTURE |  | # OF PROPERTIES | SQUARE FEET | OCCUPANCY | NOI | NOI AT SHARE | SAME STORE NOI AT SHARE
Nuveen |  | 41 | % | 28 | 1,526,776 |  | 86 | % | $7,731 | $3,000 | $2,423
CBRE |  | 20 | % | 4 | 283,880 |  | 57 | % | 1,227 | 245 | 184
KKR |  | 20 | % | 23 | 1,719,557 |  | 96 | % | 12,476 | 2,495 | —
Other 2 |  | 58 | % | 10 | 723,632 |  | 88 | % | 4,795 | 2,485 | 1,799
Total |  |  | 65 | 4,253,845 |  | 88 | % | $26,229 | $8,225 | $4,406

BALANCE SHEET
JOINT VENTURE |  |  | REAL ESTATE INVESTMENT 3 | DEBT 3 | DEBT AT SHARE | INTEREST RATE
Nuveen |  |  | $602,969 | $71,874 | $14,375 | 5.9 | %
CBRE |  |  | 133,511 |  | — |  | — |  | — |
KKR |  |  | 739,003 |  | — |  | — |  | — |
Other 2 |  |  | 339,569 |  | 69,591 |  | 27,836 | 5.3 | %
Total |  |  | $1,815,052 | $141,465 | $42,211 | 5.6 | %
Net debt at JV share |  | $32,437 |

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

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 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
Recently completed development |  |  |  |  |  |  |
Raleigh, NC | UNC REX Health |  | 122,991 | 51 | % | $52,600 | $4,622 |  | 4Q 2024
Phoenix, AZ | HonorHealth |  | 101,086 | 89 | % | 58,000 | 1,304 |  | 4Q 2024
Active development |  |  |  |  |  |  |
Fort Worth, TX | Baylor Scott & White |  | 101,279 | 54 | % | 48,200 | 9,716 |  | 4Q 2025
Total development |  | 325,356 | 64 | % | $158,800 | $15,642 |  |
Projected stabilized yield - 7.0%-8.5% |  |  |
Estimated stabilization period post completion - 12 - 36 months |  |  |
Active major redevelopment 1,2 |  |  |  |  |  |  |
Charlotte, NC 3 | Novant Health |  | 169,135 | 96 | % | 26,300 | — |  | 2Q 2025
Washington, DC | Inova Health |  | 57,323 | 89 | % | 13,700 | 1,278 |  | 4Q 2025
White Plains, NY | Montefiore Einstein/White Plains |  | 65,851 | 100 | % | 19,400 | 5,602 |  | 4Q 2025
Raleigh, NC | UNC REX Health |  | 40,400 | 100 | % | 10,800 | 8,938 |  | 2Q 2026
Houston, TX | HCA |  | 314,861 | 67 | % | 30,000 | 9,471 |  | 2Q 2026
Total redevelopment |  | 647,570 | 82 | % | $100,200 | $25,289 |  |
Occupied % |  |  |  | 65 | % |  |  |  |
Projected stabilized yield - 9.0%-12.0% |  |  |
Estimated stabilization period post completion - 12 - 36 months |  |  |
Total active major re/development projects | 972,926 | 76 | % | $259,000 | $40,931 |  |

