Healthcare Realty (NYSE: HR) posts Q1 2026 FFO growth and lifts guidance

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Healthcare Realty Trust reported mixed first quarter 2026 results with stronger cash flow metrics and higher full-year guidance. GAAP net loss was essentially breakeven at $(0.00) per share, while NAREIT FFO held at $0.35 per share and Normalized FFO rose to $0.41 per share from $0.39 a year earlier. Revenue was $279.0 million versus $299.0 million in the prior-year quarter.

The portfolio produced Same Store Cash NOI growth of 6.9% with 93.5% tenant retention, 4.2% cash leasing spreads and 2.0 million square feet of lease executions. Funds available for distribution were $112.9 million with a 75% payout ratio, supporting a $0.24 per share dividend. The company raised 2026 Normalized FFO guidance to $1.59–$1.65 per share and Same Store Cash NOI growth guidance to 3.75%–4.75%. It also repurchased $100 million of stock, completed about $125 million of acquisitions and dispositions, and ended the quarter with Net Debt to Adjusted EBITDA of 5.5x and roughly $1.2 billion of liquidity.

Insights

Quarter shows solid cash-flow growth, strong leasing, and modestly higher 2026 guidance despite flat FFO per share.

Healthcare Realty generated NAREIT FFO of $123.7M or $0.35 per share, unchanged from a year ago, but increased Normalized FFO to $144.4M or $0.41 per share. Same Store Cash NOI grew 6.9%, outpacing the full-year 2025 rate of 4.6%, while tenant retention was a high 93.5% with positive cash leasing spreads.

The balance sheet remains moderate with Net Debt to Adjusted EBITDA of 5.5x after accounting for an expected mortgage repayment, and approximately $1.2B of liquidity. Management repurchased $100M of common stock and maintained a quarterly dividend of $0.24 per share, implying a 75% payout of FAD of $112.9M.

For 2026, the company nudged Normalized FFO guidance up by $0.01 at the midpoint to $1.59–$1.65 per share and increased Same Store Cash NOI growth guidance to 3.75–4.75%. Actual performance versus these ranges, particularly leasing volumes and retention in large markets like Dallas, Seattle and Atlanta, will be clarified in subsequent quarterly updates.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

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, and exhibit attachments filed with this report.

Key Figures

Q1 2026 revenue: $278.99M Q1 2026 Normalized FFO per share: $0.41/share Q1 2026 NAREIT FFO per share: $0.35/share +6 more

9 metrics

Q1 2026 revenue $278.99M Total revenues for first quarter 2026

Q1 2026 Normalized FFO per share $0.41/share Diluted, vs $0.39 in Q1 2025

Q1 2026 NAREIT FFO per share $0.35/share Diluted, flat vs Q1 2025

Q1 2026 FAD $112.9M Funds Available for Distribution, 75% payout ratio

Same Store Cash NOI growth 6.9% Year-over-year growth in Q1 2026

2026 Normalized FFO guidance $1.59–$1.65/share Updated 2026 per share guidance range

Share repurchases $100M 5.7M shares at $17.38 average in Q1 2026

Net Debt to Adjusted EBITDA 5.5x Adjusted for expected mortgage note repayment

Quarterly dividend $0.24/share Approved for payment on May 22, 2026

Key Terms

Normalized FFO, Funds Available for Distribution (FAD), Same Store Cash NOI, Net Debt to Adjusted EBITDA, +2 more

6 terms

Normalized FFO financial

"Normalized FFO of $0.41 per share, and FAD of $112.9 million"

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.

Funds Available for Distribution (FAD) financial

"Normalized FFO of $0.41 per share, and FAD of $112.9 million (payout ratio of 75%)"

Same Store Cash NOI financial

"Same store cash NOI growth of +6.9%, tenant retention of 93.5%"

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 adjusted for expected mortgage note receivable repayment"

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.

commercial paper program financial

"established its inaugural commercial paper program, with a total size of up to $600 million"

A commercial paper program is a formal way a company issues very short-term IOUs to raise quick cash, typically for days to months, without using a bank loan. Investors care because it shows how the company manages short-term funding and how trustworthy it appears—like watching whether someone keeps using and repaying a credit card; frequent use or higher costs can signal cash strain, while smooth issuance suggests healthy liquidity.

Same store properties financial

"Same store properties are properties that have been included in operations for the duration of the year-over-year comparison period"

Earnings Snapshot

Revenue: $278.99M · Guidance included

Q1 2026

Revenue $278.99M

GAAP EPS (diluted) $(0.00)

NAREIT FFO per share (diluted) $0.35

Normalized FFO per share (diluted) $0.41

Same Store Cash NOI growth 6.9%

Guidance

For 2026, the company guides to earnings per share of $(0.05) to $0.05, NAREIT FFO per share of $1.45 to $1.51 and Normalized FFO per share of $1.59 to $1.65, with Same Store Cash NOI growth of 3.75% to 4.75%.

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Understanding 8-K Material Events →

04/30/2026 - 04:07 PM

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): April 30, 2026 (April 30, 2026)

Healthcare Realty Trust Incorporated

(Exact name of registrant as specified in its charter)

Maryland

001-35568

20-4738467

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

3310 West End Avenue, Suite 700

Nashville,

Tennessee

37203

(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 class

Trading symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.01 par value per share

New 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 2.02			Results of Operations and Financial Condition.

First Quarter Earnings and Dividend Press Release

On April 30, 2026, Healthcare Realty Trust Incorporated (the “Company”) issued a press release announcing its earnings and dividend for the first quarter ended March 31, 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 7.01			Regulation FD Disclosure

First Quarter Supplemental Information

The Company is furnishing its Supplemental Information for the first quarter ended March 31, 2026, which is also contained on its website (www.healthcarerealty.com). See Exhibit 99.2 to this Current Report on Form 8-K.


Item 9.01			Financial Statements and Exhibits.

(d) Exhibits.


99.1			First quarter earnings and dividend press release, dated April 30, 2026.
99.2			Supplemental Information for the first quarter ended March 31, 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: April 30, 2026	By:	/s/ Daniel Gabbay
		Name: Daniel Gabbay
		Title: Executive Vice President and Chief Financial Officer

News Release

HEALTHCARE REALTY REPORTS FIRST QUARTER 2026 RESULTS AND INCREASES FULL YEAR 2026 GUIDANCE

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

FIRST QUARTER 2026 HIGHLIGHTS

•GAAP Net loss of $(0.00) per share, NAREIT FFO of $0.35 per share, Normalized FFO of $0.41 per share, and FAD of $112.9 million (payout ratio of 75%)

•Same store cash NOI growth of +6.9%, tenant retention of 93.5% and+4.2% cash leasing spreads

•First quarter lease executions totaled 2.0 million square feet across same store properties and redevelopment projects, including 286,000 square feet of new lease executions

•During the first quarter, the Company completed total transactions of approximately $125 million, including the first new acquisition in the KKR joint venture since formation for $89 million ($18 million at the Company's pro rata share) and dispositions of $33 million

•Net Debt to Adjusted EBITDA of 5.5x adjusted for expected mortgage note receivable repayment in the second quarter

•Repurchased 5.7 million shares of common stock at an average price of $17.38 per share for a total of $100 million

•Received $400 million commitments from existing Bank Group for a new unsecured delayed draw term loan expected to close in May 2026; the Company will have the ability to draw the proceeds at any time over the 12-month period post-closing

•As part of ongoing Board Refreshment initiatives, longtime director Jay Leupp announced he will retire following our upcoming Annual Meeting of Shareholders on May 19, 2026

FIRST QUARTER 2026 RESULTS


	FIRST QUARTER ENDED
	2026		2025
(in thousands, except per share amounts)	AMOUNT	PER SHARE	AMOUNT	PER SHARE
GAAP Net loss	$(56)	$(0.00)	$(44,873)	$(0.13)
NAREIT FFO, diluted	$123,698	$0.35	$123,774	$0.35
Normalized FFO, diluted	$144,382	$0.41	$137,722	$0.39

LEASING ACTIVITY

During the first quarter, the Company executed 291 new and renewal leases for 2.0 million square feet with a weighted average lease term of 7.7 years and average annual escalators of 3.1%. Key highlights include:

•Atlanta, GA. 176,000 square feet of new and renewal leases with Wellstar Health System, maintaining greater than 90% occupancy across six on-campus MOBs

•Charlotte, NC. Renewed 153,600 square feet with Advocate Health across five buildings that are 93% occupied

•Charleston, SC. Renewed 54,600 square feet with MUSC Health across two buildings that are 100% occupied

