HEALTHCARE REALTY TRUST INC - FORM 8-K - EX-99.2 - August 4, 2021

Attached files

file filename
EX-99.1 - EX-99.1 - HEALTHCARE REALTY TRUST INCexhibit991secondquarter202.htm
8-K - 8-K - HEALTHCARE REALTY TRUST INChr-20210804.htm




















2Q2021
Supplemental Information
FURNISHED AS OF AUGUST 4, 2021 - UNAUDITED
image2a41b.gif


















































FORWARD LOOKING STATEMENTS & RISK FACTORS
This Supplemental Information report contains disclosures that are “forward-looking statements” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 and phrases such as “can,” “may,” “payable,” “indicative,” "predictive," “annualized,” “expect,” “expected,” “range of expectations,” "would have been," "budget," and other comparable terms in this report. These forward-looking statements are made as of the date of this report and are not guarantees of future performance. These statements are based on the current plans and expectations of Company management and are subject to a number of unknown risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those described in this release or implied by such forward-looking statements. Such risks and uncertainties include, among other things, the following: the impact of the COVID-19 pandemic on occupancy rates and on the operations of the Company and its tenants; actions governments take in response to the COVID-19 pandemic, including the introduction of public health measures and other regulations affecting the Company’s properties and the operations of the Company and its tenants; general economic uncertainty in key markets as a result of the COVID-19 pandemic and a worsening of global economic conditions or low levels of economic growth changes in the economy; 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 re-lease 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; and other legal and operational matters. Other risks, uncertainties and factors that could cause actual results to differ materially from those projected are detailed under the heading “Risk Factors,” in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for the year ended December 31, 2020, under the heading "Risk Factors" and other risks described from time to time thereafter in the Company's SEC filings. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Table of Contents
Highlights
Salient Facts
Corporate Information
Balance Sheet
Statements of Income
FFO, Normalized FFO, & FAD
Capital Funding & Commitments
Debt Metrics
Debt Covenants
Acquisition & Disposition Activity
Re/Development Activity
Portfolio
Associated Health Systems
Top Tenants
MOB Proximity to Hospital
Lease Maturity, Lease & Building Size
Historical Occupancy
Occupancy Reconciliation
Same Store Leasing Statistics
NOI Performance
NOI Reconciliations
EBITDA Reconciliations
Components of Net Asset Value
Components of Expected FFO
















Copies of this report may be obtained at www.healthcarerealty.com or by contacting Investor Relations at 615.269.8175 or communications@healthcarerealty.com.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 3

Highlights
QUARTERLY HIGHLIGHTS
•Normalized FFO per share totaled $0.43, an increase from $0.42 in the second quarter of 2020.
•Same store cash NOI for the second quarter increased 2.9% over the second quarter of 2020. For the trailing twelve months ended June 30, 2021, same store cash NOI grew 2.3%.
•Predictive growth measures in the same store portfolio include:
◦Average in-place rent increases of 2.87%
◦Future annual contractual increases of 3.1% for leases commencing in the quarter
◦Weighted average cash leasing spreads of 2.8% on 285,000 square feet renewed:
▪8% (<0% spread)
▪9% (0-3%)
▪59% (3-4%)
▪24% (>4%)
◦Tenant retention of 74.9%
•Portfolio leasing activity in the second quarter totaled 485,000 square feet related to 141 leases:
◦331,000 square feet of renewals
◦154,000 square feet of new and expansion leases
•During the second quarter, the Company acquired eight medical office buildings for $216.9 million totaling 467,000 square feet.
◦In San Diego, a 160,000 square foot building for $102.7 million on BBB rated Palomar Health's Medical Center Poway Campus, the Company's fourth property in the San Diego market.
◦In Los Angeles, two buildings totaling 131,000 square feet for $55.9 million on AA- rated MemorialCare Health System's Saddleback Medical Center campus. The buildings were acquired under the TIAA joint venture. The Company now owns five buildings on or near this campus and nineteen properties in the Los Angeles market.
◦In Baltimore, an off campus 33,000 square foot building for $14.6 million located near A rated University of Maryland Medical System's Upper Chesapeake Medical Center. The Company owns two other buildings on this campus.
◦In San Antonio, an off campus 45,000 square foot building for $13.6 million leased to a diverse mix of specialty and primary care providers, including Baptist Health System, and acquired under the TIAA joint venture. The Company now owns seven buildings in the San Antonio market.
◦In Houston, a 45,000 square foot building for $13.5 million adjacent to AA rated Houston Methodist Willowbrook Hospital, the Company's eleventh property in the Houston market.
◦In Greensboro, an off campus 25,000 square foot building for $9.4 million anchored by AA- rated Cone Health. The Company owns four other buildings adjacent to the nearby Moses H. Cone Memorial Hospital campus.
◦In Colorado Springs, an off campus, 28,000 square foot building for $7.2 million leased to a diverse mix of tenants. This property was acquired through the TIAA joint venture.
◦The Company funded $178.5 million in these properties, net of TIAA's 50% joint venture contribution.
•Subsequent to the end of the quarter, the Company acquired six medical office buildings for $119.4 million totaling 371,000 square feet.
◦In Denver, three buildings totaling 260,000 square feet for $70.4 million on AA- rated AdventHealth's Porter Adventist Hospital campus, operated by Centura Health. The Company now owns sixteen properties in the Denver market.
◦In Colorado Springs, a 70,000 square foot building for $33.4 million on BBB+ rated CommonSpirit Health's Penrose Hospital campus, operated by Centura Health.
◦In Colorado Springs, an off campus 24,000 square foot property for $9.1 million, which included a three-acre land parcel for future development. The building is anchored by Centura Health and is located near the Penrose Hospital campus. The investment was made through the TIAA joint venture and is the Company's eighth property in the Colorado Springs market.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 4

◦In Greensboro, an 18,000 square foot building for $6.4 million adjacent to AA- rated Cone Health's Alamance Regional Medical Center campus. The Company owns one other building on this campus and now owns eight buildings in the Greensboro market.
◦The Company funded $114.8 million in these properties, net of TIAA's 50% joint venture contribution.
•Year-to-date, the Company acquired twenty-one buildings totaling 1.1 million square feet for $412.8 million ($362.7 million net of joint venture contributions) at a weighted average cap rate of 5.3%.
•Year-to-date, the Company sold eleven medical office buildings totaling 547,000 square feet for $114.6 million at a weighted average cap rate of 4.1%.
•In July, the Company commenced the development of a new 106,000 square foot medical office building located on AA+ rated Ascension Health's St. Thomas Midtown Hospital campus in Nashville. The project consists of the demolition of an existing building, and construction of a new medical office building, parking garage and shared hospital front entrance. The project has a total budget of $44 million, including a $5 million non-cash allocation for the existing land value. The Company owns an additional 333,000 square feet on or adjacent to this campus.
•During the second quarter, the Company settled 3.8 million shares through its forward equity program, generating $116.1 million in net proceeds.
◦The Company currently has approximately 3.7 million shares to be settled through forward equity contracts and expects gross proceeds of approximately $114.8 million, before cost of borrowing under the forward contracts.
•In June, the Company repriced its $150 million term loan due June 2026, reducing the interest rate to LIBOR plus 95 basis points, representing a savings of 65 basis points. The Company also added a sustainability-linked incentive.
•As of June 30, 2021, the Company had cash of $18.7 million and $687 million available on its revolver.
•Net debt to adjusted EBITDA was 5.1 times at the end of the quarter, down from 5.3 times at the end of the first quarter.
•A dividend of $0.3025 per share was paid during the quarter, which equaled 90.2% of FAD. Year to date, dividends paid equaled 85.3% of FAD.
•A dividend of $0.3025 per share is payable on August 31, 2021 for stockholders of record on August 16, 2021.


OTHER ITEMS OF NOTE
•In the third quarter, the Company has historically experienced a $1.5 million sequential increase in operating expenses due to the impact of seasonally high temperatures on utility expenses.

HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 5

Salient Facts 1
AS OF JUNE 30, 2021
Properties
graphs2q2021-01.jpg
$4.9B invested in 236 properties
16.9M SF owned in 24 states
13.4M SF managed by Healthcare Realty
95.4% medical office and outpatient
63.7% of NOI in Top 10 Markets
Capitalization
$6.2B enterprise value as of 7/30/21
$4.6B market capitalization as of 7/30/21
145.5M shares outstanding as of 6/30/21
$0.3025 quarterly dividend per share
BBB/Baa2/BBB+ S&P/Moody's/Fitch
26.8% net debt to enterprise value at 6/30/21
5.1x net debt to adjusted EBITDA at 6/30/21
map1h2021.jpg
1Property counts and square footage include properties in the Company's unconsolidated JV.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 6

Corporate Information
Healthcare Realty Trust is a real estate investment trust that integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of June 30, 2021, the Company was invested in 236 real estate properties in 24 states totaling 16.9 million square feet and had an enterprise value of approximately $6.0 billion, defined as equity market capitalization plus the principal amount of debt less cash. The Company provided leasing and property management services to 13.4 million square feet nationwide.

EXECUTIVE OFFICERS
BOARD OF DIRECTORS
        
Todd J. Meredith
President and Chief Executive Officer

John M. Bryant, Jr.
Executive Vice President and General Counsel    

J. Christopher Douglas
Executive Vice President and Chief Financial Officer

Robert E. Hull
Executive Vice President - Investments

Julie F. Wilson
Executive Vice President - Operations
CORPORATE HEADQUARTERS
Healthcare Realty Trust Incorporated
3310 West End Avenue, Suite 700
Nashville, Tennessee 37203
Phone 615.269.8175 Fax 615.269.8461
communications@healthcarerealty.com
www.healthcarerealty.com

ANALYST COVERAGE
BMO Capital Markets
Berenberg Capital Markets LLC
BTIG, LLC
CapitalOne Securities, Inc.
Citi Research
Green Street Advisors, Inc.
J.P. Morgan Securities LLC
Jefferies LLC
KeyBanc Capital Markets Inc.
Morgan Stanley & Co, LLC
Raymond James & Associates
Scotiabank
SMBC Nikko Securities America, Inc.
Stifel, Nicolaus & Company, Inc.
Wells Fargo Securities, LLC








J. Knox Singleton    
Chairman, Healthcare Realty Trust Incorporated
Retired Chief Executive Officer, Inova Health System

Todd J. Meredith
President and Chief Executive Officer
Healthcare Realty Trust Incorporated

John V. Abbott
Retired Chief Executive Officer
Aviation Asset Management Group, General Electric Company

Nancy H. Agee
President and Chief Executive Officer
Carilion Clinic

Edward H. Braman
Retired Audit Partner
Ernst & Young LLP

Ajay Gupta
Chief Executive Officer
Physician Rehabilitation Network

James J. Kilroy
President and Portfolio Manager
Willis Investment Counsel

Peter F. Lyle
Executive Vice President
Medical Management Associates, Inc.

Christann M. Vasquez
Executive Vice President and Chief Operating Officer
Ascension Texas

David R. Emery (1944-2019)
Chairman Emeritus
Healthcare Realty Trust Incorporated






HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 7

Balance Sheet
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
ASSETS
2Q 20211Q 20214Q 20203Q 20202Q 2020
Real estate properties
Land $375,374 $369,202 $362,695 $330,840 $312,139 
Buildings, improvements and lease intangibles4,249,352 4,201,251 4,220,297 4,014,740 3,937,657 
Personal property11,589 11,370 11,195 10,962 10,849 
Investment in financing receivable, net 1
104,642 — — — — 
Construction in progress1,147 — — — — 
Land held for development27,226 27,226 27,226 24,647 24,647 
Total real estate properties4,769,330 4,609,049 4,621,413 4,381,189 4,285,292 
Less accumulated depreciation and amortization(1,285,251)(1,238,044)(1,239,224)(1,198,444)(1,169,298)
Total real estate properties, net3,484,079 3,371,005 3,382,189 3,182,745 3,115,994 
Cash and cash equivalents18,739 12,087 15,303 121,992 43,680 
Restricted cash 2
— — — 60,644 — 
Assets held for sale, net21,065 64,578 20,646 20,051 — 
Operating lease right-of-use assets121,288 120,890 125,198 123,807 124,398 
Financing lease right-of-use assets19,450 19,559 19,667 19,776 19,884 
Net investment in sales-type leases — — — — 244,381 
Investments in unconsolidated joint ventures 117,935 83,943 73,137 7,743 7,819 
Other assets182,123 182,043 176,120 174,693 175,797 
Total assets$3,964,679 $3,854,105 $3,812,260 $3,711,451 $3,731,953 
LIABILITIES AND STOCKHOLDERS' EQUITY
2Q 20211Q 20214Q 20203Q 20202Q 2020
Liabilities
Notes and bonds payable $1,614,479 $1,609,251 $1,602,769 $1,554,395 $1,554,936 
Accounts payable and accrued liabilities74,927 66,407 81,174 79,528 65,485 
Liabilities of properties held for sale942 1,342 1,216 548 — 
Operating lease liabilities92,110 91,921 92,273 91,466 91,259 
Financing lease liabilities18,648 18,722 18,837 18,697 18,595 
Other liabilities67,319 68,353 67,615 66,442 72,317 
Total liabilities1,868,425 1,855,996 1,863,884 1,811,076 1,802,592 
Commitments and contingencies
Stockholders' equity
Preferred stock, $.01 par value; 50,000 shares authorized— — — — — 
Common stock, $.01 par value; 300,000 shares authorized1,455 1,417 1,395 1,361 1,360 
Additional paid-in capital3,818,592 3,699,867 3,635,341 3,532,130 3,529,559 
Accumulated other comprehensive loss(13,580)(13,887)(17,832)(19,267)(20,294)
Cumulative net income attributable to common stockholders1,246,617 1,223,521 1,199,499 1,215,362 1,207,132 
Cumulative dividends(2,956,830)(2,912,809)(2,870,027)(2,829,211)(2,788,396)
Total stockholders' equity2,096,254 1,998,109 1,948,376 1,900,375 1,929,361 
Total liabilities and stockholders' equity$3,964,679 $3,854,105 $3,812,260 $3,711,451 $3,731,953 
1In 2Q 2021, the Company acquired a single-tenant net lease property in San Diego, CA in a sale leaseback transaction which was accounted for as a financing arrangement as required under ASC 842, Leases.
2Restricted cash in 3Q 2020 included cash held in escrow from the sale of a property in Oklahoma. These proceeds were disbursed as the Company acquired real estate investments in like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 8

Statements of Income
DOLLARS IN THOUSANDS
2Q 20211Q 20214Q 20203Q 20202Q 20201Q 20204Q 20193Q 2019
Revenues
Rental income$128,486 $128,389 $123,877 $123,384 $122,358 $122,644 $119,438 $117,740 
Interest from financing receivable, net 1
510 — — — — — — — 
Other operating2,427 1,950 2,003 1,868 1,332 2,163 2,086 2,059 
131,423 130,339 125,880 125,252 123,690 124,807 121,524 119,799 
Expenses
Property operating51,509 52,215 50,210 50,171 46,580 49,552 46,214 46,777 
General and administrative8,545 8,499 7,206 7,299 7,434 8,766 7,669 10,802 
Acquisition and pursuit costs 2
670 744 939 440 431 750 515 501 
Depreciation and amortization49,826 50,079 48,104 47,143 47,691 47,497 46,134 45,137 
110,550 111,537 106,459 105,053 102,136 106,565 100,532 103,217 
Other income (expense)
Gain (loss) on sales of real estate properties20,970 18,890 (34)2,177 68,267 (49)20,036 200 
Interest expense(13,261)(13,262)(13,618)(14,154)(14,442)(13,960)(13,816)(14,181)
Loss on extinguishment of debt— — (21,503)— — — — — 
Impairment of real estate assets(5,078)(834)— — — — (7)— 
Equity loss from unconsolidated joint ventures(146)(74)(269)(66)(116)(11)(2)(13)
Interest and other income (expense), net(262)500 140 74 250 93 7 13 
2,223 5,220 (35,284)(11,969)53,959 (13,927)6,218 (13,981)
Net income (loss)$23,096 $24,022 ($15,863)$8,230 $75,513 $4,315 $27,210 $2,601 





























1In 2Q 2021, the Company acquired a single-tenant net lease property in San Diego, CA in a sale leaseback transaction which was accounted for as a financing arrangement as required under ASC 842, Leases. Rental income due under the lease is recorded as interest income.
2Includes third party and travel costs related to the pursuit of acquisitions and developments.

HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 9

FFO, Normalized FFO, & FAD 1, 2
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 2Q 20211Q 20214Q 20203Q 20202Q 20201Q 20204Q 20193Q 2019
Net income (loss)$23,096$24,022$(15,863)$8,230$75,513$4,315$27,210$2,601
(Gain) loss on sales of real estate assets(20,970)(18,890)34(2,177)(68,267)49(20,036)(200)
Impairments of real estate assets5,078834————7—
Real estate depreciation and amortization51,19951,31149,25148,21548,57748,53146,96245,846
Unconsolidated JV depreciation and amortization1,3548133238080808080
FFO $59,757$58,090$33,745$54,348$55,903$52,975$54,223$48,327
Acquisition and pursuit costs 3
670744939440431750515501
Lease intangible amortization(6)(72)(4)(35)(16)74545
Accelerated stock awards 4
———————2,854
Forfeited earnest money received —(500)——————
Debt financing costs283—21,920—————
Unconsolidated JV normalizing items 5
552716—————
Normalized FFO
$60,759$58,289$56,616$54,753$56,318$54,470$54,742$51,687
Non-real estate depreciation and amortization641673724785822823838838
Non-cash interest amortization 6
8978949769341,035746731727
Provision for bad debt, net57(79)(511)(144)945(83)124(32)
Straight-line rent income, net(1,194)(1,094)(645)(543)(390)(668)(789)(387)
Stock-based compensation2,6273,0192,4722,4452,4052,5992,1332,375
Unconsolidated JV non-cash items 7
(354)(357)488888
Normalized FFO adjusted for non-cash items
63,43361,34559,63658,23861,14357,89557,78755,216
2nd generation TI(4,748)(5,189)(8,841)(5,323)(6,005)(6,040)(12,126)(6,114)
Leasing commissions paid(3,804)(1,193)(3,288)(1,999)(2,258)(2,824)(4,970)(2,697)
Capital expenditures(6,077)(2,019)(8,931)(4,580)(4,777)(3,470)(5,159)(3,543)
Maintenance cap ex(14,629)(8,401)(21,060)(11,902)(13,040)(12,334)(22,255)(12,354)
FAD$48,804$52,944$38,576$46,336$48,103$45,561$35,532$42,862
Dividends paid$44,021$42,782$40,816$40,815$40,510$40,416$40,121$38,852
TTM dividend payout (dividends paid/FAD)90.2 %88.7 %91.0 %92.2 %92.9 %95.4 %95.0 %92.4 %
FFO per common share - diluted$0.42$0.42$0.25$0.40$0.42$0.40$0.41$0.37
Normalized FFO per common share - diluted$0.43$0.42$0.42$0.41$0.42$0.41$0.41$0.40
TTM Normalized FFO per common share - diluted$1.67$1.66$1.65$1.64$1.64$1.62$1.60$1.58
FFO wtd avg common shares outstanding - diluted 8
142,914139,714135,701135,159134,464133,980133,125129,015
1Funds from operations (“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.”
2FFO, Normalized FFO and Funds Available for Distribution ("FAD") do not represent cash generated from operating activities determined in accordance with accounting principles generally accepted in the United States of America and is 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.
3Acquisition and pursuit costs include third party and travel costs related to the pursuit of acquisitions and developments.
4The Company's former Executive Chairman, David R. Emery, died on September 30, 2019 resulting in $2.9 million of expenses recorded in the third quarter of 2019 associated with the acceleration of his outstanding non-vested share-based awards.
5Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and acquisition and pursuit costs.
6Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.
7Includes the Company's proportionate share of straight-line rent, net related to unconsolidated joint ventures.
8The Company utilizes the treasury stock method which includes the dilutive effect of nonvested share-based awards outstanding of 865,304 for the three months ended June 30, 2021.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 10

Capital Funding & Commitments
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
ACQUISITION AND RE/DEVELOPMENT FUNDING
2Q 20211Q 20214Q 20203Q 20202Q 2020
Acquisitions 1
$178,508$69,403$273,757$108,127$—
Re/development 5,7199,3369,2044,7095,664
1st gen. TI & acquisition capex 2
5,9753,8086,3276,4714,991
MAINTENANCE CAPITAL EXPENDITURES FUNDING
2Q 20211Q 20214Q 20203Q 20202Q 2020
2nd generation TI$4,748$5,189$8,841$5,323$6,005
Leasing commissions paid3,8041,1933,2881,9992,258
Capital expenditures6,0772,0198,9314,5804,777
$14,629$8,401$21,060$11,902$13,040
% of Cash NOI
2nd generation TI5.9 %6.7 %11.8 %7.1 %7.8 %
Leasing commissions paid4.8 %1.5 %4.4 %2.7 %2.9 %
Capital expenditures7.6 %2.6 %11.9 %6.1 %6.2 %
18.3 %10.8 %28.1 %15.9 %17.0 %
LEASING COMMITMENTS 3
2Q 20211Q 20214Q 20203Q 20202Q 2020
Renewals
Square feet285,412616,129421,652669,687393,496
2nd generation TI/square foot/lease year$1.87$1.27$1.48$1.49$1.78
Leasing commissions/square foot/lease year$1.03$0.79$0.85$1.13$0.86
Renewal commitments as a % of annual net rent13.3 %9.1 %9.0 %11.2 %13.0 %
WALT (in months) 4
53.147.353.348.845.1
New leases
Square feet106,95047,53082,538111,310108,485
2nd generation TI/square foot/lease year$5.96$5.38$6.28$5.38$6.40
Leasing commissions/square foot/lease year$1.21$1.72$1.48$1.01$1.30
New lease commitments as a % of annual net rent33.3 %36.9 %35.9 %28.3 %42.3 %
WALT (in months) 4
79.670.377.389.074.8
All
Square feet392,362663,659504,190780,997501,981
Leasing commitments as a % of annual net rent20.4 %11.6 %13.9 %15.0 %21.3 %
WALT (in months) 4
60.348.957.354.651.5


1Acquisitions include properties acquired through joint ventures at the Company's ownership percentage.
2Acquisition capex includes near-term fundings underwritten as part of recent acquisitions.
3Beginning in the first quarter of 2021, the Company began excluding properties categorized as re/development and acquisitions to align leasing commitments with the Maintenance Capital Expenditure Funding table above.
4WALT = weighted average lease term.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 11

Debt Metrics
DOLLARS IN THOUSANDS
SUMMARY OF INDEBTEDNESS AS OF JUNE 30, 2021
PRINCIPAL BALANCE
BALANCE 1
INTEREST EXPENSEMONTHS TO MATURITYCONTRACTUAL RATEEFFECTIVE RATE
Senior notes due May 2025 2
$250,000$248,906$2,46946 3.88 %4.08 %
Senior notes due January 2028300,000296,3652,77878 3.63 %3.84 %
Senior notes due March 2030 3
300,000296,6401,929105 2.40 %2.71 %
Senior notes due March 2031
300,000295,1491,590117 2.05 %2.24 %
Total senior notes outstanding$1,150,000$1,137,060$8,76688 2.95 %3.18 %
$700 million unsecured credit facility due May 2023 13,000 13,000 11 23 LIBOR + 0.90%1.00 %
$200 million unsecured term loan facility due May 2024 4
200,000199,34898835 LIBOR + 1.00%1.95 %
$150 million unsecured term loan facility due June 2026 5
150,000149,3061,10359 LIBOR + 0.95%2.48 %
Mortgage notes payable, net115,296115,7651,12438 4.20 %4.07 %
Total outstanding notes and bonds payable$1,628,296$1,614,479$11,99275 2.85 %3.01 %
Interest cost capitalization(36)
Unsecured credit facility fee and deferred financing costs1,058
Financing lease right-of-use assets247
Total quarterly consolidated interest expense$13,261
DEBT MATURITIES SCHEDULE AS OF JUNE 30, 2021
PRINCIPAL PAYMENTSWEIGHTED AVERAGE RATE
BANK
LOANS		SENIOR NOTESMORTGAGE NOTESTOTALBANK LOANSSENIOR NOTESMORTGAGE NOTESTOTAL
2021$1,988$1,988— %— %4.52 %4.52 %
202213,43413,434— %— %3.81 %3.81 %
2023 $13,00030,70143,7011.00 %— %4.21 %3.25 %
2024200,00026,449226,4491.95 %— %4.48 %2.24 %
2025$250,00017,415267,415— %3.88 %4.35 %3.91 %
2026150,00024,879174,8792.48 %— %3.93 %2.68 %
2027430430— %— %6.17 %6.17 %
2028300,000300,000— %3.63 %— %3.63 %
2029— — %— %— %— %
Thereafter600,000600,000— %2.23 %— %2.23 %
Total$363,000$1,150,000$115,296$1,628,2962.13 %2.95 %4.20 %2.85 %








1Balances are reflected net of discounts and deferred financing costs and include premiums.
2The effective interest rate includes the impact of the $1.7 million settlement of a forward-starting interest rate swap that is included in accumulated other comprehensive income on the Company's Condensed Consolidated Balance Sheets.
3The effective interest rate includes the impact of the $4.3 million settlement of forward interest rate hedges that are included in accumulated other comprehensive income on the Company's Condensed Consolidated Balance Sheets.
4The effective interest rate includes the impact of interest rate swaps on $75.0 million at a weighted average rate of 2.37% (plus the applicable margin rate, currently 100 basis points).
5The effective interest rate includes the impact of interest rate swaps on $100.0 million at a weighted average rate of 2.23% (plus the applicable margin rate, currently 95 basis points).


HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 12

Debt Covenants
DOLLARS IN THOUSANDS

SELECTED FINANCIAL DEBT COVENANTS TTM ENDED JUNE 30, 2021 1
CALCULATIONREQUIREMENTPER DEBT COVENANTS
Revolving credit facility and term loan 2
Leverage ratio Total debt/total capitalNot greater than 60%32.7 %
Secured leverage ratioTotal secured debt/total capitalNot greater than 30%2.3 %
Unencumbered leverage ratio Unsecured debt/unsecured real estateNot greater than 60%34.7 %
Fixed charge coverage ratioEBITDA/fixed chargesNot less than 1.50x4.8x
Unsecured coverage ratioUnsecured EBITDA/unsecured interestNot less than 1.75x5.3x
Construction and developmentCIP/total assetsNot greater than 15%0.0 %
Unconsolidated joint venturesUnconsolidated JVs/total assetsNot greater than 15%3.1 %
Asset investmentsUnimproved land, JVs & mortgages/total assetsNot greater than 20%6.5 %
Senior Notes due 2030 and 2031 3
Incurrence of total debt Total debt/total assetsNot greater than 60%32.5 %
Incurrence of debt secured by any lienSecured debt/total assetsNot greater than 40%2.3 %
Maintenance of total unsecured assets Unencumbered assets/unsecured debtNot less than 150%303.1 %
Debt service coverageEBITDA/interest expenseNot less than 1.5x5.5X
Other Senior Notes 4
Incurrence of total debt Total debt/total assetsNot greater than 60%33.9 %
Incurrence of debt secured by any lienSecured debt/total assetsNot greater than 40%2.4 %
Maintenance of total unsecured assets Unencumbered assets/unsecured debtNot less than 150%291.0 %
Debt service coverageEBITDA/interest expenseNot less than 1.5x5.4x
Other
Net debt to adjusted EBITDA 5
Net debt (debt less cash)/adjusted EBITDANot required5.1x
Net debt to enterprise value 6
Net Debt/enterprise valueNot required26.8 %














1Does not include all financial and non-financial covenants and restrictions that are required by the Company's various debt agreements. Financial measures include the Company's proportionate share of unconsolidated joint ventures, as applicable.
2As part of the Company's amendment to the credit facility and term loan agreements during the second quarter of 2019, the financial covenants were updated to exclude the impact of Topic 842, Lease Accounting from the covenant calculations.
3The financial covenants for the Senior Note due 2030 exclude the impact of Topic 842, Lease Accounting from the financial covenant calculations.
4The senior note covenants calculations apply to the Senior Notes due 2025 and 2028. The Senior Notes due 2023 have similar covenants but contain a less restrictive definition of total assets.
5Adjusted EBITDA is based on the current quarter results, annualized. See page 27 for a reconciliation of adjusted EBITDA. Net debt does not include lease liabilities.
6Based on the closing price of $30.20 on June 30, 2021 and 145,529,572 shares outstanding. Debt does not include lease liabilities.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 13

Acquisition & Disposition Activity
DOLLARS IN THOUSANDS
ACQUISITION ACTIVITY
MARKETMILES TO CAMPUSASSOCIATED HEALTH SYSTEM/TENANCYCLOSINGSQUARE
FEET		LEASED %
PURCHASE
PRICE 1
% OWNERSHIP
San Diego, CA 2
0.02Scripps Health/UCSD1/7/202122,461100 %$17,150100 %
Dallas, TX 3
0.00Baylor Scott & White Health2/1/2021121,70966 %22,515100 %
Atlanta, GA 3
0.00/0.19Wellstar Health System2/17/202144,56788 %9,800100 %
Washington, D.C.0.09Sentara Healthcare3/3/202126,496100 %12,750100 %
Denver, CO0.60HCA3/30/202159,35991 %14,37550 %
Colorado Springs, CO4.70None4/1/202127,510100 %7,20050 %
Los Angeles, CA0.00MemorialCare Health System4/8/202157,57380 %31,33550 %
San Antonio, TX0.90CHRISTUS Health/Baptist Health4/30/202145,000100 %13,60050 %
Los Angeles, CA0.00MemorialCare Health System5/10/202173,07882 %24,60050 %
Houston, TX0.03Houston Methodist5/14/202145,39396 %13,500100 %
San Diego, CA 4
0.00Palomar Health5/28/2021160,394100 %102,650100 %
Greensboro, NC0.60Cone Health6/28/202125,168100 %9,390100 %
Baltimore, MD1.50University of Maryland Health6/29/202133,316100 %14,600100 %
Denver, CO 5
0.00Centura Health (AdventHealth)7/16/2021259,55580 %70,426100 %
Greensboro, NC 2
0.18Cone Health7/19/202118,119100 %6,400100 %
Colorado Springs, CO0.00Centura Health (CommonSpirit)7/27/202169,526100 %33,400100 %
Colorado Springs, CO 6
1.90Centura Health (CommonSpirit)7/27/202123,956100 %9,13350 %
YTD total1,113,18088 %$412,824
JV Contribution(50,122)
YTD total, net$362,702
Average cap rate for YTD total 7
5.3 %

DISPOSITION ACTIVITY
LOCATION
TYPE 8
MILES TO CAMPUSASSOCIATED HEALTH SYSTEMCLOSINGSQUARE FEETLEASED %SALES
PRICE
Los Angeles, CA 9
MOB0.00Valley Presbyterian Hospital3/11/202173,90684 %$26,000
Atlanta, GAMOB13.00Piedmont Healthcare4/12/202119,732100 %8,050
Richmond, VAMOB0.00Bon Secours Health System5/18/2021142,85663 %52,000
Gadsden, AL 5
MOB0.00Community Health Systems5/19/2021120,19258 %5,500
Dallas, TX 10
MOB0.00US Dept of Veteran Affairs7/9/2021190,16044 %23,000
YTD total546,84659 %$114,550
Average cap rate for YTD total 11
4.1 %




1Includes joint venture acquisitions at full acquisition price.
2Represents a single-tenant property.
3Includes two properties.
4In 2Q 2021, the Company acquired a single-tenant net lease property in San Diego, CA in a sale leaseback transaction which was accounted for as a financing arrangement as required under ASC 842, Leases.
5Includes three properties.
6Includes purchase of adjoining 3.0 acre land parcel.
7For acquisitions, cap rate represents the forecasted first year NOI divided by purchase price. Does not include fees earned related to the unconsolidated joint venture.
8MOB = medical office building
9Includes two properties sold to a single purchaser in two transactions which closed on March 5 and March 11, 2021.
10Includes four properties and a land parcel sold under a single purchase agreement.
11For dispositions, cap rate represents the in-place cash NOI divided by sales price.

HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 14

Re/Development Activity
DOLLARS IN THOUSANDS

UNDER RE/DEVELOPMENT
EXPECTED NOI TIMING
MARKETASSOCIATED HEALTH SYSTEMMILES TO CAMPUS
STATUS 1
SQUARE
FEET		BUDGETREMAINING FUNDINGSCURRENT LEASED %EXPECTED QTR NOI AT CURRENT LEASED %INITIAL LEASE(S) CURRENT LEASED %
Memphis 2
Baptist Memorial0.26TI110,883$30,200$2,13397 %$5601Q 20211Q 2022
Dallas 3
Baylor Scott & White0.00UC110,86016,90016,37747 %301Q 20222Q 2022
Tacoma 4
MultiCare Health
0.10UC23,00012,40011,138100 %1902Q 20223Q 2022
Nashville 5
Ascension Health0.00PC106,19444,00043,32050 %1852Q 20233Q 2023
Total 350,937$103,500$72,96867 %$965
Projected average stabilized yield6.8 %


HISTORICAL INVESTMENT ACTIVITY
ACQUISITIONS 6
RE/DEVELOPMENT FUNDINGTOTAL INVESTMENTS DISPOSITIONSNET INVESTMENTS
2017$327,167$32,305$359,472$122,700$236,772
2018111,45035,567147,01798,69148,326
2019381,31428,584409,89854,860355,038
2020546,85326,493573,346249,443323,903
YTD 2021412,82415,054427,878114,550313,328
Average (2017-2020)$341,696$30,737$372,433$131,424$241,009
% of Total91.7 %8.3 %100.0 %

























1TI = completing tenant build outs; UC = under construction; PC = pre-construction
2The project includes the acquisition of a 110,883 square foot medical office building for $8.7 million and redevelopment costs related to the property.
3The project includes the redevelopment of a 110,860 square foot fitness center located in a 217,114 square foot medical office building. The current fitness center lease will be reduced to 51,740 square foot when the tenant commences operations, which is expected to occur in Q1 2022.
4Redevelopment project is a 23,000 square foot expansion to an existing medical office building. When complete, the building will be approximately 56,000 square feet.
5Includes a non-cash $5.0 million allocation for the to-be demolished existing building.
6Includes joint venture acquisitions on the full acquisition price and was not adjusted for the Company's ownership percentage.


HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 15

Portfolio 1, 2
DOLLARS IN THOUSANDS
MARKETS
SQUARE FEET
MOB 95.4%NON-MOB 4.6%
MARKETMSA RANK
INVESTMENT 1
COUNTCONSOLIDATEDJOINT VENTUREINPATIENT/SURGICALOFFICETOTAL % OF NOICUMULATIVE % OF NOI
Seattle, WA15669,441271,545,5391,545,53914.1 %14.1 %
Dallas, TX4521,773232,004,747156,245145,3652,306,35712.1 %26.2 %
Los Angeles, CA2408,76919796,914315,31463,0001,175,2287.9 %34.1 %
Charlotte, NC22183,24416860,735860,7355.8 %39.9 %
Atlanta, GA9312,74214806,757806,7574.8 %44.7 %
Denver, CO19202,50713694,36259,35993,869847,5904.5 %49.2 %
Houston, TX5177,03511649,38857,170706,5583.8 %53.0 %
Washington, DC6162,8037533,832533,8323.7 %56.7 %
Nashville, TN36224,5887805,259108,691913,9503.7 %60.4 %
Indianapolis, IN33120,7924526,194526,1943.3 %63.7 %
Des Moines, IA82139,1087379,955152,655532,6103.2 %66.9 %
Memphis, TN43165,46010802,221802,2213.1 %70.0 %
Honolulu, HI56145,2123298,427298,4273.0 %73.0 %
Austin, TX29109,0355374,886374,8862.7 %75.7 %
Richmond, VA44108,9496405,945405,9452.5 %78.2 %
San Francisco, CA12121,8103286,270286,2702.5 %80.7 %
San Antonio, TX24103,1537473,67345,000518,6732.0 %82.7 %
Co Springs, CO7878,3436312,15427,510339,6641.9 %84.6 %
Chicago, IL390,6953352,800352,8001.9 %86.5 %
Minneapolis, MN1679,1843207,508140,733348,2411.6 %88.1 %
Other (16 markets)729,293422,446,4192,446,41911.9 %100.0 %
Total$4,853,93623615,563,985587,916219,245557,75016,928,896100.0 %
Number of properties220925236
% of square feet91.9 %3.5 %1.3 %3.3 %100.0 %
% multi-tenant95.0 %100.0 %— %100.0 %94.1 %
Investment 1
$4,479,242$118,518$111,152$145,024$4,853,936
Quarterly cash NOI 1
$73,974$1,035$3,095$1,321$79,425
% of cash NOI93.1 %1.3 %3.9 %1.7 %100.0 %
BY BUILDING TYPE
CONSOLIDATED
MULTI-TENANTSINGLE-TENANTJOINT VENTURETOTAL
Number of properties213149236
Square feet15,345,618995,362587,91616,928,896
% of square feet90.6 %5.9 %3.5 %100.0 %
Investment 1
$4,351,159$384,259$118,518$4,853,936
Quarterly cash NOI 1
$71,419$6,971$1,035$79,425
% of cash NOI89.9 %8.8 %1.3 %100.0 %



1Gross investment and quarterly cash NOI are reflected at the Company's ownership percentage.
2Excludes assets held for sale, land held for development, construction in progress and corporate property.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 16

Associated Health Systems 1,2
MOB PORTFOLIO (BY SQUARE FEET)
SYSTEM RANK 3
CREDIT RATINGON/ADJACENTOFF CAMPUS% OF NOI
HEALTH SYSTEMON
ADJACENT 4
ANCHORED 5
<= 2 MILES 6
TOTAL
Baylor Scott & White Health21AA-/Aa31,765,805280,941163,188— 2,209,934 13.9 %
CommonSpirit Health 4BBB+/Baa1807,182311,31095,486205,8401,419,818 8.7 %
Ascension Health3AA+/Aa21,080,681194,617— — 1,275,298 6.0 %
Atrium Health16AA-/Aa3393,81598,066313,513— 805,394 5.5 %
UW Medicine (Seattle)91AA+/Aaa345,567102,54044,166125,543617,816 5.3 %
Tenet Healthcare6B/B2570,26467,790— 135,270773,324 4.4 %
Wellstar Health System75A/A2492,221141,169— — 633,390 3.9 %
Providence St. Joseph Health5AA-/Aa3176,854153,433— 31,601361,888 3.3 %
Indiana University Health26AA/Aa2423,628102,566— — 526,194 3.3 %
Hawaii Pacific Health181--/A1173,502— — 124,925298,427 3.0 %
UCHealth46AA/Aa3150,291298,09333,850— 482,234 2.9 %
Overlake Health System291A/A2191,05139,659— — 230,710 2.7 %
Bon Secours Mercy Health22A+/A1405,945— — — 405,945 2.5 %
HCA1BB+/Baa3151,340167,01778,30559,359456,021 2.5 %
Baptist Memorial Health Care89BBB+/--464,498— 150,228— 614,726 2.5 %
Medstar Health45A/A2241,739— — — 241,739 2.0 %
MultiCare Health System82AA-/Aa3154,45284,348— — 238,800 1.8 %
Inova Health System70AA+/Aa2262,121— — — 262,121 1.8 %
Trinity Health7AA-/Aa3267,95273,331— — 341,283 1.7 %
Memorial Hermann39A+/A1— 246,325— — 246,325 1.6 %
Huntington Memorial Hospital273A-/--— 165,419— — 165,419 1.5 %
Other (29 credit rated systems)1,484,5451,385,434197,125262,0383,329,142 16.4 %
Subtotal - credit rated7
10,003,4533,912,0581,075,861944,57615,935,948 97.2 %
Other non-credit rated 8
28,649— — — 28,649 0.1 %
Other non-associated 9
— — — 187,304187,304 2.7 %
Total10,032,1023,912,0581,075,8611,131,88016,151,901 100.0 %
% of total62.1 %24.2 %6.7 %7.0 %











1Includes joint venture properties at total square feet. Excludes construction in progress and assets classified as held for sale.
2Includes buildings located on-campus, adjacent and off-campus that are anchored by healthcare systems or located within two miles of a hospital campus.
3Ranked by revenue based on Modern Healthcare's Healthcare Systems Financials Database.
4The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.
5Includes off campus buildings where health systems lease 40% or more of the property.
6Consistent with the methodology used on the MOB Portfolio Comparison page in the Company's Investor Presentation; assumes that any off campus building within two miles from a hospital campus is associated with that health system.
7Based on square footage, 93.3% is associated with an investment-grade rated healthcare provider.
8Includes one property associated with a hospital system that is not credit rated.
9Includes off campus buildings that are not anchored by a health system and are more than two miles from a hospital campus.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 17

Top Tenants 1
TENANT
SYSTEM RANK 2
CREDIT RATING# OF ASSOCIATED PROPERTIES# OF LEASESLEASED SQUARE FEET% OF TOTAL LEASED % OF TTM REVENUE
Baylor Scott & White Health21AA-/Aa3231391,066,4057.2 %7.9 %
Atrium Health16AA-/Aa31772651,7684.4 %4.0 %
CommonSpirit Health 4BBB+/Baa11774568,3373.9 %3.8 %
Indiana University Health26AA/Aa2462437,4623.0 %2.7 %
Ascension Health3AA+/Aa21164382,5712.6 %2.6 %
UW Medicine (Seattle)91AA+/Aaa928236,1701.6 %2.4 %
WellStar Health System75A/A21157379,6962.6 %2.3 %
Baptist Memorial Health Care89BBB+/--850318,1342.2 %1.7 %
UCHealth46AA/Aa3814221,7181.5 %1.7 %
Proliance Surgeons—-718146,5391.0 %1.6 %
Tenet Healthcare6B/B21025168,7711.1 %1.3 %
Bon Secours Mercy Health22A+/A1640190,7121.3 %1.2 %
Medstar Health45A/A2354153,3531.0 %1.2 %
Trinity Health7AA-/Aa3332165,2501.1 %1.1 %
Providence St. Joseph Health5AA-/Aa3723101,5900.7 %1.0 %
MultiCare Health System82AA-/Aa3518150,2011.0 %1.0 %
Eating Recovery Center—-46100,9460.7 %0.9 %
Hawaii Pacific Health181--/A133591,2470.6 %0.8 %
USPI 3
—-510109,1130.7 %0.8 %
DaVita—BB/Ba21113101,1600.7 %0.8 %
Kaiser Permanente2AA-/--410101,8300.7 %0.8 %
Labcorp of America—BBB/Baa22224178,5411.2 %0.7 %
Inova Health70AA+/Aa241092,4360.6 %0.7 %
Overlake Health System291A/A22873,6760.5 %0.7 %
HCA1BB+/Baa371588,0720.6 %0.7 %
Memorial Hermann39A+/A12299,8740.7 %0.7 %
Allina Health57AA-/Aa331494,5990.6 %0.5 %
Advocate Health Care14AA/Aa32958,1660.4 %0.5 %
Government Services Assoc—AA+/Aaa47127,6510.9 %0.5 %
Univ. of MD Medical Center61A/A221075,4950.5 %0.5 %
Top 30 tenants9436,731,483 45.6 %47.1 %
Total investment-grade tenants 4
9606,889,339 46.8 %44.8 %







1Includes joint venture properties and excludes construction in progress and assets classified as held for sale.
2Ranked by revenue based on Modern Healthcare's Healthcare Systems Financials Database.
3As of June 30, 2021, USPI is approximately 95% owned by Tenet Health.
4Includes affiliates of investment grade tenants.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 18

MOB Proximity to Hospital 1, 2
MEDICAL OFFICE BUILDINGS BY LOCATION
CONSOLIDATEDJOINT VENTURETOTAL
On campus62.2 %61.0 %62.1 %
Adjacent to campus 3
25.1 %— %24.2 %
Total on/adjacent87.3 %61.0 %86.3 %
Off campus - anchored by health system 4
6.6 %7.7 %6.7 %
Off campus6.1 %31.3 %7.0 %
100.0 %100.0 %100.0 %
Square feet15,563,985587,91616,151,901
% of total96.4 %3.6 %100.0 %



DISTANCE TO HOSPITAL CAMPUS
GROUND LEASE PROPERTIES
GREATER THANLESS THAN OR EQUAL TOCAMPUS PROXIMITY# OF PROPERTIESSQUARE FEET% OF TOTALCUMULATIVE %# OF PROPERTIESSQUARE FEET% OF TOTAL
0.00On campus12210,032,10262.1 %62.1 %887,734,21089.4 %
0.00250 yards
Adjacent 3
452,419,59415.0 %77.1 %2128,7171.5 %
250 yards0.25 miles281,492,4649.2 %86.3 %4120,0361.4 %
0.25 miles0.50Off campus5397,7012.5 %88.8 %1124,9251.4 %
0.501.006 545,6703.4 %92.2 %— — — %
1.002.008472,4512.9 %95.1 %4319,4463.7 %
2.005.0010473,5772.9 %98.0 %113,8180.2 %
5.0010.003205,6311.3 %99.3 %3205,6312.4 %
10.002 112,7110.7 %100.0 %— — — %
Total229 16,151,901100.0 %103 8,646,783100.0 %













1Includes joint venture properties and excludes construction in progress and assets classified as held for sale.
2Proximity to hospital campus includes acute care hospitals with inpatient beds. The Company does not consider inpatient rehab hospitals (IRFs), skilled nursing facilities (SNFs) or long-term acute care hospitals (LTACHs) to be hospital campuses for distance calculations.
3The Company defines an adjacent property as being no more than 0.25 miles from a hospital campus.
4Includes buildings where health systems lease 40% or more of the property.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 19

Lease Maturity, Lease & Building Size 1
LEASE MATURITY SCHEDULE
 MULTI-TENANTSINGLE-TENANTTOTAL
 # OF LEASESSQUARE FEET% OF SQUARE FEET# OF LEASESSQUARE FEET% OF SQUARE FEET# OF LEASESSQUARE FEET% OF TOTAL SQUARE FEET
% OF BASE REVENUE 2
20213951,233,6759.0 %— — — %3951,233,6758.4 %7.9 %
20226272,028,14214.8 %1 58,2855.8 %6282,086,42714.2 %14.8 %
20235022,035,28814.8 %— — — %5022,035,28813.8 %14.2 %
20245422,378,15217.3 %1 63,000 6.3 %5432,441,15216.6 %16.1 %
20254121,869,11013.6 %3 114,02211.5 %4151,983,13213.5 %13.1 %
2026249914,4946.7 %1 83,318 8.4 %250997,8126.8 %6.5 %
2027135634,6914.6 %1 156,245 15.7 %136790,9365.4 %6.5 %
2028148803,0805.9 %1 35,4193.6 %149838,4995.7 %5.6 %
2029115659,7034.8 %3 165,34216.6 %118825,0455.6 %5.7 %
2030107443,6973.2 %1 138,02813.8 %108581,7253.9 %3.4 %
Thereafter138722,4405.3 %2 181,70318.3 %140904,1436.1 %6.2 %
Total leased3,37013,722,47286.1 %14 995,362100.0 %3,38414,717,83486.9 %100.0 %
Total building 15,933,534100.0 %995,362100.0 %16,928,896100.0 %
WALTR (months) 3
44.689.147.6
WALT (months) 3
85.4155.290.1
# OF LEASES BY SIZEBY BUILDING SIZE
LEASED SQUARE FEET
MULTI-TENANT 4
SINGLE-TENANTBUILDING SQUARE FEET% OF TOTALTOTAL SQUARE FOOTAGEAVERAGE SQUARE FEET# OF PROPERTIES
0 - 2,5001,802 — >100,00039.1 %6,615,703143,82046
2,501 - 5,000824 — <100,000 and >75,00025.0 %4,231,60486,35949
5,001 - 7,500279 — <75,000 and >50,00017.4 %2,951,82262,80547
7,501 - 10,000159 — <50,000 and >25,00016.1 %2,726,06638,39571
10,001 +306 14 <25,0002.4 %403,70117,55223
Total Leases3,370 14 Total100.0 %16,928,89671,733236




















1Includes joint venture properties and excludes land held for development, construction in progress, corporate property and assets classified as held for sale.
2Represents the current annualized minimum rents on in-place leases, excluding the impact of potential lease renewals and straight-line rent.
3WALTR = weighted average lease term remaining; WALT = weighted average lease term.
4The average lease size in the multi-tenant properties is 4,072 square feet.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 20

Historical Occupancy 1
DOLLARS IN THOUSANDS
SAME STORE PROPERTIES
2Q 20211Q 20214Q 20203Q 20202Q 20201Q 2020
Multi-tenant
Number of properties163156158156161157
Total building square feet12,510,86312,190,13612,167,28711,984,47312,519,84112,243,069
Period end % occupied87.5 %87.9 %87.6 %87.6 %87.7 %87.9 %
Single-tenant
Number of properties111112121214
Total building square feet791,198791,198810,930810,930810,9301,196,930
Period end % occupied100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Total same store properties
Number of properties174167170168173171
Total building square feet13,302,06112,981,33412,978,21712,795,40313,330,77113,439,999
Period end % occupied88.3 %88.6 %88.4 %88.4 %88.4 %89.0 %
PROPERTIES NOT IN SAME STORE
2Q 20211Q 20214Q 20203Q 20202Q 20201Q 2020
Acquisitions 2
Number of properties444542312631
Total building square feet2,062,5682,091,6632,178,2671,667,9901,455,2651,826,029
Period end % occupied91.8 %89.8 %89.2 %91.4 %89.2 %86.9 %
Development completions
Number of properties221111
Total building square feet261,914261,914151,031151,031151,031151,031
Period end % occupied64.5 %64.5 %60.5 %60.5 %60.5 %20.2 %
% leased75.9 %75.9 %60.5 %60.5 %60.5 %60.0 %
Reposition 3
Number of properties791011109
Total building square feet714,437741,798799,764859,004523,159429,167
Period end % occupied57.5 %59.7 %61.0 %62.1 %46.9 %41.9 %
Joint Venture
Number of properties954 — — — 
Total building square feet587,916384,755325,396 — — — 
Period end % occupied85.3 %84.3 %72.4 %— %— %— %
% leased85.3 %84.3 %87.4 %— %— %— %
TOTAL PROPERTIES
2Q 20211Q 20214Q 20203Q 20202Q 20201Q 2020
Number of properties236228227211210212
Total building square feet16,928,89616,461,46416,432,67515,473,42815,460,22615,846,226
Period end % occupied86.9 %87.0 %86.6 %87.0 %86.8 %86.8 %



1Includes joint venture properties and excludes land held for development, construction in progress, corporate property and assets classified as held for sale.
2Acquisitions includes properties acquired within the last 8 quarters of the period presented and are excluded from same store.
3Reposition includes properties that meet any of the Company-defined criteria: properties having less than 60% occupancy that is expected to last at least two quarters; properties that experience a loss of occupancy over 30% in a single quarter; or properties with negative net operating income that is expected to last at least two quarters. In addition, the Company reclassified a property to reposition during third quarter of 2020 due to strategic reposition. This reclassification is described in more detail in Trends and Matters Impacting Operating Results of the Company's 2020 Form 10-K.

HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 21

Occupancy Reconciliation
SQUARE FEET
SEQUENTIAL
PORTFOLIOSAME STORE
COUNTOCCUPIEDTOTAL%COUNTOCCUPIEDTOTAL%
Beginning March 31, 2021228 14,319,718 16,461,464 87.0 %167 11,505,657 12,981,334 88.6 %
Portfolio activity
Acquisitions 1
8 439,016 467,432 93.9 %NANANANA
Re/development completions — — — — %— — — — %
Dispositions 2
— — — — %— — — — %
Same store reclassifications
AcquisitionsNANANANA5 263,440 293,366 89.8 %
Development completionsNANANANA— — — — %
Reposition to same storeNANANANA2 23,765 27,361 86.9 %
Reposition from same storeNANANANA— — — — %
236 14,758,734 16,928,896 87.2 %174 11,792,862 13,302,061 88.7 %
Leasing activity
New leases/expansionsNA154,261 NANANA115,734 NANA
Move-outs/contractionsNA(195,161)NANANA(164,710)NANA
Net absorptionNA(40,900)NANANA(48,976)NANA
Ending June 30, 2021236 14,717,834 16,928,896 86.9 %174 11,743,886 13,302,061 88.3 %
YEAR-OVER-YEAR
PORTFOLIOSAME STORE
COUNTOCCUPIEDTOTAL%COUNTOCCUPIEDTOTAL%
Beginning June 30, 2020210 13,423,187 15,460,226 86.8 %173 11,788,219 13,330,771 88.4 %
Portfolio activity
Acquisitions 1
37 1,684,764 1,931,080 87.2 %NANANANA
Re/development completions 1 77,508 110,883 69.9 %— — — — %
Dispositions 2
(12)(374,992)(573,293)65.4 %(9)(311,890)(407,716)76.5 %
Same store reclassifications
AcquisitionsNANANANA10 654,988 735,861 89.0 %
Development completionsNANANANA— — — — %
Reposition to same storeNANANANA3 62,325 86,601 72.0 %
Reposition from same storeNANANANA(3)(379,197)(443,456)85.5 %
236 14,810,467 16,928,896 87.5 %174 11,814,445 13,302,061 88.8 %
Leasing activity
New leases/expansionsNA616,800 NANANA441,704 NANA
Move-outs/contractionsNA(709,433)NANANA(512,263)NANA
Net absorptionNA(92,633)NANANA(70,559)NANA
Ending June 30, 2021236 14,717,834 16,928,896 86.9 %174 11,743,886 13,302,061 88.3 %





1Includes joint venture properties.
2Includes properties reclassified as held for sale.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 22

Same Store Leasing Statistics 1
2Q 20211Q 20214Q 20203Q 20202Q 20201Q 20204Q 20193Q 2019
Average in-place contractual increases
Multi-tenant2.91 %2.91 %2.91 %2.90 %2.89 %2.89 %2.90 %2.93 %
Single-tenant2.34 %2.34 %2.27 %2.27 %2.13 %2.10 %2.10 %2.12 %
2.87 %2.86 %2.86 %2.85 %2.83 %2.79 %2.80 %2.82 %
Renewals 2
Cash leasing spreads 2.8 %4.4 %2.8 %4.5 %4.5 %4.4 %4.2 %3.3 %
Tenant retention rate74.9 %88.5 %84.2 %85.1 %84.6 %84.0 %86.6 %90.2 %
AVERAGE IN-PLACE CONTRACTUAL INCREASES 3
MULTI-TENANTSINGLE-TENANTTOTAL
% INCREASE% OF
BASE RENT		% INCREASE% OF
BASE RENT		% INCREASE% OF
BASE RENT
Annual increase
CPI 1.84 %2.20 %1.30 %11.31 %1.68 %2.87 %
Fixed2.99 %95.11 %2.75 %42.42 %2.99 %91.19 %
Non-annual increase (annualized)
CPI 1.16 %0.33 %0.50 %4.48 %0.81 %0.64 %
Fixed1.55 %1.23 %2.40 %41.79 %2.17 %4.25 %
No increase
Term > 1 year— %1.13 %— %— %— %1.05 %
Total 3
2.91 %100.00 %2.34 %100.00 %2.87 %100.00 %
TYPE AND OWNERSHIP STRUCTURE (% OF SQUARE FEET)
MULTI-TENANTSINGLE-TENANTTOTAL
Tenant type
Hospital50.1 %82.6 %52.3 %
Physician and other49.9 %17.4 %47.7 %
Lease structure
Gross10.8 %— %10.1 %
Modified gross29.7 %— %27.7 %
Net59.5 %— %55.4 %
Absolute net 4
— %100.0 %6.8 %
Ownership type
Ground lease62.1 %15.9 %59.3 %
Fee simple37.9 %84.1 %40.7 %




1Excludes recently acquired or disposed properties, construction in progress, land held for development, corporate property, reposition properties and assets classified as held for sale.
2Beginning in the first quarter of 2021, metrics are for combined multi-tenant and single-tenant net leases. Prior periods include only multi-tenant leases.
3Excludes leases with terms of one year or less.
4Tenant is typically responsible for operating expenses and capital obligations.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 23

NOI Performance 1
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA
SAME STORE CASH NOI
TTM 20212Q 20211Q 20214Q 20203Q 2020TTM 20202Q 20201Q 20204Q 20193Q 2019
Revenues$428,764$107,647$107,326$106,554$107,237$420,599$103,854$106,191$105,288$105,266
Expenses162,73340,37540,86040,13341,365160,61338,50641,03839,94641,123
Cash NOI$266,031$67,272$66,466$66,421$65,872$259,986$65,348$65,153$65,342$64,143
Revenue per occ SF 2
$36.36$36.59$36.39$36.11$36.32$35.44$35.11$35.77$35.43$35.43
Margin62.0 %62.5 %61.9 %62.3 %61.4 %61.8 %62.9 %61.4 %62.1 %60.9 %
Average occupancy88.6 %88.5 %88.7 %88.7 %88.8 %89.2 %89.0 %89.3 %89.4 %89.3 %
Number of properties174174174174174174174174174174



SAME STORE GROWTH
 YEAR-OVER-YEAR
TTM 20212Q 20211Q 20214Q 20203Q 2020
Revenue per occ SF 2
2.6 %4.2 %1.7 %1.9 %2.5 %
Avg occupancy (bps)-60-50-60-70-50
Revenues1.9 %3.7 %1.1 %1.2 %1.9 %
Expenses1.3 %4.9 %(0.4 %)0.5 %0.6 %
Cash NOI2.3 %2.9 %2.0 %1.7 %2.7 %

TOTAL CASH NOI
2Q 20212Q 2020% CHANGETTM 2Q 2021TTM 2Q 2020% CHANGE
Same store cash NOI$67,272 $65,348 2.9 %$266,031 $259,986 2.3 %
Reposition788 1,512 (47.9 %)3,563 5,611 (36.5 %)
$68,060 $66,860 1.8 %$269,594 $265,597 1.5 %
Acquisitions/development completions10,330 3,952 161.5 %31,125 8,567 263.4 %
Dispositions/assets held for sale/other425 6,002 (92.9 %)5,015 25,111 (80.0 %)
Joint venture property cash NOI1,035 1 103,400.1 %1,654 240 589.3 %
Cash NOI$79,850 $76,815 4.0 %$307,388 $299,515 2.6 %







1Excludes recently acquired or disposed properties, development completions, construction in progress, land held for development, corporate property, reposition properties and assets classified as held for sale.
2Revenue per occ SF is calculated by dividing revenue by the average of the occupied SF for the period provided. Quarterly revenue per occ SF is annualized.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 24

NOI Reconciliations
DOLLARS IN THOUSANDS
BOTTOM UP RECONCILIATION 
2Q 20211Q 20214Q 20203Q 20202Q 20201Q 20204Q 20193Q 2019
Net income (loss)$23,096 $24,022 ($15,863)$8,230 $75,513 $4,315 $27,210 $2,601 
Other income (expense)(2,223)(5,220)35,284 11,969 (53,959)13,927 (6,218)13,981 
General and administrative expense8,545 8,499 7,206 7,299 7,434 8,766 7,669 10,802 
Depreciation and amortization expense49,826 50,079 48,104 47,143 47,691 47,497 46,134 45,137 
Other expenses 1
2,840 2,783 2,919 2,364 2,185 3,365 2,200 2,079 
Straight-line rent expense369 367 369 373 374 375 378 383 
Straight-line rent revenue(1,563)(1,461)(1,013)(915)(764)(1,043)(1,167)(770)
Other revenue 2
(2,075)(1,865)(2,145)(1,609)(1,660)(2,004)(1,430)(1,726)
Joint venture property cash NOI1,035 465 135 19 1 78 86 75 
Cash NOI$79,850 $77,669 $74,996 $74,873 $76,815 $75,276 $74,862 $72,562 
Acquisitions/development completions(10,330)(9,147)(6,357)(5,291)(3,952)(2,849)(1,630)(136)
Dispositions/assets held for sale/other(425)(774)(1,178)(2,638)(6,002)(5,916)(6,422)(6,771)
Joint venture property cash NOI(1,035)(465)(135)(19)(1)(78)(86)(75)
Same store cash NOI and reposition68,060 67,283 67,326 66,925 66,860 66,433 66,724 65,580 
Reposition(788)(817)(905)(1,053)(1,512)(1,280)(1,382)(1,437)
Same store cash NOI$67,272 $66,466 $66,421 $65,872 $65,348 $65,153 $65,342 $64,143 
TOP DOWN RECONCILIATION 
2Q 20211Q 20214Q 20203Q 20202Q 20201Q 20204Q 20193Q 2019
Rental income before rent concessions$129,609 $129,466 $124,537 $124,079 $122,958 $123,518 $119,931 $118,254 
Rent concessions(1,123)(1,077)(660)(695)(600)(874)(493)(514)
Rental income128,486 128,389 123,877 123,384 122,358 122,644 119,438 117,740 
Parking income1,880 1,658 1,678 1,764 1,227 2,051 1,982 1,935 
Interest from financing receivable, net510 — — — — — — — 
Exclude straight-line rent revenue(1,563)(1,461)(1,013)(915)(764)(1,043)(1,167)(770)
Exclude other non-cash revenue 3
(1,528)(1,573)(1,820)(1,505)(1,555)(1,892)(1,326)(1,601)
Revenue127,785 127,013 122,722 122,728 121,266 121,760 118,927 117,304 
Property operating expense(51,509)(52,215)(50,210)(50,171)(46,580)(49,552)(46,214)(46,777)
Exclude non-cash expenses 4
2,539 2,406 2,349 2,297 2,128 2,990 2,063 1,960 
Joint venture property cash NOI1,035 465 135 19 1 78 86 75 
Cash NOI$79,850 $77,669 $74,996 $74,873 $76,815 $75,276 $74,862 $72,562 
Acquisitions/development completions(10,330)(9,147)(6,357)(5,291)(3,952)(2,849)(1,630)(136)
Dispositions/assets held for sale/other(425)(774)(1,178)(2,638)(6,002)(5,916)(6,422)(6,771)
Joint venture property cash NOI(1,035)(465)(135)(19)(1)(78)(86)(75)
Same store cash NOI and reposition68,060 67,283 67,326 66,925 66,860 66,433 66,724 65,580 
Reposition(788)(817)(905)(1,053)(1,512)(1,280)(1,382)(1,437)
Same store cash NOI$67,272 $66,466 $66,421 $65,872 $65,348 $65,153 $65,342 $64,143 








1Includes acquisition and pursuit costs, bad debt, above and below market ground lease intangible amortization, and leasing commission amortization.
2Includes management fee income, interest, above and below market lease intangible amortization, lease inducement amortization, lease termination fees, deferred financing cost amortization and principle related to investment in financing receivable and tenant improvement overage amortization.
3Includes above and below market lease intangibles, lease inducements, lease termination fees, deferred financing cost amortization, financing receivable non-cash adjustments, and TI amortization.
4Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 25

NOI Reconciliations
DOLLARS IN THOUSANDS
RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO 
2Q 20211Q 20214Q 20203Q 20202Q 20201Q 20204Q 20193Q 2019
Cash NOI$79,850 $77,669 $74,996 $74,873 $76,815 $75,276 $74,862 $72,562 
General and administrative expense(8,545)(8,499)(7,206)(7,299)(7,434)(8,766)(7,669)(10,802)
Straight-line rent1,563 1,461 1,013 915 764 1,043 1,167 770 
Interest and other income (expense), net(262)500 140 74 250 93 7 13 
Management fees and other income547 292 325 104 105 112 103 124 
Other non-cash revenue 1
1,528 1,573 1,820 1,505 1,555 1,892 1,326 1,601 
Other non-cash expenses 2
(2,539)(2,406)(2,349)(2,297)(2,128)(2,990)(2,063)(1,960)
Unconsolidated JV adjustments181 276 (73)(5)(37)(9)(8)(8)
Debt Covenant EBITDA$72,323 $70,866 $68,666 $67,870 $69,890 $66,651 $67,725 $62,300 
Interest expense(13,261)(13,262)(13,618)(14,154)(14,442)(13,960)(13,816)(14,181)
Loss on extinguishment of debt— — (21,503)— — — — — 
Acquisition and pursuit costs(670)(744)(939)(440)(431)(750)(515)(501)
Leasing commission amortization 3
2,258 2,111 2,033 1,971 1,795 1,893 1,667 1,547 
Non-real estate depreciation and amortization(885)(879)(886)(899)(909)(859)(838)(838)
Unconsolidated JV adjustments(8)(2)(8)— — — — — 
FFO$59,757 $58,090 $33,745 $54,348 $55,903 $52,975 $54,223 $48,327 
Acquisition and pursuit costs670 744 939 440 431 750 515 501 
Lease intangible amortization(6)(72)(4)(35)(16)745 4 5 
Accelerated amortization of restricted stock awards
— — — — — — — 2,854 
Forfeited earnest money received— (500)— — — — — — 
Debt financing costs283 — 21,920 — — — — — 
Unconsolidated JV normalizing items55 27 16 — — — — — 
Normalized FFO$60,759 $58,289 $56,616 $54,753 $56,318 $54,470 $54,742 $51,687 






















1Includes above and below market lease intangibles, interest income related to sales-type leases, lease inducements, lease termination fees, deferred financing cost amortization and principle related to investment in financing receivable and TI amortization.
2Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.
3Leasing commission amortization is included in the real estate depreciation and amortization add-back for FFO.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 26

EBITDA Reconciliations
DOLLARS IN THOUSANDS
RECONCILIATION OF EBITDA
TTM2Q 20211Q 20214Q 20203Q 2020
Net income (loss)$39,485 $23,096 $24,022 ($15,863)$8,230 
Interest expense54,295 13,261 13,262 13,618 14,154 
Depreciation and amortization195,152 49,826 50,079 48,104 47,143 
Unconsolidated JV depreciation and amortization2,570 1,354 813 323 80 
EBITDA$291,502 $87,537 $88,176 $46,182 $69,607 
Other amortization 1
8,373 2,258 2,111 2,033 1,971 
(Gain) loss on sales of real estate properties(42,003)(20,970)(18,890)34 (2,177)
Impairments on real estate assets5,912 5,078 834 — — 
EBITDAre 2
$263,784 $73,903 $72,231 $48,249 $69,401 
EBITDA$291,502 $87,537 $88,176 $46,182 $69,607 
Acquisition and pursuit costs2,793 670 744 939 440 
(Gain) loss on sales of real estate properties(42,003)(20,970)(18,890)34 (2,177)
Impairments on real estate assets5,912 5,078 834 — — 
Loss on extinguishment of debt21,503 — — 21,503 — 
Unconsolidated JV adjustments18 8 2 8 — 
Debt Covenant EBITDA$279,725 $72,323 $70,866 $68,666 $67,870 
Other amortization 1
8,373 2,258 2,111 2,033 1,971 
Lease intangible amortization(117)(6)(72)(4)(35)
Acquisition/disposition timing impact 3
4,127 1,150 396 3,468 (887)
Stock based compensation10,563 2,627 3,019 2,472 2,445 
Unconsolidated JV adjustments78 46 25 7 — 
Adjusted EBITDA$302,749 $78,398 $76,345 $76,642 $71,364 






















1Includes leasing commission amortization.
2Earnings before interest, taxes, depreciation and amortization for real estate ("EBITDAre") is an operating performance measure adopted by NAREIT. NAREIT defines EBITDAre equal to “net income (computed in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, impairments and minus gains on the disposition of depreciated property.”
3Adjusted to reflect quarterly EBITDA from properties acquired or disposed in the quarter.
4Adjusted to reflect quarterly EBITDA at fully stabilized development NOI.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 27

Components of Net Asset Value
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
CASH NOI BY PROPERTY TYPE
2Q 2021
ASSET TYPE
SAME STORE 1
ACQ./DEV. COMPLETIONS 2
JOINT VENTURE
REPOSITION 3
TIMING ADJUSTMENTS 4
ADJUSTED CASH NOIANNUALIZED ADJUSTED NOI
MOB/outpatient$62,989 $10,330 $1,035 $788 $3,055 $78,197 $312,788 
Inpatient/Surgical3,095 — — — — 3,095 12,380 
Office1,188 — — — — 1,188 4,752 
Total Cash NOI$67,272 $10,330 $1,035 $788 $3,055 $82,480 $329,920 
DEVELOPMENT PROPERTIESTOTAL SHARES OUTSTANDING
Land held for development $27,226 
As of July 30, 2021 8
145,529,657
OTHER ASSETS
Assets held for sale 5
$23,000 
Cash and other assets 6
128,647 
$151,647 
DEBTIMPLIED CAP RATE
Unsecured credit facility $13,000 STOCK PRICEIMPLIED CAP RATE
Unsecured term loan due 2024200,000 As of 7/30/21$31.88 5.28 %
Unsecured term loan due 2026150,000 
Senior notes 1,150,000 
Mortgage notes payable 115,296 2Q 2021 high$32.64 5.19 %
Remaining re/development funding72,968 2Q 2021 low$29.97 5.53 %
Other liabilities 7
87,032 
$1,788,296 










1See Same Store Performance schedule on page 24 for details on same store NOI.
2Adjusted to reflect quarterly NOI from properties acquired or stabilized developments completed during the full eight quarter period that are not included in same store NOI.
3Reposition properties includes 7 properties which comprise 714,437 square feet. The NOI table above includes 6 of these properties comprising 633,460 square feet that generated positive NOI. The remaining property comprising 80,977 square feet generated negative NOI of $0.2 million. The Company has begun a redevelopment project related to this property.
4Timing adjustments include current quarter acquisitions of $1.5 million as well as development completion adjustments of $1.6 million to reflect full quarterly stabilized NOI from a recently completed development.
5Assets held for sale includes four real estate properties that are excluded from same store NOI and reflect the contractual sale prices.
6Includes cash of $18.7 million, prepaid assets of $63.5 million, accounts receivable of $11.5 million, and prepaid ground leases of $21.5 million. In addition, includes the Company's occupied portion of its corporate headquarters of $13.4 million.
7Includes 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 $75.5 million, security deposits of $10.3 million, and deferred operating expense reimbursements of $1.2 million.
8Total shares outstanding do not reflect the shares associated with forward equity contracts. As of July 30, 2021, the Company had 3.7 million shares to be settled in the future under forward equity contracts.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 28

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

SAME STORE EXPECTATIONS
EXPECTED 2021ACTUAL
LOWHIGHQ2 2021
TTM Average Occupancy
Multi-tenant 87.5 %88.5 %87.9 %
Single-tenant100.0 %100.0 %100.0 %
Total88.2 %89.2 %88.6 %
TTM Revenue per occupied square foot$36.00$37.00$36.36
TTM Cash NOI margin 61.5 %62.5 %62.0 %
Cash leasing spreads 3.0 %4.0 %2.8 %
Lease retention rate75.0 %90.0 %74.9 %
TTM Cash NOI growth2.0 %3.0 %2.3 %
ANNUAL EXPECTATIONS
LOWHIGHYTD
Normalized G&A$33,000$36,000$17,044
Straight-line rent, net 1
3,0005,0002,289
Funding activity
Acquisitions (YTD actual)2
500,000600,000412,824
Dispositions (YTD actual)(115,000)(175,000)(114,550)
Re/development20,00040,00015,054
1st generation TI and acq. capex20,00030,0009,783
2nd generation TI28,00034,0009,937
Leasing commissions paid10,00014,0004,997
Capital expenditures18,00023,0008,096
Total maintenance capex56,00071,00023,030
Cash yield
Acquisitions5.0 %5.8 %5.3 %
Dispositions4.1 %5.3 %4.1 %
Re/development (stabilized)6.0 %7.5 %NA
Leverage (debt/cap)32.0 %36.0 %32.7 %
Net debt to adjusted EBITDA5.0x5.5x5.1x












1This guidance range is based on current in-place leases.
2Includes joint venture acquisitions at full acquisition price.
HEALTHCARE REALTY
2Q 2021 SUPPLEMENTAL INFORMATION 29

Stock widget

Investing forum

HEALTHCARE REALTY TRUST INC Reports