Healthcare Realty Trust (HR) Investor presentation summary

Portfolio overview and performance

• Owns 562 outpatient medical properties totaling 33 million square feet, concentrated in top 50 MSAs with 92.7% same store occupancy and 5.1% same store NOI growth as of 2Q 2026.

• Maintains strong relationships with leading national and regional health systems, with top tenants including CommonSpirit, Ascension, and Baylor Scott & White.

• Portfolio optimization resulted in ~560 assets post-disposition, with 80% stabilized, 15% lease-up, and 5% redevelopment assets.

• High occupancy and tenant retention rates, with 88.5% tenant retention and 4.8% cash leasing spreads in 2Q 2026.

• Focused on high-quality, high-growth assets through joint ventures and selective acquisitions, including $300M in JV acquisitions YTD at mid-7% initial cash yield.

Financial highlights and capital allocation

• $11.8B enterprise value and $7.4B market cap as of July 2026, with annualized adjusted EBITDA of ~$740M.

• Net debt to adjusted EBITDA at 5.6x and liquidity of $1.6B, maintaining BBB/Baa2 credit ratings.

• Issued $700M of 3.00% exchangeable senior notes due 2032, using proceeds to repay $600M senior notes and fund share repurchases.

• $100M of shares repurchased in 1Q 2026 at $17.38, with an additional $75M concurrent with the convertible note offering.

• Attractive 4.5% dividend yield based on a $0.96 annualized dividend.

Strategic plan and management

• Completed Phase I of strategic plan, focusing on operational talent, asset management, and portfolio refinement.

• Phase II emphasizes leasing execution, cost reduction, and regular engagement with health system partners.

• Phase III targets growth through redevelopments, JV acquisitions, and opportunistic capital allocation.

• Board and management team strengthened with significant REIT CEO and public investment experience.

• Achieved $10M in G&A savings and completed $1.2B of planned 2025 dispositions at a blended 6.7% cap rate.