•Albany, NY. Executed two new leases with St. Peter's Health for clinic space and an ASC totaling 63,500 square feet in a redevelopment project

•Various. Renewed approximately 736,000 square feet at eight single-tenant properties with a weighted average remaining lease term of less than three years; on average, extended the leases by nearly 10 years with strong cash leasing spreads



HEALTHCARE REALTY TRUST INCORPORATED						HEALTHCAREREALTY.COM \| PAGE 1 OF 7

CAPITAL ALLOCATION

Acquisitions and Dispositions

During the first quarter, the Company completed approximately $125 million of transaction activity. Key highlights include:

•Birmingham, AL. Acquired a state-of-the-art MOB attached to a market-leading hospital with an existing joint venture partner for $89 million ($18 million investment at share). The Company now owns two properties at this hospital campus and nearly 650,000 square feet in the market

•Oklahoma City, OK. Opportunistically disposed of two assets for $12 million in a direct sale to the affiliated health system

Development and Redevelopment

During the first quarter, the Company added two new redevelopment projects ($31 million), completed one redevelopment project, and made significant progress on its development and redevelopment pipeline, advancing several key projects across major markets. Key highlights include:

•Charlotte, NC. Completed redevelopment of two MOBs in a rapidly growing market adjacent to the Novant Health Huntersville Medical Center. The $35 million project is 98% leased by a mix of hospital and physician practices including cardiology, oncology, women's health, dermatology and imaging

•Boston, MA. Commenced a 155,000 square foot redevelopment connected to Tufts Medical Center in downtown Boston. The $25 million project will modernize the fully leased property and provide a space for Tufts Medicine to deliver world-class healthcare

Balance Sheet

•Net Debt to Adjusted EBITDA of 5.5x. As of March 31, 2026, the Company had approximately $1.2 billion of liquidity on the revolving facility and cash on hand

•In the first quarter, the Company repurchased 5.7 million shares of common stock at an average price of $17.38 per share for a total of $100 million

•On February 12, 2026, Healthcare Realty established its inaugural commercial paper program, with a total size of up to $600 million. At the end of the first quarter, the Company had $251 million outstanding at a weighted average interest rate of 4.2%, representing over 30bps savings compared to our drawn revolving facility rate

•Extended $400 million swaps to January 2029 at a fixed SOFR rate of 3.3%

•The Company has received $400 million of commitments from its existing Bank Group for a new unsecured delayed draw term loan that is expected to close in May 2026. The Company will have the ability to draw the proceeds at any time over the 12-month period post-closing

BOARD REFRESHMENT

As part of the Company’s ongoing Board Refreshment initiatives, longtime director Jay Leupp announced he will retire following our upcoming Annual Meeting of Shareholders on May 19, 2026. “On behalf of the entire company and our shareholders, I would like to thank Jay for his tireless commitment and leadership for our organization since 2020,” commented Peter Scott, CEO. Added Jay Leupp, “As the longest tenured independent director at Healthcare Realty and a firm believer in continuing Board refreshment, I decided to retire from the Board of Directors at the conclusion of my seventh term. I would like to thank Healthcare Realty shareholders for giving me the opportunity to serve as an independent director, and I plan to remain a fellow shareholder in the years ahead. I wish the very best to our talented CEO, management team and best-in-class Board of Directors in their continued drive to grow shareholder value.”

DIVIDEND

The Board unanimously approved a common stock dividend in the amount of $0.24 per share to be paid on May 22, 2026, to Class A common stockholders of record on May 11, 2026. Additionally, the eligible holders of operating partnership units will receive a distribution of $0.24 per unit, equivalent to the Company's Class A common stock dividend.



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

GUIDANCE

The Company's increased 2026 per share estimated guidance ranges are as follows:


			2026 GUIDANCE
	ACTUAL		PRIOR				CURRENT
	1Q 2026		LOW		HIGH		LOW		HIGH
Earnings per share	$(0.00)		$(0.05)		$0.05		$(0.05)		$0.05
NAREIT FFO per share	$0.35		$1.44		$1.50		$1.45		$1.51
Normalized FFO per share	$0.41		$1.58		$1.64		$1.59		$1.65
Same Store Cash NOI growth	6.9	%	3.5	%	4.5	%	3.75	%	4.75	%

The 2026 annual guidance range reflects the Company's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, and operating and general and administrative expenses. The Company's guidance does not contemplate impacts from gains or losses from dispositions, potential impairments, or debt extinguishment costs, if any. The Company's guidance also does not include any future acquisitions, developments or share issuances or repurchases, other than as discussed in the detailed guidance assumptions on Page 11 of the 1Q 2026 Supplemental. There can be no assurance that the Company's actual results will not be materially higher or lower than these expectations. If actual results or timing vary from these assumptions, the Company's expectations may change. See Page 11 of the 1Q 2026 Supplemental for additional details and assumptions.

EARNINGS CALL

On Friday, May 1, 2026, at 9:00 a.m. Eastern Time, Healthcare Realty Trust has scheduled a conference call to discuss earnings results, quarterly activities, general operations of the Company and industry trends.

Simultaneously, a webcast of the conference call will be available to interested parties at https://investors.healthcarerealty.com/corporate-profile/webcasts under the Investor Relations section. A webcast replay will be available following the call at the same address.

Live Conference Call Access Details:

•Domestic Dial-In Number: +1 800-715-9871 access code 4950066

•All Other Locations: +1 646-307-1963 access code 4950066

Replay Information:

•Domestic Dial-In Number: +1 800-770-2030 access code 4950066

•All Other Locations: +1 609-800-9909 access code 4950066

ABOUT HEALTHCARE REALTY

Healthcare Realty Trust Incorporated (NYSE: HR) is the largest public, pure-play owner, operator and developer of medical outpatient buildings in the United States.

For additional information contact InvestorRelations@healthcarerealty.com.

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			HEALTHCAREREALTY.COM \| PAGE 3 OF 7


Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA


ASSETS

	1Q 2026	4Q 2025
Real estate properties
Land	$1,060,296	$1,060,254
Buildings and improvements	8,541,368	8,514,165
Lease intangibles	424,502	455,254
Personal property	7,316	7,056
Investment in financing receivables, net	122,346	123,249
Financing lease right-of-use assets	74,703	75,083

Land held for development	57,799	57,535
Total real estate investments	10,288,330	10,292,596
Less accumulated depreciation and amortization	(2,468,461)	(2,397,795)
Total real estate investments, net	7,819,869	7,894,801
Cash and cash equivalents	26,235	26,172

Assets held for sale, net	123,411	143,580
Operating lease right-of-use assets	202,710	204,906
Investments in unconsolidated joint ventures	467,459	453,607
Other assets, net	508,480	487,795
Total assets	$9,148,164	$9,210,861

LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY
Liabilities
Notes and bonds payable	$4,103,918	$3,911,423
Accounts payable and accrued liabilities	137,712	211,071
Liabilities of properties held for sale	13,576	15,160
Operating lease liabilities	162,380	162,922
Financing lease liabilities	73,679	73,130
Other liabilities	159,888	160,530
Total liabilities	4,651,153	4,534,236


Redeemable non-controlling interests	3,339	3,252

Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized	—	—
Common stock, $0.01 par value; 1,000,000 shares authorized	3,465	3,516
Additional paid-in capital	9,040,690	9,137,257
Accumulated other comprehensive (loss) income	(2,421)	(5,174)
Cumulative net income attributable to common stockholders	128,182	128,238
Cumulative dividends	(4,730,746)	(4,646,944)
Total stockholders' equity	4,439,170	4,616,893
Non-controlling interest	54,502	56,480
Total equity	4,493,672	4,673,373
Total liabilities, redeemable non-controlling interests, and stockholders' equity	$9,148,164	$9,210,861



HEALTHCARE REALTY TRUST INCORPORATED			HEALTHCAREREALTY.COM \| PAGE 4 OF 7


Income Statements
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA



	FIRST QUARTER ENDED		FULL YEAR
	2026	2025		2025
Revenues
Rental income	$267,575	$288,857		$1,138,056
Interest income	3,712	3,731		14,275
Other operating	7,703	6,389		28,215
Total revenues	278,990	298,977		1,180,546
Expenses
Property operating	100,058	109,897		424,855
General and administrative	17,343	13,530		72,569
Normalizing items 1	(7,562)	(502)		(26,318)
Normalized general and administrative	9,781	13,028		46,251
Transaction costs	937	1,011		2,029
Depreciation and amortization	128,985	156,035		588,186
Total expenses	247,323	280,473		1,087,639
Other income (expense)
Interest expense before merger-related fair value	(32,899)	(44,366)		(166,396)
Merger-related fair value adjustment	(10,991)	(10,446)		(42,593)
Interest expense	(43,890)	(54,812)		(208,989)
Gain on sales of real estate properties and other assets	10,777	2,904		235,389
Loss on extinguishment of debt	(21)	—		(451)
Impairment of real estate assets and credit loss recoveries (reserves)	984	(12,081)		(364,598)
Equity income (loss) from unconsolidated joint ventures	496	1		(188)
Interest and other income (expense), net	8	95		(3,555)
Total other income (expense)	(31,646)	(63,893)		(342,392)
Net income (loss)	$21	$(45,389)		$(249,485)
Net (income) loss attributable to non-controlling interests	(77)	516		3,414
Net loss attributable to common stockholders	$(56)	$(44,873)		$(246,071)


Basic earnings per common share	$(0.00)	$(0.13)		$(0.71)
Diluted earnings per common share	$(0.00)	$(0.13)		$(0.71)

Weighted average common shares outstanding - basic	347,439	349,539		349,798
Weighted average common shares outstanding - diluted 2	347,439	349,539		349,798

1Normalizing items primarily include restructuring, severance-related costs and other.

