EX-99.2 3 exhibit992supplementalinfo.htm EX-99.2

3Q2024
補充信息
2024年10月30日起傢俱已配備完成 - 未經審計

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前瞻性聲明和風險因素

本《補充信息》報告包含「前瞻性陳述」，如《1933年證券法》第27A節和《1934年證券交易法》第21E節中所定義。前瞻性陳述包括所有不僅僅與歷史或當前事實有關的陳述，並可通過在本報告中使用諸如「can,」 「may,」 「payable,」 「indicative,」 "predictive," 「annualized,」 「expect,」 「expected,」 「range of expectations,」 "would have been," "budget," "will," "run-rate,”等詞語和短語來識別， 幷包括但不限於與Healthcare Realty Trust Incorporated（以下簡稱「公司」或「HR」）和Healthcare Trust of America, Inc.（以下稱爲「Legacy HTA」）之間的於2022年7月20日完成的合併（「合併」）相關的聲明。這些前瞻性陳述是根據本報告日期製作的，並未必然代表未來業績。這些聲明基於公司管理層目前的計劃和期望，受到一系列未知風險、不確定性、假設以及可能導致實際結果與本報告所述或由此類前瞻性聲明暗示的結果有實質不同的因素的影響。此類風險和不確定性包括但不限於以下內容： 公司的預期結果可能無法實現；未能實現合併預期收益的風險；涉及公司未來機遇和計劃的風險，包括預期未來財務表現和公司業績的不確定性；如公司無法如金融分析師或投資者所預期地迅速或達到預期目標獲得合併的預期收益，則公司普通股的市場價格可能會下降； 大流行病或其他健康危機，如COVID-19；利率上升；按預期利率獲得資本的可用性和成本；爭奪優質資產；公司租戶的經營結果或財務狀況出現負面變化，包括但不限於其支付租金的能力；公司以有利潤的結果重新配置或出售設施的能力；公司以類似的租金率釋放空間的能力；公司續租將到期租約的能力；

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目錄

4			亮點
7			顯著事實
8			公司信息
9			資產負債表
10			利潤表
11			FFO、規範化FFO和FAD
12			資本資金及承諾
13			債務指標
14			負債契約與流動性
15			合資企業和處置活動
16			合資企業板塊
17			重建/開發活動
18			投資組合
19			衛生系統
20			MOb離醫院的距離
21			租賃到期與入住率
22			租賃統計
23			同店銷售額
25			淨經營收入對賬
27			EBITDA對賬表
28			淨資產價值的組成部分
29			預期FFO的元件

醫療保健 房地產			2024年第三季度補充信息 3

    

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亮點

2024年9月30日結束的三個月中，歸屬普通股股東的淨虧損爲9300萬美元，每股攤薄普通股爲0.26美元。

關鍵第三季度亮點

•每股標準化FFO爲0.39美元，較去年同期增長1.2%

•截至十月份，通過合資和資產出售交易獲得了87500萬美元的收入

•截至十月份，今年迄今已回購$44700萬的股份。

•159,000 平方英尺，或 49 個點子的多租戶吸納

•本季度簽訂了43.1萬平方英尺的新租約，這是連續第五個季度超過40萬的情況。

資本配置

•公司從第二季度開始，關閉了合資創業公司和資產出售交易，總計$47800萬，截至10月份，收入約爲$87500萬，具體包括以下內容：

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。由合資企業交易中獲得52200萬美元

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。從資產銷售中獲得了35300萬美元

•公司還有其他合同下的交易和擬出售意向書，預計將使年收入增加約11億美元。

•截至十月，該公司已回購2710萬股，總計44680萬美元，平均每股價格爲16.48美元。

多租戶入住率和吸納量

•多租戶順序入住增長繼續朝着2024年全年預期方向發展，如下所示：

3Q 2024

2024年全年累計

吸納量（平方英尺）

158,720

341,473

入住增幅 （單位爲BPS）

+ 49

+ 106

•多租戶投資組合的入住率爲86.5％，租賃比例爲9月30日爲87.8％。

•在過去的十二個月中，多租戶入住率上升了164個點子。對於傳統HTA物業來說，同一時期多租戶入住率提高了230個點子。

•您可以在公司網站上的重點亮點投資者演示文稿第5頁找到更新後的多租戶入住率和淨營業收入橋表。

租約

•第三季度開始的投資組合租賃活動，涉及455份租約，總面積爲1,641,000平方英尺。

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。1,054,000平方英尺的續約

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。新租賃和擴張租賃啓動面積達587,000平方英尺

•公司在本季度簽署了總面積達431,000平方英尺的新租約，這是連續第五個季度租約面積超過400,000平方英尺。

醫療保健 房地產			2024年第三季度補充信息 4

    

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亮點

同店銷售

•第三季度同店現金淨收入較去年同期增長3.1%。

•第三季度租戶留存率爲80.5%。

•與去年同期相比，營業費用減少了1.5%。

•同店銷售組合的第三季度預測增長指標包括：

◦Average in-place rent increases of 2.8%.

◦Future annual contractual increases of 3.1% for leases commencing in the quarter.

