Form 8-K
8-K — Healthcare Realty Trust Inc
Accession: 0001360604-26-000039
Filed: 2026-04-30
Period: 2026-04-30
CIK: 0001360604
SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — hr-20260430.htm (Primary)
EX-99.1 (exhibit991firstquarter2026.htm)
EX-99.2 (exhibit992supplementalinfo.htm)
GRAPHIC (hrlogo-rgba.jpg)
GRAPHIC (salient-factsxxxq1x2026a.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: hr-20260430.htm · Sequence: 1
hr-20260430
0001360604False00013606042026-04-302026-04-30
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 HR 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
EX-99.1
EX-99.1
Filename: exhibit991firstquarter2026.htm · Sequence: 2
Document
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.
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HEALTHCAREREALTY.COM | PAGE 7 OF 7
EX-99.2
EX-99.2
Filename: exhibit992supplementalinfo.htm · Sequence: 3
Document
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
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
HEALTHCARE REALTY
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1Q 2026 SUPPLEMENTAL INFORMATION 3
Earnings Highlights
LEASING ACTIVITY
During the first quarter, the Company executed 291 new and renewal leases for 2.0 million square feet with a weighted average lease term of 7.7 years and average annual escalators of 3.1%. Key highlights include:
•Atlanta, GA. 176,000 square feet of new and renewal leases with Wellstar Health System, maintaining greater than 90% occupancy across six on-campus MOBs
•Charlotte, NC. Renewed 153,600 square feet with Advocate Health across five buildings that are 93% occupied
•Charleston, SC. Renewed 54,600 square feet with MUSC Health across two buildings that are 100% occupied
•Albany, NY. Executed two new leases with St. Peter's Health for clinic space and an ASC totaling 63,500 square feet in a redevelopment project
•Various. Renewed approximately 736,000 square feet at eight single-tenant properties with a weighted average remaining lease term of less than three years; on average, extended the leases by nearly 10 years with strong cash leasing spreads
CAPITAL ALLOCATION
Acquisitions and Dispositions
During the first quarter, the Company completed approximately $125 million of transaction activity. Key highlights include:
•Birmingham, AL. Acquired a state-of-the-art MOB attached to a market-leading hospital with an existing joint venture partner for $89 million ($18 million investment at share). The Company now owns two properties at this hospital campus and nearly 650,000 square feet in the market
•Oklahoma City, OK. Opportunistically disposed of two assets for $12 million in a direct sale to the affiliated health system
Development and Redevelopment
During the first quarter, the Company added two new redevelopment projects ($31 million), completed one redevelopment project, and made significant progress on its development and redevelopment pipeline, advancing several key projects across major markets. Key highlights include:
•Charlotte, NC. Completed redevelopment of two MOBs in a rapidly growing market adjacent to the Novant Health Huntersville Medical Center. The $35 million project is 98% leased by a mix of hospital and physician practices including cardiology, oncology, women's health, dermatology and imaging
•Boston, MA. Commenced a 155,000 square foot redevelopment connected to Tufts Medical Center in downtown Boston. The $25 million project will modernize the fully leased property and provide a space for Tufts Medicine to deliver world-class healthcare
Balance Sheet
•Net Debt to Adjusted EBITDA of 5.5x. As of March 31, 2026, the Company had approximately $1.2 billion of liquidity on the revolving facility and cash on hand
•In the first quarter, the Company repurchased 5.7 million shares of common stock at an average price of $17.38 per share for a total of $100 million
•On February 12, 2026, Healthcare Realty established its inaugural commercial paper program, with a total size of up to $600 million. At the end of the first quarter, the Company had $251 million outstanding at a weighted average interest rate of 4.2%, representing over 30bps savings compared to our drawn revolving facility rate
•Extended $400 million swaps to January 2029 at a fixed SOFR rate of 3.3%
•The Company has received $400 million of commitments from its existing Bank Group for a new unsecured delayed draw term loan that is expected to close in May 2026. The Company will have the ability to draw the proceeds at any time over the 12-month period post-closing
HEALTHCARE REALTY
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1Q 2026 SUPPLEMENTAL INFORMATION 4
Earnings Highlights
BOARD REFRESHMENT
As part of the Company’s ongoing Board Refreshment initiatives, longtime director Jay Leupp announced he will retire following our upcoming Annual Meeting of Shareholders on May 19, 2026. “On behalf of the entire company and our shareholders, I would like to thank Jay for his tireless commitment and leadership for our organization since 2020,” commented Peter Scott, CEO. Added Jay Leupp, “As the longest tenured independent director at Healthcare Realty and a firm believer in continuing Board refreshment, I decided to retire from the Board of Directors at the conclusion of my seventh term. I would like to thank Healthcare Realty shareholders for giving me the opportunity to serve as an independent director, and I plan to remain a fellow shareholder in the years ahead. I wish the very best to our talented CEO, management team and best-in-class Board of Directors in their continued drive to grow shareholder value.”