2Potential common shares are not included in the computation of diluted earnings per share when a loss exists (or when dividends paid are greater than income), as the effect would be an antidilutive per share amount. As a result, the outstanding limited partnership units in the Company's operating partnership ("OP"), totaling 4,278,028 units were not included.



HEALTHCARE REALTY TRUST INCORPORATED			HEALTHCAREREALTY.COM \| PAGE 5 OF 7


FFO, Normalized FFO and FAD
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA



	FIRST QUARTER ENDED		FULL YEAR
	2026	2025		2025
Net loss attributable to common stockholders	$(56)	$(44,873)		$(246,071)
Net loss attributable to common stockholders/diluted share	$(0.00)	$(0.13)		$(0.71)

Gain on sales of real estate assets	(10,777)	(2,904)		(235,389)
Impairments of real estate assets	16	10,145		361,090
Real estate depreciation and amortization	127,921	155,288		586,146
Non-controlling loss from operating partnership units	(10)	(599)		(3,497)
Unconsolidated JV depreciation, amortization and impairment	6,604	6,717		27,769
NAREIT FFO	$123,698	$123,774		$490,048
NAREIT FFO per common share - diluted	$0.35	$0.35		$1.38

Transaction costs	937	1,011		2,029
Debt financing costs	116	—		5,107
Restructuring and severance-related charges	7,562	502		26,318
Merger-related fair value adjustment	10,991	10,446		42,593
Other	1,078	1,989		2,851
Normalized FFO	$144,382	$137,722		$568,946
Normalized FFO per common share - diluted	$0.41	$0.39		$1.61

Non-real estate depreciation and amortization	663	1,269		6,114
Non-cash interest amortization, net	1,367	1,217		5,126
Straight-line amortization, net	(10,291)	(7,891)		(29,392)
Stock-based compensation	3,927	3,028		13,609
Unconsolidated JV non-cash items	(89)	(253)		(1,420)
Other	—	94		952
Maintenance capex	(27,101)	(32,966)		(115,633)
FAD	$112,858	$102,220		$448,302
Quarterly dividends and OP distributions	$84,814	$109,840		$391,368
FFO wtd avg common shares outstanding - diluted 1	352,211	353,522		354,454

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



HEALTHCARE REALTY TRUST INCORPORATED			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



1Q 2026
Supplemental Information
FURNISHED AS OF APRIL 30, 2026 (UNAUDITED)


Table of Contents


FORWARD LOOKING STATEMENTS & RISK FACTORS
This Supplemental Information report contains disclosures that are “forward-looking statements.” Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “target,” “intend,” “plan,” “estimate,” “project,” “continue,” “should,” “could," "budget" and other comparable terms. These forward-looking statements are based on the Company's current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Such risks and uncertainties include, among other things, the following: the Company’s expected results may not be achieved; risks related to future opportunities and plans for the Company, including the uncertainty of expected future financial performance and results of the Company; pandemics or other health crises; increases in interest rates; the availability and cost of capital at expected rates; competition for quality assets; negative developments in the operating results or financial condition of the Company's tenants, including, but not limited to, their ability to pay rent; the Company's ability to reposition or sell facilities with profitable results; the Company's ability to release space at similar rates as vacancies occur; the Company's ability to renew expiring leases; government regulations affecting tenants' Medicare and Medicaid reimbursement rates and operational requirements; unanticipated difficulties and/or expenditures relating to future acquisitions and developments; changes in rules or practices governing the Company's financial reporting; the Company may be required under purchase options to sell properties and may not be able to reinvest the proceeds from such sales at rates of return equal to the return received on the properties sold; uninsured or underinsured losses related to casualty or liability; the incurrence of impairment charges on its real estate properties or other assets; other legal and operational matters; and other risks and uncertainties affecting the Company, including those described from time to time under the caption “Risk Factors” and elsewhere in the Company’s filings and reports with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Moreover, other risks and uncertainties of which the Company is not currently aware may also affect the Company's forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made, except as required by law. Stockholders and investors are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in the Company’s filings and reports, including, without limitation, estimates and projections regarding the performance of development projects the Company is pursuing. For a detailed discussion of the Company’s risk factors, please refer to the Company's filings with the SEC, including this report and the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. See the Glossary herein for further information regarding definitions and important discussions regarding the usefulness and limitations of the non-GAAP measures used in this Supplemental Report.


1Q EARNINGS RELEASE
3						Earnings Highlights
7						Financial Statements
9						FFO, Normalized FFO, & FAD
SUPPLEMENTAL INFORMATION
10						At a Glance
11						2026 Guidance
12						Portfolio Overview
13						Lease Maturity Schedule
14						Tenant Overview
15						Same Store Statistics
16						Capital Funding & Commitments
17						Investment Activity/Joint Ventures
18						Re/development Activity
19						Debt Metrics
20						Components of Net Asset Value
21						Glossary and Reconciliations



HEALTHCARE REALTY						1Q 2026 SUPPLEMENTAL INFORMATION 2


Earnings Highlights

HEALTHCARE REALTY REPORTS FIRST QUARTER 2026 RESULTS AND INCREASES FULL YEAR 2026 GUIDANCE

FIRST QUARTER 2026 HIGHLIGHTS

•GAAP Net loss of $(0.00) per share, NAREIT FFO of $0.35 per share, Normalized FFO of $0.41 per share, and FAD of $112.9 million (payout ratio of 75%)

•Same store cash NOI growth of +6.9%, tenant retention of 93.5% and +4.2% cash leasing spreads

•First quarter lease executions totaled 2.0 million square feet across same store properties and redevelopment projects, including 286,000 square feet of new lease executions

•Net Debt to Adjusted EBITDA of 5.5x adjusted for expected mortgage note receivable repayment in the second quarter

•Repurchased 5.7 million shares of common stock at an average price of $17.38 per share for a total of $100 million

•As part of ongoing Board Refreshment initiatives, longtime director Jay Leupp announced he will retire following our upcoming Annual Meeting of Shareholders on May 19, 2026

FIRST QUARTER 2026 RESULTS


	FIRST QUARTER ENDED
	2026		2025
(in thousands, except per share amounts)	AMOUNT	PER SHARE	AMOUNT	PER SHARE
GAAP Net loss	$(56)	$(0.00)	$(44,873)	$(0.13)
NAREIT FFO, diluted	$123,698	$0.35	$123,774	$0.35
Normalized FFO, diluted	$144,382	$0.41	$137,722	$0.39



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 3


Earnings Highlights

LEASING ACTIVITY

•Atlanta, GA. 176,000 square feet of new and renewal leases with Wellstar Health System, maintaining greater than 90% occupancy across six on-campus MOBs

•Charlotte, NC. Renewed 153,600 square feet with Advocate Health across five buildings that are 93% occupied

•Charleston, SC. Renewed 54,600 square feet with MUSC Health across two buildings that are 100% occupied

•Albany, NY. Executed two new leases with St. Peter's Health for clinic space and an ASC totaling 63,500 square feet in a redevelopment project

CAPITAL ALLOCATION

Acquisitions and Dispositions

During the first quarter, the Company completed approximately $125 million of transaction activity. Key highlights include:

•Oklahoma City, OK. Opportunistically disposed of two assets for $12 million in a direct sale to the affiliated health system

Development and Redevelopment

Balance Sheet

•Net Debt to Adjusted EBITDA of 5.5x. As of March 31, 2026, the Company had approximately $1.2 billion of liquidity on the revolving facility and cash on hand