◦Weighted average MOB cash leasing spreads of 3.9% on 847,000 square feet renewed:

▪7% (<0% spread)

▪7% (0-3%)

▪58% (3-4%)

▪28% (>4%)

BALANCE SHEET

•As of September 30, 2024, net debt to adjusted EBITDA was 6.7 times. Net debt to adjusted EBITDA is expected to be 6.5 times at the end of the year.

•In October, the Company repaid the remaining $100 million outstanding of Unsecured Term Loan maturing July 2025.

•As of September 30, 2024, the Company had approximately $1.3 billion of availability under its credit facility.

DIVIDEND

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

GUIDANCE

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

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

•The Company's 2024 guidance range includes activities outlined in the Components of Expected FFO on page 29 of the Supplemental Information.

The 2024 annual guidance range reflects the Company's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, and operating and general and administrative expenses. The Company's guidance does not contemplate impacts from gains or losses from

dispositions, potential impairments, or debt extinguishment costs, if any. There can be no assurance that the Company's actual results will not be materially higher or lower than these expectations. If actual results vary from these assumptions, the Company's expectations may change.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 5

    

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亮點

業績會

•2024年10月30日星期三，東部時間上午11:00，醫療房地產Trust將舉行一次電話會議，討論業績結果、季度活動、公司的一般運營和行業板塊趨勢。

•同時，感興趣的各方可以在 https://investors.healthcarerealty.com/corporate-profile/webcasts 的投資者關係部分觀看電話會議的網絡直播。會議結束後，您可以在同一地址查看網絡直播回放。

•直播會議看漲訪問詳情：

◦國內免費電話：+1 404-975-4839 訪問代碼 470628;

◦所有板塊其他位置：+1 833-470-1428 訪問代碼 470628。

•重播信息:

◦國內免費電話： +1 929-458-6194 訪問代碼 780754；

◦所有板塊其他地點：+1 866-813-9403 訪問代碼 780754。

醫療保健 房地產			2024年第三季度補充信息 6

    

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重要事實 1

			資產
			660個物業總面積爲3870万平方英尺
			覆蓋35個州的67個市場
			92%的物業由醫療房地產管理
			93%爲門診醫療設施
			60%的淨運營收入來自前15個市場
			資本化
			截至2024年9月30日，企業價值爲117亿美元
			截至2024年9月30日，市值爲65亿美元
			截至2024年9月30日，已發行股份/單位爲35950万
			已稀釋的加權平均股份爲36340万
			每股季度股息爲0.31美元
			BBB/Baa2 S&P/穆迪
			截至2024年9月30日，淨債務與企業價值比率爲44.3%
			淨債務與調整後EBITDA的比率爲6.5倍

1包括在合資企業中持有的資產。

醫療保健 房地產			2024年第三季度補充信息 7

    

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公司信息

Healthcare Realty (NYSE: HR) is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As of September 30, 2024, the Company was invested in 660 real estate properties in 35 states totaling 38.7 million square feet and had an enterprise value of approximately $11.7 billion, defined as equity market capitalization plus the principal amount of debt less cash. The Company provided leasing and property management services to 92% of its portfolio.

EXECUTIVE OFFICERS
Todd J. Meredith
President and Chief Executive Officer
John M. Bryant, Jr.
Executive Vice President and General Counsel
Ryan E. Crowley
Executive Vice President and Chief Investment Officer
Austen B. Helfrich
Interim Chief Financial Officer
Robert E. Hull
Executive Vice President and Chief Operating Officer
Julie F. Wilson
Executive Vice President and Chief Administrative Officer

			ANALYST COVERAGE
			BMO Capital Markets
			BTIG, LLC
			Citi Research
			Deutsche Bank Securities
			Green Street Advisors, Inc.
			J.P. Morgan Securities LLC
			Jefferies LLC
			KeyBanc Capital Markets Inc.
			Raymond James & Associates
			Scotiabank
			Wedbush Securities
			Wells Fargo Securities, LLC

BOARD OF DIRECTORS

J. Knox Singleton    

Chairman, Healthcare Realty Trust Incorporated

Retired Chief Executive Officer, Inova Health System

Todd J. Meredith

President and Chief Executive Officer

Healthcare Realty Trust Incorporated

John V. Abbott

Retired Chief Executive Officer

Aviation Asset Management Group, General Electric Company

Nancy H. Agee

Retired President and Chief Executive Officer

Carilion Clinic

Thomas N. Bohjalian

Retired Head of U.S. Real Estate

Cohen & Steers

Vicki U. Booth

President and Board Chair

Ueberroth Family Foundation

Ajay Gupta

Chief Executive Officer

Physician Rehabilitation Network

James J. Kilroy

President and Portfolio Manager

Willis Investment Counsel

Jay P. Leupp

Managing Partner and Senior Portfolio Manager

Terra Firma Asset Management, LLC

Peter F. Lyle

Executive Vice President

Medical Management Associates, Inc.

Constance B. Moore

Retired President and CEO

BRE Properties, Inc.

