EX-99.2 3 exhibit992supplementalinfo.htm EX-99.2 Document
























1Q 2026
Supplemental Information
FURNISHED AS OF APRIL 30, 2026 (UNAUDITED)
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Table of Contents
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, 2025. 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, 2025.

See the Glossary herein for further information regarding definitions and important discussions regarding the usefulness and limitations of the non-GAAP measures used in this Supplemental Report.
         
1Q EARNINGS RELEASE
SUPPLEMENTAL INFORMATION
Lease Maturity Schedule



HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 2
    



Earnings Highlights
HEALTHCARE REALTY REPORTS FIRST QUARTER 2026 RESULTS AND INCREASES FULL YEAR 2026 GUIDANCE
NASHVILLE, Tennessee, April 30, 2026. Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the first quarter ended March 31, 2026. In addition, the Company announced an increased 2026 Normalized FFO guidance range of $1.59 to $1.65 per share (diluted), a $0.01 increase at the midpoint, and an increased Same Store Cash NOI growth guidance range of 3.75% to 4.75% (+25bps increase).

FIRST QUARTER 2026 HIGHLIGHTS
•GAAP Net loss of $(0.00) per share, NAREIT FFO of $0.35 per share, Normalized FFO of $0.41 per share, and FAD of $112.9 million (payout ratio of 75%)
•Same store cash NOI growth of +6.9%, tenant retention of 93.5% and +4.2% cash leasing spreads
•First quarter lease executions totaled 2.0 million square feet across same store properties and redevelopment projects, including 286,000 square feet of new lease executions
•During the first quarter, the Company completed total transactions of approximately $125 million, including the first new acquisition in the KKR joint venture since formation for $89 million ($18 million at the Company's pro rata share) and dispositions of $33 million
•Net Debt to Adjusted EBITDA of 5.5x adjusted for expected mortgage note receivable repayment in the second quarter
•Repurchased 5.7 million shares of common stock at an average price of $17.38 per share for a total of $100 million
•Received $400 million commitments from existing Bank Group for a new unsecured delayed draw term loan expected to close in May 2026; the Company will have the ability to draw the proceeds at any time over the 12-month period post-closing
•As part of ongoing Board Refreshment initiatives, longtime director Jay Leupp announced he will retire following our upcoming Annual Meeting of Shareholders on May 19, 2026

FIRST QUARTER 2026 RESULTS
FIRST QUARTER ENDED
20262025
(in thousands, except per share amounts)AMOUNTPER SHAREAMOUNT PER SHARE
GAAP Net loss$(56)$(0.00)$(44,873)$(0.13)
NAREIT FFO, diluted$123,698$0.35$123,774$0.35
Normalized FFO, diluted$144,382$0.41$137,722$0.39







HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 3




Earnings Highlights
LEASING ACTIVITY
During the first quarter, the Company executed 291 new and renewal leases for 2.0 million square feet with a weighted average lease term of 7.7 years and average annual escalators of 3.1%. Key highlights include:
•Atlanta, GA. 176,000 square feet of new and renewal leases with Wellstar Health System, maintaining greater than 90% occupancy across six on-campus MOBs
•Charlotte, NC. Renewed 153,600 square feet with Advocate Health across five buildings that are 93% occupied
•Charleston, SC. Renewed 54,600 square feet with MUSC Health across two buildings that are 100% occupied
•Albany, NY. Executed two new leases with St. Peter's Health for clinic space and an ASC totaling 63,500 square feet in a redevelopment project
•Various. Renewed approximately 736,000 square feet at eight single-tenant properties with a weighted average remaining lease term of less than three years; on average, extended the leases by nearly 10 years with strong cash leasing spreads
CAPITAL ALLOCATION
Acquisitions and Dispositions
During the first quarter, the Company completed approximately $125 million of transaction activity. Key highlights include:
•Birmingham, AL. Acquired a state-of-the-art MOB attached to a market-leading hospital with an existing joint venture partner for $89 million ($18 million investment at share). The Company now owns two properties at this hospital campus and nearly 650,000 square feet in the market
•Oklahoma City, OK. Opportunistically disposed of two assets for $12 million in a direct sale to the affiliated health system
Development and Redevelopment
During the first quarter, the Company added two new redevelopment projects ($31 million), completed one redevelopment project, and made significant progress on its development and redevelopment pipeline, advancing several key projects across major markets. Key highlights include:
•Charlotte, NC. Completed redevelopment of two MOBs in a rapidly growing market adjacent to the Novant Health Huntersville Medical Center. The $35 million project is 98% leased by a mix of hospital and physician practices including cardiology, oncology, women's health, dermatology and imaging
•Boston, MA. Commenced a 155,000 square foot redevelopment connected to Tufts Medical Center in downtown Boston. The $25 million project will modernize the fully leased property and provide a space for Tufts Medicine to deliver world-class healthcare
Balance Sheet
•Net Debt to Adjusted EBITDA of 5.5x. As of March 31, 2026, the Company had approximately $1.2 billion of liquidity on the revolving facility and cash on hand
•In the first quarter, the Company repurchased 5.7 million shares of common stock at an average price of $17.38 per share for a total of $100 million
•On February 12, 2026, Healthcare Realty established its inaugural commercial paper program, with a total size of up to $600 million. At the end of the first quarter, the Company had $251 million outstanding at a weighted average interest rate of 4.2%, representing over 30bps savings compared to our drawn revolving facility rate
•Extended $400 million swaps to January 2029 at a fixed SOFR rate of 3.3%
•The Company has received $400 million of commitments from its existing Bank Group for a new unsecured delayed draw term loan that is expected to close in May 2026. The Company will have the ability to draw the proceeds at any time over the 12-month period post-closing
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 4