1 Square feet represents the total building size and not necessarily the square footage being redevelopment.
2 Inclusive of the active redevelopment projects listed below, the Company has a total of 1.9 million square feet in various stages of redevelopment.
3 This was an active redevelopment during the second quarter that was completed on 6/30.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 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 | 46 |  | 2,426,589 |  | 146,519 | 199,800 |  | 2,772,908 | 581,096 | 3,354,004 | 9.0 | % | 9.0 | %
Seattle, WA | 15 | 29 |  | 1,324,047 |  |  |  |  | 1,324,047 | 257,121 | 1,581,168 | 6.4 | % | 15.4 | %
Charlotte, NC | 21 | 31 |  | 1,702,275 |  |  |  |  | 1,702,275 |  | 1,702,275 | 5.2 | % | 20.6 | %
Houston, TX | 5 | 27 |  | 1,747,673 |  | 67,500 |  |  | 1,815,173 | 249,158 | 2,064,331 | 4.6 | % | 25.2 | %
Denver, CO | 19 | 29 |  | 1,372,565 |  |  |  |  | 1,372,565 | 306,949 | 1,679,514 | 4.5 | % | 29.7 | %
Atlanta, GA | 6 | 26 |  | 1,284,112 |  |  |  |  | 1,284,112 | 96,108 | 1,380,220 | 4.0 | % | 33.7 | %
Boston, MA | 11 | 14 |  | 733,920 |  |  |  |  | 733,920 |  | 733,920 | 3.9 | % | 37.6 | %
Los Angeles, CA | 2 | 27 |  | 787,715 |  | 63,000 |  |  | 850,715 | 786,520 | 1,637,235 | 3.7 | % | 41.3 | %
Raleigh, NC | 41 | 27 |  | 980,469 |  |  |  |  | 980,469 | 198,485 | 1,178,954 | 3.1 | % | 44.4 | %
Phoenix, AZ | 10 | 34 |  | 1,332,341 |  |  |  |  | 1,332,341 | 101,086 | 1,433,427 | 3.0 | % | 47.4 | %
Nashville, TN | 35 | 13 |  | 1,134,891 |  |  | 108,691 |  | 1,243,582 | 106,981 | 1,350,563 | 2.9 | % | 50.3 | %
Indianapolis, IN | 33 | 41 |  | 1,078,519 |  | 61,398 |  |  | 1,139,917 | 357,915 | 1,497,832 | 2.9 | % | 53.2 | %
Tampa, FL | 17 | 17 |  | 828,117 |  |  |  |  | 828,117 |  | 828,117 | 2.6 | % | 55.8 | %
Washington, DC | 7 | 9 |  | 692,107 |  |  |  |  | 692,107 |  | 692,107 | 2.4 | % | 58.2 | %
Austin, TX | 25 | 12 |  | 657,575 |  |  |  |  | 657,575 | 129,879 | 787,454 | 2.3 | % | 60.5 | %
Miami, FL | 8 | 14 |  | 828,430 |  |  |  |  | 828,430 | 52,178 | 880,608 | 2.2 | % | 62.7 | %
San Francisco, CA | 13 | 9 |  | 452,666 |  |  |  |  | 452,666 | 110,865 | 563,531 | 2.1 | % | 64.8 | %
Orlando, FL | 20 | 7 |  | 359,477 |  | 56,998 |  |  | 416,475 |  | 416,475 | 2.0 | % | 66.8 | %
Memphis, TN | 45 | 11 |  | 691,338 |  | 54,416 |  |  | 745,754 | 110,883 | 856,637 | 1.9 | % | 68.7 | %
New York, NY | 1 | 14 |  | 557,111 |  |  |  |  | 557,111 | 57,411 | 614,522 | 1.9 | % | 70.6 | %
Other (40 Markets) | 182 |  | 8,718,154 |  | 483,976 | 895,708 |  | 10,097,838 | 751,210 | 10,849,048 | 29.4 | % | 100.0 | %
Total |  | 619 |  | 29,690,091 |  | 933,807 | 1,204,199 |  | 31,828,097 | 4,253,845 | 36,081,942 | 100.0 | % |
Number of properties |  |  | 534 |  | 15 | 5 |  | 554 | 65 | 619 |  |
% of square feet |  |  |  | 93.3 | % |  | 2.9 | % | 3.8 | % |  | 100.0 | % |  |  |  |
% multi-tenant |  |  |  | 88.1 | % |  | 6.9 | % | 74.3 | % |  | 85.2 | % |  |  |  |
Investment |  |  |  | $10,099,239 |  | $436,513 | $378,365 |  | $10,914,117 |  |  |  |
Quarterly cash NOI 2 |  |  | $157,909 |  | $8,505 | $4,149 |  | $170,563 |  |  |  |
% of cash NOI |  |  |  | 92.6 | % |  | 5.0 | % | 2.4 | % |  | 100.0 | % |  |  |  |

BY OWNERSHIP AND TENANT TYPE
| WHOLLY OWNED | JOINT VENTURES |
| MULTI-TENANT | SINGLE-TENANT |  | MULTI-TENANT | SINGLE-TENANT | TOTAL
Number of properties | 450 | 104 |  | 51 | 14 | 619
Square feet | 27,117,840 | 4,710,257 |  | 3,613,351 | 640,494 | 36,081,942
% of square feet | 75.1 | % | 13.1 | % |  | 10.0 | % | 1.8 | % | 100.0 | %
Investment 2 | $8,830,497 | $2,054,468 |  | $520,474 | $100,142 | $11,505,581
Quarterly cash NOI 2 | $137,172 | $33,406 |  | $6,630 | $1,595 | $178,803
% of cash NOI | 76.7 | % | 18.7 | % |  | 3.7 | % | 0.9 | % | 100.0 | %

