Healthcare Realty Trust Incorporated · NYSE:HR
Healthcare Realty Trust — Investor Presentation (July 2026)
25 slides from Healthcare Realty Trust's investor presentation, July 2026
Slide 1: Committed to Maximizing Value for All Shareholders
JULY 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 2100 Church Street (Nashville, TN) $11.8B $7.4B ~$740M Bakersfield MOB (Bakersfield, CA) Enterprise Value Market Cap Annualized Adj. EBITDA 4.5% BBB/Baa2 5.6x Dividend S&P/Moody’
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 Strong Relationships with Leading National and Regional Health Systems Sustained Sector Tailwinds Driving Record Level Occupancy, Rent
Slide 4: Business Update
Business Update SECTION 1
Slide 5: 2Q 2026 Business Highlights
2Q 2026 Business Highlights Financial Results 2Q Overview Reported Normalized FFO per share of $0.41 Normalized FFO / Share $0.41 Same store cash NOI growth of +5.1% • Tenant retention of 88.5% and +4.8% cash leasing spreads Same Store Cash NOI 5.1% • 110bps year-over-year increase in Same Store
Slide 6: Mutually Beneficial Health System Partnerships
Mutually Beneficial Health System Partnerships Virtuous Cycle of Activity with Health Systems Resulting in Accretive Outcomes Health System Overview Health System Overview One of HR’s top 5 health system relationships and a Top 10 U.S. health system (1) One of HR’s top 5 health system relationsh
Slide 7: Recent Joint Venture Acquisitions
Recent Joint Venture Acquisitions Announced and/or Closed ~$300M of Accretive Acquisitions YTD in KKR JV at a Mid-7% Initial Cash Yield (1) Grandview II MOB Greenwich Medical Center Port St. Lucie MOB & ASC MSA: Birmingham, AL MSA: Greenwich, CT MSA: Port St. Lucie, FL Close Date: March 2026 Close D
Slide 8: Successfully Executing the Strategic Plan
Successfully Executing the Strategic Plan Focused on Leasing Execution and Planning for Future Growth After Completing Phase I of Strategic Plan Phase III “Fueling Growth” Deliver new and in-process redevelopments Incremental to Strategic Plan Phase II “Execute, Execute, Execute” JV acquisitions
Slide 9: Value Upside for Healthcare Realty Shareholders
Value Upside for Healthcare Realty Shareholders Attractive Growth with Demographic Tailwinds, Superior Balance Sheet and High Occupancy / High Margin Business Model Executing with Pace and Purpose… …But Still Trading at Discount to Peers and Historical Averages 1Q 2024 – 3Q 2025 – NTM FFOx Delta 2Q
Slide 10: Disciplined Capital Allocation
Disciplined Capital Allocation Capital Allocation Focused On Earnings Accretion and Maximizing Shareholder Value A Maintain Fortress Balance Sheet B Reinvest in Platform C Return Capital to Shareholders Prioritize financial flexibility through Selectively deploy free cash flow and Selectively
Slide 11: Meaningfully Improved Balance Sheet in 2026
Meaningfully Improved Balance Sheet in 2026 Addressed Near-Term Maturities with Exchangeable Note Offering, Delayed Draw Term Loan and RCF Liquidity Key Credit Metrics YTD 2026 Balance Sheet Activity ($M) 1 Issued $700M Exchangeable Notes due 2032 (3.00% cash coupon) 1. S&P / Moody’s BBB / Baa2 2. 2
Slide 12: Exchangeable Notes Offering Summary
Exchangeable Notes Offering Summary Attractive Long-Term Financing at Low Cash Coupon, Coupled with Accretive Share Repurchases; Capped Call Feature Eliminates Net Share Issuance Below $27.41 Stock Price (40% Effective Conversion Premium) Overview Key Terms for 2032 3.00% Exchangeable Notes • On May
Slide 13: Company Overview
Company Overview SECTION 1
Slide 14: 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 NOI) 29 Properties 1.6M SF Northeast 64 Properties 2.8M SF San Francisco D.C. Corridor 9 Properties 1
Slide 15: 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 AA- / Aa2 250K+ SF New Leases / 157K SF New Leases / Lease Renewals (1) Lease Renewals AA / Aa2 2Q 2026 / 3Q 2026 2Q 2026 A- / A3 AA / Aa3 BBB
Slide 16: 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 17: 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 18: 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 19: …with Stability Across Market Cycles
…with Stability Across Market Cycles Non-Discretionary Healthcare Utilization and Aging Population Support Stable NOI Growth over the Past 20 Years Proven Track Record of Stable NOI Growth Average Same Store NOI Growth Since Global Financial Crisis Stable and Positive 4% 3% 3% 2% 2% 2% Industrial Mu
Slide 20: Private Markets Recognize Tailwinds and Value in Outpatient Medical Sector
Private Markets Recognize Tailwinds and Value in Outpatient Medical Sector Significant Capital Targeting New Investments in the Outpatient Medical Space Investment Volumes (2015 – 2025) Notable Investors $20 $16 $ in Billions $12 ~$10B Average $8 $4 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023 20
Slide 21: Rapid Execution of Healthcare Realty 2.0 Strategic Plan
Rapid Execution of Healthcare Realty 2.0 Strategic Plan Significant Progress on Strategic Plan with Clear Path to Completion Achievements to Date Progress Seasoned management team led by new CEO committed to executing Strategic Plan Corporate Governance Enhanced talent across the organization in
Slide 22: Portfolio Optimization Update
Portfolio Optimization Update ~560 Assets Remaining After Completion of Disposition Program Same Store Portfolio Portfolio Breakdown Stabilized (1) Lease-Up: Unstabilized (1) Re/Development (1) (Figures rounded for illustrative purposes) ~80% of total portfolio ~15% of total portfolio ~5% of total p
Slide 23: Appendix
Appendix SECTION 1
Slide 24: Reconciliation of EBITDA
Reconciliation of EBITDA ($ in thousands) Three Months Ended June 30, 2026 Net income (loss) ($43,955) Interest expense 45,146 Income taxes 298 Depreciation and amortization (1) 128,065 Unconsolidated JV depreciation, amortization, and interest 7,255 EBITDA $136,809 Transaction costs 1,473 Gain on s
Slide 25: 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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