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Healthcare Realty Q3 2026 loss narrows to $15.8M

A $0.24-per-share dividend is payable November 20 to stockholders of record November 10, with an equivalent distribution for eligible operating partnership units.

Filing Impact
(Very High)
Filing Sentiment

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Form Type
8-K

Rhea-AI Filing Summary

Healthcare Realty Trust Incorporated (HR) reported Q3 2026 net loss attributable to common stockholders of $15.755 million, or $0.05 per diluted share, versus $57.738 million, or $0.17, in Q3 2025. NAREIT FFO was $131.666 million ($0.38 per diluted share), compared with $118.922 million ($0.34); normalized FFO was $145.928 million ($0.42 per share), versus $145.340 million ($0.41). Same-store cash NOI grew 5.1%; FAD was $110.174 million.

HR raised 2026 normalized FFO guidance to $1.65–$1.67 per diluted share from July’s $1.62–$1.66, and same-store cash NOI growth guidance to 5.00%–5.25% from 4.25%–5.00%. It repurchased 4.2 million shares through early October at an average $17.74 per share, totaling $75 million; on October 26 it renewed the repurchase program for 12 months, with authorization up to $500 million.

Since last quarter, HR acquired $211 million of assets in its strategic joint venture with KKR (approximately $42 million at share) and sold $68 million of assets. As of September 30, liquidity was approximately $1.6 billion, and net debt to adjusted EBITDA was 5.5x.

Positive

  • Minor pointCommon-stockholder net loss narrowed to $15.755 million from $57.738 million.

Negative

  • None.

Filing Explained

The approved dividend is twenty-four cents per share, payable November twentieth to holders of record November tenth, twenty twenty-six.

The company reports that its board approved a $0.24-per-share common dividend, scheduled for payment on November 20, 2026, to holders of record on November 10, 2026.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net loss attributable to common stockholders $15.755 million loss Q3 2026; $57.738 million loss in Q3 2025
NAREIT FFO per diluted share $0.38 Q3 2026; $0.34 in Q3 2025
Normalized FFO per diluted share $0.42 Q3 2026; $0.41 in Q3 2025
FAD $110.174 million Q3 2026
Same-store cash NOI growth 5.1% Q3 2026 year-over-year growth
2026 normalized FFO guidance $1.65–$1.67 per diluted share Current full-year guidance
Share repurchases $75 million 4.2 million shares repurchased at an average $17.74 per share through early October
Class A common stock dividend $0.24 per share Payable November 20, 2026
NAREIT FFO financial
"NAREIT FFO, diluted"
NAREIT FFO is a standardized measure of operating performance for real estate companies that starts with net income, removes gains or losses from property sales, and adds back depreciation and amortization tied to real estate. Investors use it like a clearer view of recurring cash-earning ability—similar to checking a store’s everyday sales rather than one‑time clearance events—so it helps compare profitability and dividend capacity across property firms.
Normalized FFO financial
"Normalized FFO per common share - diluted"
Normalized FFO is a cash-focused measure of a real estate company's recurring operating performance, adjusted to remove one-time gains, losses, or unusual items so results reflect what the business typically earns. Think of it like reporting a restaurant’s average monthly sales after removing a single big catering event or a rare repair bill: it gives investors a clearer, apples-to-apples view of ongoing cash generation used to pay dividends and value the company.
FAD financial
"Funds Available for Distribution ("FAD")"
A fad is a short-lived surge in attention or popularity for a product, idea, sector, or investment that spreads quickly but fades just as fast—like a toy or fashion item that everyone wants for a season and then forgets. For investors, fads matter because they can drive rapid price spikes and elevated expectations that aren’t supported by lasting demand or fundamentals, creating heightened risk of sharp declines when the trend ends.
Same Store Cash NOI financial
"Same Store Cash NOI growth"
Same-store cash NOI is a real estate metric that measures the cash profit a property or group of properties generated from operations over two comparable periods, excluding one-time items and accounting adjustments that don’t affect actual cash flow. It compares only properties owned and open in both periods—like comparing the same set of stores month to month—so investors can see true operational growth or decline without distortion from acquisitions, dispositions, or non-cash accounting entries. This helps investors judge recurring income quality and cash-generating performance.
Net Debt to Adjusted EBITDA financial
"Net Debt to Adjusted EBITDA of 5.5x"
Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.
Net loss attributable to common stockholders ($15.755 million) Compared with ($57.738 million) in Q3 2025
Diluted loss per common share ($0.05) Compared with ($0.17) in Q3 2025
Total revenues $286.641 million Compared with $297.765 million in Q3 2025
NAREIT FFO per diluted share $0.38 Compared with $0.34 in Q3 2025
Normalized FFO per diluted share $0.42 Compared with $0.41 in Q3 2025
FAD $110.174 million Compared with $116.853 million in Q3 2025
Guidance

2026 normalized FFO of $1.65–$1.67 per diluted share and same-store cash NOI growth of 5.00%–5.25%

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were HR's Q3 2026 earnings?
Healthcare Realty reported a net loss attributable to common stockholders of $15.755 million, or $0.05 per diluted share, compared with $57.738 million, or $0.17 per diluted share, in Q3 2025. NAREIT FFO was $131.666 million, or $0.38 per diluted share; normalized FFO was $145.928 million, or $0.42 per share.

How did HR change its 2026 guidance?
HR raised normalized FFO guidance to $1.65–$1.67 per diluted share, from July guidance of $1.62–$1.66. Same-store cash NOI growth guidance is 5.00%–5.25%, compared with the July range of 4.25%–5.00%.

When is HR's $0.24 dividend payable?
The $0.24-per-share dividend is payable November 20, 2026, to Class A common stockholders of record November 10, 2026. Eligible holders of operating partnership units will receive a distribution of $0.24 per unit.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR Accepted by SEC EDGAR
0001360604False00013606042026-10-292026-10-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2026 (October 29, 2026)
Healthcare Realty Trust Incorporated
(Exact name of registrant as specified in its charter)
Maryland001-3556820-4738467
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification No.)
3310 West End Avenue, Suite 700Nashville,Tennessee37203
(615)
269-8175
(Address of Principal Executive Office and Zip Code)
(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par value per shareHRNew York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Healthcare Realty Trust Incorporated☐Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Healthcare Realty Trust Incorporated☐




Item 2.02Results of Operations and Financial Condition.
Third Quarter Earnings and Dividend Press Release
On October 29, 2026, Healthcare Realty Trust Incorporated (the “Company”) issued a press release announcing its earnings and dividend for the third quarter ended September 30, 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.
Item 7.01Regulation FD Disclosure
Third Quarter Supplemental Information
The Company is furnishing its Supplemental Information for the third quarter ended September 30, 2026, which is also contained on its website (www.healthcarerealty.com). See Exhibit 99.2 to this Current Report on Form 8-K.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits.
99.1 
Third quarter earnings and dividend press release, dated October 29, 2026.
99.2 
Supplemental Information for the third quarter ended September 30, 2026.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Healthcare Realty Trust Incorporated 
Date: October 29, 2026By:/s/ Daniel Gabbay  
Name: Daniel Gabbay
Title: Executive Vice President and Chief Financial Officer





News Release
HEALTHCARE REALTY REPORTS THIRD QUARTER 2026 RESULTS AND FURTHER INCREASES FULL YEAR 2026 GUIDANCE
NASHVILLE, Tennessee, October 29, 2026. Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the third quarter ended September 30, 2026. In addition, the Company announced an increased 2026 Normalized FFO guidance range of $1.65 to $1.67 per share (diluted), a $0.02 increase at the midpoint from July guidance, and an increased Same Store Cash NOI growth guidance range of 5.00% to 5.25% (+75bps increase at the low end and +25bps at the high end from July guidance).
THIRD QUARTER 2026 HIGHLIGHTS
•GAAP Net loss of $(0.05) per share, NAREIT FFO of $0.38 per share, Normalized FFO of $0.42 per share, and FAD of $110 million (payout ratio of 76%)
•Same store cash NOI growth of 5.1%, tenant retention of 88.0% and cash leasing spreads averaging 8.6%
•Third quarter lease executions totaled 1.5 million square feet, including 430,000 square feet of new lease executions
•Since last quarter, the Company acquired $211 million of assets (approximately $42 million at share) in its strategic joint venture with KKR
•Since last quarter, the Company sold $68 million of assets, bringing year-to-date disposition activity to $136 million ($187 million including loan receivable repayments)
•Net Debt to Adjusted EBITDA of 5.5x
•Repurchased 4.2 million shares of common stock through early October at an average share price of $17.74

THIRD QUARTER 2026 RESULTS
THIRD QUARTER ENDED
20262025
(in thousands, except per share amounts)AMOUNTPER SHAREAMOUNT PER SHARE
GAAP Net loss$(15,755)$(0.05)$(57,738)$(0.17)
NAREIT FFO, diluted$131,666$0.38$118,922$0.34
Normalized FFO, diluted$145,928$0.42$145,340$0.41

LEASING ACTIVITY
During the third quarter, the Company executed 329 new and renewal leases for 1.5 million square feet with a weighted average lease term of 5.9 years and average annual escalators of 3.1%. Key highlights include:
•Ascension Health. 203,000 square feet of new and renewal leases in Nashville across five on campus properties
•Cedars Sinai Medical Center. 59,000 square feet of renewal leases in Los Angeles at a 95% occupied building
•Mount Carmel Health System. 59,000 square feet of renewal leases across four properties in Columbus, OH
•Indiana University Health. 38,000 square feet of renewal leases in Indianapolis, maintaining occupancy of more than 97% across two properties

CAPITAL ALLOCATION
Acquisition Activity
Since last quarter, the Company acquired $211 million of assets (approximately $42 million at share) in its strategic joint venture with KKR. Selected transactions include:
•Charleston, SC. Acquired two health system anchored, Class A MOBs for $56 million ($11 million investment at share). The Company now owns 10 properties totaling 436,000 square feet in the market
•Seattle, WA. Acquired a 33,000 square foot health system anchored MOB for $17 million ($3 million investment at share), further strengthening the Company's footprint in the Seattle market
HEALTHCARE REALTY TRUST INCORPORATED
HEALTHCAREREALTY.COM | PAGE 1 OF 7

Disposition Activity
Since last quarter, the Company has disposed of $68 million of assets, bringing year-to-date disposition activity to $136 million. Selected transactions include:
•Atlanta, GA. The Company completed a previously announced $36 million direct sale of a 59,000 square foot MOB to the affiliated hospital
•Chicago, IL. During the quarter, the Company sold two properties for aggregate proceeds of $23 million and entered into a contract to sell the remaining property in the Chicago MSA. Upon completion of the sale, the Company will have fully exited the Chicago market
Development and Redevelopment
During the third quarter, the Company leased approximately 112,000 square feet and invested approximately $25 million across its redevelopment portfolio. Also during the quarter, the Company completed the redevelopment of a 40,400 square foot MOB in Raleigh, NC and commenced the redevelopment of a 60,500 square foot MOB in Austin, TX.
Balance Sheet
As of September 30, 2026, the Company had approximately $1.6 billion of liquidity across the revolving facility (net of commercial paper issuance), delayed draw term loan, and cash on hand.
In the third quarter and early October, the Company repurchased 4.2 million shares of common stock at an average price of $17.74 per share for a total of $75 million.
On October 26, 2026, the Company renewed its share repurchase program for the next 12 months with total authorization up to $500 million, replacing the expiring authorization from October 2025.
DIVIDEND
The Board unanimously approved a common stock dividend in the amount of $0.24 per share to be paid on November 20, 2026, to Class A common stockholders of record on November 10, 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 further increased full year 2026 guidance ranges as follows:
2026 GUIDANCE
ACTUALPRIOR (JULY)CURRENT
Q3 2026LOWHIGHLOWHIGH
Earnings per share $(0.05)$(0.15)$(0.11)$(0.15)$(0.11)
NAREIT FFO per share $0.38$1.45$1.51$1.48$1.52
Normalized FFO per share$0.42$1.62$1.66$1.65$1.67
Same Store Cash NOI growth5.1%4.25%5.00%5.00%5.25%
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 10 of the Q3 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 10 of the Q3 2026 Supplemental for additional details and assumptions.
EARNINGS CALL
On Friday, October 30, 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: +1 833-461-5787











HEALTHCARE REALTY TRUST INCORPORATED
HEALTHCAREREALTY.COM | PAGE 2 OF 7


•All Other Locations: +1 585-542-9983
•Conference ID Number: 162 480 934

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.











Additional information regarding the Company, including this quarter's operations, can be found at www.healthcarerealty.com. In addition to the historical information contained within, this press release contains certain forward-looking statements with respect to the Company. 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.











HEALTHCARE REALTY TRUST INCORPORATED
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Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
ASSETS
Q3 2026Q4 2025
Real estate properties
Land $1,040,660 $1,060,254 
Buildings and improvements 8,673,665 8,514,165 
Lease intangibles378,664 455,254 
Personal property7,624 7,056 
Investment in financing receivables, net 6,017 123,249 
Financing lease right-of-use assets 73,894 75,083 
Land held for development35,564 57,535 
Total real estate investments10,216,088 10,292,596 
Less accumulated depreciation and amortization(2,602,921)(2,397,795)
Total real estate investments, net7,613,167 7,894,801 
Cash and cash equivalents 17,499 26,172 
Assets held for sale, net150,085 143,580 
Operating lease right-of-use assets202,383 204,906 
Investments in unconsolidated joint ventures 481,521 453,607 
Other assets, net495,108 487,795 
Total assets$8,959,763 $9,210,861 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY
Liabilities
Notes and bonds payable $4,249,159 $3,911,423 
Accounts payable and accrued liabilities176,630 211,071 
Liabilities of properties held for sale13,510 15,160 
Operating lease liabilities163,793 162,922 
Financing lease liabilities74,475 73,130 
Other liabilities147,567 160,530 
Total liabilities4,825,134 4,534,236 
Redeemable non-controlling interests3,748 3,252 
Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized— — 
Common stock, $0.01 par value; 1,000,000 shares authorized3,400 3,516 
Additional paid-in capital8,895,212 9,137,257 
Accumulated other comprehensive income (loss) 8,316 (5,174)
Cumulative net income attributable to common stockholders68,913 128,238 
Cumulative dividends (4,895,426)(4,646,944)
Total stockholders' equity4,080,415 4,616,893 
Non-controlling interest50,466 56,480 
Total equity4,130,881 4,673,373 
Total liabilities, redeemable non-controlling interests, and stockholders' equity$8,959,763 $9,210,861 
HEALTHCARE REALTY TRUST INCORPORATED
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Income Statements
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
THIRD QUARTER ENDEDYEAR TO DATEFULL YEAR
20262025202620252025
Revenues
Rental income $277,601$287,399$815,726$863,326$1,138,056
Interest income1,1253,4808,10310,66014,275
Other operating7,9156,88623,65020,25728,215
Total revenues286,641297,765847,479894,2431,180,546
Expenses
Property operating102,446107,657301,485321,751424,855
General and administrative12,43521,77144,13958,78272,569
   Normalizing items 1
(991)(12,046)(10,453)(22,849)(26,318)
Normalized general and administrative11,4449,72533,68635,93346,251
Transaction costs 1,6931254,1021,7292,029
Depreciation and amortization128,101143,640385,152453,150588,186
Total expenses244,675273,193734,878835,4121,087,639
Other income (expense)
Interest expense before merger-related fair value(35,742)(41,927)(103,634)(129,059)(166,396)
   Merger-related fair value adjustment(9,107)(10,715)(30,251)(31,741)(42,593)
Interest expense(44,849)(52,642)(133,885)(160,800)(208,989)
Gain on sales of real estate properties and other assets2,47676,77116,96699,678235,389
Loss on extinguishment of debt—(286)(1,718)(286)(451)
Impairment of real estate assets and credit loss recoveries (reserves)(16,152)(104,362)(57,909)(258,791)(364,598)
Equity income (loss) from unconsolidated joint ventures8162874,241446(188)
Interest and other income (expense), net(108)(2,884)(82)(3,154)(3,555)
Total other income (expense)(57,817)(83,116)(172,387)(322,907)(342,392)
Net loss$(15,851)$(58,544)$(59,786)$(264,076)$(249,485)
Net loss attributable to non-controlling interests968064613,6143,414
Net loss attributable to common stockholders$(15,755)$(57,738)$(59,325)$(260,462)$(246,071)
Basic earnings per common share$(0.05)$(0.17)$(0.18)$(0.75)$(0.71)
Diluted earnings per common share$(0.05)$(0.17)$(0.18)$(0.75)$(0.71)
Weighted average common shares outstanding - basic340,616349,964343,427349,712349,798
Weighted average common shares outstanding - diluted 2
340,616349,964343,427349,712349,798




















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 4,229,701 units were not included.
HEALTHCARE REALTY TRUST INCORPORATED
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FFO, Normalized FFO and FAD
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
THIRD QUARTER ENDEDYEAR TO DATEFULL YEAR
20262025202620252025
Net loss attributable to common stockholders$(15,755)$(57,738)$(59,325)$(260,462)$(246,071)
Net loss attributable to common stockholders per diluted share $(0.05)$(0.17)$(0.18)$(0.75)$(0.71)
Gain on sales of real estate assets(2,476)(76,771)(16,966)(99,678)(235,389)
Impairments of real estate assets16,152 104,362 58,909 255,384 361,090 
Real estate depreciation and amortization127,020 143,187 381,896 451,411 586,146 
Non-controlling loss from operating partnership units(194)(806)(741)(3,698)(3,497)
Unconsolidated JV depreciation, amortization, gain and impairment6,9196,68817,73320,11127,769
NAREIT FFO$131,666$118,922$381,506$363,068$490,048
NAREIT FFO per common share - diluted $0.38$0.34$1.10$1.02$1.38
Transaction costs 1,6931254,1021,7292,029
Debt financing costs 253,4931,9173,4935,107
Restructuring and severance-related charges 2,03112,04612,61522,84926,318
Merger-related fair value adjustment 9,10710,71530,25131,74142,593
Other 1,406393,6223,9182,851
Normalized FFO
$145,928$145,340$434,013$426,798$568,946
Normalized FFO per common share - diluted$0.42$0.41$1.25$1.20$1.61
Non-real estate depreciation and amortization7491,1392,2003,5926,114
Non-cash interest amortization, net 1,4951,3844,2423,7315,126
Straight-line amortization, net(12,332)(6,924)(36,338)(22,837)(29,392)
Stock-based compensation4,5613,38612,90910,30113,609
Unconsolidated JV non-cash items (169)(463)(423)(1,073)(1,420)
Other—146—370952
Maintenance capital and LCs(30,058)(27,155)(84,211)(86,455)(115,633)
FAD$110,174$116,853$332,392$334,427$448,302
Quarterly dividends and OP distributions$83,347$85,536$251,515$305,862$391,368
FFO wtd avg common shares outstanding - diluted 1
345,568354,690348,292354,294354,454

































1The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 722,102 for the three months ended September 30, 2026. Also includes the diluted impact of 4,229,701 OP units outstanding.
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HEALTHCAREREALTY.COM | PAGE 6 OF 7


Non-GAAP Measures
Management considers funds from operations ("FFO"), FFO per share, normalized FFO, normalized FFO per share, and funds available for distribution ("FAD") to be useful non-GAAP measures of the Company's operating performance. A non-GAAP financial measure is generally defined as one that purports to measure historical financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP. Set forth below are descriptions of the non-GAAP financial measures management considers relevant to the Company's business and useful to investors.

The non-GAAP financial measures presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions. These measures should not be considered as alternatives to net income (determined in accordance with GAAP), as indicators of the Company's financial performance, or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of the Company's liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of the Company's needs.

FFO and FFO per share are operating performance measures adopted by the National Association of Real Estate Investment Trusts, Inc. (“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.” The Company defines Normalized FFO as FFO excluding acquisition-related expenses and other normalizing items that are unusual and infrequent in nature. FAD is presented by adding to Normalized FFO non-real estate depreciation and amortization, deferred financing fees amortization, and share-based compensation expense; and subtracting maintenance capital expenditures, including second generation tenant improvements and leasing commissions paid and straight-line rent income, net of expense. The Company's definition of these terms may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts. FFO, Normalized FFO and 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 an alternative to net income as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO, Normalized FFO and FAD should be reviewed in connection with GAAP financial measures.

Management believes FFO, FFO per share, Normalized FFO, Normalized FFO per share, and FAD provide an understanding of the operating performance of the Company’s properties without giving effect to certain significant non-cash items, including depreciation and amortization expense. Historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. However, real estate values instead have historically risen or fallen with market conditions. The Company believes that by excluding the effect of depreciation, amortization, gains or losses from sales of real estate, and other normalizing items that are unusual and infrequent, FFO, FFO per share, Normalized FFO, Normalized FFO per share and FAD can facilitate comparisons of operating performance between periods. The Company reports these measures because they have been observed by management to be the predominant measures used by the REIT industry and by industry analysts to evaluate REITs and because these measures are consistently reported, discussed, and compared by research analysts in their notes and publications about REITs.

Cash NOI and Same Store Cash NOI are key performance indicators. Management considers these to be supplemental measures that allow investors, analysts and Company management to measure unlevered property-level operating results. The Company defines Cash NOI as rental income plus interest from financing receivables less property operating expenses. Cash NOI excludes non-cash items such as above and below market lease intangibles, straight-line rent, lease inducements, lease termination fees, financing receivable amortization, tenant improvement amortization and leasing commission amortization. Cash NOI is historical and not necessarily indicative of future results.

Same Store Cash NOI compares Cash NOI for stabilized properties. Stabilized properties are properties that have been included in operations for the duration of the year-over-year comparison period presented. Accordingly, stabilized properties exclude properties that were recently acquired or disposed of, properties classified as held for sale, properties undergoing redevelopment, and newly redeveloped or developed properties.
The Company utilizes the redevelopment classification for properties where management has approved a change in strategic direction through the application of additional resources, including an amount of capital expenditures significantly above routine maintenance and capital improvement expenditures.
Any recently acquired property will be included in the same store pool once the Company has owned the property for five full quarters. Newly developed or redeveloped properties will be included in the same store pool five full quarters after substantial completion.
HEALTHCARE REALTY TRUST INCORPORATED
HEALTHCAREREALTY.COM | PAGE 7 OF 7

























Q3 2026
Supplemental Information
FURNISHED AS OF OCTOBER 29, 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.
         
Q3 EARNINGS RELEASE
3
Earnings Highlights
6
Financial Statements
8
FFO, Normalized FFO, & FAD
SUPPLEMENTAL INFORMATION
9
At a Glance
10
2026 Guidance
11
Portfolio Overview
12
Lease Maturity Schedule
13
Tenant Overview
14
Same Store Statistics
15
Capital Funding & Commitments
16
Investment Activity
17
Joint Ventures & Other
18
Re/development Activity
19
Debt Metrics
20
Components of Net Asset Value
21
Glossary and Reconciliations



HEALTHCARE REALTY
Q3 2026 SUPPLEMENTAL INFORMATION 2
    
Earnings Highlights
HEALTHCARE REALTY REPORTS THIRD QUARTER 2026 RESULTS AND FURTHER INCREASES FULL YEAR 2026 GUIDANCE
NASHVILLE, Tennessee, October 29, 2026. Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the third quarter ended September 30, 2026. In addition, the Company announced an increased 2026 Normalized FFO guidance range of $1.65 to $1.67 per share (diluted), a $0.02 increase at the midpoint from July guidance, and an increased Same Store Cash NOI growth guidance range of 5.00% to 5.25% (+75bps increase at the low end and +25bps at the high end from July guidance).
THIRD QUARTER 2026 HIGHLIGHTS
•GAAP Net loss of $(0.05) per share, NAREIT FFO of $0.38 per share, Normalized FFO of $0.42 per share, and FAD of $110 million (payout ratio of 76%)
•Same store cash NOI growth of 5.1%, tenant retention of 88.0% and cash leasing spreads averaging 8.6%
•Third quarter lease executions totaled 1.5 million square feet, including 430,000 square feet of new lease executions
•Since last quarter, the Company acquired $211 million of assets (approximately $42 million at share) in its strategic joint venture with KKR
•Since last quarter, the Company sold $68 million of assets, bringing year-to-date disposition activity to $136 million ($187 million including loan receivable repayments)
•Net Debt to Adjusted EBITDA of 5.5x
•Repurchased 4.2 million shares of common stock through early October at an average share price of $17.74
THIRD QUARTER 2026 RESULTS
THIRD QUARTER ENDED
20262025
(in thousands, except per share amounts)AMOUNTPER SHAREAMOUNT PER SHARE
GAAP Net loss$(15,755)$(0.05)$(57,738)$(0.17)
NAREIT FFO, diluted$131,666$0.38$118,922$0.34
Normalized FFO, diluted$145,928$0.42$145,340$0.41
LEASING ACTIVITY
During the third quarter, the Company executed 329 new and renewal leases for 1.5 million square feet with a weighted average lease term of 5.9 years and average annual escalators of 3.1%. Key highlights include:
•Ascension Health. 203,000 square feet of new and renewal leases in Nashville across five on campus properties
•Cedars Sinai Medical Center. 59,000 square feet of renewal leases in Los Angeles at a 95% occupied building
•Mount Carmel Health System. 59,000 square feet of renewal leases across four properties in Columbus, OH
•Indiana University Health. 38,000 square feet of renewal leases in Indianapolis, maintaining occupancy of more than 97% across two properties

HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 3

Earnings Highlights
CAPITAL ALLOCATION
Acquisition Activity
Since last quarter, the Company acquired $211 million of assets (approximately $42 million at share) in its strategic joint venture with KKR. Selected transactions include:
•Charleston, SC. Acquired two health system anchored, Class A MOBs for $56 million ($11 million investment at share). The Company now owns 10 properties totaling 436,000 square feet in the market
•Seattle, WA. Acquired a 33,000 square foot health system anchored MOB for $17 million ($3 million investment at share), further strengthening the Company's footprint in the Seattle market
Disposition Activity
Since last quarter, the Company has disposed of $68 million of assets, bringing year-to-date disposition activity to $136 million. Selected transactions include:
•Atlanta, GA. The Company completed a previously announced $36 million direct sale of a 59,000 square foot MOB to the affiliated hospital
•Chicago, IL. During the quarter, the Company sold two properties for aggregate proceeds of $23 million and entered into a contract to sell the remaining property in the Chicago MSA. Upon completion of the sale, the Company will have fully exited the Chicago market
Development and Redevelopment
During the third quarter, the Company leased approximately 112,000 square feet and invested approximately $25 million across its redevelopment portfolio. Also during the quarter, the Company completed the redevelopment of a 40,400 square foot MOB in Raleigh, NC and commenced the redevelopment of a 60,500 square foot MOB in Austin, TX.
Balance Sheet
As of September 30, 2026, the Company had approximately $1.6 billion of liquidity across the revolving facility (net of commercial paper issuance), delayed draw term loan, and cash on hand.
In the third quarter and early October, the Company repurchased 4.2 million shares of common stock at an average price of $17.74 per share for a total of $75 million.
On October 26, 2026, the Company renewed its share repurchase program for the next 12 months with total authorization up to $500 million, replacing the expiring authorization from October 2025.
DIVIDEND
The Board unanimously approved a common stock dividend in the amount of $0.24 per share to be paid on November 20, 2026, to Class A common stockholders of record on November 10, 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.
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 4

Earnings Highlights
GUIDANCE
The Company further increased full year 2026 guidance ranges as follows:
2026 GUIDANCE
ACTUALPRIOR (JULY)CURRENT
Q3 2026LOWHIGHLOWHIGH
Earnings per share $(0.05)$(0.15)$(0.11)$(0.15)$(0.11)
NAREIT FFO per share $0.38$1.45$1.51$1.48$1.52
Normalized FFO per share$0.42$1.62$1.66$1.65$1.67
Same Store Cash NOI growth5.1%4.25%5.00%5.00%5.25%

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 10 of the Q3 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 10 of the Q3 2026 Supplemental for additional details and assumptions.

EARNINGS CALL
On Friday, October 30, 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: +1 833-461-5787
•All Other Locations: +1 585-542-9983
•Conference ID Number: 162 480 934
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
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Q3 2026 SUPPLEMENTAL INFORMATION 5

Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA

ASSETS
Q3 2026Q4 2025
Real estate properties
Land $1,040,660 $1,060,254 
Buildings and improvements 8,673,665 8,514,165 
Lease intangibles378,664 455,254 
Personal property7,624 7,056 
Investment in financing receivables, net 6,017 123,249 
Financing lease right-of-use assets 73,894 75,083 
Land held for development35,564 57,535 
Total real estate investments10,216,088 10,292,596 
Less accumulated depreciation and amortization(2,602,921)(2,397,795)
Total real estate investments, net7,613,167 7,894,801 
Cash and cash equivalents 17,499 26,172 
Assets held for sale, net 150,085 143,580 
Operating lease right-of-use assets202,383 204,906 
Investments in unconsolidated joint ventures 481,521 453,607 
Other assets, net 495,108 487,795 
Total assets$8,959,763 $9,210,861 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY
Liabilities
Notes and bonds payable $4,249,159 $3,911,423 
Accounts payable and accrued liabilities176,630 211,071 
Liabilities of properties held for sale13,510 15,160 
Operating lease liabilities163,793 162,922 
Financing lease liabilities74,475 73,130 
Other liabilities147,567 160,530 
Total liabilities4,825,134 4,534,236 
Redeemable non-controlling interests3,748 3,252 
Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized— — 
Common stock, $0.01 par value; 1,000,000 shares authorized3,400 3,516 
Additional paid-in capital8,895,212 9,137,257 
Accumulated other comprehensive income (loss) 8,316 (5,174)
Cumulative net income attributable to common stockholders68,913 128,238 
Cumulative dividends (4,895,426)(4,646,944)
Total stockholders' equity4,080,415 4,616,893 
Non-controlling interest50,466 56,480 
Total equity4,130,881 4,673,373 
Total liabilities, redeemable non-controlling interests, and stockholders' equity$8,959,763 $9,210,861 


HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 6

Income Statements
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
THIRD QUARTER ENDEDYEAR TO DATEFULL YEAR
20262025202620252025
Revenues
Rental income $277,601$287,399$815,726$863,326$1,138,056
Interest income1,1253,4808,10310,66014,275
Other operating7,9156,88623,65020,25728,215
Total revenues286,641297,765847,479894,2431,180,546
Expenses
Property operating102,446107,657301,485321,751424,855
General and administrative12,43521,77144,13958,78272,569
Normalizing items 1
(991)(12,046)(10,453)(22,849)(26,318)
Normalized general and administrative11,4449,72533,68635,93346,251
Transaction costs1,6931254,1021,7292,029
Depreciation and amortization128,101143,640385,152453,150588,186
Total expenses244,675273,193734,878835,4121,087,639
Other income (expense)
Interest expense before merger-related fair value(35,742)(41,927)(103,634)(129,059)(166,396)
Merger-related fair value adjustment(9,107)(10,715)(30,251)(31,741)(42,593)
Interest expense(44,849)(52,642)(133,885)(160,800)(208,989)
Gain on sales of real estate properties and other assets2,47676,77116,96699,678235,389
Loss on extinguishment of debt—(286)(1,718)(286)(451)
Impairment of real estate assets and credit loss recoveries (reserves)(16,152)(104,362)(57,909)(258,791)(364,598)
Equity income (loss) from unconsolidated joint ventures8162874,241446(188)
Interest and other income (expense), net(108)(2,884)(82)(3,154)(3,555)
Total other income (expense)(57,817)(83,116)(172,387)(322,907)(342,392)
Net loss$(15,851)$(58,544)$(59,786)$(264,076)$(249,485)
Net loss attributable to non-controlling interests968064613,6143,414
Net loss attributable to common stockholders$(15,755)$(57,738)$(59,325)$(260,462)$(246,071)
Basic earnings per common share$(0.05)$(0.17)$(0.18)$(0.75)$(0.71)
Diluted earnings per common share$(0.05)$(0.17)$(0.18)$(0.75)$(0.71)
Weighted average common shares outstanding - basic340,616349,964343,427349,712349,798
Weighted average common shares outstanding - diluted 2
340,616349,964343,427349,712349,798





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 4,229,701 units were not included.
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 7

FFO, Normalized FFO, & FAD
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
THIRD QUARTER ENDEDYEAR TO DATEFULL YEAR
20262025202620252025
Net loss attributable to common stockholders$(15,755)$(57,738)$(59,325)$(260,462)$(246,071)
Net loss attributable to common stockholders per diluted share $(0.05)$(0.17)$(0.18)$(0.75)$(0.71)
Gain on sales of real estate assets(2,476)(76,771)(16,966)(99,678)(235,389)
Impairments of real estate assets16,152 104,362 58,909 255,384 361,090 
Real estate depreciation and amortization127,020 143,187 381,896 451,411 586,146 
Non-controlling loss from operating partnership units(194)(806)(741)(3,698)(3,497)
Unconsolidated JV depreciation, amortization, gain and impairment6,9196,68817,73320,11127,769
NAREIT FFO $131,666$118,922$381,506$363,068$490,048
NAREIT FFO per common share - diluted $0.38$0.34$1.10$1.02$1.38
Transaction costs1,6931254,1021,7292,029
Debt financing costs 253,4931,9173,4935,107
Restructuring and severance-related charges 2,03112,04612,61522,84926,318
Merger-related fair value adjustment9,10710,71530,25131,74142,593
Other 1,406393,6223,9182,851
Normalized FFO
$145,928$145,340$434,013$426,798$568,946
Normalized FFO per common share - diluted$0.42$0.41$1.25$1.20$1.61
Non-real estate depreciation and amortization7491,1392,2003,5926,114
Non-cash interest amortization, net 1,4951,3844,2423,7315,126
Straight-line amortization, net(12,332)(6,924)(36,338)(22,837)(29,392)
Stock-based compensation4,5613,38612,90910,30113,609
Unconsolidated JV non-cash items (169)(463)(423)(1,073)(1,420)
Other—146—370952
Maintenance capital and LCs(30,058)(27,155)(84,211)(86,455)(115,633)
FAD$110,174$116,853$332,392$334,427$448,302
Quarterly dividends and OP distributions $83,347$85,536$251,515$305,862$391,368
FFO wtd avg common shares outstanding - diluted 1
345,568354,690348,292354,294354,454










1The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 722,102 for the three months ended September 30, 2026. Also includes the diluted impact of 4,229,701 OP units outstanding.
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 8

At a Glance
DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE DATA
PROPERTIES
salientfacts-q32026.jpg
Total Properties560
Total Square Feet (in millions)32.8
Number of markets49
% of Cash NOI in Company's Top 20 Markets78%
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 SEPTEMBER 30, 2026
Common Stock (NYSE: HR)340,002
OP Units4,213
Fully Diluted Shares and Units344,215
Share Price as of 9/30/2026$17.74
Market Capitalization$6,106,374
Consolidated Net Debt$4,231,640
Share of Unconsolidated JV Net Debt$31,388
Enterprise Value$10,369,402


All figures represent Total Properties. See Glossary for additional information on terms and definitions.
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 9

2026 Guidance
DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE DATA
2026 EARNINGS GUIDANCEPRIOR (JULY 2026)CURRENT
LOWHIGHLOWHIGH
Earnings per share$(0.15)$(0.11)$(0.15)$(0.11)
NAREIT FFO per share$1.45$1.51$1.48$1.52
Normalized FFO per share
$1.62$1.66$1.65$1.67
Same store cash NOI growth 4.25%5.00%5.00%5.25%
KEY ASSUMPTIONSPRIOR (JULY 2026)CURRENT
LOWHIGHLOWHIGH
Normalized general and administrative$43$47$43$47
Interest expense, net of capitalized interest 1
$130$140$130$140
Total maintenance capital and LCs$105$125$105$125
SOURCES AND USES 2
PRIOR (JULY 2026)CURRENT
MIDPOINTMIDPOINT
Asset sales and loan receivable repayments $265$350
Debt issuance (net proceeds) and RCF/CP Drawdowns 700700
FAD less dividends100100
Total Sources$1,065$1,150
Bond repayments$600$600
Investments and share repurchases 3
240325
Development, redevelopment, and 1st gen capital225225
Total Uses$1,065$1,150
Target adjusted net debt to EBITDAmid-5xmid-5x
Diluted shares outstanding 4
348347


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 announced investments and share repurchases.
4Includes the diluted impact of the OP units and 2026 share repurchases.
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 10

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, TX4472,874,18710.3 %581,09615.4 %3,455,28310.6 %
Seattle, WA15271,266,2217.2 %257,0355.6 %1,523,2567.1 %
Charlotte, NC21311,722,6615.8 %—— %1,722,6615.5 %
Houston, TX5271,815,1735.4 %249,1583.6 %2,064,3315.3 %
Denver, CO19291,344,7975.1 %306,9495.3 %1,651,7465.1 %
Los Angeles, CA227840,3714.1 %786,52016.9 %1,626,8914.7 %
Atlanta, GA6241,172,0644.1 %96,1082.2 %1,268,1724.0 %
Phoenix, AZ10331,251,5573.2 %101,0869.4 %1,352,6433.6 %
Raleigh, NC4127978,2183.5 %198,4853.8 %1,176,7033.5 %
Indianapolis, IN33371,057,9092.9 %357,91510.4 %1,415,8243.3 %
Boston, MA1113718,1963.4 %—— %718,1963.2 %
Nashville, TN35121,146,2313.3 %106,9811.9 %1,253,2123.2 %
Washington, DC79692,1072.8 %—— %692,1072.7 %
Austin, TX2511644,6952.6 %129,8792.0 %774,5742.5 %
Tampa, FL1717830,8432.6 %—— %830,8432.4 %
San Francisco, CA139448,0332.3 %110,8654.5 %558,8982.4 %
Miami, FL810688,4012.5 %52,1781.0 %740,5792.4 %
Orlando, FL207416,4752.2 %—— %416,4752.0 %
Colorado Springs, CO7913594,4972.0 %51,4661.4 %645,9632.0 %
Hartford, CT5025541,8592.1 %—— %541,8592.0 %
Other (29 Markets)1257,280,08922.6 %1,138,32616.6 %8,418,41522.5 %
Total56028,324,584100.0%4,524,047100.0 %32,848,631100.0 %
SUMMARY METRICS
WHOLLY-OWNEDJOINT VENTURESTOTAL PORTFOLIO
Number of properties49268560
Square feet28,324,5844,524,04732,848,631
% of square feet86.2%13.8%100.0%
Investment (at share)$9,918,538$625,725$10,544,263
Quarterly cash NOI (at share)$162,276$9,416$171,692
% of quarterly cash NOI (at share)94.5%5.5%100.0%






HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 11

     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-month5899,3970.4%924,7010.6%124,0980.4 %0.4%
Q4 202686276,5661.1%819,8230.5%296,3891.0 %1.1%
20278282,680,90910.4%86423,97510.3%3,104,88410.4 %10.5%
20289143,259,44912.6%84279,9916.8%3,539,44011.8 %12.5%
20298103,427,34713.3%105615,03115.0%4,042,37813.5 %13.6%
20306673,005,73111.6%75317,7277.7%3,323,45811.1 %11.6%
20316572,904,82411.2%100448,13110.9%3,352,95511.2 %11.3%
20323962,384,4319.2%49414,39010.1%2,798,8219.3 %9.3%
20332721,151,1374.5%32207,8105.1%1,358,9474.5 %4.4%
20342291,339,2055.2%49288,8017.0%1,628,0065.4 %5.2%
20352521,547,2436.0%32180,7864.4%1,728,0295.8 %6.0%
Thereafter4793,773,75314.6%73888,18921.6%4,661,942 15.6 %14.1%
Total occupied5,64825,849,992100.0%7024,109,355100.0%29,959,347100.0 %100.0%
WALT (months)62.673.064.1



HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 12

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/Baa22,061,115769,8422,830,957 417.3%715,4842.4%125
Baylor Scott & White21AA-/Aa22,359,53066,3762,425,906 317.1%1,316,5254.4%178
CommonSpirit4A-/A31,436,445535,3001,971,745 377.0%780,9632.6%145
Ascension Health3AA/Aa31,609,98497,5511,707,535 174.6%739,0092.5%104
Advocate Health14AA/Aa2751,444240,910992,354 173.9%865,4312.9%86
UW Medicine (Seattle)91AA+/Aa1461,140158,742619,882 103.0%296,6431.0%32
Wellstar Health System75A+/A1858,967— 858,967 172.8%562,7581.9%74
AdventHealth11AA/Aa2638,562115,585754,147 122.7%431,2901.4%108
Providence Health & Services5A/A3602,50431,601 634,105 122.0%244,6260.8%43
MultiCare Health System82A/--452,590— 452,590 62.0%197,1800.7%24
Tenet Healthcare Corporation6BB/Ba2586,210235,399821,609 141.9%165,3060.6%25
WakeMed185--/A2374,207101,597 475,804 131.7%152,8310.5%23
Indiana University Health26AA/Aa2416,978 301,320 718,298 111.7%387,6491.3%51
Banner Health24AA-/--749,07565,322814,397 251.7%118,2250.4%33
Baptist Memorial Health Care89A-2/--482,065150,228632,293 91.6%437,6351.5%47
Novant Health42A+/A1473,471138,035611,506 101.6%193,9570.6%26
Select Specialty HospitalNoneB+/B3224,812— 224,812 41.5%190,8470.6%9
University of California Health9AA/Aa2377,163— 377,163 71.5%176,4300.6%19
MedStar Health45A/A2322,033— 322,033 41.4%207,5560.7%67
Sutter Health12A+/A1173,91896,987 270,905 41.4%121,4810.4%25
Other (64 Credit Rated)6,897,1023,351,14110,248,243 19132.3%4,764,46715.9%547
Subtotal - credit rated 22,309,3156,455,93628,765,251 49290.7%13,066,29343.7%1,791
Other non-credit rated 601,892378,071979,963 182.4%351,8541.2%
Off-campus non-affiliated —3,103,4173,103,417 506.9%——%
Total22,911,2079,937,42432,848,631 560100.0%13,418,14744.9%







1Ranked by revenue based on Modern Healthcare's Healthcare Systems Financials Database.
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 13

 Same Store Statistics
DOLLARS IN THOUSANDS
PORTFOLIO CASH NOI AND OCCUPANCY
OCCUPANCY %
COUNTSFQ3 2026 CASH NOIQ3 2026Q3 2025Q2 2026
Wholly-owned46225,671,985$154,72393.1%92.1%92.7%
Joint venture 583,724,6647,620 93.6%93.1%93.6%
Same store52029,396,649$162,34393.1%92.3%92.8%
Acquisitions 1
5411,021486 99.0%—%100.0%
Developments2224,2701,14960.5%34.3%60.5%
Development completions2107,24789689.6%82.1%89.6%
Redevelopments 242,158,2975,28669.0%73.5%68.6%
Redevelopment completions7551,1471,53281.9%68.6%74.6%
Total portfolio 56032,848,631$171,69291.2%90.2%90.7%
Joint ventures684,524,0479,41690.8%89.5%90.4%
Total wholly-owned49228,324,584$162,27691.3%90.3%90.8%


SAME STORE CASH NOI
QUARTER ENDEDYEAR TO DATE
Based on current same store pool of 520 propertiesQ3 2026Q2 2026Q1 2026Q4 2025Q3 2025YOY Growth20262025YOY Growth
Rental revenues$191,585$189,793$188,165$185,599$183,1264.6%$569,543$541,9785.1%
Cash NOI$162,343$160,921$159,244$157,028$154,4345.1%$482,508$456,2895.7%
Period end occupancy93.1%92.8%92.5%92.5%92.3%+80.0 bps93.1%92.3%+80.0 bps



SAME STORE METRICSOTHER KEY SAME STORE METRICS
Q3 2026YTD 2026FY 2025AS OF SEPTEMBER 30, 2026
Tenant retention rate (renewals)88.0%90.6%81.5%Ownership typeLease structure
Cash leasing spreads (renewals)8.6%5.3%3.1%Ground lease43.1%Gross6.9%
NOI Margin (Gross Recovery Method)63.9%64.2%64.4%Fee simple56.9%Modified gross24.9%
NOI Margin (Net Recovery Method)84.7%84.7%84.3%Tenant typeNet & Absolute Net68.2%
Hospital49.7%
Physician and other50.3%Escalators2.9%
    



1Occupancy percentages include acquisitions in the period acquired. Q2 2026 occupancy reflects one property, as the remaining four properties were acquired in Q3 2026.
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 14

Capital Funding & Commitments
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA
ACQUISITION AND RE/DEVELOPMENT FUNDING
THIRD QUARTER ENDEDYEAR TO DATEFULL YEAR
20262025202620252025
Acquisitions 1
$28,425$—$49,915$—$—
Re/development 25,32136,03174,656111,507140,859
1st generation TI/LC/Capital & acquisition capex 20,53524,48061,07172,988107,195
FAD CAPITAL
THIRD QUARTER ENDEDYEAR TO DATEFULL YEAR
20262025202620252025
2nd generation TI$10,297$9,398$26,233$36,319$47,438
Building capital5,18910,31918,96626,11736,531
Leasing commissions14,5727,43839,01224,01931,664
Maintenance Capital and LCs$30,058$27,155$84,211$86,455$115,633
% of Cash NOI 17.4%14.7%16.4%15.6%15.8%
TOTAL COMPANY LEASE EXECUTIONS
THIRD QUARTER ENDEDYEAR TO DATEFULL YEAR
20262025202620252025
Renewals (SF)1,035,6421,140,7223,910,1402,939,7554,152,880
TI/square foot/lease year$2.70$3.13$2.63$2.67$2.43
Leasing commissions/square foot/lease year$1.88$1.63$1.78$1.64$1.46
Renewal commitments as a % of annual net rent16.9%16.5%14.8%16.4%15.3%
WALT (in months) 60.360.578.255.760.8
New leases (SF)430,072441,2051,066,1491,263,6111,579,998
TI/square foot/lease year$9.12$8.88$8.75$9.24$9.08
Leasing commissions/square foot/lease year$2.16$1.87$2.06$2.03$2.05
New lease commitments as a % of annual net rent48.7%42.4%44.1%47.7%47.6%
WALT (in months) 95.794.785.493.590.8
All (SF)1,465,7141,581,9274,976,2894,203,3665,732,878
Leasing commitments as a % of annual net rent28.0%25.1%20.5%28.4%26.2%
WALT (in months) 70.770.079.767.069.1

1Acquisitions include properties acquired through joint ventures at the Company's ownership percentage. Excludes acquisitions that occurred subsequent to quarter end.
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 15

Investment Activity
DOLLARS IN THOUSANDS
ACQUISITION ACTIVITY DETAIL
LOCATIONCOUNTCLOSINGSQUARE FEETOCCUPIED %ACQUISITION PRICE% OWNERSHIPPRICE AT SHARE
Birmingham, AL13/27/2026143,576100%$89,10020%$17,820
Charlotte, NC 1
—4/24/202612,418100%3,670100%3,670
Greenwich, CT17/28/2026106,03297%64,70020%12,940
Port St. Lucie, FL17/28/202641,17594%21,42520%4,285
Charleston, SC29/4/2026120,238100%56,00020%11,200
Q3 YTD Total5423,43999%$234,895$49,915
Seattle, WA110/16/202632,500100%17,45020%3,490
Sarasota, FL210/22/202696,57095%51,70020%10,340
Total 2026 acquisition activity8552,50998%$304,045$63,745
Acquisition Initial Cash Yield: 6.5% - 7.5%
DISPOSITION ACTIVITY DETAIL
LOCATIONCOUNTCLOSINGSQUARE FEETOCCUPIED %SALES PRICE% OWNERSHIPPRICE AT SHARE
Atlanta, GA11/14/202660,03991%$21,900100%$21,900
Oklahoma City, OK23/3/2026186,30141%11,500100%11,500
Minneapolis, MN14/27/202692,13986%18,70050%9,350
Atlanta, GALand5/27/2026— —%2,750100%2,750
Austin, TX16/12/202612,880100%8,900100%8,900
Amarillo, TX16/18/202664,75632%4,000100%4,000
Dallas, TXLand7/2/2026— —%5,464100%5,464
Chicago, IL2Sept 2026154,75051%23,000100%23,000
Other29/30/2026103,03146%3,795100%3,795
Q3 YTD Total10673,89655%$100,009$90,659
Atlanta, GA 110/22/202659,427100%36,000100%36,000
Total 2026 disposition activity11733,32359%$136,009$126,659
Disposition Cash Yield: 5.0% - 5.5%








1Represents a condominium unit fully leased by Novant Health under a long-term lease in an existing building, bringing the Company's ownership to 93%.
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 16

Joint Ventures & Other
DOLLARS IN THOUSANDS
JOINT VENTURE PORTFOLIOS
WA OWNERSHIP INTERESTQ3 2026BALANCE SHEET AS OF 9/30/2026
JOINT VENTURE# OF PROPERTIESSQUARE FEETOCCUPANCYCASH NOICASH NOI AT SHARESAME STORE NOI AT SHARE
REAL ESTATE INVESTMENT 1
DEBT 1
NET DEBTDEBT AT SHARENET DEBT AT SHAREINTEREST RATE
KKR20%282,130,492 96.5%$15,806$3,161$2,675$986,626$—$(23,210)$—$(4,642)— %
Nuveen40%261,386,043 88.2%7,7662,9152,915583,44574,83266,12414,96611,9885.9%
CBRE20%4283,880 62.5%1,194239200135,337 — (3,358)— (672)— %
Other 2
60%10723,632 90.2%5,5003,1011,830335,557 67,526 62,31027,01124,7145.3%
Total684,524,04790.8%$30,266$9,416$7,620$2,040,965$142,358$101,866$41,977$31,3885.6%


MORTGAGE NOTE RECEIVABLE REPAYMENTS
LOCATIONPAYOFF DATEINTEREST RATEPRINCIPAL REPAYMENT
Los Angeles, CA4/30/20266.50 %$45,000
Houston, TX9/11/20266.75 %6,400 
Total$51,400
























1.Represents 100% of the real estate assets and debt of the joint ventures.
2.Ownership percentages are weighted based on investment.
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 17

Re/development Activity
DOLLARS IN THOUSANDS


DEVELOPMENTS
MARKETASSOCIATED HEALTH SYSTEMSQUARE
FEET		CURRENT
 LEASED %		BUDGETCOST TO
 COMPLETE
Raleigh, NCUNC REX Health122,99156%$58,000$8,878
Fort Worth, TX Baylor Scott & White101,27972%48,2003,840
Total development224,27063%$106,200$12,718
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, TX2314,861152,17245%$30,000$2,183
Boston, MA1154,528154,528100%25,30020,220
White Plains, NY165,72644,63485%25,100200
Charlotte, NC1122,38883,58174%19,20016,732
Washington, DC157,32324,03487%15,200228
Seattle, WA167,32131,87235%13,60012,265
Houston, TX140,21440,21466%10,4007,606
Denver, CO275,69148,14969%10,2007,840
Port St. Lucie, FL146,15846,15838%9,4005,673
Dallas, TX1126,12122,152100%8,6007,286
Denver, CO155,97828,83253%7,3006,278
Other 111,031,988810,27873%111,40073,621
Total redevelopment242,158,2971,486,60472%$285,700$160,132
Projected stabilized yield: 9.0% - 12.0%
Estimated stabilization period post completion: 12 - 36 months.









HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 18

Debt Metrics
DOLLARS IN THOUSANDS
SUMMARY OF INDEBTEDNESSDEBT MATURITIES SCHEDULE AS OF SEPTEMBER 30, 2026
PRINCIPAL BALANCE
BALANCE 1
MATURITY DATE 2
MONTHS TO MATURITY CONTRACTUAL RATEEFFECTIVE RATEBANK
LOANS/CP		SENIOR NOTESMORTGAGE NOTESTOTAL
SENIOR NOTES$500,000$496,2827/1/20279 3.75%4.76%(3)2026$—$—$16,336$16,336
300,000299,1361/15/202816 3.63%3.85%2027— 500,0006,670 506,670
650,000605,9542/15/203041 3.10%5.30%(3)2028— 300,000— 300,000
299,500297,9323/15/203042 2.40%2.72%2029500,000— — 500,000
299,785297,2663/15/203154 2.05%2.25%Thereafter347,5002,749,285— 3,096,785
800,000700,4943/15/203154 2.00%5.13%(3)Total$847,500$3,549,285$23,006$4,419,791
700,000682,6661/15/203264 3.00%3.51%(4)
$3,549,285$3,379,73043 2.82%4.20%
TERM LOANS$300,000299,3981/20/202927 SOFR + 0.95%4.27%(5)
200,000199,8097/20/202933 SOFR + 0.95%4.45%(5)
— — 5/15/202931 SOFR + 0.90%N/A(6)
$500,000$499,20729 4.33%
$1.5B REVOLVING FACILITY & COMMERCIAL PAPER$347,500$347,2367/25/203045 various4.17%(7)
MORTGAGES$23,006$22,986various5 various4.54%
$4,419,791$4,249,159413.11%4.22%

