EX-99.2 3 exhibit992supplementalinfo.htm EX-99.2 Document




















4Q2020
Supplemental Information
FURNISHED AS OF FEBRUARY 10, 2021 - UNAUDITED
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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
4 Highlights
6 Salient Facts
7 Corporate Information
8 Balance Sheet
9 Statements of Income
10 FFO, Normalized FFO, & FAD
11 Capital Funding & Commitments
12 Debt Metrics
13 Debt Covenants
14 Acquisition & Disposition Activity
15 Re/development Activity
16 Portfolio
17 Associated Health Systems
18 Top Tenants
19 MOB Proximity to Hospital
20 Lease Maturity, Lease & Building Size
21 Historical Occupancy
22 Occupancy Reconciliation
23 Same Store Leasing Statistics
24 Same Store Performance
25 NOI Reconciliations
27 EBITDA Reconciliations
28 Components of Net Asset Value
29 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
4Q 2020 SUPPLEMENTAL INFORMATION 3

Highlights
QUARTERLY HIGHLIGHTS
•Normalized FFO per share totaled $0.42, an increase of 1.5% from $0.41 in the fourth quarter of 2019.
•Same store cash NOI increased 2.0% both over the fourth quarter of 2019 and for the trailing twelve months ended December 31, 2020.
•Predictive growth measures in the same store multi-tenant portfolio include:
◦Average in-place rent increases of 2.91%
◦Future annual contractual increases of 3.10% for leases commencing in the quarter
◦Weighted average cash leasing spreads of 2.8% on 351,000 square feet renewed:
▪11% (<0% spread)
▪13% (0-3%)
▪55% (3-4%)
▪21% (>4%)
◦Tenant retention of 84.2%
•Portfolio leasing activity in the fourth quarter totaled 542,000 square feet related to 139 leases:
◦422,000 square feet of renewals
◦120,000 square feet of new and expansion leases
•In November, the Company announced a joint venture agreement with Teachers Insurance and Annuity Association ("TIAA") to invest in a broad range of medical office buildings. Healthcare Realty owns a 50% interest in the joint venture, is the managing member of the partnership, and manages day-to-day operations and leasing of the properties.
•During the fourth quarter, the Company acquired sixteen medical office buildings for $336.7 million totaling 959,000 square feet including four properties in the TIAA joint venture totaling $125.9 million:
◦In Los Angeles, two buildings for $93.8 million:
▪A 136,000 square foot building on AA- rated MemorialCare Health System's Saddleback Medical Center campus where the Company purchased a property in January 2020.
▪A 49,000 square foot building located less than two miles from the Saddleback campus.
▪These buildings were purchased under the TIAA joint venture.
◦In Greensboro, five buildings for $67.2 million:
▪Four buildings totaling 177,000 square feet adjacent to AA- rated Cone Health's Moses Cone Memorial Hospital campus.
▪One building totaling 35,000 square feet on Cone Health's Alamance Regional Medical Center.
▪In August, Cone Health announced plans to merge with AA rated Sentara Healthcare.
◦In Atlanta, two buildings for $50.1 million totaling 125,000 square feet adjacent to A rated Northeast Georgia Health System's Gainesville campus.
◦In San Diego, one building for $37.4 million totaling 45,000 square feet that is leased to a diverse group of healthcare providers.
◦In Memphis, two buildings for $33.3 million:
▪A 135,000 square foot building leased to a variety of medical tenants including UT Medical Group, Methodist Healthcare and Baptist Memorial Health Care.
▪A 40,000 square foot building located on BBB+ rated Baptist Memorial's DeSoto Hospital campus, the Company's second investment on this hospital campus.
◦In Minneapolis, two buildings for $32.1 million:
▪A 92,000 square foot building located on AA- rated Allina Health's Mercy Hospital campus.
▪A 49,000 square foot building 100% leased to multiple tenants including Minnesota Gastroenterology and Summit Orthopedics.
▪These buildings were purchased under the TIAA joint venture.
◦In Nashville, one building for $14.0 million:
▪A 39,000 square foot building adjacent to AA+ rated Ascension Health's Saint Thomas Midtown Hospital.
▪The Company now owns over 400,000 square feet on this growing campus with an opportunity to develop additional square footage on this site.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 4

◦In Colorado Springs, one building for $8.9 million:
▪A 37,000 square foot building near BBB+ rated CommonSpirit Health's St. Francis Medical Center, where the Company owns an 80,000 square foot medical office building.
▪The property is located immediately adjacent to a medical office building acquired by the Company in March 2020.
•Subsequent to the end of the quarter, the Company acquired three medical office buildings for $39.7 million totaling 144,000 square feet:
◦In Dallas, two buildings for $22.5 million:
▪122,000 total square feet located on AA- rated Baylor Scott & White's Medical Center - Grapevine campus.
▪The Company owns two other properties on this campus.
◦In San Diego, one building for $17.2 million totaling 22,000 square feet 100% leased to University of California San Diego Health and adjacent to AA rated Scripps Health's Mercy Hospital San Diego.
•Since the end of the third quarter, the Company entered into forward equity contracts totaling 3.0 million shares at a weighted average price per share of $31.08.
◦Since the end of the third quarter, the Company settled 3.6 million shares through its forward equity program generating $108.7 million in net proceeds.
◦The Company currently has approximately 1.8 million shares to be settled through forward equity contracts. The Company expects gross proceeds of approximately $56.6 million, before costs of borrowing under the forward contracts.
•On October 2, the Company issued $300 million of senior notes due March 2031 with a coupon rate of 2.05%. The Company also called its $250 million, 3.75% senior notes due 2023, which were redeemed on October 19, 2020.
•As of December 31, the Company had cash of $15.3 million and $700 million available on its revolver.
•Net debt to adjusted EBITDA was 5.2 times at the end of the quarter.
•A dividend of $0.30 per share was paid on December 1, 2020 and a dividend of $0.3025 is payable on March 9, 2021 for stockholders of record on February 22, 2021.
ANNUAL HIGHLIGHTS
•Normalized FFO totaled $222.2 million or $1.65 per diluted common share, an increase of 2.9% from $1.60 per diluted common share in 2019.
•Predictive growth measures in the same store multi-tenant portfolio include:
◦Average in-place rent increases of 2.91%
◦Future annual contractual increases of 3.08% for leases commencing in the year
◦Weighted average cash leasing spreads of 4.1% on 1,487,000 square feet renewed:
▪14% (<0% spread)
▪12% (0-3%)
▪46% (3-4%)
▪28% (>4%)
◦Average tenant retention of 84.5%
•Annual portfolio leasing activity totaled 2,389,000 square feet related to 607 leases:
◦1,827,000 square feet of renewals
◦562,000 square feet of new and expansion leases
•Net investment activity totaled $323.9 million:
◦$546.9 million of acquisitions
◦$26.5 million of development and redevelopment funding
◦$249.4 million of dispositions
•Dividends paid in 2020 totaled $162.6 million, which equaled 73.2% of normalized FFO and 91.0% of FAD.
OTHER ITEMS OF NOTE
•The Company expects general and administrative expense to increase in the first quarter of 2021 over the fourth quarter of 2020 by approximately $0.8 million due to customary increases in payroll taxes, non-cash ESPP expense and healthcare savings account fundings. Approximately $0.6 million is not expected to recur in subsequent quarters.
•Below are select COVID-19 related matters that occurred in the fourth quarter:
◦Collected over 99% of fourth quarter and full year 2020 rent due
◦No new COVID deferrals granted in the fourth quarter
◦$7.1 million repaid out of $7.2 million of cumulative COVID related deferrals granted in the second and third quarters
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 5

Salient Facts 1
AS OF DECEMBER 31, 2020
Properties
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$4.6B invested in 227 properties
16.4M SF owned in 24 states
12.6M SF managed by Healthcare Realty
95.3% medical office and outpatient

Capitalization
$5.9B enterprise value as of 2/5/21
$4.3B market capitalization as of 2/5/21
139.7M shares outstanding as of 2/5/21
$0.3025 quarterly dividend per share
BBB/Baa2/BBB+ S&P/Moody's/Fitch
28.0% net debt to enterprise value at 12/31/20
5.2x net debt to adjusted EBITDA
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1Property counts and square footage include properties in the Company's unconsolidated JV.
HEALTHCARE REALTY
4Q 2020 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 December 31, 2020, the Company was invested in 227 real estate properties in 24 states totaling 16.4 million square feet and was valued at approximately $5.7 billion. The Company provided leasing and property management services to 12.6 million square feet nationwide.

EXECUTIVE OFFICERS
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
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.
Mizuho Securities USA Inc
Morgan Stanley & Co, LLC
Raymond James & Associates
Scotiabank
SMBC Nikko Securities America, Inc.
Stifel, Nicolaus & Company, Inc.
Wells Fargo Securities, LLC









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

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

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

Nancy H. Agee
President and Chief Executive Officer
Carilion Clinic

Edward H. Braman
Retired Audit Partner
Ernst & Young LLP

James J. Kilroy
President and Portfolio Manager
Willis Investment Counsel

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

Bruce D. Sullivan
Retired Audit Partner
Ernst & Young LLP

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
4Q 2020 SUPPLEMENTAL INFORMATION 7

Balance Sheet
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
ASSETS
4Q 20203Q 20202Q 20201Q 20204Q 2019
Real estate properties
Land $362,695 $330,840 $312,139 $319,882 $289,751 
Buildings, improvements and lease intangibles4,220,297 4,014,740 3,937,657 4,126,046 3,986,326 
Personal property11,195 10,962 10,849 10,783 10,538 
Construction in progress— — — — 48,731 
Land held for development27,226 24,647 24,647 24,647 24,647 
Total real estate properties4,621,413 4,381,189 4,285,292 4,481,358 4,359,993 
Less accumulated depreciation and amortization(1,239,224)(1,198,444)(1,169,298)(1,164,462)(1,121,102)
Total real estate properties, net3,382,189 3,182,745 3,115,994 3,316,896 3,238,891 
Cash and cash equivalents15,303 121,992 43,680 103,370 657 
Restricted cash 1
— 60,644 — — — 
Assets held for sale, net20,646 20,051 — 20 37 
Operating lease right-of-use assets125,198 123,807 124,398 125,040 126,177 
Financing lease right-of-use assets19,667 19,776 19,884 12,615 12,667 
Net investment in sales-type leases 2
— — 244,381 — — 
Investments in unconsolidated joint ventures 3
73,137 7,743 7,819 8,000 8,130 
Other assets176,120 174,693 175,797 181,708 177,296 
Total assets$3,812,260 $3,711,451 $3,731,953 $3,747,649 $3,563,855 
LIABILITIES AND STOCKHOLDERS' EQUITY
4Q 20203Q 20202Q 20201Q 20204Q 2019
Liabilities
Notes and bonds payable $1,602,769 $1,554,395 $1,554,936 $1,644,454 $1,414,069 
Accounts payable and accrued liabilities81,174 79,528 65,485 64,574 78,517 
Liabilities of properties held for sale1,216 548 — 74 145 
Operating lease liabilities92,273 91,466 91,259 91,093 91,574 
Financing lease liabilities18,837 18,697 18,595 17,953 18,037 
Other liabilities67,615 66,442 72,317 70,073 61,504 
Total liabilities1,863,884 1,811,076 1,802,592 1,888,221 1,663,846 
Commitments and contingencies
Stockholders' equity
Preferred stock, $.01 par value; 50,000 shares authorized— — — — — 
Common stock, $.01 par value; 300,000 shares authorized1,395 1,361 1,360 1,349 1,347 
Additional paid-in capital3,635,341 3,532,130 3,529,559 3,494,123 3,485,003 
Accumulated other comprehensive loss(17,832)(19,267)(20,294)(19,777)(6,175)
Cumulative net income attributable to common stockholders1,199,499 1,215,362 1,207,132 1,131,619 1,127,304 
Cumulative dividends(2,870,027)(2,829,211)(2,788,396)(2,747,886)(2,707,470)
Total stockholders' equity1,948,376 1,900,375 1,929,361 1,859,428 1,900,009 
Total liabilities and stockholders' equity$3,812,260 $3,711,451 $3,731,953 $3,747,649 $3,563,855 

1Restricted 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 (the “Internal Revenue Code”).
2In the second quarter of 2020, the Company entered into agreements to sell two single-tenant net leased properties ("Mercy disposition"), resulting in a lease modification and classification change from operating to sales-type. The properties were sold on July 30, 2020.
3Prior periods include a reclassification from Other assets to Investments in unconsolidated joint ventures for a joint venture in two parking garages.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 8

Statements of Income
DOLLARS IN THOUSANDS
4Q 20203Q 20202Q 20201Q 20204Q 20193Q 20192Q 20191Q 2019
Revenues
Rental income$123,877 $123,384 $122,358 $122,644 $119,438 $117,740 $114,351 $110,696 
Other operating2,003 1,868 1,332 2,163 2,086 2,059 1,966 1,961 
125,880 125,252 123,690 124,807 121,524 119,799 116,317 112,657 
Expenses
Property operating50,210 50,171 46,580 49,552 46,214 46,777 44,286 42,725 
General and administrative7,206 7,299 7,434 8,766 7,669 10,802 7,845 8,510 
Acquisition and pursuit costs 1
939 440 431 750 515 501 422 305 
Depreciation and amortization48,104 47,143 47,691 47,497 46,134 45,137 43,926 42,662 
106,459 105,053 102,136 106,565 100,532 103,217 96,479 94,202 
Other income (expense)
Gain (loss) on sales of real estate properties(34)2,177 68,267 (49)20,036 200 4,849 15 
Interest expense(13,618)(14,154)(14,442)(13,960)(13,816)(14,181)(13,850)(13,588)
Loss on extinguishment of debt(21,503)— — — — — — — 
Impairment of real estate assets— — — — (7)— (5,610)— 
Equity income (loss) from unconsolidated joint ventures(269)(66)(116)(11)(2)(13)7 (10)
Interest and other income (expense), net140 74 250 93 7 13 (750)19 
(35,284)(11,969)53,959 (13,927)6,218 (13,981)(15,354)(13,564)
Net income (loss)($15,863)$8,230 $75,513 $4,315 $27,210 $2,601 $4,484 $4,891 


































1Includes third party and travel costs related to the pursuit of acquisitions and developments.

HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 9

FFO, Normalized FFO, & FAD 1, 2
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 4Q 20203Q 20202Q 20201Q 20204Q 20193Q 20192Q 20191Q 2019
Net income (loss)$(15,863)$8,230$75,513$4,315$27,210$2,601$4,484$4,891
(Gain) loss on sales of real estate assets34(2,177)(68,267)49(20,036)(200)(4,849)(15)
Impairments of real estate assets————7—5,610—
Real estate depreciation and amortization49,25148,21548,57748,53146,96245,84644,60243,303
Unconsolidated JV depreciation and amortization32380808080808080
FFO $33,745$54,348$55,903$52,975$54,223$48,327$49,927$48,259
Acquisition and pursuit costs 3
939440431750515501422305
Lease intangible amortization(4)(35)(16)745455484
Accelerated stock awards 4
—————2,854——
Debt financing costs21,920—————760—
Unconsolidated JV normalizing items 5
16———————
Normalized FFO
$56,616$54,753$56,318$54,470$54,742$51,687$51,163$48,648
Non-real estate depreciation and amortization724785822823838838829763
Non-cash interest expense amortization 6
9769341,035746731727707702
Provision for bad debt, net(511)(144)945(83)124(32)150(75)
Straight-line rent income, net(645)(543)(390)(668)(789)(387)(9)(278)
Stock-based compensation2,4722,4452,4052,5992,1332,3752,3722,639
Unconsolidated JV non-cash items 7
48888888
Normalized FFO adjusted for non-cash items
59,63658,23861,14357,89557,78755,21655,22052,407
2nd generation TI(8,841)(5,323)(6,005)(6,040)(12,126)(6,114)(6,124)(4,326)
Leasing commissions paid(3,288)(1,999)(2,258)(2,824)(4,970)(2,697)(2,315)(1,347)
Capital expenditures(8,931)(4,580)(4,777)(3,470)(5,159)(3,543)(4,993)(3,462)
Maintenance cap ex(21,060)(11,902)(13,040)(12,334)(22,255)(12,354)(13,432)(9,135)
FAD$38,576$46,336$48,103$45,561$35,532$42,862$41,788$43,272
Dividends paid$40,816$40,815$40,510$40,416$40,121$38,852$38,771$37,614
TTM dividend payout (dividends paid/FAD)91.0 %92.2 %92.9 %95.4 %95.0 %92.4 %94.7 %97.6 %
FFO per common share - diluted$0.25$0.40$0.42$0.40$0.41$0.37$0.39$0.39
Normalized FFO per common share - diluted$0.42$0.41$0.42$0.41$0.41$0.40$0.40$0.39
FFO weighted average common shares
outstanding - diluted 8
135,701135,159134,464133,980133,125129,015128,279124,928



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 acquisition and pursuit costs related to unconsolidated joint ventures.
6Includes the amortization of deferred financing costs, discounts and premiums.
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 911,261 for the three months ended December 31, 2020.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 10

Capital Funding & Commitments
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
ACQUISITION AND RE/DEVELOPMENT FUNDING
4Q 20203Q 20202Q 20201Q 20204Q 2019
Acquisitions 1
$273,757$108,127$— $102,030$107,408
Re/development 9,2044,7095,6646,9167,028
1st gen. TI & acquisition capex 2
6,3276,4714,9912,7318,184
MAINTENANCE CAPITAL EXPENDITURES
4Q 20203Q 20202Q 20201Q 20204Q 2019
$ Spent
2nd generation TI$8,841$5,323$6,005$6,040$12,126
Leasing commissions paid3,2881,9992,2582,8244,970
Capital expenditures8,9314,5804,7773,4705,159
$21,060$11,902$13,040$12,334$22,255
% of Cash NOI
2nd generation TI11.8 %7.1 %7.8 %8.0 %16.2 %
Leasing commissions paid4.4 %2.7 %2.9 %3.8 %6.6 %
Capital expenditures11.9 %6.1 %6.2 %4.6 %6.9 %
28.1 %15.9 %17.0 %16.4 %29.7 %
LEASING COMMITMENTS
4Q 20203Q 20202Q 20201Q 20204Q 2019
Renewals
Square feet421,652669,687393,496342,614381,561
2nd generation TI/square foot/lease year$1.48$1.49$1.78$1.65$3.15
Leasing commissions/square foot/lease year$0.85$1.13$0.86$0.80$0.91
Renewal commitments as a % of annual net rent9.0 %11.2 %13.0 %11.1 %17.3 %
WALT (in months) 3
53.348.845.146.356.6
New leases
Square feet82,538111,310108,48597,305117,274
2nd generation TI/square foot/lease year$6.28$5.38$6.40$4.07$5.06
Leasing commissions/square foot/lease year$1.48$1.01$1.30$1.06$1.60
New lease commitments as a % of annual net rent35.9 %28.3 %42.3 %23.5 %32.9 %
WALT (in months) 3
77.389.074.875.369.0
All
Square feet504,190780,997501,981439,919498,835
Leasing commitments as a % of annual net rent13.9 %15.0 %21.3 %14.9 %21.0 %
WALT (in months) 3
57.354.651.552.759.5


1Acquisitions include properties acquired through joint ventures at the Company's ownership percentage. Acquisitions exclude the first quarter and third quarter of 2020 purchases of land previously ground leased totaling $1.6 million and $1.0 million and also excludes the fourth quarter of 2020 purchase of land held for development totaling $2.6 million.
2Planned capital expenditures for acquisitions include expected near-term fundings that were contemplated as part of the acquisition.
3WALT = weighted average lease term.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 11

Debt Metrics
DOLLARS IN THOUSANDS
SUMMARY OF INDEBTEDNESS AS OF DECEMBER 31, 2020
PRINCIPAL BALANCE
BALANCE 1
INTEREST EXPENSEMONTHS TO MATURITYCONTRACTUAL RATEEFFECTIVE RATE
Senior notes due April 2023 2
$—$—$453— 3.75 %3.95 %
Senior notes due May 2025 3
250,000248,7762,46952 3.88 %4.08 %
Senior notes due January 2028300,000296,1232,77784 3.63 %3.84 %
Senior notes due March 2030 4
300,000296,4681,929111 2.40 %2.71 %
Senior notes due March 2031
300,000294,9241,572123 2.05 %2.24 %
Total senior notes outstanding$1,150,000$1,136,291$9,20094 2.95 %3.18 %
$700 million unsecured credit facility due May 2023 — — — 29 LIBOR + 0.90%1.04 %
$200 million unsecured term loan facility due May 2024 5
200,000199,2361,01341 LIBOR + 1.00%1.99 %
$150 million unsecured term loan facility due June 2026 6
150,000149,4791,20365 LIBOR + 1.60%3.14 %
Mortgage notes payable, net117,221117,7631,12544 4.20 %4.07 %
Total outstanding notes and bonds payable$1,617,221$1,602,769$12,54181 2.94 %3.09 %
Interest cost capitalization(229)
Unsecured credit facility fee and deferred financing costs1,059
Financing lease right-of-use assets247
Total quarterly consolidated interest expense$13,618
DEBT MATURITIES SCHEDULE AS OF DECEMBER 31, 2020
PRINCIPAL PAYMENTSWEIGHTED AVERAGE RATE
BANK
LOANS		SENIOR NOTESMORTGAGE NOTESTOTALBANK LOANSSENIOR NOTESMORTGAGE NOTESTOTAL
2021$3,913$3,913— %— %4.51 %4.51 %
202213,43413,434— %— %3.81 %3.81 %
2023 2
30,70130,701— %— %4.21 %4.21 %
2024$200,00026,449226,4491.99 %— %4.48 %2.28 %
2025$250,00017,415267,415— %3.88 %4.35 %3.91 %
2026150,00024,879174,8793.14 %— %3.93 %3.26 %
2027430430— %— %6.17 %6.17 %
2028300,000300,000— %3.63 %— %3.63 %
2029— — %— %— %— %
Thereafter600,000600,000— %2.23 %— %2.23 %
Total$350,000$1,150,000$117,221$1,617,2212.48 %2.95 %4.20 %2.94 %
Weighted average rate2.48 %2.95 %4.20 %2.94 %





1Balances are reflected net of discounts and deferred financing costs and include premiums.
2On October 19, 2020, the Company redeemed the Senior notes due April 2023, including a make-whole payment of $20.4 million.
3The 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.
4The 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.
5The 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).
6The 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 160 basis points).
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 12

Debt Covenants
DOLLARS IN THOUSANDS
SELECTED FINANCIAL DEBT COVENANTS TTM ENDED DECEMBER 31, 2020 1
CALCULATIONREQUIREMENTPER DEBT COVENANTS
Revolving credit facility and term loan 2
Leverage ratio Total debt/total capitalNot greater than 60%33.9 %
Secured leverage ratioTotal secured debt/total capitalNot greater than 30%2.4 %
Unencumbered leverage ratio Unsecured debt/unsecured real estateNot greater than 60%34.9 %
Fixed charge coverage ratioEBITDA/fixed chargesNot less than 1.50x4.5x
Unsecured coverage ratioUnsecured EBITDA/unsecured interestNot less than 1.75x5.0x
Construction and developmentCIP/total assetsNot greater than 15%0.0 %
Unconsolidated joint venturesUnconsolidated joint ventures/total assetsNot greater than 15%2.0 %
Asset investmentsUnimproved land, stock & mortgages/total assetsNot greater than 20%0.7 %
Senior Notes due 2030 and 2031 3
Incurrence of total debt Total debt/total assetsNot greater than 60%33.8 %
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%298.7 %
Debt service coverageEBITDA/interest expenseNot less than 1.5x5.1x
Other Senior Notes 4
Incurrence of total debt Total debt/total assetsNot greater than 60%35.1 %
Incurrence of debt secured by any lienSecured debt/total assetsNot greater than 40%2.5 %
Maintenance of total unsecured assets Unencumbered assets/unsecured debtNot less than 150%286.9 %
Debt service coverageEBITDA/interest expenseNot less than 1.5x5.0x
Other
Net debt to adjusted EBITDA 5
Net debt (debt less cash)/adjusted EBITDANot required5.2x
Net debt to enterprise value 6
Net Debt/enterprise valueNot required28.0 %
















1Does not include all financial and non-financial covenants and restrictions that are required by the Company's various debt agreements. All financial measures include the Company's proportionate share of unconsolidated joint ventures.
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 the 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 26 for a reconciliation of adjusted EBITDA. Net debt does not include lease liabilities.
6Based on the closing price of $29.60 on December 31, 2020 and 139,487,375 shares outstanding. Debt does not include lease liabilities.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 13

Acquisition & Disposition Activity
DOLLARS IN THOUSANDS
MOB ACQUISITION ACTIVITY
MARKETMILES TO CAMPUSASSOCIATED HEALTH SYSTEM/TENANCYCLOSINGSQUARE
FEET		LEASED %
PURCHASE
PRICE 1
% OWNERSHIP
CAP
RATE 2
Los Angeles, CA0.14MemorialCare Health1/3/202086,98679 %$42,000100 %5.3 %
Atlanta, GA0.10Wellstar Health System2/13/202064,62494 %11,965100 %5.6 %
Raleigh, NC0.04WakeMed Health2/25/202015,964100 %6,325100 %6.7 %
Colorado Springs, CO1.60CommonSpirit Health3/9/202034,210100 %8,240100 %6.5 %
Denver, CO 3
0.24UCHealth3/13/2020136,99494 %33,500100 %6.1 %
San Diego, CA0.04Palomar Health7/1/202046,08392 %16,650100 %5.9 %
Los Angeles, CA0.11Cedars-Sinai-Huntington 7/17/202049,785100 %35,000100 %5.4 %
Seattle, WA 4
0.06MultiCare Health System7/23/202021,309100 %11,025100 %5.6 %
Atlanta, GA0.13Wellstar Health System7/31/202048,145100 %20,452100 %6.2 %
Houston, TX0.03Memorial Hermann9/24/202040,23589 %11,000100 %5.6 %
Los Angeles, CA0.03Providence St. Joseph 9/28/202024,25295 %14,000100 %5.6 %
Colorado Springs, CO1.60CommonSpirit Health10/7/202036,72093 %8,925100 %6.5 %
Greensboro, NC 3
0.02Cone Health-Sentara11/9/2020149,40092 %45,105100 %5.5 %
Memphis, TN0.90UT Health/Methodist/BMG11/9/2020135,27082 %26,305100 %5.7 %
Minneapolis, MN0.00Allina Health11/12/202092,13980 %16,61550 %5.1 %
Memphis, TN0.00Baptist Memorial (BMG)11/18/202040,19293 %7,005100 %6.5 %
Nashville, TN0.10Ascension Health12/1/202038,73695 %14,000100 %5.2 %
Minneapolis, MN2.50Summit Orthopedics12/7/202048,594100 %15,51050 %6.8 %
Los Angeles, CA0.00MemorialCare Health12/8/2020135,90487 %80,62850 %4.9 %
Greensboro, NC0.25Cone Health-Sentara12/17/202027,599100 %10,500100 %5.4 %
San Diego, CA4.40None12/22/202045,15791 %37,350100 %5.2 %
Atlanta, GA 5
0.22NGHS/Northside12/29/2020125,404100 %50,053100 %5.2 %
Los Angeles, CA1.60MemorialCare Health12/29/202048,75989 %13,12550 %6.0 %
Greensboro, NC0.00Cone Health-Sentara12/30/202035,373100 %11,575100 %6.0 %
2020 Total 6
1,527,83492 %$546,8535.5 %
Subsequent activity
San Diego, CA 4
0.02UCSD/Scripps Health1/7/202122,461100 %$17,150100 %5.4 %
Dallas, TX 5
0.00Baylor Scott & White Health2/1/2021121,70966 %22,515100 %5.1 %

DISPOSITION ACTIVITY
LOCATION
TYPE 7
MILES TO CAMPUSASSOCIATED HEALTH SYSTEMCLOSINGSALES
PRICE		SQUARE FEETLEASED %
CAP RATE 8
Springfield, MO 4
SFNAMercy (St. Louis)7/30/2020$137,987186,000100 %7.5 %
Oklahoma City, OK 4
MOB1.10Mercy (St. Louis)7/30/2020106,469200,000100 %7.5 %
Miami, FLMOB0.00HCA9/30/20204,98726,00078 %3.9 %
2020 Total $249,443412,00099 %7.4 %

1Includes joint venture acquisitions at full acquisition price.
2For acquisitions, cap rate represents the forecasted first year NOI divided by purchase price. Does not include fees earned related to the unconsolidated joint venture.
3Includes three properties.
4Represents a single-tenant property.
5Includes two properties.
6Total excludes the first quarter and third quarter of 2020 purchases of land previously ground leased totaling $1.6 million and $1.0 million, respectively and excludes the fourth quarter of 2020 purchase of land held for development totaling $2.5 million.
7MOB = Medical office building; SF = Surgical facility
8For dispositions, cap rate represents the in-place cash NOI divided by sales price.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 14

Re/Development Activity
DOLLARS IN THOUSANDS
UNDER RE/DEVELOPMENT
MARKETTYPEMILES TO CAMPUSSQUARE
FEET		BUDGETFUNDINGS
THRU 12/31/20		REMAINING FUNDINGSLEASED %EXPECTED QTR NOI AT LEASED %EXPECTED STABILIZED YIELDASSOCIATED HEALTH SYSTEM
Memphis, TN 1
Redev0.26110,883$30,200$21,650$8,55097 %$5607.6 %Baptist Memorial
Dallas, TX 2
Redev0.0217,11416,90042316,47758 %4646.5 %Baylor Scott & White
Total 327,997$47,100$22,073$25,02771 %$1,0247.2 %
EXPECTED NOI AND OCCUPANCY RAMP UP TO LEASED %3
Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022
Cash NOI
Memphis, TN— $226$381$519$560$566
Dallas, TX489514481467464467
Total$489$740$862$986$1,024$1,033
Average occupancy
Memphis, TN44 %60 %76 %87 %97 %97 %
Dallas, TX86 %86 %86 %72 %58 %58 %
Total72 %77 %83 %77 %71 %71 %


HISTORICAL INVESTMENT ACTIVITY
ACQUISITIONS 4
RE/DEVELOPMENT FUNDINGTOTAL INVESTMENTS DISPOSITIONSNET INVESTMENTS
2016$241,939$45,343$287,282$94,683$192,599
2017327,16732,305359,472122,700236,772
2018111,45035,567147,01798,69148,326
2019381,31428,584409,89854,860355,038
2020546,85326,493573,346249,443323,903
Average (2016-2020)$321,745$33,658$355,403$124,075$231,328
% of Total90.5 %9.5 %100.0 %













1The project includes the acquisition of a 110,883 square foot medical office building for $8.7 million and redevelopment costs related to the property.
2The 110,860 square foot fitness center lease will be reduced to 51,740 square foot when Cowboys Fit is expected to take occupancy in Q3 2021.
3Does not reflect the impact of capitalized interest that will be reduced at lease commencement.
4Includes joint venture acquisitions on the full acquisition price and was not adjusted for the Company's ownership percentage.

HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 15

Portfolio 1, 2
DOLLARS IN THOUSANDS
MARKETS (BY SQUARE FEET)
MOB 95.3%NON-MOB 4.7%
MARKETMSA RANK
INVESTMENT 1
COUNTCONSOLIDATEDJOINT VENTUREINPATIENT/SURGICALOFFICETOTAL % OF TOTAL
Dallas, TX4$495,460211,883,038156,245145,3652,184,64813.3 %
Seattle, WA15659,367271,545,5391,545,5399.4 %
Los Angeles, CA2393,52419870,820184,66363,0001,118,4836.8 %
Nashville, TN36224,6827805,259108,691913,9505.6 %
Charlotte, NC22182,81216860,735860,7355.2 %
Denver, CO19190,87512694,36293,869788,2314.8 %
Atlanta, GA9310,03513781,922781,9224.8 %
Memphis, TN43134,8129691,338691,3384.2 %
Houston, TX5162,45910603,99557,170661,1654.0 %
Richmond, VA44151,3917548,801548,8013.4 %
Des Moines, IA82138,8627379,955152,655532,6103.2 %
Indianapolis, IN33120,4874526,194526,1943.2 %
Washington, DC6152,7736507,336507,3363.1 %
San Antonio, TX2496,7026473,673473,6732.9 %
Austin, TX29108,7955374,886374,8862.3 %
Chicago, IL393,9723352,800352,8002.2 %
Minneapolis, MN1678,1166207,508140,733348,2412.1 %
Colorado Springs, CO7874,5005312,154312,1541.9 %
Honolulu, HI56145,1763298,427298,4271.8 %
San Francisco, CA12121,5153286,270286,2701.7 %
Other (17 markets)600,252382,325,2722,325,27214.1 %
Total$4,636,56722715,330,284325,396219,245557,75016,432,675100.0 %
Number of properties216425227
% of square feet93.3 %2.0 %1.3 %3.4 %100.0 %
% multi-tenant96.0 %100.0 %— %100.0 %94.9 %
Investment 1
$4,312,866$69,534$111,148$143,019$4,636,567
Quarterly cash NOI 1
$70,519$135$3,177$1,249$75,080
% of cash NOI93.9 %0.2 %4.2 %1.7 %100.0 %
BY BUILDING TYPE
CONSOLIDATED
MULTI-TENANTSINGLE-TENANTJOINT VENTURETOTAL
Number of properties210134227
Square feet15,275,040832,239325,39616,432,675
% of square feet92.9 %5.1 %2.0 %100.0 %
Investment 1
$4,297,985$269,048$69,534$4,636,567
Quarterly cash NOI 1
$68,552$6,393$135$75,080
% of cash NOI91.3 %8.5 %0.2 %100.0 %




1Investment reflects gross value. Quarterly cash NOI reflects the Company's ownership percentage.
2Excludes assets held for sale, land held for development, construction in progress, Memphis Redevelopment and corporate property.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 16

Associated Health Systems 1
MOB PORTFOLIO (BY SQUARE FEET)
SYSTEM RANK 3
CREDIT RATINGOFF CAMPUS% OF TOTAL MOB
HEALTH SYSTEMON
ADJACENT 4
ANCHORED 5
TOTAL MOB
Baylor Scott & White Health20AA-/Aa31,644,096280,941163,188— 2,088,225 13.3 %
CommonSpirit Health 5BBB+/Baa1807,182311,31095,486205,8401,419,818 9.1 %
Ascension Health3AA+/Aa21,080,681194,617— — 1,275,298 8.1 %
Atrium Health25AA-/Aa3393,81598,066313,513— 805,394 5.1 %
Tenet Healthcare6B/B2570,26467,790— 135,270773,324 5.0 %
UW Medicine (Seattle)92AA+/Aaa345,567102,54044,166125,543617,816 4.0 %
Wellstar Health System75A/A2476,054112,769— — 588,823 3.8 %
Bon Secours Mercy Health 21A+/A1548,801— — — 548,801 3.5 %
Indiana University Health26AA/Aa2423,628102,566— — 526,194 3.4 %
Baptist Memorial Health Care90BBB+/--464,498— 39,345— 503,843 3.2 %
UCHealth46AA/Aa3150,291298,09333,850— 482,234 3.1 %
HCA1BB+/Ba2151,340167,01778,305— 396,662 2.5 %
Providence St. Joseph Health4AA-/Aa3176,854153,433— 31,601361,888 2.3 %
Trinity Health7AA-/Aa3267,95273,331— — 341,283 2.2 %
Hawaii Pacific Health182--/A1173,502— — 124,925298,427 1.9 %
Memorial Care Health System134AA-/--135,90486,986— 48,759271,649 1.7 %
Inova Health System70AA+/Aa2262,121— — — 262,121 1.7 %
Memorial Hermann39A+/A1— 246,325— — 246,325 1.6 %
Medstar Health45A/A2241,739— — — 241,739 1.5 %
MultiCare Health System82AA-/Aa3154,45284,348— — 238,800 1.5 %
Advocate Aurora Health Care14AA/Aa3142,95595,436— — 238,391 1.5 %
Other (27 credit rated systems)1,225,8841,313,740146,689179,9632,866,276 18.3 %
Subtotal - credit rated 6
9,837,5803,789,308914,542851,90115,393,331 98.3 %
Non-credit rated102,555——159,794262,349 1.7 %
Total9,940,1353,789,308914,5421,011,69515,655,680 100.0 %
% of total63.5 %24.2 %5.8 %6.5 %

















1Includes joint venture at total square feet. Excludes construction in progress, Memphis Redevelopment and assets classified as held for sale.
2Includes total square feet of buildings located on-campus, adjacent and off-campus/anchored by healthcare systems.
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 buildings where health systems lease 40% or more of the property.
6Based on square footage, 90.1% is associated with an investment-grade rated healthcare provider.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 17

Top Tenants 1
# OF ASSOCIATED PROPERTIESLEASED SQUARE FEET
TENANT
SYSTEM RANK 2
CREDIT RATING# OF LEASESMOBINPATIENT/SURGICALTOTAL% OF TOTAL LEASED % OF TTM REVENUE
Baylor Scott & White Health20AA-/Aa321141900,936 156,245 1,057,1817.4 %8.1 %
Atrium Health25AA-/Aa31774658,745 — 658,7454.6 %4.0 %
CommonSpirit Health 5BBB+/Baa11774568,337 — 568,3374.0 %3.9 %
Indiana University Health26AA/Aa2461437,462 — 437,4623.1 %2.8 %
Ascension Health3AA+/Aa21165383,222 — 383,2222.7 %2.6 %
WellStar Health System75A/A2950347,821 — 347,8212.4 %2.2 %
UW Medicine (Seattle)92AA+/Aaa927230,152 — 230,1521.6 %2.1 %
Bon Secours Mercy Health21A+/A1760278,215 — 278,2152.0 %1.8 %
UCHealth46AA/Aa3814221,718 — 221,7181.6 %1.7 %
Proliance Surgeons--718146,539 — 146,5391.0 %1.6 %
Baptist Memorial Health Care90BBB+/--839257,180 — 257,1801.8 %1.5 %
Tenet Healthcare6B/B21029116,636 63,000 179,6361.3 %1.4 %
Medstar Health45A/A2354153,353 — 153,3531.1 %1.3 %
Trinity Health7AA-/Aa3331165,250 — 165,2501.2 %1.1 %
Providence St. Joseph Health4AA-/Aa3722100,739 — 100,7390.7 %1.0 %
Eating Recovery Center-B-/Caa146100,946 — 100,9460.7 %0.9 %
Hawaii Pacific Health182--/A133591,426 — 91,4260.6 %0.9 %
MultiCare Health System82AA-/Aa3518150,201 — 150,2011.1 %0.9 %
USPI 3
--510109,113 — 109,1130.8 %0.8 %
DaVita-BB/Ba21416126,832 — 126,8320.9 %0.8 %
Inova Health70AA+/Aa231090,533 — 90,5330.6 %0.8 %
Labcorp of America-BBB/Baa22326179,921 — 179,9211.3 %0.8 %
Kaiser Permanente2AA-/--310101,830 — 101,8300.7 %0.8 %
Memorial Hermann 39A+/A12 2 99,874 — 99,8740.7 %0.7 %
Overlake Health System294A/A22 8 73,676 — 73,6760.5 %0.7 %
HCA1BB+/Ba251484,358 — 84,3580.6 %0.7 %
Allina Health57AA-/Aa331494,599 — 94,5990.7 %0.5 %
Advocate Health Care14AA/Aa321058,166 — 58,1660.4 %0.5 %
Cedars-Sinai Health51--/Aa311447,661 — 47,6610.3 %0.5 %
Univ. of MD Medical Center61A/A221075,495— 74,4950.5 %0.5 %
Top 30 tenants962 6,450,936 219,245 6,670,181 46.9 %47.9 %
Total investment-grade tenants 4
940 6,415,088 156,245 6,571,333 46.2 %45.1 %







1Includes joint venture properties and excludes construction in progress, Memphis Redevelopment and assets classified as held for sale.
2Ranked by revenue based on Modern Healthcare's Healthcare Systems Financials Database.
3As of December 31, 2020, USPI is approximately 95% owned by Tenet Health.
4Includes affiliates of investment grade tenants.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 18

MOB Proximity to Hospital 1, 2
MEDICAL OFFICE BUILDINGS BY LOCATION
CONSOLIDATED
MULTI-TENANTSINGLE-TENANTJOINT VENTURETOTAL
On campus63.7 %54.7 %70.1 %63.5 %
Adjacent to campus 3
24.1 %42.1 %— %24.2 %
Total on/adjacent87.8 %96.8 %70.1 %87.7 %
Off campus - anchored by health system 4
6.0 %3.2 %— %5.8 %
Off campus6.2 %— %29.9 %6.5 %
100.0 %100.0 %100.0 %100.0 %
% of total94.1 %3.8 %2.1 %100.0 %
DISTANCE TO HOSPITAL CAMPUS
GROUND LEASE PROPERTIES
GREATER THANLESS THAN OR EQUAL TO# OF PROPERTIESSQUARE FEET% OF TOTALCUMULATIVE %CAMPUS PROXIMITY# OF PROPERTIESSQUARE FEET% OF TOTAL
0.00122 9,940,13563.5 %63.5 %On campus887,716,67289.4 %
0.00250 yards42 2,325,24414.9 %78.4 %
Adjacent 3
2128,7171.5 %
250 yards0.25 miles27 1,464,0649.3 %87.7 %4120,0361.4 %
0.25 miles0.504 286,8181.8 %89.5 %Off campus1124,9251.4 %
0.501.003 416,1432.7 %92.2 %— — — %
1.002.007 439,1302.8 %95.0 %4319,4463.7 %
2.005.009 446,0672.8 %97.8 %113,8180.2 %
5.0010.003 205,6311.3 %99.1 %3205,6312.4 %
10.003 132,4430.9 %100.0 %— — — %
Total220 15,655,675100.0 %103 8,629,245100.0 %


















1Includes joint venture properties and excludes construction in progress, Memphis Redevelopment 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
4Q 2020 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
20217472,503,65418.7 %1 83,318 10.0 %7482,586,97218.2 %17.6 %
20225601,878,35414.0 %1 58,2857.0 %5611,936,63913.6 %14.0 %
20234831,876,77314.0 %— — — %4831,876,77313.2 %13.8 %
20244432,067,93815.4 %1 63,000 7.6 %4442,130,93815.0 %14.7 %
20253861,763,41113.2 %2 91,56111.0 %3881,854,97213.0 %13.1 %
2026145558,1514.2 %— — — %145558,1513.9 %3.6 %
2027123588,8234.4 %1 156,245 18.8 %124745,0685.2 %6.3 %
2028117693,7045.2 %1 35,4194.2 %118729,1235.1 %4.7 %
2029109637,8734.8 %4 303,37036.4 %113941,2436.6 %6.4 %
2030107442,4103.3 %1 19,7322.4 %108462,1423.3 %3.1 %
Thereafter84380,8602.8 %1 21,3092.6 %85402,1692.9 %2.7 %
Total leased3,30413,391,95185.8 %13 832,239100.0 %3,31714,224,19086.6 %100.0 %
Total building 15,600,436100.0 %832,239100.0 %16,432,675100.0 %
WALTR (months) 3
44.073.145.7
WALT (months) 3
85.2142.888.7
# 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 - 2,5001,767 — >100,00039.5 %6,487,282144,16245
2,501 - 5,000818 — <100,000 and >75,00025.2 %4,147,73886,41148
5,001 - 7,500266 — <75,000 and >50,00017.2 %2,819,77862,66245
7,501 - 10,000152 — <50,000 and >25,00015.7 %2,577,60039,05566
10,001 +301 13 <25,0002.4 %400,27717,40323
Total Leases3,304 13 Total100.0 %16,432,67572,391227




















1Includes joint venture properties and excludes land held for development, construction in progress, Memphis Redevelopment, 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 4,053 square feet.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 20

Historical Occupancy 1
DOLLARS IN THOUSANDS
SAME STORE PROPERTIES
4Q 20203Q 20202Q 20201Q 20204Q 20193Q 2019
Multi-tenant
Number of properties158156161157157149
Total building square feet12,167,28711,984,47312,519,84112,243,06912,243,06911,675,944
Period end % occupied87.6 %87.6 %87.7 %87.9 %88.3 %87.6 %
Single-tenant
Number of properties121212141414
Total building square feet810,930810,930810,9301,196,9301,196,9301,252,198
Period end % occupied100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Total same store properties
Number of properties170168173171171163
Total building square feet12,978,21712,795,40313,330,77113,439,99913,439,99912,928,142
Period end % occupied88.4 %88.4 %88.4 %89.0 %89.3 %88.8 %
PROPERTIES NOT IN SAME STORE
4Q 20203Q 20202Q 20201Q 20204Q 20193Q 2019
Acquisitions 2
Number of properties423126312430
Total building square feet2,178,2671,667,9901,455,2651,826,0291,487,2511,935,189
Period end % occupied89.2 %91.4 %89.2 %86.9 %86.1 %90.1 %
Development completions
Number of properties1111— — 
Total building square feet151,031151,031151,031151,031— — 
Period end % occupied60.5 %60.5 %60.5 %20.2 %— %— %
% leased60.5 %60.5 %60.5 %60.0 %— %— %
Reposition 3
Number of properties1011109911
Total building square feet799,764859,004523,159429,167429,167567,252
Period end % occupied61.0 %62.1 %46.9 %41.9 %41.9 %36.0 %
Joint Venture
Number of properties4— — — — — 
Total building square feet325,396— — — — — 
Period end % occupied72.4 %— %— %— %— %— %
% leased87.4 %— %— %— %— %— %
TOTAL PROPERTIES
4Q 20203Q 20202Q 20201Q 20204Q 20193Q 2019
Number of properties227211210212204204
Total building square feet16,432,67515,473,42815,460,22615,846,22615,356,41715,430,583
Period end % occupied86.6 %87.0 %86.8 %86.8 %87.7 %87.0 %



1Includes joint venture properties and excludes land held for development, construction in progress, Memphis Redevelopment, corporate property and assets classified as held for sale.
2Acquisition 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
4Q 2020 SUPPLEMENTAL INFORMATION 21

Occupancy Reconciliation
SQUARE FEET
SEQUENTIAL
PORTFOLIOSAME STORE
COUNTOCCUPIEDTOTAL%COUNTOCCUPIEDTOTAL%
Beginning September 30, 2020211 13,459,634 15,473,428 87.0 %168 11,311,096 12,795,403 88.4 %
Portfolio activity
Acquisitions 1
16 805,362 959,247 84.0 %NANANANA
Re/development completions — — — — %— — — — %
Dispositions 2
— — — — %— — — — %
Same store reclassifications
AcquisitionsNANANANA1 123,574 123,574 100.0 %
Development completionsNANANANA— — — — %
Reposition to same storeNANANANA1 38,560 59,240 65.1 %
Reposition from same storeNANANANA— — — — %
227 14,264,996 16,432,675 86.8 %170 11,473,230 12,978,217 88.4 %
Leasing activity
New leases/expansionsNA120,216 NANANA103,573 NANA
Move-outs/contractionsNA(161,022)NANANA(109,547)NANA
Net absorptionNA(40,806)NANANA(5,974)NANA
Ending December 31, 2020227 14,224,190 16,432,675 86.6 %170 11,467,256 12,978,217 88.4 %
YEAR-OVER-YEAR
PORTFOLIOSAME STORE
COUNTOCCUPIEDTOTAL%COUNTOCCUPIEDTOTAL%
Beginning December 31, 2019204 13,462,442 15,356,417 87.7 %171 12,001,733 13,439,999 89.3 %
Portfolio activity
Acquisitions 1
29 1,330,159 1,527,834 87.1 %NANANANA
Re/development completions 1 30,445 151,031 20.2 %— — — — %
Dispositions 2
(7)(465,069)(602,607)77.2 %(5)(462,855)(494,996)93.5 %
Same store reclassifications
AcquisitionsNANANANA6 395,265 417,430 94.7 %
Development completionsNANANANA— — — — %
Reposition to same storeNANANANA1 38,560 59,240 65.1 %
Reposition from same storeNANANANA(3)(381,259)(443,456)86.0 %
227 14,357,977 16,432,675 87.4 %170 11,591,444 12,978,217 89.3 %
Leasing activity
New leases/expansionsNA538,514 NANANA370,673 NANA
Move-outs/contractionsNA(672,301)NANANA(494,861)NANA
Net absorptionNA(133,787)NANANA(124,188)NANA
Ending December 31, 2020227 14,224,190 16,432,675 86.6 %170 11,467,256 12,978,217 88.4 %





1Includes joint venture properties.
2Includes properties reclassified as held for sale.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 22

Same Store Leasing Statistics 1
4Q 20203Q 20202Q 20201Q 20204Q 20193Q 20192Q 20191Q 2019
Average in-place contractual increases
Multi-tenant2.91 %2.90 %2.89 %2.89 %2.90 %2.93 %2.91 %2.91 %
Single-tenant2.27 %2.27 %2.13 %2.10 %2.10 %2.12 %2.43 %2.46 %
2.86 %2.85 %2.83 %2.79 %2.80 %2.82 %2.84 %2.85 %
Multi-tenant renewals
Cash leasing spreads 2.8 %4.5 %4.5 %4.4 %4.2 %3.3 %5.0 %3.3 %
Tenant retention rate84.2 %85.1 %84.6 %84.0 %86.6 %90.2 %87.4 %85.5 %
AVERAGE IN-PLACE CONTRACTUAL INCREASES 2
MULTI-TENANTSINGLE-TENANTTOTAL
% INCREASE% OF
BASE RENT		% INCREASE% OF
BASE RENT		% INCREASE% OF
BASE RENT
Annual increase
CPI 2.22 %2.33 %1.30 %12.07 %1.95 %3.04 %
Fixed2.99 %94.57 %2.65 %38.54 %2.98 %90.50 %
Non-annual increase (annualized)
CPI 1.16 %0.34 %0.50 %4.78 %0.81 %0.66 %
Fixed1.43 %1.80 %2.40 %44.61 %2.07 %4.91 %
No increase
Term > 1 year— %0.96 %— %— %— %0.89 %
Total 2
2.91 %100.00 %2.27 %100.00 %2.86 %100.00 %
TYPE AND OWNERSHIP STRUCTURE (% OF SQUARE FEET)
MULTI-TENANTSINGLE-TENANTTOTAL
Tenant type
Hospital51.2 %83.0 %53.5 %
Physician and other48.8 %17.0 %46.5 %
Lease structure
Gross10.8 %— %10.1 %
Modified gross29.6 %— %27.5 %
Net59.6 %— %55.3 %
Absolute net 3
— %100.0 %7.1 %
Ownership type
Ground lease62.3 %15.6 %59.4 %
Fee simple37.7 %84.4 %40.6 %




1Excludes recently acquired or disposed properties, construction in progress, Memphis Redevelopment, land held for development, corporate property, reposition properties and assets classified as held for sale.
2Excludes leases with terms of one year or less.
3Tenant is typically responsible for operating expenses and capital obligations.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 23

Same Store Performance 1
DOLLARS IN THOUSANDS, EXCEPT PER SQUARE FOOT DATA
20204Q 20203Q 20202Q 20201Q 202020194Q 20193Q 20192Q 20191Q 2019
Multi-tenant
Revenues$386,401$96,781$97,684$94,915$97,021$380,674$95,944$96,025$94,931$93,774
Expenses154,00838,14939,59837,06439,197152,82538,24339,38837,85237,342
Cash NOI$232,393$58,632$58,086$57,851$57,824$227,849$57,701$56,637$57,079$56,432
Revenue per occ SF 2
$36.10$36.32$36.60$35.44$36.08$35.35$35.64$35.66$35.31$34.86
Margin60.1 %60.6 %59.5 %61.0 %59.6 %59.9 %60.1 %59.0 %60.1 %60.2 %
Average occupancy
88.0 %87.6 %87.8 %88.0 %88.4 %88.5 %88.5 %88.5 %88.4 %88.4 %
Number of properties158158158158158158158158158158
Single-tenant
Revenues$26,240$6,821$6,662$6,224$6,533$25,706$6,495$6,503$6,491$6,217
Expenses2,2485826294256122,234601633604396
Cash NOI$23,992$6,239$6,033$5,799$5,921$23,472$5,894$5,870$5,887$5,821
Revenue per occ SF 2
$32.36$33.64$32.86$30.70$32.22$31.70$32.03$32.07$32.01$30.66
Average occupancy
100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Number of properties12121212121212121212
Total
Revenues$412,641$103,602$104,346$101,139$103,554$406,380$102,439$102,528$101,422$99,991
Expenses156,25638,73140,22737,48939,809155,05938,84440,02138,45637,738
Cash NOI$256,385$64,871$64,119$63,650$63,745$251,321$63,595$62,507$62,966$62,253
Revenue per occ SF 2
$35.84$36.13$36.33$35.11$35.81$35.10$35.38$35.41$35.08$34.57
Margin62.1 %62.6 %61.4 %62.9 %61.6 %61.8 %62.1 %61.0 %62.1 %62.3 %
Average occupancy88.7 %88.4 %88.5 %88.8 %89.1 %89.2 %89.2 %89.2 %89.1 %89.2 %
Number of properties170170170170170170170170170170
SAME STORE GROWTH
 YEAR-OVER-YEAR
20204Q 20203Q 20202Q 20201Q 2020
Multi-tenant
Revenue per occ SF 2
2.1 %1.9 %2.6 %0.4 %3.5 %
Avg occupancy (bps)-50-90-80-30—
Revenues1.5 %0.9 %1.7 %— %3.5 %
Expenses0.8 %(0.2 %)0.5 %(2.1 %)5.0 %
Cash NOI2.0 %1.6 %2.6 %1.4 %2.5 %
Single-tenant
Cash NOI2.2 %5.9 %2.8 %(1.5 %)1.7 %
Total
Revenues1.5 %1.1 %1.8 %(0.3 %)3.6 %
Cash NOI2.0 %2.0 %2.6 %1.1 %2.4 %


1Excludes recently acquired or disposed properties, development completions, construction in progress, Memphis Redevelopment, 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
4Q 2020 SUPPLEMENTAL INFORMATION 24

NOI Reconciliations
DOLLARS IN THOUSANDS
BOTTOM UP RECONCILIATION 
4Q 20203Q 20202Q 20201Q 20204Q 20193Q 20192Q 20191Q 2019
Net income (loss)($15,863)$8,230 $75,513 $4,315 $27,210 $2,601 $4,484 $4,891 
Other income (expense)35,284 11,969 (53,959)13,927 (6,218)13,981 15,354 13,564 
General and administrative expense7,206 7,299 7,434 8,766 7,669 10,802 7,845 8,510 
Depreciation and amortization expense48,104 47,143 47,691 47,497 46,134 45,137 43,926 42,662 
Other expenses 1
2,919 2,364 2,185 3,365 2,200 2,079 1,965 1,768 
Straight-line rent expense369 373 374 375 378 383 387 391 
Straight-line rent revenue(1,013)(915)(764)(1,043)(1,167)(770)(395)(668)
Other revenue 2
(2,145)(1,609)(1,660)(2,004)(1,430)(1,726)(1,447)(1,468)
Joint venture property cash NOI135 19 1 78 86 75 95 78 
Cash NOI$74,996 $74,873 $76,815 $75,276 $74,862 $72,562 $72,214 $69,728 
Acquisitions/development completions(9,046)(8,024)(6,918)(5,619)(4,564)(3,009)(1,853)(64)
Dispositions/other84 (1,528)(4,617)(4,402)(5,128)(5,461)(5,512)(5,653)
Joint venture property cash NOI(135)(19)(1)(78)(86)(75)(95)(78)
Same store cash NOI and reposition65,899 65,302 65,279 65,177 65,084 64,017 64,754 63,933 
Reposition(1,028)(1,183)(1,629)(1,432)(1,489)(1,510)(1,788)(1,680)
Same store cash NOI$64,871 $64,119 $63,650 $63,745 $63,595 $62,507 $62,966 $62,253 
TOP DOWN RECONCILIATION 
4Q 20203Q 20202Q 20201Q 20204Q 20193Q 20192Q 20191Q 2019
Property operating before rent concessions$117,215 $115,616 $111,676 $112,022 $108,029 $106,319 $103,245 $99,607 
Rent concessions(660)(695)(600)(874)(493)(514)(427)(625)
Property operating116,555 114,921 111,076 111,148 107,536 105,805 102,818 98,982 
Single-tenant net lease6,309 7,548 10,518 10,453 10,735 11,165 11,138 11,046 
Straight-line rent revenue1,013 915 764 1,043 1,167 770 395 668 
Rental income123,877 123,384 122,358 122,644 119,438 117,740 114,351 110,696 
Property lease guaranty income— — — — — — — 128 
Parking income1,678 1,764 1,227 2,051 1,982 1,935 1,870 1,734 
Exclude straight-line rent revenue(1,013)(915)(764)(1,043)(1,167)(770)(395)(668)
Exclude other non-cash revenue 3
(1,820)(1,505)(1,555)(1,892)(1,326)(1,601)(1,350)(1,369)
Revenue122,722 122,728 121,266 121,760 118,927 117,304 114,476 110,521 
Property operating expense(50,210)(50,171)(46,580)(49,552)(46,214)(46,777)(44,286)(42,725)
Exclude non-cash expenses 4
2,349 2,297 2,128 2,990 2,063 1,960 1,929 1,854 
Joint venture property cash NOI135 19 1 78 86 75 95 78 
Cash NOI$74,996 $74,873 $76,815 $75,276 $74,862 $72,562 $72,214 $69,728 
Acquisitions/development completions(9,046)(8,024)(6,918)(5,619)(4,564)(3,009)(1,853)(64)
Dispositions/other84 (1,528)(4,617)(4,402)(5,128)(5,461)(5,512)(5,653)
Joint venture property cash NOI(135)(19)(1)(78)(86)(75)(95)(78)
Same store cash NOI and reposition65,899 65,302 65,279 65,177 65,084 64,017 64,754 63,933 
Reposition(1,028)(1,183)(1,629)(1,432)(1,489)(1,510)(1,788)(1,680)
Same store cash NOI$64,871 $64,119 $63,650 $63,745 $63,595 $62,507 $62,966 $62,253 




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 and tenant improvement overage amortization.
3Includes above and below market lease intangibles, interest income related to sales-type leases, lease inducements, lease termination fees and TI amortization.
4Includes above and below market ground lease intangible amortization, leasing commission amortization, and ground lease straight-line rent.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 25

NOI Reconciliations
DOLLARS IN THOUSANDS
RECONCILIATION OF QTR AND TTM ENDED 12/31/2020 - CASH NOI
Q4 2020Q4 2019% CHANGE20202019% CHANGE
Same store cash NOI$64,871 $63,595 2.0 %$256,385 $251,321 2.0 %
Reposition1,028 1,489 (31.0 %)5,272 6,467 (18.5 %)
$65,899 $65,084 1.3 %$261,657 $257,788 1.5 %
Acquisitions/development completions9,046 4,564 98.3 %29,607 9,490 212.1 %
Dispositions/other(84)5,128 (101.6 %)10,463 21,754 (51.9 %)
Joint venture property cash NOI135 86 57.1 %233 334 (30.1 %)
Cash NOI$74,996 $74,862 0.2 %$301,960 $289,366 4.4 %
RECONCILIATION OF NOI TO FFO AND NORMALIZED FFO 
4Q 20203Q 20202Q 20201Q 20204Q 20193Q 20192Q 20191Q 2019
Cash NOI$74,996 $74,873 $76,815 $75,276 $74,862 $72,562 $72,214 $69,728 
General and administrative expense(7,206)(7,299)(7,434)(8,766)(7,669)(10,802)(7,845)(8,510)
Straight-line rent1,013 915 764 1,043 1,167 770 395 668 
Interest and other income (expense), net140 74 250 93 7 13 (750)19 
Management fees and other income325 104 105 112 103 124 96 99 
Other non-cash revenue 1
1,820 1,505 1,555 1,892 1,326 1,601 1,350 1,369 
Other non-cash expenses 2
(2,349)(2,297)(2,128)(2,990)(2,063)(1,960)(1,929)(1,854)
Unconsolidated JV adjustments(73)(5)(37)(9)(8)(8)(8)(8)
Debt Covenant EBITDA$68,666 $67,870 $69,890 $66,651 $67,725 $62,300 $63,523 $61,511 
Interest expense(13,618)(14,154)(14,442)(13,960)(13,816)(14,181)(13,850)(13,588)
Loss on extinguishment of debt(21,503)— — — — — — — 
Acquisition and pursuit costs(939)(440)(431)(750)(515)(501)(422)(305)
Leasing commission amortization 3
2,033 1,971 1,795 1,893 1,667 1,547 1,505 1,404 
Non-real estate depreciation and amortization(886)(899)(909)(859)(838)(838)(829)(763)
Unconsolidated JV adjustments(8)— — — — — — — 
FFO$33,745 $54,348 $55,903 $52,975 $54,223 $48,327 $49,927 $48,259 
Acquisition and pursuit costs939 440 431 750 515 501 422 305 
Lease intangible amortization(4)(35)(16)745 4 5 54 84 
Accelerated amortization of restricted stock awards
— — — — — 2,854 — — 
Debt financing costs21,920 — — — — — 760 — 
Unconsolidated JV normalizing items16 — — — — — — — 
Normalized FFO$56,616 $54,753 $56,318 $54,470 $54,742 $51,687 $51,163 $48,648 










1Includes above and below market lease intangibles, interest income related to sales-type leases, lease inducements, lease termination fees 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
4Q 2020 SUPPLEMENTAL INFORMATION 26

EBITDA Reconciliations
DOLLARS IN THOUSANDS
RECONCILIATION OF EBITDA
TTM4Q 20203Q 20202Q 20201Q 2020
Net income (loss)$72,195 ($15,863)$8,230 $75,513 $4,315 
Interest expense56,174 13,618 14,154 14,442 13,960 
Depreciation and amortization190,435 48,104 47,143 47,691 47,497 
Unconsolidated JV depreciation and amortization563 323 80 80 80 
EBITDA$319,367 $46,182 $69,607 $137,726 $65,852 
Other amortization 1
7,692 2,033 1,971 1,795 1,893 
(Gain) loss on sales of real estate properties(70,361)34 (2,177)(68,267)49 
EBITDAre 2
$256,698 $48,249 $69,401 $71,254 $67,794 
EBITDA$319,367 $46,182 $69,607 $137,726 $65,852 
Acquisition and pursuit costs2,560 939 440 431 750 
(Gain) loss on sales of real estate properties(70,361)34 (2,177)(68,267)49 
Loss on extinguishment of debt21,503 21,503 — — — 
Unconsolidated JV adjustments8 8 — — — 
Debt Covenant EBITDA$273,077 $68,666 $67,870 $69,890 $66,651 
Other amortization 1
7,692 2,033 1,971 1,795 1,893 
Lease intangible amortization690 (4)(35)(16)745 
Timing impact 3
3,318 3,468 (887)— 737 
Stock based compensation9,920 2,472 2,445 2,405 2,598 
Unconsolidated JV adjustments28 4 8 8 8 
Adjusted EBITDA$294,725 $76,639 $71,372 $74,082 $72,632 




























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.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 27

Components of Net Asset Value
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
CASH NOI BY PROPERTY TYPE
4Q 2020
ASSET TYPE
SAME STORE 1
ACQ./DEV. COMPLETIONS 2
JOINT VENTURE
REPOSITION 3
TIMING ADJUSTMENTS 4
ADJUSTED CASH NOIANNUALIZED ADJUSTED NOI
MOB/outpatient$60,576 $9,046 $135 $1,027 $3,650 $74,434 $297,736 
Inpatient/Surgical3,177 — — — — 3,177 12,708 
Office1,118 — — — — 1,118 4,472 
Total Cash NOI$64,871 $9,046 $135 $1,027 $3,650 $78,729 $314,916 
DEVELOPMENT PROPERTIESTOTAL SHARES OUTSTANDING
Land held for development $27,226 
As of February 5, 2021 8
139,746,677
Memphis Redevelopment21,650 
Construction in progress— 
$48,876 
OTHER ASSETS
Assets held for sale 5
$23,000 
Reposition properties (net book value) 3
11,782 
Cash and other assets 6
123,475 
$158,257 
DEBTIMPLIED CAP RATE
Unsecured credit facility $— STOCK PRICEIMPLIED CAP RATE
Unsecured term loan due 2024200,000 As of 2/5/21$30.80 5.40 %
Unsecured term loan due 2026150,000 
Senior notes 1,150,000 
Mortgage notes payable 117,221 4Q 2020 high$32.26 5.21 %
Remaining re/development funding29,596 4Q 2020 low$27.69 5.83 %
Other liabilities 7
91,837 
$1,738,654 








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 10 properties which comprise 799,764 square feet. The NOI table above includes 9 of these properties comprising 705,772 square feet that generated positive NOI. The remaining property comprising 93,992 square feet generated negative NOI and are reflected at a net book value of $11.8 million above.
4Timing adjustments include current quarter acquisitions of $3.2 million as well as development completion adjustments of $0.5 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 purchase price.
6Includes cash of $15.3 million, prepaid assets of $59.4 million, accounts receivable of $11.3 million, and prepaid ground leases of $24.5 million. In addition, includes the Company's occupied portion of its corporate headquarters of $13.0 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 $81.7 million, security deposits of $9.9 million, and deferred operating expense reimbursements of $0.2 million.
8Total shares outstanding do not reflect the shares associated with forward equity contracts. As of February 5, 2021, the Company had 1.8 million shares to be settled in the future under forward equity contracts.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 28

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

SAME STORE EXPECTATIONS
2020ACTUALEXPECTED 2021
LOWHIGHQ4 2020LOWHIGH
Average Occupancy
Multi-tenant 87.5 %88.5 %88.0 %87.5 %88.5 %
Single-tenant100.0 %100.0 %100.0 %100.0 %100.0 %
Revenue per occupied square foot
Multi-tenant $35.50$36.50$36.10$36.75$37.50
Single-tenant 1
$31.50$32.50$32.36$33.25$34.00
Multi-tenant cash NOI margin 59.5 %60.5 %60.1 %60.0 %61.0 %
Multi-tenant cash leasing spreads 3.0 %4.5 %2.8 %3.0 %4.0 %
Multi-tenant lease retention rate75.0 %90.0 %84.2 %75.0 %90.0 %
Cash NOI growth
Multi-tenant 1.5 %2.5 %2.0 %2.0 %3.0 %
Single-tenant1.7 %2.5 %2.2 %3.0 %5.0 %
Total1.5 %2.5 %2.0 %2.0 %3.0 %
ANNUAL EXPECTATIONS
LOWHIGH 2020LOWHIGH
Normalized G&A$31,000$32,000$30,704$33,000$36,000
Straight-line rent, net 2
1,5003,0002,2153,0005,000
Funding activity
Acquisitions400,000475,000546,853300,000500,000
Dispositions(4,987)(50,000)(4,987)(50,000)(100,000)
Mercy disposition(244,456)(244,456)(244,456)NANA
Re/development20,00030,00026,49320,00040,000
1st generation TI and acq. capex18,00023,00020,52020,00030,000
2nd generation TI24,00030,00026,20928,00034,000
Leasing commissions paid7,00011,00010,36910,00014,000
Capital expenditures15,00020,00021,75818,00023,000
Total maintenance capex46,00061,00058,33656,00071,000
Cash yield
Acquisitions5.0 %5.8 %5.5 %5.0 %5.8 %
Dispositions3.0 %4.0 %3.9 %5.0 %6.0 %
Mercy disposition7.5 %7.5 %7.5 %NANA
Re/development (stabilized)6.0 %7.5 %NA6.0 %7.5 %
Leverage (debt/cap)32.0 %36.0 %33.9 %32.0 %36.0 %
Net debt to adjusted EBITDA5.0x5.5x5.2x5.0x5.5x





1Pre-COVID range was adjusted to reflect the impact of the Mercy disposition.
2This guidance range is based on current in-place leases.
HEALTHCARE REALTY
4Q 2020 SUPPLEMENTAL INFORMATION 29