•In the first quarter, the Company repurchased 5.7 million shares of common stock at an average price of $17.38 per share for a total of $100 million

•Extended $400 million swaps to January 2029 at a fixed SOFR rate of 3.3%



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 4


Earnings Highlights

BOARD REFRESHMENT

DIVIDEND

GUIDANCE

The Company's increased 2026 per share estimated guidance ranges are as follows:


			2026 GUIDANCE
	ACTUAL		PRIOR				CURRENT
	1Q 2026		LOW		HIGH		LOW		HIGH
Earnings per share	$(0.00)		$(0.05)		$0.05		$(0.05)		$0.05
NAREIT FFO per share	$0.35		$1.44		$1.50		$1.45		$1.51
Normalized FFO per share	$0.41		$1.58		$1.64		$1.59		$1.65
Same Store Cash NOI growth	6.9	%	3.5	%	4.5	%	3.75	%	4.75	%



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 5


Earnings Highlights

EARNINGS CALL

Live Conference Call Access Details:

•Domestic Dial-In Number: +1 800-715-9871 access code 4950066

•All Other Locations: +1 646-307-1963 access code 4950066

Replay Information:

•Domestic Dial-In Number: +1 800-770-2030 access code 4950066

•All Other Locations: +1 609-800-9909 access code 4950066

ABOUT HEALTHCARE REALTY

Healthcare Realty Trust Incorporated (NYSE: HR) is the largest public, pure-play owner, operator and developer of medical outpatient buildings in the United States.

For additional information contact InvestorRelations@healthcarerealty.com.



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 6


Balance Sheet
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA


ASSETS
	1Q 2026	4Q 2025
Real estate properties
Land	$1,060,296	$1,060,254
Buildings and improvements	8,541,368	8,514,165
Lease intangibles	424,502	455,254
Personal property	7,316	7,056
Investment in financing receivables, net	122,346	123,249
Financing lease right-of-use assets	74,703	75,083

Land held for development	57,799	57,535
Total real estate investments	10,288,330	10,292,596
Less accumulated depreciation and amortization	(2,468,461)	(2,397,795)
Total real estate investments, net	7,819,869	7,894,801
Cash and cash equivalents	26,235	26,172

Assets held for sale, net	123,411	143,580
Operating lease right-of-use assets	202,710	204,906
Investments in unconsolidated joint ventures	467,459	453,607
Other assets, net	508,480	487,795
Total assets	$9,148,164	$9,210,861

LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY


Liabilities
Notes and bonds payable	$4,103,918	$3,911,423
Accounts payable and accrued liabilities	137,712	211,071
Liabilities of properties held for sale	13,576	15,160
Operating lease liabilities	162,380	162,922
Financing lease liabilities	73,679	73,130
Other liabilities	159,888	160,530
Total liabilities	4,651,153	4,534,236


Redeemable non-controlling interests	3,339	3,252

Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized	—	—
Common stock, $0.01 par value; 1,000,000 shares authorized	3,465	3,516
Additional paid-in capital	9,040,690	9,137,257
Accumulated other comprehensive loss	(2,421)	(5,174)
Cumulative net income attributable to common stockholders	128,182	128,238
Cumulative dividends	(4,730,746)	(4,646,944)
Total stockholders' equity	4,439,170	4,616,893
Non-controlling interest	54,502	56,480
Total equity	4,493,672	4,673,373
Total liabilities, redeemable non-controlling interests, and stockholders' equity	$9,148,164	$9,210,861



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 7


Income Statements
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA



	FIRST QUARTER ENDED		FULL YEAR
	2026	2025		2025
Revenues
Rental income	$267,575	$288,857		$1,138,056
Interest income	3,712	3,731		14,275
Other operating	7,703	6,389		28,215
Total revenues	278,990	298,977		1,180,546
Expenses
Property operating	100,058	109,897		424,855
General and administrative	17,343	13,530		72,569
Normalizing items 1	(7,562)	(502)		(26,318)
Normalized general and administrative	9,781	13,028		46,251
Transaction costs	937	1,011		2,029
Depreciation and amortization	128,985	156,035		588,186
Total expenses	247,323	280,473		1,087,639
Other income (expense)
Interest expense before merger-related fair value	(32,899)	(44,366)		(166,396)
Merger-related fair value adjustment	(10,991)	(10,446)		(42,593)
Interest expense	(43,890)	(54,812)		(208,989)
Gain on sales of real estate properties and other assets	10,777	2,904		235,389
Loss on extinguishment of debt	(21)	—		(451)
Impairment of real estate assets and credit loss recoveries (reserves)	984	(12,081)		(364,598)
Equity income (loss) from unconsolidated joint ventures	496	1		(188)
Interest and other income (expense), net	8	95		(3,555)
Total other income (expense)	(31,646)	(63,893)		(342,392)
Net income (loss)	$21	$(45,389)		$(249,485)
Net (income) loss attributable to non-controlling interests	(77)	516		3,414
Net loss attributable to common stockholders	$(56)	$(44,873)		$(246,071)

Basic earnings per common share	$(0.00)	$(0.13)		$(0.71)
Diluted earnings per common share	$(0.00)	$(0.13)		$(0.71)

Weighted average common shares outstanding - basic	347,439	349,539		349,798
Weighted average common shares outstanding - diluted 2	347,439	349,539		349,798

1Normalizing items primarily include restructuring, severance-related costs and other.



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 8


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



	FIRST QUARTER ENDED		FULL YEAR
	2026	2025		2025
Net loss attributable to common stockholders	$(56)	$(44,873)		$(246,071)
Net loss attributable to common stockholders per diluted share	$(0.00)	$(0.13)		$(0.71)

Gain on sales of real estate assets	(10,777)	(2,904)		(235,389)
Impairments of real estate assets	16	10,145		361,090
Real estate depreciation and amortization	127,921	155,288		586,146
Non-controlling loss from operating partnership units	(10)	(599)		(3,497)
Unconsolidated JV depreciation, amortization and impairment	6,604	6,717		27,769
NAREIT FFO	$123,698	$123,774		$490,048
NAREIT FFO per common share - diluted	$0.35	$0.35		$1.38

Transaction costs	937	1,011		2,029
Debt financing costs	116	—		5,107
Restructuring and severance-related charges	7,562	502		26,318
Merger-related fair value adjustment	10,991	10,446		42,593
Other	1,078	1,989		2,851
Normalized FFO	$144,382	$137,722		$568,946
Normalized FFO per common share - diluted	$0.41	$0.39		$1.61

Non-real estate depreciation and amortization	663	1,269		6,114
Non-cash interest amortization, net	1,367	1,217		5,126
Straight-line amortization, net	(10,291)	(7,891)		(29,392)
Stock-based compensation	3,927	3,028		13,609
Unconsolidated JV non-cash items	(89)	(253)		(1,420)
Other	—	94		952
Maintenance capex	(27,101)	(32,966)		(115,633)
FAD	$112,858	$102,220		$448,302
Quarterly dividends and OP distributions	$84,814	$109,840		$391,368
FFO wtd avg common shares outstanding - diluted 1	352,211	353,522		354,454



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 9


At a Glance
DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE DATA


PROPERTIES
Total Properties	563
Total Square Feet (in millions)	32.9
Number of markets	50
% of Cash NOI in Top 20 Markets	77	%

KEY CREDIT METRICS (SENIOR UNSECURED DEBT)
Moody's	Baa2
S&P Global	BBB
Net Debt to Adjusted EBITDA	5.5x
Net Debt to Enterprise Value	41	%


TOTAL CAPITALIZATION AS OF MARCH 31, 2026
Common Stock (NYSE: HR)	346,534
OP Units	4,251
Fully Diluted Shares and Units	350,785
Share Price as of 3/31/2026	$16.99
Market Capitalization	$5,959,837
Consolidated Net Debt	$4,077,683
Share of Unconsolidated JV Net Debt	$34,031
Enterprise Value	$10,071,551

All figures represent Total Properties. See Glossary for additional information on terms and definitions.



