EX-99.2 3 exhibit992supplementalinfo.htm EX-99.2

3Q2025
Supplemental Information
FURNISHED AS OF OCTOBER 30, 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
7 | Salient Facts
8 | Corporate Information
9 | Balance Sheet
10 | Statements of Income
11 | FFO, Normalized FFO, & FAD
12 | Capital Funding & Commitments
13 | Debt Metrics
14 | Debt Covenants & Liquidity
15 | JV and Disposition Activity
16 | Joint Ventures
1 7 | Re/development Activity
18 | Portfolio
19 | Health Systems
20 | MOB Proximity to Hospital
21 | Lease Maturity & Occupancy
22 | Leasing Statistics
23 | Same Store
25 | NOI Reconciliations
27 | EBITDA Reconciliations
28 | Components of Net Asset Value
29 | 2025 Guidance

HEALTHCARE REALTY |  | 3Q 2025 SUPPLEMENTAL INFORMATION 3

Highlights

HEALTHCARE REALTY REPORTS THIRD QUARTER 2025 RESULTS
NASHVILLE, Tennessee, October 30, 2025 - Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the third quarter ended September 30, 2025.
THIRD QUARTER 2025 HIGHLIGHTS
•GAAP Net Loss of $(0.17) per share, NAREIT FFO of $0.34 per share, Normalized FFO of $0.41 per share, and FAD of $116.9 million (payout ratio of 73%)
•Same store cash NOI growth of +5.4% was driven by 90 basis points of occupancy increase and tenant retention of 88.6% with +3.9% cash leasing spreads
•Increased 2025 guidance for Normalized FFO per share to $1.59 - $1.61 and same store cash NOI growth to 4.00% - 4.75%
•Third quarter lease executions totaled 1.6 million square feet including 441,000 square feet of new lease executions
•During the third quarter and through October, completed asset sales of $404 million through 15 separate transactions
◦YTD sales total $486 million at a blended 6.5% cap rate
◦Approximately $700 million of additional sales are under contract or LOI
•Run-rate Net Debt to Adjusted EBITDA of 5.8x; anticipated to be between 5.4x and 5.7x by year end
THIRD QUARTER 2025 RESULTS

| THREE MONTHS ENDED
| SEPTEMBER 30, 2025 | SEPTEMBER 30, 2024
(in thousands, except per share amounts) | AMOUNT | PER SHARE | AMOUNT | PER SHARE
GAAP Net loss | $(57,738) | $(0.17) | $(93,023) | $(0.26)
NAREIT FFO, diluted | $118,922 | $0.34 | $77,288 | $0.21
Normalized FFO, diluted | $145,340 | $0.41 | $142,049 | $0.39

LEASING ACTIVITY
During the third quarter, the Company executed 333 new and renewal leases for 1.6 million square feet.
•Weighted average lease term was 5.8 years with an average annual escalator of 3.1%.
•Health system leasing comprised approximately 48% of our signed lease volume in the quarter.
Key leasing highlights:
•Memphis, TN. 21,000 square foot new lease with our health system partner, Baptist Memorial Health, taking our on-campus building to 100% leased
•Dallas, TX. 19,000 square foot new lease with a premier national healthcare service provider on a Baylor Scott & White Health campus, increasing the building to approximately 100% leased
•Fort Worth, TX. 18,000 square foot new lease with Baylor Scott & White Health in our recently delivered development on their growing downtown campus bringing total building leased percentage to 72%
•Seattle, WA. 25,000 square foot renewal in our fully occupied on-campus building on Multicare's Overlake Medical Center in the Bellevue submarket representing a 22% cash leasing spread

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 4

Highlights

CAPITAL ALLOCATION
Dispositions
During the third quarter and through October, the Company made further progress on its previously identified disposition portfolio through 15 different transactions for a total of $404 million. A summary of the significant sale transactions is as follows:
•Columbus, OH. Monetization of three off-campus MOBs sold to the affiliated health system for $34 million
•Milwaukee, WI. Strategic market exit of Milwaukee MSA with the $60 million sale of two MOBs to the affiliated health system
•Chicago, IL. Reduced exposure to this non-core market through the sale of an off campus property to a health system for $19 million
•Tampa, FL. Opportunistic sale of a fully stabilized asset to the affiliated health system at premium valuation of $22 million
•Dallas, TX. Sale of four on-campus properties to the affiliated health system for $59 million in conjunction with securing material new and renewal lease executions
•Richmond, VA. The Company is under contract to sell its six, fully-leased MOBs in the Richmond, VA MSA for $171 million, harvesting full value at attractive market pricing. The sale would represent a full exit from Richmond, where we have observed few future growth opportunities. Due diligence has expired, and the transaction is expected to close in the fourth quarter, subject to customary closing conditions
Development and Redevelopment
During the third quarter, the Company made significant progress on its development and redevelopment pipeline, advancing several key projects across major markets. Highlights include:
•Fort Worth, TX. Recently delivered our 101,000 square foot, $48 million development that is currently 72% leased. This building represents our third on Baylor Scott & White’s All Saints campus
•Seattle, WA. Located in the dense Northgate submarket where the Company owns three fully-leased properties on and adjacent to the UW Medical Center - Northwest campus. The $13.6 million redevelopment will transform this building into a modern outpatient facility to drive occupancy and rent growth
•Denver, CO. Part of a three-MOB portfolio located adjacent to the growing UCHealth Highlands Ranch Hospital campus in the Highlands Ranch submarket. The $7.3 million redevelopment of this mixed-use outpatient campus will allow the Company to upgrade to modern clinical suites at superior rental rates
•Charlotte, NC. The Company's third medical conversion project in the growing Huntersville submarket. The $19.2 million redevelopment will capture growth from the adjacent Novant Huntersville hospital
Balance Sheet
Debt paydown from asset sales has decreased run-rate Net Debt to Adjusted EBITDA to 5.8x. By year-end, Net Debt to Adjusted EBITDA is anticipated to be between 5.4x - 5.7x. Through October and inclusive of asset sales, the Company has approximately $1.3 billion of liquidity.
In October, the Company fully repaid the $151 million term loan due May 2027.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 5

Highlights

DIVIDEND
The Board unanimously approved a common stock dividend in the amount of $0.24 per share to be paid on November 21, 2025, to Class A common stockholders of record on November 11, 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.
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 29 of the Supplemental Information:

| EXPECTED 2025 |  |
| PRIOR | CURRENT | ACTUAL
| LOW | HIGH | LOW | HIGH | 3Q 2025 | YTD
Earnings per share | $(0.78) | $(0.73) | $(0.86) | $(0.81) | $(0.17) | $(0.75)
NAREIT FFO per share | $1.42 | $1.46 | $1.39 | $1.41 | $0.34 | $1.02
Normalized FFO per share | $1.57 | $1.61 | $1.59 | $1.61 | $0.41 | $1.20
Same Store Cash NOI growth | 3.25 | % | 4.00 | % | 4.00 | % | 4.75 | % | 5.4 | % | 4.6 | %

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.
EARNINGS CALL
On Friday, October 31, 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 | 3Q 2025 SUPPLEMENTAL INFORMATION 6

Salient Facts 1

| Properties |  |
| 579 properties totaling 33.6M SF |
| 52 markets in 28 states |
| 65% of NOI in Top 15 Markets |
| Capitalization |
| $11.1B enterprise value as of 9/30/25 |
| $6.4B market capitalization as of 9/30/25 |
| 355.9M shares/units outstanding as of 9/30/25 |
| 354.7M diluted WA shares outstanding |
| BBB/Baa2 S&P/Moody's |
| 42.0% net debt to enterprise value at 9/30/25 |
| 5.8x run rate net debt to adjusted EBITDA |

1 Includes properties held in joint ventures.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 7

Corporate Information

Healthcare Realty (NYSE: HR) is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As of September 30, 2025, the Company was invested in 579 real estate properties in 28 sta tes totaling 33.6 million square feet and had an enterprise value of approximately $11.1 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

| ANALYST COVERAGE |
| BMO Capital Markets | Jefferies LLC
| BTIG, LLC | KeyBanc Capital Markets Inc.
| Cantor Fitzgerald & Co. | Raymond James & Associates
| Citi Research | RBC Capital Markets
| Deutsche Bank Securities | Scotiabank
| Green Street Advisors, Inc. | Wells Fargo Securities, LLC
| J.P. Morgan 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 | 3Q 2025 SUPPLEMENTAL INFORMATION 8

Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |  |  |  |  |  |  |  |  |
Real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land | $1,066,616 |  | $1,105,231 |  | $1,134,635 |  | $1,143,468 |  | $1,195,116 |  |  |  |  |  |  |  |  |  |
Buildings and improvements | 8,557,270 |  | 9,199,089 |  | 9,729,912 |  | 9,707,066 |  | 10,074,504 |  |  |  |  |  |  |  |  |  |
Lease intangibles | 504,309 |  | 567,244 |  | 631,864 |  | 664,867 |  | 718,343 |  |  |  |  |  |  |  |  |  |
Personal property | 6,854 |  | 6,944 |  | 9,938 |  | 9,909 |  | 9,246 |  |  |  |  |  |  |  |  |  |
Investment in financing receivables, net | 123,346 |  | 124,134 |  | 123,813 |  | 123,671 |  | 123,045 |  |  |  |  |  |  |  |  |  |
Financing lease right-of-use assets | 75,462 |  | 76,574 |  | 76,958 |  | 77,343 |  | 77,728 |  |  |  |  |  |  |  |  |  |
Construction in progress | — |  | 40,421 |  | 35,101 |  | 31,978 |  | 125,944 |  |  |  |  |  |  |  |  |  |
Land held for development | 57,203 |  | 49,110 |  | 52,408 |  | 52,408 |  | 52,408 |  |  |  |  |  |  |  |  |  |
Total real estate investments | 10,391,060 |  | 11,168,747 |  | 11,794,629 |  | 11,810,710 |  | 12,376,334 |  |  |  |  |  |  |  |  |  |
Less accumulated depreciation and amortization | (2,381,297) |  | (2,494,169) |  | (2,583,819) |  | (2,483,656) |  | (2,478,544) |  |  |  |  |  |  |  |  |  |
Total real estate investments, net | 8,009,763 |  | 8,674,578 |  | 9,210,810 |  | 9,327,054 |  | 9,897,790 |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 43,345 |  | 25,507 |  | 25,722 |  | 68,916 |  | 22,801 |  |  |  |  |  |  |  |  |  |
Assets held for sale, net | 604,747 |  | 358,207 |  | 6,635 |  | 12,897 |  | 156,218 |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets | 209,291 |  | 243,910 |  | 259,764 |  | 261,438 |  | 259,013 |  |  |  |  |  |  |  |  |  |
Investments in unconsolidated joint ventures | 458,627 |  | 463,430 |  | 470,418 |  | 473,122 |  | 417,084 |  |  |  |  |  |  |  |  |  |
Other assets, net 1 | 533,874 |  | 469,940 |  | 522,920 |  | 507,496 |  | 491,679 |  |  |  |  |  |  |  |  |  |
Total assets | $9,859,647 |  | $10,235,572 |  | $10,496,269 |  | $10,650,923 |  | $11,244,585 |  |  |  |  |  |  |  |  |  |
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes and bonds payable | $4,485,706 |  | $4,694,391 |  | $4,732,618 |  | $4,662,771 |  | $4,957,796 |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | 173,784 |  | 194,076 |  | 144,855 |  | 222,510 |  | 197,428 |  |  |  |  |  |  |  |  |  |
Liabilities of properties held for sale | 69,808 |  | 30,278 |  | 422 |  | 1,283 |  | 7,919 |  |  |  |  |  |  |  |  |  |
Operating lease liabilities | 166,231 |  | 203,678 |  | 224,117 |  | 224,499 |  | 229,925 |  |  |  |  |  |  |  |  |  |
Financing lease liabilities | 72,654 |  | 73,019 |  | 72,585 |  | 72,346 |  | 71,887 |  |  |  |  |  |  |  |  |  |
Other liabilities | 146,618 |  | 158,704 |  | 174,830 |  | 161,640 |  | 180,283 |  |  |  |  |  |  |  |  |  |
Total liabilities | 5,114,801 |  | 5,354,146 |  | 5,349,427 |  | 5,345,049 |  | 5,645,238 |  |  |  |  |  |  |  |  |  |
Redeemable non-controlling interests | 4,332 |  | 4,332 |  | 4,627 |  | 4,778 |  | 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 |  | 3,516 |  | 3,510 |  | 3,505 |  | 3,558 |  |  |  |  |  |  |  |  |  |
Additional paid-in capital | 9,134,486 |  | 9,129,338 |  | 9,121,269 |  | 9,118,229 |  | 9,198,004 |  |  |  |  |  |  |  |  |  |
Accumulated other comprehensive (loss) income | (6,461) |  | (9,185) |  | (7,206) |  | (1,168) |  | (16,963) |  |  |  |  |  |  |  |  |  |
Cumulative net income attributable to common stockholders | 113,847 |  | 171,585 |  | 329,436 |  | 374,309 |  | 481,155 |  |  |  |  |  |  |  |  |  |
Cumulative dividends | (4,562,454) |  | (4,477,940) |  | (4,368,739) |  | (4,260,014) |  | (4,150,328) |  |  |  |  |  |  |  |  |  |
Total stockholders' equity | 4,682,934 |  | 4,817,314 |  | 5,078,270 |  | 5,234,861 |  | 5,515,426 |  |  |  |  |  |  |  |  |  |
Non-controlling interest | 57,580 |  | 59,780 |  | 63,945 |  | 66,235 |  | 80,046 |  |  |  |  |  |  |  |  |  |
Total equity | 4,740,514 |  | 4,877,094 |  | 5,142,215 |  | 5,301,096 |  | 5,595,472 |  |  |  |  |  |  |  |  |  |
Total liabilities, redeemable non-controlling interests, and stockholders' equity | $9,859,647 |  | $10,235,572 |  | $10,496,269 |  | $10,650,923 |  | $11,244,585 |  |  |  |  |  |  |  |  |  |

1.3Q 2025 Other assets, net includes $55.7 million of proceeds held in a cash escrow account from a portfolio disposition that closed on September 30, 2025 and was received by the Company on October 1, 2025.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 9

Statements of Income
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income | $287,399 | $287,070 | $288,857 | $300,065 | $306,499 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | 3,480 | 3,449 | 3,731 | 4,076 | 3,904 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other operating | 6,886 | 6,983 | 6,389 | 5,625 | 5,020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 297,765 | 297,502 | 298,977 | 309,766 | 315,423 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating | 113,456 | 109,924 | 114,963 | 114,415 | 120,232 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative | 21,771 | 23,482 | 13,530 | 34,208 | 20,124 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalizing items 1 | (12,046) | (10,302) | (502) | (22,991) | (6,861) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized general and administrative | 9,725 | 13,180 | 13,028 | 11,217 | 13,263 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 125 | 593 | 1,011 | 1,577 | 719 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 137,841 | 147,749 | 150,969 | 160,330 | 163,226 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 273,193 | 281,748 | 280,473 | 310,530 | 304,301 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense before merger-related fair value | (41,927) | (42,766) | (44,366) | (47,951) | (50,465) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | (10,715) | (10,580) | (10,446) | (10,314) | (10,184) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (52,642) | (53,346) | (54,812) | (58,265) | (60,649) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales of real estate properties and other assets | 76,771 | 20,004 | 2,904 | 32,082 | 39,310 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on extinguishment of debt | (286) | — | — | (237) | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of real estate assets and credit loss reserves | (104,362) | (142,348) | (12,081) | (81,098) | (84,394) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity income (loss) from unconsolidated joint ventures | 287 | 158 | 1 | 224 | 208 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income (expense), net | (2,884) | (366) | 95 | (154) | (132) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (83,116) | (175,898) | (63,893) | (107,448) | (105,657) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss | $(58,544) | $(160,144) | $(45,389) | $(108,212) | $(94,535) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to non-controlling interests | 806 | 2,293 | 516 | 1,366 | 1,512 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to common stockholders | $(57,738) | $(157,851) | $(44,873) | $(106,846) | $(93,023) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per common share | $(0.17) | $(0.45) | $(0.13) | $(0.31) | $(0.26) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted earnings per common share | $(0.17) | $(0.45) | $(0.13) | $(0.31) | $(0.26) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - basic | 349,964 | 349,628 | 349,539 | 351,560 | 358,960 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - diluted 2 | 349,964 | 349,628 | 349,539 | 351,560 | 358,960 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

STATEMENTS OF INCOME SUPPLEMENTAL INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing receivables | $2,029 | $1,956 | $1,950 | $2,103 | $2,117 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on mortgage and mezzanine loans | 1,451 | 1,493 | 1,781 | 1,973 | 1,787 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $3,480 | $3,449 | $3,731 | $4,076 | $3,904 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Parking income | $2,179 | $2,369 | $1,863 | $1,958 | $2,363 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fee and miscellaneous income | 4,707 | 4,614 | 4,526 | 3,667 | 2,657 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $6,886 | $6,983 | $6,389 | $5,625 | $5,020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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 4,253,989 units were not included.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 10

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

| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to common stockholders | $(57,738) | $(157,851) | $(44,873) | $(106,846) | $(93,023) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to common stockholders per diluted share 3 | $(0.17) | $(0.45) | $(0.13) | $(0.31) | $(0.26) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales of real estate assets | (76,771) | (20,004) | (2,904) | (32,082) | (39,148) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairments of real estate assets | 104,362 |  | 140,877 |  | 10,145 |  | 75,423 |  | 37,632 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate depreciation and amortization | 143,187 |  | 152,936 |  | 155,288 |  | 164,656 |  | 167,821 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling loss from operating partnership units | (806) |  | (2,293) |  | (599) |  | (1,422) |  | (1,372) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV depreciation and amortization | 6,688 | 6,706 | 6,717 | 5,913 | 5,378 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO adjustments | $176,660 | $278,222 | $168,647 | $212,488 | $170,311 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO adjustments per common share - diluted | $0.50 | $0.79 | $0.48 | $0.60 | $0.47 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO | $118,922 | $120,371 | $123,774 | $105,642 | $77,288 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO per common share - diluted | $0.34 | $0.34 | $0.35 | $0.30 | $0.21 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 125 | 593 | 1,011 | 1,577 | 719 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease intangible amortization | (203) |  | (222) |  | (228) |  | (2,348) |  | (10) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-routine legal costs/forfeited earnest money received | 9 |  | 478 |  | 77 |  | 306 |  | 306 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt financing costs 4 | 3,493 | — | — | 237 | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and severance-related charges | 12,046 | 10,302 | 502 | 22,991 | 6,861 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit losses and gains (losses) on other assets, net | — | 1,471 | 1,936 | 4,582 | 46,600 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | 10,715 | 10,580 | 10,446 | 10,314 | 10,184 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV normalizing items 5 | 233 | 163 | 204 | 113 | 101 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjustments | $26,418 | $23,365 | $13,948 | $37,772 | $64,761 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjustments per common share - diluted | $0.07 | $0.07 | $0.04 | $0.11 | $0.18 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO | $145,340 | $143,736 | $137,722 | $143,414 | $142,049 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO per common share - diluted | $0.41 | $0.41 | $0.39 | $0.40 | $0.39 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate depreciation and amortization | 114 | 207 | 222 | 404 | 276 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-cash interest amortization, net 6 | 1,384 | 1,130 | 1,217 | 1,239 | 1,319 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rent reserves, net | 146 | 130 | 94 | (369) | (27) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent income, net | (5,899) | (7,045) | (6,844) | (7,051) | (5,771) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation | 3,386 | 3,887 | 3,028 | 3,028 | 4,064 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV non-cash items 7 | (463) | (356) | (253) | (277) | (376) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO adjusted for non-cash items | $144,008 | $141,689 | $135,186 | $140,388 | $141,534 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI | (9,398) | (12,036) | (14,885) | (20,003) | (16,951) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | (7,438) | (5,187) | (11,394) | (11,957) | (10,266) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Building capital | (10,319) | (9,112) | (6,687) | (8,347) | (7,389) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total maintenance capex | $(27,155) | $(26,335) | $(32,966) | $(40,307) | $(34,606) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FAD | $116,853 | $115,354 | $102,220 | $100,081 | $106,928 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly dividends and OP distributions | $85,536 | $110,486 | $109,840 | $110,808 | $113,770 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO wtd avg common shares outstanding - diluted 8 | 354,690 | 354,078 | 353,522 | 355,874 | 363,370 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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 Includes loss on debt extinguishment, loss on derivatives, and legal fees related to the amended credit facility.
5 Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and transaction costs.
6 Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.
7 Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.
8 The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 472,119 for the three months ended September 30, 2025. Also includes the diluted impact of 4,253,989 OP units outstanding.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 11