1 Gross investment and quarterly cash NOI are reflected in 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 | Return to Table of Contents | 2Q 2025 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 | 2,136,592 | 770,430 | 2,907,022 |  | 43 | 8.6 | % | 811,342 | 2.7 | % | 132
CommonSpirit | 4 | A-/A3 | 1,562,804 | 564,790 | 2,127,594 |  | 40 | 6.7 | % | 746,442 | 2.5 | % | 132
Baylor Scott & White | 21 | AA-/Aa2 | 2,045,055 | 66,376 | 2,111,431 |  | 24 | 6.2 | % | 1,071,834 | 3.6 | % | 153
Ascension Health | 3 | AA/Aa2 | 1,988,647 | 97,551 | 2,086,198 |  | 22 | 5.0 | % | 799,087 | 2.7 | % | 124
Advocate Health | 14 | AA/Aa3 | 898,199 | 240,910 | 1,139,109 |  | 18 | 4.1 | % | 931,255 | 3.1 | % | 99
Wellstar Health System | 75 | A+/A2 | 919,861 | — | 919,861 |  | 18 | 3.0 | % | 606,907 | 2.0 | % | 82
UW Medicine (Seattle) | 91 | AA+/Aa1 | 461,363 | 169,709 |  | 631,072 |  | 10 | 2.9 | % | 294,971 | 1.0 | % | 32
Providence Health & Services | 5 | A/A2 | 602,834 | 31,601 | 634,435 |  | 12 | 2.6 | % | 239,349 | 0.8 | % | 46
AdventHealth | 11 | AA/Aa2 | 662,742 | 118,585 |  | 781,327 |  | 12 | 2.4 | % | 407,872 | 1.4 | % | 100
MultiCare Health System | 82 | A/-- | 492,623 | — |  | 492,623 |  | 8 | 2.3 | % | 237,844 | 0.8 | % | 26
Tenet Healthcare Corporation | 6 | BB-/Ba3 | 828,523 | 277,447 | 1,105,970 |  | 20 | 2.2 | % | 207,877 | 0.7 | % | 39
Indiana University Health | 26 | AA/Aa2 | 416,978 | 269,320 |  | 686,298 |  | 10 | 2.0 | % | 387,649 | 1.3 | % | 51
Tufts Medicine | None | BBB-/Aa3 | 252,087 |  | — |  | 252,087 |  | 2 | 1.8 | % | 260,784 | 0.9 | % | 5
Cedars-Sinai Health Systems | 51 | AA-/Aa3 | 199,701 | 90,607 | 290,308 |  | 5 | 1.7 | % | 96,614 | 0.3 | % | 22
Community Health Systems | 8 | CCC+/Caa2 | 604,224 | — | 604,224 |  | 13 | 1.7 | % | 328,582 | 1.1 | % | 39
WakeMed | 185 | --/A2 | 374,207 | 101,597 | 475,804 |  | 13 | 1.6 | % | 149,676 | 0.5 | % | 22
Baptist Memorial Health Care | 89 | A-2/-- | 544,122 | 150,228 |  | 694,350 |  | 9 | 1.5 | % | 425,959 | 1.4 | % | 54
Trinity Health | 7 | AA-/Aa3 | 599,164 | 8,156 |  | 607,320 |  | 10 | 1.5 | % | 322,074 | 1.1 | % | 33
Banner Health | 24 | AA-/-- | 749,075 | 31,039 |  | 780,114 |  | 24 | 1.5 | % | 125,664 | 0.4 | % | 33
Sutter Health | 12 | A+/A1 | 175,591 | 99,947 |  | 275,538 |  | 4 | 1.4 | % | 121,481 | 0.4 | % | 25
Bon Secours Health System | 22 | A+/A1 | 405,945 | — |  | 405,945 |  | 6 | 1.4 | % | 242,817 | 0.8 | % | 50
Other (67 Credit Rated) |  |  | 7,416,248 | 3,223,757 | 10,640,005 |  | 195 |  | 30.6 | % | 4,784,128 | 16.0 | % |
Subtotal - credit rated 6 |  |  | 24,336,585 | 6,312,050 | 30,648,635 |  | 518 |  | 92.7 | % | 13,600,208 | 45.5 | % |
Other non-credit rated 7 |  |  | 231,018 | 435,824 | 666,842 |  | 16 | 1.9 | % | 270,362 | 0.9 | % |
Off-campus non-affiliated 8 |  |  | — | 2,402,383 | 2,402,383 |  | 58 | 5.4 | % | — | — | % |
Total |  |  | 24,567,603 | 9,150,257 | 33,717,860 |  | 592 | 100.0 | % | 13,870,570 | 46.4 | % |
Joint ventures |  |  | 2,823,464 | 1,204,305 | 4,027,769 |  |  |  |  |  |
Wholly-owned |  |  | 21,744,139 | 7,945,952 | 29,690,091 |  |  |  |  |  |

1 Gross investment and quarterly cash NOI are reflected in 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, 94% is associated and 42% is leased by an investment-grade rated healthcare provider.
7 Includes 16 properties associated with hospital systems that are not credit rated. Prospect Medical leases approximately 81,000 square feet and represent 0.2% of the 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 | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 20

MOB Proximity to Hospital 1,2,3

MOB BY LOCATION |  |  |  |  |
| # OF PROPERTIES | SQUARE FEET | TOTAL | % GROUND LEASED |
On campus | 240 | 18,365,806 | 54.5 | % | 71.1 | % |
Adjacent to campus 4 | 143 | 6,201,797 | 18.4 | % | 14.3 | % |
Total on/adjacent | 383 | 24,567,603 | 72.9 | % | 56.7 | % |
Off campus - affiliated 5 | 151 | 6,747,874 | 20.0 | % | 14.3 | % |
Off campus | 58 | 2,402,383 | 7.1 | % | 8.9 | % |
| 592 | 33,717,860 | 100.0 | % | 44.8 | % |
Wholly-owned | 534 | 29,690,091 |  |  |
Joint ventures | 58 | 4,027,769 |  |  |

MOB BY CLUSTER 6 |
| TOTAL | HOSPITAL CENTRIC 7 |
| # OF PROPERTIES | SQUARE FEET | % OF SQUARE FEET | # OF PROPERTIES | SQUARE FEET | % OF SQUARE FEET |
Clustered | 438 | 24,501,206 | 72.7 | % | 360 | 21,371,937 | 74.7 | % |
Non-clustered | 154 | 9,216,654 | 27.3 | % | 104 | 7,238,652 | 25.3 | % |
Total | 592 | 33,717,860 | 100.0 | % | 464 | 28,610,589 | 100.0 | % |