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 10


2026 Guidance
DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE DATA


2026 EARNINGS GUIDANCE	PRIOR				CURRENT


	LOW		HIGH		LOW		HIGH

Earnings per share	$(0.05)		$0.05		$(0.05)		$0.05
NAREIT FFO per share	$1.44		$1.50		$1.45		$1.51
Normalized FFO per share	$1.58		$1.64		$1.59		$1.65
Same store cash NOI growth	3.5	%	4.5	%	3.75	%	4.75	%

KEY ASSUMPTIONS	PRIOR				CURRENT
	LOW		HIGH		LOW		HIGH
Normalized general and administrative	$43		$47		$43		$47
Interest expense, net of capitalized interest 1	$135		$145		$135		$145
Total maintenance capex	$105		$125		$105		$125

SOURCES AND USES 2	PRIOR				CURRENT
			MIDPOINT				MIDPOINT
Asset sales and loan receivable repayments			$175				$175
Debt issuance and RCF/CP Drawdowns			600				675
FAD less dividends			100				100
Total Sources			$875				$950

Bond repayments			$600				$600
Investments and share repurchases 3			50				125
Development, redevelopment, and 1st gen capital			225				225
Total Uses			$875				$950

Target adjusted net debt to EBITDA			mid-5x				mid-5x



Diluted shares outstanding 4			353				351

The 2026 annual guidance range reflects the Company's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, and operating and general and administrative expenses. The Company's guidance does not contemplate impacts from gains or losses from dispositions, potential impairments, or debt extinguishment costs, if any. The Company's guidance also does not include any future acquisitions, developments or share issuances or repurchases, other than as discussed above. There can be no assurance that the Company's actual results will not be materially higher or lower than these expectations. If actual results or timing vary from these assumptions, the Company's expectations may change.

1Excludes the merger-related fair value adjustment and interest expense associated with unconsolidated joint ventures.

2Based on approximate midpoints.

3Includes year-to-date investments and share repurchases.

4Includes the diluted impact of the OP units and 1Q 2026 share repurchases.



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 11


Portfolio Overview
DOLLARS IN THOUSANDS


TOTAL PORTFOLIO BY MARKET
		COUNT	WHOLLY OWNED			JOINT VENTURES			TOTAL PORTFOLIO

MARKET	MSA RANK		TOTAL SQUARE FEET	% OF TTM CASH NOI		TOTAL SQUARE FEET	% OF TTM CASH NOI		TOTAL SQUARE FEET	% OF TTM CASH NOI
Dallas, TX	4	47	2,874,187	10.0	%	581,096	16.3	%	3,455,283	10.3	%
Seattle, WA	15	29	1,324,047	7.1	%	257,121	5.9	%	1,581,168	7.1	%
Charlotte, NC	21	31	1,707,493	5.6	%	—	—	%	1,707,493	5.4	%
Houston, TX	5	27	1,815,173	5.4	%	249,158	3.9	%	2,064,331	5.3	%
Denver, CO	19	29	1,349,450	4.9	%	306,949	5.2	%	1,656,399	4.9	%
Los Angeles, CA	2	27	850,715	4.0	%	786,520	17.9	%	1,637,235	4.7	%
Atlanta, GA	6	25	1,231,491	4.3	%	96,108	2.5	%	1,327,599	4.2	%
Boston, MA	11	13	718,723	3.8	%	—	—	%	718,723	3.6	%
Phoenix, AZ	10	33	1,251,557	3.3	%	101,086	9.5	%	1,352,643	3.6	%
Raleigh, NC	41	27	978,218	3.4	%	198,485	1.7	%	1,176,703	3.4	%
Indianapolis, IN	33	37	1,057,909	2.9	%	357,915	11.2	%	1,415,824	3.3	%
Nashville, TN	35	12	1,134,891	3.0	%	106,981	2.0	%	1,241,872	2.9	%
Austin, TX	25	12	657,575	2.6	%	129,879	2.1	%	787,454	2.6	%
Washington, DC	7	9	692,107	2.7	%	—	—	%	692,107	2.5	%
Tampa, FL	17	17	830,843	2.6	%	—	—	%	830,843	2.5	%
Miami, FL	8	11	746,463	2.5	%	52,178	0.9	%	798,641	2.5	%
San Francisco, CA	13	9	449,706	2.3	%	110,865	4.7	%	560,571	2.4	%
Orlando, FL	20	7	416,475	2.1	%	—	—	%	416,475	2.0	%
New York, NY	1	14	557,111	2.1	%	57,411	1.2	%	614,522	2.0	%
Hartford, CT	50	25	543,128	2.0	%	—	—	%	543,128	1.9	%
Other (30 Markets)		122	7,439,308	23.4	%	864,936	15.0	%	8,304,244	22.9	%
Total		563	28,626,570	100.0	%	4,256,688	100.0	%	32,883,258	100.0	%

SUMMARY METRICS
			WHOLLY OWNED			JOINT VENTURES			TOTAL PORTFOLIO

Number of properties			499			64			563
Square feet			28,626,570			4,256,688			32,883,258
% of square feet			87.1%			12.9%			100%


Investment (at share)			$9,991,521			$627,938			$10,619,459
Quarterly cash NOI (at share)			$159,830			$8,416			$168,246
% of quarterly cash NOI (at share)			95.0%			5.0%			100.0%



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 12


Lease Maturity Schedule


LEASE MATURITY SCHEDULE
	WHOLLY-OWNED				JOINT VENTURES				TOTAL
	# OF LEASES	OCCUPIED SF	% OF TOTAL		# OF LEASES	OCCUPIED SF	% OF TOTAL		OCCUPIED SF	% OF TOTAL		% OF TOTAL (AT SHARE)
Month-to-month	69	143,487	0.6	%	8	23,228	0.6	%	166,715	0.6	%	0.6	%
2Q 2026	137	288,152	1.1	%	19	59,213	1.5	%	347,365	1.2	%	1.2	%
3Q 2026	170	429,946	1.7	%	19	61,901	1.6	%	491,847	1.7	%	1.7	%
4Q 2026	182	550,764	2.1	%	7	13,099	0.3	%	563,863	1.9	%	2.1	%
2026	489	1,268,862	4.9	%	45	134,213	3.5	%	1,403,075	4.7	%	5.0	%
2027	939	3,494,893	13.5	%	88	407,183	10.6	%	3,902,076	13.1	%	13.5	%
2028	903	3,183,065	12.3	%	82	272,990	7.1	%	3,456,055	11.6	%	12.2	%
2029	754	3,263,038	12.6	%	102	589,493	15.3	%	3,852,531	12.9	%	12.9	%
2030	666	3,070,436	11.9	%	74	313,412	8.1	%	3,383,848	11.4	%	11.8	%
2031	527	2,530,230	9.8	%	86	366,724	9.5	%	2,896,954	9.7	%	9.8	%
2032	335	2,115,931	8.2	%	42	366,490	9.5	%	2,482,421	8.3	%	8.2	%
2033	245	1,051,553	4.1	%	30	212,576	5.5	%	1,264,129	4.2	%	4.1	%
2034	216	1,275,185	4.9	%	43	249,639	6.5	%	1,524,824	5.1	%	4.9	%
2035	236	1,445,102	5.6	%	28	152,748	4.0	%	1,597,850	5.4	%	5.6	%
Thereafter	317	3,064,523	11.8	%	49	764,745	19.8	%	3,829,268	12.9	%	11.4	%
Total occupied	5,696	25,906,305	100.0	%	677	3,853,441	100.0	%	29,759,746	100.0	%	100.0	%
WALT (months)		62.8				75.8			64.5