Earnings Highlights

BOARD REFRESHMENT
As part of the Company’s ongoing Board Refreshment initiatives, longtime director Jay Leupp announced he will retire following our upcoming Annual Meeting of Shareholders on May 19, 2026. “On behalf of the entire company and our shareholders, I would like to thank Jay for his tireless commitment and leadership for our organization since 2020,” commented Peter Scott, CEO. Added Jay Leupp, “As the longest tenured independent director at Healthcare Realty and a firm believer in continuing Board refreshment, I decided to retire from the Board of Directors at the conclusion of my seventh term. I would like to thank Healthcare Realty shareholders for giving me the opportunity to serve as an independent director, and I plan to remain a fellow shareholder in the years ahead. I wish the very best to our talented CEO, management team and best-in-class Board of Directors in their continued drive to grow shareholder value.”
DIVIDEND
The Board unanimously approved a common stock dividend in the amount of $0.24 per share to be paid on May 22, 2026, to Class A common stockholders of record on May 11, 2026. 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's increased 2026 per share estimated guidance ranges are as follows:
2026 GUIDANCE
ACTUALPRIORCURRENT
1Q 2026LOWHIGHLOWHIGH
Earnings per share $(0.00)$(0.05)$0.05$(0.05)$0.05
NAREIT FFO per share $0.35$1.44$1.50$1.45$1.51
Normalized FFO per share$0.41$1.58$1.64$1.59$1.65
Same Store Cash NOI growth6.9%3.5%4.5%3.75 %4.75 %
The 2026 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. The Company's guidance also does not include any future acquisitions, developments or share issuances or repurchases, other than as discussed in the detailed guidance assumptions on Page 11 of the 1Q 2026 Supplemental. There can be no assurance that the Company's actual results will not be materially higher or lower than these expectations. If actual results or timing vary from these assumptions, the Company's expectations may change. See Page 11 of the 1Q 2026 Supplemental for additional details and assumptions.












HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 5




Earnings Highlights
EARNINGS CALL
On Friday, May 1, 2026, 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 public, pure-play owner, operator and developer of medical outpatient buildings in the United States.
For additional information contact InvestorRelations@healthcarerealty.com.

HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 6




Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
ASSETS
1Q 20264Q 2025
Real estate properties
Land $1,060,296 $1,060,254 
Buildings and improvements 8,541,368 8,514,165 
Lease intangibles424,502 455,254 
Personal property7,316 7,056 
Investment in financing receivables, net 122,346 123,249 
Financing lease right-of-use assets 74,703 75,083 
Land held for development57,799 57,535 
Total real estate investments10,288,330 10,292,596 
Less accumulated depreciation and amortization(2,468,461)(2,397,795)
Total real estate investments, net7,819,869 7,894,801 
Cash and cash equivalents 26,235 26,172 
Assets held for sale, net 123,411 143,580 
Operating lease right-of-use assets202,710 204,906 
Investments in unconsolidated joint ventures 467,459 453,607 
Other assets, net 508,480 487,795 
Total assets$9,148,164 $9,210,861 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY
Liabilities
Notes and bonds payable $4,103,918 $3,911,423 
Accounts payable and accrued liabilities137,712 211,071 
Liabilities of properties held for sale13,576 15,160 
Operating lease liabilities162,380 162,922 
Financing lease liabilities73,679 73,130 
Other liabilities159,888 160,530 
Total liabilities4,651,153 4,534,236 
Redeemable non-controlling interests3,339 3,252 
Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized— — 
Common stock, $0.01 par value; 1,000,000 shares authorized3,465 3,516 
Additional paid-in capital9,040,690 9,137,257 
Accumulated other comprehensive loss (2,421)(5,174)
Cumulative net income attributable to common stockholders128,182 128,238 
Cumulative dividends (4,730,746)(4,646,944)
Total stockholders' equity4,439,170 4,616,893 
Non-controlling interest54,502 56,480 
Total equity4,493,672 4,673,373 
Total liabilities, redeemable non-controlling interests, and stockholders' equity$9,148,164 $9,210,861 
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 7




