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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________

FORM 10-Q


(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended:	June 30, 2025
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to

Commission File Number: 001-35568 (Healthcare Realty Trust Incorporated)

HEALTHCARE REALTY TRUST INCORPORATED

(Exact name of Registrant as specified in its charter)


Maryland						20-4738467

(State or other jurisdiction of Incorporation or organization)						(I.R.S. Employer Identification No.)

3310 West End Avenue, Suite 700

Nashville, Tennessee 37203

(Address of principal executive offices)

(615) 269-8175

(Registrant's telephone number, including area code)


www.healthcarerealty.com
(Internet address)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Class A Common Stock, $0.01 par value per share

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒

Yes

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒

Yes

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☒

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


			☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐

Yes

☒

As of July 25, 2025, the Registrant had 351,606,597 shares of Common Stock outstanding.

HEALTHCARE REALTY TRUST INCORPORATED

FORM 10-Q

June 30, 2025

Table of Contents


PART I - FINANCIAL INFORMATION
Item 1	Financial Statements	1
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations	2
	Condensed Consolidated Statements of Comprehensive Loss	3
	Condensed Consolidated Statements of Equity and Redeemable Non-Controlling Interests	4
	Condensed Consolidated Statements of Cash Flows	6
	Notes to the Condensed Consolidated Financial Statements	8
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3	Quantitative and Qualitative Disclosures about Market Risk	39
Item 4	Controls and Procedures	40

PART II - OTHER INFORMATION
Item 1	Legal Proceedings	40
Item 1A	Risk Factors	40
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	40
Item 5	Other Information	41
Item 6	Exhibits	41

SIGNATURE		43

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Healthcare Realty Trust Incorporated

Condensed Consolidated Balance Sheets

Amounts in thousands, except per share data


ASSETS
	Unaudited JUNE 30, 2025		DECEMBER 31, 2024
Real estate properties
Land	$	1,105,231	$	1,143,468
Buildings and improvements	9,199,089		9,707,066
Lease intangibles	567,244		664,867
Personal property	6,944		9,909
Investment in financing receivable, net	124,134		123,671
Financing lease right-of-use assets	76,574		77,343
Construction in progress	40,421		31,978
Land held for development	49,110		52,408
Total real estate properties	11,168,747		11,810,710
Less accumulated depreciation and amortization	(2,494,169)		(2,483,656)
Total real estate properties, net	8,674,578		9,327,054
Cash and cash equivalents	25,507		68,916


Assets held for sale, net	358,207		12,897
Operating lease right-of-use assets	243,910		261,438
Investments in unconsolidated joint ventures	463,430		473,122
Other assets, net	469,940		507,496
Total assets	$	10,235,572	$	10,650,923

LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY
Liabilities
Notes and bonds payable	$	4,694,391	$	4,662,771
Accounts payable and accrued liabilities	194,076		222,510
Liabilities of assets held for sale	30,278		1,283
Operating lease liabilities	203,678		224,499
Financing lease liabilities	73,019		72,346
Other liabilities	158,704		161,640
Total liabilities	5,354,146		5,345,049
Commitments and contingencies
Redeemable non-controlling interests	4,332		4,778
Stockholders' equity
Preferred stock, $.01 par value per share; 200,000 shares authorized; none issued and outstanding	—		—
Class A Common stock, $.01 par value per share; 1,000,000 shares authorized; 351,568 and 350,532 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	3,516		3,505
Additional paid-in capital	9,129,338		9,118,229
Accumulated other comprehensive loss	(9,185)		(1,168)
Cumulative net income attributable to common stockholders	171,585		374,309
Cumulative dividends	(4,477,940)		(4,260,014)
Total stockholders' equity	4,817,314		5,234,861
Non-controlling interest	59,780		66,235
Total equity	4,877,094		5,301,096
Total liabilities, redeemable non-controlling interests, and stockholders' equity	$	10,235,572	$	10,650,923

The accompanying notes, together with the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, are an integral part of these financial statements.

Table of Contents

Healthcare Realty Trust Incorporated

Condensed Consolidated Statements of Operations

For the Three and Six Months Ended June 30, 2025 and 2024

Amounts in thousands, except per share data

Unaudited


	THREE MONTHS ENDED June 30,				SIX MONTHS ENDED June 30,
	2025		2024		2025		2024
Revenues
Rental income	$	287,070	$	308,135	$	575,927	$	626,211
Interest income	3,449		3,865		7,180		8,403

Other operating	6,983		4,322		13,371		8,513
	297,502		316,322		596,478		643,127
Expenses
Property operating	109,924		117,719		224,887		238,798
General and administrative	23,482		14,002		37,011		28,788
Transaction costs	593		431		1,604		826

Depreciation and amortization	147,749		173,477		298,717		351,596


	281,748		305,629		562,219		620,008
Other income (expense)
Gain on sales of real estate properties and other assets	20,004		38,338		22,907		38,360
Interest expense	(53,346)		(62,457)		(108,157)		(123,510)


Impairment of real estate properties and credit loss reserves	(142,348)		(132,118)		(154,429)		(148,055)
Impairment of goodwill	—		—		—		(250,530)
Equity income (loss) from unconsolidated joint ventures	158		(146)		159		(568)
Interest and other (expense) income, net	(366)		(248)		(271)		27
	(175,898)		(156,631)		(239,791)		(484,276)






Net loss	$	(160,144)	$	(145,938)	$	(205,532)	$	(461,157)
Net loss attributable to non-controlling interests	2,293		2,158		2,808		6,541
Net loss attributable to common stockholders	$	(157,851)	$	(143,780)	$	(202,724)	$	(454,616)



Basic earnings per common share	$	(0.45)	$	(0.39)	$	(0.58)	$	(1.22)


Diluted earnings per common share	$	(0.45)	$	(0.39)	$	(0.58)	$	(1.22)

Weighted average common shares outstanding - basic	349,628		372,477		349,584		375,962
Weighted average common shares outstanding - diluted	349,628		372,477		349,584		375,962

Table of Contents

Healthcare Realty Trust Incorporated

Condensed Consolidated Statements of Comprehensive Loss

For the Three and Six Months Ended June 30, 2025 and 2024

Amounts in thousands

Unaudited


	THREE MONTHS ENDED June 30,				SIX MONTHS ENDED June 30,
	2025		2024		2025		2024
Net loss	$	(160,144)	$	(145,938)	$	(205,532)	$	(461,157)
Other comprehensive loss


Interest rate derivatives
Reclassification adjustments for gains included in interest expense	(980)		(3,662)		(1,921)		(7,528)
(Losses) gains arising during the period on interest rate swaps	(1,028)		5,891		(6,206)		25,501

	(2,008)		2,229		(8,127)		17,973
Comprehensive loss	(162,152)		(143,709)		(213,659)		(443,184)
Less: comprehensive loss attributable to non-controlling interests	2,322		2,124		3,002		6,295
Comprehensive loss attributable to common stockholders	$	(159,830)	$	(141,585)	$	(210,657)	$	(436,889)

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Healthcare Realty Trust Incorporated

Condensed Consolidated Statements of Equity and Redeemable Non-Controlling Interests

For the Three Months Ended June 30, 2025 and 2024

Amounts in thousands, except per share data

Unaudited


	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Cumulative Net Income		Cumulative Dividends		Total Stockholders’ Equity		Non-controlling Interests		Total Equity		Redeemable Non-controlling Interests
Balance at March 31, 2025	$	3,510	$	9,121,269	$	(7,206)	$	329,436	$	(4,368,739)	$	5,078,270	$	63,945	$	5,142,215	$	4,627



Common stock redemptions	(1)		(1,327)		—		—		—		(1,328)		—		(1,328)		—
Conversion of OP Units to common stock	—		334		—		—		—		334		(334)		—		—
Share-based compensation	7		8,767		—		—		—		8,774		—		8,774		—


Net loss	—		—		—		(157,851)		—		(157,851)		(2,293)		(160,144)		—
Reclassification adjustments for gains included in net income (interest expense)	—		—		(966)		—		—		(966)		(14)		(980)		—
Losses arising during the period on interest rate swaps	—		—		(1,013)		—		—		(1,013)		(15)		(1,028)		—

Adjustments to redemption value of redeemable non-controlling interests	—		295		—		—		—		295		—		295		(295)
Dividends to common stockholders and distributions to non-controlling interest holders ($0.31 per share)	—		—		—		—		(109,201)		(109,201)		(1,509)		(110,710)		—
Balance at June 30, 2025	$	3,516	$	9,129,338	$	(9,185)	$	171,585	$	(4,477,940)	$	4,817,314	$	59,780	$	4,877,094	$	4,332

	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Cumulative Net Income		Cumulative Dividends		Total Stockholders’ Equity		Non-controlling Interests		Total Equity		Redeemable Non-controlling Interests
Balance at March 31, 2024	$	3,815	$	9,609,530	$	4,791	$	717,958	$	(3,920,199)	$	6,415,895	$	87,243	$	6,503,138	$	3,880



Common stock redemptions	—		(3)		—		—		—		(3)		—		(3)		—

Share-based compensation	—		3,382		—		—		—		3,382		—		3,382		—
Common stock repurchases	(172)		(272,881)		—		—		—		(273,053)		—		(273,053)		—

Net loss	—		—		—		(143,780)		—		(143,780)		(2,158)		(145,938)		—
Reclassification adjustments for gains included in net income (interest expense)	—		—		(3,611)		—		—		(3,611)		(51)		(3,662)		—
Gains arising during the period on interest rate swaps	—		—		5,806		—		—		5,806		85		5,891		—

Adjustments to redemption value of redeemable non-controlling interests	—		—		—		—		—		—		—		—		(5)
Dividends to common stockholders and distributions to non-controlling interest holders ($0.31 per share)	—		—		—		—		(117,494)		(117,494)		(1,444)		(118,938)		—
Balance at June 30, 2024	$	3,643	$	9,340,028	$	6,986	$	574,178	$	(4,037,693)	$	5,887,142	$	83,675	$	5,970,817	$	3,875

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Condensed Consolidated Statements of Equity and Redeemable Non-Controlling Interests

For the Six Months Ended June 30, 2025 and 2024

Amounts in thousands, except per share data

Unaudited


	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Cumulative Net Income		Cumulative Dividends		Total Stockholders’ Equity		Non-controlling Interests		Total Equity		Redeemable Non-controlling Interests
Balance at December 31, 2024	$	3,505	$	9,118,229	$	(1,168)	$	374,309	$	(4,260,014)	$	5,234,861	$	66,235	$	5,301,096	$	4,778



Common stock redemptions	(1)		(1,542)		—		—		—		(1,543)		—		(1,543)		—
Conversion of OP Units to common stock	—		334		—		—		—		334		(334)		—		—
Share-based compensation	12		11,790		—		—		—		11,802		—		11,802		—
Redemption of non-controlling interest	—		—		—		—		—		—		(331)		(331)		—

Net loss	—		—		—		(202,724)		—		(202,724)		(2,892)		(205,616)		84
Reclassification adjustments for gains included in net income (interest expense)	—		—		(1,894)		—		—		(1,894)		(27)		(1,921)		—
Losses arising during the period on interest rate swaps	—		—		(6,123)		—		—		(6,123)		(83)		(6,206)		—

Adjustments to redemption value of redeemable non-controlling interests	—		527		—		—		—		527		—		527		(530)
Dividends to common stockholders and distributions to non-controlling interest holders ($0.62 per share)	—		—		—		—		(217,926)		(217,926)		(2,788)		(220,714)		—
Balance at June 30, 2025	$	3,516	$	9,129,338	$	(9,185)	$	171,585	$	(4,477,940)	$	4,817,314	$	59,780	$	4,877,094	$	4,332

	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Cumulative Net Income		Cumulative Dividends		Total Stockholders’ Equity		Non-controlling Interests		Total Equity		Redeemable Non-controlling Interests
Balance at December 31, 2023	$	3,810	$	9,602,592	$	(10,741)	$	1,028,794	$	(3,801,793)	$	6,822,662	$	96,252	$	6,918,914	$	3,868
Issuance of common stock, net of issuance costs	—		104		—		—		—		104		—		104		—


Common stock redemptions	—		(138)		—		—		—		(138)		—		(138)		—
Conversion of OP Units to common stock	2		3,410		—		—		—		3,412		(3,412)		—		—
Share-based compensation	3		6,941		—		—		—		6,944		—		6,944		—
Common stock repurchases	(172)		(272,881)		—		—		—		(273,053)		—		(273,053)		—

Net loss	—		—		—		(454,616)		—		(454,616)		(6,541)		(461,157)		—
Reclassification adjustments for gains included in net income (interest expense)	—		—		(7,424)		—		—		(7,424)		(104)		(7,528)		—
Gains arising during the period on interest rate swaps	—		—		25,151		—		—		25,151		350		25,501		—
Contributions from redeemable non-controlling interests	—		—		—		—		—		—		—		—		13
Adjustments to redemption value of redeemable non-controlling interests	—		—		—		—		—		—		—		—		(6)
Dividends to common stockholders and distributions to non-controlling interest holders ($0.62 per share)	—		—		—		—		(235,900)		(235,900)		(2,870)		(238,770)		—
Balance at June 30, 2024	$	3,643	$	9,340,028	$	6,986	$	574,178	$	(4,037,693)	$	5,887,142	$	83,675	$	5,970,817	$	3,875