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

ACQUISITION AND RE/DEVELOPMENT FUNDING |  |  |  |  |  |  |
| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions 1 | $— | $— | $— | $— | $— |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Re/development 2 | 36,031 | 42,040 | 33,436 | 39,611 | 44,590 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1st generation TI/LC & acquisition capex 3 | 24,480 | 33,369 | 15,139 | 14,794 | 15,677 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MAINTENANCE CAPITAL EXPENDITURES FUNDING |
| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI | $9,398 | $12,036 | $14,885 | $20,003 | $16,951 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | 7,438 | 5,187 | 11,394 | 11,957 | 10,266 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Building capital | 10,319 | 9,112 | 6,687 | 8,347 | 7,389 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $27,155 | $26,335 | $32,966 | $40,307 | $34,606 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
% of Cash NOI |  |  |  |  |  |  |
2nd generation TI | 5.1 | % | 6.4 | % | 8.2 | % | 10.6 | % | 8.8 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions paid | 4.0 | % | 2.8 | % | 6.3 | % | 6.3 | % | 5.3 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Building capital | 5.6 | % | 4.9 | % | 3.7 | % | 4.4 | % | 3.8 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 14.7 | % | 14.1 | % | 18.2 | % | 21.3 | % | 17.9 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LEASING COMMITMENTS 4 |
| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Renewals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 682,626 | 642,797 | 794,857 | 783,975 | 909,844 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI/square foot/lease year | $3.13 | $1.66 | $1.90 | $2.20 | $1.91 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions/square foot/lease year | $1.85 | $1.12 | $1.48 | $1.48 | $1.36 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Renewal commitments as a % of annual net rent | 16.8 | % | 12.2 | % | 13.8 | % | 14.1 | % | 12.2 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 58.9 | 37.9 | 47.7 | 59.7 | 50.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 132,079 | 195,266 | 172,371 | 299,950 | 462,756 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2nd generation TI/square foot/lease year | $6.94 | $7.12 | $6.08 | $7.30 | $7.18 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commissions/square foot/lease year | $1.90 | $2.03 | $1.90 | $1.82 | $1.91 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New lease commitments as a % of annual net rent | 42.0 | % | 44.6 | % | 40.4 | % | 40.7 | % | 39.9 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 65.2 | 63.3 | 65.9 | 78.3 | 94.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
All |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet | 814,705 | 838,063 | 967,228 | 1,083,925 | 1,372,600 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commitments as a % of annual net rent | 20.0 | % | 22.2 | % | 18.8 | % | 21.9 | % | 24.0 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
WALT (in months) 5 | 60.0 | 43.8 | 51.0 | 64.8 | 65.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

1 Acquisitions include properties acquired through joint ventures at the Company's ownership percentage.
2 Re/development funding includes capital spend on re/developments, re/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, re/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 | 3Q 2025 SUPPLEMENTAL INFORMATION 12

Debt Metrics 1
DOLLARS IN THOUSANDS

SUMMARY OF INDEBTEDNESS AS OF SEPTEMBER 30, 2025 |
| PRINCIPAL BALANCE | BALANCE 1 | MATURITY DATE 2 | MONTHS TO MATURITY 2 | 3Q 2025 INTEREST EXPENSE | CONTRACTUAL INTEREST EXPENSE | CONTRACTUAL RATE | EFFECTIVE RATE | FAIR VALUE MERGER ADJUSTED
SENIOR NOTES | $600,000 | $592,937 | 8/1/2026 | 10 |  | $7,313 | $5,250 | 3.50 | % | 4.94 | % | Y
500,000 | 491,525 | 7/1/2027 | 21 |  | 5,842 | 4,688 | 3.75 | % | 4.76 | % | Y
300,000 | 298,494 | 1/15/2028 | 28 |  | 2,788 | 2,719 | 3.63 | % | 3.85 | % |
650,000 | 594,343 | 2/15/2030 | 53 |  | 7,846 | 5,038 | 3.10 | % | 5.30 | % | Y
299,500 | 297,504 | 3/15/2030 | 54 |  | 1,929 | 1,797 | 2.40 | % | 2.72 | % |
299,785 | 296,734 | 3/15/2031 | 66 |  | 1,594 | 1,536 | 2.05 | % | 2.25 | % |
800,000 | 681,124 | 3/15/2031 | 66 |  | 8,690 | 4,000 | 2.00 | % | 5.13 | % | Y
| $3,449,285 | $3,252,661 |  | 42 |  | $36,002 | $25,028 | 2.90 | % | 4.47 | % |
TERM LOANS | $151,375 | $151,315 | 5/31/2027 3 | 20 |  | 2,159 | 2,159 | SOFR + 1.04% | 5.32 | % |
121,500 | 121,420 | 6/1/2027 | 20 |  | 1,767 | 1,767 | SOFR + 1.04% | 5.32 | % |
268,733 | 268,651 | 10/31/2027 | 25 |  | 3,758 | 3,758 | SOFR + 1.04% | 5.32 | % |
200,000 | 199,576 | 7/20/2029 | 45 |  | 2,703 | 2,703 | SOFR + 0.94% | 5.22 | % |
300,000 | 298,941 | 1/20/2029 | 39 |  | 4,054 | 4,054 | SOFR + 0.94% | 5.22 | % |
| $1,041,608 | $1,039,903 |  | 32 |  | $14,441 | $14,441 |  | 5.27 | % |
$1.5B CREDIT FACILITY | 149,000 |  | 149,000 |  | 7/25/2030 | 57 |  | $3,939 | $3,939 | SOFR + 0.84% | 5.00 | % |
MORTGAGES | $44,237 | $44,142 | various | 7 |  | $438 | $450 | 4.04 | % | 4.18 | % |
| $4,684,130 | $4,485,706 |  | 40 | $54,820 | $43,858 | 3.51 | % | 4.67 | % | $2,550,000
Less cash | (43,345) |  | (43,345) |  |  |  |  |  |  |  |
Net debt | $4,640,785 | $4,442,361 |  |  |  |  |  |  |
Interest rate swaps | (1,112) | (1,112) |  |  |
Interest cost capitalization | (3,983) | — |  |  |
Unsecured credit facility fee & deferred financing costs | 1,990 | 738 |  |  |
Financing right-of-use asset amortization | 927 | — |  |  |
|  |  |  |  | $52,642 | $43,484 |  |  |

DEBT MATURITIES SCHEDULE AS OF SEPTEMBER 30, 2025 2
|  | PRINCIPAL PAYMENTS |  |
|  | BANK LOANS | SENIOR NOTES | MORTGAGE NOTES | TOTAL |  | WA RATE
2025 |  | $— | $— | $15,333 | $15,333 |  | 4.24 | %
2026 |  | — |  | 600,000 | 28,904 | 628,904 |  | 3.52 | %
2027 |  | 541,608 | 500,000 | — |  | 1,041,608 |  | 4.57 | %
2028 |  | — |  | 300,000 | — |  | 300,000 |  | 3.63 | %
2029 |  | 500,000 | — |  | — |  | 500,000 |  | 5.22 | %
Thereafter |  | 149,000 | 2,049,285 | — |  | 2,198,285 |  | 2.59 | %
Total |  | $1,190,608 | $3,449,285 | $44,237 | $4,684,130 |  | 3.51 | %
Net debt (principal) |  |  |  |  | $4,640,785 |  |
Fixed rate debt balance |  | $1,041,608 | $3,449,285 | $44,237 | $4,535,130 |  |
% fixed rate debt, net of cash |  | 97.7 | % |  |
Company share of JV net debt |  | $30,887 |  |  |

INTEREST RATE SWAPS
MATURITY | AMOUNT | WA FIXED SOFR RATE
May 2026 | $241,608 | 3.63 | %
June 2026 | 150,000 |  | 3.83 | %
December 2026 | 150,000 |  | 3.84 | %
June 2027 | 200,000 |  | 4.27 | %
December 2027 | 300,000 |  | 3.93 | %
As of 9/30/2025 | $1,041,608 | 3.90 | %
October Activity 3 | (151,375) |  | 4.67 | %
As of 10/30/2025 | $890,233 | 3.77 | %

1 Balances are reflected net of discounts, fair value adjustments, and deferred financing costs and include premiums.
2 Includes extension options.
3 On October 7, 2025, the Company repaid its Term Loan due May 2027. In conjunction with this repayment, the Company terminated the associated interest rate swaps.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 13

Debt Covenants & Liquidity
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED SEPTEMBER 30, 2025 1 |
| CALCULATION | REQUIREMENT | PER DEBT COVENANTS
Revolving credit facility and term loan |  |
Leverage ratio | Total debt/total capital | Not greater than 60% | 39.2 | %
Secured leverage ratio | Total secured debt/total capital | Not greater than 30% | 0.4 | %
Unencumbered leverage ratio | Unsecured debt/unsecured real estate | Not greater than 60% | 42.9 | %
Fixed charge coverage ratio | EBITDA/fixed charges | Not less than 1.50x | 3.3x
Unsecured coverage ratio | Unsecured EBITDA/unsecured interest | Not less than 1.75x | 3.2x
Asset investments | Unimproved land, JVs & mortgages/total assets | Not greater than 35% | 10.0 | %
Senior Notes |  |  |
Incurrence of total debt | Total debt/total assets | Not greater than 60% | 38.3 | %
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% | 250.5 | %
Debt service coverage | EBITDA/interest expense | Not less than 1.5x | 3.4x
Other |  |  |
Net debt to adjusted EBITDA 2 | Net debt (debt less cash)/adjusted EBITDA | Not required | 5.9x
Run rate net debt to adjusted EBITDA 3 | Proforma net debt (debt less cash)/proforma adjusted EBITDA | Not required | 5.8x
Net debt to enterprise value 4 | Net debt/enterprise value | Not required | 42.0 | %