Income Statements
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
FIRST QUARTER ENDEDFULL YEAR
202620252025
Revenues
Rental income $267,575$288,857$1,138,056
Interest income3,7123,73114,275
Other operating7,7036,38928,215
Total revenues278,990298,9771,180,546
Expenses
Property operating100,058109,897424,855
General and administrative17,34313,53072,569
Normalizing items 1
(7,562)(502)(26,318)
Normalized general and administrative9,78113,02846,251
Transaction costs9371,0112,029
Depreciation and amortization128,985156,035588,186
Total expenses247,323280,4731,087,639
Other income (expense)
Interest expense before merger-related fair value(32,899)(44,366)(166,396)
Merger-related fair value adjustment(10,991)(10,446)(42,593)
Interest expense(43,890)(54,812)(208,989)
Gain on sales of real estate properties and other assets10,7772,904235,389
Loss on extinguishment of debt(21)—(451)
Impairment of real estate assets and credit loss recoveries (reserves)984(12,081)(364,598)
Equity income (loss) from unconsolidated joint ventures4961(188)
Interest and other income (expense), net895(3,555)
Total other income (expense)(31,646)(63,893)(342,392)
Net income (loss)$21$(45,389)$(249,485)
Net (income) loss attributable to non-controlling interests(77)5163,414
Net loss attributable to common stockholders$(56)$(44,873)$(246,071)
Basic earnings per common share$(0.00)$(0.13)$(0.71)
Diluted earnings per common share$(0.00)$(0.13)$(0.71)
Weighted average common shares outstanding - basic347,439349,539349,798
Weighted average common shares outstanding - diluted 2
347,439349,539349,798





1Normalizing items primarily include restructuring, severance-related costs and other.
2Potential common shares are not included in the computation of diluted earnings per share when a loss exists (or when dividends paid are greater than income), 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 4,278,028 units were not included.
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 8




FFO, Normalized FFO, & FAD
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
FIRST QUARTER ENDEDFULL YEAR
202620252025
Net loss attributable to common stockholders$(56)$(44,873)$(246,071)
Net loss attributable to common stockholders per diluted share $(0.00)$(0.13)$(0.71)
Gain on sales of real estate assets(10,777)(2,904)(235,389)
Impairments of real estate assets16 10,145 361,090 
Real estate depreciation and amortization127,921 155,288 586,146 
Non-controlling loss from operating partnership units(10)(599)(3,497)
Unconsolidated JV depreciation, amortization and impairment6,6046,71727,769
NAREIT FFO $123,698$123,774$490,048
NAREIT FFO per common share - diluted $0.35$0.35$1.38
Transaction costs9371,0112,029
Debt financing costs 116—5,107
Restructuring and severance-related charges 7,56250226,318
Merger-related fair value adjustment10,99110,44642,593
Other 1,0781,9892,851
Normalized FFO
$144,382$137,722$568,946
Normalized FFO per common share - diluted$0.41$0.39$1.61
Non-real estate depreciation and amortization6631,2696,114
Non-cash interest amortization, net 1,3671,2175,126
Straight-line amortization, net(10,291)(7,891)(29,392)
Stock-based compensation3,9273,02813,609
Unconsolidated JV non-cash items (89)(253)(1,420)
Other—94952
Maintenance capex(27,101)(32,966)(115,633)
FAD$112,858$102,220$448,302
Quarterly dividends and OP distributions $84,814$109,840$391,368
FFO wtd avg common shares outstanding - diluted 1
352,211353,522354,454











1The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 493,403 for the three months ended March 31, 2026. Also includes the diluted impact of 4,278,028 OP units outstanding.
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 9




At a Glance
DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE DATA
PROPERTIES
salient-factsxxxq1x2026a.jpg
Total Properties563
Total Square Feet (in millions)32.9
Number of markets50
% of Cash NOI in Top 20 Markets77 %
KEY CREDIT METRICS (SENIOR UNSECURED DEBT)
Moody'sBaa2
S&P GlobalBBB
Net Debt to Adjusted EBITDA 5.5x
Net Debt to Enterprise Value41 %
TOTAL CAPITALIZATION AS OF MARCH 31, 2026
Common Stock (NYSE: HR)346,534
OP Units4,251
Fully Diluted Shares and Units350,785
Share Price as of 3/31/2026$16.99
Market Capitalization$5,959,837
Consolidated Net Debt$4,077,683
Share of Unconsolidated JV Net Debt$34,031
Enterprise Value$10,071,551



All figures represent Total Properties. See Glossary for additional information on terms and definitions.
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 10




2026 Guidance
DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE DATA
2026 EARNINGS GUIDANCEPRIORCURRENT
LOWHIGHLOWHIGH
Earnings per share$(0.05)$0.05$(0.05)$0.05
NAREIT FFO per share$1.44$1.50$1.45$1.51
Normalized FFO per share
$1.58$1.64$1.59$1.65
Same store cash NOI growth 3.5%4.5%3.75 %4.75 %
KEY ASSUMPTIONSPRIORCURRENT
LOWHIGHLOWHIGH
Normalized general and administrative$43$47$43$47
Interest expense, net of capitalized interest 1
$135$145$135$145
Total maintenance capex$105$125$105$125
SOURCES AND USES 2
PRIORCURRENT
MIDPOINTMIDPOINT
Asset sales and loan receivable repayments $175$175
Debt issuance and RCF/CP Drawdowns 600675
FAD less dividends100100
Total Sources$875$950
Bond repayments$600$600
Investments and share repurchases 3
50125
Development, redevelopment, and 1st gen capital225225
Total Uses$875$950
Target adjusted net debt to EBITDAmid-5xmid-5x
Diluted shares outstanding 4
353351


The 2026 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. The Company's guidance also does not include any future acquisitions, developments or share issuances or repurchases, other than as discussed above. There can be no assurance that the Company's actual results will not be materially higher or lower than these expectations. If actual results or timing vary from these assumptions, the Company's expectations may change.




