Healthcare Realty Trust Incorporated · NYSE:HR
Healthcare Realty Trust — Q4 2025 Earnings Presentation
24 slides from Healthcare Realty Trust's earnings presentation, Feb 13, 2026
Slide 1: Committed to Maximizing Value for All Shareholders
FEBRUARY 2026 Committed to Maximizing Value for All Shareholders
Slide 2: Healthcare Realty at a Glance
Healthcare Realty at a Glance Premier Pure-Play Outpatient Medical REIT 562 33M 90% Properties Owned Sq. Feet Top 50 MSAs $10.7B $6.5B $725M Bakersfield MOB (Bakersfield, CA) 2100 Church Street (Nashville, TN) Enterprise Value Market Cap Annualized Adj. EBITDA 5.2% BBB/Baa2 5.4x Dividend S&P/Moody’s
Slide 3: Investment Highlights
Investment Highlights Only REIT Focused Exclusively on the Outpatient Medical Sector Best-In-Class Portfolio that Posted Market-Leading Same Store NOI Growth in 2025 Strong Relationships with Leading National and Regional Health Systems Sustained Sector Tailwinds Driving Record Level Occupan
Slide 4: Business Update
Business Update SECTION 1
Slide 5: 2025 Financial Performance
2025 Financial Performance Compelling Results In-line or Ahead of Initial 2025 Guidance across Key Operational and Financial Objectives 2025 Highlights Improvement Across All Key Metrics Normalized FFO of $1.61 per share FY 2025 YoY Growth Same store cash NOI growth of +4.8%, driven by 103bps of
Slide 6: Premier Outpatient Medical Platform
Premier Outpatient Medical Platform Denver Region 42 Properties Nashville Deep Relationships with Leading Health Systems 2.3M SF 12 Properties Seattle 1.2M SF Associated Health Systems by Rank (% of MOB SF) 29 Properties 1.6M SF Northeast 64 Properties 2.8M SF San Francisco D.C. Corridor 9 Propertie
Slide 7: Key Relationships with Leading Health Systems
Key Relationships with Leading Health Systems Top Health System Relationships Select Recent Leasing Transactions Directly Leased SF (millions) Credit Rating Baylor Scott & White 1.1 AA- / Aa2 154K SF Lease Renewal 142K SF Lease Extension Advocate Health 0.9 AA / Aa2 February 2026 January 2026 Common
Slide 8: Highly Experienced Board of Directors
Highly Experienced Board of Directors Strengthened Governance with Significant REIT CEO and Public Investment Experience ’25 ’24 ’24 Peter Scott Thomas Bohjalian Glenn Rufrano President and Chief Executive Board Chair; Retired Senior Portfolio Executive Chairman, PREIT; Officer, Healthcare Realty Ma
Slide 9: Deep and Experienced Management Team
Deep and Experienced Management Team Enhanced Senior Leadership Team across Operations, Finance and Investments Peter Scott Daniel Gabbay Rob Hull Ryan Crowley Andrew Loope President and Chief Executive Vice President and Executive Vice President and Executive Vice President and Executive Vice Presi
Slide 10: Multi-Year Tailwinds Driving Record Sector Performance
Multi-Year Tailwinds Driving Record Sector Performance Outpatient Medical Sector Boosted by Aging Population and Limited New Supply Growth Rapid Growth of 65+ Population(1) Preference for Outpatient Settings(2) Supply Constraints(3) 65+ population averages 7 health visits and $20,000 Unabated
Slide 11: Private Markets Recognize Tailwinds and Value in Outpatient Medical Sector
Private Markets Recognize Tailwinds and Value in Outpatient Medical Sector Investment Volumes (2015 – 2025) Outpatient Medical Indicative Cap Rates $20 Asset Profile Cap Rate Core / “A” Assets ~5.5% – 6.0% $16 Core-Plus ~6.0 – 6.75% $ in Billions ~$10B Average Value-Add ~6.75%+ $12 Indicative Cost o
Slide 12: Significantly Improved Balance Sheet
Significantly Improved Balance Sheet Proactively Addressing Near-Term Maturities to Extend Maturity Ladder Key Credit Metrics Debt Maturity Schedule(1) S&P / Moody’s BBB / Baa2 Credit Rating Stable Total Debt to 36% Total Assets $1,100 $1,070 $120 Liquidity(2) $1.4B $629 Net Debt to Adj. 5.4x $29 EB
Slide 13: Disciplined Capital Allocation Framework
Disciplined Capital Allocation Framework Capital Allocation Focused On Earnings Accretion and Maximizing Shareholder Value A Maintain Fortress Balance Sheet B Reinvest in Platform C Return Capital to Shareholders Prioritize financial flexibility through Selectively deploy free cash flow and Se
Slide 14: Strategic Plan Update
Strategic Plan Update SECTION 1
Slide 15: Rapid Execution of Healthcare Realty 2.0 Strategic Plan
Rapid Execution of Healthcare Realty 2.0 Strategic Plan Significant Progress on Strategic Plan with Clear Path to Completion Achievements to Date Progress Seasoned management team led by new CEO committed to executing Strategic Plan Corporate Governance Enhanced talent across the organization in
Slide 16: Completed Strategic Disposition Program
Completed Strategic Disposition Program Opportunistically Recycled Capital and Exited approx. 20 Non-Priority Markets Disposition Overview Portfolio Geographic Comparison 109 ~$1.7B ~6.7% Assets Dispositions Cap Rate (1) ~$1,150M 2025 Sales(2) ~$500M Key Markets 2024 Sales 2025 Dispositions 2024 Dis
Slide 17: Improved Portfolio Characteristics
Improved Portfolio Characteristics | Current Portfolio vs. Disposition Portfolio Portfolio Optimization Plan Improved Portfolio Quality and Refocused Footprint on Growth-Oriented Markets Occupancy NOI Growth(1) 92% 5% Improved Portfolio 79% Quality 1% Current Portfolio Dispositions Current Portfolio
Slide 18: Localized Operations Driving Better Financial Results
Localized Operations Driving Better Financial Results Simplified Asset Management Structure Leading to Better Health System Relationships and Leasing Outcomes Simplified Asset Management Structure… …Leading to Dramatic Improvement in Leasing Outcomes Integrated asset management approach Reviewed 2
Slide 19: Portfolio Optimization Update
Portfolio Optimization Update ~560 Stabilized and Lease-Up Assets Remaining After Completion of Disposition Program Same Store Portfolio Portfolio Breakdown Stabilized (1) Lease-Up: Unstabilized (1) Re/Development (1) (Figures rounded for illustrative purposes) ~80% of total portfolio ~15% of total
Slide 20: Capital Allocation | Redevelopment Program
Capital Allocation | Redevelopment Program Overall Redevelopment Portfolio is 60% Leased(1), ~1,000bps Improvement Since 3Q 2025 Redevelopment Program Overview (1) 23 ~$300M Existing projects Total cost 222 Westchester Ave (White Plains, NY) 222 Westchester AveCapital Regions MOB (Albany, NY) Before
Slide 21: Value Upside for Healthcare Realty Shareholders
Value Upside for Healthcare Realty Shareholders Attractive Growth with Demographic Tailwinds, Superior Balance Sheet and High Occupancy / High Margin Business Model Executing with Pace and Purpose… …But Still Trading at Discount to Peers and Historical Averages HR 2.0 Results NTM FFOx SS NOI Growt
Slide 22: Appendix
Appendix SECTION 1
Slide 23: Reconciliation of EBITDA
Reconciliation of EBITDA ($ in thousands) Three Months Ended December 31, 2025 Net income (loss) $14,591 Interest expense 48,189 Income taxes 300 Depreciation and amortization 127,408 Unconsolidated JV depreciation, amortization and interest 8,121 EBITDA $198,609 Transaction costs 300 Gain on sales
Slide 24: Legal Disclaimer
Legal Disclaimer This presentation contains disclosures that are “forward-looking statements” relating to Healthcare Realty Trust Incorporated (the “Company”). Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use
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