已保留


第7项管理层对财务状况和经营结果的讨论和分析有关前瞻性陈述的披露本报告和公司已经或可能向美国证券交易委员会提交的其他材料,以及公司高级管理层已经或将要做出的口头声明或其他书面声明中包含的信息,包含或将包含属于前瞻性声明的披露。前瞻性表述包括与历史或当前事实无关的所有表述,可以通过使用“可能”、“将”、“预期”、“相信”、“预期”、“目标”、“打算”、“计划”、“估计”、“项目”、“继续”、“应该”、“可能”和其他类似术语来识别。这些前瞻性陈述是基于管理层当前的计划和预期,会受到一些风险和不确定因素的影响,这些风险和不确定因素可能会对公司当前的计划和预期以及未来的财务状况和结果产生重大影响。在本报告第1A项“风险因素”以及本公司不时提交给美国证券交易委员会的其他报告中更充分讨论的风险和不确定因素包括,但不限于以下:与我们的业务和运营有关的风险·本公司的预期结果可能无法实现;·本公司的收入取决于其租约下的租户从其业务中获得足够收入向本公司支付租金的能力;·拥有房地产和拥有房地产的间接权益受到固有风险的影响;·本公司可能因其房地产财产或其他资产产生减值费用;·公司有受购买选择权限制的物业,使其面临再投资风险和预期投资回报减少;·如果公司不能迅速重新出租其物业,如果重新出租的费率明显低于以前的费率,或者如果公司需要承担重大支出或做出重大租赁让步以吸引新租户,则公司的业务、综合财务状况和经营业绩将受到不利影响;·公司的房地产投资缺乏流动性,公司可能无法出售具有战略目标的物业;·公司面临与物业开发和再开发相关的风险;·公司可能进行重大收购并进行开发和重新开发,这可能涉及巨额资金支出,并可能不符合管理层的预期;·公司的许多租约取决于相关保健系统的生存能力。与这些租约有关的收入集中使公司面临与相关健康系统的财务状况有关的风险;·公司的许多物业是根据土地租约持有的。这些土地租约包含的条款可能限制公司租赁、出售或融资这些财产的能力;·公司可能遭受未投保或保险不足的损失;·灾难性天气和其他自然事件造成的损害,无论是由气候变化或其他原因造成的,可能导致公司损失;·公司面临与通过网络攻击、网络入侵或其他方式的安全漏洞相关的风险,以及其信息技术网络和相关系统的其他重大中断;·公司可能安排财产收购,以换取OP的有限合伙单位,条款可能限制其流动性或灵活性;·公司不能向你保证它将能够继续支付等于或高于之前支付的股息;·公司之前发生并可能继续发生与合并相关的巨额费用;和股票业绩图表下图提供了从2018年12月31日到2023年12月31日期间公司与罗素3000指数的累计总股东回报和富时NAREIT全股票REITs指数的累计总回报的比较。比较假设于2018年12月31日投资于公司普通股和每个指数的100美元,并假设股息再投资。公司在合并结束前的数据是Legacy HR的股票表现。第六项。


已保留


·新冠肺炎等流行病,以及旨在防止其蔓延或减轻其严重性的措施,可能会对公司的业务、运营业绩、现金流和财务状况产生重大不利影响。与我们的资本结构和融资有关的风险·公司承担了大量债务,并可能在未来产生更多债务和增加杠杆;·公司债务工具中的契约限制了其运营灵活性,违反这些契约可能对公司的综合财务状况和经营结果产生重大影响;·如果无担保信贷安排下的贷款人未能履行其融资承诺,公司的运营和综合财务状况将受到负面影响;·无法获得股权和债务资本、信贷市场波动、利率上升或公司债务评级的变化可能对公司偿还债务、向股东支付股息或从事收购和开发活动的能力产生不利影响;·利率上升可能对公司的资本成本产生重大不利影响;·公司的掉期协议可能无法有效减少其对利率变化的敞口;·本公司已签订合资协议,限制了其在共同所有物业方面的灵活性,并预计未来将签订更多此类协议;·美国联邦所得税对本公司通过现金结算远期股权协议可能获得的现金的处理尚不清楚,可能会危及本公司满足REIT资格要求的能力;以及·如果我们破产或资不抵债,任何远期股权协议将自动终止,本公司将不会从任何远期出售其普通股的股票中获得预期收益。与政府法规有关的风险·由于重新评估或财产税率变化,公司的财产税可能会增加;·医疗服务行业的趋势可能对公司的物业需求、租赁收入及其投资价值产生负面影响;·遵守政府法律法规的成本可能对公司的运营结果产生不利影响;·符合REIT的资格涉及高度技术性和国内收入法的复杂条款;·如果公司未能保持REIT的资格,公司将受到重大不利后果,包括对其普通股价值的不利影响;·公司的公司章程以及《房地产投资信托基金》的条款对公司普通股的可转让性提出了限制和限制,这可能会对公司普通股的价值产生不利影响;·遵守REIT的要求可能会导致公司放弃其他有吸引力的机会;·被禁止的交易税可能会限制公司出售财产的能力;·新的立法或行政或司法行动,在每一种情况下都可能具有追溯力,可能会使公司更难或不可能有资格成为REIT;和·新的和提高的转让税率可能会降低公司财产的价值。公司不承担公开更新或修改任何前瞻性陈述的义务,无论是由于新信息、未来事件还是其他原因。告诫股东和投资者,在评估公司提交的文件和报告中提供的信息时,不要过度依赖这种前瞻性陈述,包括但不限于对公司正在进行的开发项目的业绩的估计和预测。26


·新冠肺炎等流行病,以及旨在防止其蔓延或减轻其严重性的措施,可能会对公司的业务、运营业绩、现金流和财务状况产生重大不利影响。与我们的资本结构和融资有关的风险·公司承担了大量债务,并可能在未来产生更多债务和增加杠杆;·公司债务工具中的契约限制了其运营灵活性,违反这些契约可能对公司的综合财务状况和经营结果产生重大影响;·如果无担保信贷安排下的贷款人未能履行其融资承诺,公司的运营和综合财务状况将受到负面影响;·无法获得股权和债务资本、信贷市场波动、利率上升或公司债务评级的变化可能对公司偿还债务、向股东支付股息或从事收购和开发活动的能力产生不利影响;·利率上升可能对公司的资本成本产生重大不利影响;·公司的掉期协议可能无法有效减少其对利率变化的敞口;·该公司已签订合资协议,限制了其在共同所有物业方面的灵活性,并预计未来将签订更多此类协议;·美国与政府法规有关的风险·由于重新评估或财产税率变化,公司的财产税可能会增加;·医疗服务行业的趋势可能对公司的物业需求、租赁收入及其投资价值产生负面影响;·遵守政府法律法规的成本可能对公司的运营结果产生不利影响;·符合REIT的资格涉及高度技术性和国内收入法的复杂条款;·如果公司未能保持REIT的资格,公司将受到重大不利后果,包括对其普通股价值的不利影响;·公司的公司章程以及《房地产投资信托基金》的条款对公司普通股的可转让性提出了限制和限制,这可能会对公司普通股的价值产生不利影响;·遵守REIT的要求可能会导致公司放弃其他有吸引力的机会;·被禁止的交易税可能会限制公司出售财产的能力;·新的立法或行政或司法行动,在每一种情况下都可能具有追溯力,可能会使公司更难或不可能有资格成为REIT;和·新的和提高的转让税率可能会降低公司财产的价值。公司不承担公开更新或修改任何前瞻性陈述的义务,无论是由于新信息、未来事件还是其他原因。概述该公司拥有和经营的物业主要在门诊环境中促进医疗保健服务的提供。为了执行其战略,该公司从事广泛的综合服务,包括租赁、管理、收购、融资、开发和再开发此类物业。该公司寻求创造稳定、不断增长的收入,并通过专注于主要位于与领先医疗系统相关的急性护理医院校园或附近的设施,降低其物业组合的长期风险。该公司寻求通过在高增长市场拥有物业来降低财务和运营风险,该市场拥有广泛的租户组合,包括30多个内科专业,以及外科、成像、癌症和诊断中心。如上文附注及本报告其他部分所述,于2022年7月20日,Legacy HR和Legacy HTA完成了Legacy HR与Legacy HTA合并并成为Legacy HTA全资子公司的公司之间的合并,Legacy HR继续作为尚存实体和Legacy HTA的全资子公司。合并后,Legacy HTA立即更名为“Healthcare Realty Trust Inc.”。出于会计目的,此次合并被视为“反向收购”,Legacy HR被视为收购方。因此,本节讨论的资料反映了在合并完成前的一段时间内,Legacy HR的财务状况和经营结果,以及在合并完成后的一段时间内,公司的财务状况和经营结果。 流动资金及资本资源本公司监察其流动资金及资本资源,并于评估资本市场以融资收购及其他经营活动时考虑多项指标。本公司考虑(其中包括)其杠杆比率及借贷契约、派息百分比、利率、相关库务利率、债务市场息差及股本成本,以将其业务与同业进行比较,并协助识别本公司可能需要集中注意的领域。现金来源及用途本公司之收入乃根据与租户订立之合约安排,来自其房地产物业组合。这些收入来源是公司为其股息和运营支出提供资金的主要流动资金来源,包括债务利息、债务本金支付、一般和行政成本、资本支出以及与管理其现有投资组合和投资其他物业相关的其他支出。如果其他投资不是由这些来源提供资金,本公司将一般通过在公开或非公开市场发行股票或债务、财产处置或通过无担保信贷工具的收益为其投资活动提供资金。本公司预期将继续透过手头现金、营运现金流量及上文提及的现金流量来源,满足其流动资金需求,包括额外投资的资本、租户改善津贴、营运及融资租赁付款、支付股息及为偿债提供资金。关于经营和融资租赁付款义务的额外讨论,见合并财务报表附注4。有关公司现金来源和使用的更多信息,请参阅“影响经营业绩的趋势和事项”。截至2023年12月31日,该公司还拥有账面总价值约为132亿美元的未担保房地产资产,其中一部分可用作担保抵押融资的抵押品。本公司相信其流动资金及资金来源足以满足其现金需求。公司不能,27


然而,请确保这些资金来源将在公司可接受的时间和条款下以足够的金额提供,以满足其流动性需求。该公司面临浮动利率的风险,其普通股价格受到股票市场波动的影响。然而,该公司的租赁是其主要收入和现金流来源,租期约为1至20年,租赁率通常以固定利率或基于消费物价指数按年增加。截至2023年12月31日和2022年12月31日的两年,经营活动提供的现金流分别为4.998亿美元和2.727亿美元。若干项目影响经营活动的现金流量,包括但不限于物业营运产生的现金、与合并有关的成本、利息支付及与支付发票及其他开支及收取租户租金有关的时间安排。该公司可能会不时出售物业,并将物业销售所得的现金重新运用于新的投资。如果与出售物业有关的收入超过这些新投资的收入,公司的综合经营业绩和现金流可能会受到不利影响。有关公司经营活动的更多信息,请参阅“影响经营业绩的趋势和事项”。投资活动截至2023年12月31日止年度内影响投资活动的重大交易摘要如下。有关这些活动的更多详情,见合并财务报表附注5。下表详细说明了公司在截至2023年12月31日的年度内的房地产收购活动:千美元收购日期购买价格抵押票据应付,现金净对价1房地产其他2平方英尺,佛罗里达州坦帕市3/10/23$31,500$-$30,499$30,596$(97)115,867科罗拉多斯普林斯,CO 7/28/23 11,450(5,284)6,024 11,416(108)42,770房地产收购总额$42,950$(5,284)$36,523$42,012$(205)158,637 1现金对价不包括收购时卖方应得的收入和支出的比例。2包括收购的其他资产、承担的负债和在收购时确认的无形资产。资本融资在2023年,公司产生的资本支出总额为2.621亿美元,用于以下方面:·1.122亿美元用于物业的开发和重新开发;·3870万美元用于第一代租户的改善和计划的收购资本支出;·6350万美元用于第二代租户的改善;以及·4770万美元用于资本支出。有关详细信息,请参阅下面的“影响经营业绩的趋势和事项”。28


然而,请确保这些资金来源将在公司可接受的时间和条款下以足够的金额提供,以满足其流动性需求。该公司面临浮动利率的风险,其普通股价格受到股票市场波动的影响。然而,该公司的租赁是其主要收入和现金流来源,租期约为1至20年,租赁率通常以固定利率或基于消费物价指数按年增加。截至2023年12月31日和2022年12月31日的两年,经营活动提供的现金流分别为4.998亿美元和2.727亿美元。若干项目影响经营活动的现金流量,包括但不限于物业营运产生的现金、与合并有关的成本、利息支付及与支付发票及其他开支及收取租户租金有关的时间安排。该公司可能会不时出售物业,并将物业销售所得的现金重新运用于新的投资。如果与出售物业有关的收入超过这些新投资的收入,公司的综合经营业绩和现金流可能会受到不利影响。有关公司经营活动的更多信息,请参阅“影响经营业绩的趋势和事项”。投资活动截至2023年12月31日止年度内影响投资活动的重大交易摘要如下。有关这些活动的更多详情,见合并财务报表附注5。 2包括所收购的其他资产、所承担的负债和在收购时确认的无形资产。资本资金于2023年,本公司产生的资本支出总额为2.621亿美元,用于物业的开发和重建;·3870万美元用于第一代租户改善和计划的收购资本支出;·6350万美元用于第二代租户改善;以及·47美元。700万用于资本支出。 有关更多详情,请参阅下文“影响经营业绩的趋势和事项”。下表详列截至二零二三年十二月三十一日止年度的处置:千美元日期出售价格平仓调整公司—融资票据净收益不动产投资净额其他(包括应收款)(损坏)广场步行坦帕/迈阿密,FL 2 1/12/23 $93,250 $(5,875)$—87,375 $87,302 $(888)$961 224,037达拉斯,德克萨斯州3 1/30/23 19,210(141)—19,069 18,986 43 40 36,691圣 2包括在同一日期以两项独立交易出售给同一买家的两项物业。3本公司将该物业出售予一间合营企业,并保留该合营企业40%权益。销售价格及面积反映合营企业支付的总销售价格及该物业的总面积。4本公司与买方签订了4500万美元的抵押贷款协议。5该公司出售了一块总面积为0.34英亩的土地。6包括在同一日期以三项独立交易出售给同一买家的五项物业。7本公司出售位于南卡罗来纳州查尔斯顿的公司办事处,该办事处由本公司100%占用。8包括一次交易中出售给同一买家的12处房产。9本公司与买方订立夹层贷款协议,金额为600万美元。10包括在同一交易中出售给同一买家的三处房产。 该公司签订了一份单独的应收票据,金额为770万美元,与此次出售有关。 29


融资活动普通股发行公司有一项在市场上(“ATM”)发行股票的计划,在市场销售交易中不定期出售公司普通股的股票。该公司与各种销售代理签订了自动柜员机发售计划的股权分销协议,总销售额高达7.5亿美元。截至2023年12月31日,根据当前的自动取款机发行计划,仍有7.5亿美元可供发行。债务活动以下是截至2023年12月31日的年度的重大债务融资活动的摘要。关于筹资活动的补充资料,见合并财务报表附注10。抵押贷款活动下表详细介绍了截至2023年12月31日的年度抵押贷款票据偿还活动:(以百万美元为单位)交易日期本金借款(偿还)担保平方英尺合同利率债务假设:科罗拉多州斯普林斯,CO 7/28/2023$5.6 42,770 4.50%到期偿还的抵押贷款:亚特兰大,GA 8/1/2023$(9.8)66,984 3.31%Lakewood,CO 12/1/2023(6.6)93,992 4.51%偿还总额$(16.4)160,976 3.79%后续活动(单位:百万美元)交易日期本金偿还担保平方英尺到期偿还的合同利率抵押贷款:(11.3)63,012 4.77%亚特兰大,GA 2/1/2024(5.6)40,324 4.12%偿还总额$(16.9)103,336 4.55%该公司行使了3.5亿美元延迟提取定期贷款安排的两个一年延期选择权中的第一个,将最初的到期日从2023年7月20日延长到2024年7月20日。已支付延期费用40万美元(承诺额的0.125%),并将在延期期间摊销。利率互换截至2023年12月31日,该公司拥有总计约13亿美元的未偿还利率衍生品,以对冲一个月期的SOFR。到期金额加权平均利率2026年1月200,000 1.21%2026年5月275,000 3.74%2026年6月150,000 3.83%2026 150,000 3.84%2027 200,000 4.27%1227 300,000 3.93%$1,275,000 3.49%30[融资活动普通股发行公司有一项在市场上(“ATM”)发行股票的计划,在市场销售交易中不定期出售公司普通股的股票。该公司与各种销售代理签订了自动柜员机发售计划的股权分销协议,总销售额高达7.5亿美元。截至2023年12月31日,根据当前的自动取款机发行计划,仍有7.5亿美元可供发行。债务活动以下是截至2023年12月31日的年度的重大债务融资活动的摘要。关于筹资活动的补充资料,见合并财务报表附注10。抵押贷款活动下表详细介绍了截至2023年12月31日的年度抵押贷款票据偿还活动:(以百万美元为单位)交易日期本金借款(偿还)担保平方英尺合同利率债务假设:科罗拉多州斯普林斯,CO 7/28/2023$5.6 42,770 4.50%到期偿还的抵押贷款:亚特兰大,GA 8/1/2023$(9.8)66,984 3.31%Lakewood,CO 12/1/2023(6.6)93,992 4.51%偿还总额$(16.4)160,976 3.79%后续活动(单位:百万美元)交易日期本金偿还担保平方英尺到期偿还的合同利率抵押贷款:(11.3)63,012 4.77%亚特兰大,GA 2/1/2024(5.6)40,324 4.12%偿还总额$(16.9)103,336 4.55%该公司行使了3.5亿美元延迟提取定期贷款安排的两个一年延期选择权中的第一个,将最初的到期日从2023年7月20日延长到2024年7月20日。已支付延期费用40万美元(承诺额的0.125%),并将在延期期间摊销。利率互换截至2023年12月31日,该公司拥有总计约13亿美元的未偿还利率衍生品,以对冲一个月期的SOFR。到期量加权平均利率2026年5月275,000 3.74%2026年6月150,000 3.83%2026 150,000 3.84%2027 200,000 4.27%2027 300,000 3.93%$1,275,000 3.49%2023年2月16日,本公司签订了一项掉期交易,名义金额为5,000万美元,固定利率为4.16%。互换协议的生效日期为2023年3月1日,终止日期为2026年6月1日。2023年3月28日,本公司签订了一项名义金额为1.00亿美元的掉期交易,固定利率为3.67%。互换协议的生效日期为2023年4月3日,终止日期为2026年6月1日。2023年10月19日,公司签订了两笔掉期交易,总金额为1.00亿美元。名义金额分别为5,000万元,固定息率分别为4.71%和4.67%。互换协议的生效日期为2023年11月1日,终止日期分别为2027年6月1日和2027年12月1日。2023年10月23日,公司签订了两笔掉期交易,总金额为1.00亿美元,总固定利率为4.73%。互换协议的生效日期为2023年11月1日,终止日期为2026年5月31日。本公司于2023年11月9日订立一项掉期交易,名义金额为7,500万美元,固定利率为4.54%。互换协议的生效日期为2023年12月1日,终止日期为2026年5月31日。下表详细说明了公司截至12月31日的债务余额,2023年:本金余额1加权年期至到期日2合同利率有效利率2025年到期的优先债券$250,000$249,484 1.3 3.88%4.12%2026到期的优先债券3 600,000 579,017 2.6 3.50%4.94%2027 3 500,483,727 3.5 3.75%4.76%2028到期的优先债券300,000 297,429 4.0 3.63%3.85%2030到期的优先债券3 650,000 575,443 6.1 3.10%5.30%2030到期的299,500 296,780 6.22.40%2.72%2031 299,785 295,832 7.2 2.05%2.25%2031 3 800,000 649,521 7.2 2.00%5.13%未偿还优先债券总数3,699,285 3,427,233 4.9 2.97%4.43%15亿美元无抵押信贷安排4--3.8 SOFR+0.95%6.31%3.5亿美元无抵押定期贷款350,000 349,798 1.6 SOFR+1.05%6.39%2亿美元无抵押定期贷款200,000 199,903 2.4 SOFR+1.05%6.39%$1.5亿无担保定期贷款150,000 149,643 2.4 SOFR+1.05%6.39%$3亿美元无担保定期贷款3 300,000 299,958 2.8 SOFR+1.05%6.39%$2亿美元无担保定期贷款3 200,000 199,502 3.5 SOFR+1.05%6.39%$3亿无担保定期贷款300,000 298,288 4.0 SOFR+1.05%6.39%应付按揭票据70,752 70,534 2.0 4.17%4.15%未偿还票据总额及应付债券$5,270,037$4,994,859 4.0 3.96%5.02%1余额是扣除折扣和发债成本后的净值,并包括保费。2包括扩展选项。3债务工具于2022年7月20日作为与Legacy HTA合并的一部分承担。所示金额为公允价值调整。4截至2023年12月31日,本公司在无抵押信贷安排下没有未偿还借款,剩余借款能力为15亿美元。债务契约信息公司的各种债务协议包含某些陈述、担保以及此类债务协议中惯用的财务和其他契约。除其他事项外,这些规定要求公司保持某些财务比率,并对公司产生债务和创造31]留置权或产权负担。截至2023年12月31日,该公司遵守了其所有各种债务工具下的财务契约条款。截至2023年12月31日,公司99.5%的本金余额在2024年后到期,包括延期期权。此外,截至2023年12月31日,公司产生的优先票据中定义的总债务


债务除以(总资产减去无形资产和应收账款)


约为37.5%(不能超过60%),偿债覆盖率



利息支出除以(净收益加利息支出、税、折旧和摊销、收益和减值)


约为3.2倍(不能小于1.5倍)。该公司计划管理其资本结构,以保持遵守与其目前情况一致的债务契约。评级机构下调评级可能会对公司的成本和资本可获得性产生重大不利影响,进而可能对综合运营业绩、流动性和/或财务状况产生重大不利影响。影响经营业绩的趋势和事项管理层监控对公司和房地产投资信托基金行业重要的因素和趋势,以评估其对公司运营的潜在影响。下面讨论的是管理层认为可能影响公司未来运营的一些因素和趋势。经济和市场状况利率上升和资本市场波动加剧增加了公司的成本以及债务和股权资本的可获得性。有限的可获得性和资本成本的增加可能会对公司为运营融资以及收购和开发物业的能力造成不利影响。在本公司租户因经济及市场情况而增加成本或融资困难的情况下,他们可能无法或不愿意在到期时付款或履行其义务。此外,利率上升还可能导致房地产市场流动性降低,限制公司出售现有资产或获得合资资本的能力。本公司自每年12月31日起或每当事件或环境变化表明可能存在减值时,每年审查商誉减值。鉴于其股票价格的波动,公司进行了量化评估,并使用贴现现金流模型和收益倍数技术相结合的方法估计了公司单一报告单位的公允价值。使用贴现现金流量模型技术确定公允价值时,需要使用与收入和支出增长率、资本化率、贴现率、资本支出和营运资本水平相关的估计和假设。使用收益倍数技术确定公允价值时,需要对可维持收益和收益乘数作出假设。这些预测和假设是高度主观的,虽然我们相信我们的假设是合理的,但这些假设的变化可能会对我们的财务业绩产生实质性影响。虽然量化评估显示,截至2023年12月31日,商誉并未减值,但根据我们的量化评估结果,本公司面临未来商誉减值的风险,因为在其他因素中,持续的股价波动和公司市值的下行压力可能会对用于评估商誉的一个或多个估计和假设产生重大影响。收购和处置在2023年,该公司收购了两座医疗办公楼。收购的总收购价格为4,300万美元,这些投资的加权平均资本化率为6.5%。公司于2023年以总计7.87亿美元的销售价格出售了39处物业,其中包括一处区域公司办公室和一处物业,其中一处物业由本公司持有非控股权益的合资企业持有。这些交易产生的现金收益净额为6.876亿美元,扣除3690万美元的成交成本和相关调整,5870万美元的公司融资票据和380万美元的保留合资企业权益。这些物业的加权平均资本化率为6.5%。本公司将出售资产的资本化率计算为就地现金净营业收入除以销售价格。32


留置权或产权负担。截至2023年12月31日,该公司遵守了其所有各种债务工具下的财务契约条款。截至2023年12月31日,公司99.5%的本金余额在2024年后到期,包括延期期权。此外,截至2023年12月31日,公司产生的优先票据中定义的总债务


债务除以(总资产减去无形资产和应收账款)


约为37.5%(不能超过60%),偿债覆盖率


利息支出除以(净收益加利息支出、税、折旧和摊销、收益和减值)


约为3.2倍(不能小于1.5倍)。该公司计划管理其资本结构,以保持遵守与其目前情况一致的债务契约。评级机构下调评级可能会对公司的成本和资本可获得性产生重大不利影响,进而可能对综合运营业绩、流动性和/或财务状况产生重大不利影响。影响经营业绩的趋势和事项管理层监控对公司和房地产投资信托基金行业重要的因素和趋势,以评估其对公司运营的潜在影响。下面讨论的是管理层认为可能影响公司未来运营的一些因素和趋势。经济和市场状况利率上升和资本市场波动加剧增加了公司的成本以及债务和股权资本的可获得性。有限的可获得性和资本成本的增加可能会对公司为运营融资以及收购和开发物业的能力造成不利影响。在本公司租户因经济及市场情况而增加成本或融资困难的情况下,他们可能无法或不愿意在到期时付款或履行其义务。此外,利率上升还可能导致房地产市场流动性降低,限制公司出售现有资产或获得合资资本的能力。本公司自每年12月31日起或每当事件或环境变化表明可能存在减值时,每年审查商誉减值。使用贴现现金流量模型技术确定公允价值时,需要使用与收入和支出增长率、资本化率、贴现率、资本支出和营运资本水平相关的估计和假设。使用收益倍数技术确定公允价值时,需要对可维持收益和收益乘数作出假设。这些预测和假设是高度主观的,虽然我们相信我们的假设是合理的,但这些假设的变化可能会对我们的财务业绩产生实质性影响。虽然量化评估显示,截至2023年12月31日,商誉并未减值,但根据我们的量化评估结果,本公司面临未来商誉减值的风险,因为在其他因素中,持续的股价波动和公司市值的下行压力可能会对用于评估商誉的一个或多个估计和假设产生重大影响。收购和处置在2023年,该公司收购了两座医疗办公楼。这些收购的总收购价为43美元。这些投资的加权平均资本化率为6.5%。公司于2023年以总计7.87亿美元的销售价格出售了39处物业,其中包括一处区域公司办公室和一处物业,其中一处物业由本公司持有非控股权益的合资企业持有。这些交易产生的现金收益净额为6.876亿美元,扣除3690万美元的成交成本和相关调整,5870万美元的公司融资票据和380万美元的保留合资企业权益。这些物业的加权平均资本化率为6.5%。本公司将出售资产的资本化率计算为就地现金净营业收入除以销售价格。见合并财务报表附注5中公司对其2023年收购和处置活动的讨论。发展及重建活动下表详列公司截至2023年12月31日与积极发展及重建项目有关的活动。下表中的信息代表管理层在2023年12月31日的估计和预期,这些估计和预期可能会发生变化。该公司关于某些预测或估计的披露可能不反映实际结果。该公司额外出资2,260万美元,用于先前已完成项目的持续租户改善。该公司正在与几个医疗系统和开发商就新的开发和再开发机会进行规划,一个或多个机会可能在2024年开始。开发或重新开发一座典型的医疗办公楼的总成本可能会因项目范围、市场租赁条款、停车场配置、建筑设施、资产类型和地理位置而异。该公司关于某些估计或预测的披露可能不代表实际结果。保证金和信用证截至2023年12月31日,公司持有约3850万美元的信用证和保证金,用于在有义务的租户未能根据各自的租约条款履行义务的情况下为公司谋取利益。一般而言,如租约有任何违约,本公司可酌情在通知承租人后动用该等工具。到期租约该公司预计其投资组合中每年约有15%至20%的租约到期。原址租赁的加权平均租期为8.5年,加权平均剩余租期为4.2年。对地理位置良好、业务类型和服务互补的房地产的需求保持一致,公司2023年季度租户保留率统计数据从74%到79%不等。2024年,该公司的多租户投资组合中有1,546份总计500万平方英尺的租约即将到期。在这些租约中,74%位于校园内建筑,根据我们的经验,这些建筑的租户保留率往往在75%至90%之间。见下文“单租户租赁”标题下有关到期的单租户租约的其他信息。33