Christann M. Vasquez

Retired Healthcare Executive

David R. Emery (1944-2019)

Chairman Emeritus

Healthcare Realty Trust Incorporated

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 8

    

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Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

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

12Q 2024 cash and cash equivalents includes $96.0 million of proceeds held in a cash escrow account from a portfolio disposition that closed on June 28, 2024 and was received by the Company on July 1, 2024.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 9

    

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Statements of Income
DOLLARS IN THOUSANDS

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

    

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

1In 2Q 2024, rental income was reduced by $3.0 million for Steward Health revenue reserves. This consisted of $2.2 million for April and prepetition rent for May as well as $0.8 million for March. In addition, the Company reversed $2.2 million of straight-line rent receivable against rental income.

23Q 2024 and 4Q 2023 normalizing items primarily include severance-related costs.

3Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount. As a result, the outstanding limited partnership units in the Company's operating partnership ("OP"), totaling 3,649,637 units were not included.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 10

    

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

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

1Funds 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.”

2FFO, 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.

3Potential 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.

4For 1Q 2024, basic weighted average common shares outstanding was the denominator used in the per share calculation.

53Q 2024 includes $46.8 million of credit loss reserves and $0.2 million gain on other assets. 2Q 2024 includes $11.2 million of credit loss reserves and $2.2 million write-off of prior period Steward Health straight-line rent, offset by $4.9 million gain on other assets.

6Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and acquisition and pursuit costs.

7Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.

82Q 2024 includes $0.8 million related to the Steward Health revenue reserve for March.

9Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.

10The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 760,552 for the three months ended September 30, 2024. Also includes the diluted impact of 3,649,637 OP units outstanding.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 11

    

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

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

1Acquisitions include properties acquired through joint ventures at the Company's ownership percentage.

2Re/development funding includes capital spend on re/developments, development completions and unstabilized properties.

3Acquisition capex includes near-term fundings underwritten as part of recent acquisitions. 1st generation tenant improvements for re/developments are excluded.

4Reflects leases commencing in the quarter. Excludes recently acquired or disposed properties, development completions, construction in progress, land held for development, corporate property, redevelopment properties, unstabilized properties, planned dispositions and assets classified as held for sale.

5WALT = weighted average lease term.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 12

    

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Debt Metrics1
DOLLARS IN THOUSANDS

SUMMARY OF INDEBTEDNESS AS OF SEPTEMBER 30, 2024
			PRINCIPAL BALANCE			BALANCE 1			MATURITY DATE 2			MONTHS TO MATURITY 2			INTEREST EXPENSE			CONTRACTUAL INTEREST EXPENSE			CONTRACTUAL RATE			EFFECTIVE RATE			FAIR VALUE MERGER ADJUSTED
SENIOR NOTES			$250,000			$249,771			5/1/2025			7			$2,470			$2,422			3.88		%	4.12		%
			600,000			584,836			8/1/2026			22			7,214			5,251			3.50		%	4.94		%	Y
			500,000			486,990			7/1/2027			33			5,788			4,687			3.75		%	4.76		%	Y
			300,000			297,877			1/15/2028			40			2,785			2,719			3.63		%	3.85		%
			650,000			583,329			2/15/2030			65			7,701			5,037			3.10		%	5.30		%	Y
			299,500			297,086			3/15/2030			66			1,928			1,797			2.40		%	2.72		%
			299,785			296,214			3/15/2031			78			1,593			1,536			2.05		%	2.25		%
			800,000			662,721			3/15/2031			78			8,455			4,000			2.00		%	5.13		%	Y
			$3,699,285			$3,458,824						50			$37,934			$27,449			2.97		%	4.44		%
TERM LOANS			$100,000			$99,740			7/20/2025			10			$3,593			$3,593			SOFR + 1.04%			6.24		%
			200,000			199,833			5/31/2026			20			3,240			3,240			SOFR + 1.04%			6.24		%
			150,000			149,753			6/1/2026			20			2,430			2,430			SOFR + 1.04%			6.24		%
			300,000			299,975			10/31/2026			25			4,860			4,860			SOFR + 1.04%			6.24		%
			200,000			199,605			7/20/2027			33			3,240			3,240			SOFR + 1.04%			6.24		%
			300,000			298,603			1/20/2028			39			4,860			4,860			SOFR + 1.04%			6.24		%
			$1,250,000			$1,247,509						27			$22,223			$22,223						6.24		%
$1.5B CREDIT FACILITY			$206,000			$206,000			10/31/2027			37			$2,147			$2,147			SOFR + 0.94%			5.79		%
MORTGAGES			$45,622			$45,463			various			19			$501			$511			4.04		%	4.17		%
			$5,200,907			$4,957,796						44			$62,805			$52,330			3.88		%	4.94		%	$2,550,000
Less cash			(22,801)
Net debt			$5,178,106
Interest rate swaps															(3,789)			(3,789)
Interest cost capitalization															(1,295)			—
Unsecured credit facility fee & deferred financing costs															1,994			767
Financing right-of-use asset amortization															934			—
															$60,649			$49,308

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

INTEREST RATE SWAPS
MATURITY			AMOUNT			FIXED SOFR RATE
May 2026			$275,000			3.74		%
June 2026			150,000			3.83		%
December 2026			150,000			3.84		%
June 2027			200,000			4.27		%
December 2027			300,000			3.93		%
As of 9/30/2024			$1,075,000			3.92		%

1Balances are reflected net of discounts, fair value adjustments, and deferred financing costs and include premiums.