LIQUIDITY SOURCES
Cash | $43,345
Unsecured credit facility availability | $1,351,000
Consolidated unencumbered real estate assets (gross) 5 | $11,031,361

1 Does not include all financial and non-financial covenants and restrictions that are required by the Company's various debt agreements. Financial measures include the Company's proportionate share of unconsolidated joint ventures, as applicable.
2 Net debt includes the Company's share of unconsolidated JV net debt. See page 27 for a reconciliation of adjusted EBITDA.
3 Includes the proforma impact of October dispositions. Net debt also includes $55.7 million of proceeds held in a cash escrow account from a portfolio disposition that closed on September 30, 2025 and was received by the Company on October 1, 2025.
4 Based on the closing price of $18.03 on September 30, 2025, and 355,888,405 shares outstanding including outstanding OP units.
5 The annualized third quarter unencumbered asset NOI was $695.5 million.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 14

Investment Activity
DOLLARS IN THOUSANDS

DISPOSITION ACTIVITY DETAIL |  |  |  |  |  |  |  |  |
LOCATION | COUNT |  | CLOSING | SQUARE FEET | OCCUPIED % | SALE PRICE |  |  |
Boston, MA | 1 |  | 2/7/2025 | 30,304 | 41 | % | $4,500 |  |  |
Denver, CO | 2 |  | 2/14/2025 | 69,715 | 54 | % | 8,600 |  |  |
Houston, TX 1 | 1 |  | 3/20/2025 | 127,933 | 35 | % | 15,000 |  |  |
1Q 2025 total | 4 |  |  | 227,952 | 42 | % | $28,100 |  |  |
Boston, MA | — |  | 4/30/2025 | — |  | — | % | 486 |  |  |
Boston, MA | 1 |  | 5/23/2025 | 33,176 | 61 | % | 3,000 |  |  |
Jacksonville, FL | 1 |  | 6/26/2025 | 53,169 | 12 | % | 8,100 |  |  |
Yakima, WA | 2 |  | 6/26/2025 | 91,561 | 100 | % | 31,000 |  |  |
Houston, TX | — |  | 6/27/2025 | — |  | — | % | 10,500 |  |  |
2Q 2025 total | 4 |  |  | 177,906 | 66 | % | $53,086 |  |  |
South Bend, IN | 1 |  | 7/15/2025 | 205,573 | 77 | % | 43,100 |  |  |
Milwaukee, WI | 2 |  | 7/29/2025 | 147,406 | 100 | % | 42,000 |  |  |
Naples, FL | 1 |  | 7/29/2025 | 61,359 | 81 | % | 19,250 |  |  |
New York, NY | 1 |  | 7/30/2025 | 89,893 | 88 | % | 25,000 |  |  |
Boston, MA | 1 |  | 8/25/2025 | 9,010 | 66 | % | 450 |  |  |
Lakeland, FL | 4 |  | 8/27/2025 | 31,158 | 100 | % | 7,325 |  |  |
Salem, OR | 1 |  | 8/29/2025 | 21,026 | 43 | % | 4,000 |  |  |
Milwaukee, WI | 1 |  | 9/29/2025 | 220,747 | 74 | % | 60,000 |  |  |
Tampa, FL | 2 |  | 9/30/2025 | 47,962 | 100 | % | 22,000 |  |  |
Dallas, TX | 4 |  | 9/30/2025 | 448,879 | 62 | % | 58,800 |  |  |
Chicago, IL | 1 |  | 9/30/2025 | 56,531 | 97 | % | 18,700 |  |  |
Columbus, OH | 3 |  | 9/30/2025 | 117,060 | 100 | % | 33,750 |  |  |
Miami, FL | 1 |  | 9/30/2025 | 152,976 | 95 | % | 62,000 |  |  |
3Q 2025 total | 23 |  |  | 1,609,580 | 80 | % | $396,375 |  |  |
Total 2025 disposition activity | 31 |  |  | 2,015,438 | 74 | % | $477,561 |  |  |
Average cap rate 2 |  |  |  |  | 6.5 | % |  |  |
|  |  |  |  |  | . |  |  |
Subsequent Disposition Activity |  |  |  |  |  |  |  |  |
New Haven, CT | — |  | 10/16/2025 | — |  | — | % | 725 |  |  |
Des Moines, IA | 1 |  | 10/29/2025 | 152,655 | 79 | % | 7,225 |  |  |

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. Cap rate includes subsequent disposition activity.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 15

Joint Ventures 1
DOLLARS IN THOUSANDS

PORTFOLIOS |  |  |  |  |
|  | WA OWNERSHIP INTEREST |  |  |  | 3Q 2025
JOINT VENTURE |  | # OF PROPERTIES | SQUARE FEET |  | OCCUPANCY | NOI | NOI AT SHARE | SAME STORE NOI AT SHARE
Nuveen |  | 41 | % | 28 | 1,526,776 |  |  | 88 | % | $7,598 | $2,950 | $2,383
CBRE |  | 20 | % | 4 | 283,880 |  |  | 59 | % | 1,168 | 234 | 183
KKR |  | 20 | % | 23 | 1,719,557 |  |  | 96 | % | 12,971 | 2,594 | —
Other 2 |  | 58 | % | 10 | 723,632 |  |  | 89 | % | 4,924 | 2,603 | 1,785
Total |  |  | 65 | 4,253,845 |  |  | 90 | % | $26,661 | $8,381 | $4,351

BALANCE SHEET
JOINT VENTURE |  |  | REAL ESTATE INVESTMENT 3 | DEBT 3 | DEBT AT SHARE | INTEREST RATE
Nuveen |  |  | $608,772 | $71,879 | $14,376 | 5.9 | %
CBRE |  |  | 134,224 |  | — |  | — |  | — |
KKR |  |  | 740,963 |  | — |  | — |  | — |
Other 2 |  |  | 340,556 |  | 68,313 |  | 27,325 | 5.3 | %
Total |  |  | $1,824,515 | $140,192 | $41,701 | 5.6 | %
Net debt at JV share |  | $30,887 |

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 | 3Q 2025 SUPPLEMENTAL INFORMATION 16

Re/development Activity
DOLLARS IN THOUSANDS

DEVELOPMENTS |  |
MARKET | ASSOCIATED HEALTH SYSTEM |  | SQUARE FEET | CURRENT LEASED % | BUDGET | COST TO COMPLETE |  |
Raleigh, NC | UNC REX Health |  | 122,991 | 51 | % | $58,000 | $10,081 |  |
Fort Worth, TX 1 | Baylor Scott & White |  | 101,279 | 72 | % | 48,200 | 5,568 |  |
Total development |  | 224,270 | 60 | % | $106,200 | $15,649 |  |
Projected stabilized yield - 7.0%-8.5% |  |  |
Estimated stabilization period post completion - 12 - 36 months |  |  |

REDEVELOPMENTS
MARKET |  | COUNT | SQUARE FEET | PROJECT SQUARE FEET | PROJECT LEASED % | BUDGET | COST TO COMPLETE
Charlotte, NC |  | 2 | 169,135 | 101,486 | 96 | % | $35,050 | $5,949
Houston, TX |  | 2 | 314,861 | 152,172 | 35 | % | 30,000 | 5,144
White Plains, NY |  | 1 | 65,851 | 44,634 | 85 | % | 23,900 | 5,671
Charlotte, NC |  | 1 | 122,388 | 83,581 | 21 | % | 19,200 | 19,079
Washington, DC |  | 1 | 57,323 | 24,034 | 82 | % | 15,200 | 1,761
Seattle, WA |  | 1 | 78,288 | 34,916 | — | % | 13,600 | 13,551
Raleigh, NC |  | 1 | 40,400 | 40,400 | 100 | % | 10,800 | 8,264
Port St. Lucie, FL |  | 1 | 31,466 | 31,466 | — | % | 9,400 | 9,305
Dallas, TX |  | 1 | 126,121 | 22,152 | 100 | % | 8,600 | 8,600
Denver, CO |  | 1 | 55,978 | 28,832 | — | % | 7,300 | 7,247
Other |  | 6 | 807,240 | 629,416 | 46 | % | 87,400 | 72,248
Total redevelopment |  | 18 | 1,869,051 | 1,193,089 | 49 | % | $260,450 | $156,819
Projected stabilized yield - 9.0%-12.0% |
Estimated stabilization period post completion - 12 - 36 months |

LAND
MARKET | COUNT | ACREAGE | INVESTMENT TO DATE
White Plains, NY | 1 | 3.1 | $3,424
Atlanta, GA | 1 | 2.5 | 2,584
Nashville, TN | 1 | 2.7 | 2,018
Round Rock, TX | 1 | 6.3 | 6,680
Nashville, TN | 1 | 0.4 | 4,650
Other | 14 | Various | 37,847
Total | 19 |  | $57,203

1 Development converted to an operating property to coincide with lease commencements in Q3 2025.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 17