该公司继续强调其就地租赁的合同租金增加。截至2023年12月31日、2023年12月31日和2022年12月31日,公司就地租赁的合同租金增长率平均分别为2.82%和2.77%。此外,本公司续订租约的季度加权平均租金(“现金租赁利差”)继续录得强劲增长,并预期大部分续期租金将增加3.0%至4.0%。2023年,现金租赁利差平均为2.6%。为了最大限度地实现收入增长并减少对税收和公用事业等关键支出的敞口,该公司谨慎地管理其租赁类型的余额。总租赁占其租赁组合的8%,其中该公司完全承担所有运营费用。经修订的总租约或基准年租约占本公司租赁组合的28%,其中公司和租户均支付部分运营费用。净租赁是指租户支付几乎所有的运营费用,占租赁投资组合的59%。绝对净租赁占5%,其中租户支付了大楼几乎所有的运营和资本支出。资本支出资本支出是为维护和改善公司自有物业的物理和美学特性而进行的长期投资。这类改进的例子包括但不限于对主要建筑系统(外立面、建筑结构、屋顶、电梯、机械系统、电气系统、能源管理系统、升级现有系统以提高能效)和公共区域改进(家具、标牌和艺术品、浴室固定装置和饰面、外部美化、停车场或车库)进行材料更改或完全替换。这些增加的资产被资本化为房地产的总投资,然后在估计的使用寿命内折旧,通常从7到20年不等。基本建设支出具体不包括与主要建筑系统或公共区域改善保养和保养有关的经常性维修费用,无论是直接的还是间接的。资本支出也不包括与特定租户套房相关的改善,除非改善是主要建筑系统或公共区域改善的一部分。该公司在2023年的资本支出为4770万美元,或每平方英尺1.24美元,2022年的资本支出为4890万美元,或每平方英尺1.21美元。2023年和2022年的资本支出占现金净营业收入的百分比分别为5.8%和8.5%。关于现金净营业收入的对账,见“非公认会计准则财务计量和关键业绩指标”一节中的“同店现金NOI”,作为项目7的一部分。本报告第二部分所载管理层对财务状况和经营成果的讨论和分析。租户改善公司可能会投资于租户改善,以整修或翻新租户空间。该公司将这些支出分为第一代和第二代租户改善。截至2023年12月31日,该公司的承诺约为2.224亿美元,预计将用于整个投资组合的租户改善,不包括目前在建的开发物业。第一代租户改善和收购计划资本支出截至2023年12月31日和2022年12月31日的年度第一代租户改善计划资本支出和收购支出计划资本支出分别为3870万美元和4640万美元。第一代租户的改进包括与外壳条件下的套房空间相关的建造成本。收购的计划资本支出包括预期的近期资金,这些资金是收购的一部分。2023年,第二代租户改善支出总计6350万美元,占总现金净运营收入的7.7%。2022年,这一支出总额为3360万美元,占总现金净营业收入的5.8%。如果租户改善计划的成本超过租户改善津贴,本公司一般会向租户提供选择,以支付超出租赁期的款项连同利息,或一次性向本公司退还超额款项。在任何一种情况下,该等超额款项均由本公司于租赁期内摊销为租金收入。租户超支所赚取的利息计入公司综合经营报表中的其他营业收入。2023年,包括利息在内的第一代和第二代租户摊销租金的超额金额总计约为840万美元,2022年为750万美元,2021年为590万美元。34


该公司继续强调其就地租赁的合同租金增加。截至2023年12月31日、2023年12月31日和2022年12月31日,公司就地租赁的合同租金增长率平均分别为2.82%和2.77%。此外,本公司续订租约的季度加权平均租金(“现金租赁利差”)继续录得强劲增长,并预期大部分续期租金将增加3.0%至4.0%。2023年,现金租赁利差平均为2.6%。为了最大限度地实现收入增长并减少对税收和公用事业等关键支出的敞口,该公司谨慎地管理其租赁类型的余额。总租赁占其租赁组合的8%,其中该公司完全承担所有运营费用。经修订的总租约或基准年租约占本公司租赁组合的28%,其中公司和租户均支付部分运营费用。净租赁是指租户支付几乎所有的运营费用,占租赁投资组合的59%。绝对净租赁占5%,其中租户支付了大楼几乎所有的运营和资本支出。资本支出资本支出是为维护和改善公司自有物业的物理和美学特性而进行的长期投资。这类改进的例子包括但不限于对主要建筑系统(外立面、建筑结构、屋顶、电梯、机械系统、电气系统、能源管理系统、升级现有系统以提高能效)和公共区域改进(家具、标牌和艺术品、浴室固定装置和饰面、外部美化、停车场或车库)进行材料更改或完全替换。 资本支出具体不包括与主要建筑系统的保养和维修或公共区域改善有关的直接或间接经常性维修费用。 资本支出也不包括与特定租户套房有关的改善,除非改善是主要建筑系统或公共区域改善的一部分。该公司在2023年的资本支出为4770万美元,或每平方英尺1.24美元,2022年的资本支出为4890万美元,或每平方英尺1.21美元。2023年和2022年的资本支出占现金净营业收入的百分比分别为5.8%和8.5%。关于现金净营业收入的对账,见“非公认会计准则财务计量和关键业绩指标”一节中的“同店现金NOI”,作为项目7的一部分。本报告第二部分所载管理层对财务状况和经营成果的讨论和分析。租户改善公司可能会投资于租户改善,以整修或翻新租户空间。该公司将这些支出分为第一代和第二代租户改善。截至2023年12月31日,该公司的承诺约为2.224亿美元,预计将用于整个投资组合的租户改善,不包括目前在建的开发物业。第一代租户改善和收购计划资本支出截至2023年12月31日和2022年12月31日的年度第一代租户改善计划资本支出和收购支出计划资本支出分别为3870万美元和4640万美元。第一代租户的改进包括与外壳条件下的套房空间相关的建造成本。收购的计划资本支出包括预期的近期资金,这些资金是收购的一部分。2023年,第二代租户改善支出总计6350万美元,占总现金净运营收入的7.7%。2022年,这一支出总额为3360万美元,占总现金净营业收入的5.8%。如果租户改善计划的成本超过租户改善津贴,本公司一般会向租户提供选择,以支付超出租赁期的款项连同利息,或一次性向本公司退还超额款项。在任何一种情况下,该等超额款项均由本公司于租赁期内摊销为租金收入。租户超支所赚取的利息计入公司综合经营报表中的其他营业收入。2023年,包括利息在内的第一代和第二代租户摊销租金的超额金额总计约为840万美元,2022年为750万美元,2021年为590万美元。2023年,第二代多租户的续签承诺平均为每平方英尺1.78美元,季度从1.64美元到1.89美元不等。2022年,这些承诺的平均租金为每平方英尺1.76美元,季度租金从1美元不等。46美元到1.90美元。于2021年,这些承诺平均每租赁年度每平方英尺1. 53美元,每季度1. 27美元至1. 87美元不等。2023年新租约的第二代多租户租户改善承诺平均每租赁年每平方英尺5.69美元,季度从4.44美元到7.11美元不等。在2022年,这些承诺平均每个租赁年每平方英尺5.74美元,季度范围从4.84美元到7.07美元不等。于2021年,这些承诺平均每租赁年度每平方英尺5. 39美元,季度范围为4. 74美元至5. 96美元。租赁佣金于若干市场,本公司可向代表本公司或准租户之房地产经纪支付租赁佣金,新租约之佣金一般相等于租赁总价值之4%至6%,续租租约之佣金一般相等于租赁总价值之2%至4%。此外,当签订的租约达到一定的租赁门槛时,本公司向租赁员工支付激励性薪酬。对外租赁佣金摊销至物业经营费用,内部租赁费用于公司综合经营报表中摊销至一般及行政费用。2023年,该公司支付了大约3590万美元的租赁佣金,或每平方英尺0.93美元。2022年,该公司支付了大约2290万美元的租赁佣金,或每平方英尺0.57美元。2023年和2022年支付的租赁佣金占总现金净营业收入的百分比分别为4.3%和4.0%。截至2023年、2022年及2021年12月31日止年度,于适用租期内摊销的租赁佣金总额分别为1,380万美元、1,100万美元及900万美元。租金减免通常采取递延租金形式的租金减免,有时被用来帮助潜在租户租赁本公司物业的空间。该等减值于作出时,由本公司以直线法按租赁期内的租金收入摊销。2023年的租金减免总额约为1430万美元,或0美元。每平方英尺37英镑。2022年的租金减免总额约为1480万美元,或每平方英尺0.37美元。2021年的租金减免总额约为460万美元,或每平方英尺0.27美元。单租户租赁截至2023年12月31日,公司共有125栋单租户楼宇,加权平均租期为11.4年,加权平均剩余租期为5.2年。21栋单租户大楼的租约将于2024年到期。其中11份租约已续期。该公司正在与其中八个租户进行谈判,预计租约将续签或大楼将立即回填。该公司预期其中两幢单一租户楼宇的租户会在租约期满后迁出。其中一栋建筑是计划中的重建项目的一部分,另一栋建筑预计将被出租或出售。预计2024年这些到期造成的收入损失为380万美元。经营租赁截至2023年12月31日,本公司有义务根据经营租赁协议支付租金,该协议主要包括与157项房地产投资有关的土地租赁,不包括公司已预付的土地租赁。截至2023年12月31日,该公司根据土地租约持有232处物业,总面积1,690万平方英尺,剩余加权平均期限为64.9年,包括续期选择权。这些土地租约的初始期限通常为50至75年,有一个或多个续订选项将期限延长至75年至100年,到期日至2119年。35岁


购买选择权截至2023年12月31日,该公司拥有约1.111亿美元的房地产,可行使购买选择权。该公司拥有价值约11亿美元的房地产,这些房地产受购买选择权的约束,这些选择权将在2023年后可行使。关于确定购买价格的金额和依据的其他信息详见下表(以千美元为单位):截至2023年12月31日的房地产投资总额可行使的年份1当前的2 6 111,074 2024--2025 5 93,813 2026 6 181,696 2027 4 110,537 2028 5 134,227 2029 3 81,855 2030--2031 4 108,936 2032 2 24,629 2033-2034及以后的3 9 320,771总计44 1,167,538 1购买期权的价格是根据评估过程确定的公平市场价值组成部分确定的,除了三处总计4530万美元的房产,标价或以固定资本化率为基础的价格。2这些购买期权的平均行使年限为13.9年。3包括在融资应收账款投资项目中记录的两栋医疗办公大楼,在公司综合资产负债表上为净额。债务管理公司保持保守和灵活的资本结构,使其能够为新的投资提供资金,并运营其现有的投资组合。该公司有大约7080万美元的应付抵押票据,其中大部分是在公司收购物业时承担的。该公司约有2410万美元的应付抵押票据将于2024年到期。该公司将用手头的现金或无担保信贷安排下的借款偿还抵押贷款。见流动资金和资本资源-融资活动中的其他信息。通货膨胀的影响公司面临通货膨胀的风险,因为它的大部分收入来自长期租赁。该公司的大部分租约规定固定增加基本租金或根据消费物价指数增加租金,并要求租户支付全部或部分增加的运营费用。该公司认为,这些规定减轻了通货膨胀的影响。然而,我们不能保证该公司加租或收回营运开支的能力会跟上通胀。该公司的租约加权平均剩余租期约为4.2年。截至2023年12月31日,该公司有94.9%的租约规定了固定基数租金上涨,5.1%的租约规定了基于消费者物价指数的租金上涨。有关新会计准则的资料,请参阅综合财务报表附注1。新会计准则包括本公司于本年度采用的准则及尚未采用的准则。本公司继续评估尚未采用的新标准的影响。影响运营、一般和行政费用的其他项目将在每个季度波动。在每年第一季度,一般和行政费用包括某些费用的增加,如工资税和医疗保健储蓄账户资金。该公司预计2024年第一季度这些常规支出将增加约90万美元。预计2024年随后几个季度将不会再次出现约60万美元。36


购买选择权截至2023年12月31日,该公司拥有约1.111亿美元的房地产,可行使购买选择权。该公司拥有价值约11亿美元的房地产,这些房地产受购买选择权的约束,这些选择权将在2023年后可行使。关于确定购买价格的金额和依据的其他信息详见下表(以千美元为单位):截至2023年12月31日的房地产投资总额可行使的年份1当前的2 6 111,074 2024--2025 5 93,813 2026 6 181,696 2027 4 110,537 2028 5 134,227 2029 3 81,855 2030--2031 4 108,936 2032 2 24,629 2033-2034及以后的3 9 320,771总计44 1,167,538 1购买期权的价格是根据评估过程确定的公平市场价值组成部分确定的,除了三处总计4530万美元的房产,标价或以固定资本化率为基础的价格。2这些购买期权的平均行使年限为13.9年。3包括在融资应收账款投资项目中记录的两栋医疗办公大楼,在公司综合资产负债表上为净额。债务管理公司保持保守和灵活的资本结构,使其能够为新的投资提供资金,并运营其现有的投资组合。该公司有大约7080万美元的应付抵押票据,其中大部分是在公司收购物业时承担的。该公司约有2410万美元的应付抵押票据将于2024年到期。该公司将用手头的现金或无担保信贷安排下的借款偿还抵押贷款。见流动资金和资本资源-融资活动中的其他信息。 该公司的大多数租约规定基本租金的固定增长或根据消费者价格指数的增长,并要求租户支付全部或部分增长的运营费用。本公司认为,该等拨备可减轻通胀的影响。然而,我们不能保证该公司加租或收回营运开支的能力会跟上通胀。该公司的租约加权平均剩余租期约为4.2年。截至2023年12月31日,该公司有94.9%的租约规定了固定基数租金上涨,5.1%的租约规定了基于消费者物价指数的租金上涨。有关新会计准则的资料,请参阅综合财务报表附注1。新会计准则包括本公司于本年度采用的准则及尚未采用的准则。本公司继续评估尚未采用的新标准的影响。影响运营、一般和行政费用的其他项目将在每个季度波动。在每年第一季度,一般和行政费用包括某些费用的增加,如工资税和医疗保健储蓄账户资金。该公司预计2024年第一季度这些常规支出将增加约90万美元。预计2024年随后几个季度将不会再次出现约60万美元。截至2023年12月31日的年度与截至2022年12月31日的年度相比,公司2023年与2022年的综合经营结果受到合并、收购、处置、房地产销售和减值费用收益以及资本市场交易的重大影响。收入租赁收入增加4.017亿美元,或44.3%,达到约13亿美元,而去年同期为907美元。上一年的500万美元,原因如下:·合并的影响贡献了3.770亿美元。·2022年和2023年的收购贡献了1940万美元。·租赁活动贡献了2150万美元。 ·2022年和2023年的处置导致减少1620万美元。 利息收入较去年增加5,700,000元或49. 3%,主要由于合并中承担的应收票据及于二零二三年出售物业时与买方订立的应收票据所致。其他营业收入较上一年增加370万美元,或27.3%,主要是由于临时停车和管理费收入与合并承担。开支物业经营开支较去年增加156.4百万美元,或45. 5%,主要由于以下活动所致:·合并的影响导致增加130.9百万美元。·2022年和2023年的收购导致了8美元的增长。900万美元。·投资组合运营费用增加如下:◦公用事业费用为700万美元;◦行政、租赁佣金和其他法律费用为570万美元;◦维护和维修费用为490万美元;◦清洁费用为190万美元;◦安全费用为10万美元。·2022年和2023年的资产处置导致减少170万美元。·财产税支出减少了100万美元。·保险费减少了30万美元。一般和行政费用比上一年增加约570万美元,或10.8%,主要是由于以下活动:·净增加,主要是由于合并的影响,包括专业费用、审计服务、保险、差旅和其他行政费用,为560万美元。·工资及相关费用150万美元,其中130万美元与遣散费有关。·非现金薪酬激励支出减少140万美元。截至2023年12月31日及2022年12月31日止年度,本公司产生的合并相关成本分别为(200万美元)及1.034亿美元,并计入经营业绩的合并相关成本。与合并相关的成本主要包括法律、咨询、遣散费和银行服务,在截至2023年12月31日的一年中,包括在截至2022年12月31日的一年中支付的1780万美元的转让税退款。37


折旧和摊销费用比上一年增加2.776亿美元,或61.3%,主要是由于以下活动:·合并的影响,包括购买会计公允价值调整,导致增加2.512亿美元。·2022年和2023年的收购带来了980万欧元的增长。·各种楼房和租户改善支出增加了2830万美元。·2022年和2023年的资产处置导致减少110万美元。·全额折旧的资产减少了1060万美元。其他收入(支出)作为支出的其他收入(支出)较上年增加4,007,000,000美元,或621.1%,主要由于以下活动:房地产销售收入房地产销售收入总计约7,750万美元和27,030,000美元分别与2023年和2022年期间12项和10项房地产的销售有关。截至2023年12月31日的一年中,利息支出比上一年增加了1.119亿美元。利息支出的构成如下:兑换美元2023年2022$%合同利息208,305$118,085$90,220 76.4%净贴现/溢价增加38,941 18,227 20,714 113.6%债务发行成本摊销5,588 4,256 1,332 31.3%利率互换结算168--摊销国库对冲结算168--%公允价值衍生工具4,412 4,057 355 8.8%利息成本资本化(2,961)(1,409)(1,552)110.1%租赁负债利息3,704,824 28.6%总利息支出258,584美元146,691美元111,893 76.3%合同利息增加9,020万美元,或76.4%,主要是由于以下活动:·合并中承担的高级票据和无担保定期贷款增加了约5470万美元。·使用经修订的信贷安排执行的新的无担保定期贷款增加了约3010万美元。·公司2024年到期和2026年到期的无担保定期贷款增加了约1190万美元。·无担保信贷安排增加了约1040万美元。·活跃的利率衍生品减少了1660万美元。·扣除假设后的抵押票据偿还净额约减少30万美元。房地产资产减值和信贷损失准备金2023年房地产资产减值总额约1.497亿美元与已完成或计划中的处置活动有关。此外,该公司在其应收抵押票据上记录了520万美元的信贷损失准备金。2022年房地产资产减值总额约为5440万美元,与已完成或计划中的处置活动有关。38


折旧和摊销费用比上一年增加2.776亿美元,或61.3%,主要是由于以下活动:·合并的影响,包括购买会计公允价值调整,导致增加2.512亿美元。·2022年和2023年的收购带来了980万欧元的增长。·各种楼房和租户改善支出增加了2830万美元。·2022年和2023年的资产处置导致减少110万美元。·全额折旧的资产减少了1060万美元。其他收入(支出)作为支出的其他收入(支出)较上年增加4,007,000,000美元,或621.1%,主要由于以下活动:房地产销售收入房地产销售收入总计约7,750万美元和27,030,000美元分别与2023年和2022年期间12项和10项房地产的销售有关。截至2023年12月31日的一年中,利息支出比上一年增加了1.119亿美元。利息支出的构成如下:兑换美元2023年2022$%合同利息208,305$118,085$90,220 76.4%净贴现/溢价增加38,941 18,227 20,714 113.6%债务发行成本摊销5,588 4,256 1,332 31.3%利率互换结算168--摊销国库对冲结算168--%公允价值衍生工具4,412 4,057 355 8.8%利息成本资本化(2,961)(1,409)(1,552)110.1%租赁负债利息3,704,824 28.6%总利息支出258,584美元146,691美元111,893 76.3%合同利息增加9,020万美元,或76.4%,主要是由于以下活动:·合并中承担的高级票据和无担保定期贷款增加了约5470万美元。·使用经修订的信贷安排执行的新的无担保定期贷款增加了约3010万美元。·公司2024年到期和2026年到期的无担保定期贷款增加了约1190万美元。·无担保信贷安排增加了约1040万美元。·活跃的利率衍生品减少了1660万美元。·扣除假设后的抵押票据偿还净额约减少30万美元。房地产资产减值和信贷损失准备金2023年房地产资产减值总额约1.497亿美元与已完成或计划中的处置活动有关。此外,该公司在其应收抵押票据上记录了520万美元的信贷损失准备金。2022年房地产资产减值总额约为5440万美元,与已完成或计划中的处置活动有关。未合并合资企业的权益收益(亏损)本公司确认其未合并合资企业的亏损所占比例。亏损主要归因于非现金折旧费用。有关本公司未合并的合资企业的更多详情,请参阅附注5。截至2022年12月31日的年度与截至2021年12月31日的年度比较公司关于截至2022年12月31日的年度与截至2021年12月31日的年度的比较的讨论先前在公司于2023年3月1日提交给美国证券交易委员会的截至2022年12月31日的年度报告10-K表的第39页开始披露,并通过引用并入本文。非GAAP财务指标和关键业绩指标管理层认为某些非GAAP财务指标和关键业绩指标是公司经营业绩的有用补充指标。非GAAP财务计量一般被定义为旨在衡量财务业绩、财务状况或现金流的财务计量,但不包括或包括根据GAAP确定的最具可比性的计量中不会如此调整的金额。由于并非所有房地产公司都使用相同的定义,本文提出的非公认会计准则财务指标和关键业绩指标不一定与其他房地产公司提出的相同。这些衡量标准不应被视为净收益的替代品,不应被视为公司财务业绩的指标,也不应被视为衡量公司流动性的经营活动现金流的替代指标,也不一定表明有足够的现金流来满足公司的所有需求。管理层认为,为了便于清楚地了解公司的历史综合经营业绩,这些措施应与综合财务报表和本年度报告10-K表其他部分所列其他财务数据中所列的经营净收入和现金流量一起进行审查。运营资金(“FFO”)、标准化FFO和可供分配资金(“FAD”)FFO和每股FFO是全美房地产投资信托协会(“NAREIT”)采用的经营业绩指标。NAREIT将FFO定义为对REIT经营业绩的最普遍接受和报告的衡量标准,等于“净收益(根据GAAP计算),不包括出售财产的收益(或损失),加上折旧和摊销、减值以及对未合并的合伙企业和合资企业进行调整后的收益。”除FFO外,公司还提供标准化的FFO和FAD。正常化FFO是通过加上与FFO收购相关的成本、加速债务发行成本、债务清偿成本和其他公司定义的正常化项目来评估经营业绩而提出的。FAD是通过加上正常化FFO非房地产折旧和摊销、递延融资费用摊销、基于股份的补偿支出和坏账准备净额,以及减去直线租金收入、费用净额和维护资本支出,包括支付的第二代租户改善、资本支出和租赁佣金而提出的。本公司对这些术语的定义可能与其他房地产公司的定义不同,因为它们可能有不同的计算这些金额的方法。FFO、标准化FFO和FAD不应被视为衡量公司财务业绩的净收入的替代指标,也不应被视为衡量公司流动性的经营活动现金流量的替代指标。FFO、标准化FFO和FAD应结合GAAP财务措施进行审查。管理层认为,FFO、正常化FFO、每股FFO、正常化FFO和FAD(“非GAAP衡量标准”)提供了对公司物业经营业绩的了解,而不影响某些重要的非现金项目,主要是房地产销售收益、减值和折旧及摊销费用。 然而,房地产价值在历史上一直随市场状况而上升或下降。本公司认为,通过排除折旧的影响, 39


由于摊销、减值及房地产销售损益均基于历史成本,在评估当前业绩方面可能相关性有限,非公认会计准则计量可促进不同时期之间的经营业绩比较。该公司报告非GAAP衡量标准,因为管理层认为这些衡量标准也是房地产投资信托基金行业和行业分析师评估房地产投资信托基金的主要衡量标准。出于这些原因,管理层认为披露和讨论这些非公认会计准则措施是适当的。然而,这些衡量标准都不代表根据公认会计原则确定的经营活动产生的现金,并不一定表明可用于满足现金需求的现金。此外,这些指标不应被视为衡量公司经营业绩的净收入的替代指标,也不应被视为衡量流动资金的经营活动现金流的替代指标。下表对截至2023年12月31日、2022年12月31日和2021年12月31日的年度普通股股东应占净收益与FFO、标准化FFO和FAD进行了核对。截至12月31日的一年,以千为单位,除每股数据2023 2022 2021普通股股东应占净(亏损)收入$(278,261)$40,897$66,659稀释后普通股股东应占净(亏损)收入1美元(0.74)$0.15$0.45房地产资产销售收益(77,546)(270,271)(55,940)减值149,717 54,427 17,101房地产折旧及摊销738,526 459,211 208,155非控制性收入来自经营合伙企业单位(3,426)(5)-未合并合资企业的比例18,116 12,722 5,541 FFO调整$825,387$256,084$174,857 FO每股普通股调整-摊薄8美元2.15$1.01$1.22普通股股东应占FFO$547,126$296,981$241,516普通股股东FFO-摊薄后7美元1.43$1.17$1.68收购和追逐成本2,026 3,229 3,930与合并有关的成本3(1,952)103,380-与合并有关的债务工具公允价值42,885 21,248-租赁无形摊销860 1,028 162信贷损失拨备4 8,599-非常规法律成本/收到没收保证金175 771(35债务融资成本(62)3,145 283摊销成本1,445--未合并的合资企业正常化项目5 389 330 225正常化FFO调整$54,365$133,131$4,565普通股正常化FFO调整-摊薄8$0.14$0.52$0.03普通股股东应占的正常化FFO$601,491$430,112$246,081普通股股东的正常化FFO-摊薄8$1.57$1.69$1.71非房地产折旧和摊销2,566 2,217 2,397非现金利息支出摊销6 4,95,129 3,182净租金收入3163 516 73直线,净额(32,592)(20,124)(4,303)股份薪酬13,791 14,294 10,729未合并合资企业非现金项目7(1,034)(1,206)(1,357)经非现金项目调整的正常化FFO$592,353$430,938$256,802第二代租户改善(66,081)(33,620)(26,363)支付的租赁佣金(36,391)(22,929)(11,742)资本支出(49,343)(48,913)(19,582)维护资本支出(151,815)(105,462)(57,687)$440,538$325,476$199,115 FFO加权平均已发行普通股-稀释后8 383,381 254,622 143,618 40


由于摊销、减值及房地产销售损益均基于历史成本,在评估当前业绩方面可能相关性有限,非公认会计准则计量可促进不同时期之间的经营业绩比较。该公司报告非GAAP衡量标准,因为管理层认为这些衡量标准也是房地产投资信托基金行业和行业分析师评估房地产投资信托基金的主要衡量标准。出于这些原因,管理层认为披露和讨论这些非公认会计准则措施是适当的。然而,这些衡量标准都不代表根据公认会计原则确定的经营活动产生的现金,并不一定表明可用于满足现金需求的现金。此外,这些指标不应被视为衡量公司经营业绩的净收入的替代指标,也不应被视为衡量流动资金的经营活动现金流的替代指标。下表对截至2023年12月31日、2022年12月31日和2021年12月31日的年度普通股股东应占净收益与FFO、标准化FFO和FAD进行了核对。截至12月31日的一年,以千为单位,除每股数据2023 2022 2021普通股股东应占净(亏损)收入$(278,261)$40,897$66,659稀释后普通股股东应占净(亏损)收入1美元(0.74)$0.15$0.45房地产资产销售收益(77,546)(270,271)(55,940)减值149,717 54,427 17,101房地产折旧及摊销738,526 459,211 208,155非控制性收入来自经营合伙企业单位(3,426)(5)-未合并合资企业的比例18,116 12,722 5,541 FFO调整$825,387$256,084$174,857 FO每股普通股调整-稀释后8美元2.15美元1。22 FFO归属于普通股股东547,126 $296,981 $241,516 FFO归属于普通股股东每股普通股—稀释7 $1.43 $1.17 $1.68收购和追求成本2 2,026 3,229 3,930合并相关成本3(1,952)103,380—债务工具合并相关公允价值42,88521,248—租赁无形摊销8601,028162信贷损失备抵48,599——非例行法律费用/没收诚意金已收175771(35)债务融资费用(62)3 145283离职费用1,445——未合并合资公司标准化项目5,389,33025标准化FFO调整$54,365 $133,131 $4,565标准化FFO调整每普通股—稀释8美元0.14美元0.52美元0.03标准化FFO应占普通股股东601491美元430美元,112 $246,081标准化FFO归属于普通股股东每普通股—稀释8 $1.57$1.69$1.71非房地产折旧和摊销2,566 2,217 2,397非现金利息支出摊销6 4,968 5,129 3,182坏账准备,3,163 516 73直线租金收入,净额(32,592)(20,124)(4,303)股份薪酬13,791 14,294 10,729未合并合资企业非现金项目7(1,034)(1,206)(1,357)经非现金项目调整的正常化FFO$592,353$430,938$256,802第二代租户改善(66,081)(33,620)(26,363)支付的租赁佣金(36,391)(22,929)(11,742)资本支出(49,343)(48,913)(19,582)维护资本支出(151,815)(105,462)(57,687)$440,538$325,476$199,115 FFO加权平均已发行普通股-稀释后8 383,381 254,622 143,618 1当出现亏损时,潜在普通股不包括在每股摊薄收益的计算中,因为这将是每股反摊薄金额。2收购和追求成本包括与追求收购和开发有关的第三方和差旅成本。3包括与合并有关的费用。在截至2023年12月31日的一年中,合并成本扣除了在截至2022年12月31日的一年中支付的1780万美元的转让税退款。4截至2023年12月31日止年度,包括列入营运报表“房地产减值及信贷损失准备”的夹层贷款的信贷拨备520万美元,以及列入营运报表的“租金收入”的340万美元准备金,用于三个熟练护理设施的先前递延租金及直线租金。5包括本公司与未合并的合资企业相关的收购和追逐成本的比例份额。7包括公司在直线租金中的比例份额,与未合并的合资企业相关的净额。8本公司采用库存股法,计入截至2023年12月31日、2022年12月31日及2021年12月31日止年度的未归属股份奖励分别为397,168、748,385及907,393的摊薄效应。合并合并同店现金NOI、合并合并同店现金NOI和合并合并同店现金NOI是关键绩效指标。管理层认为这些是补充措施,允许投资者、分析师和公司管理层衡量非杠杆化物业水平的经营业绩。该公司将现金NOI定义为租金收入加上融资应收账款的利息减去物业运营费用。现金NOI不包括非现金项目,如高于和低于市场租赁无形资产、直线租金、租赁激励、融资应收摊销、租户改善摊销、租赁佣金摊销和现金租赁终止费。现金NOI是历史的,并不一定预示着未来的结果。合并合并同一门店现金NOI比较稳定物业的现金NOI。稳定物业是指在列报的年度比较期间内已纳入营运的物业。因此,稳定物业不包括最近购买或处置的物业、被分类为持有以供出售或拟出售的物业、正在重新开发的物业以及新重建或开发的物业。符合相同存储标准的传统HTA物业包括在两个期间内,就好像它们在整个分析期内由公司拥有一样。在合并时,Legacy HR同一门店池约占合并后公司NOI的35%。管理层认为,只有合并前会计收购方(即Legacy HR)继续报告同一门店投资组合,对于试图了解合并后公司的经营业绩和增长潜力的投资者来说,几乎没有什么价值。本公司获提供查阅Legacy HTA的相关财务报表(该等财务报表已经审核,或如属中期,则经审核)及有关每项物业的其他详细资料,例如收购日期。根据这些可获得的信息,该公司能够将其相同的门店定义一致地应用于合并后的投资组合,从而使合并后的投资组合中约85%的门店呈现在相同的门店展示中。本公司对管理层已批准改变该等物业的战略方向的物业采用重新开发分类,方法是运用额外资源,包括大幅高于日常维修及资本改善开支的资本开支。 新开发的物业已被纳入合并合并后的8个季度的同一商店池基本完成。 下表反映截至2023年及2022年12月31日止年度本公司合并的同店现金NOI。 物业数量于2023年12月31日的投资总额合并合并店铺现金净收入截至12月31日止年度,美元单位:千美元2023 2022合并合并同店物业597 $12,088,929 $726,574 $707,385合资企业合并合并同店物业18 $227,064 $12,150 $11,523 41