2Includes extension options.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 13

    

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Debt Covenants & Liquidity
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS YEAR ENDED SEPTEMBER 30, 2024 1
			CALCULATION			REQUIREMENT			PER DEBT COVENANTS
Revolving credit facility and term loan
Leverage ratio			Total debt/total capital			Not greater than 60%			39.4		%
Secured leverage ratio			Total secured debt/total capital			Not greater than 30%			0.3		%
Unencumbered leverage ratio			Unsecured debt/unsecured real estate			Not greater than 60%			42.3		%
Fixed charge coverage ratio			EBITDA/fixed charges			Not less than 1.50x			3.1x
Unsecured coverage ratio			Unsecured EBITDA/unsecured interest			Not less than 1.75x			3.1x
Asset investments			Unimproved land, JVs & mortgages/total assets			Not greater than 35%			10.6		%
Senior Notes
Incurrence of total debt			Total debt/total assets			Not greater than 60%			39.4		%
Incurrence of debt secured by any lien			Secured debt/total assets			Not greater than 40%			0.3		%
Maintenance of total unsecured assets			Unencumbered assets/unsecured debt			Not less than 150%			250.0		%
Debt service coverage			EBITDA/interest expense			Not less than 1.5x			3.1x
Other
Net debt to adjusted EBITDA 2			Net debt (debt less cash)/adjusted EBITDA			Not required			6.7x
Run-rate net debt to adjusted EBITDA 4			Run-rate net debt (debt less cash)/adjusted EBITDA 4			Not required			6.5x
Net debt to enterprise value 3			Net debt/enterprise value			Not required			44.3		%

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

        

1Does 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.

2Net debt includes the Company's share of unconsolidated JV net debt. See page 27 for a reconciliation of adjusted EBITDA.

3Based on the closing price of $18.15 on September 30, 2024 and 359,456,876 shares outstanding including outstanding OP units.

4Run-rate net debt to adjusted EBITDA reflects expected proceeds from additional asset sales and JV transactions.

5Annualized third quarter 2024 unencumbered asset NOI was $738.3 million.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 14

    

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JV & Disposition Activity
DOLLARS IN THOUSANDS

JV AND DISPOSITION ACTIVITY
LOCATION			COUNT			TYPE			CLOSING			SQUARE FEET			LEASED %			SALE PRICE			PROCEEDS			% OWNERSHIP RETAINED
Joint Ventures
KKR JV 1			10			MOB			5/23/2024			556,274			99		%	$284,348			$227,478			20		%
KKR JV 1			1			MOB			6/6/2024			129,879			100		%	54,858			43,886			20		%
KKR JV 1			4			MOB			8/23/2024			266,782			93		%	118,000			94,400			20		%
Nuveen JV 2			7			MOB			8/27/2024			473,003			89		%	177,250			156,180			20		%
YTD joint venture activity			22									1,425,938			95		%	$634,456			$521,944
Dispositions
Albany, NY			1			MOB			4/1/2024			14,800			—		%	$725			$725			—
San Angelo, TX			1			MOB			4/12/2024			24,580			100		%	5,085			5,085			—
Houston, TX			1			MOB			5/20/2024			37,040			5		%	250			250			—
Denver, CO			1			MOB			5/30/2024			37,130			100		%	19,000			19,000			—
Minneapolis, MN			1			MOB			6/21/2024			50,291			23		%	1,082			1,082			—
Greensboro/Raleigh, NC 3			9			MOB			6/28/2024			309,424			97		%	99,518			99,518			—
Albany, NY			1			OFFICE			8/2/2024			180,000			100		%	6,300			6,300			—
Charlotte, NC			1			MOB			8/6/2024			90,633			100		%	26,670			26,670			—
Charleston, SC			1			MOB			8/13/2024			46,711			46		%	14,500			14,500			—
Austin, TX			1			MOB			9/13/2024			76,246			100		%	42,281			42,281			—
Raleigh, NC			1			MOB			9/26/2024			5,934			100		%	1,813			1,813			—
Houston, TX 4			1			MOB			10/3/2024			140,012			66		%	12,000			2,400			—
Greensboro, NC			1			MOB			10/9/2024			35,373			100		%	12,514			12,514			—
Des Moines, IA			1			MOB			10/15/2024			95,486			98		%	31,750			31,750			—
Albany, NY			1			MOB			10/15/2024			80,676			72		%	9,500			9,500			—
Salt Lake City, UT 5			1			MOB			10/24/2024			112,192			72		%	30,712			25,400			—
Miami, FL			1			MOB			10/25/2024			102,186			96		%	36,789			36,789			—
Miami, FL			2			MOB			10/25/2024			60,761			92		%	17,767			17,767			—
YTD disposition activity			27									1,499,475			84		%	$368,256			$353,344
YTD total JV and disposition activity			49									2,925,413			89		%	$1,002,712			$875,288
Average cap rate 6																		6.6		%

1The Company sold the following MOBs into a joint venture, retaining 20% ownership: one in each of Raleigh, NC, New York, NY, Philadelphia, PA, Atlanta, GA, Austin, TX, Houston, TX, Miami, FL, and Denver, CO; two MOBs in Los Angeles and five in Seattle, WA.