1Excludes the merger-related fair value adjustment and interest expense associated with unconsolidated joint ventures.
2Based on approximate midpoints.
3Includes year-to-date investments and share repurchases.
4Includes the diluted impact of the OP units and 1Q 2026 share repurchases.
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 11




Portfolio Overview
DOLLARS IN THOUSANDS
TOTAL PORTFOLIO BY MARKET
 COUNTWHOLLY OWNEDJOINT VENTURESTOTAL PORTFOLIO
MARKETMSA RANKTOTAL SQUARE FEET% OF TTM CASH NOITOTAL SQUARE FEET% OF TTM CASH NOITOTAL SQUARE FEET% OF TTM CASH NOI
Dallas, TX4472,874,18710.0%581,09616.3 %3,455,28310.3 %
Seattle, WA15291,324,0477.1%257,1215.9 %1,581,1687.1 %
Charlotte, NC21311,707,4935.6%—— %1,707,4935.4 %
Houston, TX5271,815,1735.4%249,1583.9 %2,064,3315.3 %
Denver, CO19291,349,4504.9%306,9495.2 %1,656,3994.9 %
Los Angeles, CA227850,7154.0%786,52017.9 %1,637,2354.7 %
Atlanta, GA6251,231,4914.3%96,1082.5 %1,327,5994.2 %
Boston, MA1113718,7233.8%—— %718,7233.6 %
Phoenix, AZ10331,251,5573.3%101,0869.5 %1,352,6433.6 %
Raleigh, NC4127978,2183.4%198,4851.7 %1,176,7033.4 %
Indianapolis, IN33371,057,9092.9%357,91511.2 %1,415,8243.3 %
Nashville, TN35121,134,8913.0%106,9812.0 %1,241,8722.9 %
Austin, TX2512657,5752.6%129,8792.1 %787,4542.6 %
Washington, DC79692,1072.7%—— %692,1072.5 %
Tampa, FL1717830,8432.6%—— %830,8432.5 %
Miami, FL811746,4632.5%52,1780.9 %798,6412.5 %
San Francisco, CA139449,7062.3%110,8654.7 %560,5712.4 %
Orlando, FL207416,4752.1%—— %416,4752.0 %
New York, NY114557,1112.1%57,4111.2 %614,5222.0 %
Hartford, CT5025543,1282.0%—— %543,1281.9 %
Other (30 Markets)1227,439,30823.4%864,93615.0 %8,304,24422.9 %
Total56328,626,570100.0%4,256,688100.0 %32,883,258100.0 %
SUMMARY METRICS
WHOLLY OWNEDJOINT VENTURESTOTAL PORTFOLIO
Number of properties49964563
Square feet28,626,5704,256,68832,883,258
% of square feet87.1%12.9%100%
Investment (at share)$9,991,521$627,938$10,619,459
Quarterly cash NOI (at share)$159,830$8,416$168,246
% of quarterly cash NOI (at share)95.0%5.0%100.0%






HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 12




     Lease Maturity Schedule
LEASE MATURITY SCHEDULE
WHOLLY-OWNED JOINT VENTURESTOTAL
 # OF LEASESOCCUPIED SF% OF TOTAL# OF LEASESOCCUPIED SF% OF TOTALOCCUPIED SF% OF TOTAL% OF TOTAL
(AT SHARE)
Month-to-month69143,4870.6%823,2280.6%166,7150.6 %0.6%
2Q 2026137288,1521.1%1959,2131.5%347,3651.2 %1.2%
3Q 2026170429,9461.7%1961,9011.6%491,8471.7 %1.7%
4Q 2026182550,7642.1%713,0990.3%563,8631.9 %2.1%
20264891,268,8624.9%45134,2133.5%1,403,0754.7 %5.0%
20279393,494,89313.5%88407,18310.6%3,902,07613.1 %13.5%
20289033,183,06512.3%82272,9907.1%3,456,05511.6 %12.2%
20297543,263,03812.6%102589,49315.3%3,852,53112.9 %12.9%
20306663,070,43611.9%74313,4128.1%3,383,84811.4 %11.8%
20315272,530,2309.8%86366,7249.5%2,896,9549.7 %9.8%
20323352,115,9318.2%42366,4909.5%2,482,4218.3 %8.2%
20332451,051,5534.1%30212,5765.5%1,264,1294.2 %4.1%
20342161,275,1854.9%43249,6396.5%1,524,8245.1 %4.9%
20352361,445,1025.6%28152,7484.0%1,597,8505.4 %5.6%
Thereafter3173,064,52311.8%49764,74519.8%3,829,268 12.9 %11.4%
Total occupied5,69625,906,305100.0%6773,853,441100.0%29,759,746100.0 %100.0%
WALT (months)62.875.864.5



HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 13




Tenant Overview
TOTAL PORTFOLIO BY HEALTH SYSTEM (INCLUDING JVs)
                 FULL BUILDING METRICSDIRECT LEASED BY HEALTH SYSTEM
HEALTH SYSTEM
SYSTEM RANK 1
CREDIT RATINGON/ADJACENTOFF-CAMPUS AFFILIATEDTOTAL SQUARE FEET# OF
BUILDINGS		% OF TTM
CASH NOI		SQUARE FEET% OF
LEASED SF		# OF LEASES
HCA1BBB-/Baa22,049,691769,8422,819,533 417.4%719,4272.4%126
Baylor Scott & White21AA-/Aa22,372,41066,3762,438,786 326.9%1,312,6194.4%175
CommonSpirit4A-/A31,442,804535,3001,978,104 376.8%776,9702.6%146
Ascension Health3AA/Aa31,601,28697,5511,698,837 174.3%739,5122.5%105
Advocate Health14AA/Aa2751,636240,910992,546 173.9%850,9912.9%84
Wellstar Health System75A+/A2918,394—918,394 183.1%607,6122.0%81
UW Medicine (Seattle)91AA+/Aa1461,363169,709 631,072 102.9%294,9711.0%32
AdventHealth11AA/Aa2640,215118,585758,800 122.7%431,2901.4%108
MultiCare Health System82A/--492,623— 492,623 82.1%197,1800.7%24
Providence Health & Services5A/A3602,83431,601 634,435 122.0%247,0270.8%44
Tenet Healthcare Corporation6BB-/Ba3545,035235,399780,434 131.8%130,6320.4%21
Banner Health24AA-/--749,07565,322 814,397 251.7%118,2250.4%33
Indiana University Health26AA/Aa2416,978 301,320 718,298 111.7%387,6491.3%51
WakeMed185--/A2374,207101,597475,804 131.7%138,5090.5%21
Tufts Medicine162BBB-/Aa3252,087—252,087 21.7%260,7840.9%5
Baptist Memorial Health Care89A-2/--482,065150,228632,293 91.6%437,5311.5%47
University of California Health9AA/Aa2377,718— 377,718 71.6%30,9870.1%8
Novant Health42A+/A1473,471138,035 611,506 101.5%193,9570.7%26
Sutter Health12A+/A1175,59196,987 272,578 41.4%110,4480.4%24
MedStar Health45A/A2326,129— 326,129 41.3%205,3310.7%66
Other (65 Credit Rated)6,998,9923,117,03610,116,028 192 32.2%4,414,56014.8%537
Subtotal - credit rated 22,504,6046,235,79828,740,402 494 90.3%12,606,21242.4%1,764
Other non-credit rated 659,954378,0711,038,025 192.5%353,7001.2%
Off-campus non-affiliated —3,104,8313,104,831 507.2%——%
Total23,164,5589,718,70032,883,258 563100.0%12,959,91243.6%








1Ranked by revenue based on Modern Healthcare's Healthcare Systems Financials Database.
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 14




 Same Store Statistics
DOLLARS IN THOUSANDS
PORTFOLIO CASH NOI AND OCCUPANCY
OCCUPANCY %
COUNTSF1Q 2026 CASH NOI1Q 20261Q 20254Q 2025
Wholly-owned47126,101,922$153,60392.1%91.1%92.1%
Joint venture 583,724,7507,479 93.8%92.1%92.3%
Same store52929,826,672$161,08292.3%91.2%92.3%
Wholly owned and joint venture acquisitions1143,57610 100.0%—%—%
Developments2224,27028960.5%32.0%47.1%
Development completions2107,24783189.6%82.1%89.6%
Redevelopments 232,070,7464,65869.5%77.4%70.9%
Redevelopment completions6510,7471,37679.9%71.7%78.5%
Total portfolio 56332,883,258$168,24690.5%89.8%90.4%
Joint ventures644,256,6888,416 90.5%87.9%89.7%
Total wholly-owned49928,626,570$159,83090.5%90.1%90.5%
SAME STORE CASH NOI
FIRST QUARTER ENDEDFULL YEAR
20262025YoY Growth2025
Revenues$251,639$237,5455.9%4.2%
Expenses90,55786,8644.3%4.1%
Cash NOI$161,082$150,6816.9%4.6%
Margin64.0%63.4%+60 bps64.4%
Period end occupancy92.3%91.2%+110 bps92.1%
Number of properties529529501
SAME STORE LEASING METRICS (RENEWALS)OTHER KEY SAME STORE METRICS
1Q 2026FY 2025AS OF MARCH 31, 2026
Tenant retention rate93.5%81.5%Ownership typeLease structure
Ground lease43.6%Gross7.0%
Cash leasing spreads4.2%3.1%Fee simple56.4%Modified gross26.9%
Cash leasing spreads distributionTenant typeNet & Absolute Net66.1%
< 0% spread13.1%8.3%Hospital51.3%
0-3% spread11.1%13.2%Physician and other48.7%Escalators 2.9%
3-5% spread49.6%65.0%
> 5% spread26.2%13.5%
    