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 13


Tenant Overview


TOTAL PORTFOLIO BY HEALTH SYSTEM (INCLUDING JVs)
			FULL BUILDING METRICS						DIRECT LEASED BY HEALTH SYSTEM

HEALTH SYSTEM	SYSTEM RANK 1	CREDIT RATING	ON/ADJACENT	OFF-CAMPUS AFFILIATED	TOTAL SQUARE FEET	# OF BUILDINGS	% OF TTM CASH NOI		SQUARE FEET	% OF LEASED SF		# OF LEASES
HCA	1	BBB-/Baa2	2,049,691	769,842	2,819,533	41	7.4	%	719,427	2.4	%	126
Baylor Scott & White	21	AA-/Aa2	2,372,410	66,376	2,438,786	32	6.9	%	1,312,619	4.4	%	175
CommonSpirit	4	A-/A3	1,442,804	535,300	1,978,104	37	6.8	%	776,970	2.6	%	146
Ascension Health	3	AA/Aa3	1,601,286	97,551	1,698,837	17	4.3	%	739,512	2.5	%	105
Advocate Health	14	AA/Aa2	751,636	240,910	992,546	17	3.9	%	850,991	2.9	%	84
Wellstar Health System	75	A+/A2	918,394	—	918,394	18	3.1	%	607,612	2.0	%	81
UW Medicine (Seattle)	91	AA+/Aa1	461,363	169,709	631,072	10	2.9	%	294,971	1.0	%	32
AdventHealth	11	AA/Aa2	640,215	118,585	758,800	12	2.7	%	431,290	1.4	%	108
MultiCare Health System	82	A/--	492,623	—	492,623	8	2.1	%	197,180	0.7	%	24
Providence Health & Services	5	A/A3	602,834	31,601	634,435	12	2.0	%	247,027	0.8	%	44
Tenet Healthcare Corporation	6	BB-/Ba3	545,035	235,399	780,434	13	1.8	%	130,632	0.4	%	21
Banner Health	24	AA-/--	749,075	65,322	814,397	25	1.7	%	118,225	0.4	%	33
Indiana University Health	26	AA/Aa2	416,978	301,320	718,298	11	1.7	%	387,649	1.3	%	51
WakeMed	185	--/A2	374,207	101,597	475,804	13	1.7	%	138,509	0.5	%	21
Tufts Medicine	162	BBB-/Aa3	252,087	—	252,087	2	1.7	%	260,784	0.9	%	5
Baptist Memorial Health Care	89	A-2/--	482,065	150,228	632,293	9	1.6	%	437,531	1.5	%	47
University of California Health	9	AA/Aa2	377,718	—	377,718	7	1.6	%	30,987	0.1	%	8
Novant Health	42	A+/A1	473,471	138,035	611,506	10	1.5	%	193,957	0.7	%	26
Sutter Health	12	A+/A1	175,591	96,987	272,578	4	1.4	%	110,448	0.4	%	24
MedStar Health	45	A/A2	326,129	—	326,129	4	1.3	%	205,331	0.7	%	66
Other (65 Credit Rated)			6,998,992	3,117,036	10,116,028	192	32.2	%	4,414,560	14.8	%	537
Subtotal - credit rated			22,504,604	6,235,798	28,740,402	494	90.3	%	12,606,212	42.4	%	1,764
Other non-credit rated			659,954	378,071	1,038,025	19	2.5	%	353,700	1.2	%
Off-campus non-affiliated			—	3,104,831	3,104,831	50	7.2	%	—	—	%
Total			23,164,558	9,718,700	32,883,258	563	100.0	%	12,959,912	43.6	%

1Ranked by revenue based on Modern Healthcare's Healthcare Systems Financials Database.



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 14


Same Store Statistics
DOLLARS IN THOUSANDS


PORTFOLIO CASH NOI AND OCCUPANCY
				OCCUPANCY %
	COUNT	SF	1Q 2026 CASH NOI	1Q 2026		1Q 2025		4Q 2025
Wholly-owned	471	26,101,922	$153,603	92.1	%	91.1	%	92.1	%
Joint venture	58	3,724,750	7,479	93.8	%	92.1	%	92.3	%
Same store	529	29,826,672	$161,082	92.3	%	91.2	%	92.3	%
Wholly owned and joint venture acquisitions	1	143,576	10	100.0	%	—	%	—	%
Developments	2	224,270	289	60.5	%	32.0	%	47.1	%
Development completions	2	107,247	831	89.6	%	82.1	%	89.6	%
Redevelopments	23	2,070,746	4,658	69.5	%	77.4	%	70.9	%
Redevelopment completions	6	510,747	1,376	79.9	%	71.7	%	78.5	%

Total portfolio	563	32,883,258	$168,246	90.5	%	89.8	%	90.4	%
Joint ventures	64	4,256,688	8,416	90.5	%	87.9	%	89.7	%
Total wholly-owned	499	28,626,570	$159,830	90.5	%	90.1	%	90.5	%


SAME STORE CASH NOI
	FIRST QUARTER ENDED						FULL YEAR
	2026		2025		YoY Growth		2025


Revenues	$251,639		$237,545		5.9%		4.2%
Expenses	90,557		86,864		4.3%		4.1%
Cash NOI	$161,082		$150,681		6.9%		4.6%

Margin	64.0	%	63.4	%	+60	bps	64.4	%

Period end occupancy	92.3	%	91.2	%	+110	bps	92.1	%
Number of properties	529		529				501


SAME STORE LEASING METRICS (RENEWALS)							OTHER KEY SAME STORE METRICS
1Q 2026			FY 2025			AS OF MARCH 31, 2026
Tenant retention rate	93.5	%		81.5	%		Ownership type			Lease structure
							Ground lease	43.6	%	Gross	7.0	%
Cash leasing spreads	4.2	%		3.1	%		Fee simple	56.4	%	Modified gross	26.9	%

Cash leasing spreads distribution							Tenant type			Net & Absolute Net	66.1	%
< 0% spread	13.1	%		8.3	%		Hospital	51.3	%
0-3% spread	11.1	%		13.2	%		Physician and other	48.7	%	Escalators	2.9	%
3-5% spread	49.6	%		65.0	%
> 5% spread	26.2	%		13.5	%



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 15


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




ACQUISITION AND RE/DEVELOPMENT FUNDING
	FIRST QUARTER ENDED		FULL YEAR
	2026		2025		2025
Acquisitions 1	$17,820		$—		$—
Re/development	25,105		33,436		140,859
1st generation TI/LC/Capital & acquisition capex	20,379		15,139		107,195

MAINTENANCE CAPITAL EXPENDITURES FUNDING
	FIRST QUARTER ENDED		FULL YEAR
	2026		2025		2025

2nd generation TI	$8,709		$14,885		$47,439
Leasing commissions paid	14,176		11,394		31,664
Building capital	4,216		6,687		36,531
Maintenance Capital Expenditures	$27,101		$32,966		$115,634
% of Cash NOI	16.0	%	18.2	%	15.8	%

TOTAL COMPANY LEASE EXECUTIONS
	FIRST QUARTER ENDED		FULL YEAR
	2026		2025		2025
Renewals (SF)	1,725,651		773,286		4,152,880
2nd generation TI/square foot/lease year	$2.54		$2.22		$2.43
Leasing commissions/square foot/lease year	$1.59		$1.56		$1.46
Renewal commitments as a % of annual net rent	13.0	%	15.3	%	15.3	%
WALT (in months)	97.0		53.7		60.8

New leases (SF)	286,314		370,318		1,579,998
2nd generation TI/square foot/lease year	$8.93		$8.96		$9.08
Leasing commissions/square foot/lease year	$1.99		$2.09		$2.05
New lease commitments as a % of annual net rent	46.9	%	46.6	%	47.6	%
WALT (in months)	78.5		93.7		90.8

All (SF)	2,011,965		1,143,604		5,732,878


Leasing commitments as a % of annual net rent	16.1	%	29.0	%	26.2	%
WALT (in months)	94.3		66.7		69.1

1Acquisitions include properties acquired through joint ventures at the Company's ownership percentage. Excludes acquisitions that occurred subsequent to quarter end.



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 16


Investment Activity/Joint Ventures
DOLLARS IN THOUSANDS


ACQUISITION ACTIVITY DETAIL
LOCATION	COUNT	CLOSING	SQUARE FEET	OCCUPIED %		ACQUISITION PRICE	% OWNERSHIP		PRICE AT SHARE
Acquisitions
Birmingham, AL	1	3/27/2026	143,576	100	%	89,100	20	%	17,820
1Q total	1		143,576	100	%	89,100			17,820
Charlotte, NC 1	—	4/24/2026	12,418	100	%	3,670	100	%	3,670


Total 2026 acquisition activity	1		155,994	100	%	$92,770			$21,490
Acquisition Initial Cash Yield: 6.5%-7.5%

DISPOSITION ACTIVITY DETAIL
LOCATION	COUNT	CLOSING	SQUARE FEET	OCCUPIED %		SALES PRICE	% OWNERSHIP		PRICE at SHARE
Dispositions
Atlanta, GA	1	1/14/2026	60,039	91	%	$21,900	100	%	$21,900
Oklahoma City, OK	2	3/3/2026	186,301	41	%	11,500	100	%	11,500
1Q total	3		246,340	53	%	33,400			33,400
Minneapolis, MN	1	4/27/2026	92,139	88	%	18,700	50	%	9,350


Total 2026 disposition activity	4		338,479	63	%	$52,100			$42,750

Disposition Cash Yield: 5.0%-5.5%


JOINT VENTURE PORTFOLIOS
	WA OWNERSHIP INTEREST				1Q 2026					BALANCE SHEET AS OF 3/31/2026
JOINT VENTURE			# OF PROPERTIES	SQUARE FEET	OCCUPANCY		CASH NOI	CASH NOI AT SHARE	SAME STORE NOI AT SHARE	REAL ESTATE INVESTMENT 2	DEBT 2	NET DEBT	DEBT AT SHARE	NET DEBT AT SHARE	INTEREST RATE
Nuveen	43	%	26	1,386,043	88.2	%	$7,929	$2,988	$2,988	$574,425	$73,933	$71,164	$14,786	$13,695	5.9	%
CBRE	20	%	4	283,880	60.8	%	1,145	229	176	134,573	—	(3,213)	—	(643)	—
KKR	20	%	24	1,863,133	96.9	%	13,384	2,677	2,667	834,431	—	(20,964)	—	(4,193)	—
Other 3	58	%	10	723,632	90.2	%	4,667	2,522	1,649	345,672	67,932	63,400	27,173	25,172	5.3	%
Total			64	4,256,688	90.5	%	$27,125	$8,416	$7,480	$1,889,101	$141,865	$110,387	$41,959	$34,031	5.6	%

1Represents an additional fully leased condominium unit, by Novant Health under a long-term lease in an existing building, bringing the Company's ownership of the building to 93%.