下表对合并合并的同店NOI和合并后的同店物业指标与截至2022年12月31日的年度的总拥有房地产投资组合进行了核对:对遗留人力资源和合并合并的同店现金NOI的调节2023年2022年可归因于普通股股东的净(亏损)收入$(278,261)$40,897其他费用(收入)336,227(64,519)一般和行政费用58,405 52,734折旧和摊销费用730,709 453,082其他费用1 12,653 120,576直线租金收入,净值(32,592)(23,498)合资物业19,176 15,222其他收入2(20,311)(16,577)826,006 577,917合并前遗留HTA NOI-280,421现金NOI 826,006 858,338未计入同店的现金NOI(87,282)(139,430)合并合并同店现金NOI,包括合资企业738,724 718,908同店合资物业(12,150)(11,523)合并合并同店现金NOI$726,574$707,385合并同店对账1包括收购和追逐成本、合并相关成本、租金储备、地上和地下租赁无形资产摊销、无形资产摊销租赁佣金摊销及土地租赁直线租金费用。2包括管理费收入、利息、高于和低于市场租赁无形摊销、租赁诱因摊销、租赁终止和租户改善超额摊销。截至2023年12月31日的年度,以千美元计普通股股东应占净(亏损)收入$(278,261)$40,897其他费用(收入)336,227(64,519)一般和行政费用58,405 52,734折旧和摊销费用730,709 453 082其他费用1 12,653 120,576直线租金收入,净(32,592)(23,498)合资物业19,176 15,222其他收入2(20,311)(16,577)826,006 577(250,066)传统人力资源同店现金NOI包括合资企业343,227 327,851 Legacy HR同店物业(7,745)(7,275)Legacy HR同店现金NOI 3$335,482$320,576 Legacy HR同店对账1包括收购和追逐成本、合并相关成本、租金储备、地上和地下租赁无形摊销、租赁佣金摊销和地面租赁直线租金支出。2包括管理费收入、利息、高于和低于市场租赁无形摊销、租赁诱因摊销、租赁终止和租户改善超额摊销。3 Legacy HR同一家门店现金NOI包括240处物业。42


下表对合并合并的同店NOI和合并后的同店物业指标与截至2022年12月31日的年度的总拥有房地产投资组合进行了核对:对遗留人力资源和合并合并的同店现金NOI的调节2023年2022年可归因于普通股股东的净(亏损)收入$(278,261)$40,897其他费用(收入)336,227(64,519)一般和行政费用58,405 52,734折旧和摊销费用730,709 453,082其他费用1 12,653 120,576直线租金收入,净值(32,592)(23,498)合资物业19,176 15,222其他收入2(20,311)(16,577)826,006 577,917合并前遗留HTA NOI-280,421现金NOI 826,006 858,338未计入同店的现金NOI(87,282)(139,430)合并合并同店现金NOI,包括合资企业738,724 718,908同店合资物业(12,150)(11,523)合并合并同店现金NOI$726,574$707,385合并同店对账1包括收购和追逐成本、合并相关成本、租金储备、地上和地下租赁无形资产摊销、无形资产摊销租赁佣金摊销及土地租赁直线租金费用。2包括管理费收入、利息、高于和低于市场租赁无形摊销、租赁诱因摊销、租赁终止和租户改善超额摊销。2包括管理费收入、利息、高于和低于市场租赁无形摊销、租赁诱因摊销、租赁终止和租户改善超额摊销。3 Legacy HR同一家门店现金NOI包括240处物业。截至12月31日合并合并的同一门店物业的对账,2023美元和平方英尺计算物业总投资1平方英尺入住率合并合并同店物业597美元12,088,929 35,298 89.2%合资企业同店物业18 227,064 1,225 87.3%全资和合资企业收购47 591,462 1,788 90.9%开发落成5 120,425 403 67.0%重建项目16 415,763 1,369 54.8%计划处置5 66,674 228 25.4%合计688美元13,510,317 40,311 87.5%合营物业2 34 359,635 1,949 86.2%全资拥有的房地产物业654美元13,150,682 38,37.6%公司财产和融资租赁由于回租交易而产生的与归属租赁安排无关的使用权资产。2包括在合并后的合资企业中持有的一项财产。关键会计政策在会计估计中的应用公司的综合财务报表是根据公认会计准则和美国证券交易委员会的规章制度编制的。在编制综合财务报表时,管理层须作出判断及作出假设,以影响综合财务报表所反映的资产及负债账面值及收入及开支的报告金额。管理层定期评估编制合并财务报表时使用的估计数和假设。这些定期评估考虑了历史经验和其他合理因素,并使用了管理人员经验丰富的判断。管理层已与董事会审计委员会一起审查了公司的关键会计政策。管理层认为,本节以下各段描述了管理层应用关键会计政策和估计数以得出综合财务报表所反映的关键会计估计数的情况。本公司的会计政策在综合财务报表附注1中有更全面的论述。合并原则公司的合并财务报表包括公司、其全资子公司、合资企业和公司控制经营活动的合伙企业的账目。所有重要的公司间账户和交易都已注销。成本资本化一般允许对各种类型的成本进行资本化。关于将费用资本化以及这些费用随后的折旧或摊销与在所发生期间支出的规则和条例不同,这取决于费用的类型和费用资本化的原因。开发项目的直接成本一般包括建筑成本、专业服务(如建筑和法律成本)、交通费和土地征用成本以及其他类型的费用和支出。这些成本被资本化,作为与这些成本相关的资产基础的一部分。间接成本包括资本化利息和间接成本。间接成本在建造过程中资本化,并在物业准备投入使用后最长一年的空置空间上资本化。 公司的间接费用是基于间接费用负荷因素,这些因素是根据直接发生的时间计入项目的。本公司每年计算其收购及开发部门的间接负荷系数,这些部门的雇员参与项目。间接费用负荷系数的计算是为了吸收员工直接在项目上工作所产生的生产性时间的那部分间接员工成本(工资和福利、培训和类似成本)。公司的员工 43


负责这些项目的开发部门按项目维护和报告他们的工时。员工的行政成本,如休假时间、病假时间或一般和行政时间,将在发生的期间内支出。与收购相关的成本包括寻找者费用、咨询费、法律费用、会计费用、估价费用、其他专业费用或咨询费,以及某些一般和行政费用。收购相关成本在会计准则编纂专题805“企业合并”中作为企业合并计入的收购所发生的期间支出。这些与资产收购相关的成本根据公认会计准则进行资本化。管理层的判断也是在决定是否应保留或注销以前已资本化到一个项目的费用,如果或当该项目被放弃时,或在其他情况发生变化,使该项目的可行性受到质疑时。该公司遵循一项标准和一贯适用的政策,对追逐活动进行分类,并根据分类为这些类型的成本预留资金。该公司将其追求项目分为两类与发展有关。第一类包括追求有很小机会产生新业务的发展。这些项目的成本在发生的期间内计入费用。第二类包括对可能或极有可能导致项目或合同的发展的追求。由于公司认为这些追求很可能会导致项目或合同,因此公司将这些成本全额资本化,并且不记录任何准备金。每个季度,所有资本化的追逐成本都会再次被审查是否可行或分类的变化,并做出是否需要任何额外准备金的管理决定。如有必要并认为适当,管理层将在那时额外记录一笔准备金。资本化追索成本扣除准备金后,计入本公司综合资产负债表中的其他资产,所记录的任何准备金在综合经营报表中计入收购和追索成本。所有追逐成本最终将被注销为费用或作为已建成房地产资产的一部分资本化。截至2023年12月31日和2022年12月31日,公司的综合资产负债表包括与潜在开发项目相关的资本化追逐成本,总额分别为620万美元和430万美元。在截至2023年、2022年和2021年12月31日的年度内,该公司与收购相关的成本分别为80万美元、100万美元和260万美元。此外,在截至2023年、2022年和2021年12月31日的年度内,该公司与追求发展相关的成本分别为80万美元、220万美元和140万美元。此外,该公司还支出了与合并相关的总成本(200万美元),包括分别退还截至2022年12月31日的年度的1,780万美元的转让税和截至2023年12月31日和2022年12月31日的年度的1.034亿美元。持有和使用的长期资产、未合并的合资企业、无形资产和商誉持有和使用的长期资产的估值本公司评估可识别无形资产和长期资产(主要是房地产)的减值可能性,只要发生事件或情况变化表明账面价值可能无法收回。可能导致管理层审查减值的重要因素包括:与历史或预期经营业绩相比,资产表现严重不佳;公司资产使用或整体业务战略发生重大变化;计划在资产折旧期限结束前出售资产;物业租约的很大一部分到期;或公司或其经营者出现重大负面经济趋势或负面行业趋势。此外,该公司还审查受购买选择权约束的资产以及受龙卷风和飓风等伤亡影响的资产可能出现的减值。此外,本公司至少每年评估是否有指标,包括物业经营表现、预期持有期变化及一般市况,显示本公司的投资(包括未合并的合营企业)的价值可能已被减值。只有当管理层对公司投资的公允价值的估计低于其账面价值时,投资的价值才会减值。若已发生减值,则会就其账面值超过其公允价值确认亏损。有兴趣购买本公司一个或多个经营性房地产的第三方可能会不时与本公司接洽,否则这些房产将不会出售。或者,公司可以44


负责这些项目的开发部门按项目维护和报告他们的工时。员工的行政成本,如休假时间、病假时间或一般和行政时间,将在发生的期间内支出。与收购相关的成本包括寻找者费用、咨询费、法律费用、会计费用、估价费用、其他专业费用或咨询费,以及某些一般和行政费用。收购相关成本在会计准则编纂专题805“企业合并”中作为企业合并计入的收购所发生的期间支出。这些与资产收购相关的成本根据公认会计准则进行资本化。管理层的判断也是在决定是否应保留或注销以前已资本化到一个项目的费用,如果或当该项目被放弃时,或在其他情况发生变化,使该项目的可行性受到质疑时。该公司遵循一项标准和一贯适用的政策,对追逐活动进行分类,并根据分类为这些类型的成本预留资金。该公司将其追求项目分为两类与发展有关。第一类包括追求有很小机会产生新业务的发展。这些项目的成本在发生的期间内计入费用。第二类包括对可能或极有可能导致项目或合同的发展的追求。由于公司认为这些追求很可能会导致项目或合同,因此公司将这些成本全额资本化,并且不记录任何准备金。 如有必要并认为适当,管理层届时将记录额外准备金。资本化的追求成本,扣除准备金,列在公司的综合资产负债表的其他资产中,记录的任何准备金都记在综合经营报表的收购和追求成本中。所有追求成本最终将注销为费用或资本化,作为已建房地产资产的一部分。截至2023年12月31日和2022年12月31日,该公司的综合资产负债表包括与潜在开发相关的资本化追求成本,分别为620万美元和430万美元。在截至2023年、2022年和2021年12月31日的年度内,该公司与收购相关的成本分别为80万美元、100万美元和260万美元。此外,在截至2023年、2022年和2021年12月31日的年度内,该公司与追求发展相关的成本分别为80万美元、220万美元和140万美元。此外,该公司还支出了与合并相关的总成本(200万美元),包括分别退还截至2022年12月31日的年度的1,780万美元的转让税和截至2023年12月31日和2022年12月31日的年度的1.034亿美元。持有和使用的长期资产、未合并的合资企业、无形资产和商誉持有和使用的长期资产的估值本公司评估可识别无形资产和长期资产(主要是房地产)的减值可能性,只要发生事件或情况变化表明账面价值可能无法收回。可能导致管理层审查减值的重要因素包括:与历史或预期经营业绩相比,资产表现严重不佳;公司资产使用或整体业务战略发生重大变化;计划在资产折旧期限结束前出售资产;物业租约的很大一部分到期;或公司或其经营者出现重大负面经济趋势或负面行业趋势。此外,该公司还审查受购买选择权约束的资产以及受龙卷风和飓风等伤亡影响的资产可能出现的减值。 只有当管理层对本公司投资公平值的估计低于其账面值时,该投资的价值才会出现减值。倘已发生减值,则其账面值超出其公平值之差额将确认为亏损。本公司可能会不时与第三方接触,有意购买本公司一个或多个经营性房地产,否则不出售。此外,本公司亦可考虑处置营运物业,但该物业并无出售该物业的具体意图,且该物业并不符合被分类为持有以待出售的准则(见下文讨论)。在这种情况下,公司和潜在买家通常谈判一份意向书,然后是一份包括完成常规尽职调查程序的尽职调查时间表的买卖协议。在此期间的任何时候,双方都可以终止交易。本公司将买卖协议的执行视为需要进行减值评估的情况,并必须将其对潜在出售影响的最佳估计计入下文更详细讨论的可回收性测试。只有当管理层对物业的当前及预计营运现金流(未贴现及未加杠杆)的估计少于物业的账面净值时,物业价值才被视为减值。这些对未来现金流的估计只包括与财产直接相关并预计将因财产的使用和最终处置而产生的现金流量,这些直接结果是基于财产的估计剩余使用年限。该等估计,包括可能受物业任何潜在出售影响的使用年限厘定,乃基于管理层对物业用途的假设。因此,在估计当前和预计的现金流时需要作出重大判断。当本公司签署持有和使用的物业的买卖协议时,本公司进行上述现金流估计。如果在交易接近结束时发生重大变化,管理层将重新评估财产的可回收性。正常情况下,销售交易将在尽职调查期届满后15至30天内完成。在尽职调查期结束后,管理层将再次重新评估物业的可回收性,并根据潜在出售的状况更新其评估。每当管理层确定经测试的资产的账面价值可能无法收回时,只要当前账面价值超过该资产的当前公允价值,就会确认减值费用。在确定资产的估计公允价值时也涉及重大判断。本公司亦会进行年度商誉减值审查。本公司的审查自每年12月31日起进行。2023年和2022年的审查表明,本公司2.505亿美元和223美元的商誉资产没有发生减值。分别为200万人。长期资产将由计划销售处置--不时管理层肯定地决定根据销售计划出售某些房地产。当符合资格销售计划的以下所有标准都满足时,公司将财产或处置集团重新归类为持有待售:·有权批准行动的管理层承诺出售财产或处置集团的计划;·该财产或处置集团可立即出售(即,卖方目前有意愿和能力将该财产或处置集团转让给买方),但仅受出售此类财产或处置集团的常见和习惯条件的限制;·已经启动了寻找买家的现行计划和完成出售计划所需的其他行动;·出售财产或处置小组的可能性很大(即很可能发生),预计转让将有资格在一年内被确认为完成出售,但某些例外情况除外;·正在积极推销财产或处置小组,以便以相对于其当前公允价值合理的价格出售;以及·完成计划所需的行动表明,不太可能对计划进行重大改变,或计划将被撤回。被归类为持有待售的物业或处置集团,最初按其账面值或公允价值减去估计出售成本中较低者计量。在持有待售标准为45英镑的期间,对物业或处置集团的账面金额进行任何初始调整,减去估计的出售成本,均确认减值费用


见过。公允价值减去出售财产(处置组)的估计成本应在每个报告期内进行评估,该财产仍被归类为持有以待出售。只要房产被归类为待售房产,折旧就会停止。如果出现以前被认为不太可能发生的情况,并且随后将决定不出售被归类为持有供出售的物业,则该物业将被重新归类为持有和使用。该物业于重新分类时以其(A)于被分类为持有待售之前的账面金额中较低者计量,并按任何折旧开支或减值亏损(假若该物业持续被分类为持有及使用或(B)于其后决定不出售当日的公允价值)而应会确认的任何折旧开支或减值亏损而作出调整。任何必要调整的影响反映在决定不出售之日的持续经营收入中。在截至2023年12月31日的年度内,该公司记录的减值费用总额为1.497亿美元,涉及房地产和其他长期资产。减值费用涉及已售出的31处物业和与2024年计划处置活动相关的另外6处物业。该公司在2022年记录了5440万美元的减值费用。资产收购的估值如综合财务报表附注1所述,当本公司以现地租赁方式收购房地产时,收购成本必须在收购的有形房地产资产和任何收购的无形资产之间进行分配。该等无形资产可能包括高于(或低于)市值的就地租赁及市面就地租赁,当中可能包括与吸纳期租金有关的机会成本、与取得新租约有关的直接成本(例如租户改善)、租赁佣金及客户关系资产。至于估计物业及无形资产的“犹如空置”价值的要素,包括吸纳期、吸纳期内的入住率增长、租户改善金额及租赁佣金百分比,本公司对类似物业类别采用相同的吸纳期及入住率假设。然后,任何剩余的超额购买价将根据有形资产和无形资产的相对公允价值分配给它们。可确认的有形资产和无形资产然后进行折旧和摊销。房地产资产折旧及相关无形资产摊销截至2023年12月31日,公司在可折旧房地产资产及相关无形资产方面的总投资约为121亿美元。房地产资产及相关无形资产取得或投入使用时,必须折旧或摊销。管理层的判断包括确定使用哪种折旧方法,估计房地产资产的建筑和改善部分的经济寿命,以及估计购买具有现地租赁的房地产资产时获得的无形资产的价值。关于建筑构件,在公认会计原则下有几种折旧方法可用。一些方法在资产的经济寿命的早期记录了相对较多的折旧费用,而在其经济寿命的后期记录了相对较少的资产折旧费用。房地产资产折旧的直线法是公司采用的方法,因为管理层认为,直线折旧法是最准确和一致地在资产的估计寿命内分配资产成本的方法。本公司根据许多因素为其拥有的物业分配使用年限,包括物业收购时的楼龄和状况。46


见过。公允价值减去出售财产(处置组)的估计成本应在每个报告期内进行评估,该财产仍被归类为持有以待出售。只要房产被归类为待售房产,折旧就会停止。如果出现以前被认为不太可能发生的情况,并且随后将决定不出售被归类为持有供出售的物业,则该物业将被重新归类为持有和使用。该物业于重新分类时以其(A)于被分类为持有待售之前的账面金额中较低者计量,并按任何折旧开支或减值亏损(假若该物业持续被分类为持有及使用或(B)于其后决定不出售当日的公允价值)而应会确认的任何折旧开支或减值亏损而作出调整。任何必要调整的影响反映在决定不出售之日的持续经营收入中。在截至2023年12月31日的年度内,该公司记录的减值费用总额为1.497亿美元,涉及房地产和其他长期资产。减值费用涉及已售出的31处物业和与2024年计划处置活动相关的另外6处物业。该公司在2022年记录了5440万美元的减值费用。资产收购的估值如综合财务报表附注1所述,当本公司以现地租赁方式收购房地产时,收购成本必须在收购的有形房地产资产和任何收购的无形资产之间进行分配。 对于物业及无形资产之“如空置”价值之估计要素,包括吸收期、吸收期内占用增加、租户改善金额及租赁佣金百分比,本公司对同类物业采用相同吸收期及占用假设。任何剩余的额外购买价随后按其相对公平值分配至有形及无形资产。可识别有形及无形资产其后须折旧及摊销。 房地产资产折旧及相关无形资产摊销截至2023年12月31日,本公司于应折旧房地产资产及相关无形资产的总投资约为121亿美元。房地产资产及相关无形资产购置或投入使用时,必须折旧或摊销。管理层的判断包括确定使用哪种折旧方法,估计房地产资产的建筑和改善部分的经济寿命,以及估计购买具有现地租赁的房地产资产时获得的无形资产的价值。关于建筑构件,在公认会计原则下有几种折旧方法可用。有些方法在资产经济寿命的早期记录了相对较多的折旧费用,而在其经济寿命的后期记录了相对较少的资产折旧费用。房地产资产折旧的直线法是公司采用的方法,因为管理层认为,直线折旧法是最准确和一致地在资产的估计寿命内分配资产成本的方法。本公司根据许多因素为其拥有的物业分配使用年限,包括物业收购时的楼龄和状况。收入确认该公司的主要收入来源是来自不可取消租约的租金收入。当签订租约时,对租约的条款和条件进行评估以确定适当的会计分类。截至2023年12月31日,除一项融资租赁外,公司作为出租人的所有租赁均被归类为经营租赁。营运租约于相关租期内按直线基准确认,包括向租户提供租金优惠的期间。营业费用回收,包括建筑特定营业费用的报销,在发生相关费用的期间确认为收入。本公司一般预期在租赁开始时有可能收回。除了根据主题842进行的特定租约可收回性评估外,公司还可以将普通准备金(“坏账准备”)作为租金收入的减值,用于其经营租赁应收账款组合。该公司还根据主题606中的指导确认某些收入,并基于五步模式对与客户签订的合同产生的收入进行核算。该公司与主题606相关的主要收入来源是停车收入和管理费收入。衍生工具对冲会计一般规定在衍生工具上确认损益的时间与确认对冲资产或负债的公允价值变动(可归因于公允价值对冲中的对冲风险或现金流量对冲中的对冲预测交易的收益影响)的时间相匹配。衍生品的会计处理要求本公司在确定衍生品的性质及其有效性时作出判断,包括关于发生预测交易的可能性的判断。这些判断可能会对我们的合并财务报表产生重大影响。本公司可不时订立衍生工具以管理利率风险。当衍生工具启动时,本公司将评估其对衍生工具的预期用途,并可能选择套期保值关系和应用对冲会计。根据会计文件的要求,本公司将正式记录所有衍生工具在订立衍生工具之前或同时的套期保值关系。47


第7A项。关于市场风险的定量和定性披露该公司以其债务利率变化的形式面临市场风险。管理层使用定期监测市场状况和分析技术来管理这一风险。截至2023年12月31日,该公司50亿美元未偿债务中的35亿美元按固定利率计息。下表提供了有关如上所述公司某些金融工具对市场状况和利率变化引起的变化的敏感性的信息。就本分析而言,敏感性是根据基础市场利率假设10%的变动而显示出来的。对收益和现金流的影响(以千元未偿还本金余额计),2023年计算年利率假设市场利率上升10%假设市场利率下降10%可变利率债务无担保信贷工具$-无担保定期贷款2024年到期350,000 22,372(2,237)2,237无担保定期贷款2024年到期200,000 12,784(1,278)1,278无担保定期贷款2025年到期300,000 19,176(1,918)1,918无担保定期贷款2026 150,000 9,588(959)959到期2027年200,000 12,784(1,278)1,278无担保定期贷款2028 300,000 19,176(1,918)1,918 1,500,000美元95,880美元(9,588美元)9,588美元该公司有未偿还的利率掉期,以帮助降低与可变利率债务相关的风险。截至2023年12月31日,该公司拥有13亿美元的利率互换,加权平均利率为3.49%。有关公司利率互换的更多信息,请参阅合并财务报表附注11。公允价值以千美元计,截至2023年12月31日账面价值。假设市场利率上升10%假设市场利率下降10%。31,2022年1固定利率债务高级债券2025年到期$249,484$244,233$244,527$243,909$241,413 2026年到期优先债券2027年到期579,017 581,556 582,919 580,141 570,139 2027年到期优先债券483,727 483,590 485,102 482,048 473,450 2028年到期高级债券297,429 282,200 283,207 281,170 271,058 2030 575,443 577,702 580,777 574,583 560,723高级债券到期总额3,780,249,760,723美元2030年到期高级票据7,234,017 581,234,723,238,219,321高级票据2031 643,521,649,346 19,321 2031 649,521,654,641,651,658,702,780,770,723,723,728,219,321,321,333,832美元2031 644,521,649,347 3,651,654,658,702,580,777,574,913 3,723,723,723,723,366 266 19,321,321 2031 649,642,649,347 352,654,658,702,580,777,574,913 3,723,723,723,234,219,321高级债券并且不反映本金余额的任何后续变化和/或票据的增加或终止的影响。2余额是扣除贴现和债务发行成本并包括保费后列报的。所列公允价值乃基于第2级投入,其定义为模型衍生估值,在活跃市场中可观察到重大投入及重大价值驱动因素。48


第7A项。关于市场风险的定量和定性披露该公司以其债务利率变化的形式面临市场风险。管理层使用定期监测市场状况和分析技术来管理这一风险。截至2023年12月31日,该公司50亿美元未偿债务中的35亿美元按固定利率计息。下表提供了有关如上所述公司某些金融工具对市场状况和利率变化引起的变化的敏感性的信息。就本分析而言,敏感性是根据基础市场利率假设10%的变动而显示出来的。对收益和现金流的影响(以千元未偿还本金余额计),2023年计算年利率假设市场利率上升10%假设市场利率下降10%可变利率债务无担保信贷工具$-无担保定期贷款2024年到期350,000 22,372(2,237)2,237无担保定期贷款2024年到期200,000 12,784(1,278)1,278无担保定期贷款2025年到期300,000 19,176(1,918)1,918无担保定期贷款2026 150,000 9,588(959)959到期2027年200,000 12,784(1,278)1,278无担保定期贷款2028 300,000 19,176(1,918)1,918 1,500,000美元95,880美元(9,588美元)9,588美元该公司有未偿还的利率掉期,以帮助降低与可变利率债务相关的风险。截至2023年12月31日,该公司拥有13亿美元的利率互换,加权平均利率为3.49%。有关公司利率互换的更多信息,请参阅合并财务报表附注11。公允价值以千美元计,截至2023年12月31日账面价值。31,2022年1固定利率债务高级债券2025年到期$249,484$244,233$244,527$243,909$241,413 2026年到期优先债券2027年到期579,017 581,556 582,919 580,141 570,139 2027年到期优先债券483,727 483,590 485,102 482,048 473,450 2028年到期高级债券297,429 282,200 283,207 281,170 271,058 2030 575,443 577,702 580,777 574,583 560,723高级债券到期总额3,780,249,760,723美元2030年到期高级票据7,234,017 581,234,723,238,219,321高级票据2031 643,521,649,346 19,321 2031 649,521,654,641,651,658,702,780,770,723,723,728,219,321,321,333,832美元2031 644,521,649,347 3,651,654,658,702,580,777,574,913 3,723,723,723,723,366 266 19,321,321 2031 649,642,649,347 352,654,658,702,580,777,574,913 3,723,723,723,234,219,321高级债券并且不反映本金余额的任何后续变化和/或票据的增加或终止的影响。2余额是扣除贴现和债务发行成本并包括保费后列报的。所列公允价值乃基于第2级投入,其定义为模型衍生估值,在活跃市场中可观察到重大投入及重大价值驱动因素。项目8田纳西州纳什维尔Healthcare Realty Trust Inc.的独立注册会计师事务所股东和董事会的财务报表和补充数据报告关于合并财务报表的意见我们审计了Healthcare Realty Trust Inc.(“本公司”)截至2023年12月31日和2022年12月31日的合并资产负债表、截至2023年12月31日的三个年度的相关综合经营报表、全面收益(亏损)、权益和可赎回非控制权益、现金流量,以及随附指数所列的相关附注和财务报表附表(统称“综合财务报表”)。我们认为,综合财务报表在所有重要方面都公平地反映了公司于2023年12月31日、2023年12月31日和2022年12月31日的财务状况,以及截至2023年12月31日的三个年度的经营结果和现金流量,符合美国公认的会计原则。我们还根据美国上市公司会计监督委员会(PCAOB)的标准,根据特雷德韦委员会(“COSO”)保荐组织委员会(“COSO”)发布的“内部控制-综合框架(2013)”中确立的标准,对公司截至2023年12月31日的财务报告内部控制进行了审计,我们于2024年2月16日的报告对此发表了无保留意见。我们的责任是根据我们的审计对公司的综合财务报表发表意见。我们是一家在PCAOB注册的公共会计师事务所,根据美国联邦证券法以及美国证券交易委员会和PCAOB的适用规则和法规,我们必须与公司保持独立。我们是按照PCAOB的标准进行审计的。这些准则要求我们计划和执行审计,以获得关于合并财务报表是否没有重大错报的合理保证,无论是由于错误还是舞弊。我们的审计包括执行评估合并财务报表重大错报风险的程序,无论是由于错误还是欺诈,以及执行应对这些风险的程序。这些程序包括在测试的基础上审查关于合并财务报表中的金额和披露的证据。我们的审计还包括评价管理层使用的会计原则和作出的重大估计,以及评价合并财务报表的整体列报。我们相信,我们的审计为我们的观点提供了合理的基础。关键审计事项下文所述的关键审计事项是指已向审计委员会传达或要求传达给审计委员会的本期综合财务报表审计所产生的事项:(1)涉及对综合财务报表具有重大意义的账目或披露;(2)涉及我们特别具有挑战性的、主观的或复杂的判断。 资产减值—识别房地产触发事件截至2023年12月31日,本公司录得房地产投资净额约为112亿美元。 如本公司综合财务报表附注1所述,本公司评估长期资产(包括房地产)的减值潜力,当事件发生或情况变化表明账面值可能无法完全收回时(“触发事件”)。我们将管理层对房地产潜在减值的定性指标的评估确定为关键审计事项。 潜在减值的定性指标可能包括公司对物业的使用或其整体业务策略的重大变化,在可折旧年限结束前出售物业的计划,或负面的经济或 49


公司或其租户的行业趋势。由于处理这些事项所需的审计工作的性质和程度,审计这些要素尤其涉及挑战审计师的判断。我们为解决这一关键审计问题而执行的主要程序包括:·测试控制措施的设计和操作有效性,以确定可能表明房地产账面价值可能无法完全收回的情况变化。·评估管理层关于定性因素的关键假设的合理性,包括根据收到的报价和公司财产使用的变化可能出售的财产,用于确定是否发生了触发事件。·检查内部文件,以评估是否存在其他触发事件。/S/BDO USA,P.C.自2005年以来,我们一直担任公司的审计师。田纳西州纳什维尔,2024年2月16日50[公司或其租户的行业趋势。由于处理这些事项所需的审计工作的性质和程度,审计这些要素尤其涉及挑战审计师的判断。我们为解决这一关键审计问题而执行的主要程序包括:·测试控制措施的设计和操作有效性,以确定可能表明房地产账面价值可能无法完全收回的情况变化。·评估管理层关于定性因素的关键假设的合理性,包括根据收到的报价和公司财产使用的变化可能出售的财产,用于确定是否发生了触发事件。·检查内部文件,以评估是否存在其他触发事件。/S/BDO USA,P.C.自2005年以来,我们一直担任公司的审计师。2024年2月16日田纳西州纳什维尔医疗保健房地产信托公司合并综合资产负债表金额(以千计)2022年12月31日每股数据资产2022年12月31日房地产土地$1,343,265$1,439,798建筑物和装修10,881,373 11,332,037租赁无形资产836,302 959,998个人财产12,718 11,907融资租赁应收账款投资净额122,602 120,236融资租赁使用权资产净额82,209 83,824在建建筑59,871 74,265房地产总投资13,399,067 14,057,625减去累计折旧(2,645,271)(1,645,271)房地产投资净额11,172,214 412,354现金和现金等价物净额25,209 83,824在建土地持有待售资产,26,560土地持有待售资产减去累计折旧(2,645,853)(1,645,271)净资产8,834 18,893经营性租赁使用权资产275,975 336,983投资未合并的合资企业311,511 327,248商誉250,530 223,202其他资产净资产592,368 469,990美元总资产12,637,131$13,849,631负债,可赎回非控股权益,股东权益2023年12月31日应付票据和债券4,994,859美元5,351,827美元应付账款和应计负债211,994 244,033待售物业的负债229,714,279,895融资租赁负债74,772,939负债2,984 218,668总负债5,714,349,167,799美元应赎回非控制性权益票据和债券应付账款和应计负债211,994 244,033待售物业的负债229,714 27,895融资租赁负债72,939其他负债2,984 218,668总负债5,714,167,799授权发行200,000股;未发行和发行--普通股,面值0.01美元;授权发行1,000,000股;分别于2023年12月31日和2022年12月31日发行和发行380,964股和380,590股。3,810 3,806额外实收资本9,602,592 9,587,637累计其他全面(亏损)收入(10,741)2,140普通股股东应占累计净收入1,028,794 1,307,055累计股息(3,801,793)(3,329,562)股东权益总额6,822,662 7,571,076非控股权益96,252 108,742权益总额6,918,914 7,679,818总负债、可赎回非控股权益和股东权益12,637,131美元13,849,631美元见附注。51]Healthcare Realty Trust Inc.合并营业报表金额(以千为单位),截至12月31日的年度每股数据除外,2023年2022年收入租金收入$1,309,184$907,451$520,334利息收入17,134 11,480 4,192其他业务17,451 13,706 10,291 1,343,769 932,637 534,817支出物业运营500,437 344,038 212,273一般和行政费用58,405 52,734 34,152收购和追索成本2,026 3,229 3,930与合并有关的成本(1,952)103,380-折旧和摊销730,709 453,082 202,714 1,289,625 956,463 453,069其他收入(费用)房地产销售收益77,546,271 55,940利息支出(258,584)(146,691)(53,124)债务收益(损失)62(401)-房地产和物业的减值信贷损失准备金(154,912)(54,427)(17,101)未合并合资企业的股权损失(1,682)(687)(795)利息和其他收入(费用),净1,343(1,546)(9)(336,227)64,519(15,089)净(亏损)收益(282,083)40,693 66,659非控股权益应占净亏损3,822 204-普通股股东应占净(亏损)收入$(278,261)$40,897$66,659每股普通股基本收益$(0.74)$0.15$0.45加权平均普通股稀释后每股收益$(0.74)$0.15$0.45加权平均已发行普通股-基本378,928 252,356 142,637加权平均已发行普通股稀释后378,928 253,873 142,710见附注。52[Healthcare Realty Trust Inc.合并营业报表金额(以千为单位),截至12月31日的年度每股数据除外,2023年2022年收入租金收入$1,309,184$907,451$520,334利息收入17,134 11,480 4,192其他业务17,451 13,706 10,291 1,343,769 932,637 534,817支出物业运营500,437 344,038 212,273一般和行政费用58,405 52,734 34,152收购和追索成本2,026 3,229 3,930与合并有关的成本(1,952)103,380-折旧和摊销730,709 453,082 202,714 1,289,625 956,463 453,069其他收入(费用)房地产销售收益77,546,271 55,940利息支出(258,584)(146,691)(53,124)债务收益(损失)62(401)-房地产和物业的减值信贷损失准备金(154,912)(54,427)(17,101)未合并合资企业的股权损失(1,682)(687)(795)利息和其他收入(费用),净1,343(1,546)(9)(336,227)64,519(15,089)净(亏损)收益(282,083)40,693 66,659非控股权益应占净亏损3,822 204-普通股股东应占净(亏损)收入$(278,261)$40,897$66,659每股普通股基本收益$(0.74)$0.15$0.45加权平均普通股稀释后每股收益$(0.74)$0.15$0.45加权平均已发行普通股-基本378,928 252,356 142,637加权平均已发行普通股稀释后378,928 253,873 142,710见附注。医疗保健房地产信托公司综合全面收益(亏损)千元报表截至12月31日,净(亏损)收益$(282,083)$40,693$66,659其他全面(亏损)收益利率掉期重新分类调整收益计入净收益(利息支出)(14,488)1,527 4,472利率掉期期间产生的收益1,463 10,630 3,379(13,025)12,157 7,851全面(亏损)收益(295,108)52,850 74,510减少:非控股权益综合亏损3,966 168-普通股股东综合(亏损)收益$(291,142)$53,018$74,510见附注。53]医疗保健房地产信托公司合并股权和可赎回非控股权益金额(以千为单位),每股数据优先股普通股额外实收资本累计其他全面收入(亏损)累计净收入累计股息股东股权非控股权益余额总额2020年12月31日$-$1,395$3,635,341$(17,832)$1,199,499美元(2,870,027)$1,948,376美元-1,948,376美元-1,948,376美元-1,948,376美元-1,948,376美元-1,948,376美元-1,948,376美元-1,948,376美元-1,948,376美元-1,948,376美元-1,948,376美元扣除成本后的净额--109 330,933--331,042-331,042-普通股赎回-(1)(4,084)--(4,085)-基于股份的薪酬-2 10,727--10,729-10,729-净收益-66,659-66,659-66,659-66,659-7,851--7,851-7,851-向普通股股东分红(每股1.21美元)-(175,456)(175,456)-(175,456)-12月31日余额,2021-1,505 3,972,917(9,981)1,266,158(3,045,483)2,185,116-2,185,116--股票发行,扣除成本后的净额-6 22,901-22,907-22,907--2,289 5,574,174-5,576,463 110,702 5,687,165-普通股赎回-(1)(2,791)--(2,792)-(2,792)-基于股份的薪酬-7 20,339--20,346-20,346--97--97(97)--净收益--40,897-40,897(204)40,693-包括在净收益(利息支出)中的亏损的重新分类调整-1,531--1,531(4)1,527-利率互换和国库锁收益-10,590--10,590 40 10,630-可赎回非控制权益的贡献-(284,079)(284,079)(1,695)(285,774)-12月31日的余额,2022-3,806 9,587,637 2,140 1,307,055(3,329,562)7,571,076 108,742 7,679,818 2,014股票发行,扣除成本后的净额--130--130-普通股赎回-(1)(2,234)--(2,235)-(2,235)-将OP单位转换为普通股-2,774-2,776(2,776)--基于股份的补偿-3 14,285--14,288-净亏损(278,261)-(278,261)(3,822)(282,083)-净收入(利息支出)中包含的收益的重新分类调整--(14,315)-(14,315)(173)(14,488)--利率互换期间产生的收益-1,434--1,434 29 1,463--可赎回非控股权益的贡献[本公司在截至2023年12月31日及2022年12月31日止年度的投资及与其未合并合营企业相关的已确认亏损如下表所示:2023年12月31日,以百万美元计2023年对未合并合资企业的投资,期初327.2美元161.9美元3.8%期间确认的新投资(1.7%)(0.7%)所有者分配(17.8%)(1.9%)对未合并合资企业的投资,期末$311.5$327.2 2022年收购下表详细说明了公司在截至2022年12月31日的年度内的收购详情:以千美元计的类型1收购日期收购价格现金对价2房地产其他3平方英尺未经审计的达拉斯,德克萨斯州4 MOB 2/11/22$8,175$8,185$8,202$(17)18,000旧金山,CA 5 MOB 3/7/22 114,000 112,986 108,687 4,299 166,396亚特兰大,GA MOB 4/7/22 6,912 7,054 7,178(124)21,535丹佛,CO 4/13 6 6,254 5,269(15)12,207科罗拉多斯普林斯CO 6 MOB 4/13/22 13,680 13,686 13,701(15)25,800西雅图,西雅图MOB 4/28 8,350 8,334 8,370(36)13,256休斯顿,德克萨斯州MOB 4/28/22 36,250 36,299 36,816(517)76,781洛杉矶,CA MOB 4/29/22 35,35,242 25,400 9,842 34,282俄克拉荷马城,OK MOB 4/29/22 11,100 11,259 11,334(75)34,944罗利,北卡罗来纳州5/31,26,710,127(417)Tampa,113 FL,6 MOB 6/9/22 18,650 18,619 18,407 5,788 Seattle,OK MOB 4/29/22 11,100 11,259 11,334(75)34,944 Raleigh,NC 5/31,710,127(417)Tampa,113 FL,6 mob 6/22 18,650 18,619 18,212 5,788,788西澳MOB 8/1/22 4,850 4,806 4,882(76)10,593罗利,NC MOB 8/9/22 3,783 3,878 3,932(54)11,345杰克逊维尔,FL MOB 8/9/22 18,583(75)34,133亚特兰大,GA MOB 8/10/22 11,800 11,525 12,038(513)43,496丹佛,CO MOB 8/11/22 14,800 13,902 13,918(16)34,785 Raleigh,NC MOB 8/18/22 11,375 10,670 10,547 123 31,318 Nashville,TN MOB 9/15/22 21,000 20,764 20,5192 61,932 Austin,TX MOB 9/29/22 450,CO MOB 8/11/22 14,800 13,902 13,918(16)34,785 Raleigh,NC MOB 8/18/22 11,375 10,670 10,547 123 31,318 Nashville,TN mob 9/15/22 21,000 20,764 20,5192 61,932 Austin,TX MOB 8/29/22 5,45010/12/22 3,600 3,530 3,609(79)6,200休斯顿,德克萨斯州MOB 11/21/22 5,500 5,469 5,513(44)28,369奥斯汀,德克萨斯州7 MOB 12/28/22 888 890 889 1 2,219丹佛,CO MOB 12/28/22 16,400 16,170 16,467(297)39,692$403,578$399,189$386,818$12,371 863,184 1 MOB=医疗门诊大楼。现金对价不包括收购时应付给/来自卖方的收入和费用的比例。3包括收购的其他资产、承担的负债和在收购时确认的无形资产。4表示单租户物业。5包括三个属性。6包括两个属性。7公司收购了一座现有建筑物的额外所有权权益,使公司的所有权达到71.4%。下表汇总了截至购置日在房地产收购中取得的资产和承担的负债的估计相对公允价值:估计公允价值(百万美元)估计可用年限建筑14.0-38.0租户改善20.71.5-13.4土地76.1-土地改善11.25.0-14.0市场租赁无形资产28.1 1.5-13.4高于市场租赁无形资产(出租人)15.9 1.3-15.6低于市场租赁无形资产(出租人)(2.2)1.3-19.3低于市价的租赁无形资产(承租人)1.2 13.1收购的其他资产0.4应付账款,假设的应计负债和其他负债(2.9亿美元现金支付总额399.2美元未合并合资企业下表详细说明了截至2022年12月31日的一年的合资企业收购情况:以千美元计类型1日期收购价格现金对价2房地产其他3平方英尺未经审计的旧金山,CA 4 MOB 3/7/22$67,175$66,789$65,179$1,610 110,865洛杉矶,CA 5 MOB 3/7/22 33,800 32,384 32,390(6)103,259$100,975$99,173$97,569$1,604 214,124 1 MOB=医疗门诊大楼。现金对价不包括收购时应付给/来自卖方的收入和费用的比例。3包括收购的其他资产、承担的负债和在收购时确认的无形资产。4包括三个属性。5包括两个属性。75] 24


2023年房地产资产处置下表详细说明了公司截至2023年12月31日的年度处置情况:美元类型1出售日期出售价格收盘调整公司融资票据净收益其他(包括应收款)房地产净收益2增加/(减值)面积坦帕/迈阿密1/12/23$93,250$(5,875)$-87,375$87,302$(888)$961 224,037达拉斯,德克萨斯州4个暴徒1/30/23 19,210(141)-19,069 18,943 40 36,691 Louis,St.LouisMOB 2/10/23 350(18)-332 398-(66)6,500洛杉矶,CA MOB 3/23/23 21,000(526)-20,474 20,610 52(188)37,165洛杉矶,CA 5 MOB 3/30/23 75,000(8,079)(45,000)21,921 88,624(803)(20,900)147,078洛杉矶,CA 6 LAND 5/12/23 3,300(334)-2,966 3,268-(302)-Albany,纽约暴徒6/30/23 10,000(1,229)-8,771 2,613(1,040)7 198 40,870休斯顿,德克萨斯州暴徒8/2/23 8,320(285)-8,035 4,567 194 3,274 57,170亚特兰大,GA暴徒8/22/23 25,140(66)-25,074 23,226(536)2,386 55,195达拉斯,德克萨斯州住院患者9/15/23 115,000(1,504)-113,496 64,183 6,094 43,219 161,264休斯顿,德克萨斯州暴徒9/18/23(250 24)-1,998-52,0409/27/23 59,950(870)-59,080 74,710(380)(15,250)104,912埃文斯维尔,7个暴徒11/13/23 18,500(63)-18,437 17,807(149)779 260,520休斯顿,德克萨斯州医院12/1/23 4,100(6)-4,094 3,486-608 83,223,200(401)-5,799 3,415-2,384 15,014达拉斯,德克萨斯州暴徒12/20/23 43,295(764)-42,531 33,882(3,782)12,431 77,827,洛杉矶加州办事处12/21/23 19,000(1,311)-17,689 17,787-(98)104,377图森,亚利桑那州9,10暴徒12/22/23 43,230(3,770)(6,000)33,460 39,786(26)(300)215,471迈阿密,FL暴徒12/22/23 18,250(756)-17,494 17,354 643(503)48,000塞布林,FL暴徒12/27/23 9,500(81)-9,419 10,438(512)(507)38,949,波士顿MA MOB 12/28/23 117,197(2,079)-115,118 107,803 9,828(2,513)161,254杰克逊维尔/奥兰多/迈阿密,FL 11 SNF 12/29/23 77,000(8,678)(7,700)60,622 65,839(294)2,777 354,500总配置$787,042$(36,860)$(58,700)$691,482$708,082$8,444$33,658 2,282,057 1.SNF=熟练的护理设施。2.包括直线应收租金、租赁佣金和租赁诱因。3.包括在同一日期以两笔不同的交易售予同一买家的两项物业。4.该公司将这一财产出售给一家合资企业,并保留该合资企业40%的权益。销售价格和建筑面积反映了合资企业支付的总销售价格和物业的总建筑面积。5.该公司与买方签订了4500万美元的抵押贷款协议。6.该公司出售了一块总计0.34英亩的地块。7.包括在同一日期以三笔不同的交易售予同一买家的五项物业。8.公司出售了位于南卡罗来纳州查尔斯顿的一个公司办公室,该办公室100%由公司占用。9.包括在一次交易中出售给同一买家的12处房产。10.该公司与买方签订了600万美元的夹层贷款。11.包括在一次交易中出售给同一买家的三处房产。该公司签订了一份单独的应收票据,金额为770万美元,与此次出售有关。76[2022年房地产资产处置下表详细介绍了公司截至2022年12月31日的年度处置情况:千美元类型1出售销售价格收盘调整净收益其他包括应收账款2收益/(减值)平方英尺未经审计的洛夫兰,CO3,4 MOB 2/24/22$84,950$(45)$84,905$40,095$4,806 150,291圣安东尼奥,德克萨斯州3 MOB 4/15/22 25,500(2,272)23,228 14,381 284 8,563 201,523,FL,PA 5,11 MOB 7/22 133,100(8,109)124,991 124,991-316,739,GA德克萨斯州7,11 MOB 8/4/22 160,917(5,893)155,024 151,819 3,205-343,545洛杉矶,CA 5,9,11 MOB 8/5/22 134,845(3,102)131,743 131,332 411-283,780达拉斯,德克萨斯州7,10,11 MOB 8/30/22 114,290(682)113,608 113,608--189,385印第安纳波利斯,IN 6,12 MOB 8/31/22 238,845(5,846)232,999 84,67 4,324 143,908 506,406达拉斯,TX 3 MOB 10/4/22 104,025(883)98,142 38,872 6,836 2,834,328,385印第安纳波利斯,IN 6,12 MOB 8/31/22 238,845(5,846)232,999 84,67 4,324 143,908 506,406达拉斯,TX 3 MOB 10/4/22 104,025(883)98,142 38,872德克萨斯州暴徒10/21/22 32,000(280)31,720 10,762 744 20,214 134,910大学站,德克萨斯州暴徒11/10/22 49,177(3,755)45,422 44,918 475 28 122,942埃尔帕索,德克萨斯州暴徒12/22/22 55,326(4,002)51,324 56,427(1,897)(3,205)110,465亚特兰大,GA 8暴徒12/22/22 91,243(4,326)86,917 109,051 235(22,369)348,416圣路易斯,MOB 12/28/22 18,000(1,471)16,529 18,340 4(1,815)69,394$1,242,218$(45,666)$1,196,552$939,363$14,225$242,964 3,069,124 1 MOB=医疗门诊大楼2包括直线应收租金、租赁佣金和租赁诱因。3包括两个属性。4公司通过1031交换递延了税收收益,并将收益再投资。5包括四个属性。6包括五个属性。7包括六个属性。8包括9个属性。9值和平方英尺以100%表示。本公司在与购买这些物业的无关第三方的合资企业中保留20%的所有权权益。10个值和平方英尺以100%表示。本公司在与购买这些物业的无关第三方的合资企业中保留40%的所有权权益。11这些财产是作为合并的一部分购得的,并作为待售资产列入购置价分配。12这一投资组合中包括的五项财产中有两项是在合并中购得的,并作为待售资产列入购置价分配。6.持有待售截至2023年12月31日,公司有一处财产被归类为持有待售资产。持有待售的房地产净资产包括截至2023年12月31日的年度590万美元减值费用的影响。截至2022年12月31日,该公司有一处物业被归类为待售资产,于2023年第一季度出售。77] 25


下表反映了截至2023年12月31日和2022年12月31日归类为持有待售的资产和负债。2023年12月31日,千美元2022年资产负债表数据土地$1,850$1,700建筑物和改善6,779 15,164租赁无形资产1,017 1,986 9,646 18,850累计折旧(913)-持有待售房地产资产,净其他资产8,733 18,850,净持有待售资产101 43净额8,834美元18,893美元应付账款和应计负债$23$282其他负债272 155待售物业负债$295$437 7.当资产预期产生的未贴现现金流少于资产的账面价值时,资产减值费用。本公司必须评估其长期资产,包括房地产资产的减值可能性,只要发生事件或情况发生变化,如出售财产或决定出售财产,表明记录的价值可能无法完全收回。在截至2023年12月31日的一年中,该公司记录了31处已售物业的减值费用,以及与计划出售活动相关的另外6处物业的减值费用,总额为1.497亿美元。在截至2022年12月31日的一年中,该公司记录了已售出的12处物业的减值费用,以及与计划出售活动相关的另外3处物业的减值费用,总额为5440万美元。1级和3级公允价值技术均用于计算这些减值费用。截至2023年12月31日,6处房产总计5360万美元,按公允价值第3级公允价值等级计量。第3级公允价值技术包括不具约束力的意向书和未执行的买卖协议,减去估计的成交成本。8.其他资产其他资产主要包括无形资产、预付资产、应收房地产票据、直线应收租金、应收账款、附加长期资产和利率互换。截至2023年12月31日、2023年12月31日和2022年12月31日,公司综合资产负债表中的“其他资产,净额”项目详见下表:千美元2022年12月31日2023年12月31日房地产应收票据净额173,614美元99,643应收直线租金应收账款116,866 88,868预付资产116,455 81,900高于市场无形资产净值116,695 80,720应收账款净额1 63,203 54,667额外长期资产净额20,717 21,446利率互换资产4,634 14,512证券投资2 6,011 6,011债务发行成本项目净成本3,867 5,187 4,337租赁净投资2,112 1,828客户关系无形资产净额1,066 1,120其他10,941 8,961元592,368元469,990 78


下表反映了截至2023年12月31日和2022年12月31日归类为持有待售的资产和负债。2023年12月31日,千美元2022年资产负债表数据土地$1,850$1,700建筑物和改善6,779 15,164租赁无形资产1,017 1,986 9,646 18,850累计折旧(913)-持有待售房地产资产,净其他资产8,733 18,850,净持有待售资产101 43净额8,834美元18,893美元应付账款和应计负债$23$282其他负债272 155待售物业负债$295$437 7.当资产预期产生的未贴现现金流少于资产的账面价值时,资产减值费用。本公司必须评估其长期资产,包括房地产资产的减值可能性,只要发生事件或情况发生变化,如出售财产或决定出售财产,表明记录的价值可能无法完全收回。在截至2023年12月31日的一年中,该公司记录了31处已售物业的减值费用,以及与计划出售活动相关的另外6处物业的减值费用,总额为1.497亿美元。在截至2022年12月31日的一年中,该公司记录了已售出的12处物业的减值费用,以及与计划出售活动相关的另外3处物业的减值费用,总额为5440万美元。1级和3级公允价值技术均用于计算这些减值费用。截至2023年12月31日,6处房产总计5360万美元,按公允价值第3级公允价值等级计量。第3级公允价值技术包括不具约束力的意向书和未执行的买卖协议,减去估计的成交成本。8.其他资产其他资产主要包括无形资产、预付资产、应收房地产票据、直线应收租金、应收账款、附加长期资产和利率互换。截至2023年12月31日、2023年12月31日和2022年12月31日,公司综合资产负债表中的“其他资产,净额”项目详见下表:千美元2022年12月31日2023年12月31日房地产应收票据净额173,614美元99,643应收直线租金应收账款116,866 88,868预付资产116,455 81,900高于市场无形资产净值116,695 80,720应收账款净额1 63,203 54,667额外长期资产净额20,717 21,446利率互换资产4,634 14,512证券投资2 6,011 6,011债务发行成本项目净成本3,867 5,187 4,337租赁净投资2,112 1,828客户关系无形资产净额1,066 1,120其他10,941 8,961美元592,368美元469,990 1 2023年12月31日、2023年和2022年的数额分别是扣除呆账准备后的840万美元和400万美元。2022年12月31日的数额包括净额7169美元的其他应收款。2此金额代表本公司在数据分析平台上的优先股投资价值。9.无形资产和负债公司在其综合资产负债表中包括几种类型的无形资产和负债,包括商誉、债务发行成本、高于市场、低于市场和市价租赁的无形资产以及客户关系无形资产。有关公司债务发行成本的更多细节,请参阅综合财务报表附注10。该公司截至2023年12月31日、2023年12月31日和2022年12月31日的无形资产和负债,包括待售资产和某些债务发行成本,包括:12月31日的总余额,12月31日的累计摊销,加权平均收益。剩余寿命(年)资产负债表分类2023年2022年2023年商誉$250.5$223.2$-$-不适用商誉贷款债务发行成本6.9 3.1 0.9 1.9其他资产,高于市场的租赁无形资产净值98.0 91.5 31.3 10.7 5.3其他资产,客户关系无形资产净值(出租人)2.1 2.1 1.1 1.0 19.6其他资产,租赁无形资产净额(出租人)(112.5)(112.5)(35.7)(14.6)5.8其他市场租赁无形资产负债837.3 1,067.4 301.7 188.3 4.0房地产价值1,082.3美元1,278.6美元301.5美元186.3 4.3截至2023年12月31日和2022年12月31日止年度,公司分别确认了约2.148亿美元和1.336亿美元的无形资产摊销。下表代表了公司截至2023年12月31日的无形资产和负债在未来五年的预期摊销情况:2024年未来无形资产摊销净额206.7 2025 109.1 2026年84.3 2027 53.0 2028 31.9 79


10.12月31日应付的票据及债券;到期日合同利率有效利率本金兑付利息以千计2023 2022$15亿无担保信贷工具-385,000 10/25 SOFR+0.95%6.24%到期时每月3.5亿美元无担保定期贷款1349,798 349,114 7/24 SOFR+1.05%6.30%每月2亿美元无担保定期贷款1 199,903 199,670 5/24 SOFR+1.05%6.30%每月到期时1.5亿美元无担保定期贷款1 149,643 149,495 6/26到期时1 1.05%6.30%每月3亿美元299,958 299,936 10/25 SOFR+1.05%6.30%到期时每月2亿美元无担保定期贷款1 199,502 199,362 7/27 SOFR+1.05%6.30%到期时1 298,288 297,869 1/28 SOFR+1.05%6.30%到期时每月1 249,484 249,115 5/25 3.88%4.12%到期时半年度优先债券2026年1 579,017 571,587 8/26 3.50%4.94%483,727 479,553 7/27 3.75%4.76%到期时半年度优先债券2028年到期时1 297,429 296,852 1/28 3.63%3.85%2030年时到期1 575,443 565,402 2/30 3.10%5.30%2030年时到期时1 296,780 296,385 3/30 2.40%2.72%2031年时到期1 295,832 295,547 3/31 2.05%2.25%到期时649,521 632,693 3/31 2.00%5.13%半年应付按揭票据270,534 84,247 1/24-12/26 3.6%-4.77%3.57%-6.88%每月$4,994,859$5,351,827 1余额扣除折扣及未摊销发行成本后为净额。2余额显示为扣除折扣和未摊销发行成本后的净额,并包括保费。该公司的各种债务协议包含某些陈述、担保以及此类贷款协议中惯用的财务和其他契约。除其他事项外,这些规定要求本公司维持某些财务比率,并对本公司产生债务和设立留置权或产权负担的能力施加某些限制。截至2023年12月31日,该公司遵守了其各种债务工具下的财务契约条款。高级票据下表核对了公司截至2023年12月31日和2022年12月31日的高级票据本金总额与公司的综合资产负债表。2023年12月31日2023年12月31日高级票据本金余额3,699,285美元3,699,500美元未增加贴现(265,852)(304,919)债务发行成本(6,200)(7,447)高级票据,金额3,427,233美元3,387,134美元定期贷款下表核对了公司截至2023年和2022年12月31日的定期贷款本金余额总额和公司综合资产负债表。2023年12月31日2023年定期贷款本金余额1,500,000美元1,500,000债务发行成本(2,908)(4,554)定期贷款金额1,497,092美元1,495,446 80


10.应付票据和债券 到期日12月31日利率本金支付利息支付单元(千元)2023 2022 15亿美元无抵押信贷融资—385,000 10/25 SOFR +0. 95% 6. 24%到期每月3.5亿美元无抵押定期贷款1349,798 349,114 7/24 SOFR +1.05%6.30%到期时每月2亿美元无抵押定期贷款1199,903199,670 5/24 SOFR +1.05%6.30%到期时每月1亿美元无抵押定期贷款1149,643149,495 6/26 SOFR +1.05%6.30%到期时每月3亿美元无抵押定期贷款1299,958299,936 10/25 SOFR +1.05%6.30%到期时每月2亿美元无抵押定期贷款1199,502199,362 7/27 SOFR +1.05%6.30%到期时每月3亿美元无抵押定期贷款1298,288297,869 1/28 SOFR +1.05%6.30%到期时每月优先票据2025年1249,484249,115 5/25 3. 88% 4. 12%到期时半年期优先票据二零二六年到期1 579,017 571,587 8/26 3.50% 4.94%到期时2027年到期的半年期优先票据1483,727479,553 7/27 3.75% 4.76%到期时2028年到期时297,429296年,852 1/28 3.63% 3.85%到期时2030年到期的半年期优先票据1575,443 565,402 2/30 3.10% 5.30%到期时2030年到期时296,780 296,385 3/30 2.40% 2.72%到期时半年期优先票据2031年1295,832 295,547 3/31 2.05%到期时半年期优先票据2031年1649,521632,693 3/31 2.00% 5.13%到期应付半年期按揭票据270,534 84,247 1/24—12/26 3.6%—4.77% 3.57%—6.88%每月每月$4,994,859 $5,351,827 1结余已扣除折扣及未摊销发行成本。2余额列示扣除折扣和未摊销发行成本,并包括溢价。该公司的各种债务协议包含某些陈述、担保以及此类贷款协议中惯用的财务和其他契约。除其他事项外,这些规定要求本公司维持某些财务比率,并对本公司产生债务和设立留置权或产权负担的能力施加某些限制。截至2023年12月31日,该公司遵守了其各种债务工具下的财务契约条款。高级票据下表核对了公司截至2023年12月31日和2022年12月31日的高级票据本金总额与公司的综合资产负债表。2023年12月31日2023年12月31日高级票据本金余额3,699,285美元3,699,500美元未增加贴现(265,852)(304,919)债务发行成本(6,200)(7,447)高级票据,金额3,427,233美元3,387,134美元定期贷款下表核对了公司截至2023年和2022年12月31日的定期贷款本金余额总额和公司综合资产负债表。2023年12月31日以千美元计2022年定期贷款本金余额1,500,000美元1,500,000债务发行成本(2,908)(4,554)定期贷款金额1,497,092美元1,495,446应付抵押票据下表将公司截至2023年和2022年12月31日的抵押票据本金余额与公司综合资产负债表进行核对。2023年12月31日2023年应付按揭票据本金余额$70,752$84,122未摊销保费285 486未增加折扣(237)(38)债务发行成本(266)(323)应付按揭票据账面金额$70,534$84,247按揭活动于2023年7月28日,本公司假设应付按揭票据为5美元。 该票据按年利率4. 5%计息,并于二零二六年四月一日到期。于2023年8月1日,本公司已于到期时悉数偿还一张按年利率3. 31%计息的应付按揭票据,未偿还本金为9,800,000元。抵押票据抵押了佐治亚州玛丽埃塔的一处66984平方英尺的房产。 于2023年12月1日,本公司于到期时悉数偿还一份按年利率4. 51%计息的应付按揭票据,未偿还本金额为6,600,000元。抵押票据抵押了科罗拉多州莱克伍德一处93992平方英尺的房产。 于二零二四年一月六日,本公司已于到期时悉数偿还按利率4计息之应付按揭票据。年利率为77%,未偿还本金为1130万美元。抵押票据抵押了加州一处63012平方英尺的房产。 于2024年2月1日,本公司于到期时悉数偿还一张按年利率4. 12%计息的应付按揭票据,未偿还本金额为5,600,000元。抵押票据抵押了佐治亚州一处40324平方英尺的房产。下表详列本公司应付按揭票据及相关抵押品。 原始结余利率9到期日抵押10本金及利息支付8于12月31日的抵押投资,于12月31日的结余,以百万美元计2023 2023 2022人寿保险股份有限公司1 12. 3 3. 86% 8/23 MOB每月/7年期。 - —10.0人寿保险公司2 9.0 4.84% 12/23 MOB,OFC每月/10年保费。 - —6.8人寿保险公司3 13.3 4.13%1/24个月/10年。24.4 11.3 11.7人寿保险公司4 6.8 3.96%2/24月/7年。12.6 5.6 5.8金融服务5 9.7 4.32%9/24每月/10年。16.9 7.2 7.5人寿保险公司6 16.5 3.43%12/25暴徒,OFC每月/7年。49.2 15.9 16.2金融服务11.5 3.71%1/26暴徒每月/10年41.7 7.8 8.3人寿保险公司7 6.0 6.88%4/26暴徒月/7年。11.6 5.2-人寿保险公司19.2 4.08%12/26暴徒每月/10年。45.7 17.5 17.9$202.1$70.5$84.2 1公司于2023年8月偿还了这笔贷款。截至2023年12月31日,该公司的未支配总投资为2600万美元。2公司于2023年12月偿还了这笔贷款。截至2023年12月31日,该公司的未支配总投资为2450万美元。3收购时记录在本票据上的80万美元溢价中的未摊销部分包括在上述余额中。4收购时记录在本票据上的20万美元溢价中的未摊销部分包括在上述余额中。5收购时记录在本票据上的10万美元溢价中的未摊销部分包括在上述余额中。6收购时记录在本票据上的70万美元溢价中的未摊销部分包括在上述余额中。81


7收购时在本票据上记录的30万美元折扣中的未增值部分包括在上述余额中。8以每月分期付款的方式支付本金和利息,到期时应支付最后一笔款项(除非另有说明)。9截至2023年12月31日,七笔未偿还按揭票据的合约利率介乎3.6%至4.8%。10个暴徒--医疗办公楼;OFC-Office其他长期债务信息公司截至2023年12月31日的应付票据和债券的未来到期日,本金净额/摊销1债务发行成本2应付债券%2024$575,473$(41,050)$(2,438)$531,985 10.7%2025 566,375(43,163)(1,916)521,296 10.4%2026 778,904(41,837)(1,650)735,417 14.7%2027 700,000(36,192)(1,519)662,289 13.3%2028 600,(35,179)(707)564,114 11.3%2029及以后的2,049,285(68,382)(1,145)1,979,758。6%$5,270,037$(265,803)$(9,375)$4,994,859 100.0%1包括与本公司优先债券及四项应付按揭票据有关的贴现增加及溢价摊销。2不包括与包括在其他资产中的公司无担保信贷安排有关的大约390万美元的债务发行成本,净额。11.衍生金融工具风险管理使用衍生工具的目标本公司在业务运作和经济环境方面均面临一定的风险。本公司主要通过管理其核心业务活动来管理其对各种业务和运营风险的敞口。该公司管理经济风险,包括利率、流动性和信用风险,主要是通过管理其资产和负债的金额、来源和期限以及衍生金融工具的使用。具体地说,本公司订立衍生金融工具,以管理因业务活动而产生的风险,而该等业务活动导致收取或支付未来已知及不确定的现金金额,其价值由利率决定。公司的衍生金融工具用于管理公司已知或预期现金收入与主要与公司借款有关的已知或预期现金支付的金额、时间和持续时间方面的差异。现金流利率风险该公司使用利率衍生品的目的是增加利息支出的稳定性,并管理其对利率变动的风险敞口。为了实现这一目标,该公司主要使用利率掉期作为其利率风险管理战略的一部分。被指定为现金流对冲的利率掉期包括从交易对手那里收取可变金额,以换取公司在协议有效期内支付固定利率,而不交换相关名义金额。在2023年、2022年和2021年期间,此类衍生品被用来对冲与现有可变利率债务相关的可变现金流。对于被指定为利率风险现金流对冲的衍生品,衍生工具的损益计入累计其他全面收益(亏损),并随后重新分类为被对冲交易影响收益的同期利息支出(S)。在与衍生品相关的累计其他综合收益(亏损)中报告的金额将重新归类为利息支出,因为该公司的可变利率债务需要支付利息。82


7收购时在本票据上记录的30万美元折扣中的未增值部分包括在上述余额中。8以每月分期付款的方式支付本金和利息,到期时应支付最后一笔款项(除非另有说明)。9截至2023年12月31日,七笔未偿还按揭票据的合约利率介乎3.6%至4.8%。10个暴徒--医疗办公楼;OFC-Office其他长期债务信息公司截至2023年12月31日的应付票据和债券的未来到期日,本金净额/摊销1债务发行成本2应付债券%2024$575,473$(41,050)$(2,438)$531,985 10.7%2025 566,375(43,163)(1,916)521,296 10.4%2026 778,904(41,837)(1,650)735,417 14.7%2027 700,000(36,192)(1,519)662,289 13.3%2028 600,(35,179)(707)564,114 11.3%2029及以后的2,049,285(68,382)(1,145)1,979,758。6%$5,270,037$(265,803)$(9,375)$4,994,859 100.0%1包括与本公司优先债券及四项应付按揭票据有关的贴现增加及溢价摊销。2不包括与包括在其他资产中的公司无担保信贷安排有关的大约390万美元的债务发行成本,净额。11.衍生金融工具风险管理使用衍生工具的目标本公司在业务运作和经济环境方面均面临一定的风险。本公司主要通过管理其核心业务活动来管理其对各种业务和运营风险的敞口。该公司管理经济风险,包括利率、流动性和信用风险,主要是通过管理其资产和负债的金额、来源和期限以及衍生金融工具的使用。具体地说,本公司订立衍生金融工具,以管理因业务活动而产生的风险,而该等业务活动导致收取或支付未来已知及不确定的现金金额,其价值由利率决定。公司的衍生金融工具用于管理公司已知或预期现金收入与主要与公司借款有关的已知或预期现金支付的金额、时间和持续时间方面的差异。现金流利率风险该公司使用利率衍生品的目的是增加利息支出的稳定性,并管理其对利率变动的风险敞口。为了实现这一目标,该公司主要使用利率掉期作为其利率风险管理战略的一部分。被指定为现金流对冲的利率掉期包括从交易对手那里收取可变金额,以换取公司在协议有效期内支付固定利率,而不交换相关名义金额。在2023年、2022年和2021年期间,此类衍生品被用来对冲与现有可变利率债务相关的可变现金流。对于被指定为利率风险现金流对冲的衍生品,衍生工具的损益计入累计其他全面收益(亏损),并随后重新分类为被对冲交易影响收益的同期利息支出(S)。 于2023年2月16日,本公司订立一项名义金额为50,000,000元及固定利率为4. 16%的掉期交易。该互换协议的生效日期为2023年3月1日,终止日期为2026年6月1日。 于2023年3月28日,本公司订立一项名义金额为100,000,000元的掉期交易,固定利率为3. 67%。该互换协议的生效日期为2023年4月3日,终止日期为2026年6月1日。 于2023年10月19日,本公司进行了两项总额为1亿美元的掉期交易。名义金额分别为5,000万元,固定息率分别为4.71%和4.67%。互换协议的生效日期为2023年11月1日,终止日期分别为2027年6月1日和2027年12月1日。2023年10月23日,公司签订了两笔掉期交易,总金额为1.00亿美元,总固定利率为4.73%。互换协议的生效日期为2023年11月1日,终止日期为2026年5月31日。2023年11月9日,公司签订了一笔总额为7500万美元的掉期交易,固定利率为4.54%。互换协议的生效日期为2023年12月1日,终止日期为2026年5月31日。截至2023年12月31日,该公司拥有被指定为利率风险现金流对冲的利率衍生品。下表为本公司衍生金融工具于2023年12月31日、2023年12月31日及2022年12月31日的名义价值及加权平均利率:加权平均利率于2023年12月31日到期的名义价值2022年1月31日$200,000 1.21%2023年1月$300,000 1.42%2026年5月275,000 3.74%2024年1月200,000 1.21%2026年6月150,00083%2026年5月100,000 2.15%2026年12月150,000 3.84%2027年6月150,000 3.84%2027年6月200,000 4.27%2027年6月150,000 4.13%2027年12月300,000 3.93%2027 250,000 3.79%$1,275,000 3.49%$1,150,000 2.63%资产负债表中衍生工具公允价值的表格披露下表列出了本公司于2023年、2023年和2022年12月31日的衍生金融工具的公允价值及其在综合资产负债表中的分类。截至2023年12月31日截至2022年12月31日资产负债表位置公允价值资产负债表位置公允价值利率互换2019年其他资产$4,214其他资产$13,603利率互换2022其他资产909利率互换2022其他负债(5,067)其他负债(4,269)利率互换2023其他资产411利率互换2023其他负债(7,357)指定为对冲工具的衍生品总额$(7,799)$10,243 83


公允价值和现金流量对冲会计对累计其他全面收益(亏损)的影响图表如下表显示了现金流量对冲会计对截至2023年12月31日和2022年12月31日与公司未偿还利率掉期相关的累计其他全面收益(亏损)的影响。于截至12月31日止年度于衍生工具上确认的损益(损益),(损益)(损益)由本会于截至12月31日止年度重新分类为收入,2023年2022年2023年2022年利率掉期2017年$-$302利息支出$-118利率掉期2018-616利息支出-361利率掉期2019 1,995 12,964利息支出(6,964)563利率掉期2022 4,583(3,252)利息支出(6,289)(109)利率掉期2023(5,115)-利息支出(1,829)-已结算国债对冲--利息支出426 426已结算利率掉期--利息支出168 168$1,463$10,630(14,488美元1,527美元公司估计,在未来12个月内,额外的730万美元将从累积的其他全面亏损中重新归类为利息支出的净减少。表格披露抵销衍生品下表显示了公司截至2023年12月31日的衍生品的总列报、抵销影响和净列报。衍生负债的净额可以与公允价值的表格披露进行核对。公允价值的表格披露提供了衍生负债在公司综合资产负债表中列报的位置。抵销衍生资产已确认资产总额综合资产负债表内已确认资产总额已抵销综合资产负债表内已列示资产净额综合资产负债表内未抵销金融工具现金抵押品净额衍生工具现金抵押品净额衍生工具$4,625$-$4,625$(4,625)$--衍生工具抵销衍生资产负债已确认负债总额综合资产负债表内已抵销负债净额综合资产负债表内已列示负债总额综合资产负债表内未予抵销的综合资产负债表财务工具现金抵押品净额衍生工具$(12,424)$-$(12,424)$4,625-$(7,799)与信用风险相关的或有特征公司与其每一衍生品交易对手都有协议,其中包含一项条款,即如果贷款人因公司债务违约而加速偿还相关债务,公司可能被宣布拖欠衍生品债务。本公司与其每一衍生交易对手订有协议,其中载有一项条款,规定如本公司未能履行或可被宣布拖欠其任何债务,则本公司亦可被宣布拖欠其衍生债务。截至2023年12月31日,净负债头寸中衍生品的公允价值为1100万美元,包括应计利息,但不包括与这些协议相关的任何不履行风险的调整。截至2023年12月31日,公司尚未公布任何与这些协议相关的抵押品,也没有违反任何协议条款。84[12.股东权益普通股公司在截至2023年12月31日、2022年12月31日和2021年12月31日的三年中没有已发行的优先股,已发行的普通股如下:截至2023年12月31日的年度余额,年初380,589,894 150,457,433 139,487,375普通股发行8,627 229,618,304 10,899,301将运营单位转换为普通股190,544-基于非既得股的奖励,扣除扣留股份和没收175,368 514,157 70,757余额,年终380,964,433 380,589,894 150,457,433在市场上的股票发售计划公司有一项自动柜员机的股票发售计划,在市场销售交易中不定期出售公司普通股的股票。该公司与多家销售代理签订了普通股自动柜员机发售计划的股权分配协议,总销售额高达7.5亿美元。截至2023年12月31日,根据当前的自动取款机发行计划,仍有7.5亿美元可供发行。在2023年宣布的股息中,公司宣布并支付了普通股股息,总计为每股1.24美元(每季度0.31美元)。2024年2月13日,该公司宣布于2024年3月14日向2024年2月26日登记在册的股东支付每股0.31美元的季度普通股股息。授权回购普通股2023年5月31日,公司董事会批准在公开市场或通过私下协商的交易回购最多5.0亿美元的公司普通股流通股,条件是市场条件、监管限制和其他惯例条件。根据这一授权,本公司没有义务回购任何特定数量的股票。这一授权取代了之前所有的股票回购授权。截至本综合财务报表发布之日,公司尚未根据这一授权回购任何普通股。累计其他全面(亏损)收益下表为截至2023年12月31日和2022年12月31日的年度内累计其他综合收益(亏损)的变动情况:利率互换2023年2022年期初余额$2,140$(9,981)重新分类前其他综合收益(亏损)1,434 1,531美元从累计其他综合(亏损)收益(14,315)10,590净当期其他综合(亏损)收益(12,881)12,121期末余额$(10,741)$2,140下表为截至12月31日的年度内从累积其他综合收益(亏损)中重新分类的详情,2023年(千美元):85]从累积的其他全面收益(亏损)重新分类的金额从累积的其他全面收益(亏损)中重新分类的金额在列出净收益的报表中从累积的其他全面收益(亏损)中重新分类的金额与固定利率掉期相关的累计其他全面收益(亏损)重新分类的金额594利息支出金额从与当前利率掉期有关的累积其他全面收益(亏损)重新分类的金额(15,082)利息支出$(14,488)13.股票和其他激励计划股票激励计划公司的激励计划允许以下列任何形式向其员工和董事授予激励奖励:期权、股票增值权、限制性股票、限制性或递延股票单位、业绩奖励、股息等价物,或其他以股票为基础的奖励,包括运营单位。自合并之日起,激励计划取代了原有的人力资源激励计划。遗留人力资源奖励计划下的未归属奖励由本公司根据与合并有关的现有条款承担。于合并日期,根据奖励计划,共有9,647,839名以股份为本的奖励可供授予。截至2023年12月31日和2022年12月31日,本公司在激励计划下可供授予的基于股票的奖励分别为8,102,861股和9,432,388股。根据激励计划向员工发行的非既有股票一般受固定的归属期限限制,自发行之日起计三至八年不等。如果接受者自愿终止与本公司的关系,或在归属期间结束前因任何原因被终止,股份将被没收,本公司不承担任何费用。一旦股票发行,接受者有权获得股息,并有权在归属期间对股票进行投票。在截至2023年12月31日、2022年和2021年12月31日止年度,从向员工和董事发行的股份价值摊销中确认的薪酬支出(包括一般和行政支出)分别为1,460万美元、1,390万美元和1,040万美元。下表为本公司于2023年12月31日发行的非既有股份的预期摊销金额:以百万美元计的非既有股份未来摊销金额2024$12.2 2025 9.7 2026 6.9 2027 2.1 2028及其后的0.5合共31.4美元高管激励计划薪酬委员会已根据激励计划(“高管激励计划”)通过高管激励计划,以提供有关根据激励计划作出的激励奖励的具体奖励标准,但须由薪酬委员会酌情决定。根据高管激励计划的条款,公司指定的高管和高级管理人员的某些其他成员可获得现金、非既得股票、限制性股票单位(“RSU”)和运营单位(“OP单位”)形式的激励奖励。2023年、2022年和2021年,包括在一般和行政费用中的薪酬支出分别约为900万美元、980万美元和660万美元,这是由于摊销高管激励计划非既得股、RSU和OP单位授予官员而产生的。根据该计划已发布的股权奖励细节如下:·2023年1月4日,公司向其任命的高管、高级副总裁和第一副总裁授予非既有股票奖励,授予日期公允价值为410万美元,其中包括总计205,264股,归属期限为5年,这将导致2024、2025、2026和2027年的年度薪酬支出为80万美元。·2023年1月4日,该公司向某些非执行高级管理人员发放了165,174个RSU。这些奖项为期三年,如果符合表现标准,则为86个奖项[以额外两年为限,第四年和第五年的应课差饷归属分别为50%和50%。这笔费用将在五年归属期内以直线基础确认。◦大约43%的股票奖励取决于两个市场表现条件:相对和绝对股东总回报。该等成分由独立专家利用蒙特卡罗模拟计算加权平均授出日期公允价值24.23美元及27.84美元于2023年1月授出时,采用以下假设:波动性34.0%股息假设于3年内应计无风险利率4.42%股票价格(每股)$20.21◦其余57%的RSU奖励须受若干经营业绩条件限制。就这些奖励的经营表现情况而言,授予日的公允价值为20.21美元,基于授予日的公司股价。本公司根据达到一定经营业绩条件的可能性记录摊销费用,并在整个业绩期间对其进行评估。◦2023年1月RSU的合并加权平均授予日公允价值为每股22.55美元。2023年1月,公司修改了其激励薪酬结构,将运营中的LTIP C系列单位(“LTIP-C单位”)授予指定的高管,而不是RSU。LTIP-C单位被授予三年前瞻性业绩目标,授予日期公允价值为710万美元,其中包括总计627,547个LTIP-C单位,归属期为五年。LTIP-C单位名义上按奖励的最大价值授予。·大约43%的LTIP-C单元基于两个市场表现条件进行了归属。包含这些市场表现条件的相对和绝对TSR奖励由独立专家进行评估。本公司利用蒙特卡洛模拟计算2023年1月授出的绝对TSR部分的加权平均授出日公允价值12.24美元,相对TSR部分的公允价值13.98美元,使用以下假设:波动性34.0%股息假设应计3年期无风险利率4.42%股票价格(每股)20.21美元·剩余57%的LTIP-C单位根据某些经营业绩条件归属。关于2023年1月4日授予的经营业绩条件,授予日的公允价值为20.21美元,基于授予日的公司股价。本公司根据达到一定经营业绩条件的可能性记录摊销费用,并在整个业绩期间对其进行评估。·1月份LTIP-C单位的合并加权平均授予日公允价值为每股15.85美元。2023年,发放给军官的LTIP-C单位摊销产生的补偿支出约为120万美元。高级管理人员激励计划2023年第一季度公司向某些非执行高级管理人员授予了总额约70万美元的绩效奖励,这是以33,438股非既有股票的形式授予的。这些股份的归属期限从三年到八年不等,加权平均归属期限约为五年。八十七]2023年、2022年和2021年,因摊销这些授予官员的非既得性股份而产生的薪酬支出分别约为60万美元、90万美元和100万美元。工资递延计划公司的工资递延计划允许其某些高级管理人员选择以非既得股的形式递延其基本工资的最高50%,但须进行长期归属。股票数量将通过公司匹配增加,这取决于高级管理人员选择的归属期间的长度。官员的授权期选择是:30%匹配的三年;50%匹配的五年;100%匹配的八年。在2023年、2022年和2021年期间,公司通过工资延期计划分别向其高级管理人员发行了31,792股、17,381股和21,396股。2023年、2022年和2021年,每年因摊销向官员发放的非既得股份而产生的薪酬支出分别约为90万美元。非雇员董事激励计划根据激励计划,公司向其非雇员董事授予非既有股票奖励。董事奖励通常有一年的归属期限,并可在董事服务终止后的该日期之前被没收,而本公司无需承担任何费用。在2023年、2022年和2021年,每年因摊销向董事授予的非既有股份而产生的薪酬支出分别约为210万美元、150万美元和120万美元。·2023年6月5日,公司向六名董事授予非既有股票奖励,授予日期公允价值为70万美元,其中包括总计42,768股非既有股票,归属期限为一年。·2023年6月5日,公司还将OP中的LTIP-D单位授予其六名董事,授予公允价值110万美元,其中包括总计57,868个非归属单位,归属期限为一年。下表是截至2023年12月31日的三年激励计划和相关信息下的非归属股票奖励(包括限制性股票、RSU、LTIP-C单位和LTIP-D单位)的摘要:截至2023年12月31日的年度,千美元,每股数据2023年2022年2021年基于股票的奖励,年初2,090,060 1,562,028 1,766,407 203,701(403,266)(418,949)(404,777)基于业绩评估的奖励变化2(205,668)-没收(29,923)(5,426)(2,957)基于股票的奖励年终2,615,562 2,090,060 1,562,028以股份为本奖励的加权平均授出日期公允价值$30.35$31.10$30.51本年度内已授予的基于股票的奖励$18.70$29.64$30.86本年度内已归属的基于股票的奖励$28.38$31.52$28.38基于股票的奖励年内业绩评估的变动$29.05$-$-本年度丧失的基于股票的奖励$31.16$31.48$33.04年终$25.56$30.35$31.10授出日期本年度已授出股份的公平价值$22,171$28,225$6,286 1 LTIP-C单位按奖励的最高可能价值发行,并在下表中如实反映,直至履约期已满及奖励的确切数目可予厘定。2公司基于运营业绩指标的RSU是根据实现这些业绩指标的概率进行评估的。在2023年期间,公司确定与2022年发布的RSU相关的经营业绩目标不太可能实现,并冲销了该赠款的所有未偿还摊销费用。此外,公司降低了实现与2023年发布的RSU相关的运营业绩目标的可能性。88


2023年、2022年和2021年,因摊销这些授予官员的非既得性股份而产生的薪酬支出分别约为60万美元、90万美元和100万美元。工资递延计划公司的工资递延计划允许其某些高级管理人员选择以非既得股的形式递延其基本工资的最高50%,但须进行长期归属。股票数量将通过公司匹配增加,这取决于高级管理人员选择的归属期间的长度。官员的授权期选择是:30%匹配的三年;50%匹配的五年;100%匹配的八年。在2023年、2022年和2021年期间,公司通过工资延期计划分别向其高级管理人员发行了31,792股、17,381股和21,396股。2023年、2022年和2021年,每年因摊销向官员发放的非既得股份而产生的薪酬支出分别约为90万美元。非雇员董事激励计划根据激励计划,公司向其非雇员董事授予非既有股票奖励。董事奖励通常有一年的归属期限,并可在董事服务终止后的该日期之前被没收,而本公司无需承担任何费用。在2023年、2022年和2021年,每年因摊销向董事授予的非既有股份而产生的薪酬支出分别约为210万美元、150万美元和120万美元。·2023年6月5日,公司向六名董事授予非既有股票奖励,授予日期公允价值为70万美元,其中包括总计42,768股非既有股票,归属期限为一年。100万套,其中包括57 868套未归属单位,归属期限为一年。下表是截至2023年12月31日的三年激励计划和相关信息下的非归属股票奖励(包括限制性股票、RSU、LTIP-C单位和LTIP-D单位)的摘要:截至2023年12月31日的年度,千美元,每股数据2023年2022年2021年基于股票的奖励,年初2,090,060 1,562,028 1,766,407 203,701(403,266)(418,949)(404,777)基于业绩评估的奖励变化2(205,668)-没收(29,923)(5,426)(2,957)基于股票的奖励年终2,615,562 2,090,060 1,562,028以股份为本奖励的加权平均授出日期公允价值$30.35$31.10$30.51本年度内已授予的基于股票的奖励$18.70$29.64$30.86本年度内已归属的基于股票的奖励$28.38$31.52$28.38基于股票的奖励年内业绩评估的变动$29.05$-$-本年度丧失的基于股票的奖励$31.16$31.48$33.04年终$25.56$30.35$31.10授出日期本年度已授出股份的公平价值$22,171$28,225$6,286 1 LTIP-C单位按奖励的最高可能价值发行,并在下表中如实反映,直至履约期已满及奖励的确切数目可予厘定。2公司基于运营业绩指标的RSU是根据实现这些业绩指标的概率进行评估的。在2023年期间,公司确定与2022年发布的RSU相关的经营业绩目标不太可能实现,并冲销了该赠款的所有未偿还摊销费用。此外,公司降低了实现与2023年发布的RSU相关的运营业绩目标的可能性。2023年授予的非既有股份的归属期限从一年到八年不等,截至2023年12月31日的加权平均摊销期限约为4.8年。在2023年、2022年和2021年期间,公司分别扣留了126,085股、137,892股和129,987股普通股,以支付与股票归属相关的估计预扣税。401(K)计划公司维持一项401(K)计划,允许符合条件的员工推迟支付工资,但受国内税法的某些限制。该公司为每位员工提供最高2800美元的等额缴费,但受某些限制。在截至2023年12月31日的一年中,该公司的相应捐款约为150万美元,2022年为120万美元,2021年为70万美元。员工购股计划未偿还期权仅与2022年11月终止的传统人力资源员工购股计划有关。根据传统人力资源员工股票购买计划,不会发行新的期权,现有期权将于2024年3月到期。于截至2022年及2021年12月31日止年度,本公司确认一般及行政开支分别约为40万美元及40万美元,与根据传统人力资源员工购股计划向其员工授予购股权有关的年度补偿开支。截至2023年12月31日的年度为200万美元,截至2022年12月31日的年度为40万美元,截至2021年12月31日的年度为80万美元。截至2023年12月31日的三年的传统人力资源员工股票购买计划活动和相关信息摘要如下:截至2023年12月31日的年度,除每股数据外,以千美元计2023年2022年未偿还期权,年初340,976 348,514 341,647授予-255,960 253,200已行使(8,627)(20,246)(30,281)被没收(43,737)(102,619)(71,630)到期(132,999)(140,633)(144,422)未偿还和可行使期权,年末155,613 340,976 348,514加权平均行使价格年初$16.38$25.38$24.70年内授予的期权$-$26.89$25.16年内行使的期权$15.07$20.97$25.03年内丧失的期权$15.50$21.88$25.45年内到期的期权$16.43$23.36$24.17未偿还期权,年终$12.98$16.38$25.38-年内授予的期权的加权平均公允价值(截至授予日计算)$-$9.91$9.05年内行使的期权的内在价值$23$75$165未偿还和可行使期权的内在价值(截至12月31日计算)$401$985$1,997未偿还期权的行使价(截至12月31日计算)$14.65$16.38$25.91加权-未偿还期权的平均合同期限(截至12月31日计算)0.3 0.8 0.8这些期权的公允价值是根据布莱克-斯科尔斯期权定价模型估计的,该模型采用了下表所示期间授予期权的加权平均假设。风险--89[自由利率是基于美国财政部固定到期日的名义两年期利率,其到期日最接近最新发行和可行使的期权的到期日期;预期股息收益率基于本年度预期股息占上一年平均股票价格的百分比;每个期权的预期寿命是根据员工的历史行使行为估计的;预期波动性基于公司普通股的历史波动性;预期没收基于回顾期间内的历史没收比率。2023年2022年2021年无风险利率-%0.73%0.13%预期股息收益率-%3.97%4.11%预期寿命(以年为单位)0 1.44 1.43预期波动率-%49.0%48.2%预期没收率-%85%85%14.公司采用两级法计算每股普通股净收益。根据两级法,本公司的非既得性股票奖励被视为参与证券。本公司采用金库法确定结算前一段时间内远期股权协议的摊薄金额。在计算截至2021年12月31日的年度的每股普通股收益时使用的加权平均流通股数量包括根据远期股权协议以合同价格结算而假设发行70万股普通股的影响,减去假设使用约2310万美元的收益以平均市场价格回购普通股的影响,并对借款成本进行调整。在截至2021年12月31日的一年中,1,682股加权平均普通股增量股票被排除在加权平均已发行普通股稀释后的计算之外,因为其影响是反稀释的。于截至2022年12月31日止年度,该等远期股权协议已完成结算,因此,本公司并无任何受未完成远期出售协议规限的剩余股份。90]自由利率是基于美国财政部固定到期日的名义两年期利率,其到期日最接近最新发行和可行使的期权的到期日期;预期股息收益率基于本年度预期股息占上一年平均股票价格的百分比;每个期权的预期寿命是根据员工的历史行使行为估计的;预期波动性基于公司普通股的历史波动性;预期没收基于回顾期间内的历史没收比率。2023年2022年2021年无风险利率-%0.73%0.13%预期股息收益率-%3.97%4.11%预期寿命(以年为单位)0 1.44 1.43预期波动率-%49.0%48.2%预期没收率-%85%85%14.公司采用两级法计算每股普通股净收益。根据两级法,本公司的非既得性股票奖励被视为参与证券。本公司采用金库法确定结算前一段时间内远期股权协议的摊薄金额。在计算截至2021年12月31日的年度的每股普通股收益时使用的加权平均流通股数量包括根据远期股权协议以合同价格结算而假设发行70万股普通股的影响,减去假设使用约2310万美元的收益以平均市场价格回购普通股的影响,并对借款成本进行调整。在截至2021年12月31日的一年中,1,682股加权平均普通股增量股票被排除在加权平均已发行普通股稀释后的计算之外,因为其影响是反稀释的。于截至2022年12月31日止年度,该等远期股权协议已完成结算,因此,本公司并无任何受未完成远期出售协议规限的剩余股份。下表列出了截至2023年12月31日的三年的基本和稀释后每股普通股收益的计算方法。截至12月31日的一年,以千美元计,除每股数据外2023 2022 2021加权平均已发行普通股加权平均已发行普通股380,850,967 254,296,810 144,411,835非既得利益股(1,923,096)(1,940,607)(1,774,669)加权平均已发行普通股-基本378,927,871 252,356,203 142,637,166加权平均已发行普通股-基本378,927,871 262,637,166加权平均已发行普通股-基本378,927,871 262,637,166$40,693$659--员工购股计划稀释效应-1,451,599--员工购股计划摊薄效应-65,519 73,062稀释后平均已发行普通股-65,519 73,823,321 142,228(净亏损)(282,083)$40,693$693非控股权益3,822 204-普通股股东应占净(亏损)收入$(278,261)$40,897$66,659分配给参与证券的收入(2,504)(2,437)(2,154)对合法未偿还受限单位非控制性权益应占亏损的调整(851)--适用于普通股股东的净收入--基本(281,616)$38,460$64,505可归因于运营单位的净收入--适用于普通股股东的净收入--摊薄后$(281,616)$38,541$64,505每股基本收益股票净收益$(0.74)$0.15$0.45稀释后每股普通股收益-净收益$(0.74)$0.15$0.45可转换为股票的OP单位的影响总计4,023,679股,以及根据公司截至12月31日的年度员工购股计划购买31,997股股票的期权的影响,2,023,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000股普通股的摊薄亏损不计入计算中,因为该影响是反摊薄的,这是由于年内持续经营产生的亏损。15.承诺和或有再/开发活动在截至2023年12月31日的一年中,公司分别投资6910万美元和2050万美元用于物业的积极开发和重新开发,2260万美元用于最近完成的开发和重新开发项目。租户改善公司可在新租约或续期租约中提供租户改善津贴,以翻新或翻新租户空间。截至2023年12月31日,该公司的承诺约为2.224亿美元,预计将用于整个投资组合的租户改善,不包括目前在建的开发物业。为发展而持有的土地为发展而持有的土地包括由本公司拥有的地块,本公司拟在这些土地上发展及拥有门诊医疗设施。该公司持有的开发用地包括截至2023年12月31日的17个地块和截至2022年12月31日的20个地块。截至2023年12月31日,该公司在持有的开发用地上的投资总额约为5990万美元,截至2022年12月31日,投资总额为7430万美元。91[目前持有的开发用地毗邻该公司在科罗拉多州、康涅狄格州、佛罗里达州、佐治亚州、马萨诸塞州、纽约、田纳西州、得克萨斯州和华盛顿州的某些现有医疗办公楼。保证金和信用证截至2023年12月31日,公司持有约3850万美元的信用证和保证金,用于在有义务的租户未能根据各自的租约条款履行义务的情况下为公司谋取利益。一般而言,如租约有任何违约,本公司可酌情在通知承租人后动用该等工具。16.其他数据应纳税所得额(未经审计)本公司已选择按照《国内收入法》的规定作为房地产投资信托基金纳税。要符合REIT的资格,该公司必须满足一系列组织和运营要求,包括要求它目前将至少90%的应纳税所得额分配给股东。作为房地产投资信托基金,该公司目前分配给股东的应税收入通常不需要缴纳联邦所得税。因此,在所附的合并财务报表中没有为联邦所得税做任何准备。如果公司未能在任何纳税年度获得REIT资格,则它将按常规公司税率缴纳联邦所得税,包括任何适用的替代最低税,并且在随后的四个纳税年度可能无法获得REIT资格。即使该公司有资格成为房地产投资信托基金,它的收入和财产也可能需要缴纳某些州和地方税,其未分配的应税收入可能需要缴纳联邦所得税和消费税。由于折旧回收时期、折旧方法和其他项目的不同,决定分配给股东的当期和累计金额的收益和利润(根据国内收入法的定义)与普通股股东的净收入和应税收入不同。虽然就公认会计原则而言,Legacy HR被视为合并中的会计收购方,但Legacy HR的单独税务存在随着合并而终止,Legacy HTA继续作为税务继承人。在税收基础上,截至2023年12月31日和2022年12月31日,该公司的房地产资产总额分别约为126亿美元和130亿美元。截至2021年12月31日,Legacy HR在纳税基础上的房地产总资产为50亿美元,Legacy HTA为82亿美元。(未经审计的)分配的特征超过收益和利润的分配通常构成资本回报。下表描述了截至2023年12月31日的三年中公司普通股的分配情况。92]目前持有的开发用地毗邻该公司在科罗拉多州、康涅狄格州、佛罗里达州、佐治亚州、马萨诸塞州、纽约、田纳西州、得克萨斯州和华盛顿州的某些现有医疗办公楼。保证金和信用证截至2023年12月31日,公司持有约3850万美元的信用证和保证金,用于在有义务的租户未能根据各自的租约条款履行义务的情况下为公司谋取利益。一般而言,如租约有任何违约,本公司可酌情在通知承租人后动用该等工具。16.其他数据应纳税所得额(未经审计)本公司已选择按照《国内收入法》的规定作为房地产投资信托基金纳税。要符合REIT的资格,该公司必须满足一系列组织和运营要求,包括要求它目前将至少90%的应纳税所得额分配给股东。作为房地产投资信托基金,该公司目前分配给股东的应税收入通常不需要缴纳联邦所得税。因此,在所附的合并财务报表中没有为联邦所得税做任何准备。如果公司未能在任何纳税年度获得REIT资格,则它将按常规公司税率缴纳联邦所得税,包括任何适用的替代最低税,并且在随后的四个纳税年度可能无法获得REIT资格。即使该公司有资格成为房地产投资信托基金,它的收入和财产也可能需要缴纳某些州和地方税,其未分配的应税收入可能需要缴纳联邦所得税和消费税。由于折旧回收时期、折旧方法和其他项目的不同,决定分配给股东的当期和累计金额的收益和利润(根据国内收入法的定义)与普通股股东的净收入和应税收入不同。虽然就公认会计原则而言,Legacy HR被视为合并中的会计收购方,但Legacy HR的单独税务存在随着合并而终止,Legacy HTA继续作为税务继承人。在税收基础上,截至2023年12月31日和2022年12月31日,该公司的房地产资产总额分别约为126亿美元和130亿美元。截至2021年12月31日,Legacy HR在纳税基础上的房地产总资产为50亿美元,Legacy HTA为82亿美元。(未经审计的)分配的特征超过收益和利润的分配通常构成资本回报。下表描述了截至2023年12月31日的三年中公司普通股的分配情况。在截至2023年12月31日的三年中,没有已发行的优先股。因此,该等期间并无派发与优先股有关的股息。截至十二月三十一日止的年度:2023年2022年2021年每股股息的税收处理合并前美国医疗保健信托公司的普通收入1$-$0.5862$0.7920资本回报-4.0162 0.4930资本收益-1.2216-普通股分配$-5.8240$1.2850合并前医疗保健房地产普通收入的税收处理1$-$0.2655$0.7500资本回报-0.5555 0.3600资本收益-0.0964普通股分配$-$0.8210$1.2064合并后医疗保健房地产普通收入的税务处理1$0.5482$0.0422$-资本回报率0.5031 0.2889-资本收益0.1887 0.0879-普通股分配$1.2400$0.4190$-1报告年度普通收入也符合代码199A节的要求,根据2017年的减税和就业法案。州所得税公司必须缴纳一定的州所得税,这些税通常包括在公司综合经营报表的一般和行政费用中。德克萨斯州对经营毛收入征收的毛利率税在下表中作为所得税披露。截至2023年12月31日的三年的州所得税支出和州所得税支付详见下表:截至2023年12月31日的年度2023年2022年2021年州所得税支出德克萨斯州毛利税$1,206$1,693$564其他133 151 8州所得税支出总额$1,339$1,844$572州所得税支付,扣除退款和收款后的净额$1,324$1,834$560 17.金融工具的公允价值以下方法和假设用于估计每一类金融工具的公允价值,对其进行评估是可行的。·现金、现金等价物和受限现金--账面价值接近公允价值。·无担保信贷机制下的借款、2024年到期的无担保定期贷款和2026年到期的无担保定期贷款--账面价值接近公允价值,因为借款基于可变的市场利率。·高级无担保应付票据-应付票据和债券的公允价值是根据公司类似类型借款安排的当前利率,使用现金流分析来估计的。·应付抵押票据-公允价值是根据公司类似类型借款安排的当前利率,使用现金流分析来估计的。93


·利率互换协议-利率互换协议按公允价值记录在公司综合资产负债表的其他资产中。使用第2级投入的公允价值是通过考虑远期收益率曲线和贴现率的定价模型来估计的。下表详细说明了截至2023年12月31日和2022年12月31日我们其他金融工具的公允价值和账面价值。2022年12月31日公允价值公允价值百万美元账面价值公允价值应付票据和债券1,2$4,994.9$4,872.7$5,351.8$5,149.6应收房地产票据1$173.6$172.5$99.6$99.6 1-模型派生的估值,其中重要投入和重要价值驱动因素在活跃的市场中可观察到。2优先票据的公允价值包括截至2023年12月31日的应计利息。18.关联方交易在开展业务的正常过程中,本公司与关联公司就其房地产资产(包括通过合资企业拥有的房地产资产)的管理和租赁订立协议。第九项会计和财务信息披露的变更和分歧无。第9A项。控制和程序披露控制和程序公司维持披露控制和程序,旨在确保根据修订后的1934年证券交易法(“交易法”)要求公司报告中披露的信息在美国证券交易委员会规则和表格中规定的时间段内得到记录、处理、汇总和报告。这些披露控制和程序包括但不限于旨在确保需要披露的信息被累积并传达给管理层(包括首席执行官和首席财务官)的控制和程序,以便及时就要求披露做出决定。公司管理层在公司首席执行官和首席财务官的参与下,评估了截至本年度报告10-K表格所涵盖期间结束时,公司的披露控制和程序(该术语在《交易法》第13a-15(E)和15d-15(E)条中定义)的有效性。基于上述评估,本公司首席执行官和首席财务官得出结论,截至该期间结束时,本公司的披露控制和程序在记录、处理、汇总和及时报告本公司根据《交易法》提交或提交的报告中应披露的信息方面是有效的。本公司财务报告内部控制的变动截至2023年12月31日止年度,本公司的财务报告内部控制(定义见交易法第13a-15(F)及15d-15(F)条)并无对本公司的财务报告内部控制有任何重大影响,或可能会对本公司的财务报告内部控制产生重大影响。管理层关于财务报告内部控制的年度报告公司管理层有责任按照《交易法》第13a-15(F)和15d-15(F)条的规定,建立和维持对财务报告的充分内部控制。公司对财务报告的内部控制旨在根据美国公认的会计原则,为财务报告的可靠性和为外部目的编制财务报表提供合理保证。本公司对财务报告的内部控制包括以下政策和程序:(I)关于保存合理详细、准确和公平地反映本公司资产的交易和处置的记录;(Ii)提供合理保证,保证交易在必要时被记录,以便能够根据会计准则94编制财务报表。


·利率互换协议-利率互换协议按公允价值记录在公司综合资产负债表的其他资产中。使用第2级投入的公允价值是通过考虑远期收益率曲线和贴现率的定价模型来估计的。下表详细说明了截至2023年12月31日和2022年12月31日我们其他金融工具的公允价值和账面价值。2022年12月31日公允价值公允价值百万美元账面价值公允价值应付票据和债券1,2$4,994.9$4,872.7$5,351.8$5,149.6应收房地产票据1$173.6$172.5$99.6$99.6 1-模型派生的估值,其中重要投入和重要价值驱动因素在活跃的市场中可观察到。2优先票据的公允价值包括截至2023年12月31日的应计利息。18.关联方交易在开展业务的正常过程中,本公司与关联公司就其房地产资产(包括通过合资企业拥有的房地产资产)的管理和租赁订立协议。第九项会计和财务信息披露的变更和分歧无。第9A项。控制和程序披露控制和程序公司维持披露控制和程序,旨在确保根据修订后的1934年证券交易法(“交易法”)要求公司报告中披露的信息在美国证券交易委员会规则和表格中规定的时间段内得到记录、处理、汇总和报告。这些披露控制和程序包括但不限于旨在确保需要披露的信息被累积并传达给管理层(包括首席执行官和首席财务官)的控制和程序,以便及时就要求披露做出决定。公司管理层在公司首席执行官和首席财务官的参与下,评估了截至本年度报告10-K表格所涵盖期间结束时,公司的披露控制和程序(该术语在《交易法》第13a-15(E)和15d-15(E)条中定义)的有效性。基于上述评估,本公司首席执行官和首席财务官得出结论,截至该期间结束时,本公司的披露控制和程序在记录、处理、汇总和及时报告本公司根据《交易法》提交或提交的报告中应披露的信息方面是有效的。本公司财务报告内部控制的变动截至2023年12月31日止年度,本公司的财务报告内部控制(定义见交易法第13a-15(F)及15d-15(F)条)并无对本公司的财务报告内部控制有任何重大影响,或可能会对本公司的财务报告内部控制产生重大影响。管理层关于财务报告内部控制的年度报告公司管理层有责任按照《交易法》第13a-15(F)和15d-15(F)条的规定,建立和维持对财务报告的充分内部控制。公司对财务报告的内部控制旨在根据美国公认的会计原则,为财务报告的可靠性和为外部目的编制财务报表提供合理保证。本公司对财务报告的内部控制包括以下政策和程序:(I)与保持合理详细、准确和公平地反映本公司资产的交易和处置的记录有关;(Ii)提供合理保证,以记录必要的交易,以便根据美利坚合众国普遍接受的会计原则编制财务报表,并且本公司的收入和支出仅根据本公司管理层和董事的授权进行;及(Iii)就防止或及时发现可能对财务报表有重大影响的未经授权收购、使用或处置本公司资产提供合理保证。由于其固有的局限性,财务报告的内部控制可能无法防止或发现错误陈述。此外,对未来期间进行任何有效性评估的预测都有可能因条件的变化而出现控制不足的风险,或者政策或程序的遵守程度可能会恶化。管理层使用特雷德韦委员会(COSO)赞助组织委员会在《内部控制-综合框架(2013)》中提出的原则和其他标准,评估了截至2023年12月31日公司财务报告内部控制的有效性。根据这一评估,管理层得出结论,公司对财务报告的内部控制自2023年12月31日起有效。公司的独立注册会计师事务所BDO USA,P.C.也发布了一份关于公司对本文所述财务报告的内部控制有效性的证明报告。95


独立注册会计师事务所股东和董事会报告田纳西州纳什维尔Healthcare Realty Trust Inc.对财务报告的内部控制意见我们根据特雷德韦委员会赞助组织委员会发布的《内部控制-综合框架(2013)》(“COSO标准”)中建立的标准,审计了Healthcare Realty Trust Inc.(“本公司”)截至2023年12月31日的财务报告内部控制。我们认为,根据COSO标准,截至2023年12月31日,公司在所有重要方面都保持了对财务报告的有效内部控制。我们亦已按照美国上市公司会计监督委员会(“PCAOB”)的准则,审计了本公司截至2023年12月31日、2023年12月31日及2022年12月31日的综合资产负债表、截至2023年12月31日止三个年度各年度的相关综合经营报表、全面收益(亏损)、权益及可赎回非控制权益及现金流量,以及相关附注及财务报表附表及我们于2024年2月16日的报告,就此发表了无保留意见。意见基础本公司管理层有责任维持对财务报告的有效内部控制,并对财务报告内部控制的有效性进行评估,包括在随附的项目9A《管理层财务报告内部控制年度报告》中。我们的责任是根据我们的审计,对公司财务报告的内部控制发表意见。我们是一家在PCAOB注册的公共会计师事务所,根据美国联邦证券法以及美国证券交易委员会和PCAOB的适用规则和法规,我们必须与公司保持独立。我们按照PCAOB的标准对财务报告进行了内部控制审计。这些标准要求我们计划和执行审计,以获得合理的保证,以确定财务报告的有效内部控制是否在所有重要方面都得到了维护。我们的审计包括了解财务报告的内部控制,评估存在重大弱点的风险,以及根据评估的风险测试和评估内部控制的设计和运作有效性。我们的审计还包括执行我们认为在这种情况下必要的其他程序。我们相信,我们的审计为我们的观点提供了合理的基础。财务报告内部控制的定义和限制公司的财务报告内部控制是一个过程,旨在根据公认的会计原则,为财务报告的可靠性和为外部目的编制财务报表提供合理保证。公司对财务报告的内部控制包括下列政策和程序:(1)关于保存合理详细、准确和公平地反映公司资产的交易和处置的记录;(2)提供合理的保证,即交易被记录为必要的,以便按照公认的会计原则编制财务报表,公司的收入和支出仅根据公司管理层和董事的授权进行;(三)提供合理保证,防止或及时发现可能对财务报表产生重大影响的未经授权收购、使用或处置公司资产。由于其固有的局限性,财务报告的内部控制可能无法防止或发现错误陈述。此外,对未来期间进行任何有效性评估的预测都有可能因条件的变化而出现控制不足的风险,或者政策或程序的遵守程度可能会恶化。S/BDO美国,田纳西州P·C·纳什维尔,2024年2月16日96


项目9B。其他信息在截至2023年12月31日的年度内,董事或本公司高管并无采纳或终止“规则10b5-1交易协议”或“非规则10b5-1交易协议”,每个术语均在S-K法规第408(A)项中定义。项目9C。关于外国司法管辖区的披露不适用于阻止检查的情况。九十七


第三部分第10项董事、高级管理人员和公司治理董事关于公司董事的信息,在公司关于将于2024年5月21日举行的年度股东大会的委托书中以“董事选举”的标题列出,在此并入作为参考。高管本公司的高管有:姓名年龄职位托德·J·梅雷迪斯49岁总裁和首席执行官J·克里斯托弗·道格拉斯48岁执行副总裁总裁和首席财务官小约翰·M·布莱恩特57执行副总裁总裁和总法律顾问罗伯特·E·赫尔51执行副总裁总裁-投资朱莉·F·威尔逊52执行副总裁总裁-运营梅雷迪思先生被任命为总裁和首席执行官,自2016年12月30日起生效。他于2011年2月至2016年12月30日担任本公司执行副总裁总裁投资,负责监督本公司的投资活动,包括医疗办公室和其他主要门诊医疗设施的收购、融资和发展。在2011年2月之前,他以高级副总裁的身份领导公司的发展活动。在2001年加入公司之前,Meredith先生在投资银行工作。道格拉斯先生于2016年3月1日被任命为首席财务官,自2003年以来一直受雇于本公司。2011年至2016年3月1日,任公司收购与处置部高级副总裁,管理公司收购与处置部。在此之前,道格拉斯先生担任资产管理部高级副总裁,负责管理公司的主租赁组合,并在2007年领导了一项重大的处置战略。道格拉斯拥有商业银行和投资银行的背景。布莱恩特先生于2003年11月成为该公司的总法律顾问。2002年4月至2003年11月,科比先生担任总裁副律师兼助理总法律顾问。在加入公司之前,布莱恩特先生是田纳西州纳什维尔Baker Donelson Bearman&Caldwell律师事务所的股东。赫尔先生于2017年1月1日被任命为总裁投资执行副总裁,自2004年起受聘于本公司。2011年3月至2017年1月,他担任高级副总裁投资公司,管理公司的开发和收购活动。在此之前,赫尔先生曾在公司的投资团队担任过各种职务。在加入本公司之前,赫尔先生曾在高级生活和商业银行行业工作。威尔逊女士被任命为执行副总裁总裁-运营,自2021年7月1日起生效,并自2001年起受雇于本公司。2008年3月至2021年7月,她曾担任高级副总裁租赁与管理公司。在此之前,威尔逊女士曾在租赁、物业管理和投资集团工作。在加入本公司之前,威尔逊女士曾在投资银行和商业地产经纪公司工作。本公司已通过《商业行为及道德守则》(以下简称《道德守则》),该守则适用于本公司的主要行政人员、主要财务人员、主要会计人员及财务总监或执行类似职能的人士,以及本公司的所有董事、高级人员及雇员。《道德准则》张贴在该公司的网站(www.Health carerealty.com)上,任何要求复制的股东都可以免费获得印刷版本。感兴趣的各方可将《道德守则》印刷本的书面请求发送至:投资者关系部,Healthcare Realty Trust Inc.,3310West End Avenue,Suite700,Nashville,Tennessee 37203。公司打算满足关于对98条规定的任何修订或豁免的披露要求


第三部分第10项董事、高级管理人员和公司治理董事关于公司董事的信息,在公司将于2024年5月21日举行的年度股东大会的委托书中以“董事选举”的标题列出,在此并入作为参考。高管本公司的高管有:姓名年龄职位托德·J·梅雷迪斯49岁总裁和首席执行官J·克里斯托弗·道格拉斯48岁执行副总裁总裁和首席财务官小约翰·M·布莱恩特57执行副总裁总裁和总法律顾问罗伯特·E·赫尔51执行副总裁总裁-投资朱莉·F·威尔逊52执行副总裁总裁-运营梅雷迪思先生被任命为总裁和首席执行官,自2016年12月30日起生效。他于2011年2月至2016年12月30日担任本公司执行副总裁总裁投资,负责监督本公司的投资活动,包括医疗办公室和其他主要门诊医疗设施的收购、融资和发展。在2011年2月之前,他以高级副总裁的身份领导公司的发展活动。在2001年加入公司之前,Meredith先生在投资银行工作。道格拉斯先生于2016年3月1日被任命为首席财务官,自2003年以来一直受雇于本公司。2011年至2016年3月1日,任公司收购与处置部高级副总裁,管理公司收购与处置部。在此之前,道格拉斯先生担任资产管理部高级副总裁,负责管理公司的主租赁组合,并在2007年领导了一项重大的处置战略。道格拉斯拥有商业银行和投资银行的背景。布莱恩特先生于2003年11月成为该公司的总法律顾问。2002年4月至2003年11月,科比先生担任总裁副律师兼助理总法律顾问。在加入公司之前,布莱恩特先生是田纳西州纳什维尔Baker Donelson Bearman&Caldwell律师事务所的股东。赫尔先生于2017年1月1日被任命为总裁投资执行副总裁,自2004年起受聘于本公司。2011年3月至2017年1月,他担任高级副总裁投资公司,管理公司的开发和收购活动。在此之前,赫尔先生曾在公司的投资团队担任过各种职务。在加入本公司之前,赫尔先生曾在高级生活和商业银行行业工作。威尔逊女士被任命为执行副总裁总裁-运营,自2021年7月1日起生效,并自2001年起受雇于本公司。2008年3月至2021年7月,她曾担任高级副总裁租赁与管理公司。在此之前,她曾说过。威尔逊曾在租赁、物业管理和投资集团工作。在加入本公司之前,威尔逊女士曾在投资银行和商业地产经纪公司工作。本公司已通过《商业行为及道德守则》(以下简称《道德守则》),该守则适用于本公司的主要行政人员、主要财务人员、主要会计人员及财务总监或执行类似职能的人士,以及本公司的所有董事、高级人员及雇员。《道德准则》张贴在该公司的网站(www.Health carerealty.com)上,任何要求复制的股东都可以免费获得印刷版本。感兴趣的各方可将《道德守则》印刷本的书面请求发送至:投资者关系部,Healthcare Realty Trust Inc.,3310West End Avenue,Suite700,Nashville,Tennessee 37203。本公司拟在本公司网站上张贴有关修订或豁免本公司主要行政人员、主要财务人员、主要会计人员或财务总监或执行类似职能人士的道德守则条文的披露规定。本公司将于2024年5月21日召开的年度股东大会的委托书中的第16(A)条关于遵守《交易所法案》第16(A)条的合规信息,标题为《某些实益所有者的担保所有权和管理层违约--第16(A)条报告》,通过引用并入本文。审计委员会有关本公司审计委员会、其成员及审计委员会财务专家的资料,载于本公司有关将于2024年5月21日举行的股东周年大会的委托书中,标题为“委员会成员”,在此并入作为参考。第11项.与高管薪酬有关的信息在公司将于2024年5月21日召开的年度股东大会的委托书中,标题为“薪酬讨论与分析”、“高管薪酬”、“薪酬委员会联锁与内部人参与”、“薪酬委员会报告”和“董事薪酬”,通过引用并入本文,但在“高管薪酬--薪酬与业绩”标题下的披露除外。第12项“某些实益拥有人的担保所有权及管理层及相关股东事宜”本公司将于2024年5月21日召开的股东年会的委托书中所载有关管理层及某些实益拥有人的担保所有权的资料,其标题为“某些实益拥有人及管理层的担保所有权”,在此并入作为参考。与根据公司股权补偿计划授权发行的证券有关的信息,载于本报告第5项,标题为“股权补偿计划信息”,在此并入作为参考。第13项。 99


第14项主要会计师费用和服务我们的独立注册会计师事务所是BDO USA,P.C.,Nashville,TN,PCAOB ID#243。本公司将于2024年5月21日举行的股东周年大会的委托书“批准委任独立注册会计师事务所”的委托书所载有关支付予本公司会计师的费用的资料,在此并入作为参考。项目15.附件和财务报表表历史财务报表索引、财务报表表和表1.财务报表医疗保健房地产信托有限公司的以下财务报表包括在本年度报告的第8项表格10-K中。·合并资产负债表--2023年12月31日和2022年12月31日。·2023年12月31日、2022年12月31日和2021年12月31日终了年度的合并业务报表。·截至2023年12月31日、2022年12月31日和2021年12月31日的综合全面收益(亏损)报表。·截至2023年12月31日、2022年12月31日和2021年12月31日止年度的综合权益和可赎回非控股权益报表。·2023年12月31日、2022年12月31日和2021年12月31日终了年度的合并现金流量表。·合并财务报表附注。2.财务报表附表二-截至2023年12月31日和2021年12月31日年度的估值和合格账户106附表三-截至2023年12月31日的房地产和累计折旧107附表四-截至2023年12月31日的房地产抵押贷款112所有其他附表被省略,因为它们不适用、不是必需的,或者因为相关信息已包括在合并财务报表或附注中。3.展品数量说明展品2.1-合并协议和计划,日期为2022年2月28日,由Healthcare Realty Trust Inc.(现为HRTI,LLC)、Healthcare Trust of America,Inc.(现为Healthcare Realty Trust Inc.)、Healthcare Trust of America Holdings,L.P.(现为Healthcare Realty Holdings,L.P.)和HR Acquisition 2,LLC1 3.1-经修订的本公司第五次修订及重述章程2 3.2-第四次经修订及重述的公司章程。3 3.3-经修订的Healthcare Realty Holdings,L.P.有限合伙证书。4 3.4秒经修订及重述的Healthcare Realty Holdings有限合伙协议,L.P.4 4.1-根据1934年证券交易法第12节登记的注册人证券描述。5 4.2-作为受托人的美国医疗信托公司、LP(现在的医疗房地产控股公司)、美国医疗信托公司(现在的医疗房地产信托公司)和美国银行全国协会之间的契约,日期为2013年3月28日,包括2023年到期的3.70%优先票据的形式及其担保。


第14项主要会计师费用和服务我们的独立注册会计师事务所是BDO USA,P.C.,Nashville,TN,PCAOB ID#243。本公司将于2024年5月21日举行的股东周年大会的委托书“批准委任独立注册会计师事务所”的委托书所载有关支付予本公司会计师的费用的资料,在此并入作为参考。项目15.附件和财务报表表历史财务报表索引、财务报表表和表1.财务报表医疗保健房地产信托有限公司的以下财务报表包括在本年度报告的第8项表格10-K中。·合并资产负债表--2023年12月31日和2022年12月31日。·2023年12月31日、2022年12月31日和2021年12月31日终了年度的合并业务报表。·截至2023年12月31日、2022年12月31日和2021年12月31日的综合全面收益(亏损)报表。·截至2023年12月31日、2022年12月31日和2021年12月31日止年度的综合权益和可赎回非控股权益报表。·2023年12月31日、2022年12月31日和2021年12月31日终了年度的合并现金流量表。·合并财务报表附注。2. 3.展品编号 附件描述2.1—由Healthcare Realty Trust Incorporated(现称为HRTI,LLC)、Healthcare Trust of America,Inc.(“Healthcare Trust”)于2022年2月28日签订的合并协议及计划。 (now美国医疗保健信托控股有限公司(Healthcare Realty Trust Incorporated),美国医疗保健信托控股有限公司(Healthcare Trust of America Holdings,L.P.),HR Acquisition 2,LLC 1 3.1—本公司第五条修订及重述,经修订。2 3.2—本公司第四条修订及重述的章程。3 3.3—Healthcare Realty Holdings,L.P.有限合伙企业证书,3.4—医疗不动产控股有限合伙企业的第二次修订和重述协议4.1—根据1934年证券交易法第12条注册的注册人证券的描述。5.4.2—契约,日期为2013年3月28日,由美国医疗保健信托控股有限责任公司(现医疗保健不动产控股有限责任公司),美国医疗保健信托公司(now Healthcare Realty Trust Incorporated)和美国银行全国协会作为受托人,包括2023年到期的3.70%优先票据的形式及其担保。6 4.3—2026票据契约,日期为2016年7月12日,由美国医疗保健信托控股有限公司(现为Healthcare Realty Holdings,L.P.),美国医疗保健信托公司(now Healthcare Realty Trust Incorporated)和美国银行全国协会作为受托人,包括2026年到期的3.50%优先票据的形式及其担保。7 4.4—2027票据契约,日期为2017年6月8日,由Healthcare Trust of America Holdings,LP(现为Healthcare Realty Holdings,L.P.),美国医疗保健信托公司 (now Healthcare Realty Trust Incorporated)和美国银行全国协会作为受托人,包括2027年到期的3.75%优先票据的形式及其担保。8 4.5—2030票据契约,日期为2019年9月16日,由Healthcare Trust of America Holdings,LP(现为Healthcare Realty Holdings,L.P.),美国医疗保健信托公司(now医疗保健不动产信托公司(Healthcare Realty Trust Incorporated)和美国银行全国协会(作为受托人),包括2030年到期的3.10%优先票据的形式及其担保。9 4.6—2031票据契约,日期为2020年9月28日,由美国医疗保健信托公司(现为医疗保健不动产控股有限公司),美国医疗保健信托公司(now医疗不动产信托公司(Healthcare Realty Trust Incorporated)和美国银行全国协会(U.S. Bank National Association)作为受托人,包括2种形式。2031年到期的00%优先票据及其担保。10 4.7—契约,日期为2022年7月22日,由Healthcare Realty Holdings,L.P.,Healthcare Realty Trust Incorporated,and U.S. Bank Trust Company,National Association. 4 4.8—Supplemental Contenture No. 1,日期为2022年7月22日,由Healthcare Realty Holdings,L.P.,Healthcare Realty Trust Incorporated,and U.S. Bank Trust Company,National Association. 4 4.9—补充契约第2号,日期为2022年7月22日,由Healthcare Realty Holdings,L.P.,医疗不动产信托公司和美国。S.银行信托公司,全国协会.4 4.10—补充契约第3号,日期为2022年7月22日,由医疗不动产控股有限公司,Healthcare Realty Trust Incorporated,and U.S. Bank Trust Company,National Association. 4 4.11—补充契约第4号,日期为2022年7月22日,由Healthcare Realty Holdings,L.P.医疗不动产信托公司和美国银行信托公司,全国协会4 4.12—第十次补充契约,日期为2022年7月22日,由HRTI,LLC和Truist Bank。4.4.13—3.875%优先票据到期2025.4 4.14—3.625%优先票据到期2028年(No. 2028—1).4 4.15—3.625% 2028年到期的优先票据(No.2028—2).4 4.16—2.400% 2030年到期的优先票据(No.2030—1).4 4.17—2.400% 2030年到期的优先票据(No.2030—2).4 4.18—2. 050%到期2031年4. 19—2025年担保附注4 4. 20—2028年担保附注4 4 4. 21—2030年担保附注4 4 4. 22—2031年担保附注4 10. 1—于2022年5月13日订立的定期贷款协议,日期为2022年5月13日。(now称为医疗保健不动产信托公司(Healthcare Realty Trust Incorporated),美国医疗保健信托控股有限公司(Healthcare Trust of America Holdings,LP),其中点名的贷款人,以及摩根大通银行,N.A.,作为这些贷款人的行政代理人。11 10.2-第四次修订和重新签署的循环信贷和定期贷款协议,日期为2022年7月20日,由Healthcare Trust of America Holdings,LP(现称为Healthcare Realty Holdings,L.P.)、Healthcare Trust,Inc.(现为Healthcare Realty Trust Inc.)(其中指名的贷款人)和富国银行(Wells Fargo Bank,National Association.)之间的循环信贷和定期贷款协议第四次修订和重新签署。4 10.3-由Healthcare Realty Trust Inc.和Healthcare Realty Holdings之间于2022年7月20日签署的贡献和转让协议,L.P.4 10.4-第三次修订和恢复雇佣协议,日期为2016年2月16日Todd J.Meredith和Healthcare Realty Trust Inc.(现称为HRTI,LLC)之间的雇佣协议。12 10.5--Todd J.Meredith和Healthcare Realty Trust Inc.(现称为HRTI,LLC)之间于2020年2月12日达成的第一至第三次修订和重新签署的雇佣协议。13 10.6-Todd J.Meredith与Healthcare Realty Trust Inc.(现称为HRTI,LLC)于2022年2月18日达成的第二至第三次修订和重新签署的雇佣协议。14 10.7-2017年2月15日Todd J.Meredith与Healthcare Realty Trust Inc.(现称为HRTI,LLC)之间的第三次修订和重新签署的雇佣协议。和Healthcare Realty Trust Inc.(现称为HRTI,LLC)。15 10.8-小约翰·M·布莱恩特之间于2020年2月12日签署的第三次修订和重新签署的雇佣协议的第一号修正案。和Healthcare Realty Trust Inc.(现为HRTI,LLC)。13 101


10.9-罗伯特·赫尔与Healthcare Realty Trust Inc.(现称为HRTI,LLC)之间于2017年1月1日修订和重新签署的雇佣协议。12 10.10-罗伯特·E·赫尔与Healthcare Realty Trust Inc.(现称为HRTI,LLC)于2020年2月12日修订和重新签署的雇佣协议的第1号修正案。13 10.11-罗伯特·E·赫尔与Healthcare Realty Trust Inc.(现称为HRTI,LLC)于2022年2月18日修订和重新签署的雇佣协议的第2号修正案。14 10.12-经修订和重新签署的雇佣协议,日期为2022年2月18日2016年2月2日,J.Christopher Douglas和Healthcare Realty Trust Inc.(现称为HRTI,LLC)之间的协议。16 10.13--J.Christopher Douglas和Healthcare Realty Trust Inc.(现称为HRTI,LLC)于2020年2月12日修订和重新签署的雇佣协议的第一号修正案。13 10.14--J.Christopher Douglas和Healthcare Realty Trust Inc.(现称为HRTI,LLC)于2022年2月18日修订和重新签署的雇佣协议的第二号修正案。14 10.15--2021年7月1日修订和恢复的雇佣协议朱莉·F·威尔逊和Healthcare Realty Trust Inc.(现称为HRTI,LLC)之间的协议。17 10.16-高管激励计划,日期为2006年8月1日。19 10.17-长期激励计划奖励协议表格(首席执行官版本)。19 10.18-长期激励计划奖励协议表格(执行版本)。19 10.19-长期激励计划奖励协议表格(董事版本)。19 10.20-董事补偿协议表格。20 10.21-限制性股票奖励证书表格。21 10.22-公司于2006年4月29日修订和重新制定的激励计划,2021.22 10.23--长期投资协议授标协议表。23 21--注册人的子公司。(随函存档)22家担保证券附属发行人(随函存档)。23-获得独立注册会计师事务所BDO USA,P.C.的同意。(随函提交)31.1-根据根据2002年萨班斯-奥克斯利法案第302条通过的1934年《证券交易法》第13a-14条规则颁发的公司首席执行官证书。(随函提交)31.2-根据根据2002年萨班斯-奥克斯利法案第302条通过的1934年《证券交易法》第13a-14条规则颁发的公司首席财务官证书。(随函提交)32--根据2002年《萨班斯-奥克斯利法案》第906节通过的《美国法典》第18编第1350节的认证。(随函提交)97-医疗保健房地产政策,用于追回错误判给的赔偿。101.INS-该实例文档不会出现在交互数据文件中,因为它的XBRL标记嵌入在内联XBRL文档中。101.SCH-XBRL分类扩展模式文档。101.CAL-XBRL分类扩展计算链接库文件。(随函提交)101.LAB-XBRL分类扩展标签Linkbase文档。(随函提交)101.DEF-XBRL分类扩展定义Linkbase文件。(随函提交)101.PRE-XBRL分类扩展演示文稿Linkbase文档。(随函提交)104-封面交互数据文件(格式为内联XBRL文档,包含在附件101中)。于2022年3月1日向美国证券交易委员会提交的作为传统HTA(文件编号001-35568)Form 8-K的证物提交的1,在此通过引用并入。2作为公司截至2023年6月30日的10-Q表格(文件编号001-35568)的证物,于2023年8月8日提交给美国证券交易委员会,并通过引用并入本文。3作为2020年4月29日向美国证券交易委员会提交的传统HTA(文件号:001-35568)Form 8-K的证物,在此并入作为参考。4作为证据提交给公司于2022年7月26日提交给美国证券交易委员会的8-K表格(文件编号001-35568),并通过引用并入本文。5作为截至2023年9月30日的公司10-Q表格的证据提交,于2023年11月3日提交给美国证券交易委员会,并通过引用并入本文。6于2013年3月28日提交给美国证券交易委员会,作为传统HTA(文件号:001-35568)Form 8-K的证物,并通过引用并入本文。7作为2016年7月12日提交给美国证券交易委员会的传统HTA(文件号:001-35568)Form 8-K的证物,在此并入作为参考。于2017年6月13日向美国证券交易委员会提交的作为传统HTA(文件编号001-35568)Form 8-K的证物提交的8-K表格,并通过引用并入此处。9于2019年9月16日提交给美国证券交易委员会,作为Legacy HTA(文件号001-35568)Form 8-K的证物,在此并入作为参考。10作为2020年9月28日向美国证券交易委员会提交的传统HTA(文件号:001-35568)Form 8-K的证物,在此并入作为参考。11于2022年5月16日向美国证券交易委员会提交,作为传统HTA(文件号:001-35568)Form 8-K的证物,并通过引用并入本文。12作为证据提交给遗产人力资源(文件编号001-11852)截至2015年12月31日的10-K表格,于2016年2月16日提交给美国证券交易委员会,并通过引用并入本文。13作为遗产人力资源(文件编号001-11852)截至2019年12月31日的10-K表格的证物提交给美国证券交易委员会,于2020年2月12日提交,并通过引用并入本文。一百零二


10.9—修订和重申的雇佣协议,日期为2017年1月1日,罗伯特E。Hull和Healthcare Realty Trust Incorporated(现称为HRTI,LLC).12 10.10—修订案第1号修订案,日期为2020年2月12日,Robert E. Hull和Healthcare Realty Trust Incorporated(现称为HRTI,LLC).13 10.11—修订案第2号修订案,日期为2022年2月18日,Robert E. Hull and Healthcare Realty Trust Incorporated(现称为HRTI,LLC).14 10.12—修订和重申的雇佣协议,日期为2016年2月2日,J. Christopher Douglas和Healthcare Realty Trust Incorporated(现称为HRTI,LLC).16 10.13—修订案第1号修订案,日期为2020年2月12日,克里斯托弗·道格拉斯和医疗不动产信托公司(现称为HRTI,LLC)之间的关系。14—修正案第2号修订案修订案,日期为2022年2月18日,J. Christopher Douglas和Healthcare Realty Trust Incorporated(现称为HRTI,LLC)。Wilson and Healthcare Realty Trust Incorporated(现称为HRTI,LLC).17 10.16—高管激励计划,日期为8月1日,2022.18 10.17—LTIP奖励协议的格式(CEO版本).19 10.18—LTIP授予协议的格式(执行版本).19 10.19—LTIP裁决协议的格式(董事版本).19 10.20—董事弥偿协议格式.20 10.21—限制性股票奖励证书格式.21 10.22-公司修订和重新启动的2006年激励计划,日期为2021.22年4月29日23月23日-长期激励计划奖励协议格式23 21-注册人的子公司。(随函存档)22家担保证券附属发行人(随函存档)。23-获得独立注册会计师事务所BDO USA,P.C.的同意。(随函提交)31.1-根据根据2002年萨班斯-奥克斯利法案第302条通过的1934年《证券交易法》第13a-14条规则颁发的公司首席执行官证书。(随函提交)31.2-根据根据2002年萨班斯-奥克斯利法案第302条通过的1934年《证券交易法》第13a-14条规则颁发的公司首席财务官证书。(随函提交)32--根据2002年《萨班斯-奥克斯利法案》第906节通过的《美国法典》第18编第1350节的认证。(随函提交)97-医疗保健房地产政策,用于追回错误判给的赔偿。101.INS-该实例文档不会出现在交互数据文件中,因为它的XBRL标记嵌入在内联XBRL文档中。101.SCH-XBRL分类扩展模式文档。101.CAL-XBRL分类扩展计算链接库文件。(随函提交)101.LAB-XBRL分类扩展标签Linkbase文档。(随函提交)101.DEF-XBRL分类扩展定义Linkbase文件。(随函提交)101.PRE-XBRL分类扩展演示文稿Linkbase文档。(随函提交)104-封面交互数据文件(格式为内联XBRL文档,包含在附件101中)。于2022年3月1日向美国证券交易委员会提交的作为传统HTA(文件编号001-35568)Form 8-K的证物提交的1,在此通过引用并入。2作为公司截至2023年6月30日的10-Q表格(文件编号001-35568)的证物,于2023年8月8日提交给美国证券交易委员会,并通过引用并入本文。3作为2020年4月29日向美国证券交易委员会提交的传统HTA(文件号:001-35568)Form 8-K的证物,在此并入作为参考。4作为证据提交给公司于2022年7月26日提交给美国证券交易委员会的8-K表格(文件编号001-35568),并通过引用并入本文。5作为截至2023年9月30日的公司10-Q表格的证据提交,于2023年11月3日提交给美国证券交易委员会,并通过引用并入本文。6于2013年3月28日提交给美国证券交易委员会,作为传统HTA(文件号:001-35568)Form 8-K的证物,并通过引用并入本文。7作为2016年7月12日提交给美国证券交易委员会的传统HTA(文件号:001-35568)Form 8-K的证物,在此并入作为参考。于2017年6月13日向美国证券交易委员会提交的作为传统HTA(文件编号001-35568)Form 8-K的证物提交的8-K表格,并通过引用并入此处。9于2019年9月16日提交给美国证券交易委员会,作为Legacy HTA(文件号001-35568)Form 8-K的证物,在此并入作为参考。10作为2020年9月28日向美国证券交易委员会提交的传统HTA(文件号:001-35568)Form 8-K的证物,在此并入作为参考。11于2022年5月16日向美国证券交易委员会提交,作为传统HTA(文件号:001-35568)Form 8-K的证物,并通过引用并入本文。12作为证据提交给遗产人力资源(文件编号001-11852)截至2015年12月31日的10-K表格,于2016年2月16日提交给美国证券交易委员会,并通过引用并入本文。13作为遗产人力资源(文件编号001-11852)截至2019年12月31日的10-K表格的证物提交给美国证券交易委员会,于2020年2月12日提交,并通过引用并入本文。14作为遗产人力资源(文件编号001-11852)截至2021年12月31日的10-K表格的证物,于2022年2月22日提交给美国证券交易委员会,并通过引用并入本文。15作为证据提交给遗产人力资源公司(文件编号001-11852)截至2016年12月31日的10-K表格,于2017年2月15日提交给美国证券交易委员会,并通过引用并入本文。2016年2月2日向美国证券交易委员会提交的作为传统人力资源(文件编号001-11852)8-K表格的证物的16份表格,通过引用并入本文。17作为遗产人力资源(文件编号001-11852)截至2021年6月30日的季度10-Q表的证物,于2021年8月4日提交给美国证券交易委员会,并通过引用并入本文。18作为证据提交给公司于2022年8月5日提交给美国证券交易委员会的Form 8-K(文件号:001-35568),并通过引用并入本文。19作为2012年5月18日提交给美国证券交易委员会的传统HTA(文件编号001-35568)Form 8-K的证物,并通过引用并入本文。于2010年12月22日向美国证券交易委员会提交的作为传统HTA(文件编号001-35568)Form 8-K的证物提交的20份表格,通过引用并入本文。21于2017年2月21日向美国证券交易委员会提交,作为传统HTA(文件编号001-35568)截至2016年12月31日的年度10-K表格的证物,并通过引用并入本文。22包括于2021年4月30日向美国证券交易委员会提交的关于附表14A的最终委托书(文件编号001-35568)的附录A,并以引用的方式并入本文中。23作为公司截至2022年12月31日的10-K表格(文件编号001-35568)的证物,于2023年3月1日提交给美国证券交易委员会,并通过引用并入本文。高管薪酬计划和安排以下是以Form 10-K:1格式提交的所有高管薪酬计划和安排的清单,作为本年度报告的附件。Todd J.Meredith和Healthcare Realty Trust Inc.(现称为HRTI,LLC)之间的第三次修订和重新签署的雇佣协议,日期为2016年2月16日(提交为附件10.4)2.Todd J.Meredith和Healthcare Realty Trust Inc.(现称为HRTI,LLC)于2020年2月12日签订的第三次修订和重新签署的雇佣协议(提交为附件10.5)。LLC)(作为附件10.6提交)4.2017年2月15日小约翰·M·布莱恩特之间的第三次修订和重新签署的雇佣协议。和Healthcare Realty Trust Inc.(现称为HRTI,LLC)(作为附件10.7提交)5.小约翰·M·布莱恩特于2020年2月12日签署的第三次修订和重新签署的雇佣协议的第一号修正案。和Healthcare Realty Trust Inc.(现在称为HRTI,LLC)(提交为附件10。6)6.罗伯特·E·赫尔与Healthcare Realty Trust Inc.(现称为HRTI,LLC)于2017年1月1日修订并重新签署的雇佣协议(作为附件10.9提交)7.罗伯特·E·赫尔与Healthcare Realty Trust Inc.(现称为HRTI,LLC)于2020年2月12日修订并重新签署的雇佣协议(现称为HRTI,LLC)(以附件10.10提交)8.罗伯特·E·赫尔与Healthcare Realty Trust Inc.于2022年2月22日修订并重新签署的雇佣协议(现称为HRTI,9.J.Christopher Douglas和Healthcare Realty Trust Inc.(现称为HRTI,LLC)之间于2016年2月2日修订和重新签署的雇佣协议(作为附件10.12提交)10.J.Christopher Douglas和Healthcare Realty Trust Inc.(现称为HRTI,LLC)于2020年2月12日修订和重新签署的雇佣协议第1号修正案(现为HRTI,LLC)(以附件10.13的形式提交)11.2022年2月22日修订和重新签署的雇佣协议第2号修正案J.Christopher Douglas和Healthcare Realty Trust Inc.(现为HRTI,LLC)之间的雇佣协议(提交为附件10.14)12.修订并重新签署Healthcare Realty Trust Inc.(现为HRTI,LLC)和Julie F.Wilson之间的雇佣协议,日期为2021年7月1日(提交为附件10.15)13.高管激励计划,日期为8月1日,2022年(存档于附件10.16)14.长期知识产权奖励协议格式(首席执行官版)(存档于附件10.17)15.长期知识产权奖励协议格式(执行版)(存档于附件10.18)16.长期知识产权奖励协议表格(董事版本)(存档于附件10.19)103


17.限制性股票奖励证书格式(存档于附件10.21)18.本公司于2021年4月29日修订和重订的2006年奖励计划(存档于附件10.22)19.LTIP奖励协议表格(存档于附件10.23)第16项.表格10-K摘要无根据1934年《证券交易法》第13或15(D)节的要求,注册人已正式促使下列签署人代表其签署本报告,并获得正式授权。医疗保健房地产信托公司注册成立:/S/托德·J·梅雷迪思托德·J.梅雷迪思总裁首席执行官和董事2024年2月16日根据1934年证券交易法的要求,本报告已由以下人士代表注册人并在指定的日期以注册人的身份签署。104


17.限制性股票奖励证书格式(存档于附件10.21)18.本公司于2021年4月29日修订和重订的2006年奖励计划(存档于附件10.22)19.LTIP奖励协议表格(存档于附件10.23)第16项.表格10-K摘要无根据1934年《证券交易法》第13或15(D)节的要求,注册人已正式促使下列签署人代表其签署本报告,并获得正式授权。医疗保健房地产信托公司注册成立:/S/托德·J·梅雷迪思托德·J.梅雷迪思总裁首席执行官和董事2024年2月16日根据1934年证券交易法的要求,本报告已由以下人士代表注册人并在指定的日期以注册人的身份签署。首席执行官兼董事首席执行官总裁2024年2月16日托德·J·梅雷迪思(首席执行官)/S/J.克里斯托弗·道格拉斯执行副总裁兼首席财务官总裁兼首席财务官2024年2月16日/S/阿曼达·L·卡拉维高级副总裁和首席会计阿曼达·L·卡拉维2024年2月16日/S/约翰·V.雅培董事2024年2月16日约翰·V·雅培/S/南希·H·阿吉董事2024年2月16日南希·H·阿吉/S/W·布拉德利·布莱尔,董事二世布雷德利·布莱尔展台董事2024年2月16日S/维基U展位/S/爱德华·H·布拉曼董事2024年2月16日爱德华·H·布拉曼/S/阿杰·古普塔董事2024年2月16日阿杰·古普塔/S/詹姆斯·J·基尔罗伊董事2024年2月16日/S/杰·P·勒普董事2024年2月16日杰伊·P·勒普/S/彼得·F·莱尔董事2024年2月16日彼得·F·莱尔/S/康斯坦斯·B·摩尔董事2024年2月16日B摩尔/S/约翰·诺克斯董事约翰·诺克斯·辛格尔顿/S/克里斯坦·M·瓦斯克斯董事


附表二-2023年、2022年和2021年12月31日终了年度的估值和合格账户以千美元计的增减说明期初余额记入/(贷记)记入其他账户的成本和费用2023年期末注销的应收账款余额$3,954$5,119$-$669$8,404 2022应收账款津贴$654$3,306$-$6$3,954 2021应收账款津贴$604$72$-$22$654 106


附表II-2023年12月31日、2022年和2021年12月31日止年度的估值和合资格账户以千元计的加计和扣除说明期初余额计入/(贷记)到其他账户的成本和费用2023年期末的坏账注销余额$3,954$5,119$-$669$8,404 2022应收账款津贴$654$3,306$-$6$3,954 2021应收账款津贴$604$72-$22$654附表三-截至2023年12月31日的房地产和累计折旧$1,000土地,改善,租赁无形资产和CIP 1市场编号的道具。收购后资本化的初始投资成本收购后资本化的初始投资成本总个人财产2,3,5总财产1,3累计折旧4保留款5收购日期恒定。德克萨斯州达拉斯43$72,772$17,396$90,168$925,170$147,779$1,072,949$550$1,163,667$221,375$-2003-2022 1974-2021休斯顿,德克萨斯州31 63,942 13,018 76,960 642 626 32,557 675,183 57 752,200 97,793-2007-2022 1974-2018年西雅图,华盛顿州29 29,412 4,883 64,295 551,110 16,031 641,359 715 706,369 186,903-2008-2022 1977-2018丹佛,CO 33 6172 14,526 76,664 564 564,599 510 622 622,571 9904,793-1922 1922AZ 35 12,205 8,057 20,262 447,753 26,436 474,189 425 444,876 59,449-2007-2017 1971-2008亚特兰大,GA 27 40,227 8,868 49,095 429,729 15,587 445,316 100 494,511 79,569 5,572 2007-2022 1974-2014波士顿,MA 17 117,857 9,590 127,447 336,670,255 340,925 14 468,386 37,569-2012-2012-2016 1860-2011 Raleigh,NC 28 44,530 56,620 393,215,098 40,343 9 464,972 8,879,674 43 3,347,309,400 970,997,4037,927,997,97,997,97,97,997,97,997,997,97,97,997,997,97,997,997,97,997,997,997,997,997,997,997,997,97,997,997,997,997,997,997,997,997,997,997,997,997,997,997,997,97,997,997,97,97,997,997,997,997,97,97,997,997,97,255,340,925,427,427,997,997,997,997,997,997,997,997,997,997,997,997,997,997,997,997,997,97,255,540,327,427,427,997,997,997,997,997,997,997,997,997,997,997,997,997,997,997,997,997,97,997,997,997,997,997,997,997,997,佛罗里达州19 47,092 6,902 53,994 325,814 35,543 361,357 178 415,529 74,470-1994-2021 1954-2021坦帕,FL 19 23,491 7,631 31,122 363,588 15,729 379,317 33 410,472 36,726-1994-2023 1975-2015印第安纳波利斯,36 45,914 8,985 54,899 308,044 10,542 318,586 13 373,498 42,273-2019 1988-2013,德克萨斯州13 22,178 4,827,063 261,585 31,211 2,29796 142,591-2007-2022-1972-2015,纽约,N14 514,719,719,683,64,402 19,196,729,734-26,15,308,044 10,518,586 13,373,498 42,273,88-2018-2013,芝加哥6,585 31,211 2,29796 142,591-2022-1972-2015,纽约TN 11 12,253 1,648 13,901 118,427 75,725 194,152 322 208,375 71,813-1999-2020 1982-2014火奴鲁鲁,HI 6 8,314 1,213 9,527 147,422 47,669 195,091 169 204,787 61,575-2003-2014哈特福德,CT 30 24,167 5,214 29,381 159,178 1,383 160,561-189,942 15,883 16,883-2016-2019 1955-2017其他(49个市场)194 272,785 61,795 334,680 3,308,020 21,205,519,225 1,310 5,618,618,282,251-2023房地产总计1,13,297,687 20,208,818,345,434,11,783 160,561-2018(49个市场)194 272,785 61,795 334,680 3,020 21,205,1993-2023-59,871-59,871-59,871-在建-60,727-60,727-60,727-60,727-融资租赁使用权资产-82,209--融资应收账款投资,净额-122,602--总物业656 1,196,168$208,818$1,404,986$10,738,161$1,048,037$11,786,198$12,718$13,408,713$2,227,766$70,534 1包括截至2023年12月31日持有的一项待售资产,房地产投资总额约为960万美元。2截至2023年12月31日,出于联邦所得税的目的,估计总成本为126亿美元。3按直线计算的折旧包括3.3至49.0年的建筑物及改善工程、1.0至99.0年的无形租约、3.0至20.0年的个人财产及2.0至39.0年的土地改善工程。4包括截至2023年12月31日的30万美元的未摊销保费和20万美元的未增值折扣,以及30万美元的债务发行成本。5包括2022年收购的美国医疗信托公司建筑物的合并。6截至2023年12月31日、2022年和2021年12月31日的年度财产总额和累计折旧,包括待售资产如下:截至2023年12月31日。截至2022年12月31日。31,2021美元物业累计折旧期初余额$14,076,475$1,645,271$5,104,942$1,338,743$4,670,226$1,249,679在此期间房地产购置54,024 2,322 9,780,070 241,285 374,912 7,668其他改善28,521 668,069 219,783 205,703 103,035 191,875-在建土地-49,416-2,021-在建投资,净额2,366-(66,509)-186,745-融资租赁使用权资产,净额(1,616)-52,249-11,909--企业财产--3,640 236--退休/处置不动产(800,958)(87,896)(1,098,702)(140,696)(247,880)(110,479)期末余额$13,408,713$2,227,766$14,076,475$1,645,271$5,104,942$1,338,743 107