Table of Contents

Healthcare Realty Trust Incorporated

Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2025 and 2024

Amounts in thousands

Unaudited


OPERATING ACTIVITIES
	SIX MONTHS ENDED June 30,
	2025		2024
Net loss	$	(205,532)	$	(461,157)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	298,717		351,596
Other amortization	23,901		23,390
Share-based compensation	11,802		6,944
Amortization of straight-line rent receivable (lessor)	(15,613)		(14,198)
Amortization of straight-line rent on operating leases (lessee)	1,724		1,998
Gain on sales of real estate properties and other assets	(22,907)		(38,360)

Impairment of real estate properties and credit loss reserves	154,429		148,055
Impairment of goodwill	—		250,530
Equity (income) loss from unconsolidated joint ventures	(159)		568
Distributions from unconsolidated joint ventures	10,829		2,649

Non-cash interest from financing and notes receivable	(395)		(478)
Changes in operating assets and liabilities:
Other assets, including right-of-use-assets	(17,101)		(4,257)
Accounts payable and accrued liabilities	(31,051)		(23,131)
Other liabilities	2,359		155
Net cash provided by operating activities	211,003		244,304

INVESTING ACTIVITIES

Development of real estate	(8,174)		(31,901)
Additional long-lived assets	(154,781)		(117,775)
Funding of mortgages and notes receivable	(2,799)		(3,466)
Investments in unconsolidated joint ventures	(978)		—
Proceeds from (investment in) financing receivable	(194)		475
Contributions from redeemable non-controlling interests	—		13
Proceeds from sales of real estate properties and additional long-lived assets	69,805		303,475
Proceeds from insurance recovery	2,000		—
Proceeds from notes receivable repayments	53,190		567


Net cash (used in) provided by investing activities	(41,931)		151,388

FINANCING ACTIVITIES
Net borrowings on unsecured credit facility	295,000		250,000

Repayment on term loans	(35,140)		(100,000)

Repayments of notes and bonds payable	(250,692)		(17,746)


Dividends paid	(217,756)		(235,618)

Net proceeds from issuance of common stock	—		104
Common stock redemptions	(713)		(321)
Common stock repurchases	—		(273,053)
Distributions to non-controlling interest holders	(2,653)		(2,399)
Redemption of non-controlling interest	(330)		—

Debt issuance and assumption costs	—		(563)
Payments made on finance leases	(46)		(30)
Net cash used in financing activities	(212,330)		(379,626)

(Decrease) increase in cash and cash equivalents	(43,258)		16,066
Cash and cash equivalents at beginning of period	68,916		25,699
Cash and cash equivalents at end of period, including held for sale	25,658		41,765
Cash and cash equivalents held for sale	(151)		—
Cash and cash equivalents at end of period	$	25,507	$	41,765

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Supplemental Cash Flow Information	SIX MONTHS ENDED June 30,
	2025		2024
Interest paid	$	90,251	$	103,708
Mortgage notes receivable taken in connection with sale of real estate	$	5,400	$	—
Invoices accrued for construction, tenant improvements and other capitalized costs	$	47,815	$	39,016

Capitalized interest	$	4,608	$	1,916
Proceeds from dispositions held in escrow	$	—	$	96,008

Contribution of real estate properties into unconsolidated joint venture	$	—	$	66,547

Table of Contents

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Summary of Significant Accounting Policies

Business Overview

Healthcare Realty Trust Incorporated (the "Company") is a real estate investment trust ("REIT") that owns, leases, manages, acquires, finances, develops and redevelops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of June 30, 2025, the Company had gross investments of approximately $11.2 billion in 559 consolidated real estate properties, construction in progress, redevelopments, financing receivables, financing lease right-of-use assets, land held for development and corporate property, excluding held for sale assets. In addition, as of June 30, 2025, the Company had a weighted average ownership interest of approximately 30% in 63 real estate properties held in unconsolidated joint ventures. See Note 2 below for more details regarding the Company's unconsolidated joint ventures. The Company's consolidated real estate properties are located in 32 states and total approximately 32.2 million square feet. The Company provided leasing and property management services to 93% of its portfolio nationwide as of June 30, 2025.

The Company is structured as an umbrella partnership REIT under which substantially all of its business is conducted through the operating partnership, Healthcare Realty Holdings, L.P. (the “OP”), the day-to-day management of which is exclusively controlled by the Company. As of June 30, 2025, the Company owned 98.6% of the issued and outstanding units of the OP (“OP Units”), with other investors owning the remaining 1.4% of OP Units.

Any references to square footage or occupancy percentage, and any amounts derived from these values in these notes to the Company's Condensed Consolidated Financial Statements, are outside the scope of our independent registered public accounting firm’s review.

Basis of Presentation

The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. All material intercompany transactions and balances have been eliminated in consolidation.

This interim financial information should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. In addition, the interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2025 for many reasons including, but not limited to, acquisitions, dispositions, capital financing transactions, changes in interest rates and the effects of other trends, risks and uncertainties.

Principles of Consolidation

The Company’s Condensed Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures and partnerships where the Company controls the operating activities. GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). Accounting Standards Codification (“ASC”) Topic 810, Consolidation broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary, with any minority interests reflected as non-controlling interests or redeemable non-controlling interests in the accompanying Condensed Consolidated Financial Statements.

The Company may change its original assessment of a VIE upon subsequent events, such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk, the disposition of all or a portion of an interest held by the primary beneficiary, or changes in facts and circumstances

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

that impact the power to direct activities of the VIE that most significantly impacts economic performance. The Company performs this analysis on an ongoing basis.

For property holding entities not determined to be VIEs, the Company consolidates such entities in which it owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest. All intercompany balances and transactions are eliminated in consolidation. For an entity in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entity's activities based upon the terms of the entity's ownership agreements.

The OP is 98.6% owned by the Company. Other holders of OP Units are considered to be non-controlling interest holders in the OP and their ownership interests are reflected as equity in the accompanying Condensed Consolidated Balance Sheets. Further, a portion of the earnings and losses of the OP are allocated to non-controlling interest holders based on their respective ownership percentages. Upon conversion of OP Units to common stock, any difference between the fair value of the common stock issued and the carrying value of the OP Units converted to common stock is recorded as a component of equity. As of June 30, 2025, there were approximately 5.1 million OP Units, or 1.4% of OP Units issued and outstanding, held by non-controlling interest holders. Additionally, the Company is the primary beneficiary of this VIE. Accordingly, the Company consolidates its interests in the OP.

As of June 30, 2025, the Company had three consolidated VIEs, in addition to the OP, consisting of joint venture investments in which the Company is the primary beneficiary of the VIE based on the combination of operational control and the rights to receive residual returns or the obligation to absorb losses arising from the joint ventures. Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs, excluding the OP, in the aggregate as of June 30, 2025 and December 31, 2024:


(dollars in thousands)	June 30, 2025		December 31, 2024
Assets:
Total real estate investments, net	$	103,933	$	103,933
Cash and cash equivalents	965		159
Other assets, net	5,865		4,053
Total assets	$	110,763	$	108,145
Liabilities:
Notes and bonds payable	$	69,302	$	60,170
Accounts payable and accrued liabilities	1,828		2,786
Other liabilities	200		45
Total liabilities	$	71,330	$	63,001

As of June 30, 2025, the Company had four unconsolidated VIEs consisting of three notes receivable and one joint venture. The Company does not have the power or economic interests to direct the activities of these VIEs on a stand-alone basis, and therefore it was determined that the Company was not the primary beneficiary. As a result, the Company accounts for the three notes receivable as amortized cost and the joint venture arrangement under the equity method.

See below for additional information regarding the Company's unconsolidated VIEs.


(dollars in thousands) ORIGINATION DATE	LOCATION	SOURCE	CARRYING AMOUNT	MAXIMUM EXPOSURE TO LOSS
2021	Charlotte, NC	Note receivable	5,970	7,441
2022	Texas 1	Equity method	53,892	53,892
2024	Texas 2	Note receivable	9,690	16,729
2024	Texas 2	Note receivable	1	4,500

1Includes investments in seven properties.

2The Company provided seller financing and entered into a mortgage loan and a mezzanine loan in connection with a property disposition.

Table of Contents

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

As of June 30, 2025, the Company's unconsolidated joint venture arrangement was accounted for using the equity method of accounting as the Company exercised significant influence over but did not control this entity. See Note 2 below for more details regarding the Company's unconsolidated joint ventures.

Use of Estimates in the Condensed Consolidated Financial Statements

Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates.

Segment Reporting

The Company owns, leases, acquires, manages, finances, develops and redevelops outpatient and other healthcare-related properties. The Company is managed as one operating segment, rather than multiple operating segments, for internal reporting purposes and for internal decision-making and discloses its operating results in a single reportable segment. The Company's chief operating decision makers (“CODM”), represented by the Company's Chief Executive Officer, the Chief Financial Officer and the Chief Operating Officer, review financial information and assess the consolidated operations of the Company in order to make strategic decisions such as allocation of capital expenditures and other significant expenses. See Note 9 for additional information on segment reporting.

Redeemable Non-Controlling Interests

The Company accounts for redeemable equity securities in accordance with ASC Topic 480: Accounting for Redeemable Equity Instruments, which requires that equity securities redeemable at the option of the holder, not solely within our control, be classified outside permanent stockholders’ equity. The Company classifies redeemable equity securities as redeemable non-controlling interests in the accompanying Condensed Consolidated Balance Sheets. Accordingly, the Company records the carrying amount at the greater of the initial carrying amount (increased or decreased for the non-controlling interest’s share of net income or loss and distributions) or the redemption value. The Company measures the redemption value and records an adjustment to the carrying value of the equity securities as a component of redeemable non-controlling interest. As of June 30, 2025, the Company had redeemable non-controlling interests of $4.3 million.

Asset Impairment

The Company assesses the potential for impairment of identifiable, definite-lived, intangible assets and long-lived assets, including real estate properties, whenever the occurrence of an event or a change in circumstances indicates that the carrying value might not be fully recoverable. Indicators of impairment may include significant underperformance of an asset relative to historical or expected operating results; significant changes in the Company’s use of assets or the strategy for its overall business; plans to sell an asset before its depreciable life has ended; the expiration of a significant portion of leases in a property; or significant negative economic trends or negative industry trends for the Company or its tenants. During the three and six months ended June 30, 2025, the Company recognized real estate impairments totaling $140.9 million and $151.0 million, respectively, as a result of the indicators described above.

As of June 30, 2025, 11 real estate properties totaling $126.3 million were measured at fair value using level 3 fair value hierarchy. The level 3 fair value techniques included using discounted cash flow models, brokerage estimates, letters of intent, and unexecuted purchase and sale agreements, and less estimated closing costs. The determination of fair value using the discounted cash flow model technique requires the use of estimates and assumptions related to revenue and expense growth rates, capitalization rates, discount rates, capital expenditures and working capital levels.

Investments in Leases - Financing Receivables, Net

In accordance with ASC Topic 842: Leases, for transactions in which the Company enters into a contract to acquire an asset and leases it back to the seller (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred when the seller-lessee has a purchase option. As a result, the Company does not recognize the underlying

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

real estate assets but instead recognizes a financial asset in accordance with ASC Topic 310: Receivables. See below for additional information regarding the Company's financing receivables.


(dollars in thousands)			CARRYING VALUE AS OF
ORIGINATION DATE	LOCATION	INTEREST RATE	JUNE 30, 2025		DECEMBER 31, 2024
May 2021	Poway, CA	5.69%	$	116,780	$	116,304
November 2021	Columbus, OH	6.48%	7,354		7,367
			$	124,134	$	123,671

Real Estate Notes Receivable

Real estate notes receivable consists of mezzanine and other real estate loans, which are generally collateralized by a pledge of the borrower’s ownership interest in the respective real estate owner, a mortgage or deed of trust, and/or corporate guarantees. Real estate notes receivable are intended to be held to maturity and are recorded at amortized cost, net of unamortized loan origination costs and fees and allowance for credit losses. As of June 30, 2025, real estate notes receivable, net, which are included in Other assets on the Company's Condensed Consolidated Balance Sheets, totaled $81.1 million.