Portfolio 1,2
DOLLARS IN THOUSANDS

MARKETS |  |  |  |
|  | COUNT |  | SQUARE FEET | WHOLLY OWNED
MARKET | MSA RANK |  | MOB |  | INPATIENT | OFFICE |  | WHOLLY OWNED | JOINT VENTURES | TOTAL | % OF NOI | CUMULATIVE % OF NOI
Dallas, TX | 4 | 47 |  | 2,527,868 |  | 146,519 | 199,800 |  | 2,874,187 | 581,096 | 3,455,283 | 9.8 | % | 9.8 | %
Seattle, WA | 15 | 29 |  | 1,324,047 |  |  |  |  | 1,324,047 | 257,121 | 1,581,168 | 7.0 | % | 16.8 | %
Charlotte, NC | 21 | 31 |  | 1,698,667 |  |  |  |  | 1,698,667 |  | 1,698,667 | 5.6 | % | 22.4 | %
Houston, TX | 5 | 27 |  | 1,747,673 |  | 67,500 |  |  | 1,815,173 | 249,158 | 2,064,331 | 5.0 | % | 27.4 | %
Denver, CO | 19 | 29 |  | 1,349,450 |  |  |  |  | 1,349,450 | 306,949 | 1,656,399 | 4.8 | % | 32.2 | %
Atlanta, GA | 6 | 25 |  | 1,222,606 |  |  |  |  | 1,222,606 | 96,108 | 1,318,714 | 4.2 | % | 36.4 | %
Boston, MA | 11 | 14 |  | 729,103 |  |  |  |  | 729,103 |  | 729,103 | 4.1 | % | 40.5 | %
Los Angeles, CA | 2 | 27 |  | 787,715 |  | 63,000 |  |  | 850,715 | 786,520 | 1,637,235 | 4.1 | % | 44.6 | %
Raleigh, NC | 41 | 27 |  | 978,218 |  |  |  |  | 978,218 | 198,485 | 1,176,703 | 3.4 | % | 48.0 | %
Phoenix, AZ | 10 | 34 |  | 1,327,845 |  |  |  |  | 1,327,845 | 101,086 | 1,428,931 | 3.2 | % | 51.2 | %
Nashville, TN | 35 | 13 |  | 1,134,891 |  |  | 108,691 |  | 1,243,582 | 106,981 | 1,350,563 | 3.1 | % | 54.3 | %
Indianapolis, IN | 33 | 37 |  | 996,511 |  | 61,398 |  |  | 1,057,909 | 357,915 | 1,415,824 | 2.9 | % | 57.2 | %
Tampa, FL | 17 | 17 |  | 828,117 |  |  |  |  | 828,117 |  | 828,117 | 2.7 | % | 59.9 | %
Washington, DC | 7 | 9 |  | 692,107 |  |  |  |  | 692,107 |  | 692,107 | 2.5 | % | 62.4 | %
Austin, TX | 25 | 12 |  | 657,575 |  |  |  |  | 657,575 | 129,879 | 787,454 | 2.5 | % | 64.9 | %
Miami, FL | 8 | 14 |  | 828,430 |  |  |  |  | 828,430 | 52,178 | 880,608 | 2.4 | % | 67.3 | %
San Francisco, CA | 13 | 9 |  | 449,706 |  |  |  |  | 449,706 | 110,865 | 560,571 | 2.3 | % | 69.6 | %
Orlando, FL | 20 | 7 |  | 359,477 |  | 56,998 |  |  | 416,475 |  | 416,475 | 2.2 | % | 71.8 | %
New York, NY | 1 | 14 |  | 557,111 |  |  |  |  | 557,111 | 57,411 | 614,522 | 2.1 | % | 73.9 | %
Colorado Springs, CO | 79 | 13 |  | 594,497 |  |  |  |  | 594,497 | 51,466 | 645,963 | 1.9 | % | 75.8 | %
Other (32 Market) | 144 |  | 6,391,918 |  | 538,392 | 895,708 |  | 7,826,018 | 810,627 | 8,636,645 | 24.2 | % | 100.0 | %
Total |  | 579 |  | 27,183,532 |  | 933,807 | 1,204,199 |  | 29,321,538 | 4,253,845 | 33,575,383 | 100.0 | % |
Number of properties |  |  | 494 |  | 15 | 5 |  | 514 | 65 | 579 |  |
% of square feet |  |  |  | 92.7 | % |  | 3.2 | % | 4.1 | % |  | 100.0 | % |  |  |  |
% multi-tenant |  |  |  | 87.2 | % |  | 6.9 | % | 74.3 | % |  | 84.1 | % |  |  |  |
Investment |  |  |  | $9,393,540 |  | $434,718 | $319,598 |  | $10,147,856 |  |  |  |
Quarterly cash NOI 2 |  |  | $145,521 |  | $8,465 | $4,992 |  | $158,978 |  |  |  |
% of cash NOI |  |  |  | 91.6 | % |  | 5.3 | % | 3.1 | % |  | 100.0 | % |  |  |  |

BY OWNERSHIP AND TENANT TYPE
| WHOLLY OWNED | JOINT VENTURES |
| MULTI-TENANT | SINGLE-TENANT |  | MULTI-TENANT | SINGLE-TENANT | TOTAL
Number of properties | 411 | 103 |  | 49 | 16 | 579
Square feet | 24,665,616 | 4,655,922 |  | 3,523,829 | 730,016 | 33,575,383
% of square feet | 73.4 | % | 13.9 | % |  | 10.5 | % | 2.2 | % | 100.0 | %
Investment 2 | $8,157,553 | $1,990,303 |  | $508,549 | $115,225 | $10,771,630
Quarterly cash NOI 2 | $125,532 | $33,446 |  | $6,498 | $1,884 | $167,359
% of cash NOI | 75.0 | % | 20.0 | % |  | 3.9 | % | 1.1 | % | 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 | 3Q 2025 SUPPLEMENTAL INFORMATION 18

Health Systems 1,2

MOB PORTFOLIO |  |
|  |  | BUILDING SQUARE FEET | # OF BLDGS |  | LEASED BY HEALTH SYSTEM | % OF LEASED SF | # OF LEASES
HEALTH SYSTEM | SYSTEM RANK 3 | CREDIT RATING | ON/ADJACENT 4 | OFF-CAMPUS AFFILIATED 5 | TOTAL | % OF NOI
HCA | 1 | BBB-/Baa3 | 2,094,979 | 769,842 | 2,864,821 |  | 42 | 9.6 | % | 813,687 | 2.9 | % | 133
Baylor Scott & White | 21 | AA-/Aa2 | 2,146,334 | 66,376 | 2,212,710 |  | 25 | 6.7 | % | 1,081,516 | 3.9 | % | 155
CommonSpirit | 4 | A-/A3 | 1,442,804 | 535,300 | 1,978,104 |  | 37 | 6.7 | % | 720,465 | 2.6 | % | 128
Ascension Health | 3 | AA/Aa2 | 1,631,390 | 97,551 | 1,728,941 |  | 18 | 4.4 | % | 744,757 | 2.7 | % | 107
Advocate Health | 14 | AA/Aa3 | 751,636 | 240,910 | 992,546 |  | 17 | 3.8 | % | 869,101 | 3.1 | % | 87
Wellstar Health System | 75 | A+/A2 | 918,394 | — | 918,394 |  | 18 | 3.2 | % | 611,572 | 2.2 | % | 83
UW Medicine (Seattle) | 91 | AA+/Aa1 | 461,363 | 169,709 |  | 631,072 |  | 10 | 3.0 | % | 294,971 | 1.1 | % | 32
Providence Health & Services | 5 | A/A3 | 602,834 | 31,601 | 634,435 |  | 12 | 2.7 | % | 248,611 | 0.9 | % | 46
AdventHealth | 11 | AA/Aa2 | 640,215 | 118,585 |  | 758,800 |  | 12 | 2.6 | % | 393,923 | 1.4 | % | 99
MultiCare Health System | 82 | A/-- | 492,623 | — |  | 492,623 |  | 8 | 2.5 | % | 255,111 | 0.9 | % | 33
Indiana University Health | 26 | AA/Aa2 | 416,978 | 269,320 | 686,298 |  | 10 | 2.1 | % | 387,649 | 1.4 | % | 51
Tenet Healthcare Corporation | 6 | BB-/Ba3 | 648,066 | 235,399 |  | 883,465 |  | 16 | 2.0 | % | 146,482 | 0.5 | % | 28
Tufts Medicine | None | BBB-/Aa3 | 252,087 |  | — |  | 252,087 |  | 2 | 1.9 | % | 260,784 | 0.9 | % | 5
Cedars-Sinai Health Systems | 51 | AA-/Aa3 | 199,701 | 90,607 | 290,308 |  | 5 | 1.8 | % | 96,614 | 0.3 | % | 22
WakeMed | 185 | --/A2 | 374,207 | 101,597 | 475,804 |  | 13 | 1.7 | % | 149,676 | 0.5 | % | 22
Banner Health | 24 | AA-/-- | 749,075 | 31,039 | 780,114 |  | 24 | 1.6 | % | 118,225 | 0.4 | % | 32
Sutter Health | 12 | A+/A1 | 175,591 | 96,987 |  | 272,578 |  | 4 | 1.5 | % | 121,481 | 0.4 | % | 25
Hawaii Pacific Health | 181 | --/A1 | 173,502 | 124,925 |  | 298,427 |  | 3 | 1.4 | % | 104,915 | 0.4 | % | 41
MemorialCare Health Systems | 133 | AA-/-- | 353,541 | 48,759 |  | 402,300 |  | 5 | 1.4 | % | 8,877 | — | % | 4
Novant Health | 42 | A+/A1 | 473,471 | 138,035 |  | 611,506 |  | 10 | 1.4 | % | 162,943 | 0.6 | % | 24
MedStar Health | 45 | A/A2 | 326,129 | — |  | 326,129 |  | 4 | 1.3 | % | 203,501 | 0.7 | % | 65
Other (61 Credit Rated) |  |  | 6,483,390 | 2,848,694 | 9,332,084 |  | 182 |  | 28.8 | % | 4,489,641 | 16.2 | % |
Subtotal - credit rated 6 |  |  | 21,808,310 | 6,015,236 | 27,823,546 |  | 477 |  | 92.1 | % | 12,284,502 | 44.0 | % |
Other non-credit rated 7 |  |  | 691,812 | 380,385 | 1,072,197 |  | 21 | 2.5 | % | 421,597 | 1.5 | % |
Off-campus non-affiliated 8 |  |  | — | 2,315,558 | 2,315,558 |  | 54 | 5.4 | % | — | — | % |
Total |  |  | 22,500,122 | 8,711,179 | 31,211,301 |  | 552 | 100.0 | % | 12,706,099 | 45.5 | % |
Joint ventures |  |  | 2,823,464 | 1,204,305 | 4,027,769 |  |  |  |  |  |
Wholly-owned |  |  | 19,676,658 | 7,506,874 | 27,183,532 |  |  |  |  |  |

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, 96% is associated and 42% is leased by an investment-grade rated healthcare provider.
7 Includes 21 properties associated with hospital systems that are not credit rated. Prospect Medical leases approximately 81,000 square feet and represent 0.3% 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 | 3Q 2025 SUPPLEMENTAL INFORMATION 19