1 Gross investment and quarterly cash NOI are reflected in 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 | Return to Table of Contents | 2Q 2025 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 |  | 330,067 | 75,829 | 405,896 | 1.3 | % | 53,614 | 352,282 | 111
3Q 2025 |  | 1,118,481 | 67,421 | 1,185,902 | 3.7 | % | 50,288 | 1,135,614 | 338
4Q 2025 |  | 983,147 | 126,882 | 1,110,029 | 3.4 | % | 73,075 | 1,036,954 | 277
2026 |  | 3,857,566 | 442,842 | 4,300,408 | 13.4 | % | 274,751 | 4,025,657 | 1,088
2027 |  | 4,059,112 | 1,011,735 | 5,070,847 | 15.7 | % | 486,344 | 4,584,503 | 1,024
2028 |  | 3,199,129 | 585,199 | 3,784,328 | 11.8 | % | 255,668 | 3,528,660 | 887
2029 |  | 3,281,522 | 724,651 | 4,006,173 | 12.4 | % | 591,518 | 3,414,655 | 779
2030 |  | 2,477,379 | 488,188 | 2,965,567 | 9.2 | % | 294,815 | 2,670,752 | 535
2031 |  | 1,501,123 | 362,674 | 1,863,797 | 5.8 | % | 228,746 | 1,635,051 | 325
2032 |  | 1,886,943 | 390,152 | 2,277,095 | 7.1 | % | 349,542 | 1,927,553 | 308
2033 |  | 914,354 | — | 914,354 | 2.8 | % | 205,524 | 708,830 | 179
2034 |  | 1,237,036 | 121,851 | 1,358,887 | 4.2 | % | 256,739 | 1,102,148 | 198
Thereafter |  | 2,007,571 | 950,381 | 2,957,952 | 9.2 | % | 633,681 | 2,324,271 | 271
Total occupied |  | 26,853,430 | 5,347,805 | 32,201,235 | 89.2 | % | 3,754,305 | 28,446,930 | 6,320
Total building |  | 30,731,191 | 5,350,751 | 36,081,942 |  | 4,253,845 | 31,828,097 |
Occupancy |  | 87.4 | % | 99.9 | % | 89.2 | % |  | 88.3 | % | 89.4 | % |
Leased % |  | 89.4 | % | 99.9 | % | 90.9 | % |  | 90.1 | % | 91.0 | % |
WALTR (months) 4 | 49.3 | 70.2 | 52.8 |  |  | 50.0 |
WALT (months) 4 | 90.5 | 145.1 | 99.6 |  |  | 98.6 |

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 |  | — |  | 28,061,391 |  | — |  | 5,697,178 |  |  | 33,758,569 |
Dispositions and assets held for sale |  | — |  | (1,325,371) |  | — |  | (346,427) |  |  | (1,671,798) |
Expirations and early vacates |  | (908,633) |  | — |  | (268,001) |  | — |  | (1,176,634) |  |
Renewals, amendments, and extensions |  | 573,945 |  | — |  | 182,815 |  | — |  | 756,760 |  |
New lease commencements |  | 452,098 |  | — |  | 82,240 |  | — |  | 534,338 |  |
Absorption |  |  | 117,410 |  |  | (2,946) |  |  | 114,464 |
Occupied square feet, end of period |  |  | 26,853,430 |  |  | 5,347,805 |  |  | 32,201,235 |

1 Gross investment and quarterly cash NOI are reflected in 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 3,901 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 | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 22

Leasing Statistics 1,2

SAME STORE RENEWALS 2
| 2Q 2025 | YTD 2025 |  |
Cash leasing spreads | 3.3 | % | 2.7 | % |  |
Cash leasing spreads distribution |  |  |
< 0% spread | 3.3 | % | 6.7 | % |  |
0-3% spread | 21.3 | % | 17.5 | % |  |
3-4% spread | 49.7 | % | 50.1 | % |  |
> 4% spread | 25.7 | % | 25.7 | % |  |
Total | 100.0 | % | 100.0 | % |  |
Tenant retention rate | 83.1 | % | 83.8 | % |  |

AVERAGE IN-PLACE CONTRACTUAL INCREASES 3
| MULTI-TENANT | SINGLE-TENANT | TOTAL
| % INCREASE | % OF BASE RENT |  | % INCREASE | % OF BASE RENT |  | % INCREASE | % OF BASE RENT
Same store 2 | 2.93 | % | 73.6 | % |  | 2.52 | % | 15.3 | % |  | 2.86 | % | 88.9 | %
Acquisitions | 2.82 | % | 6.0 | % |  | 2.58 | % | 1.3 | % |  | 2.78 | % | 7.3 | %
Other 4 | 2.75 | % | 3.4 | % |  | 3.20 | % | 0.4 | % |  | 2.80 | % | 3.8 | %
Total | 2.91 | % | 83.0 | % |  | 2.54 | % | 17.0 | % |  | 2.85 | % | 100.0 | %
Escalator type |  |  |  |  |  |  |  |
Fixed | 2.92 | % | 98.0 | % |  | 2.57 | % | 86.8 | % |  | 2.87 | % | 96.1 | %
CPI | 2.56 | % | 2.0 | % |  | 2.35 | % | 13.2 | % |  | 2.43 | % | 3.9 | %

SAME STORE TYPE AND OWNERSHIP STRUCTURE 2
| MULTI-TENANT | SINGLE-TENANT |  | TOTAL
Tenant type |  |  |  |
Hospital | 50.2 | % | 58.1 | % |  | 51.5 | %
Physician and other | 49.8 | % | 41.9 | % |  | 48.5 | %
Lease structure |  |  |  |
Gross | 8.8 | % | 1.9 | % |  | 7.7 | %
Modified gross | 31.6 | % | 9.1 | % |  | 27.9 | %
Net | 59.2 | % | 67.0 | % |  | 60.5 | %
Absolute net 5 | 0.4 | % | 22.0 | % |  | 3.9 | %
Ownership type |  |  |  |
Ground lease | 48.0 | % | 36.3 | % |  | 46.3 | %
Fee simple | 52.0 | % | 63.7 | % |  | 53.7 | %

# OF LEASES BY SIZE 6 |
LEASED SQUARE FEET | # OF LEASES | WALT | WALTR
0 - 2,500 | 3,295 |  | 70.5 |  | 37.0 |
2,501 - 5,000 | 1,585 |  | 78.5 |  | 41.1 |
5,001 - 7,500 | 559 |  | 90.0 |  | 45.3 |
7,501 - 10,000 | 304 |  | 98.8 |  | 52.1 |
10,001 + | 577 |  | 118.6 |  | 59.0 |
Total Leases | 6,320 |  | 98.6 |  | 50.0 |