2Represents 100% of the real estate assets and debt of the joint ventures.

3Ownership percentages are weighted based on investment.



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 17


Re/development Activity
DOLLARS IN THOUSANDS


DEVELOPMENTS
MARKET	ASSOCIATED HEALTH SYSTEM	SQUARE FEET	CURRENT LEASED %		BUDGET	COST TO COMPLETE

Raleigh, NC	UNC REX Health	122,991	51	%	$58,000	$9,199
Fort Worth, TX	Baylor Scott & White	101,279	72	%	48,200	3,840
Total development		224,270	60	%	$106,200	$13,039
Projected stabilized yield: 7.0%-8.5%
Estimated stabilization period post completion: 12 - 36 months.


REDEVELOPMENTS
MARKET	COUNT	SQUARE FEET	PROJECT SQUARE FEET	PROJECT LEASED %		BUDGET	COST TO COMPLETE
Houston, TX	2	314,861	152,172	38	%	$30,000	$3,635
Boston, MA	1	154,528	154,528	100	%	25,300	21,062
White Plains, NY	1	65,851	44,634	85	%	24,900	726
Charlotte, NC	1	122,388	83,581	40	%	19,200	17,533
Washington, DC	1	57,323	24,034	82	%	15,200	799
Seattle, WA	1	78,288	34,916	29	%	13,600	13,440
Raleigh, NC	1	40,400	40,400	100	%	10,800	4,819
Houston, TX	1	40,214	40,214	66	%	10,400	10,232
Denver, CO	2	78,691	51,149	41	%	10,200	9,876
Port St. Lucie, FL	1	34,734	34,734	20	%	9,400	8,305
Dallas, TX	1	126,121	22,152	100	%	8,600	7,839
Denver, CO	1	55,978	28,832	53	%	7,300	6,593








Other	9	901,369	723,545	65	%	102,800	79,073
Total redevelopment	23	2,070,746	1,434,891	64	%	$287,700	$183,932

Projected stabilized yield: 9.0%-12.0%
Estimated stabilization period post completion: 12 - 36 months.



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 18


Debt Metrics
DOLLARS IN THOUSANDS


SUMMARY OF INDEBTEDNESS									DEBT MATURITIES SCHEDULE AS OF MARCH 31, 2026
	PRINCIPAL BALANCE	BALANCE 1	MATURITY DATE	MONTHS TO MATURITY	CONTRACTUAL RATE		EFFECTIVE RATE				BANK LOANS/CP	SENIOR NOTES	MORTGAGE NOTES	TOTAL
SENIOR NOTES	$600,000	$597,140	8/1/2026	4	3.50	%	4.94	%	(3)	2026	$—	$600,000	$23,404	$623,404
	500,000	493,875	7/1/2027	15	3.75	%	4.76	%	(3)	2027	—	500,000	—	500,000
	300,000	298,812	1/15/2028	22	3.63	%	3.85	%		2028	—	300,000	—	300,000
	650,000	600,072	2/15/2030	47	3.10	%	5.30	%	(3)	2029	500,000	—	—	500,000
	299,500	297,717	3/15/2030	48	2.40	%	2.72	%		Thereafter	306,500	2,049,285	—	2,355,785
	299,785	296,998	3/15/2031	60	2.05	%	2.25	%		Total	$806,500	$3,449,285	$23,404	$4,279,189
	800,000	690,685	3/15/2031	60	2.00	%	5.13	%	(3)
	$3,449,285	$3,275,299		36	2.90	%	4.47	%
TERM LOANS 2	$300,000	299,169	1/20/2029	33	SOFR + 0.94%		4.26	%	(4)
	200,000	199,693	7/20/2029	39	SOFR + 0.94%		3.67	%	(4)
	$500,000	$498,862		35			4.02	%
$1.5B REVOLVING FACILITY & COMMERCIAL PAPER 2	$306,500	$306,373	7/25/2030	51	various		4.24	%	(5)
MORTGAGES	$23,404	$23,384	various	6	3.81	%	3.97	%
	$4,279,189	$4,103,918		37	3.20	%	4.47	%

SELECTED FINANCIAL COVENANTS

LIQUIDITY SOURCES

REQUIREMENT

PER DEBT COVENANTS

Cash

$26,235

Revolving facility and term loans

Revolving facility availability

1,444,500

Leverage ratio

Not greater than 60%

38.1

Less: Commercial paper borrowings (principal)

(251,000)

Secured leverage ratio

Not greater than 30%

0.2

Total liquidity

$1,219,735

Unencumbered leverage ratio

Not greater than 60%

41.8

Fixed charge coverage ratio

Not less than 1.50x

3.6x

OTHER METRICS

Unsecured coverage ratio

Not less than 1.75x

3.6x

% Variable Rate Debt

7.2

Share of Unconsolidated JV Net Debt

$34,031

Capitalized interest

$3,471

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

2Includes extension options.

3Fair value merger adjusted in 2022.

4Effective interest rate reflects the swapped rate plus 0.94%.

5Commercial Paper Program borrowings are backstopped by the availability under the Revolving Facility. As such, the Company uses the maturity date of the Revolving Facility.

6Net debt includes the Company's share of unconsolidated JV net debt. See page 23 for a reconciliation of adjusted EBITDA.

7Based on the closing price of $16.99 on March 31, 2026, and 350,785,034 shares outstanding including outstanding OP units.



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 19


Components of Net Asset Value
DOLLARS IN THOUSANDS


CASH NOI
			1Q 2026
Same store 1			$161,082
Acquisition & Re/development Completions			2,217

Total			$163,299
Management fee income and other 2			5,476
Total Cash NOI			$168,775


DEVELOPMENT & REDEVELOPMENT PROPERTIES
			PROJECTED STABILIZED ANNUAL CASH NOI 3
	COST TO COMPLETE	BUDGET	LOW	HIGH
Developments	$13,039	$106,200	$7,000	$8,000
Redevelopments 4	183,932	287,700	46,000	50,000
	$196,971	$393,900	$53,000	$58,000


LAND HELD FOR DEVELOPMENT, CASH, & OTHER ASSETS
Land held for development			$57,799
Disposition pipeline 5			130,536
Unstabilized properties 6			120,836
Cash, Other Assets & Liabilities (net) 7,8			9,884

Total			$319,055


DEBT (PRINCIPAL)
Unsecured credit facility and commercial paper			$306,500
Unsecured term loans			500,000
Senior notes			3,449,285
Mortgage notes payable			23,404
Share of unconsolidated JV net debt			34,031
Total			$4,313,220

TOTAL SHARES AND OP UNITS OUTSTANDING

As of March 31, 2026

350,785,034

1See Same Store statistics on page 15 for details on Same Store NOI. Includes same store JV assets at share.

2Other adjustments include adjustments for management fee income of $5.5 million and timing adjustments as if we have owned acquisitions for the full quarter, offset by $0.3 million of positive NOI for unstabilized properties, which are shown in other assets.

3Represents total building projected stabilized NOI for properties in development and redevelopment at project stabilization.

4Estimated total cost includes only the incremental capital to complete the redevelopment.

5Includes 17 properties identified as assets held for sale that are excluded from Same Store Cash NOI and reflects net book value or sales price, if applicable.

6Includes 15 properties at their gross book value. These properties were comprised of 0.4 million square feet that generated positive NOI of $0.3 million.

7Other assets include notes receivable of $87.0 million, prepaid assets of $50.4 million, accounts receivable of $27.0 million, and prepaid ground leases of $10.9 million. In addition, it includes the Company's gross investment of its corporate headquarters in Nashville of $48.4 million.

8Other liabilities include only liabilities that are expected to reduce future cash or NOI and that are currently producing non-cash benefits to NOI. Included are accounts payable and accrued liabilities of $127.0 million, security deposits of $31.2 million, financing right of use liabilities of $73.7 million, and deferred operating expense reimbursements of $8.1 million.