MOB Proximity to Hospital 1,2,3

MOB BY LOCATION |  |  |  |  |
| # OF PROPERTIES | SQUARE FEET | TOTAL | % GROUND LEASED |
On campus | 218 | 16,550,092 | 53.0 | % | 69.6 | % |
Adjacent to campus 4 | 137 | 5,950,030 | 19.1 | % | 14.1 | % |
Total on/adjacent | 355 | 22,500,122 | 72.1 | % | 54.9 | % |
Off campus - affiliated 5 | 143 | 6,395,621 | 20.5 | % | 15.0 | % |
Off campus | 54 | 2,315,558 | 7.4 | % | 9.2 | % |
| 552 | 31,211,301 | 100.0 | % | 43.4 | % |
Wholly-owned | 494 | 27,183,532 |  |  |
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 | 420 | 23,430,071 | 75.1 | % | 344 | 20,383,109 | 77.3 | % |
Non-clustered | 132 | 7,781,230 | 24.9 | % | 89 | 5,988,551 | 22.7 | % |
Total | 552 | 31,211,301 | 100.0 | % | 433 | 26,371,660 | 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 | 3Q 2025 SUPPLEMENTAL INFORMATION 20

Lease Maturity & Occupancy 1,2

LEASE MATURITY SCHEDULE |  |  |  |  |
|  | SQUARE FEET | # OF WHOLLY-OWNED LEASES
|  | WHOLLY-OWNED AND JOINT VENTURE |  |
|  | MULTI-TENANT 3 | SINGLE-TENANT | TOTAL | % OF TOTAL | JOINT VENTURES | WHOLLY-OWNED
Month-to-month |  | 313,372 | 90,893 | 404,265 | 1.3 | % | 47,730 | 356,535 | 99
4Q 2025 |  | 874,006 | 104,421 | 978,427 | 3.3 | % | 65,791 | 912,636 | 254
2026 |  | 3,729,510 | 324,771 | 4,054,281 | 13.5 | % | 277,255 | 3,777,026 | 1,082
2027 |  | 3,647,669 | 1,098,726 | 4,746,395 | 15.8 | % | 494,913 | 4,251,482 | 947
2028 |  | 3,080,729 | 585,199 | 3,665,928 | 12.2 | % | 269,254 | 3,396,674 | 873
2029 |  | 2,960,448 | 715,648 | 3,676,096 | 12.2 | % | 588,597 | 3,087,499 | 700
2030 |  | 2,520,336 | 540,536 | 3,060,872 | 10.2 | % | 350,584 | 2,710,288 | 586
2031 |  | 1,471,033 | 369,883 | 1,840,916 | 6.1 | % | 249,495 | 1,591,421 | 324
2032 |  | 1,872,555 | 356,727 | 2,229,282 | 7.4 | % | 356,388 | 1,872,894 | 308
2033 |  | 869,718 | 52,813 | 922,531 | 3.1 | % | 205,524 | 717,007 | 192
2034 |  | 1,152,042 | 142,581 | 1,294,623 | 4.3 | % | 256,739 | 1,037,884 | 197
Thereafter |  | 2,152,782 | 995,090 | 3,147,872 | 10.6 | % | 645,508 | 2,502,364 | 415
Total occupied |  | 24,644,200 | 5,377,288 | 30,021,488 | 89.4 | % | 3,807,778 | 26,213,710 | 5,977
Total building |  | 28,189,445 | 5,385,938 | 33,575,383 |  | 4,253,845 | 29,321,538 |
Occupancy |  | 87.4 | % | 99.8 | % | 89.4 | % |  | 89.5 | % | 89.4 | % |
WALTR (months) 4 | 50.7 | 69.4 | 54.1 |  |  | 51.6 |
WALT (months) 4 | 92.0 | 144.2 | 116.0 |  |  | 100.6 |

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 |  | — |  | 26,626,739 |  | — |  | 5,574,496 |  |  | 32,201,235 |
Dispositions and assets held for sale |  | — |  | (2,038,641) |  | — |  | (191,504) |  |  | (2,230,145) |
Expirations and early vacates |  | (1,026,737) |  | — |  | (58,061) |  | — |  | (1,084,798) |  |
Renewals, amendments, and extensions |  | 701,789 |  | — |  | 52,357 |  | — |  | 754,146 |  |
New lease commencements |  | 381,050 |  | — |  | — |  | — |  | 381,050 |  |
Absorption |  |  | 56,102 |  |  | (5,704) |  |  | 50,398 |
Occupied square feet, end of period |  |  | 24,644,200 |  |  | 5,377,288 |  |  | 30,021,488 |

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 3,761 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 | 3Q 2025 SUPPLEMENTAL INFORMATION 21

Leasing Statistics 1,2

SAME STORE RENEWALS 2
| 3Q 2025 | YTD 2025 |  |
Cash leasing spreads | 3.9 | % | 3.0 | % |  |
Cash leasing spreads distribution |  |  |
< 0% spread | 7.8 | % | 7.8 | % |  |
0-3% spread | 9.0 | % | 15.0 | % |  |
3-4% spread | 63.5 | % | 54.4 | % |  |
> 4% spread | 19.7 | % | 22.8 | % |  |
Total | 100.0 | % | 100.0 | % |  |
Tenant retention rate | 88.6 | % | 83.1 | % |  |

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 | 2.96 | % | 71.5 | % |  | 2.48 | % | 16.2 | % |  | 2.87 | % | 87.7 | %
Acquisitions | 2.81 | % | 6.1 | % |  | 2.64 | % | 1.7 | % |  | 2.78 | % | 7.8 | %
Other 4 | 2.80 | % | 4.2 | % |  | 3.00 | % | 0.3 | % |  | 2.81 | % | 4.5 | %
Total | 2.94 | % | 81.8 | % |  | 2.50 | % | 18.2 | % |  | 2.86 | % | 100.0 | %
Escalator type |  |  |  |  |  |  |  |
Fixed | 2.95 | % | 98.1 | % |  | 2.56 | % | 86.9 | % |  | 2.88 | % | 96.0 | %
CPI | 2.55 | % | 1.9 | % |  | 2.16 | % | 13.1 | % |  | 2.31 | % | 4.0 | %

SAME STORE TYPE AND OWNERSHIP STRUCTURE 2
| MULTI-TENANT | SINGLE-TENANT |  | TOTAL
Tenant type |  |  |  |
Hospital | 48.6 | % | 54.7 | % |  | 49.6 | %
Physician and other | 51.4 | % | 45.3 | % |  | 50.4 | %
Lease structure |  |  |  |
Gross | 8.8 | % | 1.4 | % |  | 7.4 | %
Modified gross | 33.3 | % | 9.1 | % |  | 29.0 | %
Net | 57.9 | % | 65.5 | % |  | 59.3 | %
Absolute net 5 | — | % | 24.0 | % |  | 4.3 | %
Ownership type |  |  |  |
Ground lease | 46.2 | % | 35.3 | % |  | 44.4 | %
Fee simple | 53.8 | % | 64.7 | % |  | 55.6 | %

# OF LEASES BY SIZE 6 |
LEASED SQUARE FEET | # OF LEASES | WALT | WALTR
0 - 2,500 | 3,228 |  | 71.8 |  | 37.8 |
2,501 - 5,000 | 1,442 |  | 80.4 |  | 42.7 |
5,001 - 7,500 | 498 |  | 90.7 |  | 46.2 |
7,501 - 10,000 | 280 |  | 99.9 |  | 53.1 |
10,001 + | 529 |  | 120.9 |  | 60.7 |
Total Leases | 5,977 |  | 100.6 |  | 51.6 |

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 re/development properties, re/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 | 3Q 2025 SUPPLEMENTAL INFORMATION 22

Same Store 1,2
DOLLARS IN THOUSANDS

TOTAL CASH NOI
| % of Total NOI | 3Q 2025 |  |  |  |  |  |
Multi-tenant | 65 | % | $120,762 |  |  |  |  |  |
Single-tenant | 18 | % | 32,815 |  |  |  |  |  |  |
Joint venture | 2 | % | 4,351 |  |  |  |  |  |  |
Same store | 85 | % | $157,928 |  |  |  |  |  |
Developments | — | % | 84 |  |  |  |  |  |  |
Development completions | — | % | 799 |  |  |  |  |  |  |
Redevelopment | 3 | % | 5,039 |  |  |  |  |  |  |
Redevelopment completions | — | % | 348 |  |  |  |  |  |  |
Wholly-owned and joint venture acquisitions | 2 | % | 3,160 |  |  |  |  |  |  |
Completed dispositions & assets held for sale | 10 | % | 17,055 |  |  |  |  |  |  |
Total cash NOI | 100 | % | $184,413 |  |  |  |  |  |  |

PORTFOLIO OCCUPANCY AND ABSORPTION |  |  |  |  |  |
|  |  |  | OCCUPANCY % | ABSORPTION (square feet in thousands) |  |  |
| COUNT | SQUARE FEET |  | 3Q 2025 | 2Q 2025 | 3Q 2024 | SEQUENTIAL | Y-O-Y |  |  |
Multi-tenant | 393 | 22,798,612 |  | 89.5 | % | 88.9 | % | 88.6 | % | 134 | 224 |  |  |
Single-tenant | 99 | 4,358,728 |  | 99.9 | % | 100.0 | % | 98.7 | % | (6) | 50 |  |  |
Joint venture | 30 | 1,672,923 |  | 90.3 | % | 88.9 | % | 90.0 | % | — | — |  |  |
Same store | 522 | 28,830,263 |  | 91.1 | % | 90.6 | % | 90.2 | % | 128 | 274 |  |  |
Wholly owned and joint venture acquisitions | 30 | 2,192,560 |  | 95.1 | % | 94.4 | % | 94.4 | % | 15 | 30 |  |  |
Total stabilized portfolio | 552 | 31,022,823 |  | 91.4 | % | 91.0 | % | 88.1 | % | — | — |  |  |
Developments | 2 | 224,270 |  | 34.3 | % | 45.1 | % | — | % | 21 | 77 |  |  |
Development completions | 2 | 107,247 |  | 82.1 | % | 82.1 | % | 100.0 | % | — | 82 |  |  |
Redevelopments 3 | 18 | 1,869,051 |  | 66.9 | % | 73.4 | % | 72.9 | % | (121) | (112) |  |  |
Redevelopment completions | 5 | 351,992 |  | 70.3 | % | 67.9 | % | 69.9 | % | 7 | — |  |  |
Total portfolio including re/developments | 579 | 33,575,383 |  | 89.4 | % | 89.3 | % | 89.1 | % | 50 | 351 |  |  |
Joint ventures | 65 | 4,253,845 |  | 89.5 | % | 88.3 | % | 89.8 | % | — | — |  |  |
Total wholly-owned | 514 | 29,321,538 |  | 89.4 | % | 89.5 | % | 89.1 | % | 50 | 351 |  |  |
Multi-tenant | 460 | 28,189,445 |  | 87.4 | % | 87.4 | % | 87.3 | % | 54 | 845 |  |  |

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 Includes the entire building under redevelopment.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 23

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

SAME STORE CASH NOI
| TOTAL
| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |  | YTD 2025 | YTD 2024
Base revenue | $188,458 | $186,339 | $183,807 | $182,047 | $180,830 |  | $558,604 | $538,127
Op. exp. recoveries | 58,700 | 55,791 | 56,711 | 56,591 | 56,671 |  | 171,202 | 164,159
Revenues | $247,158 | $242,130 | $240,518 | $238,638 | $237,501 |  | $729,806 | $702,286
Expenses | 89,230 | 85,258 | 87,686 | 86,622 | 87,680 |  | 262,174 | 255,027
Cash NOI | $157,928 | $156,872 | $152,832 | $152,016 | $149,821 |  | $467,632 | $447,259
Revenue per occ SF 4 | $37.72 | $37.10 | $36.92 | $36.68 | $36.65 |  | $37.23 | $36.27
Margin | 63.9 | % | 64.8 | % | 63.5 | % | 63.7 | % | 63.1 | % |  | 64.1 | % | 63.7 | %
Period end occupancy | 91.1 | % | 90.7 | % | 90.4 | % | 90.4 | % | 90.2 | % |  | 91.1 | % | 90.2 | %
Number of properties | 522 | 522 | 522 | 522 | 522 |  | 522 | 522
Year-Over-Year Change |  |  |  |  |  |  |  |
Revenues | 4.1 | % |  |  |  |  |  | 3.9 | % |
Base revenue | 4.2 | % |  |  |  |  |  | 3.8 | % |
Exp recoveries | 3.6 | % |  |  |  |  |  | 4.3 | % |
Expenses | 1.8 | % |  |  |  |  |  | 2.8 | % |
Cash NOI | 5.4 | % |  |  |  |  |  | 4.6 | % |

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, re/development completions, construction in progress, land held for development, corporate property, re/development properties. 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 | 3Q 2025 SUPPLEMENTAL INFORMATION 24

NOI Reconciliations 1
DOLLARS IN THOUSANDS

BOTTOM UP RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss | ($58,544) |  | ($160,144) |  | ($45,389) |  | ($108,212) |  | ($94,535) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other expense (income) | 83,116 |  | 175,898 |  | 63,893 |  | 107,448 |  | 105,657 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expense | 21,771 |  | 23,482 |  | 13,530 |  | 34,208 |  | 20,124 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | 137,841 |  | 147,749 |  | 150,969 |  | 160,330 |  | 163,226 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other expenses 2 | 7,290 |  | 7,821 |  | 7,564 |  | 7,059 |  | 6,434 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent expense | 842 |  | 859 |  | 865 |  | 917 |  | 965 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent revenue | (6,741) |  | (7,904) |  | (7,709) |  | (9,061) |  | (6,736) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other revenue 3 | (9,542) |  | (9,345) |  | (9,907) |  | (11,194) |  | (8,334) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joint venture property cash NOI | 8,380 |  | 8,225 |  | 8,282 |  | 7,280 |  | 6,477 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $184,413 |  | $186,641 |  | $182,098 |  | $188,775 |  | $193,278 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developments | (84) |  | 74 |  | 64 |  | 69 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development completions | (799) |  | (788) |  | (854) |  | (276) |  | 12 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redevelopment | (5,039) |  | (5,805) |  | (5,650) |  | (6,082) |  | (5,806) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redevelopment completions | (348) |  | (348) |  | (95) |  | (252) |  | (1,168) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholly owned and joint venture acquisitions | (3,160) |  | (3,072) |  | (3,065) |  | (2,441) |  | (1,531) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Completed dispositions & assets held for sale | (17,055) |  | (19,830) |  | (19,666) |  | (27,777) |  | (34,964) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store cash NOI | $157,928 |  | $156,872 |  | $152,832 |  | $152,016 |  | $149,821 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store joint venture properties | (4,351) |  | (4,406) |  | (4,400) |  | (4,547) |  | (4,513) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store excluding JVs | $153,577 |  | $152,466 |  | $148,432 |  | $147,469 |  | $145,308 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOP DOWN RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income before rent concessions | $292,965 |  | $292,859 |  | $294,543 |  | $305,229 |  | $310,080 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rent concessions | (5,566) |  | (5,789) |  | (5,686) |  | (5,164) |  | (3,581) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income | $287,399 |  | $287,070 |  | $288,857 |  | $300,065 |  | $306,499 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Parking income | 2,179 |  | 2,368 |  | 1,863 |  | 1,958 |  | 2,363 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest from financing receivable, net | 2,029 |  | 1,956 |  | 1,950 |  | 2,103 |  | 2,117 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exclude straight-line rent revenue | (6,741) |  | (7,904) |  | (7,709) |  | (9,061) |  | (6,736) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exclude other non-cash revenue 4 | (3,922) |  | (3,593) |  | (4,051) |  | (5,697) |  | (4,149) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash revenue | $280,944 |  | $279,897 |  | $280,910 |  | $289,368 |  | $300,094 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expense | (113,456) |  | (109,924) |  | (114,963) |  | (114,415) |  | (120,232) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exclude non-cash expenses 5 | 8,545 |  | 8,443 |  | 7,869 |  | 6,542 |  | 6,939 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joint venture property cash NOI | 8,380 |  | 8,225 |  | 8,282 |  | 7,280 |  | 6,477 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $184,413 |  | $186,641 |  | $182,098 |  | $188,775 |  | $193,278 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developments | (84) |  | 74 |  | 64 |  | 69 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development completions | (799) |  | (788) |  | (854) |  | (276) |  | 12 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redevelopment | (5,039) |  | (5,805) |  | (5,650) |  | (6,082) |  | (5,806) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redevelopment completions | (348) |  | (348) |  | (95) |  | (252) |  | (1,168) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholly owned and joint venture acquisitions | (3,160) |  | (3,072) |  | (3,065) |  | (2,441) |  | (1,531) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Completed dispositions & assets held for sale | (17,055) |  | (19,830) |  | (19,666) |  | (27,777) |  | (34,964) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store cash NOI | $157,928 |  | $156,872 |  | $152,832 |  | $152,016 |  | $149,821 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store joint venture properties | (4,351) |  | (4,406) |  | (4,400) |  | (4,547) |  | (4,513) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store excluding JVs | $153,577 |  | $152,466 |  | $148,432 |  | $147,469 |  | $145,308 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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 | 3Q 2025 SUPPLEMENTAL INFORMATION 25

NOI Reconciliations 1
DOLLARS IN THOUSANDS

RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO |  |  |  |  |  |  |
| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI | $184,413 |  | $186,641 |  | $182,098 |  | $188,775 |  | $193,278 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expense | (21,771) |  | (23,482) |  | (13,530) |  | (34,208) |  | (20,124) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent revenue | 6,741 |  | 7,904 |  | 7,709 |  | 9,061 |  | 6,736 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income (expense), net | (2,884) |  | (366) |  | 95 |  | (154) |  | (132) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fees and other income | 4,707 |  | 4,614 |  | 4,525 |  | 3,667 |  | 2,658 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Note receivable interest income | 1,451 |  | 1,492 |  | 1,781 |  | 1,973 |  | 1,787 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-cash revenue 2 | 3,385 |  | 3,239 |  | 3,601 |  | 5,554 |  | 3,891 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-cash expenses 3 | (8,007) |  | (8,087) |  | (7,418) |  | (6,400) |  | (6,687) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate impairment | — |  | (1,471) |  | — |  | (1,600) |  | (46,762) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and severance-related costs | 9,010 |  | 7,060 |  | 114 |  | 19,288 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income taxes | 372 |  | 297 |  | 310 |  | 657 |  | 448 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV adjustments | (1,031) | (683) | (1,155) | (720) | (401) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Covenant EBITDA | $176,386 |  | $177,158 |  | $178,130 |  | $185,893 |  | $134,692 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (52,642) |  | (53,346) |  | (54,812) |  | (58,265) |  | (60,649) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | (125) |  | (593) |  | (1,011) |  | (1,577) |  | (719) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leasing commission amortization 4 | 6,519 |  | 6,404 |  | 5,621 |  | 5,744 |  | 5,827 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-real estate depreciation and amortization | (1,173) |  | (1,217) |  | (1,301) |  | (1,418) |  | (1,232) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Loss) gain on non-real estate assets | — | — | (1,936) | (4,075) | 162 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlling interest | — | — | (83) | (56) | 139 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and severance-related costs | (9,010) |  | (7,060) |  | (114) |  | (19,288) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income taxes | (372) |  | (297) |  | (310) |  | (657) |  | (448) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on extinguishment of debt | (286) | — | — | (237) | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV adjustments | (375) | (678) | (410) | (422) | (484) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO | $118,922 |  | $120,371 |  | $123,774 |  | $105,642 |  | $77,288 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs | 125 | 593 | 1,011 | 1,577 | 719 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease intangible amortization | (203) | (222) | (228) | (2,348) | (10) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Significant non-recurring legal fees/forfeited earnest money received | 9 | 478 | 77 | 306 | 306 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt financing costs 5 | 3,493 | — | — | 237 | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and severance-related costs | 12,046 | 10,302 | 502 | 22,991 | 6,861 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger-related fair value adjustment | 10,715 | 10,580 | 10,446 | 10,314 | 10,184 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit losses and gains on other assets, net | — | 1,471 | 1,936 | 4,582 | 46,600 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV normalizing items | 233 | 163 | 204 | 113 | 101 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO | $145,340 |  | $143,736 |  | $137,722 |  | $143,414 |  | $142,049 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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.
5 Includes loss on debt extinguishment, loss on derivatives, and legal fees related to the amended credit facility.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 26