1 Gross investment and quarterly cash NOI are reflected in 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 leases with lease terms of one year or less.
4 Includes redevelopment properties, development completion, and joint ventures.
5 Tenants are typically responsible for operating expenses and capital obligations.
6 Excludes joint ventures, land held for development, construction in progress, corporate property and assets classified as held for sale.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 23

Same Store 1,2
DOLLARS IN THOUSANDS

TOTAL CASH NOI
| % of Total NOI | 2Q 2025 |  |  |  |  |  |
Multi-tenant | 71 | % | $131,834 |  |  |  |  |  |
Single-tenant | 18 | % | 32,985 |  |  |  |  |  |  |
Joint venture | 2 | % | 4,406 |  |  |  |  |  |  |
Same store 3 | 91 | % | $169,225 |  |  |  |  |  |
Wholly owned and joint venture acquisitions | 2 | % | 3,072 |  |  |  |  |  |  |
Re/development | 3 | % | 5,792 |  |  |  |  |  |  |
Development completions | — | % | 715 |  |  |  |  |  |  |
Completed dispositions & assets held for sale | 4 | % | 7,837 |  |  |  |  |  |  |
Total cash NOI | 100 | % | $186,641 |  |  |  |  |  |  |

PORTFOLIO OCCUPANCY AND ABSORPTION |  |  |  |  |  |
|  |  |  | OCCUPANCY % | ABSORPTION (square feet in thousands) |  |  |
| COUNT | SQUARE FEET |  | 2Q 2025 | 1Q 2025 | 2Q 2024 | SEQUENTIAL | Y-O-Y |  |  |
Multi-tenant | 437 | 25,697,067 |  | 88.3 | % | 87.9 | % | 87.2 | % | 103 | 263 |  |  |
Single-tenant | 100 | 4,413,063 |  | 100.0 | % | 100.0 | % | 98.9 | % | — | 51 |  |  |
Joint venture | 30 | 1,672,923 |  | 88.9 | % | 89.1 | % | 89.8 | % | — | — |  |  |
Same store | 567 | 31,783,053 |  | 90.0 | % | 89.6 | % | 89.0 | % | 103 | 314 |  |  |
Wholly owned and joint venture acquisitions | 30 | 2,192,560 |  | 94.4 | % | 94.3 | % | 94.1 | % | 3 | 8 |  |  |
Re/development | 19 | 1,876,091 |  | 74.2 | % | 74.6 | % | 76.6 | % | (8) | (45) |  |  |
Development completions | 3 | 230,238 |  | 62.4 | % | 55.3 | % | 100.0 | % | 16 | 137 |  |  |
Total portfolio | 619 | 36,081,942 |  | 89.2 | % | 88.9 | % | 88.6 | % | 114 | 414 |  |  |
Joint ventures | 65 | 4,253,845 |  | 88.3 | % | 88.0 | % | 90.9 | % | — | — |  |  |
Total wholly-owned | 554 | 31,828,097 |  | 89.4 | % | 89.1 | % | 88.4 | % | 114 | 414 |  |  |
Multi-tenant | 501 | 30,731,191 |  | 87.4 | % | 87.0 | % | 86.8 | % | 117 | 329 |  |  |

1 Gross investment and quarterly cash NOI are reflected in 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 Same store includes the Company's assets associated with Prospect Health.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 24

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

SAME STORE CASH NOI
| TOTAL
| 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |  | YTD 2025 | YTD 2024
Base revenue | $201,813 | $199,557 | $197,716 | $196,205 | $194,011 |  | $401,370 | $388,031
Op. exp. recoveries | 61,188 | 62,409 | 62,046 | 62,197 | 58,099 |  | 123,597 | 118,159
Revenues | $263,001 | $261,966 | $259,762 | $258,402 | $252,110 |  | $524,967 | $506,190
Expenses | 93,776 | 96,600 | 95,027 | 96,247 | 91,148 |  | 190,376 | 184,028
Cash NOI | $169,225 | $165,366 | $164,735 | $162,155 | $160,962 |  | $334,591 | $322,162
Revenue per occ SF 4 | $36.96 | $36.87 | $36.64 | $36.61 | $35.78 |  | $36.92 | $35.97
Margin | 64.3 | % | 63.1 | % | 63.4 | % | 62.8 | % | 63.8 | % |  | 63.7 | % | 63.6 | %
Average occupancy | 89.6 | % | 89.4 | % | 89.2 | % | 88.8 | % | 88.7 | % |  | 89.5 | % | 88.6 | %
Period end occupancy | 90.0 | % | 89.6 | % | 89.6 | % | 89.4 | % | 89.0 | % |  | 90.0 | % | 89.0 | %
Number of properties | 567 | 567 | 567 | 567 | 567 |  | 567 | 567
Year-Over-Year Change |  |  |  |  |  |  |  |
Revenue per occ SF 4 | 3.5 | % |  |  |  |  |  | 2.6 | % |
Avg occupancy (bps) | +80 |  |  |  |  |  | +90 |
Revenues | 4.3 | % |  |  |  |  |  | 3.7 | % |
Base revenue | 4.0 | % |  |  |  |  |  | 3.4 | % |
Exp recoveries | 5.3 | % |  |  |  |  |  | 4.6 | % |
Expenses | 2.9 | % |  |  |  |  |  | 3.4 | % |
Cash NOI | 5.1 | % |  |  |  |  |  | 3.9 | % |

1 Gross investment and quarterly cash NOI are reflected in 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 | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 25

NOI Reconciliations 1
DOLLARS IN THOUSANDS

BOTTOM UP RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss | ($160,144) |  | ($45,389) |  | ($108,212) |  | ($94,535) |  | ($145,938) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other expense (income) | 175,898 |  | 63,893 |  | 107,448 |  | 105,657 |  | 156,631 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expense | 23,482 |  | 13,530 |  | 34,208 |  | 20,124 |  | 14,002 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | 147,749 |  | 150,969 |  | 160,330 |  | 163,226 |  | 173,477 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other expenses 2 | 7,821 |  | 7,564 |  | 7,059 |  | 6,434 |  | 5,226 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent expense | 859 |  | 865 |  | 917 |  | 965 |  | 1,063 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent revenue | (7,904) |  | (7,709) |  | (9,061) |  | (6,736) |  | (5,630) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other revenue 3 | (9,345) |  | (9,907) |  | (11,194) |  | (8,334) |  | (5,433) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joint venture property cash NOI | 8,225 |  | 8,282 |  | 7,280 |  | 6,477 |  | 5,504 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $186,641 |  | $182,098 |  | $188,775 |  | $193,278 |  | $198,902 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redevelopment | (5,792) |  | (5,011) |  | (6,207) |  | (6,875) |  | (6,833) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholly owned and joint venture acquisitions | (3,072) |  | (3,065) |  | (2,441) |  | (1,531) |  | (527) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development completions | (715) |  | (790) |  | (207) |  | 12 |  | 12 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Completed dispositions & assets held for sale | (7,837) |  | (7,866) |  | (15,185) |  | (22,729) |  | (30,592) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store cash NOI | $169,225 |  | $165,366 |  | $164,735 |  | $162,155 |  | $160,962 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store joint venture properties | (4,406) |  | (4,400) |  | (4,547) |  | (4,513) |  | (4,519) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store excluding JVs | $164,819 |  | $160,966 |  | $160,188 |  | $157,642 |  | $156,443 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOP DOWN RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income before rent concessions | $292,859 |  | $294,543 |  | $305,229 |  | $310,080 |  | $311,592 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rent concessions | (5,789) |  | (5,686) |  | (5,164) |  | (3,581) |  | (3,457) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income | $287,070 |  | $288,857 |  | $300,065 |  | $306,499 |  | $308,135 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Parking income | 2,368 |  | 1,863 |  | 1,958 |  | 2,363 |  | 2,463 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest from financing receivable, net | 1,956 |  | 1,950 |  | 2,103 |  | 2,117 |  | 2,094 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exclude straight-line rent revenue | (7,904) |  | (7,709) |  | (9,061) |  | (6,736) |  | (5,630) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exclude other non-cash revenue 4 | (3,593) |  | (4,051) |  | (5,697) |  | (4,149) |  | (2,018) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash revenue | $279,897 |  | $280,910 |  | $289,368 |  | $300,094 |  | $305,044 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expense | (109,924) |  | (114,963) |  | (114,415) |  | (120,232) |  | (117,719) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exclude non-cash expenses 5 | 8,443 |  | 7,869 |  | 6,542 |  | 6,939 |  | 6,073 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joint venture property cash NOI | 8,225 |  | 8,282 |  | 7,280 |  | 6,477 |  | 5,504 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $186,641 |  | $182,098 |  | $188,775 |  | $193,278 |  | $198,902 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redevelopment | (5,792) |  | (5,011) |  | (6,207) |  | (6,875) |  | (6,833) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholly owned and joint venture acquisitions | (3,072) |  | (3,065) |  | (2,441) |  | (1,531) |  | (527) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development completions | (715) |  | (790) |  | (207) |  | 12 |  | 12 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Completed dispositions & assets held for sale | (7,837) |  | (7,866) |  | (15,185) |  | (22,729) |  | (30,592) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store cash NOI | $169,225 |  | $165,366 |  | $164,735 |  | $162,155 |  | $160,962 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store joint venture properties | (4,406) |  | (4,400) |  | (4,547) |  | (4,513) |  | (4,519) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store excluding JVs | $164,819 |  | $160,966 |  | $160,188 |  | $157,642 |  | $156,443 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

1 Gross investment and quarterly cash NOI are reflected in 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 | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 26

NOI Reconciliations 1
DOLLARS IN THOUSANDS

RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO |  |  |  |  |  |  |
| 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $186,641 |  | $182,098 |  | $188,775 |  | $193,278 |  | $198,902 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expense | (23,482) |  | (13,530) |  | (34,208) |  | (20,124) |  | (14,002) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent | 7,904 |  | 7,709 |  | 9,061 |  | 6,736 |  | 5,630 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income (expense), net | (366) |  | 95 |  | (154) |  | (132) |  | (248) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fees and other income | 4,614 |  | 4,525 |  | 3,667 |  | 2,658 |  | 1,858 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Note receivable interest income | 1,492 |  | 1,781 |  | 1,973 |  | 1,787 |  | 1,771 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-cash revenue 2 | 3,239 |  | 3,601 |  | 5,554 |  | 3,891 |  | 1,804 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-cash expenses 3 | (8,087) |  | (7,418) |  | (6,400) |  | (6,687) |  | (5,858) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate impairment | (1,471) |  | — |  | (1,600) |  | (46,762) |  | (11,201) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and severance-related costs | 7,060 |  | 114 |  | 19,288 |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income taxes | 297 |  | 310 |  | 657 |  | 448 |  | 454 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV adjustments | (683) | (1,155) | (720) | (401) | (443) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Covenant EBITDA | $177,158 |  | $178,130 |  | $185,893 |  | $134,692 |  | $178,667 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (53,346) |  | (54,812) |  | (58,265) |  | (60,649) |  | (62,457) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | (593) |  | (1,011) |  | (1,577) |  | (719) |  | (431) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commission amortization 4 | 6,404 |  | 5,621 |  | 5,744 |  | 5,827 |  | 5,151 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate depreciation and amortization | (1,217) |  | (1,301) |  | (1,418) |  | (1,232) |  | (1,278) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Loss) gain on non-real estate assets | — | (1,936) | (4,075) | 162 | 4,907 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interest | — | (83) | (56) | 139 | 81 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and severance-related costs | (7,060) |  | (114) |  | (19,288) |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income taxes | (297) |  | (310) |  | (657) |  | (448) |  | (454) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on extinguishment of debt | — | — | (237) | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV adjustments | (678) | (410) | (422) | (484) | (389) |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO | $120,371 |  | $123,774 |  | $105,642 |  | $77,288 |  | $123,797 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 593 | 1,011 | 1,577 | 719 | 431 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease intangible amortization | (222) | (228) | (2,348) | (10) | 129 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Significant non-recurring legal fees/forfeited earnest money received | 478 | 77 | 306 | 306 | 465 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on extinguishment of debt | — | — | 237 | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and severance-related costs | 10,302 | 502 | 22,991 | 6,861 | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | 10,580 | 10,446 | 10,314 | 10,184 | 10,064 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit losses and gains on other assets, net | 1,471 | 1,936 | 4,582 | 46,600 | 8,525 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV normalizing items | 163 | 204 | 113 | 101 | 89 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO | $143,736 |  | $137,722 |  | $143,414 |  | $142,049 |  | $143,500 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