DIVIDEND
The Board unanimously approved a common stock dividend in the amount of $0.24 per share to be paid on May 22, 2026, to Class A common stockholders of record on May 11, 2026. Additionally, the eligible holders of operating partnership units will receive a distribution of $0.24 per unit, equivalent to the Company's Class A common stock dividend.
GUIDANCE
The Company's increased 2026 per share estimated guidance ranges are as follows:
2026 GUIDANCE
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.
HEALTHCARE REALTY
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1Q 2026 SUPPLEMENTAL INFORMATION 5
Earnings Highlights
EARNINGS CALL
On Friday, May 1, 2026, at 9:00 a.m. Eastern Time, Healthcare Realty Trust has scheduled a conference call to discuss earnings results, quarterly activities, general operations of the Company and industry trends.
Simultaneously, a webcast of the conference call will be available to interested parties at https://investors.healthcarerealty.com/corporate-profile/webcasts under the Investor Relations section. A webcast replay will be available following the call at the same address.
Live Conference Call Access Details:
•Domestic Dial-In Number: +1 800-715-9871 access code 4950066
•All Other Locations: +1 646-307-1963 access code 4950066
Replay Information:
•Domestic Dial-In Number: +1 800-770-2030 access code 4950066
•All Other Locations: +1 609-800-9909 access code 4950066
ABOUT HEALTHCARE REALTY
Healthcare Realty Trust Incorporated (NYSE: HR) is the largest public, pure-play owner, operator and developer of medical outpatient buildings in the United States.
For additional information contact InvestorRelations@healthcarerealty.com.
HEALTHCARE REALTY
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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
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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.
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
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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
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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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1Q 2026 SUPPLEMENTAL INFORMATION 23
www.healthcarerealty.com
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Entity Registrant Name
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Entity Incorporation, State or Country Code
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Entity File Number
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Entity Tax Identification Number
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Entity Address, Address Line One
3310 West End Avenue, Suite 700
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TN
Entity Address, Postal Zip Code
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City Area Code
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Local Phone Number
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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
No definition available.
+ Details
Name:
dei_DocumentType
Namespace Prefix:
dei_
Data Type:
dei:submissionTypeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 1 such as Attn, Building Name, Street Name
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine1
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the City or Town
+ References
No definition available.
+ Details
Name:
dei_EntityAddressCityOrTown
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Code for the postal or zip code
+ References
No definition available.
+ Details
Name:
dei_EntityAddressPostalZipCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the state or province.
+ References
No definition available.
+ Details
Name:
dei_EntityAddressStateOrProvince
Namespace Prefix:
dei_
Data Type:
dei:stateOrProvinceItemType
Balance Type:
na
Period Type:
duration
X
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityCentralIndexKey
Namespace Prefix:
dei_
Data Type:
dei:centralIndexKeyItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityEmergingGrowthCompany
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
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Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
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dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
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Period Type:
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X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
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Data Type:
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Balance Type:
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Period Type:
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