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 20


Glossary

FUNDS FROM OPERATIONS

Funds from operations (“FFO”) and FFO per share are operating performance measures adopted by NAREIT. NAREIT defines FFO as “net income (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.”

FFO, Normalized FFO and Funds Available for Distribution ("FAD") do not represent cash generated from operating activities determined in accordance with GAAP and are not necessarily indicative of cash available to fund cash needs. FFO, Normalized FFO and FAD should not be considered alternatives to net income attributable to common stockholders as indicators of the Company's operating performance or as alternatives to cash flow as measures of liquidity.

BUILDING METRICS

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

ACQUISITIONS

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

RE/DEVELOPMENT FUNDING

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

1ST GENERATION TI/LC/CAPITAL & ACQUISITION CAPEX

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

LEASING COMMITMENTS

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

TOTAL PROPERTIES

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

TOTAL COMPANY

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

ON CAMPUS/ADJACENT

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

OFF CAMPUS AFFILIATED

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

OFF CAMPUS NON-AFFILIATED

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

SAME STORE

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

DISPOSITION CASH YIELD

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

ACQUISITION INITIAL CASH YIELD

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

OTHER TERMS

Medical Outpatient Building (MOB)

Commercial Paper (CP)

Weighted Average Lease Term Remaining (WALT)



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 21


Reconciliations
DOLLARS IN THOUSANDS


NET INCOME (LOSS) TO NOI
	FIRST QUARTER ENDED	FULL YEAR
	2026	2025	2025
Net income (loss)	$21	($45,389)	($249,485)
Other expense (income)	31,646	63,893	342,392
General and administrative expense	17,343	13,530	72,569
Depreciation and amortization expense	128,985	156,035	588,186
Other expenses 1	2,995	2,498	7,990
Straight-line rent expense	563	865	3,354
Straight-line rent revenue	(8,459)	(7,709)	(27,106)
Other revenue 2	(11,980)	(9,907)	(39,792)
Joint venture property cash NOI (at share)	8,560	8,282	33,503
Cash NOI	$169,674	$182,098	$731,611

Developments	(289)	64	(215)
Development completions	(831)	(854)	(3,279)
Redevelopment	(4,658)	(8,466)	(31,750)
Redevelopment completions	(1,376)	(628)	(3,775)
Acquisitions (wholly owned and joint venture)	(10)	—	—

Completed dispositions & assets held for sale	(1,428)	(21,533)	(71,741)
Same store cash NOI	$161,082	$150,681	$620,851
Same store joint venture properties	(7,479)	(7,206)	(29,190)
Same store excluding JVs	$153,603	$143,475	$591,661

1Includes transaction costs, rent reserves, above and below market ground lease intangible amortization, leasing commission amortization, non-cash adjustments for financing receivables, and ground lease straight-line rent.

2Includes management fee income, interest, above and below market lease intangible amortization, lease inducement amortization, lease termination fees, deferred financing cost amortization and principal related to investment in financing receivable, and tenant improvement overage amortization.



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 22


Reconciliations (cont'd)
DOLLARS IN THOUSANDS


NET INCOME (LOSS) TO EBITDA
	QUARTER ENDED
	1Q 2026	4Q 2025	1Q 2025
Net income (loss)	$21	$14,591	($45,389)
Interest expense	43,890	48,189	54,812
Income taxes	296	300	310
Depreciation and amortization 1	128,985	135,036	156,035
Unconsolidated JV depreciation, amortization, and interest	8,130	8,121	7,128
EBITDA	$181,322	$206,237	$172,896
Transaction costs	937	300	1,011
Gain on sales of assets	(10,777)	(135,711)	(2,904)
Impairments on real estate assets	16	105,706	12,080
Restructuring and severance-related charges	5,837	588	114
Loss on extinguishment of debt	21	165	—
Timing impact 2	2,603	(2,089)	4,176
Stock based compensation	3,927	3,308	3,028
Debt financing costs 3	96	1,449	—
Other	507	1,441	1,168
Unconsolidated JV adjustments	339	319	204
Adjusted EBITDA	$184,828	$181,713	$191,773
Annualized Adjusted EBITDA	$739,312	$726,852	$767,092

RECONCILIATION OF NET DEBT TO ADJUSTED EBITDA
Debt	$4,103,918	$3,911,423	$4,732,618
Share of Unconsolidated JV Net Debt	34,031	31,751	29,908
Cash	(26,235)	(26,172)	(25,722)
Net debt	$4,111,714	$3,917,002	$4,736,804

Net debt to adjusted EBITDA	5.6x	5.4x	6.2x

Net debt to adjusted EBITDA 4	5.5x

1Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.

2Timing adjustments to represent a full quarter impact of acquisitions and dispositions. Properties contributed into a joint venture are adjusted at the Company's share. Timing adjustments also include non-recurring impacts due to one-time items recognized in the quarter.

3Includes loss on derivatives and legal fees related to the amended and restated credit facility.

4Adjusted for the repayment of a $45 million mortgage loan receivable that is expected to be repaid in the second quarter.



HEALTHCARE REALTY	Return to Table of Contents	1Q 2026 SUPPLEMENTAL INFORMATION 23

www.healthcarerealty.com

Source: View Original Filing on SEC EDGAR

FAQ

How did Healthcare Realty Trust (HR) perform in Q1 2026?

Healthcare Realty Trust delivered essentially breakeven GAAP earnings at $(0.00) per share and NAREIT FFO of $0.35 per share in Q1 2026. Normalized FFO increased to $0.41 per share on Same Store Cash NOI growth of 6.9% and strong tenant retention of 93.5%.

What guidance did Healthcare Realty Trust (HR) provide for full-year 2026?

Healthcare Realty Trust raised its 2026 Normalized FFO guidance range to $1.59–$1.65 per diluted share and NAREIT FFO guidance to $1.45–$1.51. It also increased Same Store Cash NOI growth guidance to 3.75%–4.75%, reflecting assumptions on rents, occupancy, interest costs and operating expenses.

What dividend is Healthcare Realty Trust (HR) paying for Q1 2026?

The board approved a common stock dividend of $0.24 per share, payable May 22, 2026 to shareholders of record on May 11, 2026. Eligible operating partnership unitholders will receive an equivalent $0.24 per unit distribution, supported by Q1 2026 FAD of $112.9 million and a 75% payout ratio.

How strong was Healthcare Realty Trust’s (HR) leasing and Same Store performance?

In Q1 2026, Healthcare Realty executed 2.0 million square feet of leases with a 7.7-year average term and 3.1% annual escalators. Same Store Cash NOI rose 6.9%, with occupancy at 92.3%, tenant retention of 93.5%, and positive cash leasing spreads of 4.2% on renewals.

What capital allocation moves did Healthcare Realty Trust (HR) make in Q1 2026?

The company completed about $125 million of transactions, including an $89 million Birmingham acquisition (with an $18 million pro rata share) and $33 million of dispositions. It also repurchased 5.7 million shares for $100 million and invested in redevelopment and development projects across key markets.

What is Healthcare Realty Trust’s (HR) leverage and liquidity position after Q1 2026?

Healthcare Realty reported Net Debt to Adjusted EBITDA of 5.5x after adjusting for an expected mortgage note repayment. As of March 31, 2026, it had roughly $1.2 billion of liquidity from its revolving facility and cash, plus $400 million of commitments for a new unsecured delayed draw term loan.

Filing Exhibits & Attachments

5 documents

Healthcare Realty (NYSE: HR) posts Q1 2026 FFO growth and lifts guidance

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Healthcare Realty Trust (HR) perform in Q1 2026?

What guidance did Healthcare Realty Trust (HR) provide for full-year 2026?

What dividend is Healthcare Realty Trust (HR) paying for Q1 2026?

How strong was Healthcare Realty Trust’s (HR) leasing and Same Store performance?

What capital allocation moves did Healthcare Realty Trust (HR) make in Q1 2026?

What is Healthcare Realty Trust’s (HR) leverage and liquidity position after Q1 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents

Healthcare Realty (NYSE: HR) posts Q1 2026 FFO growth and lifts guidance

Rhea-AI Filing Summary

Positive

Negative

Insights

REIT and income-investing analyst neutral

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Healthcare Realty Trust (HR) perform in Q1 2026?

What guidance did Healthcare Realty Trust (HR) provide for full-year 2026?

What dividend is Healthcare Realty Trust (HR) paying for Q1 2026?

How strong was Healthcare Realty Trust’s (HR) leasing and Same Store performance?

What capital allocation moves did Healthcare Realty Trust (HR) make in Q1 2026?

What is Healthcare Realty Trust’s (HR) leverage and liquidity position after Q1 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents