Healthcare Realty Trust Incorporated · NYSE:HR
Healthcare Realty Trust — Investor Presentation (October 2026)
24 slides from Healthcare Realty Trust's investor presentation, October 2026
Slide 1: Committed to Maximizing Value for All Shareholders
OCTOBER 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 560 33M 90% Properties Owned Sq. Feet Top 50 MSAs 2100 Church Street (Nashville, TN) $10.6B $6.2B ~$750M Bakersfield MOB (Bakersfield, CA) Enterprise Value Market Cap Annualized Adj. EBITDA 5.3% BBB/Baa2 5.5x 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: 3Q 2026 Business Highlights
3Q 2026 Business Highlights Financial Results 3Q Overview Reported Normalized FFO per share of $0.42 Normalized FFO / Share $0.42 Same store cash NOI growth of +5.1% Same Store Cash NOI 5.1% Growth • Tenant retention of 88.0% and +8.6% cash leasing spreads • 80 bps year-over-year increase in Sam
Slide 6: 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 “Disciplined Growth” Deliver new and in-process redevelopments Incremental to Strategic Plan Phase II “Execute, Execute, Execute” JV acquisit
Slide 7: Strong Operating Performance Reflects Successful Execution of Strategic Plan
Strong Operating Performance Reflects Successful Execution of Strategic Plan Higher Occupancy, Stronger Leasing Spreads, Improved Retention, and Sustained NOI Growth Support Operating Momentum Same Store Occupancy Same Store Cash Leasing Spreads 310 bps increase since 2Q25 150 – 200+ bps increase si
Slide 8: 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 9: Recent Joint Venture Acquisitions
Recent Joint Venture Acquisitions Announced and/or Closed ~$300M of Accretive Acquisitions YTD in KKR JV at a Mid-7% Initial Cash Yield (1) Summerville MOBs Pinebrook MOBs Woodinville Medical Center MSA: Charleston, SC MSA: Tampa, FL MSA: Seattle, WA Close Date: September 2026 Close Date: October 20
Slide 10: Value Upside for Healthcare Realty Shareholders
Value Upside for Healthcare Realty Shareholders Attractive Growth with Demographic Tailwinds, Superior Balance Sheet and High Occupancy / High Margin Business Model Executing with Pace and Purpose… …But Still Trading at Discount to Peers and Historical Averages HR 2.0 Results 2027 FFOx SS NOI Grow
Slide 11: Meaningfully Improved Balance Sheet in 2026
Meaningfully Improved Balance Sheet in 2026 Addressed Near-Term Maturities with Exchangeable Note Offering, Delayed Draw Term Loan and RCF Liquidity Key Credit Metrics YTD 2026 Balance Sheet Activity ($M) 1 Issued $700M Exchangeable Notes due 2032 (3.00% cash coupon) 1. S&P / Moody’s BBB / Baa2 2. 2
Slide 12: Company Overview
Company Overview SECTION 1
Slide 13: 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) 27 Properties 1.5M SF Northeast 64 Properties 3.0M SF San Francisco D.C. Corridor 9 Properties 1
Slide 14: 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 / 106K SF New Leases / Lease Renewals Lease Renewals AA / Aa2 2Q 2026 / 3Q 2026 2Q 2026 / 3Q 2026 A- / A3 AA / Aa
Slide 15: 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 16: 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) Sector Occupancy(3) 65+ population averages 7 health visits and $20,000 Unabated sh
Slide 17: Strong Backdrop For Elevated Rent Growth
Strong Backdrop For Elevated Rent Growth Prevailing Rents Today Do Not Justify Cost of New Development, Creating Room to Increase Rent Escalators and CLS Construction Costs (PSF)(1) Rental Rates (PSF, Net)(1) Supply Constraints(1) Elevated rates, tariffs and other factors have made Implied new
Slide 18: Outpatient Medical Delivers Stability Across Market Cycles
Outpatient Medical Delivers 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%
Slide 19: 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 – 2026) Notable Investors $25 $20 Investment Volume (Billions) $15 $10 $5 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 20: Rapid Execution of Healthcare Realty 2.0 Strategic Plan
Rapid Execution of Healthcare Realty 2.0 Strategic Plan Significant Progress on Strategic Plan with Clear Path to Completion Achievements to Date Progress Seasoned management team led by new CEO committed to executing Strategic Plan Corporate Governance Enhanced talent across the organization in
Slide 21: Portfolio Optimization Update
Portfolio Optimization Update ~560 Assets Remaining After Completion of Disposition Program Same Store Portfolio Portfolio Breakdown Stabilized (1) Lease-Up: Unstabilized (1) Re/Development (1) (Figures rounded for illustrative purposes) ~80% of total portfolio ~15% of total portfolio ~5% of total p
Slide 22: Appendix
Appendix SECTION 1
Slide 23: Reconciliation of EBITDA
Reconciliation of EBITDA ($ in thousands) Three Months Ended September 30, 2026 Net income (loss) ($15,851) Interest expense 44,849 Income taxes 317 (1) Depreciation and amortization 128,101 Unconsolidated JV depreciation, amortization, and interest 7,337 EBITDA $164,753 Transaction costs 1,693 Gain
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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