(dollars in thousands)	ORIGINATION	MATURITY	STATED INTEREST RATE		MAXIMUM LOAN COMMITMENT		OUTSTANDING as of JUNE 30, 2025		INTEREST RECEIVABLE (OTHER ASSETS)		ALLOWANCE FOR CREDIT LOSSES		FAIR VALUE DISCOUNT AND FEES		CARRYING VALUE as of JUNE 30, 2025
Mezzanine loans
Arizona	12/21/2023	12/20/2026	9.00	%	$	6,000	$	6,000	$	36	$	—	$	—	$	6,036
Texas	10/03/2024	10/02/2029	11.00	%	4,500		1		—		—		—		1
Wisconsin	3/20/2025	3/19/2030	13.00	%	8,500		2,833		—		—		—		2,833
					19,000		8,834		36		—		—		8,870
Mortgage loans
Texas 1	6/30/2021	12/02/2024	7.00	%	31,150		16,250		551		(16,801)		—		—
North Carolina 2	12/22/2021	12/22/2024	8.00	%	6,000		6,000		1,441		(1,471)		—		5,970
Florida 3	5/17/2022	2/27/2026	6.00	%	65,000		—		—		—		—		—
California	3/30/2023	3/29/2026	6.50	%	45,000		45,000		181		—		—		45,181
Florida	12/28/2023	12/28/2026	9.00	%	7,700		5,909		—		—		—		5,909
Texas	10/03/2024	10/02/2029	7.50	%	16,729		9,629		61		—		—		9,690
Texas 4	3/20/2025	3/19/2030	6.75	%	5,400		5,400		30		—		—		5,430
					176,979		88,188		2,264		(18,272)		—		72,180

					$	195,979	$	97,022	$	2,300	$	(18,272)	$	—	$	81,050

1In 2024, the Company determined that an allowance for credit loss of $16.8 million was needed on this mortgage loan, which included approximately $16.3 million of principal and approximately $0.5 million of interest. In January 2025, the underlying collateral for this loan was sold and the Company received $14.9 million towards the principal balance of this loan.

2Outstanding principal and interest due upon maturity. As of the date of these financial statements, the outstanding principal and interest on this loan has not been repaid. The Company has evaluated the collectibility of the amount outstanding and has determined that an allowance for credit loss of $1.5 million was needed on this loan.

3In April 2025, this loan was repaid in full.

4In March 2025, the Company provided seller financing of $5.4 million in connection with the sale of a real estate property in Houston, TX.

Allowance for Credit Losses

Pursuant to ASC Topic 326: Financial Instruments - Credit Losses, the Company adopted a policy to evaluate current expected credit losses at the inception of loans qualifying for treatment under ASC Topic 326. The Company utilizes a probability of default method approach for estimating current expected credit losses and evaluates the liquidity and creditworthiness of its borrowers on a quarterly basis to determine whether any updates to the future expected losses recognized upon inception are necessary. The Company’s evaluation considers industry and economic conditions, credit enhancements, liquidity, and other factors. The determination of the credit allowance is based on a quarterly evaluation of all outstanding loans, including general economic conditions and estimated collectability of loan payments. The Company evaluates the collectability of loan receivables based on a combination of credit quality

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

indicators, including, but not limited to, payment status, historical loan charge-offs, financial strength of the borrower and guarantors, and nature, extent, and value of the underlying collateral. A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that the Company will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans identified as having deteriorated credit quality, the amount of credit loss is determined on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on non-accrual status are deemed to have deteriorated credit quality. To the extent circumstances improve and the risk of collectability is diminished, the loan may return to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance.

In the second quarter of 2025, the Company determined the risk of credit loss on one of its mortgage notes receivable was no longer remote and recorded a credit loss reserve of $1.5 million.

The following table summarizes the Company's allowance for credit losses on real estate notes receivable:


Dollars in thousands	SIX MONTHS ENDED JUNE 30, 2025		TWELVE MONTHS ENDED DECEMBER 31, 2024
Allowance for credit losses, beginning of period	$	16,801	$	5,196
Credit loss reserves	1,471		59,563
Recoveries	—		(4,000)
Write-off	—		(43,958)
Allowance for credit losses, end of period	$	18,272	$	16,801

Interest Income

Income from Lease Financing Receivables

The Company recognized the related income from two financing receivables totaling $2.0 million and $3.9 million, respectively, for the three and six months ended June 30, 2025, and $2.1 million and $4.2 million, respectively, for the three and six months ended June 30, 2024, based on an imputed interest rate over the terms of the applicable lease. As a result, the interest recognized from the financing receivable in any particular period will not equal the cash payments from the lease agreement in that period.

Acquisition costs incurred in connection with entering into the financing receivable are treated as loan origination fees. These costs are classified with the financing receivable and are included in the balance of the net investment. Amortization of these amounts will be recognized as a reduction to interest income over the life of the lease.

Income from Real Estate Notes Receivable

The Company recognized interest income related to real estate notes receivable of $1.5 million and $3.3 million, respectively, for the three and six months ended June 30, 2025, and $1.8 million and $4.2 million, respectively, for the three and six months ended June 30, 2024. The Company recognizes interest income on an accrual basis unless the Company has determined that collectability of contractual amounts is not reasonably assured, at which point the note is placed on non-accrual status. As of June 30, 2025, the Company had two loans on non-accrual status.

Revenue from Contracts with Customers (ASC Topic 606)

The Company recognizes certain revenue under the core principle of ASC Topic 606. This topic requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Lease revenue is not within the scope of ASC Topic 606. To achieve the core principle, the Company applies the five-step model specified in the guidance.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

Revenue that is accounted for under ASC Topic 606 is segregated on the Company’s Condensed Consolidated Statements of Operations in the Other operating line item. This line item includes parking income, management fee income and other miscellaneous income. Below is a detail of the amounts by category:


	THREE MONTHS ENDED June 30,				SIX MONTHS ENDED June 30,
in thousands	2025		2024		2025		2024
Type of Revenue
Parking income	$	2,369	$	2,463	$	4,231	$	5,009
Management fee income/other 1	4,614		1,859		9,140		3,504
	$	6,983	$	4,322	$	13,371	$	8,513

1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement.

The Company’s major types of revenue that are accounted for under Topic 606 that are listed above are all accounted for as the performance obligation is satisfied. The performance obligations that are identified for each of these items are satisfied over time, and the Company recognizes revenue monthly based on this principle.

New Accounting Pronouncements

On November 4, 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses, which will require entities to provide more detailed information in the notes to the financial statements related to certain expense captions on the face of the income statement. The ASU aims to increase transparency and provide investors with more detailed information about the nature of expenses reported on the face of the income statement. The new standard does not change the requirements for the presentation of expenses on the face of the income statement.

Under this ASU, entities are required to disaggregate, in a tabular format, expense captions presented on the face of the income statement — excluding earnings or losses from equity method investments — if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation or depletion. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. The new ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of the adoption of this ASU on its consolidated financial statements and compliance with these new disclosure requirements will begin with the Company's Annual Report on Form 10-K for the year ended December 31, 2027.

Note 2. Real Estate Investments

2025 Acquisition Activity

The Company had no real estate acquisition activity for the six months ended June 30, 2025.

Unconsolidated Joint Ventures

The Company's investment in and income (losses) recognized for the three and six months ended June 30, 2025 and 2024 related to its unconsolidated joint ventures accounted for under the equity method are shown in the table below:


	THREE MONTHS ENDED June 30,				SIX MONTHS ENDED June 30,
Dollars in thousands	2025		2024		2025		2024

Investments in unconsolidated joint ventures, beginning of period	$	470,418	$	309,754	$	473,122	$	311,511
New investment during the period	126		66,547		978		66,547
Equity income (loss) recognized during the period	158		(146)		159		(568)
Owner distributions	(7,272)		(1,314)		(10,829)		(2,649)
Investments in unconsolidated joint ventures, end of period	$	463,430	$	374,841	$	463,430	$	374,841

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

2025 Real Estate Asset Dispositions

The following table details the Company's dispositions for the six months ended June 30, 2025.


Dollars in thousands	DATE DISPOSED	SALE PRICE		CLOSING ADJUSTMENTS		COMPANY-FINANCED MORTGAGE NOTES		NET PROCEEDS		NET REAL ESTATE INVESTMENT		OTHER (INCLUDING RECEIVABLES)		GAIN/(IMPAIRMENT)		SQUARE FOOTAGE
Boston, MA	2/7/25	$	4,500	$	(135)	$	—	$	4,365	$	4,325	$	15	$	25	30,304
Denver, CO 1	2/14/25	8,600		(2,144)		—		6,456		7,948		113		(1,605)		69,715
Houston, TX	3/20/25	15,000		(4,087)		(5,400)		5,513		14,343		347		(3,777)		127,933
Boston, MA	4/30/25	486		(49)		—		437		60		—		377		—
Boston, MA	5/23/25	3,000		(48)		—		2,952		2,631		15		306		33,176
Jacksonville, FL	6/26/25	8,100		(43)		—		8,057		23,064		(561)		(14,446)		53,169
Yakima, WA	6/26/25	31,000		(2,380)		—		28,620		8,689		219		19,712		91,561
Houston, TX	6/27/25	10,500		(57)		—		10,443		10,250		—		193		—










Total dispositions		$	81,186	$	(8,943)	$	(5,400)	$	66,843	$	71,310	$	148	$	785	405,858

1Includes two medical outpatient properties.

Subsequent to June 30, 2025, the Company disposed of the following properties, which were classified as held for sale as of June 30, 2025:


Dollars in thousands	Date Disposed	Sale Price		Square Footage
South Bend, IN	7/15/25	$	43,100	205,573
Milwaukee, WI 1	7/29/25	42,000		147,406
Naples, FL	7/29/25	19,250		61,359
New York, NY	7/30/25	25,000		89,893







Total		$	129,350	504,231

1Includes two medical outpatient properties.

Assets Held for Sale

The Company had 25 properties and a land parcel held for development classified as assets held for sale as of June 30, 2025, and three properties classified as assets held for sale as of December 31, 2024. The table below reflects the assets and liabilities classified as held for sale as of June 30, 2025 and December 31, 2024:


Dollars in thousands	June 30, 2025		December 31, 2024
Balance Sheet data:
Land	$	18,330	$	10,859
Building and improvements	443,895		3,410
Lease intangibles	25,768		3,286
Personal property	633		—


Land held for development	3,836		—
	492,462		17,555
Accumulated depreciation	(164,327)		(5,275)
Real estate assets held for sale, net 1	328,135		12,280
Cash and cash equivalents	151		—
Operating lease right-of-use assets	15,248		—
Other assets, net	14,673		617
Assets held for sale, net	$	358,207	$	12,897

Accounts payable and accrued liabilities	$	6,761	$	694
Operating lease liabilities	19,384		—

Other liabilities	4,133		589
Liabilities of assets held for sale	$	30,278	$	1,283
Redeemable noncontrolling interest held for sale	$	1,221	$	—

1Net real estate assets held for sale include the impact of $54.5 million of impairment charges for the six months ended June 30, 2025.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

Note 3. Leases

Lessor Accounting

The Company’s properties generally are leased pursuant to non-cancelable, fixed-term operating leases with expiration dates through 2052. Some leases provide tenants with fixed rent renewal terms while others have market rent renewal terms. Some leases provide the lessee, during the term of the lease, with an option or right of first refusal to purchase the leased property. The Company’s single-tenant net leases generally require the lessee to pay minimum rent and all taxes (including property tax), insurance, maintenance and other operating costs associated with the leased property.

The Company's leases typically have escalators that are either based on a stated percentage or an index such as the Consumer Price Index ("CPI"). In addition, most of the Company's leases include non-lease components, such as reimbursement of operating expenses as additional rent, or include the reimbursement of expected operating expenses as part of the lease payment. The Company adopted an accounting policy to combine lease and non-lease components. Rent escalators based on indices and reimbursements of operating expenses that are not included in the lease rate are considered variable lease payments. Variable payments are recognized in the period earned. Lease income for the Company's operating leases, recognized for the three and six months ended June 30, 2025 was $287.1 million and $575.9 million, respectively. Lease income for the Company's operating leases, recognized for the three and six months ended June 30, 2024 was $308.1 million and $626.2 million, respectively.