1 Gross investment and quarterly cash NOI are reflected in 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 principal 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 | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 27

EBITDA Reconciliations 1
DOLLARS IN THOUSANDS

RECONCILIATION OF EBITDA |  |  |  |  |  |  |
| 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |  |  |  |  |
Net loss | ($160,144) |  | ($45,389) |  | ($108,212) |  | ($94,535) |  | ($145,938) |  |  |  |  |  |
Interest expense | 53,346 | 54,812 | 58,265 | 60,649 | 62,457 |  |  |  |  |
Income taxes | 297 | 310 | 657 | 448 | 454 |  |  |  |  |
Depreciation and amortization | 147,749 | 150,968 | 160,330 | 163,226 | 173,477 |  |  |  |  |
Unconsolidated JV depreciation, amortization, and interest | 7,384 | 7,128 | 6,336 | 5,863 | 5,207 |  |  |  |  |
EBITDA | $48,632 | $167,829 | $117,376 | $135,651 | $95,657 |  |  |  |  |
Transaction costs | 593 | 1,011 | 1,577 | 719 | 431 |  |  |  |  |
Gain on sales of assets | (20,004) |  | (2,904) |  | (32,082) |  | (39,310) |  | (38,338) |  |  |  |  |  |
Impairments on real estate assets | 140,877 | 12,080 | 79,497 | 37,632 | 120,917 |  |  |  |  |
Restructuring and severance-related costs | 7,060 | 114 | 19,288 | — | — |  |  |  |  |
Loss on extinguishment of debt | — | — | 237 | — | — |  |  |  |  |
Debt Covenant EBITDA | $177,158 | $178,130 | $185,893 | $134,692 | $178,667 |  |  |  |  |
Leasing commission amortization 2 | 6,404 | 5,621 | 5,744 | 5,827 | 5,151 |  |  |  |  |
Lease intangibles, franchise taxes and prepaid ground amortization | 578 |  | 520 |  | (3,596) |  | 692 | 980 |  |  |  |  |
Timing impact 3 | 4,129 |  | 4,176 |  | (2,125) |  | (1,511) |  | (1,438) |  |  |  |  |  |
Stock based compensation | 3,887 | 3,028 | 3,028 | 7,908 | 3,383 |  |  |  |  |
Allowance for credit losses | 1,471 | — | 1,600 | 46,762 | 11,201 |  |  |  |  |
Rent reserves, net | 130 |  | 94 |  | (369) |  | (27) |  | 1,261 |  |  |  |  |  |
Unconsolidated JV adjustments | 163 | 204 | 113 | 101 | 89 |  |  |  |  |
Adjusted EBITDA | $193,920 | $191,773 | $190,288 | $194,444 | $199,294 |  |  |  |  |
Annualized Adjusted EBITDA | $775,680 | $767,092 | $761,152 | $777,776 | $797,176 |  |  |  |  |
RECONCILIATION OF NET DEBT |  |  |  |  |  |  |  |  |  |
Debt | $4,694,391 |  | $4,732,618 |  | $4,662,771 |  | $4,957,796 |  | $5,148,153 |  |  |  |  |  |
Share of unconsolidated net debt | 32,437 | 29,908 | 31,455 | 30,054 | 20,299 |  |  |  |  |
Cash | (25,507) |  | (25,722) |  | (68,916) |  | (22,801) |  | (137,773) |  |  |  |  |  |
Net debt | $4,701,321 | $4,736,804 | $4,625,310 | $4,965,049 | $5,030,679 |  |  |  |  |
Net debt to adjusted EBITDA 4 | 6.1x | 6.2x | 6.1x | 6.4x | 6.3x |  |  |  |  |
Run rate net debt to adjusted EBITDA 5 | 6.0x |  |  |  |  |  |  |  |  |

1 Gross investment and quarterly cash NOI are reflected in 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 Beginning in the second quarter, the Company began utilizing the carrying value of its debt in the calculation of net debt for purposes of reporting leverage metrics. Prior periods have been adjusted to align with this definition.
5 Includes the impact of July dispositions.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 28

Components of Net Asset Value 1
DOLLARS IN THOUSANDS

CASH NOI
| 2Q 2025
Same store 2 | $169,225 |
Acquisition/Development Completions 3 | 3,787 |
Redevelopment | 5,792 |
Total | $178,804 |
Timing adjustments 4 | 781 |
Total Cash NOI | $179,585 |

DEVELOPMENT & REDEVELOPMENT PROPERTIES
| ESTIMATED COST TO COMPLETE | ESTIMATED TOTAL COST | PROJECTED STABILIZED ANNUAL CASH NOI
Developments | $15,642 |  | $158,800 |  | $11,858 |
Redevelopments 5 | 25,289 |  | 100,200 |  | 14,503 |
| $40,931 |  | $259,000 |  | $26,361 |

LAND HELD FOR DEVELOPMENT, CASH, & OTHER ASSETS |  |
Land held for development | $49,110 |  |
Disposition pipeline 6 | 429,325 |  |
Unstabilized properties 7 | 257,095 |  |
Cash and other assets 8 | 366,180 |  |
| $1,101,710 |  |
DEBT |  |
Unsecured credit facility | $295,000 |  |
Unsecured term loans | 1,115,000 |  |
Senior notes | 3,449,285 |  |
Mortgage notes payable | 44,587 |  |
Company share of joint venture net debt | 32,437 |  |
Other liabilities 9 | 315,016 |  |
| $5,251,325 |  |
TOTAL SHARES OUTSTANDING |  |
As of June 30, 2025 10 | 355,730,606 |  |

1 Gross investment and quarterly cash NOI are reflected in 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 24-25 for details on Same Store NOI.
3 Adjusted to reflect quarterly NOI from properties acquired or stabilized re/developments completed 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 $0.9 million, and management fee income of $4.4 million, offset by $4.1 million of in-place NOI on development and redevelopment properties and $0.4 million of positive NOI for unstabilized properties, which are shown in other assets.
5 Estimated total cost includes only the incremental capital to complete the redevelopment. Projected Stabilized Annual Cash NOI is the total property NOI at stabilization.
6 Includes 25 properties identified as assets held for sale that is excluded from Same Store Cash NOI and reflects contractual sales price.
7 Includes 28 properties at their gross book value. These properties were comprised of 1.1 million square feet that generated positive NOI of $0.4 million.
8 Includes cash of $25.7 million, notes receivable of $81.0 million, prepaid assets of $184.1 million, accounts receivable of $37.5 million, and prepaid ground leases of $19.9 million. In addition, it includes the Company's occupied portion of its corporate headquarters in Nashville of $18.0 million.
9 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 $32.9 million, financing right of use liabilities of $73.0 million, and deferred operating expense reimbursements of $8.2 million.
10 Total shares outstanding include OP units.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 29

2025 Guidance
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

| 2025 GUIDANCE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| PRIOR | CURRENT |  | ACTUAL |  |  |  |  |  |  |  |  |
| LOW | HIGH | LOW | HIGH |  | YTD 2025 | 2Q 2025 |  |  |  |  |  |  |  |  |  |  |  |
OPERATING METRICS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year-end same store net absorption (bps) | 75 | 125 | 75 | 125 |  | 38 | 32 |  |  |  |  |  |  |  |  |  |  |  |
Same store cash NOI growth | 3.0 | % | 3.75 | % | 3.25 | % | 4.0 | % |  | 3.9 | % | 5.1 | % |  |  |  |  |  |  |  |  |  |  |  |
Same store MOB cash leasing spreads | 2.0 | % | 3.0 | % | 2.0 | % | 3.0 | % |  | 2.7 | % | 3.3 | % |  |  |  |  |  |  |  |  |  |  |  |
Same store lease retention rate | 80.0 | % | 85.0 | % | 80.0 | % | 85.0 | % |  | 83.8 | % | 83.1 | % |  |  |  |  |  |  |  |  |  |  |  |
Normalized G&A | $52,000 | $56,000 | $48,000 | $52,000 |  | $26,208 | $13,180 |  |  |  |  |  |  |  |  |  |  |  |
CAPITAL FUNDING |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset sales and JV contributions | $400,000 | $500,000 | $800,000 | $1,000,000 |  | $210,536 | $53,086 |  |  |  |  |  |  |  |  |  |  |  |
Re/development | 95,000 | 115,000 | 105,000 | 125,000 |  | 75,476 | 42,040 |  |  |  |  |  |  |  |  |  |  |  |
1st generation TI and acq. capex | 55,000 | 65,000 | 85,000 | 95,000 |  | 48,508 | 33,369 |  |  |  |  |  |  |  |  |  |  |  |
Total maintenance capex | 120,000 | 150,000 | 115,000 | 135,000 |  | 59,301 | 26,335 |  |  |  |  |  |  |  |  |  |  |  |
CASH YIELD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dispositions | 6.8 | % | 7.3 | % | 6.8 | % | 7.3 | % |  | 6.2 | % |  |  |  |  |  |  |  |  |  |  |  |  |
EARNINGS AND LEVERAGE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share | $(0.28) | $(0.20) | $(0.78) | $(0.73) |  | $(0.58) | $(0.45) |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO per share | $1.56 | $1.60 | $1.57 | $1.61 |  | $0.80 | $0.41 |  |  |  |  |  |  |  |  |  |  |  |
Net debt to adjusted EBITDA 1 | 6.0X | 6.25X | 5.4x | 5.7x |  | 6.0x | 6.0x |  |  |  |  |  |  |  |  |  |  |  |

1 2Q 2025 actual reflects the proforma impact of July dispositions.

HEALTHCARE REALTY | Return to Table of Contents | 2Q 2025 SUPPLEMENTAL INFORMATION 30