2The Company sold the following MOBs into a joint venture, retaining 20% ownership: one in each of Dallas, TX, San Antonio, TX and Atlanta, GA; and two MOBs in each of Nashville, TN and Denver, CO. The joint venture obtained secured financing of 40% of the contribution value. The proceeds are net of the Company's share of the secured financing.

3The Company sold seven MOBs in Greensboro, NC and two non-clustered single-tenant MOBs in Raleigh, NC to a single buyer in a single transaction.

4The Company provided seller financing of approximately $9.6 million in connection with this sale.

5The Company sold an MOB that was included in a consolidated joint venture in which the Company held a 63% ownership interest. Proceeds include the Company's pro-rata share of the purchase price as well as amounts due to the Company by the joint venture.

6Cap rate represents the in-place cash NOI divided by sales price.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 15

    

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Joint Ventures 1
DOLLARS IN THOUSANDS

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

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

1Excludes assets held for sale and construction in progress.

2Includes two unconsolidated joint ventures. Ownership percentages are weighted based on investment.

3Represents 100% of the real estate assets and debt of the joint ventures.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 16

    

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Re/development Activity
DOLLARS IN THOUSANDS

RE/DEVELOPMENT PROJECTS
MARKET			ASSOCIATED HEALTH SYSTEM						SQUARE FEET			CURRENT LEASED %			BUDGET			COST TO COMPLETE						ESTIMATED COMPLETION/INITIAL LEASE COMMENCEMENT
Active development
Raleigh, NC			UNC REX Health						120,694			42		%	$52,600			$10,231						4Q 2024
Phoenix, AZ			HonorHealth						101,000			80		%	58,000			3,784						4Q 2024
Fort Worth, TX 1			Baylor Scott & White						101,000			40		%	48,200			15,946						1Q 2026
Total development									322,694			53		%	$158,800			$29,961
Projected stabilized yield - 7.0%-8.5%
Estimated stabilization period post completion - 12 - 36 months
Active redevelopment
Washington, DC			Inova Health						259,290			88		%	$17,557			$6,728						4Q 2024
Houston, TX			HCA						314,861			63		%	30,000			19,072						4Q 2026
Charlotte, NC			Novant Health						169,135			83		%	18,700			5,198						4Q 2025
Washington, DC			Inova Health						57,323			88		%	10,078			2,557						4Q 2025
Total redevelopment									800,609			77		%	$76,335			$33,555
Occupied %												69		%
Projected stabilized yield - 9.0%-12.0%
Estimated stabilization period post completion - 12 - 36 months
Total active re/development projects						1,123,303			70		%	$235,135			$63,516

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

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 17

    

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Portfolio 1,2
DOLLARS IN THOUSANDS

MARKETS
						COUNT						SQUARE FEET																								WHOLLY OWNED
MARKET			MSA RANK									MOB						INPATIENT			OFFICE						WHOLLY OWNED			JOINT VENTURES			TOTAL			% OF NOI			CUMULATIVE % OF NOI
Dallas, TX			4			50						3,182,296						146,519			199,800						3,528,615			274,268			3,802,883			9.7		%	9.7		%
Seattle, WA			15			29						1,335,380															1,335,380			257,121			1,592,501			5.6		%	15.3		%
Houston, TX			5			29						2,064,475						67,500									2,131,975			109,608			2,241,583			4.8		%	20.1		%
Charlotte, NC			23			31						1,702,275															1,702,275						1,702,275			4.7		%	24.8		%
Denver, CO			19			33						1,553,356															1,553,356			306,949			1,860,305			4.0		%	28.8		%
Los Angeles, CA			2			30						950,269						63,000									1,013,269			786,520			1,799,789			3.9		%	32.7		%
Atlanta, GA			8			26						1,273,816															1,273,816			96,108			1,369,924			3.7		%	36.4		%
Boston, MA			11			17						806,410															806,410						806,410			3.7		%	40.1		%
Phoenix, AZ			10			35						1,512,304															1,512,304						1,512,304			3.2		%	43.3		%
Tampa, FL			18			19						971,975															971,975						971,975			3.0		%	46.3		%
Raleigh, NC			41			26						980,469															980,469			75,494			1,055,963			2.8		%	49.1		%
Miami, FL			9			15						981,406															981,406			52,178			1,033,584			2.8		%	51.9		%
Indianapolis, IN			33			41						1,162,955						61,398									1,224,353			273,479			1,497,832			2.8		%	54.7		%
Nashville, TN			35			13						1,134,891									108,691						1,243,582			106,981			1,350,563			2.7		%	57.4		%
Memphis, TN			44			11						802,221						54,416									856,637						856,637			2.1		%	59.5		%
New York, NY			1			15						647,004															647,004			57,411			704,415			2.0		%	61.5		%
Austin, TX			27			12						657,575															657,575			129,879			787,454			2.0		%	63.5		%
Chicago, IL			3			6						607,845															607,845						607,845			2.0		%	65.5		%
Washington, DC			6			9						692,107															692,107						692,107			2.0		%	67.5		%
Honolulu, HI			56			6						439,500															439,500						439,500			2.0		%	69.5		%
Other (47 Market)						207						9,655,905						540,974			1,048,363						11,245,242			737,150			11,982,392			30.5		%	100.0		%
Total						660						33,114,434						933,807			1,356,854						35,405,095			3,263,146			38,668,241			100.0		%
Number of properties												584						15			6						605			55			660
% of square feet												93.6		%				2.6		%	3.8		%				100.0		%
% multi-tenant												85.9		%				—		%	77.2		%				83.3		%
Investment												$11,247,130						$436,292			$421,911						$12,105,333
Quarterly cash NOI 2												$167,125						$8,195			$5,307						$180,627
% of cash NOI												92.5		%				4.5		%	3.0		%				100.0		%