Future lease payments under the non-cancelable operating leases, excluding any reimbursements and one sales-type lease, as of June 30, 2025, were as follows:


Dollars in thousands	OPERATING
2025	$	414,817
2026	794,621
2027	683,818
2028	570,959
2029	466,000
2030 and thereafter	1,734,240
	$	4,664,455

Lessee Accounting

The Company has obligations, as the lessee, under operating lease agreements consisting primarily of the Company’s ground leases. As of June 30, 2025, the Company had 198 ground leases associated with properties covering 14.4 million square feet. Some of the Company's ground lease renewal terms are based on fixed rent renewal terms, and others have market rent renewal terms. These ground leases typically have initial terms of 40 to 99 years with expiration dates through 2119. Any rental increases related to the Company’s ground leases are generally stated in the lease or based on CPI. The Company had 68 prepaid ground leases as of June 30, 2025. The amortization of the prepaid rent, included in the operating lease right-of-use asset, represented approximately $0.3 million and $0.5 million of the Company's rental expense for each of the three months ended June 30, 2025 and 2024, respectively, and $0.7 million and $0.9 million for each of the six months ended June 30, 2025 and 2024, respectively.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

The Company’s future lease payments (primarily for its 130 non-prepaid ground leases), excluding amounts due for held for sale properties, as of June 30, 2025, were as follows:


Dollars in thousands	OPERATING		FINANCING
2025	$	5,235	$	957
2026	11,392		2,106
2027	11,581		2,145
2028	11,717		2,177
2029	11,776		2,209
2030 and thereafter	563,917		383,172
Total undiscounted lease payments	615,618		392,766
Discount	(411,940)		(319,747)
Lease liabilities	$	203,678	$	73,019

The following table provides details of the Company's total lease expense for the three and six months ended June 30, 2025 and 2024:


	THREE MONTHS ENDED June 30,						SIX MONTHS ENDED June 30,
Dollars in thousands	2025			2024			2025		2024
Operating lease cost
Operating lease expense	$	4,397		$	4,599		$	8,753	$	9,065
Variable lease expense	1,474			1,315			2,802		2,542

Finance lease cost
Amortization of right-of-use assets	370			392			741		779
Interest on lease liabilities	921			942			1,837		1,880
Total lease expense	$	7,162		$	7,248		$	14,133	$	14,266

Other information
Operating cash flows outflows related to operating leases	$	4,529		$	4,889		$	9,021	$	8,929
Operating cash flows outflows related to financing leases	$	576		$	591		$	1,119	$	1,154
Financing cash flows outflows related to financing leases	$	5		$	4		$	139	$	30

Right-of-use assets obtained in exchange for new operating lease liabilities	$	—		$	2,561		$	—	$	2,561

Weighted-average years remaining lease term (excluding renewal options) - operating leases	41.9			45.9
Weighted-average years remaining lease term (excluding renewal options) - finance leases	57.2			57.4
Weighted-average discount rate - operating leases	5.5		%	5.7		%
Weighted-average discount rate - finance leases	5.0		%	5.0		%

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

Note 4. Notes and Bonds Payable

The table below details the Company’s notes and bonds payable as of June 30, 2025 and December 31, 2024.


	MATURITY DATE	BALANCE 1 AS OF				EFFECTIVE INTEREST RATE as of 6/30/2025
Dollars in thousands		6/30/2025		12/31/2024
$1.5 billion Unsecured Credit Facility 2	10/25	$	295,000	$	—	5.27	%


$200 million Unsecured Term Loan 3	1/26	174,879		199,896		5.36	%
$300 million Unsecured Term Loan 4	10/25	289,992		299,981		5.36	%
$150 million Unsecured Term Loan	6/26	149,864		149,790		5.36	%
$200 million Unsecured Term Loan	7/27	199,710		199,641		5.36	%
$300 million Unsecured Term Loan	1/28	298,917		298,708		5.36	%
Senior Notes due 2025 5	5/25	—		249,868		4.12	%
Senior Notes due 2026	8/26	590,874		586,824		4.94	%
Senior Notes due 2027	7/27	490,371		488,104		4.76	%
Senior Notes due 2028	1/28	298,338		298,029		3.85	%
Senior Notes due 2030	2/30	591,535		586,028		5.30	%
Senior Notes due 2030	3/30	297,398		297,190		2.72	%
Senior Notes due 2031	3/31	296,603		296,343		2.25	%
Senior Notes due 2031	3/31	676,434		667,233		5.13	%
Mortgage notes payable	12/25-12/26	44,476		45,136		3.57% - 6.88%
		$	4,694,391	$	4,662,771

1Balance is presented net of discounts and issuance costs and inclusive of premiums, where applicable.

2As of June 30, 2025, the Company had $1.2 billion available to be drawn on its $1.5 billion Unsecured Credit Facility.

3In January 2025, the Company repaid $25 million of the $200 million Unsecured term Loan.

4In January 2025, the Company repaid $10 million of the $300 million Unsecured term Loan due October 2025.

5In May 2025, the Company repaid its Senior Notes due 2025 at maturity including $250 million of principal and $4.8 million of accrued interest.

Changes in Debt Structure

On April 8, 2025, the Company exercised its second of two options to extend the maturity date of the $200 million Unsecured Term Loan due May 2025 to January 2026 for a fee of approximately $0.1 million. The loan also was amended to include a four-month extension option, which would extend the final maturity to May 2026.

On May 1, 2025, the Company repaid its Senior Notes due 2025 at maturity including $250 million of principal and $4.8 million of accrued interest.

On July 25, 2025, the Company entered into the Fifth Amended and Restated Revolving Credit and Term Loan Agreement (the “New Credit Facility”) with Wells Fargo Bank, National Association, as Administrative Agent; Wells Fargo Securities, LLC and JPMorgan Chase Bank, N.A. as Joint Book Runners; Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., PNC Capital Markets LLC, U.S. Bank National Association, The Bank of Nova Scotia, and BofA Securities, Inc., as Joint Lead Arrangers; and the other lenders named therein. The New Credit Facility provides for (i) a $1.5 billion unsecured revolving credit facility (the “Revolver”) and (ii) five individual unsecured term loan tranches totaling $1.115 billion. The OP is the borrower under the New Credit Facility (in such capacity, the “Borrower”). A summary of the principal terms of the New Credit Facility and the New Credit Facility's effect on the Company's existing revolving credit term loan facilities is as follows:

•The New Credit Facility replaces the Unsecured Credit Facility. All outstanding obligations due under the Unsecured Credit Facility were reallocated to the lenders under the New Credit Facility.

•The Company’s $1.5 billion Revolver was continued with a maturity extension from October 31, 2025 to July 25, 2029, with two six-month extension options. The Revolver includes a sublimit of $120 million for letters of credit.

•The previously funded $175 million term loan was continued with a maturity date of January 31, 2026 and three extension options totaling 16 months.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

•The previously funded $150 million term loan was continued with a maturity date of June 1, 2026, with two extension options of six months each.

•The previously funded $290 million term loan was continued with a maturity date of October 31, 2025, with four extension options totaling 24 months.

•The previously funded $200 million term loan was continued with a maturity date of July 20, 2027, with two extension options of 12 months each.

•The previously funded $300 million term loan was continued with a maturity date of January 20, 2028, with one extension option of 12 months.

Revolving loans outstanding under the New Credit Facility bear interest at a floating rate equal to the daily simple Secured Overnight Financing Rate ("SOFR"), term SOFR or base rates, as applicable, plus an applicable margin. The applicable margin is determined based on the Borrower’s credit ratings and ranges from 0.725% per annum to 1.40% per annum (currently 0.85% per annum). Term loans outstanding under the New Credit Facility bear interest at a rate equal to Term SOFR rates plus an applicable margin. The applicable margin is determined based on the Borrower’s credit ratings and ranges from 0.80% per annum to 1.60% per annum (currently 0.95% per annum). In addition, the Borrower pays a facility fee on the Revolver commitments at a rate per annum determined based on the Borrower’s credit ratings and ranging from 0.125% per annum to 0.30% per annum (currently 0.20% per annum).

Except as set forth above, the principal terms of the New Credit Facility are substantially consistent with the terms of the Unsecured Credit Facility. Specifically, the New Credit Facility contains representations and warranties and affirmative and negative covenants that are customary for facilities of this size and type. These covenants include, among others: limitations on the incurrence of additional indebtedness; limitations on mergers, investments and acquisitions; limitations on dividends and redemptions of capital stock; limitations on transactions with affiliates; and requirements to comply with certain financial covenants, including a maximum consolidated leverage ratio, a maximum consolidated secured leverage ratio, a maximum consolidated unencumbered leverage ratio, a minimum fixed charge coverage ratio and a minimum unsecured coverage ratio.

Note 5. Derivative Financial Instruments

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.

For derivatives designated, and that qualify, as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income (Loss) ("AOCI") and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

As of June 30, 2025, the Company had 15 outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk:


MATURITY	AMOUNT		WEIGHTED AVERAGE RATE
May 2026	$	275,000	3.74	%
June 2026	150,000		3.83	%
December 2026	150,000		3.84	%
June 2027	200,000		4.27	%
December 2027	300,000		3.93	%
	$	1,075,000	3.92	%

Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet

The table below presents the fair value of the Company's derivative financial instruments and their classification on the Condensed Consolidated Balance Sheet as of June 30, 2025 and December 31, 2024.


	AS OF JUNE 30, 2025			AS OF DECEMBER 31, 2024
In thousands	BALANCE SHEET LOCATION	FAIR VALUE		BALANCE SHEET LOCATION	FAIR VALUE
Interest rate swaps 2019	Other Assets	$	1,442	Other Assets	$	2,493
Interest rate swaps 2022	Other Assets	—		Other Assets	2,250
Interest rate swaps 2022	Other Liabilities	(4,791)		Other Liabilities	(853)
Interest rate swaps 2023	Other Assets	156		Other Assets	521
Interest rate swaps 2023	Other Liabilities	(4,100)		Other Liabilities	(3,310)
Total derivatives designated as hedging instruments		$	(7,293)		$	1,101

Tabular Disclosure of the Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss)

The table below presents the effect of cash flow hedge accounting on AOCI during the three and six months ended June 30, 2025 and 2024 related to the Company's outstanding interest rate swaps.


	(GAIN)/LOSS RECOGNIZED IN AOCI ON DERIVATIVE three months ended June 30,					(GAIN)/LOSS RECLASSIFIED FROM AOCI INTO INCOME three months ended June 30,
In thousands	2025		2024			2025		2024
Interest rate swaps	$	1,028	$	(5,891)	Interest expense	$	(1,098)	$	(3,811)
Settled treasury hedges	—		—		Interest expense	107		107
Settled interest rate swaps	—		—		Interest expense	11		42
	$	1,028	$	(5,891)	Total interest expense	$	(980)	$	(3,662)


	(GAIN)/LOSS RECOGNIZED IN AOCI ON DERIVATIVE six months ended June 30,					(GAIN)/LOSS RECLASSIFIED FROM AOCI INTO INCOME six months ended June 30,
In thousands	2025		2024			2025		2024
Interest rate swaps	$	6,206	$	(25,501)	Interest expense	$	(2,188)	$	(7,825)
Settled treasury hedges	—		—		Interest expense	214		213
Settled interest rate swaps	—		—		Interest expense	53		84
	$	6,206	$	(25,501)	Total interest expense	$	(1,921)	$	(7,528)

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

The Company estimates that an additional $1.2 million will be reclassified from accumulated other comprehensive loss as a net decrease to interest expense over the next 12 months.

Credit-risk-related Contingent Features

The Company has agreements with each of its derivative counterparties providing that if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

As of June 30, 2025, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $7.3 million. As of June 30, 2025, the Company had not posted any collateral related to these agreements and was not in breach of any agreement provisions.

Note 6. Commitments and Contingencies

Legal Proceedings

From time to time, the Company is involved in litigation arising in the ordinary course of business. The Company is not aware of any pending or threatened litigation that, if resolved against the Company, would have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Note 7. Stockholders' Equity

Common Stock

The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the six months ended June 30, 2025, and the twelve months ended December 31, 2024:


	SIX MONTHS ENDED JUNE 30, 2025	TWELVE MONTHS ENDED DECEMBER 31, 2024
Balance, beginning of period	350,532,006	380,964,433
Issuance of common stock	—	8,623
Conversion of OP units to common stock	22,228	194,767
Shares Repurchased	—	(30,794,250)
Non-vested share-based awards, net of withheld shares and forfeitures	1,013,583	158,433
Balance, end of period	351,567,817	350,532,006

Common Stock Dividends

During the six months ended June 30, 2025, the Company declared and paid common stock dividends totaling $0.62 per share. On July 31, 2025, the Company declared a quarterly common stock dividend in the amount of $0.24 per share payable on August 28, 2025 to stockholders of record on August 14, 2025.

Common Stock Repurchases

On October 29, 2024, the Company's Board of Directors authorized the repurchase of up to $300.0 million of outstanding shares of the Company's common stock, superseding the previous stock repurchase authorization. The Company has not repurchased shares in 2025. As of June 30, 2025, the Company had $237.0 million remaining under this authorization.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

Earnings Per Common Share

The Company uses the two-class method of computing net earnings per common share. The Company's non-vested share-based awards are considered participating securities pursuant to the two-class method.

The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2025 and 2024.


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
Dollars in thousands, except per share data	2025		2024		2025		2024

Weighted average common shares outstanding	351,411,541		374,498,770		351,086,883		377,916,989
Non-vested shares	(1,783,234)		(2,021,471)		(1,502,983)		(1,954,956)
Weighted average common shares outstanding - basic	349,628,307		372,477,299		349,583,900		375,962,033

Weighted average common shares outstanding - basic	349,628,307		372,477,299		349,583,900		375,962,033

Dilutive effect of OP Units	—		—		—		—

Weighted average common shares outstanding - diluted	349,628,307		372,477,299		349,583,900		375,962,033

Net loss	$	(160,144)	$	(145,938)	$	(205,532)	$	(461,157)
Income allocated to participating securities	(783)		(917)		(1,212)		(1,819)

Loss attributable to non-controlling interest	2,293		2,158		2,808		6,541
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units	(395)		(717)		(492)		(2,047)
Net loss applicable to common stockholders - basic and diluted	$	(159,029)	$	(145,414)	$	(204,428)	$	(458,482)

Basic earnings per common share - net loss	$	(0.45)	$	(0.39)	$	(0.58)	$	(1.22)


Diluted earnings per common share - net loss	$	(0.45)	$	(0.39)	$	(0.58)	$	(1.22)

The effect of OP Units redeemable for 4,161,628 shares and 3,914,997 shares of common stock for the three and six months ended June 30, 2025, respectively, were excluded from the calculation of diluted loss per common share because the effect was anti-dilutive due to the loss from continuing operations incurred during those periods.

Stock Incentive Plan

The Company's stock incentive plan (the "Incentive Plan") permits the grant of incentive awards to its employees and directors in any of the following forms: options, stock appreciation rights, restricted stock, restricted or deferred stock units, performance awards, dividend equivalents, or other stock-based awards, including units in the OP.

Equity Incentive Plans

During the six months ended June 30, 2025, the Company made the following equity awards under the Incentive Plan:

Restricted Stock

During the first quarter of 2025, the Company granted non-vested stock awards to its named executive officers and other members of senior management with an aggregate grant date fair value of $7.9 million, which consisted of an aggregate of 477,226 non-vested shares of common stock with vesting periods ranging from three to eight years.

During the second quarter of 2025, the Company granted non-vested stock awards to its named executive officers and other members of senior management with an aggregate grant date fair value of $7.8 million, which consisted of an aggregate of 499,323 non-vested shares of common stock with vesting periods ranging from three to four years. The Company also granted to independent directors an aggregate of 72,144 shares of non-vested stock with a grant date fair value of $1.1 million, and an aggregate of 34,586 LTIP Series D units in the OP with a grant date fair value of $0.5 million.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

Restricted Stock Units ("RSUs")

On February 11, 2025, the Company granted an aggregate of 275,735 RSUs to members of senior management, subject to a three-year performance period, with an aggregate grant date fair value of $5.4 million.

During the second quarter of 2025, the Company granted an aggregate of 16,038 RSUs to members of senior management, subject to a three-year performance period, with an aggregate grant date fair value of $0.3 million.

The RSUs vest based on relative total shareholder return ("TSR") performance and were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $19.47 for the RSU grants using the following assumptions:



Volatility	28.0	%
Dividend assumption	Accrued
Expected term	3 years
Risk-free rate	4.35	%
Stock price (per share)	$16.17

LTIP Series C Units ("LTIP-C units")

On February 11, 2025, the Company granted an aggregate of 166,976 LTIP-C units in the OP to its named executive officers with three-year forward-looking performance targets, a three-year vesting period and an aggregate grant date fair value of $1.6 million.

The LTIP-C units in the OP vest based on relative TSR performance and were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $9.88 for the February 2025 grant using the following assumptions:



Volatility	28.0	%
Dividend assumption	Accrued
Expected term	3 years
Risk-free rate	4.35	%
Stock price (per share)	$16.17

The Company records amortization expense based on the Monte Carlo simulation throughout the performance period.

On April 15, 2025, the Company granted 347,770 LTIP-C units in the OP to its newly appointed Chief Executive Officer with three-year forward-looking performance targets, a three-year vesting period and an aggregate grant date fair value of $3.4 million.

The LTIP-C units in the OP vest based on relative TSR performance and were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $9.83 for the April 2025 grant using the following assumptions:



Volatility	27.0	%
Dividend assumption	Accrued
Expected term	3 years
Risk-free rate	3.80	%
Stock price (per share)	$15.70

The Company records amortization expense based on the Monte Carlo simulation throughout the performance period.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.

The following table represents the summary of non-vested share-based awards under the Incentive Plan for the three and six months ended June 30, 2025, and 2024:


	THREE MONTHS ENDED JUNE 30,		SIX MONTHS ENDED JUNE 30,
	2025	2024	2025	2024
Share-based awards, beginning of period	2,619,942	4,043,154	1,799,737	2,615,562
Granted 1	969,861	135,767	1,889,798	1,611,578
Vested	(311,301)	(46,660)	(351,271)	(75,074)
Change in awards based on performance assessment	22,656	(47,202)	(37,106)	(47,202)
Forfeited	(14,027)	—	(14,027)	(19,805)
Share-based awards, end of period	3,287,131	4,085,059	3,287,131	4,085,059

1LTIP-C units in the OP are issued at the maximum number of units of the award and are reflected as such in this table until the performance conditions have been satisfied, and the exact number of awards are determinable.

During the three months ended June 30, 2025, and 2024, the Company withheld 72,853 and 8,228 shares of common stock, respectively, from participants to pay estimated withholding taxes related to shares that vested.

The following table represents expected amortization of the Company's non-vested awards issued as of June 30, 2025:


Dollars in millions	FUTURE AMORTIZATION of non-vested shares
2025	$	7.5
2026	13.1
2027	10.7
2028	3.0
2029 and thereafter	0.9
Total	$	35.2

Note 8. Fair Value of Financial Instruments

The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practical to estimate that value.

•Cash and cash equivalents - The carrying amount approximates fair value (level 1 inputs) due to the short-term maturity of these investments.

•Real estate notes receivable - Real estate notes receivable are recorded in other assets on the Company's Condensed Consolidated Balance Sheets. Fair value is estimated using cash flow analyses, based on current interest rates for similar types of arrangements using level 2 inputs in the hierarchy. However, the fair value of one note receivable was determined utilizing the fair value of the receivable's collateral, which was determined based on an executed purchase and sale agreement of the underlying collateral and therefore was classified as level 1 inputs in the hierarchy.

•Borrowings under the Unsecured Credit Facility and the Term Loans Due 2024 and 2026 - The carrying amount approximates fair value because the borrowings are based on variable market interest rates.

•Senior Notes and Mortgage Notes payable - The fair value of notes and bonds payable is estimated using cash flow analyses, based on the Company’s current interest rates for similar types of borrowing arrangements.

•Interest rate swap agreements - Interest rate swap agreements are recorded in other assets/liabilities on the Company's Condensed Consolidated Balance Sheets at fair value. Fair value is estimated by utilizing pricing models, level 2 inputs, which consider forward yield curves and discount rates. See Note 5 for additional information.

The table below details the fair values and carrying values for notes and bonds payable and real estate notes receivable as of June 30, 2025, and December 31, 2024:

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, cont.


	June 30, 2025				December 31, 2024
Dollars in millions	CARRYING VALUE		FAIR VALUE		CARRYING VALUE		FAIR VALUE
Notes and bonds payable 1, 2	$	4,694.4	$	4,672.4	$	4,662.8	$	4,578.4
Real estate notes receivable	$	81.1	$	79.7	$	127.2	$	122.4

1Level 2 – model-derived valuations in which significant inputs and significant value drivers are observable in active markets.

2Fair value for senior notes includes accrued interest as of June 30, 2025.

Note 9. Segment Reporting

The Company is a REIT that owns, leases, acquires, invests in joint ventures, manages, finances, develops and redevelops its medical outpatient properties and reports the operating results in the accompanying Condensed Consolidated Financial Statements as one reportable segment. The CODM assesses performance and allocates resources based on consolidated net income (loss) as reported on the Company's Condensed Consolidated Statements of Operations. The Company uses net income (loss) to monitor expected versus actual results to assess the segment's performance. The measure of the Company's reportable segment assets is reported on the Company's Condensed Consolidated Balance Sheets as total assets.

Pursuant to ASU 2023-07, Segment Reporting (Topic 280), public entities are required to disclose more detailed information about significant reportable segment expenses that are regularly provided to the CODM.

The table below details the significant expenses for the three and six months ended June 30, 2025, and 2024.


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
Dollars in thousands	2025		2024		2025		2024
Significant Segment Expenses:
Property taxes	$	29,029	$	32,487	$	57,839	$	65,416
Personnel	24,221		22,686		48,600		47,305
Utilities	22,189		23,411		44,140		47,492
Maintenance	24,746		27,082		53,493		56,721





Totals	$	100,185	$	105,666	$	204,072	$	216,934

The following schedule reconciles net loss to segment expenses for the three and six months ended June 30, 2025, and 2024.


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
Dollars in thousands	2025		2024		2025		2024
Revenue	$	297,502	$	316,322	$	596,478	$	643,127
Property taxes	(29,029)		(32,487)		(57,839)		(65,416)
Personnel	(24,221)		(22,686)		(48,600)		(47,305)
Utilities	(22,189)		(23,411)		(44,140)		(47,492)
Maintenance	(24,746)		(27,082)		(53,493)		(56,721)
Other segment expenses 1	(33,221)		(26,055)		(57,826)		(50,652)
Transaction costs	(593)		(431)		(1,604)		(826)

Depreciation and amortization	(147,749)		(173,477)		(298,717)		(351,596)
Gain on sales of real estate properties and other assets	20,004		38,338		22,907		38,360
Interest expense	(53,346)		(62,457)		(108,157)		(123,510)

Impairment of real estate properties and credit loss reserves	(142,348)		(132,118)		(154,429)		(148,055)
Impairment of goodwill	—		—		—		(250,530)
Equity income (loss) from unconsolidated joint ventures	158		(146)		159		(568)
Interest and other (expense) income, net	(366)		(248)		(271)		27
Net loss	$	(160,144)	$	(145,938)	$	(205,532)	$	(461,157)

1 Other segment expenses are primarily related to administrative costs, travel, legal, technology, and insurance.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read together with the Condensed Consolidated Financial Statements and related Notes thereto included in Item 1 of this Quarterly Report on Form 10-Q. Other important factors are identified in our Annual Report on Form 10-K for the year ended December 31, 2024, including factors identified under the headings “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations."

Unless stated otherwise or the context otherwise requires, references to the "Company," "we," "us," and "our" are to Healthcare Realty Trust and its consolidated subsidiaries, including the OP.

Disclosure Regarding Forward-Looking Statements

This report and other materials the Company has filed or may file with the SEC, as well as information included in oral statements or other written statements made, or to be made, by senior management of the Company, contain, or will contain, disclosures that are “forward-looking statements.” Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “target,” “intend,” “plan,” “estimate,” “project,” “continue,” “should,” “could” and other comparable terms. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of risks and uncertainties that could materially affect the Company’s current plans and expectations and future financial condition and results. Such risks and uncertainties as more fully discussed in Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and in other reports filed by the Company with the SEC from time to time include, among other things, the following:

Risks relating to our business and operations

•The Company's expected results may not be achieved;

•The Company’s revenues depend on the ability of its tenants under its leases to generate sufficient income from their operations to make rental payments to the Company;

•The Company's results of operations have been and will continue to be impacted negatively by the Steward Health and Prospect Medical bankruptcies;

•Owning real estate and indirect interests in real estate is subject to inherent risks;

•The Company may incur impairment charges on its real estate properties or other assets;

•The Company has properties subject to purchase options that expose it to reinvestment risk and reduction in expected investment returns;

•If the Company is unable to promptly re-let its properties, if the rates upon such re-letting are significantly lower than the previous rates or if the Company is required to undertake significant expenditures or make significant leasing concessions to attract new tenants, then the Company’s business, consolidated financial condition and results of operations would be adversely affected;

•Certain of the Company’s properties are special purpose healthcare facilities and may not be easily adaptable to other uses;

•The Company has, and in the future may have more exposure to fixed rent escalators, which could lag behind inflation and the growth in operating expenses such as real estate taxes, utilities, insurance, and maintenance expense;

•The Company’s real estate investments are illiquid and the Company may not be able to sell properties strategically targeted for disposition;

•The Company is subject to risks associated with the development and redevelopment of properties;

•The Company may make material acquisitions and undertake developments and redevelopments that may involve the expenditure of significant funds and may not perform in accordance with management’s expectations;

•The Company is exposed to risks associated with geographic concentration;

•Many of the Company’s leases are dependent on the viability of associated health systems. Revenue concentrations relating to these leases expose the Company to risks related to the financial condition of the associated health systems;

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•Many of the Company’s properties are held under ground leases. These ground leases contain provisions that may limit the Company’s ability to lease, sell, or finance these properties;

•The Company may experience uninsured or underinsured losses;

•Damage from catastrophic weather and other natural events, whether caused by climate change or otherwise, could result in losses to the Company;

•The Company faces risks associated with security breaches through cyber attacks, cyber intrusions, or otherwise, as well as other significant disruptions of its information technology networks and related systems;

•The Company has structured and may in the future structure acquisitions of property in exchange for limited partnership units of the OP on terms that could limit its liquidity or flexibility;

•Healthcare Realty Trust is a holding company with no direct operations and, as such, it relies on funds received from the OP to pay liabilities, and the interests of its stockholders will be structurally subordinated to all liabilities and obligations of the OP and its subsidiaries;

•The Company cannot assure you that it will be able to continue paying dividends at or above the rates previously paid;

•Pandemics, and measures intended to prevent their spread or mitigate their severity could have a material adverse effect on the Company's business, results of operations, cash flows and financial condition; and

•The Company's success depends, in part, on its ability to attract and retain talented employees. The loss of any one of the Company's key personnel or the inability to maintain appropriate staffing could adversely impact the Company's business.

Risks relating to our capital structure and financings

•The Company has incurred significant debt obligations and may incur additional debt and increase leverage in the future;

•Covenants in the Company’s debt instruments limit its operational flexibility, and a breach of these covenants could materially affect the Company’s consolidated financial condition and results of operations;

•If lenders under the Unsecured Credit Facility fail to meet their funding commitments, the Company’s operations and consolidated financial position would be negatively impacted;

•The unavailability of equity and debt capital, volatility in the credit markets, increases in interest rates, or changes in the Company’s debt ratings could have an adverse effect on the Company’s ability to meet its debt payments, make dividend payments to stockholders or engage in acquisition and development activity;

•Increases in interest rates could have a material adverse effect on the Company's cost of capital;

•The Company's swap agreements may not effectively reduce its exposure to changes in interest rates;

•The Company has entered into joint venture agreements that limit its flexibility with respect to jointly owned properties and expects to enter into additional such agreements in the future;

•The U.S. federal income tax treatment of the cash that the Company might receive from cash settlement of a forward equity agreement is unclear and could jeopardize the Company's ability to meet the REIT qualification requirements; and

•In case of our bankruptcy or insolvency, any forward equity agreements will automatically terminate, and the Company would not receive the expected proceeds from any forward sale of shares of its common stock.

Risks relating to government regulations

•The Company's property taxes could increase due to reassessment or property tax rate changes;

•Trends in the healthcare service industry, including the recent passage of the One Big Beautiful Bill Act which is the subject of ongoing analysis, may negatively affect the demand for the Company’s properties, lease revenues and the values of its investments;

•The costs of complying with governmental laws and regulations may adversely affect the Company's results of operations;

•Qualifying as a REIT involves highly technical and complex provisions of the Internal Revenue Code;

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•If the Company fails to remain qualified as a REIT, the Company will be subject to significant adverse consequences, including adversely affecting the value of its common stock;

•The Company’s articles of incorporation, as well as provisions of the MGCL, contain limits and restrictions on transferability of the Company’s common stock which may have adverse effects on the value of the Company’s common stock;

•Complying with the REIT requirements may cause the Company to forego otherwise attractive opportunities;

•The prohibited transactions tax may limit the Company's ability to sell properties;

•New legislation or administrative or judicial action, in each instance potentially with retroactive effect, could make it more difficult or impossible for the Company to qualify as a REIT; and

•New and increased transfer tax rates may reduce the value of the Company’s properties.

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. Stockholders and investors are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in the Company’s filings and reports, including, without limitation, estimates and projections regarding the performance of development projects the Company is pursuing.

Liquidity and Capital Resources

Sources and Uses of Cash

The Company’s primary sources of cash include rent receipts from its real estate portfolio based on contractual arrangements with its tenants, proceeds from the sales of real estate properties, joint ventures, and proceeds from public or private debt or equity offerings. As of June 30, 2025, the Company had $1.2 billion available to be drawn on its unsecured credit facility ("Unsecured Credit Facility") and available cash. On July 25, 2025, the Company entered into the Fifth Amended and Restated Credit Facility which extended the maturity of its revolver to July 2029.

The Company expects to continue to meet its liquidity needs, including funding additional investments, paying dividends, and funding debt service, through cash flows from operations and liquidity sources, including the Unsecured Credit Facility. Management believes that the Company's liquidity and sources of capital are adequate to satisfy its cash requirements. The Company cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to the Company in sufficient amounts to meet its liquidity needs.

Dividends paid by the Company for the six months ended June 30, 2025 were funded from cash flows from operations and the Unsecured Credit Facility, as cash flows from operations were not adequate to fully fund dividends, primarily as a result of the timing of interest payments. The Company expects that cash flows from operations will generate sufficient cash flows during 2025 such that dividends for the full year 2025 can be funded by cash flows from operations or other sources of liquidity described above.

Investing Activities

Cash flows used in investing activities for the six months ended June 30, 2025, were approximately $41.9 million. Below is a summary of the investing activities.

Dispositions

The Company disposed of eight medical outpatient properties and two land parcels during the six months ended June 30, 2025 for a total sales price of $81.2 million, generating net proceeds of $66.8 million after seller financing and closing credits. The following table details these dispositions for the six months ended June 30, 2025:

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Dollars in thousands	Date Disposed	Sale Price		Square Footage
Boston, MA	2/7/25	$	4,500	30,304
Denver, CO 1	2/14/25	8,600		69,715
Houston, TX 2	3/20/25	15,000		127,933
Boston, MA	4/30/25	486		—
Boston, MA	5/23/25	3,000		33,176
Jacksonville, FL	6/26/25	8,100		53,169
Yakima, WA 1	6/26/25	31,000		91,561
Houston, TX	6/27/25	10,500		—








Total		$	81,186	405,858

1Includes two medical outpatient properties.

2The Company provided seller financing of approximately $5.4 million in connection with this sale.

Subsequent to June 30, 2025, the Company disposed of the following properties:


Dollars in thousands	Date Disposed	Sale Price		Square Footage
South Bend, IN	7/15/25	$	43,100	205,573
Milwaukee, WI 1	7/29/25	42,000		147,406
Naples, FL	7/29/25	19,250		61,359
New York, NY	7/30/25	25,000		89,893













Total		$	129,350	504,231

1Includes two medical outpatient properties.

Capital Expenditures

During the six months ended June 30, 2025, the Company incurred capital costs totaling $158.4 million for the following:

•$75.4 million toward development and redevelopment of properties;

•$40.8 million toward first generation tenant improvements and planned capital expenditures for acquisitions;

•$26.8 million toward second generation tenant improvements; and

•$15.4 million toward building capital.

Real Estate Notes Receivable

In January 2025, the Company received $14.9 million as payment towards the principal balance of its mortgage loan that matured on December 2, 2024.

In March 2025, the Company executed a mezzanine loan receivable agreement with a maximum loan commitment of $8.5 million. As of June 30, 2025, the Company had funded $2.8 million under this agreement.

In April 2025, a mortgage loan receivable of $37.7 million maturing in February 2026 was repaid in full.

See Note 1 to the Condensed Consolidated Financial Statements in this report for more information about real estate notes receivable and allowance for credit losses.

Financing Activities

Cash flows used in financing activities for the six months ended June 30, 2025 were approximately $212.3 million. See Notes 4 and 7 to the Condensed Consolidated Financial Statements in this report for more information about capital markets and financing activities.

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Debt Activity

As of June 30, 2025, the Company had outstanding interest rate swaps totaling $1.1 billion to hedge the one-month term Secured Overnight Financing Rate ("SOFR"). The following table details the amount and rate of each swap (dollars in thousands):


EXPIRATION DATE	AMOUNT		WEIGHTED AVERAGE RATE
May 2026	$	275,000	3.74	%
June 2026	150,000		3.83	%
December 2026	150,000		3.84	%
June 2027	200,000		4.27	%
December 2027	300,000		3.93	%
	$	1,075,000	3.92	%

Changes in Debt Structure

During the first quarter of 2025, the Company repaid $25.0 million of the $200 million Unsecured Term Loan due May 2025 and $10.0 million of the $300 million Unsecured Term Loan due October 2025.

On April 8, 2025, the Company exercised its second of two options to extend the maturity date of the $200 million Unsecured Term Loan due May 2025 to January 2026 for a fee of approximately $0.1 million. The existing $200 million term loan facility was also amended to include a four-month extension option, which would extend the final maturity to May 2026.

On May 1, 2025, the Company repaid its Senior Notes due 2025 at maturity including $250 million of principal and $4.8 million of accrued interest.

•The New Credit Facility replaces the Unsecured Credit Facility. All outstanding obligations due under the Unsecured Credit Facility were reallocated to the lenders under the New Credit Facility.

•The previously funded $175 million term loan was continued with a maturity date of January 31, 2026 and three extension options totaling 16 months.

•The previously funded $150 million term loan was continued with a maturity date of June 1, 2026, with two extension options of six months each.

•The previously funded $290 million term loan was continued with a maturity date of October 31, 2025, with four extension options totaling 24 months.

•The previously funded $200 million term loan was continued with a maturity date of July 20, 2027, with two extension options of 12 months each.

•The previously funded $300 million term loan was continued with a maturity date of January 20, 2028, with one extension option of 12 months.

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Supplemental Guarantor Information

The OP has issued unsecured notes described in Note 4 to the Company's Condensed Consolidated Financial Statements included in this report. All unsecured notes are fully and unconditionally guaranteed by the Company, and the OP is 98.6% owned by the Company. Effective January 4, 2021, the Securities and Exchange Commission (the “SEC”) adopted amendments to the financial disclosure requirements which permit subsidiary issuers of obligations guaranteed by the parent to omit separate financial statements if the consolidated financial statements of the parent company have been filed, the subsidiary obligor is a consolidated subsidiary of the parent company, the guaranteed security is debt or debt-like, and the security is guaranteed fully and unconditionally by the parent.

Accordingly, as permitted under Rule 13-01(a)(4)(vi) of Regulation S-X, the Company has excluded the summarized financial information for the OP because the assets, liabilities, and results of operations of the OP are not materially different than the corresponding amounts in the Company's consolidated financial statements and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.

Operating Activities

Cash flows provided by operating activities decreased from $244.3 million for the six months ended June 30, 2024 to $211.0 million for the six months ended June 30, 2025. Items impacting cash flows from operations include, but are not limited to, cash generated from property operations, interest payments and the timing of the payment of invoices and other expenses.

The Company may, from time to time, sell properties and redeploy cash from property sales into new investments or to repay indebtedness. The income from the new investments or reduction in interest expense could be less than the income from properties sold which would adversely affect the Company's results of operations and cash flows.

Trends and Matters Impacting Operating Results

Management monitors factors and trends important to the Company and the REIT industry to gauge the potential impact on Company operations. In addition to the matters discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, some of the factors and trends that management believes may impact future operations of the Company are outlined below.

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Economic and Market Conditions

Rising interest rates and increased volatility in the capital markets have increased the Company’s cost and availability of debt and equity capital. Limited availability and increases in the cost of capital could adversely impact the Company’s ability to finance operations and acquire and develop properties. To the extent the Company’s tenants experience increased costs or financing difficulties due to the economic and market conditions, they may be unable or unwilling to make payments or perform their obligations when due. Additionally, increased interest rates may also result in less liquid property markets, limiting the Company’s ability to sell existing assets or obtain joint venture capital.

Expiring Leases

The Company expects that approximately 15% of its leases will expire each year in the ordinary course of business. There are 722 multi-tenant and single-tenant leases totaling 2.5 million square feet that will expire during the remainder of 2025. Approximately 70.2% of the leases expiring during the remainder of 2025 are for space in buildings located on or adjacent to hospital campuses, are distributed throughout the portfolio, and are not concentrated with any one tenant, health system or market area. The Company typically expects to retain 75% to 90% of tenants upon expiration, and the retention ratio for the first six months of the year was within this range.

Prospect Medical

On January 11, 2025, Prospect Medical Holdings (“Prospect”) filed petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas. Prospect leases approximately 80,912 square feet of space from the Company, accounting for approximately $2.9 million of annual revenue. The Company moved to cash basis accounting for these leases and recorded a reserve of $0.7 million in the fourth quarter of 2024. While it is early in the bankruptcy proceedings and the Company is in discussions with Prospect regarding its leases with the Company, there can be no assurance that the Company will recover unpaid rent from Prospect. During the six months ended June 30, 2025, the Company received rent payments of approximately $1.6 million.

Operating Expenses

The Company historically has experienced increases in property taxes throughout its portfolio as a result of increasing assessments and tax rates levied across the country. The Company continues its efforts to appeal property tax increases and manage the impact of the increases. In addition, the Company historically has incurred variability in portfolio utilities expenses based on seasonality, with the first and third quarters usually reflecting greater amounts. The effects of these operating expense increases are mitigated in leases that have provisions for operating expense reimbursement. As of June 30, 2025, leases for approximately 92% of the Company's total leased square footage allow for some recovery of operating expenses, with approximately 29% having modified gross lease structures and approximately 63% having net lease structures.

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Purchase Options

Information about the Company's unexercised purchase options and the amount and basis for determination of the purchase price is detailed in the table below (dollars in thousands):


YEAR EXERCISABLE	NUMBER OF PROPERTIES	GROSS REAL ESTATE INVESTMENT AS OF JUNE 30, 2025 1
Current 2	5	$	100,677
2025	1	2,522
2026	5	142,819
2027	5	140,488
2028	5	137,290
2029	3	82,148
2030	—	—
2031	4	106,635
2032	2	24,384
2033	—	—
2034	—	—
2035 and thereafter 3	11	378,643
Total	41	$	1,115,606

1Includes three properties totaling $51.8 million with stated purchase prices or prices based on fixed capitalization rates.

2These purchase options have been exercisable for an average of 18.1 years.

3Includes two medical outpatient properties that are recorded in the line item Investment in financing receivable, net on the Company's Condensed Consolidated Balance Sheets.

Non-GAAP Financial Measures and Key Performance Indicators

Management considers certain non-GAAP financial measures and key performance indicators to be useful supplemental measures of the Company's operating performance. A non-GAAP financial measure is generally defined as one that purports to measure financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP. Set forth below are descriptions of the non-GAAP financial measures management considers relevant to the Company's business and useful to investors, as well as reconciliations of these measures to the most directly comparable GAAP financial measures.

The non-GAAP financial measures and key performance indicators presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions. These measures should not be considered as alternatives to net income, as indicators of the Company's financial performance, or as alternatives to cash flow from operating activities as measures of the Company's liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of the Company's needs. Management believes that in order to facilitate a clear understanding of the Company's historical consolidated operating results, these measures should be examined in conjunction with net income and cash flows from operations as presented in the Condensed Consolidated Financial Statements and other financial data included elsewhere in this Quarterly Report on Form 10-Q.

Funds from Operations ("FFO"), Normalized FFO and Funds Available for Distribution ("FAD")

FFO and FFO per share are operating performance measures adopted by the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as the most commonly accepted and reported measure of a REIT’s operating performance equal to “net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, impairment, and after adjustments for unconsolidated partnerships and joint ventures.”

In addition to FFO, the Company presents Normalized FFO and FAD. Normalized FFO is presented by adding to FFO acquisition-related costs, acceleration of debt issuance costs, debt extinguishment costs and other Company-defined normalizing items to evaluate operating performance. FAD is presented by adding to Normalized FFO non-real estate depreciation and amortization, non-cash financing receivable amortization, loan origination cost

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amortization, deferred financing fees amortization, stock-based compensation expense and rent reserves, net; and subtracting maintenance capital expenditures, including second generation tenant improvements and leasing commissions paid and straight-line rent income, net of expense. The Company's definition of these terms may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts. FFO, Normalized FFO and FAD should not be considered as an alternative to net income as an indicator of the Company's financial performance or to cash flow from operating activities as an indicator of the Company's liquidity. FFO, Normalized FFO and FAD should be reviewed in connection with GAAP financial measures.

Management believes FFO, Normalized FFO, FFO per common share, Normalized FFO per share and FAD ("Non-GAAP Measures") provide an understanding of the operating performance of the Company’s properties without giving effect to certain significant non-cash items, primarily depreciation and amortization expense. Historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. However, real estate values have historically risen or fallen with market conditions. The Company believes that by excluding the effect of depreciation, amortization, impairments and gains or losses from sales of real estate, all of which are based on historical costs, and which may be of limited relevance in evaluating current performance, Non-GAAP Measures can facilitate comparisons of operating performance between periods. The Company reports Non-GAAP Measures because these measures are observed by management to also be the predominant measures used by the REIT industry and by industry analysts to evaluate REITs. For these reasons, management deems it appropriate to disclose and discuss these Non-GAAP Measures. However, none of these measures represent cash generated from operating activities determined in accordance with GAAP and are not necessarily indicative of cash available to fund cash needs. Further, these measures should not be considered as an alternative to net income as an indicator of the Company’s operating performance or as an alternative to cash flow from operating activities as a measure of liquidity.

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The table below reconciles net income to FFO, Normalized FFO and FAD for the three and six months ended June 30, 2025, and 2024:


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
Amounts in thousands, except per share data	2025		2024		2025		2024
Net loss attributable to common stockholders	$	(157,851)	$	(143,780)	$	(202,724)	$	(454,616)
Net loss attributable to common stockholders per diluted share 1	$	(0.45)	$	(0.39)	$	(0.58)	$	(1.22)

Gain on sales of real estate properties	(20,004)		(33,431)		(22,907)		(33,453)
Impairment of real estate properties	140,877		120,917		151,022		136,854
Real estate depreciation and amortization	152,936		177,350		308,224		358,511
Non-controlling loss from operating partnership units	(2,293)		(2,077)		(2,892)		(6,355)
Unconsolidated JV depreciation and amortization	6,706		4,818		13,422		9,386
FFO adjustments	$	278,222	$	267,577	$	446,869	$	464,943
FFO adjustments per common share - diluted	$	0.79	$	0.71	$	1.26	$	1.22

FFO attributable to common stockholders	$	120,371	$	123,797	$	244,145	$	10,327
FFO attributable to common stockholders per common share - diluted	$	0.34	$	0.33	$	0.69	$	0.03

Transaction costs	593		431		1,604		826

Lease intangible amortization	(222)		129		(449)		304
Non-routine legal costs	478		465		555		465

Restructuring and severance-related charges	10,302		—		10,804		—
Credit losses and losses on other assets, net 2	1,471		8,525		3,407		8,525
Impairment of goodwill	—		—		—		250,530
Merger-related fair value of debt instruments	10,580		10,064		21,025		20,169
Unconsolidated JV normalizing items 3	163		89		367		176
Normalized FFO adjustments	$	23,365	$	19,703	$	37,313	$	280,995
Normalized FFO adjustments per common share - diluted	$	0.07	$	0.05	$	0.11	$	0.74

Normalized FFO attributable to common stockholders	$	143,736	$	143,500	$	281,458	$	291,322
Normalized FFO attributable to common stockholders per common share - diluted	$	0.41	$	0.38	$	0.80	$	0.77

Non-real estate depreciation and amortization	207		313		428		798
Non-cash interest amortization, net 4	1,130		1,267		2,348		2,543
Rent reserves, net	130		1,261		224		1,110
Straight-line rent, net	(7,045)		(6,799)		(13,889)		(14,432)
Stock-based compensation	3,887		3,383		6,915		6,944
Unconsolidated JV non-cash items 5	(356)		(148)		(609)		(270)
Normalized FFO adjusted for non-cash items	$	141,689	$	142,777	$	276,875	$	288,015
2nd generation TI	(12,036)		(12,287)		(26,921)		(32,491)
Leasing commissions paid	(5,187)		(10,012)		(16,581)		(25,227)
Building capital	(9,112)		(12,835)		(15,799)		(18,198)
FAD	$	115,354	$	107,643	$	217,574	$	212,099


FFO weighted average common shares outstanding - diluted 6	354,078		376,556		353,814		379,979

1Potential common shares are not included in diluted earnings per share when a loss exists as the effect would be antidilutive.

2For the six months ended June 30, 2025, represents a $1.5 million credit loss reserve on a mortgage note receivable and a $1.9 million loss on other assets included in "Impairment of real estate properties and credit loss reserves" on the Statement of Operations. For the three and six months ended June 30, 2024, includes a $4.9 million gain on sale of corporate assets included in "Gains on sales of real estate and other assets" on the Statement of Operations, a $2.2 million straight line rent reversed included in "Rental income" on the Statement of Operations, and a $11.2 million credit loss reserve on a note receivable included in "Impairment of real estate properties and credit loss reserves" on the Statement of Operations.

3Includes the Company's proportionate share of lease intangible amortization related to unconsolidated joint ventures.

4Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.

5Includes the Company's proportionate share of straight-line rent, net related to unconsolidated joint ventures.

6The Company utilizes the treasury stock method which includes the dilutive effect of nonvested share-based awards outstanding of 287,797 and 420,687, respectively, for the three months ended June 30, 2025 and 2024, and the dilutive impact of 4,161,628 and 3,914,997 OP Units outstanding for the three and six months ended June 30, 2025, respectively.

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Cash Net Operating Income ("NOI") and Same Store Cash NOI

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

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

The Company utilizes the redevelopment classification for properties where management has approved a change in strategic direction through the application of additional resources, including an amount of capital expenditures significantly above routine maintenance and capital improvement expenditures.

Any recently acquired property will be included in the same store pool once the Company has owned the property for five full quarters. Newly developed or redeveloped properties will be included in the same store pool five full quarters after substantial completion.

The following table reflects the Company's Same Store Cash NOI for the six months ended June 30, 2025 and 2024:


	NUMBER OF PROPERTIES	GROSS INVESTMENT as of June 30, 2025		SAME STORE CASH NOI for the six months ended June 30,
Dollars in thousands				2025		2024
Same store properties	537	$	10,250,272	$	325,785	$	313,126
Joint venture same store properties	30	$	330,690	$	8,806	$	9,036

The following tables reconcile net loss to Same Store NOI and the same store property metrics to the total owned real estate portfolio for the six months ended June 30, 2025 and 2024:

Reconciliation of Same Store Cash NOI


SAME STORE RECONCILIATION
	SIX MONTHS ENDED JUNE 30,
Dollars in thousands	2025		2024
Net loss	$	(205,532)	$	(461,157)
Other expense	239,791		484,276
General and administrative expense	37,011		28,788
Depreciation and amortization expense	298,717		351,596
Other expenses 1	15,385		9,953
Straight-line rent, net	(13,888)		(12,199)
Joint venture properties	16,507		10,462
Other revenue 2	(19,252)		(12,439)
Cash NOI	368,739		399,280
Cash NOI not included in same store	(34,148)		(77,118)
Same store cash NOI	334,591		322,162
Same store joint venture properties	(8,806)		(9,036)
Same store cash NOI (excluding JVs)	$	325,785	$	313,126

1.Includes transaction costs, rent reserves, above and below market ground lease intangible amortization, leasing commission amortization and ground lease straight-line rent expense.

2.Includes management fee income, interest, above and below market lease intangible amortization, lease inducement amortization, lease terminations and tenant improvement overage amortization.

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Reconciliation of Same Store Properties


	AS OF JUNE 30, 2025
Dollars and square feet in thousands	PROPERTY COUNT	GROSS INVESTMENT 1		SQUARE FEET	OCCUPANCY
Same store properties	537	$	10,250,272	30,110	90.0	%
Joint venture same store properties	30	330,690		1,673	88.9	%
Wholly owned and joint venture acquisitions	30	182,401		2,193	94.4	%
Development completions	3	96,269		230	62.4	%
Redevelopments	19	645,948		1,876	74.2	%

Total	619	$	11,505,580	36,082	89.2	%
Joint venture properties	65	620,616		4,254	88.3	%
Total owned real estate properties	554	$	10,884,964	31,828	89.4	%

1Excludes assets held for sale, construction in progress, land held for development, corporate property and financing lease right-of-use assets unrelated to an imputed lease arrangement as a result of a sale leaseback transaction.

Results of Operations

Three Months Ended June 30, 2025, Compared to Three Months Ended June 30, 2024

The Company’s results of operations for the three months ended June 30, 2025, compared to the same period in 2024 were impacted by developments, dispositions, gains on sale, and capital markets transactions.

Revenues

Rental income decreased $21.1 million, or 6.8%, for the three months ended June 30, 2025, compared to the prior year period. This decrease is primarily comprised of the following:

•Dispositions in 2024 and 2025 resulted in a decrease of $36.3 million.

•Leasing activity resulted in an increase of $13.4 million.

•Developments completed in 2024 resulted in an increase of $1.8 million.

Other operating income increased $2.7 million, or 61.6%, for the three months ended June 30, 2025, compared to the prior year period primarily as a result of income from management fees related to unconsolidated joint ventures.

Expenses

Property operating expenses decreased $7.8 million, or 6.6%, for the three months ended June 30, 2025, compared to the prior year period primarily as a result of the following activity:

•Dispositions in 2024 and 2025 resulted in a decrease of $12.7 million.

•Increases in portfolio operating expenses as follows:

◦Utilities expense of $1.4 million;

◦Leasing commissions and other administrative and legal expenses of $1.3 million;

◦Compensation expense of $1.2 million; and

◦Janitorial expense of $0.6 million.

•Developments completed in 2024 resulted in an increase of $0.4 million.

General and administrative expenses increased approximately $9.5 million, or 67.7%, for the three months ended June 30, 2025, compared to the prior year period primarily as a result of the following activity:

•Decreases in the following expenses:

◦Cash compensation expense of $0.5 million;

◦Travel expenses of $0.3 million; and

◦Other decreases include legal and other administrative costs of $1.6 million.

•Increases in the following expenses:

◦Restructuring and severance-related charges of $10.3 million;

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◦Cash incentive compensation expense of $1.1 million; and

◦Non-cash incentive compensation expense of 0.5 million.

Depreciation and amortization expense decreased $25.7 million, or 14.8%, for the three months ended June 30, 2025, compared to the prior year period primarily as a result of the following activity:

•Dispositions in 2024 and 2025 resulted in a decrease of $17.3 million.

•Assets that became fully depreciated resulted in a decrease of $17.2 million.

•Various building and tenant improvement expenditures resulted in an increase of $8.3 million.

•Developments completed in 2024 resulted in an increase of $0.5 million.

Other Income (Expense)

Gains on sale of real estate properties and other assets

In the three months ended June 30, 2025, the Company recognized gains on sale of real estate properties and other assets of approximately $20.0 million. In the three months ended June 30, 2024, the Company recognized gains on sale of real estate properties and other assets of approximately $38.3 million.

Interest expense

Interest expense decreased $9.1 million, or 14.6%, for the three months ended June 30, 2025, compared to the prior year period. The components of interest expense are as follows:


	THREE MONTHS ENDED JUNE 30,				CHANGE
Dollars in thousands	2025		2024		$		%
Contractual interest	$	44,269	$	50,956	$	(6,687)	(13.1)	%
Net discount/premium accretion	10,722		10,198		524		5.1	%
Debt issuance costs amortization	1,067		1,186		(119)		(10.0)	%
Amortization of interest rate swap settlement	11		42		(31)		(73.8)	%
Amortization of treasury hedge settlement	107		107		—		—	%

Interest cost capitalization	(3,751)		(974)		(2,777)		285.1	%
Interest on lease liabilities	921		942		(21)		(2.2)	%
Total interest expense	$	53,346	$	62,457	$	(9,111)	(14.6)	%

Contractual interest expense decreased $6.7 million, or 13.1%, for the three months ended June 30, 2025, compared to the prior year period primarily as a result of the following activity:

•The unsecured term loans accounted for a decrease of approximately $8.8 million due to a decreased aggregate balance.

•The Unsecured Credit Facility accounted for an increase of approximately $1.1 million as a result of an increased weighted average balance outstanding.

•The redemption of the Senior Notes due 2025 accounted for a decrease of $1.6 million.

•Active interest rate swaps accounted for an increase of $2.7 million.

•Mortgage note repayments, net of assumptions, accounted for a decrease of approximately $0.1 million.

Impairment of real estate properties and credit loss reserves

In the second quarter of 2025, the Company recognized impairments totaling $15.0 million on two properties sold and $125.9 million on thirteen properties with changes in the expected holding periods. In addition, the Company recorded a $1.5 million credit loss reserve related to one of its mortgage notes receivables. In the second quarter of 2024, the Company recognized impairments totaling $10.2 million on 15 properties sold and $110.7 million on 17 properties with changes in the expected holding periods. In addition, the Company recorded a $11.2 million credit loss reserve to one of its mortgage note receivables.

Equity loss from unconsolidated joint ventures

The Company recognized its proportionate share of income or losses from its unconsolidated joint ventures. Losses are primarily attributable to non-cash depreciation expense. See Note 2 to the Condensed Consolidated Financial Statements in this report for more details regarding the Company's unconsolidated joint ventures.

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Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

The Company’s results of operations for the six months ended June 30, 2025 compared to the same period in 2024 were impacted by developments, dispositions, gains on sale, and capital markets transactions.

Revenues

Rental income decreased $50.3 million, or 8.0%, for the six months ended June 30, 2025 compared to the prior year period. This decrease is primarily comprised of the following:

•Dispositions in 2024 and 2025 resulted in a decrease of $75.2 million.

•Leasing activity, including contractual rent increases, resulted in an increase of $21.3 million.

•Developments completed in 2024 resulted in an increase of $3.6 million.

Other operating income increased $4.9 million, or 57.1%, for the six months ended June 30, 2025, compared to the prior year period primarily as a result of income from management fees related to unconsolidated joint ventures.

Expenses

Property operating expenses decreased $13.9 million, or 5.8%, for the six months ended June 30, 2025 compared to the prior year period primarily as a result of the following activity:

•Dispositions in 2024 and 2025 resulted in a decrease of $26.4 million.

•Increases in portfolio operating expenses as follows:

◦Administrative, leasing commissions, and other legal expense of $2.7 million;

◦Compensation expense of $2.5 million

◦Utilities expense of $2.2 million;

◦Maintenance and repair expense of $1.8 million;

◦Property tax expense of $1.5 million; and

◦Janitorial expense of $0.9 million.

◦Developments completed in 2024 resulted in an increase of $0.9 million.

General and administrative expenses increased approximately $8.2 million, or 28.6%, for the six months ended June 30, 2025 compared to the prior year period primarily as a result of the following activity:

•Increase in restructuring and severance-related charges of $10.8 million.

•Increase in cash incentive compensation expense of $1.1 million.

•Decrease in payroll and payroll related expenses of approximately $0.7 million.

•Decrease in travel-related expenses of 0.7 million.

•Other decreases include legal and other administrative costs of $2.3 million.

Depreciation and amortization expense decreased $52.9 million, or 15.0%, for the six months ended June 30, 2025 compared to the prior year period primarily as a result of the following activity:

•Dispositions in 2024 and 2025 resulted in a decrease of $37.3 million.

•Assets that became fully depreciated resulted in a decrease of $32.1 million.

•Developments completed in 2024 resulted in an increase of $1.1 million.

•Various building and tenant improvement expenditures resulted in an increase of $15.4 million.

Other Income (Expense)

Gains on sale of real estate properties and other assets

Gains on the sale of real estate properties and other assets for the six months ended June 30, 2025 and 2024, totaled $22.9 million and $38.4 million, respectively.

Interest expense

Interest expense decreased $15.4 million, or 12.4%, for the six months ended June 30, 2025 compared to the prior year period. The components of interest expense are as follows:

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	SIX MONTHS ENDED JUNE 30,				CHANGE
Dollars in thousands	2025		2024		$		%
Contractual interest	$	87,154	$	100,414	$	(13,260)	(13.2)	%
Net discount/premium accretion	21,312		20,265		1,047		5.2	%
Debt issuance costs amortization	2,196		2,392		(196)		(8.2)	%
Amortization of interest rate swap settlement	53		84		(31)		(36.9)	%
Amortization of treasury hedge settlement	213		213		—		—	%
Fair value derivative	—		178		(178)		(100.0)	%
Interest cost capitalization	(4,608)		(1,916)		(2,692)		140.5	%
Interest on lease liabilities	1,837		1,880		(43)		(2.3)	%
Total interest expense	$	108,157	$	123,510	$	(15,353)	(12.4)	%

Contractual interest expense decreased $13.3 million, or 13.2%, for the six months ended June 30, 2025 compared to the prior year period primarily as a result of the following activity:

•The unsecured term loans accounted for a decrease of approximately $6.9 million.

•The unsecured term loan repayments accounted for a decrease of approximately $11.1 million

•The Unsecured Credit Facility accounted for an increase of approximately $0.8 million as a result of an increased weighted average balance outstanding.

•Active interest rate swaps accounted for an increase of $5.5 million, while expired interest rate swaps accounted for an increase of $0.3 million.

•Mortgage note repayments, net of assumptions, accounted for a decrease of approximately $0.2 million.

•The redemption of the Senior Note due 2025 accounted for a decrease of $1.6 million.

Impairment of real estate properties and credit loss reserves

During the six months ended June 30, 2025, the Company recognized impairments totaling $151.0 million on six properties sold and 17 properties with changes in the expected holding periods. In addition, the Company recorded $1.5 million in credit loss reserves relating to a mortgage notes receivable and a $1.9 million fair value adjustment for an equity investment in other assets. During the six months ended June 30, 2024, the Company recognized impairments totaling $136.9 million on 15 properties sold and 18 properties with changes in the expected holding periods, including one property reclassified to held for sale. In addition, the Company recorded $11.2 million in credit loss reserves related to one of its mortgage notes receivable.

Impairment of Goodwill

During the three months ended March 31, 2024, the Company determined that the carrying value of its single reporting unit exceeded estimated fair value and therefore recorded a $250.5 million full impairment of its goodwill, which is recorded as a non-cash charge in “Impairment of goodwill” in the consolidated statements of operations. See Note 1 to the Condensed Consolidated Financial Statements in this report for more details.

Equity loss from unconsolidated joint ventures

The Company recognized its proportionate share of losses from its unconsolidated joint ventures. These losses are primarily attributable to non-cash depreciation expense. See Note 2 to the Condensed Consolidated Financial Statements in this report for more details regarding the Company's unconsolidated joint ventures.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

The Company is exposed to market risk in the form of changing interest rates on its debt and mortgage notes. Management uses regular monitoring of market conditions and analysis techniques to manage this risk. During the six months ended June 30, 2025, there were no material changes in the quantitative and qualitative disclosures about market risks presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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Item 4. Controls and Procedures

Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this report. Based on this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports it files or submits under the Exchange Act.

Changes in Internal Control over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

The Company is, from time to time, involved in litigation arising in the ordinary course of business. The Company is not aware of any pending or threatened litigation that, if resolved against the Company, would have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Item 1A. Risk Factors

In addition to the other information set forth in this report and the risk factor discussed below, an investor should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, which could materially affect the Company’s business, financial condition or future results. The risks, as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, are not the only risks facing the Company. Additional risks and uncertainties not currently known to management or that management currently deems immaterial also may materially adversely affect the Company’s business, financial condition, operating results or cash flows.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the six months ended June 30, 2025, the Company repurchased shares of its common stock as follows:


PERIOD	TOTAL NUMBER OF SHARES PURCHASED (1)	AVERAGE PRICE PAID per share		TOTAL NUMBER OF SHARES purchased as part of publicly announced plans or programs	MAXIMUM NUMBER (or Approximate DOLLAR VALUE) OF SHARES that may yet be purchased under the plans or programs
October 2024 Authorization
January 1 - January 31	4,029	$	16.27	—	$	236,957,114
February 1 - February 28	9,034	16.56		—	236,957,114
March 1 - March 31	—	—		—	236,957,114
April 1 - April 30	18,877	15.83		—	236,957,114
May 1 - May 31	4,535	14.50		—	236,957,114
June 1 - June 30	49,441	15.48		—	236,957,114
Total	85,916	$	15.66	—	$	236,957,114

1Share purchases in the six months ended June 30, 2025 represent shares of Company common stock withheld and cancelled to satisfy employee tax withholding obligations payable upon the vesting of non-vested shares.

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Item 5. Other Information

During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading agreement" or "non-Rule 10b5-1 trading agreement," as each term is defined in Item 408(a) of Regulation S-K.

On July 31, 2025, the Company and Julie F. Wilson determined that Ms. Wilson would depart from her position as Executive Vice President and Chief Administrative Officer, effective December 31, 2025. Ms. Wilson’s separation is governed pursuant to the “termination without cause” provisions of her employment agreement with the Company, a copy of which previously has been filed with the SEC.

On July 31, 2025, the Company and John M. Bryant, Jr. determined that Mr. Bryant would depart from his position as Senior Vice President, Legal Affairs, effective December 31, 2025. Mr. Bryant’s separation is governed pursuant to the “termination without cause” provisions of his employment agreement with the Company, a copy of which previously has been filed with the SEC. Mr. Bryant previously served as the Company's Executive Vice President and General Counsel and was reported as a Named Executive Officer in the Company's Proxy Statement relating to its Annual Meeting of Shareholders held on May 20, 2025.

Item 6. Exhibits


EXHIBIT			DESCRIPTION
Exhibit 3.1			Fifth Articles of Amendment and Restatement of the Company, as amended.1
Exhibit 3.2			Fourth Amended and Restated Bylaws of the Company.2
Exhibit 3.3			Certificate of Limited Partnership of Healthcare Realty Holdings, L.P.3
Exhibit 3.4			Second Amended and Restated Agreement of Limited Partnership of Healthcare Realty Holdings, L.P.3
Exhibit 10.1			First Amendment to Fourth Amended and Restated Revolving Credit and Term Loan Agreement, dated as of April 4, 2025, by and among Healthcare Realty Holdings, L.P., Healthcare Realty Trust Incorporated, each of the Lenders party hereto and Wells Fargo Bank, National Association.4
Exhibit 10.2			Employment Agreement dated April 15, 2025, by and between Peter A. Scott and Healthcare Realty Trust Incorporated.4
Exhibit 10.3			Fifth Amended and Restated Credit and Term Loan Agreement, dated as of July 25, 2025, by and among Healthcare Realty Holdings, L.P., as borrower, Healthcare Realty Trust Incorporated, as parent, Wells Fargo Bank, National Association, as administrative agent, the other lenders named therein and the other parties thereto.5
Exhibit 22			Subsidiary Issuers of Guaranteed Securities (filed herewith).
Exhibit 31.1			Certification of the Chief Executive Officer of Healthcare Realty Trust Incorporated pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
Exhibit 31.2			Certification of the Chief Financial Officer of Healthcare Realty Trust Incorporated pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
Exhibit 32			Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
Exhibit 101.INS			The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
Exhibit 101.SCH			XBRL Taxonomy Extension Schema Document (furnished electronically herewith)
Exhibit 101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document (furnished electronically herewith)
Exhibit 101.LAB			XBRL Taxonomy Extension Labels Linkbase Document (furnished electronically herewith)
Exhibit 101.DEF			XBRL Taxonomy Extension Definition Linkbase Document (furnished electronically herewith)
Exhibit 101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document (furnished electronically herewith)
Exhibit 104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

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1 Filed as an exhibit to the Company's (File No. 001-35568) Quarterly Report on Form 10-Q filed with the SEC on August 8, 2023, and hereby incorporated by reference.

2 Filed as an exhibit to the Company's (File No. 001-35568) Current Report on Form 8-K filed with the SEC on April 29, 2020, and hereby incorporated by reference.

3 Filed as an exhibit to the Company's (File No. 001-35568) Current Report on Form 8-K filed with the SEC on July 26, 2022, and hereby incorporated by reference.

4 Filed as an exhibit to the Company's (File No. 001-35568) Current Report on Form 10-Q filed with the SEC on May 1, 2025, and hereby incorporated by reference.

5 Filed as an exhibit to the Company's (File No. 001-35568) Current Report on Form 8-K filed with the SEC on July 31, 2025, and hereby incorporated by reference.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	HEALTHCARE REALTY TRUST INCORPORATED

	By:	/s/ AUSTEN B. HELFRICH
		Austen B. Helfrich
		Executive Vice President and Chief Financial Officer
August 1, 2025

Healthcare Realty Trust Inc 10-Q