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 15




Capital Funding & Commitments
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA
ACQUISITION AND RE/DEVELOPMENT FUNDING
FIRST QUARTER ENDEDFULL YEAR
202620252025
Acquisitions 1
$17,820$—$—
Re/development 25,10533,436140,859
1st generation TI/LC/Capital & acquisition capex 20,37915,139107,195
MAINTENANCE CAPITAL EXPENDITURES FUNDING
FIRST QUARTER ENDEDFULL YEAR
202620252025
2nd generation TI$8,709$14,885$47,439
Leasing commissions paid14,17611,39431,664
Building capital4,2166,68736,531
Maintenance Capital Expenditures$27,101$32,966$115,634
% of Cash NOI 16.0%18.2%15.8%
TOTAL COMPANY LEASE EXECUTIONS
FIRST QUARTER ENDEDFULL YEAR
202620252025
Renewals (SF)1,725,651773,2864,152,880
2nd generation TI/square foot/lease year$2.54$2.22$2.43
Leasing commissions/square foot/lease year$1.59$1.56$1.46
Renewal commitments as a % of annual net rent13.0%15.3%15.3%
WALT (in months) 97.053.760.8
New leases (SF)286,314370,3181,579,998
2nd generation TI/square foot/lease year$8.93$8.96$9.08
Leasing commissions/square foot/lease year$1.99$2.09$2.05
New lease commitments as a % of annual net rent46.9%46.6%47.6%
WALT (in months) 78.593.790.8
All (SF)2,011,9651,143,6045,732,878
Leasing commitments as a % of annual net rent16.1%29.0%26.2%
WALT (in months) 94.366.769.1




1Acquisitions include properties acquired through joint ventures at the Company's ownership percentage. Excludes acquisitions that occurred subsequent to quarter end.
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 16




Investment Activity/Joint Ventures
DOLLARS IN THOUSANDS
ACQUISITION ACTIVITY DETAIL
LOCATIONCOUNTCLOSINGSQUARE FEETOCCUPIED %ACQUISITION PRICE% OWNERSHIPPRICE AT SHARE
Acquisitions
Birmingham, AL13/27/2026143,576100%89,10020%17,820
1Q total1143,576100%89,10017,820
Charlotte, NC 1
—4/24/202612,418100%3,670100%3,670
Total 2026 acquisition activity1155,994100 %$92,770$21,490
Acquisition Initial Cash Yield: 6.5%-7.5%
DISPOSITION ACTIVITY DETAIL
LOCATIONCOUNTCLOSINGSQUARE FEETOCCUPIED %SALES PRICE% OWNERSHIPPRICE at SHARE
Dispositions
Atlanta, GA11/14/202660,03991%$21,900100%$21,900
Oklahoma City, OK23/3/2026186,30141%11,500100%11,500
1Q total3246,34053%33,40033,400
Minneapolis, MN14/27/202692,13988%18,70050%9,350
Total 2026 disposition activity4338,47963 %$52,100$42,750
Disposition Cash Yield: 5.0%-5.5%

JOINT VENTURE PORTFOLIOS
WA OWNERSHIP INTEREST1Q 2026BALANCE SHEET AS OF 3/31/2026
JOINT VENTURE# OF PROPERTIESSQUARE FEETOCCUPANCYCASH NOICASH NOI AT SHARESAME STORE NOI AT SHARE
REAL ESTATE INVESTMENT 2
DEBT 2
NET DEBTDEBT AT SHARENET DEBT AT SHAREINTEREST RATE
Nuveen43%261,386,043 88.2%$7,929$2,988$2,988$574,425$73,933$71,164$14,786$13,6955.9%
CBRE20%4283,880 60.8%1,145229176134,573 — (3,213)— (643)— 
KKR20%241,863,133 96.9%13,3842,6772,667834,431 — (20,964)— (4,193)— 
Other 3
58%10723,632 90.2%4,6672,5221,649345,672 67,932 63,40027,17325,1725.3%
Total644,256,688 90.5%$27,125$8,416$7,480$1,889,101$141,865$110,387$41,959$34,0315.6%







1Represents an additional fully leased condominium unit, by Novant Health under a long-term lease in an existing building, bringing the Company's ownership of the building to 93%.
2Represents 100% of the real estate assets and debt of the joint ventures.
3Ownership percentages are weighted based on investment.
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 17




Re/development Activity
DOLLARS IN THOUSANDS
DEVELOPMENTS
MARKETASSOCIATED HEALTH SYSTEMSQUARE
FEET		CURRENT
 LEASED %		BUDGETCOST TO COMPLETE
Raleigh, NCUNC REX Health122,99151%$58,000$9,199
Fort Worth, TX Baylor Scott & White101,27972%48,2003,840
Total development224,27060%$106,200$13,039
Projected stabilized yield: 7.0%-8.5%
Estimated stabilization period post completion: 12 - 36 months.


REDEVELOPMENTS
MARKETCOUNTSQUARE
FEET		PROJECT
 SQUARE FEET		PROJECT
 LEASED %		BUDGETCOST TO
 COMPLETE
Houston, TX2314,861152,17238%$30,000$3,635
Boston, MA1154,528154,528100%25,30021,062
White Plains, NY165,85144,63485%24,900726
Charlotte, NC1122,38883,58140%19,20017,533
Washington, DC157,32324,03482%15,200799
Seattle, WA178,28834,91629%13,60013,440
Raleigh, NC140,40040,400100%10,8004,819
Houston, TX140,21440,21466%10,40010,232
Denver, CO278,69151,14941%10,2009,876
Port St. Lucie, FL134,73434,73420%9,4008,305
Dallas, TX1126,12122,152100%8,6007,839
Denver, CO155,97828,83253%7,3006,593
Other 9901,369723,54565%102,80079,073
Total redevelopment232,070,7461,434,89164 %$287,700$183,932
Projected stabilized yield: 9.0%-12.0%
Estimated stabilization period post completion: 12 - 36 months.






HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 18




Debt Metrics
DOLLARS IN THOUSANDS
SUMMARY OF INDEBTEDNESS DEBT MATURITIES SCHEDULE AS OF MARCH 31, 2026
PRINCIPAL BALANCE
BALANCE 1
MATURITY DATEMONTHS TO MATURITY CONTRACTUAL RATEEFFECTIVE RATEBANK
LOANS/CP		SENIOR NOTESMORTGAGE NOTESTOTAL
SENIOR NOTES$600,000$597,1408/1/20264 3.50%4.94%(3)2026$—$600,000$23,404$623,404
500,000493,8757/1/202715 3.75%4.76%(3)2027— 500,000— 500,000
300,000298,8121/15/202822 3.63%3.85%2028— 300,000— 300,000
650,000600,0722/15/203047 3.10%5.30%(3)2029500,000— — 500,000
299,500297,7173/15/203048 2.40%2.72%Thereafter306,5002,049,285— 2,355,785
299,785296,9983/15/203160 2.05%2.25%Total$806,500$3,449,285$23,404$4,279,189
800,000690,6853/15/203160 2.00%5.13%(3)
$3,449,285$3,275,29936 2.90%4.47%
TERM LOANS 2
$300,000299,1691/20/202933 SOFR + 0.94%4.26%(4)
200,000199,6937/20/202939 SOFR + 0.94%3.67%(4)
$500,000$498,86235 4.02%
$1.5B REVOLVING FACILITY & COMMERCIAL PAPER 2
$306,500$306,3737/25/203051 various4.24%(5)
MORTGAGES$23,404$23,384various6 3.81%3.97%
$4,279,189$4,103,918373.20%4.47%

SELECTED FINANCIAL COVENANTS LIQUIDITY SOURCES
REQUIREMENTPER DEBT COVENANTSCash$26,235
Revolving facility and term loansRevolving facility availability 1,444,500
Leverage ratioNot greater than 60%38.1%Less: Commercial paper borrowings (principal)(251,000)
Secured leverage ratioNot greater than 30%0.2%Total liquidity$1,219,735
Unencumbered leverage ratioNot greater than 60%41.8%
Fixed charge coverage ratioNot less than 1.50x3.6xOTHER METRICS
Unsecured coverage ratioNot less than 1.75x3.6x% Variable Rate Debt7.2 %
Share of Unconsolidated JV Net Debt$34,031
Capitalized interest$3,471
    
    
1Balances are reflected net of discounts, fair value adjustments, and deferred financing costs and include premiums.
2Includes extension options.
3Fair value merger adjusted in 2022.
4Effective interest rate reflects the swapped rate plus 0.94%.
5Commercial Paper Program borrowings are backstopped by the availability under the Revolving Facility. As such, the Company uses the maturity date of the Revolving Facility.
6Net debt includes the Company's share of unconsolidated JV net debt. See page 23 for a reconciliation of adjusted EBITDA.
7Based on the closing price of $16.99 on March 31, 2026, and 350,785,034 shares outstanding including outstanding OP units.
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 19




Components of Net Asset Value
DOLLARS IN THOUSANDS
CASH NOI
1Q 2026
Same store 1
$161,082 
Acquisition & Re/development Completions 2,217 
Total$163,299 
Management fee income and other 2
5,476 
Total Cash NOI$168,775 
        
DEVELOPMENT & REDEVELOPMENT PROPERTIES
PROJECTED STABILIZED ANNUAL CASH NOI 3
COST TO COMPLETEBUDGETLOWHIGH
Developments$13,039 $106,200 $7,000 $8,000 
Redevelopments 4
183,932 287,700 46,000 50,000 
$196,971 $393,900 $53,000 $58,000 



LAND HELD FOR DEVELOPMENT, CASH, & OTHER ASSETS
Land held for development $57,799 
Disposition pipeline 5
130,536 
Unstabilized properties 6
120,836 
Cash, Other Assets & Liabilities (net) 7,8
9,884 
Total$319,055 
        
DEBT (PRINCIPAL)
Unsecured credit facility and commercial paper$306,500 
Unsecured term loans 500,000 
Senior notes 3,449,285 
Mortgage notes payable 23,404 
Share of unconsolidated JV net debt34,031
Total$4,313,220 


TOTAL SHARES AND OP UNITS OUTSTANDING
As of March 31, 2026 350,785,034 







1See Same Store statistics on page 15 for details on Same Store NOI. Includes same store JV assets at share.
2Other adjustments include adjustments for management fee income of $5.5 million and timing adjustments as if we have owned acquisitions for the full quarter, offset by $0.3 million of positive NOI for unstabilized properties, which are shown in other assets.
3Represents total building projected stabilized NOI for properties in development and redevelopment at project stabilization.
4Estimated total cost includes only the incremental capital to complete the redevelopment.
5Includes 17 properties identified as assets held for sale that are excluded from Same Store Cash NOI and reflects net book value or sales price, if applicable.
6Includes 15 properties at their gross book value. These properties were comprised of 0.4 million square feet that generated positive NOI of $0.3 million.
7Other assets include notes receivable of $87.0 million, prepaid assets of $50.4 million, accounts receivable of $27.0 million, and prepaid ground leases of $10.9 million. In addition, it includes the Company's gross investment of its corporate headquarters in Nashville of $48.4 million.
8Other liabilities include 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 $127.0 million, security deposits of $31.2 million, financing right of use liabilities of $73.7 million, and deferred operating expense reimbursements of $8.1 million.
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 20




Glossary
FUNDS FROM OPERATIONS
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.”