BY OWNERSHIP AND TENANT TYPE
			WHOLLY OWNED						JOINT VENTURES
			MULTI-TENANT			SINGLE-TENANT						MULTI-TENANT			SINGLE-TENANT			TOTAL
Number of properties			491			114						42			13			660
Square feet			29,508,901			5,896,194						2,731,094			532,052			38,668,241
% of square feet			76.3		%	15.2		%				7.1		%	1.4		%	100.0		%
Investment 2			$9,602,369			$2,502,964						$361,427			$100,320			$12,567,080
Quarterly cash NOI 2			$139,792			$40,835						$4,612			$1,545			$186,784
% of cash NOI			74.8		%	21.9		%				2.5		%	0.8		%	100.0		%

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

2Excludes assets held for sale, land held for development, construction in progress and corporate property.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 18

    

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Health Systems 1,2

MOB PORTFOLIO
									BUILDING SQUARE FEET									# OF BLDGS						LEASED BY HEALTH SYSTEM			% OF LEASED SF			# OF LEASES
HEALTH SYSTEM			SYSTEM RANK 3			CREDIT RATING			ON/ADJACENT 4			OFF-CAMPUS AFFILIATED 5			TOTAL						% OF NOI
HCA			1			BBB-/Baa3			2,136,592			770,430			2,907,022			43			7.8		%	809,266			2.5		%	133
CommonSpirit			4			A-/A3			1,801,813			564,790			2,366,603			43			6.3		%	743,838			2.3		%	143
Baylor Scott & White			21			AA-/Aa3			2,493,934			66,376			2,560,310			28			6.2		%	1,194,155			3.8		%	194
Ascension Health			3			AA+/Aa2			2,262,563			97,551			2,360,114			25			5.8		%	972,638			3.1		%	150
Advocate Health			14			AA/Aa3			898,199			388,316			1,286,515			20			4.3		%	1,079,940			3.4		%	101
Tenet Healthcare Corporation			6			B+/B1			1,024,007			238,375			1,262,382			21			2.7		%	315,699			1.0		%	60
AdventHealth			11			AA/Aa2			758,638			118,585			877,223			13			2.7		%	384,529			1.2		%	82
UW Medicine (Seattle)			91			AA+/Aaa			461,363			169,709			631,072			10			2.6		%	294,971			0.9		%	32
Wellstar Health System			75			A+/A2			866,644			—			866,644			17			2.5		%	561,785			1.8		%	75
Providence Health & Services			5			A/A2			614,167			31,601			645,768			12			2.4		%	254,878			0.8		%	50
Community Health Systems			8			CCC+/Caa2			785,169			—			785,169			16			2.0		%	353,558			1.1		%	45
Trinity Health			7			AA-/Aa3			830,772			8,156			838,928			12			2.0		%	454,969			1.4		%	54
Indiana University Health			26			AA/Aa2			416,978			269,320			686,298			10			2.0		%	376,842			1.2		%	50
Baptist Memorial Health Care			89			A-2/--			544,122			150,228			694,350			9			1.7		%	407,894			1.3		%	50
Tufts Medicine			None			BBB-/Aa3			252,087			0			252,087			2			1.7		%	252,087			0.8		%	2
University of California Health			None			AA/Aa2			477,272			0			477,272			9			1.6		%	30,080			0.1		%	11
Hawaii Pacific Health			181			--/A1			173,502			124,925			298,427			3			1.5		%	98,656			0.3		%	39
WakeMed			185			--/A2			374,207			101,597			475,804			13			1.5		%	138,331			0.4		%	20
Banner Health			24			AA-/--			749,075			31,039			780,114			24			1.4		%	122,252			0.4		%	32
Sutter Health			12			A+/A1			175,591			99,947			275,538			4			1.3		%	105,752			0.3		%	22
Bon Secours Health System			22			A+/A2			405,945			—			405,945			6			1.3		%	242,817			0.8		%	50
Other (70 Credit Rated)									6,941,842			3,397,631			10,339,473			195			28.6		%	3,999,660			12.6		%
Subtotal - credit rated 6									25,444,482			6,628,576			32,073,058			535			89.9		%	13,194,597			41.5		%
Other non-credit rated 7									1,014,100			660,091			1,674,191			37			4.7		%	854,358			2.7		%
Off-campus non-affiliated 8									—			2,404,255			2,404,255			60			5.4		%	—			—		%
Total									26,458,582			9,692,922			36,151,504			632			100.0		%	14,048,955			44.2		%
Joint ventures									2,191,564			845,506			3,037,070
Wholly-owned									24,267,018			8,847,416			33,114,434

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

2Excludes construction in progress and assets classified as held for sale.