EBITDA Reconciliations 1
DOLLARS IN THOUSANDS

RECONCILIATION OF EBITDA |  |  |  |  |  |  |  |
| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 |  |  |  |  |  |
Net loss | ($58,544) |  | ($160,144) |  | ($45,389) |  | ($108,212) |  | ($94,535) |  |  |  |  |  |  |
Interest expense | 52,642 | 53,346 | 54,812 | 58,265 | 60,649 |  |  |  |  |  |
Income taxes | 372 | 297 | 310 | 657 | 448 |  |  |  |  |  |
Depreciation and amortization | 137,841 | 147,749 | 150,968 | 160,330 | 163,226 |  |  |  |  |  |
Unconsolidated JV depreciation, amortization, and interest | 7,063 | 7,384 | 7,128 | 6,336 | 5,863 |  |  |  |  |  |
EBITDA | $139,374 | $48,632 | $167,829 | $117,376 | $135,651 |  |  |  |  |  |
Transaction costs | 125 | 593 | 1,011 | 1,577 | 719 |  |  |  |  |  |
Gain on sales of assets | (76,771) |  | (20,004) |  | (2,904) |  | (32,082) |  | (39,310) |  |  |  |  |  |  |
Impairments on real estate assets | 104,362 | 140,877 | 12,080 | 79,497 | 37,632 |  |  |  |  |  |
Restructuring and severance-related costs | 9,010 | 7,060 | 114 | 19,288 | — |  |  |  |  |  |
Loss on extinguishment of debt | 286 | — | — | 237 | — |  |  |  |  |  |
Debt Covenant EBITDA | $176,386 | $177,158 | $178,130 | $185,893 | $134,692 |  |  |  |  |  |
Leasing commission amortization 2 | 6,520 | 6,404 | 5,621 | 5,744 | 5,827 |  |  |  |  |  |
Lease intangibles, franchise taxes and prepaid ground amortization | (111) |  | 578 |  | 520 |  | (3,596) |  | 692 |  |  |  |  |  |
Timing impact 3 | 558 |  | 4,129 |  | 4,176 |  | (2,125) |  | (1,511) |  |  |  |  |  |  |
Stock based compensation | 3,386 | 3,887 | 3,028 | 3,028 | 7,908 |  |  |  |  |  |
Allowance for credit losses | — | 1,471 | — | 1,600 | 46,762 |  |  |  |  |  |
Rent reserves, net | 146 |  | 130 |  | 94 |  | (369) |  | (27) |  |  |  |  |  |  |
Debt financing costs 4 | 3,207 | — | — | — | — |  |  |  |  |  |
Unconsolidated JV adjustments | 425 | 163 | 204 | 113 | 101 |  |  |  |  |  |
Adjusted EBITDA | $190,517 | $193,920 | $191,773 | $190,288 | $194,444 |  |  |  |  |  |
Annualized Adjusted EBITDA | $762,068 | $775,680 | $767,092 | $761,152 | $777,776 |  |  |  |  |  |
RECONCILIATION OF NET DEBT |  |  |  |  |  |  |  |  |  |  |
Debt | $4,485,706 |  | $4,694,391 |  | $4,732,618 |  | $4,662,771 |  | $4,957,796 |  |  |  |  |  |  |
Share of unconsolidated net debt | 30,887 | 32,437 | 29,908 | 31,455 | 30,054 |  |  |  |  |  |
Cash | (43,345) |  | (25,507) |  | (25,722) |  | (68,916) |  | (22,801) |  |  |  |  |  |  |
Net debt | $4,473,248 | $4,701,321 | $4,736,804 | $4,625,310 | $4,965,049 |  |  |  |  |  |
Net debt to adjusted EBITDA 5 | 5.9x | 6.1x | 6.2x | 6.1x | 6.4x |  |  |  |  |  |
Run rate net debt to adjusted EBITDA 6 | 5.8x |  |  |  |  |  |  |  |  |  |

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 Includes loss on derivatives and legal fees related to the amended credit facility.
5 Beginning in 2Q 2025, 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.
6 Includes the proforma impact of October dispositions. Net debt also includes $55.7 million of proceeds held in a cash escrow account from a portfolio disposition that closed on September 30, 2025 and was received by the Company on October 1, 2025.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 27

Components of Net Asset Value 1
DOLLARS IN THOUSANDS

CASH NOI
| 3Q 2025
Same store 2 | $157,928 |
Acquisition & Re/development Completions | 4,307 |
Total | $162,235 |
Other adjustments 3 | 4,126 |
Total Cash NOI | $166,361 |

DEVELOPMENT & REDEVELOPMENT PROPERTIES
|  |  | PROJECTED STABILIZED ANNUAL CASH NOI 4
| COST TO COMPLETE | BUDGET | LOW | HIGH
Developments | $15,649 |  | $106,200 |  | $7,000 |  | $8,000 |
Redevelopments 5 | 156,819 |  | 260,450 |  | 37,000 |  | 40,000 |
| $172,468 |  | $366,650 |  | $44,000 |  | $48,000 |

LAND HELD FOR DEVELOPMENT, CASH, & OTHER ASSETS |  |
Land held for development | $57,203 |  |
Disposition pipeline 6 | 764,325 |  |
Unstabilized properties 7 | 202,667 |  |
Cash and other assets 8 | 449,295 |  |
| $1,473,490 |  |
DEBT |  |
Unsecured credit facility | $149,000 |  |
Unsecured term loans | 1,041,608 |  |
Senior notes | 3,449,285 |  |
Mortgage notes payable | 44,237 |  |
Company share of joint venture net debt | 30,887 |  |
Other liabilities 9 | 300,871 |  |
| $5,015,888 |  |
TOTAL SHARES OUTSTANDING |  |
As of September 30, 2025 10 | 355,888,405 |  |

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 23-24 for details on Same Store NOI.
3 Other adjustments include adjustments for management fee income of $4.6 million, offset by $0.4 million of positive NOI for unstabilized properties, which are shown in other assets.
4 Represents total building projected stabilized NOI for properties in development and redevelopment at project stabilization.
5 Estimated total cost includes only the incremental capital to complete the redevelopment.
6 Includes 43 properties identified as assets held for sale that is excluded from Same Store Cash NOI and reflects expected sales price.
7 Includes 26 properties at their gross book value. These properties were comprised of 0.9 million square feet that generated positive NOI of $0.4 million.
8 Includes cash of $43.5 million, notes receivable of $84.1 million, prepaid assets of $192.8 million, accounts receivable of $36.0 million, and prepaid ground leases of $19.2 million. Also includes $55.7 million of proceeds held in a cash escrow account from a portfolio disposition that closed on September 30, 2025 and was received by the Company on October 1, 2025. 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 $187.3 million, security deposits of $33.0 million, financing right of use liabilities of $73.3 million, and deferred operating expense reimbursements of $7.3 million.
10 Total shares outstanding include OP units.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 28

2025 Guidance
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

| 2025 GUIDANCE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| PRIOR | CURRENT |  | ACTUAL |  |  |  |  |  |  |  |  |
| LOW | HIGH | LOW | HIGH |  | YTD 2025 | 3Q 2025 |  |  |  |  |  |  |  |  |  |  |  |
OPERATING METRICS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year-end same store net absorption (bps) | 75 | 125 | 75 | 125 |  | 77 | 44 |  |  |  |  |  |  |  |  |  |  |  |
Same store cash NOI growth | 3.25 | % | 4.00 | % | 4.00 | % | 4.75 | % |  | 4.6 | % | 5.4 | % |  |  |  |  |  |  |  |  |  |  |  |
Same store cash leasing spreads | 2.0 | % | 3.0 | % | 2.0 | % | 3.0 | % |  | 3.0 | % | 3.9 | % |  |  |  |  |  |  |  |  |  |  |  |
Same store lease retention rate | 80.0 | % | 85.0 | % | 80.0 | % | 85.0 | % |  | 83.1 | % | 88.6 | % |  |  |  |  |  |  |  |  |  |  |  |
Normalized G&A | $48,000 | $52,000 | $46,000 | $49,000 |  | $35,933 | $9,725 |  |  |  |  |  |  |  |  |  |  |  |
CAPITAL FUNDING |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset sales and JV contributions | $800,000 | $1,000,000 | $800,000 | $1,000,000 |  | $485,511 | $396,375 |  |  |  |  |  |  |  |  |  |  |  |
Re/development | 105,000 | 125,000 | 140,000 | 150,000 |  | 111,507 | 36,031 |  |  |  |  |  |  |  |  |  |  |  |
1st generation TI and acq. capex | 85,000 | 95,000 | 85,000 | 95,000 |  | 72,988 | 24,480 |  |  |  |  |  |  |  |  |  |  |  |
Total maintenance capex | 115,000 | 135,000 | 115,000 | 135,000 |  | 86,456 | 27,155 |  |  |  |  |  |  |  |  |  |  |  |
CASH YIELD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dispositions | 6.8 | % | 7.3 | % | 6.5 | % | 7.0 | % |  | 6.5 | % |  |  |  |  |  |  |  |  |  |  |  |  |
EARNINGS AND LEVERAGE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share | $(0.78) | $(0.73) | $(0.86) | $(0.81) |  | $(0.75) | $(0.17) |  |  |  |  |  |  |  |  |  |  |  |
Normalized FFO per share | $1.57 | $1.61 | $1.59 | $1.61 |  | $1.20 | $0.41 |  |  |  |  |  |  |  |  |  |  |  |
Net debt to adjusted EBITDA 1 | 5.4x | 5.7x | 5.4x | 5.7x |  | 5.8x | 5.8x |  |  |  |  |  |  |  |  |  |  |  |

1 Includes the proforma impact of October dispositions. Net debt also includes $55.7 million of proceeds held in a cash escrow account from a portfolio disposition that closed on September 30, 2025 and was received by the Company on October 1, 2025.

HEALTHCARE REALTY | Return to Table of Contents | 3Q 2025 SUPPLEMENTAL INFORMATION 29