SELECTED FINANCIAL COVENANTSLIQUIDITY SOURCES
REQUIREMENTPER DEBT COVENANTSCash$17,499
Revolving facility and term loansRevolving facility availability 1,500,000
Leverage ratioNot greater than 60%39.6%Delayed draw term loan availability400,000
Secured leverage ratioNot greater than 30%0.2%Less: Commercial paper borrowings (principal)(347,500)
Unencumbered leverage ratioNot greater than 60%42.8%Total liquidity$1,569,999
Fixed charge coverage ratioNot less than 1.50x3.8x
Unsecured coverage ratioNot less than 1.75x3.7xOTHER METRICS
% Variable Rate Debt10.1 %
Share of Unconsolidated JV Net Debt$31,388
Capitalized interest$2,734
    
    
1Balances are reflected net of discounts, fair value adjustments, and deferred financing costs and include premiums.
2Includes extension options, if applicable.
3Fair value merger adjusted in 2022.
4These notes are exchangeable into the Company's common stock if certain characteristics are met. As of the reporting date, the notes are not eligible to be exchanged.
5Effective interest rate reflects the swapped rate plus 0.95%.
6$400 million delayed draw term loan remained undrawn as of the reporting date.
7Commercial Paper Program borrowings are backstopped by the availability under the Revolving Facility. As such, the Company uses the maturity date of the Revolving Facility.
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 19

Components of Net Asset Value
DOLLARS IN THOUSANDS

CASH NOI
Q3 2026
Same store 1
$162,343 
Acquisition & Re/development Completions 2,913 
Total$165,256 
Management fee income and other 2
5,294 
Total$170,550 
        
DEVELOPMENT & REDEVELOPMENT PROPERTIES
PROJECTED STABILIZED ANNUAL CASH NOI 3
COST TO COMPLETEBUDGETLOWHIGH
Developments$12,718 $106,200 $7,000 $8,000 
Redevelopments 4
160,132 285,700 46,000 50,000 
Total$172,850 $391,900 $53,000 $58,000 



LAND HELD FOR DEVELOPMENT, CASH, & OTHER ASSETS
Land held for development $35,564 
Disposition pipeline 5
214,543 
Unstabilized properties 6
128,911 
Cash, Other Assets & Liabilities (net) 7,8
(90,850)
Total$288,168 
        
DEBT (PRINCIPAL)
Unsecured credit facility and commercial paper$347,500 
Unsecured term loans 500,000 
Senior notes 3,549,285 
Mortgage notes payable 23,006 
Share of unconsolidated JV net debt31,388
Total$4,451,179 


TOTAL SHARES AND OP UNITS OUTSTANDING
As of September 30, 2026 9
344,215,154 





1See Same Store statistics on page 14 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, less $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 18 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 0.5 million square feet that generated positive NOI of $0.3 million.
7Other assets include notes receivable of $41.6 million, prepaid assets of $44.3 million, accounts receivable of $26.1 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 $49.4 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 $173.3 million, security deposits of $31.2 million, financing right of use liabilities of $74.5 million, and deferred operating expense reimbursements of $1.7 million.
9Total shares and OP units outstanding does not reflect 1.5 million shares of common stock repurchased in October 2026.
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 20

Glossary
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.

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.

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

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.

CASH NET OPERATING INCOME (Cash NOI)
Rental income plus interest from financing receivables less property operating expenses. Excludes lease termination fees and non-cash items such as above and below market lease intangibles, straight-line rent, lease inducements, financing receivable amortization, tenant improvement amortization and leasing commission amortization.

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

FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION
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.”

Funds Available for Distribution ("FAD") is presented by adding to Normalized FFO non-real estate depreciation and amortization, non-cash interest amortization, and stock-based compensation expense; and subtracting maintenance capex and LCs, and straight-line rent income, net of expense.

FFO, Normalized FFO and 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.





NOI MARGIN (GROSS RECOVERY METHOD)
Cash NOI divided by operating revenues.

NOI MARGIN (NET RECOVERY METHOD)
Cash NOI divided by rental revenue.

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.

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

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

RENTAL REVENUE
Rental income plus interest from financing receivables. Excludes lease termination fees and non-cash items such as above and below market lease intangibles, straight-line rent, lease inducements, financing receivable amortization, tenant improvement amortization and operating expense reimbursements.

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.

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

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

OTHER TERMS
Commercial Paper (CP)
Leasing Commissions (LCs)
Medical Outpatient Building (MOB)
Weighted Average Lease Term Remaining (WALT)
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 21

Reconciliations
DOLLARS IN THOUSANDS
NET INCOME (LOSS) TO NOI
 QUARTER ENDED
Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025
Net income (loss)($15,851)($43,955)$21 $14,591 ($58,544)
Other expense (income)57,817 82,924 31,646 19,485 83,116 
General and administrative expense12,435 14,361 17,343 13,787 21,771 
Depreciation and amortization expense128,101 128,065 128,985 135,036 143,640 
Other expenses 1
3,554 3,309 2,995 1,907 1,491 
Straight-line rent expense648 318 563 788 842 
Straight-line rent revenue(9,658)(11,239)(8,459)(4,753)(6,741)
Other revenue 2
(14,023)(13,164)(11,980)(10,998)(9,542)
Joint venture property cash NOI (at share)9,488 9,272 8,560 8,616 8,380 
Cash NOI$172,511 $169,891 $169,674 $178,459 $184,413 
Developments(1,149)(694)(289)(269)(84)
Development completions(896)(899)(831)(838)(799)
Redevelopments(5,286)(4,123)(5,021)(7,560)(8,246)
Redevelopment completions(1,532)(1,317)(1,338)(1,174)(937)
Acquisitions (wholly-owned and joint venture)(486)(282)(10)— — 
Completed dispositions & assets held for sale(819)(1,655)(2,941)(11,590)(19,913)
Same store cash NOI$162,343 $160,921 $159,244 $157,028 $154,434 
Same store joint venture properties(7,620)(7,640)(7,467)(7,528)(7,247)
Same store excluding JVs$154,723 $153,281 $151,777 $149,500 $147,187 

















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
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Q3 2026 SUPPLEMENTAL INFORMATION 22

 Reconciliations (cont'd)
DOLLARS IN THOUSANDS

NET LOSS TO EBITDA
QUARTER ENDED
Q3 2026Q2 2026Q3 2025
Net loss($15,851)($43,955)($58,544)
Interest expense44,84945,14652,642
Income taxes317298372
Depreciation and amortization 1
128,101128,065143,640
Unconsolidated JV depreciation, amortization, and interest7,3377,2557,063
EBITDA$164,753$136,809$145,173
Transaction costs1,6931,473125
Gain on sales of assets(2,476)(3,713)(76,771)
Impairments on real estate assets16,15242,741104,362
Restructuring and severance-related charges2,0313,0219,010
Debt financing costs 2
251,7763,493
Timing impact 3
1,318 (7)558 
Stock based compensation4,5614,4203,386
Other 4
(366)(259)233 
Unconsolidated JV adjustments422(2,190)425
Adjusted EBITDA$188,113$184,071$189,994
Annualized Adjusted EBITDA$752,452$736,284$759,976
RECONCILIATION OF NET DEBT TO ADJUSTED EBITDA
Debt $4,249,159 $4,166,944 $4,485,706 
Share of Unconsolidated JV Net Debt31,38833,27830,887
Cash (17,499)(18,987)(43,345)
Other adjustments 4
(96,585)(34,555)(83,930)
Net debt$4,166,463$4,146,680$4,389,318
Net debt to adjusted EBITDA 5.5x5.6x5.8x




1Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.
2Includes loss on debt extinguishment, loss on derivatives, and legal fees related to the amended and restated credit facility.
3Timing adjustments 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.
4Includes the pro forma impact of acquisitions and dispositions closed after quarter-end and under contract with non-refundable earnest money, as well as share repurchases completed subsequent to quarter-end.
HEALTHCARE REALTY
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Q3 2026 SUPPLEMENTAL INFORMATION 23
























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