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.

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

ACQUISITIONS
Acquisitions include properties acquired through joint ventures at the Company's ownership percentage.

RE/DEVELOPMENT FUNDING
Re/development funding includes capital spend on re/developments, re/development completions and unstabilized properties.

1ST GENERATION TI/LC/CAPITAL & ACQUISITION CAPEX
Acquisition capex includes near-term fundings underwritten as part of recent acquisitions. 1st generation tenant improvements, capital, and leasing commissions for re/developments are excluded.

LEASING COMMITMENTS
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.

TOTAL PROPERTIES
Excludes assets held for sale, land held for development, dispositions, and corporate property.

TOTAL COMPANY
Includes assets held for sale, land held for development, dispositions, and corporate property.















ON CAMPUS/ADJACENT
Includes on campus properties and adjacent properties as being no more than 0.25 miles from a hospital campus.

OFF CAMPUS AFFILIATED
Includes off-campus buildings where health systems lease 20% or more of the property and/or are located within 2 miles of a hospital campus.

OFF CAMPUS NON-AFFILIATED
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.

SAME STORE
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.

DISPOSITION CASH YIELD
Represents the in-place cash NOI divided by sales price. Includes disposition activity subsequent to quarter end.

ACQUISITION INITIAL CASH YIELD
Represents the forecasted first year NOI divided by the purchase price. For joint venture acquisitions, the cash yield is inclusive of fees received from the joint venture. Includes acquisition activity subsequent to quarter end.

OTHER TERMS
Medical Outpatient Building (MOB)
Commercial Paper (CP)
Weighted Average Lease Term Remaining (WALT)
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 21




Reconciliations
DOLLARS IN THOUSANDS
NET INCOME (LOSS) TO NOI
FIRST QUARTER ENDEDFULL YEAR
202620252025
Net income (loss)$21 ($45,389)($249,485)
Other expense (income)31,646 63,893 342,392 
General and administrative expense17,343 13,530 72,569 
Depreciation and amortization expense128,985 156,035 588,186 
Other expenses 1
2,995 2,498 7,990 
Straight-line rent expense563 865 3,354 
Straight-line rent revenue(8,459)(7,709)(27,106)
Other revenue 2
(11,980)(9,907)(39,792)
Joint venture property cash NOI (at share)8,560 8,282 33,503 
Cash NOI$169,674 $182,098 $731,611 
Developments(289)64 (215)
Development completions(831)(854)(3,279)
Redevelopment(4,658)(8,466)(31,750)
Redevelopment completions(1,376)(628)(3,775)
Acquisitions (wholly owned and joint venture)(10)— — 
Completed dispositions & assets held for sale(1,428)(21,533)(71,741)
Same store cash NOI$161,082 $150,681 $620,851 
Same store joint venture properties(7,479)(7,206)(29,190)
Same store excluding JVs$153,603 $143,475 $591,661 


















1Includes transaction 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.
2Includes 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.
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 22




 Reconciliations (cont'd)
DOLLARS IN THOUSANDS
NET INCOME (LOSS) TO EBITDA
QUARTER ENDED
1Q 20264Q 20251Q 2025
Net income (loss)$21 $14,591 ($45,389)
Interest expense43,89048,18954,812
Income taxes296300310
Depreciation and amortization 1
128,985135,036156,035
Unconsolidated JV depreciation, amortization, and interest8,1308,1217,128
EBITDA$181,322$206,237$172,896
Transaction costs9373001,011
Gain on sales of assets(10,777)(135,711)(2,904)
Impairments on real estate assets16105,70612,080
Restructuring and severance-related charges5,837588114
Loss on extinguishment of debt21165—
Timing impact 2
2,603 (2,089)4,176 
Stock based compensation3,9273,3083,028
Debt financing costs 3
961,449—
Other507 1,441 1,168 
Unconsolidated JV adjustments339319204
Adjusted EBITDA$184,828$181,713$191,773
Annualized Adjusted EBITDA$739,312$726,852$767,092
RECONCILIATION OF NET DEBT TO ADJUSTED EBITDA
Debt $4,103,918 $3,911,423 $4,732,618 
Share of Unconsolidated JV Net Debt34,03131,75129,908
Cash (26,235)(26,172)(25,722)
Net debt$4,111,714$3,917,002$4,736,804
Net debt to adjusted EBITDA 5.6x5.4x6.2x
Net debt to adjusted EBITDA 4
5.5x



1Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.
2Timing 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.
3Includes loss on derivatives and legal fees related to the amended and restated credit facility.
4Adjusted for the repayment of a $45 million mortgage loan receivable that is expected to be repaid in the second quarter.
HEALTHCARE REALTY
1Q 2026 SUPPLEMENTAL INFORMATION 23































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