3Ranked by revenue based on Modern Healthcare's Healthcare Systems Financials Database.

4The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.

5Includes off-campus buildings where health systems lease 20% or more of the property and/or are located within 2 miles from a hospital campus.

6Based on square footage, 88% is associated and 38% is leased by an investment-grade rated healthcare provider.

7Includes 37 properties associated with hospital systems that are not credit rated. Steward Health leases 593,000 square feet and represents 2.0% of total company rental income.

8Includes off-campus buildings that are not 20% or more leased by a health system and are more than two miles from a hospital campus.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 19

    

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MOB Proximity to Hospital 1,2,3

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

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

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

2Includes joint venture properties and excludes construction in progress and assets classified as held for sale.

3Proximity 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.

4The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.

5Includes off-campus buildings where health systems lease 20% or more of the property and/or are located within 2 miles from a hospital campus.

6A 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.

7Includes buildings that are located within two miles of a hospital campus.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 20

    

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Lease Maturity & Occupancy 1,2

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

QUARTERLY LEASING ACTIVITY 5
						MULTI-TENANT						SINGLE-TENANT						TOTAL
						ABSORPTION ACTIVITY			SQUARE FEET			ABSORPTION ACTIVITY			SQUARE FEET			ABSORPTION ACTIVITY			SQUARE FEET
Occupied square feet, beginning of period									28,376,105						6,489,545						34,865,650
Dispositions and assets held for sale									(652,918)						(180,000)						(832,918)
Expirations and early vacates						(1,314,267)						(207,528)						(1,521,795)
Renewals, amendments and extensions						908,216						146,215						1,054,431
New lease commencements						564,771						22,050						586,821
Absorption									158,720						(39,263)						119,457
Occupied square feet, end of period									27,881,907						6,270,282						34,152,189

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

2Excludes land held for development, construction in progress, corporate property and assets classified as held for sale, unless noted otherwise.

3The average lease size in the wholly-owned multi-tenant portfolio is 3,855 square feet.

4WALTR = weighted average lease term remaining; WALT = weighted average lease term.

5Excludes month-to-month activity until such time that a term renewal is signed or the tenant vacates.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 21

    

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Leasing Statistics 1,2

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

AVERAGE IN-PLACE CONTRACTUAL INCREASES 4
			MULTI-TENANT									SINGLE-TENANT									TOTAL
			% INCREASE			% OF BASE RENT						% INCREASE			% OF BASE RENT						% INCREASE			% OF BASE RENT
Same store 2			2.87		%	74.0		%				2.52		%	17.6		%				2.81		%	91.6		%
Acquisitions			2.79		%	4.1		%				2.65		%	0.8		%				2.77		%	4.9		%
Other 5			2.84		%	3.5		%				2.00		%	0.1		%				2.82		%	3.5		%
Total			2.87		%	81.5		%				2.53		%	18.5		%				2.81		%	100.0		%
Escalator type
Fixed			2.85		%	96.8		%				2.57		%	89.0		%				2.80		%	95.4		%
CPI			3.47		%	3.2		%				2.19		%	11.0		%				2.91		%	4.6		%

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

    

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

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

2Same 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.

3Excludes non-MOB renewals of 63,000 square feet and 130,500 square feet for the third quarter and year-to-date, respectively.

4Excludes leases with lease terms of one year or less.

5Includes redevelopment properties, development completion, and joint ventures.

6Tenant is typically responsible for operating expenses and capital obligations.

7Excludes joint ventures, land held for development, construction in progress, corporate property and assets classified as held for sale.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 22

    

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

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

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

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

2Same store properties are properties that have been included in operations for the duration of the year-over-year comparison period presented. Accordingly, same store properties exclude properties that were recently acquired or disposed of, properties classified as held for sale or intended for sale, properties undergoing redevelopment, and newly redeveloped or developed properties.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 23

    

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

SAME STORE CASH NOI
			TOTAL
			3Q 2024			2Q 2024			1Q 2024			4Q 2023			3Q 2023			YTD 2024			YTD 2023
Base revenue			$217,874			$214,959			$215,919			$214,426			$212,518			$648,752			$634,952
Op. exp. recoveries			68,234			63,829			65,890			64,268			69,685			197,953			199,008
Revenues			$286,108			$278,788			$281,809			$278,694			$282,203			$846,705			$833,960
Expenses			105,834			99,802			101,764			100,636			107,418			307,400			309,481
Cash NOI			$180,274			$178,986			$180,045			$178,058			$174,785			$539,305			$524,479
Revenue per occ SF 4			$36.49			$35.67			$36.10			$35.74			$36.19			$36.08			$35.66
Margin			63.0		%	64.2		%	63.9		%	63.9		%	61.9		%	63.7		%	62.9		%
Average occupancy			89.8		%	89.5		%	89.4		%	89.3		%	89.3		%	89.6		%	89.3		%
Period end occupancy			89.9		%	89.6		%	89.4		%	89.4		%	89.2		%	89.9		%	89.2		%
Number of properties			608			608			608			608			608			608			608
Year-Over-Year Change
Revenue per occ SF 4			0.8		%													1.2		%
Avg occupancy (bps)			+50															+30
Revenues			1.4		%													1.5		%
Base revenue			2.5		%													2.2		%
Exp recoveries			(2.1		%)													(0.5		%)
Expenses			(1.5		%)													(0.7		%)
Cash NOI			3.1		%													2.8		%
Cash NOI without Steward reserve			3.1		%													3.2		%

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

2Same 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.

3Excludes recently acquired or disposed properties, development completions, construction in progress, land held for development, corporate property, redevelopment properties, planned dispositions and assets classified as held for sale.

4Revenue per occ SF is calculated by dividing revenue by the average of the occupied SF for the period provided. Quarterly revenue per occ SF is annualized.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 24

    

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NOI Reconciliations 1
DOLLARS IN THOUSANDS

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

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

2Includes 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.

3Includes 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.

4Includes above and below market intangibles, lease inducements, lease termination fees, deferred financing cost amortization, financing receivable, and TI amortization.

5Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 25

    

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NOI Reconciliations 1
DOLLARS IN THOUSANDS

RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO
			3Q 2024			2Q 2024			1Q 2024
Cash NOI			$193,278			$198,902			$200,378
General and administrative expense			(20,124)			(14,002)			(14,787)
Straight-line rent			6,736			5,630			8,568
Interest and other income (expense), net			(132)			(248)			275
Management fees and other income			2,658			1,858			1,646
Note receivable interest income			1,787			1,771			2,421
Other non-cash revenue 2			3,891			1,804			2,939
Other non-cash expenses 3			(6,687)			(5,858)			(5,268)
Non-real estate impairment			(46,762)			(11,201)			—
Income taxes			448			454			336
Unconsolidated JV adjustments			(401)			(443)			(427)
Debt Covenant EBITDA			$134,692			$178,667			$196,081
Interest expense			(60,649)			(62,457)			(61,054)
Transaction costs			(719)			(431)			(395)
Leasing commission amortization 4			5,827			5,151			4,467
Non-real estate depreciation and amortization			(1,232)			(1,278)			(1,424)
Gain on non-real estate assets			162			4,907			—
Non controlling interest			139			81			106
Goodwill impairment			—			—			(250,530)
Income taxes			(448)			(454)			(336)
Unconsolidated JV adjustments			(484)			(389)			(385)
FFO			$77,288			$123,797			($113,470)
Transaction costs			719			431			395
Lease intangible amortization			(10)			129			175
Significant non-recurring legal fees/forfeited earnest money received			306			465			—
Restructuring and severance-related costs			6,861			—			—
Merger-related fair value adjustment			10,184			10,064			10,105
Credit losses and gains on other assets, net			46,600			8,525			—
Goodwill impairment			—			—			250,530
Unconsolidated JV normalizing items			101			89			87
Normalized FFO			$142,049			$143,500			$147,822

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

2Includes above and below market lease intangibles, interest income related to sales-type leases, lease inducements, lease termination fees, deferred financing cost amortization, and principle related to investment in financing receivable and TI amortization.

3Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.

4Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 26

    

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EBITDA Reconciliations 1
DOLLARS IN THOUSANDS

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

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

2Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.

3Timing 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.

42Q 2024 cash includes $96.0 million of proceeds from a portfolio disposition held in a cash escrow account as of June 30, 2024.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 27

    

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

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

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

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

2See Same Store schedule on pages 23 - 24 for details on Same Store NOI.

3Adjusted to reflect quarterly NOI from properties acquired or stabilized re/developments completed during the full five quarter period that are not included in same store NOI.

4Timing adjustments include adjustments to reflect full quarterly stabilized NOI of a recently completed development of $0.7 million, full quarter NOI for JV contributed assets of $0.6 million, and management fee income of $2.5 million, offset by $0.7 million of positive NOI for unstabilized properties, which are shown in other assets.

5Includes assets held for sale and planned dispositions.

6Includes 30 properties at their gross book value. These properties were comprised of 1.2 million square feet that generated positive NOI of $0.7 million.

7Includes cash of $26.2 million, notes receivable of $120.0 million, prepaid assets of $140.9 million, accounts receivable of $43.7 million, prepaid ground leases of $18.9 million, and other investments of $6.0 million. In addition, includes the Company's occupied portion of its corporate headquarters in Nashville of $17.9 million.

8Includes only liabilities that are expected to reduce future cash or NOI and that are currently producing non-cash benefits to NOI. Included are accounts payable and accrued liabilities of $200.9 million, security deposits of $32.3 million, financing right of use liabilities of $71.9 million, and deferred operating expense reimbursements of $4.3 million.

9Total shares outstanding includes OP units.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 28

    

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

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

1Adjusted to exclude the impact of the Steward revenue reserves.

2Run-rate net debt to adjusted EBITDA reflects expected proceeds from additional asset sales and JV transactions. Net debt to adjusted EBITDA was 6.7x at September 30, 2024.

HEALTHCARE REALTY			3Q 2024 SUPPLEMENTAL INFORMATION 29