附表四-截至12月31日的房地产资产按揭贷款,2023美元(以千为单位)最终到期日付款条件优先留置权面值账面金额拖欠本金或利息的贷款本金抵押贷款位于:德克萨斯州7.00%2024年7月1日(1)$-$31,150$31,150$-北卡罗来纳州8.00%2024年12月22日(2)-6,000 5,796佛罗里达州6.00%2/27/2026(3)-32,156 32,112-加利福尼亚6.00%3/29/2026(4)-45,000 45,000-佛罗里达州9.00%12/28/2026(5)-7,700 7,700-夹层房地产贷款位于:德克萨斯州8.00%6/24/2024(6)-54,119 45,856 54,119亚利桑那州9.00%12/20/2026(4)-6,000-应收房地产票据总额$-182,125$173,614$54,119 1 12个月预付利息准备金,本金和未付本金的利息于到期日到期。2到期资本化利息,本金和应计利息于到期日到期。3建筑贷款,最高6500万美元,定期付款。本金和到期日到期的任何未付利息只支付利息。4只支付本金到期的利息和到期日到期的任何未付利息。5每月分期付款本金和利息152069美元。6只支付本金到期的利息和到期日到期的任何未付利息。截至2023年12月31日的非应计状态贷款。以下为截至2023年12月31日、2022年及2021年12月31日止年度房地产资产按揭贷款账面金额变动情况:截至12月31日止年度,2023年2022年2021年年初余额$99,643美元--增加:公允价值房地产票据-74,819-新房地产票据58,700 23,325-利用现有房地产票据19,103资本化利息-1,499-费用和其他项目的增加1,364-扣除:房地产贷款的收取-递延费用和其他项目-信贷损失拨备$(5,196)截至年底余额$173,614$99,643美元--在美国证券交易委员会适用的会计法规中作出规定的所有其他附表被省略,因为它们不是相关指示所要求的或不适用的,或者是因为合并财务报表或附注中显示了所需的信息。一百零八


Item 7A. Quantitative and Qualitative Disclosures About Market Risk The Company is exposed to market risk in the form of changing interest rates on its debt. Management uses regular monitoring of market conditions and analysis techniques to manage this risk. As of December 31, 2023, $3.5 billion of the Company’s $5.0 billion of outstanding debt bore interest at fixed rates. The following table provides information regarding the sensitivity of certain of the Company’s financial instruments, as described above, to market conditions and changes resulting from changes in interest rates. For purposes of this analysis, sensitivity is demonstrated based on hypothetical 10% changes in the underlying market interest rates. IMPACT ON EARNINGS AND CASH FLOW Dollars in thousands OUTSTANDING PRINCIPAL BALANCE as of Dec. 31, 2023 CALCULATED ANNUAL INTEREST ASSUMING 10% INCREASE in market interest rates ASSUMING 10% DECREASE in market interest rates Variable Rate Debt Unsecured Credit Facility $ — $ — $ — $ — Unsecured Term Loan due 2024 350,000 22,372 (2,237) 2,237 Unsecured Term Loan due 2024 200,000 12,784 (1,278) 1,278 Unsecured Term Loan due 2025 300,000 19,176 (1,918) 1,918 Unsecured Term Loan due 2026 150,000 9,588 (959) 959 Unsecured Term Loan due 2027 200,000 12,784 (1,278) 1,278 Unsecured Term Loan due 2028 300,000 19,176 (1,918) 1,918 $ 1,500,000 $ 95,880 $ (9,588) $ 9,588 The Company has outstanding interest rate swaps to help mitigate its risk related to variable rate debt. As of December 31, 2023, the Company had $1.3 billion of interest rate swaps at a weighted average rate of 3.49%. See Note 11 to the Consolidated Financial Statements for more information regarding the Company's interest rate swaps. FAIR VALUE Dollars in thousands CARRYING VALUE as of Dec. 31, 2023 2 DEC. 31, 2023 2 ASSUMING 10% INCREASE in market interest rates ASSUMING 10% DECREASE in market interest rates DEC. 31, 2022 1 Fixed Rate Debt Senior Notes due 2025 $ 249,484 $ 244,233 $ 244,527 $ 243,909 $ 241,413 Senior Notes due 2026 579,017 581,556 582,919 580,141 570,139 Senior Notes due 2027 483,727 483,590 485,102 482,048 473,450 Senior Notes due 2028 297,429 282,200 283,207 281,170 271,058 Senior Notes due 2030 575,443 577,702 580,777 574,583 560,723 Senior Notes due 2030 296,780 249,124 250,490 247,728 236,219 Senior Notes due 2031 295,832 235,894 237,394 234,366 219,321 Senior Notes due 2031 649,521 649,347 653,508 645,118 611,392 Mortgage Notes Payable 70,534 69,058 69,157 68,959 80,913 Total Fixed Rate Debt $ 3,497,767 $ 3,372,704 $ 3,387,081 $ 3,358,022 $ 3,264,628 1 Fair values as of December 31, 2022, represent fair values of obligations that were outstanding as of that date, and do not reflect the effect of any subsequent changes in principal balances and/or additions or extinguishments of instruments. 2 Balances are presented net of discounts and debt issuance costs and including premiums. The fair value presented is based on Level 2 inputs defined as model-derived valuations in which significant inputs and significant value drivers are observable in active markets. Item 8. Financial Statements and Supplementary Data Report of Independent Registered Public Accounting Firm Stockholders and Board of Directors Healthcare Realty Trust Incorporated Nashville, Tennessee Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Healthcare Realty Trust Incorporated (the “Company”) as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income (loss), equity and redeemable non-controlling interests, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and financial statement schedules listed in the accompanying index (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and our report dated February 16, 2024 expressed an unqualified opinion thereon. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates. Asset Impairment - Identification of Triggering Events for Real Estate Properties The Company recorded total real estate investments, net, of approximately $11.2 billion as of December 31, 2023. As described in Note 1 to the Company's consolidated financial statements, the Company assesses the potential for impairment of long-lived assets, including real estate properties, whenever events occur, or a change in circumstances indicates, that the carrying value might not be fully recoverable ("triggering events"). We identified management’s assessment of qualitative indicators of potential impairment for real estate properties as a critical audit matter. Qualitative indicators of potential impairment may include significant changes in the Company’s use of properties or the strategy for its overall business, plans to sell a property before its depreciable life has ended, or negative economic or 49


industry trends for the Company or its tenants. Auditing these elements involved especially challenging auditor judgment due to the nature and extent of audit effort required to address these matters. The primary procedures we performed to address this critical audit matter included: • Testing the design and operating effectiveness of controls over management’s identification of changes in circumstances that could indicate the carrying amounts of real estate properties may not be fully recoverable. • Assessing the reasonableness of management’s key assumptions with respect to qualitative factors, including potential sales of properties based on offers received and changes in the use of the Company’s properties, used to determine whether triggering events had occurred. • Examining internal documentation to assess whether additional triggering events were present. /s/ BDO USA, P.C. We have served as the Company's auditor since 2005. Nashville, Tennessee February 16, 2024 50


industry trends for the Company or its tenants. Auditing these elements involved especially challenging auditor judgment due to the nature and extent of audit effort required to address these matters. The primary procedures we performed to address this critical audit matter included: • Testing the design and operating effectiveness of controls over management’s identification of changes in circumstances that could indicate the carrying amounts of real estate properties may not be fully recoverable. • Assessing the reasonableness of management’s key assumptions with respect to qualitative factors, including potential sales of properties based on offers received and changes in the use of the Company’s properties, used to determine whether triggering events had occurred. • Examining internal documentation to assess whether additional triggering events were present. /s/ BDO USA, P.C. We have served as the Company's auditor since 2005. Nashville, Tennessee February 16, 2024 Healthcare Realty Trust Incorporated Consolidated Balance Sheets Amounts in thousands, except per share data ASSETS DECEMBER 31, 2023 2022 Real estate properties Land $ 1,343,265 $ 1,439,798 Buildings and improvements 10,881,373 11,332,037 Lease intangibles 836,302 959,998 Personal property 12,718 11,907 Investment in financing receivables, net 122,602 120,236 Financing lease right-of-use assets 82,209 83,824 Construction in progress 60,727 35,560 Land held for development 59,871 74,265 Total real estate investments 13,399,067 14,057,625 Less accumulated depreciation (2,226,853) (1,645,271) Total real estate investments, net 11,172,214 12,412,354 Cash and cash equivalents 25,699 60,961 Assets held for sale, net 8,834 18,893 Operating lease right-of-use assets 275,975 336,983 Investments in unconsolidated joint ventures 311,511 327,248 Goodwill 250,530 223,202 Other assets, net 592,368 469,990 Total assets $ 12,637,131 $ 13,849,631 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY DECEMBER 31, 2023 2022 Liabilities Notes and bonds payable $ 4,994,859 $ 5,351,827 Accounts payable and accrued liabilities 211,994 244,033 Liabilities of properties held for sale 295 437 Operating lease liabilities 229,714 279,895 Financing lease liabilities 74,503 72,939 Other liabilities 202,984 218,668 Total liabilities 5,714,349 6,167,799 Commitments and contingencies (See Footnote 15) Redeemable non-controlling interests 3,868 2,014 Stockholders' equity Preferred stock, $0.01 par value; 200,000 shares authorized; none issued and outstanding — — Common stock, $0.01 par value; 1,000,000 shares authorized; 380,964 and 380,590 shares issued and outstanding at December 31, 2023 and 2022, respectively. 3,810 3,806 Additional paid-in capital 9,602,592 9,587,637 Accumulated other comprehensive (loss) income (10,741) 2,140 Cumulative net income attributable to common stockholders 1,028,794 1,307,055 Cumulative dividends (3,801,793) (3,329,562) Total stockholders’ equity 6,822,662 7,571,076 Non-controlling interest 96,252 108,742 Total equity 6,918,914 7,679,818 Total liabilities, redeemable non-controlling interests, and stockholders' equity $ 12,637,131 $ 13,849,631 See accompanying notes. 51


Healthcare Realty Trust Incorporated Consolidated Statements of Operations Amounts in thousands, except per share data YEAR ENDED DECEMBER 31, 2023 2022 2021 Revenues Rental income $ 1,309,184 $ 907,451 $ 520,334 Interest income 17,134 11,480 4,192 Other operating 17,451 13,706 10,291 1,343,769 932,637 534,817 Expenses Property operating 500,437 344,038 212,273 General and administrative 58,405 52,734 34,152 Acquisition and pursuit costs 2,026 3,229 3,930 Merger-related costs (1,952) 103,380 — Depreciation and amortization 730,709 453,082 202,714 1,289,625 956,463 453,069 Other income (expense) Gain on sales of real estate properties 77,546 270,271 55,940 Interest expense (258,584) (146,691) (53,124) Gain (loss) on extinguishment of debt 62 (2,401) — Impairment of real estate properties and credit loss reserves (154,912) (54,427) (17,101) Equity loss from unconsolidated joint ventures (1,682) (687) (795) Interest and other income (expense), net 1,343 (1,546) (9) (336,227) 64,519 (15,089) Net (loss) income (282,083) 40,693 66,659 Net loss attributable to non-controlling interests 3,822 204 — Net (loss) income attributable to common stockholders $ (278,261) $ 40,897 $ 66,659 Basic earnings per common share $ (0.74) $ 0.15 $ 0.45 Diluted earnings per common share $ (0.74) $ 0.15 $ 0.45 Weighted average common shares outstanding - basic 378,928 252,356 142,637 Weighted average common shares outstanding - diluted 378,928 253,873 142,710 See accompanying notes. 52


Healthcare Realty Trust Incorporated Consolidated Statements of Operations Amounts in thousands, except per share data YEAR ENDED DECEMBER 31, 2023 2022 2021 Revenues Rental income $ 1,309,184 $ 907,451 $ 520,334 Interest income 17,134 11,480 4,192 Other operating 17,451 13,706 10,291 1,343,769 932,637 534,817 Expenses Property operating 500,437 344,038 212,273 General and administrative 58,405 52,734 34,152 Acquisition and pursuit costs 2,026 3,229 3,930 Merger-related costs (1,952) 103,380 — Depreciation and amortization 730,709 453,082 202,714 1,289,625 956,463 453,069 Other income (expense) Gain on sales of real estate properties 77,546 270,271 55,940 Interest expense (258,584) (146,691) (53,124) Gain (loss) on extinguishment of debt 62 (2,401) — Impairment of real estate properties and credit loss reserves (154,912) (54,427) (17,101) Equity loss from unconsolidated joint ventures (1,682) (687) (795) Interest and other income (expense), net 1,343 (1,546) (9) (336,227) 64,519 (15,089) Net (loss) income (282,083) 40,693 66,659 Net loss attributable to non-controlling interests 3,822 204 — Net (loss) income attributable to common stockholders $ (278,261) $ 40,897 $ 66,659 Basic earnings per common share $ (0.74) $ 0.15 $ 0.45 Diluted earnings per common share $ (0.74) $ 0.15 $ 0.45 Weighted average common shares outstanding - basic 378,928 252,356 142,637 Weighted average common shares outstanding - diluted 378,928 253,873 142,710 See accompanying notes. Healthcare Realty Trust Incorporated Consolidated Statements of Comprehensive Income (Loss) Amounts in thousands YEAR ENDED DECEMBER 31, 2023 2022 2021 Net (loss) income $ (282,083) $ 40,693 $ 66,659 Other comprehensive (loss) income Interest rate swaps Reclassification adjustment for (gains) losses included in net income (interest expense) (14,488) 1,527 4,472 Gains arising during the period on interest rate swaps 1,463 10,630 3,379 (13,025) 12,157 7,851 Comprehensive (loss) income (295,108) 52,850 74,510 Less: Comprehensive loss attributable to non-controlling interests 3,966 168 — Comprehensive (loss) income attributable to common stockholders $ (291,142) $ 53,018 $ 74,510 See accompanying notes. 53


Healthcare Realty Trust Incorporated Consolidated Statements of Equity and Redeemable Non-Controlling Interests Amounts in thousands, except per share data Preferre d Stock 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, 2020 $ — $ 1,395 $ 3,635,341 $ (17,832) $ 1,199,499 $ (2,870,027) $ 1,948,376 $ — $ 1,948,376 $ — Issuance of stock, net of costs — 109 330,933 — — — 331,042 — 331,042 — Common stock redemption — (1) (4,084) — — — (4,085) — (4,085) — Share-based compensation — 2 10,727 — — — 10,729 — 10,729 — Net income — — — — 66,659 — 66,659 — 66,659 — Loss on interest rate swaps and treasury locks — — — 7,851 — — 7,851 — 7,851 — Dividends to common stockholders ($1.21 per share) — — — — — (175,456) (175,456) — (175,456) — Balance at December 31, 2021 — 1,505 3,972,917 (9,981) 1,266,158 (3,045,483) 2,185,116 — 2,185,116 — Issuance of stock, net of costs — 6 22,901 — — — 22,907 — 22,907 — Merger consideration transferred — 2,289 5,574,174 — — — 5,576,463 110,702 5,687,165 — Common stock redemption — (1) (2,791) — — — (2,792) — (2,792) — Share-based compensation — 7 20,339 — — — 20,346 — 20,346 — Redemption of non- controlling interest — — 97 — — — 97 (97) — — Net income — — — — 40,897 — 40,897 (204) 40,693 — Reclassification adjustments for losses included in net income (interest expense) — — — 1,531 — — 1,531 (4) 1,527 — Gain on interest rate swaps and treasury locks — — — 10,590 — — 10,590 40 10,630 — Contributions from redeemable non- controlling interests — — — — — — — — — 2,014 Dividends to common stockholders ($1.24 per share) — — — — — (284,079) (284,079) (1,695) (285,774) — Balance at December 31, 2022 — 3,806 9,587,637 2,140 1,307,055 (3,329,562) 7,571,076 108,742 7,679,818 2,014 Issuance of stock, net of costs — — 130 — — — 130 — 130 — Common stock redemption — (1) (2,234) — — — (2,235) — (2,235) — Conversion of OP Units to common stock — 2 2,774 — — — 2,776 (2,776) — — Share-based compensation — 3 14,285 — — — 14,288 — 14,288 — Net loss — — — — (278,261) — (278,261) (3,822) (282,083) — Reclassification adjustments for gains included in net income (interest expense) — — — (14,315) — — (14,315) (173) (14,488) — Gains arising during the period on interest rate swaps — — — 1,434 — — 1,434 29 1,463 — Contributions from redeemable non- controlling interests — — — — — — — — — 1,889 54


Adjustments to redemption value of redeemable non- controlling interests — — — — — — — — — (35) Dividends to common stockholders ($1.24 per share) — — — — — (472,231) (472,231) (5,748) (477,979) — 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 See accompanying notes. 55


Healthcare Realty Trust Incorporated Consolidated Statements of Cash Flows Amounts in thousands YEAR ENDED DECEMBER 31, OPERATING ACTIVITIES 2023 2022 2021 Net (loss) income $ (282,083) $ 40,693 $ 66,659 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 730,709 453,082 202,714 Other amortization 45,181 24,695 3,793 Share-based compensation 14,288 20,346 10,729 Amortization of straight-line rent receivable (lessor) (38,676) (23,498) (5,801) Amortization of straight-line rent on operating leases (lessee) 6,084 3,374 1,498 Gain on sales of real estate properties (77,546) (270,271) (55,940) (Gain) loss on extinguishment of debt (62) 2,401 — Impairment of real estate properties and credit loss reserves 154,912 54,427 17,101 Equity loss from unconsolidated joint ventures 1,682 687 795 Distributions from unconsolidated joint ventures 17,880 1,881 — Non-cash interest from financing and real estate notes receivable (1,654) (2,257) (391) Changes in operating assets and liabilities: Other assets, including right-of-use-assets (55,946) (26,098) (11,436) Accounts payable and accrued liabilities (18,775) 24,191 (839) Other liabilities 3,826 (30,906) 3,747 Net cash provided by operating activities 499,820 272,747 232,629 INVESTING ACTIVITIES Acquisitions of real estate (49,171) (402,529) (365,943) Development of real estate (41,058) (37,862) (4,029) Additional long-lived assets (231,026) (163,544) (100,689) Funding of mortgages and notes receivable (26,803) (23,325) — Investments in unconsolidated joint ventures (3,824) (99,967) (89,600) Investment in financing receivable (1,801) (1,002) (186,433) Proceeds from sales of real estate properties and additional long-lived assets 701,434 1,201,068 184,221 Contributions from redeemable non-controlling interests 1,389 — — Proceeds from notes receivable repayments — 1,688 — Cash assumed in Merger, including restricted cash for special dividend payment — 1,159,837 Net cash provided by (used in) investing activities 349,140 1,634,364 (562,473) FINANCING ACTIVITIES Net (repayments) borrowing on unsecured credit facility (385,000) 40,000 210,000 Borrowings on term loans — 666,500 — Repayment on term loan — (1,141,500) — Repayments of notes and bonds payable (19,143) (20,042) (24,557) Redemption of notes and bonds payable — (2,184) — Dividends paid (472,242) (283,713) (175,456) Special dividend paid in relation to the Merger — (1,123,648) — Net proceeds from issuance of common stock 130 22,902 331,119 Common stock redemptions (2,298) (3,192) (3,803) Distributions to non-controlling interest of limited partners (5,123) (1,695) — Debt issuance and assumption costs (529) (12,753) (405) Payments made on finance leases (17) — (9,182) Net cash (used in) provided by financing activities (884,222) (1,859,325) 327,716 (Decrease) increase in cash and cash equivalents (35,262) 47,786 (2,128) Cash and cash equivalents cash at beginning of period 60,961 13,175 15,303 Cash and cash equivalents at end of period $ 25,699 $ 60,961 $ 13,175 See accompanying notes. Healthcare Realty Trust Incorporated 56


Consolidated Statements of Cash Flows, cont. Amounts in thousands YEAR ENDED DECEMBER 31, Supplemental Cash Flow Information 2023 2022 2021 Interest paid $ 216,033 $ 112,692 $ 49,443 Mortgage notes payable assumed in connection with acquisition of real estate, net $ 5,284 $ — $ 11,790 Invoices accrued for construction, tenant improvements and other capitalized costs $ 31,469 $ 48,292 $ 17,655 Capitalized interest $ 2,961 $ 1,410 $ 221 Mortgage note receivables taken in connection with sale of real estate $ 51,000 $ — $ — Real estate notes receivable assumed in Merger (adjusted to fair value) $ — $ 74,819 $ — Unsecured credit facility and term loans assumed in Merger (adjusted to fair value) $ — $ 1,758,650 $ — Senior notes assumed in Merger (adjusted to fair value) $ — $ 2,232,650 $ — Consideration transferred in relation to the Merger $ — $ 5,576,463 $ — See accompanying notes. 57


1. Summary of Significant Accounting Policies Business Overview Healthcare Realty Trust Incorporated 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 of America. Except as otherwise provided in the Notes to the Company’s Consolidated Financial Statements, references herein to the "Company" mean Healthcare Realty Trust Incorporated and its consolidated subsidiaries, including Healthcare Realty Holdings, L.P. (formerly known as Healthcare Trust of America Holdings, LP) (the "OP"), after giving effect to the Merger discussed in more detail in Note 2 below. As of December 31, 2023, the Company had gross investments of approximately $13.4 billion in 655 consolidated real estate properties, construction in progress, redevelopments, financing receivables, financing lease right-of-use assets, land held for development, corporate property and excluding held for sale assets. The Company’s real estate properties are located in 35 states and total approximately 38.5 million square feet. In addition, the Company had a weighted average ownership interest of approximately 43% in 33 real estate properties held in unconsolidated joint ventures. See Note 5 below for more details regarding the Company's joint ventures. Square footage and property count disclosures in these Notes to the Company's Consolidated Financial Statements are unaudited. Principles of Consolidation The Company’s 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 the Company 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”). ASC Topic 810 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 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 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 entities 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 entities’ activities based upon the terms of the respective entities’ ownership agreements. The OP is 98.8% owned by the Company. Holders of operating partnership units (“OP Units”) are considered to be non-controlling interest holders in the OP and their ownership interests are reflected as equity on the accompanying 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 December 31, 2023, there were approximately 4.5 million, or 1.2%, 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. 58


1. Summary of Significant Accounting Policies Business Overview Healthcare Realty Trust Incorporated 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 of America. Except as otherwise provided in the Notes to the Company’s Consolidated Financial Statements, references herein to the "Company" mean Healthcare Realty Trust Incorporated and its consolidated subsidiaries, including Healthcare Realty Holdings, L.P. (formerly known as Healthcare Trust of America Holdings, LP) (the "OP"), after giving effect to the Merger discussed in more detail in Note 2 below. As of December 31, 2023, the Company had gross investments of approximately $13.4 billion in 655 consolidated real estate properties, construction in progress, redevelopments, financing receivables, financing lease right-of-use assets, land held for development, corporate property and excluding held for sale assets. The Company’s real estate properties are located in 35 states and total approximately 38.5 million square feet. In addition, the Company had a weighted average ownership interest of approximately 43% in 33 real estate properties held in unconsolidated joint ventures. See Note 5 below for more details regarding the Company's joint ventures. Square footage and property count disclosures in these Notes to the Company's Consolidated Financial Statements are unaudited. Principles of Consolidation The Company’s 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 the Company 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”). ASC Topic 810 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 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 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 entities 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 entities’ activities based upon the terms of the respective entities’ ownership agreements. The OP is 98.8% owned by the Company. Holders of operating partnership units (“OP Units”) are considered to be non-controlling interest holders in the OP and their ownership interests are reflected as equity on the accompanying 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 December 31, 2023, there were approximately 4.5 million, or 1.2%, 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 December 31, 2023, the Company had four 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: (dollars in thousands) DECEMBER 31, 2023 Assets: Net real estate investments $ 85,752 Cash and cash equivalents 2,144 Receivables and other assets 2,704 Total assets $ 90,600 Liabilities: Accrued expenses and other liabilities $ 17,835 Total equity 72,765 Total liabilities and equity $ 90,600 As of December 31, 2023, the Company had three unconsolidated VIEs consisting of two notes receivables and one joint venture. It was determined that the Company was not the primary beneficiary of the unconsolidated VIEs because the Company does not have the power or economics to direct the activities of the VIEs on a stand-alone basis. Therefore, the Company accounts for the two notes receivables as amortized cost and a 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 Houston, TX 1 Note receivable $ 31,150 $ 31,150 2021 Charlotte, NC 1 Note receivable 5,796 6,000 2022 Texas 2 Equity method 61,801 61,801 1 Assumed mortgage note receivable in connection with the Merger. 2 Includes investments in seven properties. As of December 31, 2023, the Company's unconsolidated joint venture arrangements were accounted for using the equity method of accounting as the Company exercised significant influence over but did not control these entities. See Note 5 for more details regarding the Company's unconsolidated joint ventures. Use of Estimates in the Consolidated Financial Statements Preparation of the Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates and assumptions. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, collectability of tenant receivables, and fair value measurements, as applicable. Segment Reporting The Company owns, leases, acquires, manages, finances, develops and redevelops outpatient and other healthcare- related properties. The Company is managed as one reporting unit, rather than multiple reporting units, for internal reporting purposes and for internal decision-making. Therefore, the Company discloses its operating results in a single reportable segment. 59


Real Estate Properties Real estate properties are recorded at cost or at fair value if acquired in a transaction that is a business combination under ASC Topic 805, Business Combinations. Cost or fair value at the time of acquisition is allocated among land, buildings, tenant improvements, lease and other intangibles, and personal property as applicable. During 2023 and 2022, the Company eliminated against accumulated depreciation approximately $51.7 million and $19.6 million, respectively, of fully amortized real estate intangibles that were initially recorded as a component of certain real estate acquisitions. During 2022, approximately $4.1 million of fully depreciated tenant and capital improvements that were no longer in service were eliminated against accumulated depreciation. Depreciation expense of real estate properties for the three years ended December 31, 2023, 2022 and 2021 was $518.6 million, $320.8 million and $170.0 million, respectively. Depreciation and amortization of real estate assets in place as of December 31, 2023, is provided for on a straight-line basis over the asset’s estimated useful life: Land improvements 2.0 to 39.0 years Buildings and improvements 3.3 to 49.0 years Lease intangibles (including ground lease intangibles) 1.0 to 99.0 years Personal property 3.0 to 20.0 years The Company capitalizes direct costs, including costs such as construction costs and professional services, and indirect costs, including capitalized interest and overhead costs, associated with the development and construction of real estate assets while substantive activities are ongoing to prepare the assets for their intended use. Capitalized interest cost is calculated using the weighted average interest rate of the Company's unsecured debt or the interest rate on project specific debt, if applicable. The Company continues to capitalize interest on the unoccupied portion of the properties in stabilization for up to one year after the buildings have been placed into service, at which time the capitalization of interest must cease. Asset Impairment The Company assesses the potential for impairment of identifiable, definite-lived, intangible assets and long-lived assets, including real estate properties, whenever events occur 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. In addition, the Company reviews for possible impairment, those assets subject to purchase options and those impacted by casualty losses, such as tornadoes and hurricanes. A property value is considered impaired only if management's estimate of current and projected (undiscounted and unleveraged) operating cash flows of the property is less than the net carrying value of the property. These estimates of future cash flows include only those that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the property based on its estimated remaining useful life. These estimates, including the useful life determination which can be affected by any potential sale of the property, are based on management's assumptions about its use of the property. Therefore, significant judgment is involved in estimating the current and projected cash flows. If management determines that the carrying value of the Company’s assets may not be fully recoverable based on the existence of any of the factors above, or others, management would measure and record an impairment charge based on the estimated fair value of the property or the estimated fair value less costs to sell the property. Acquisitions of Real Estate Properties with In-Place Leases The Company's acquisitions of real estate properties typically do not meet the definition of a business and are accounted for as asset acquisitions. Acquisitions of real estate properties with in-place leases are accounted for at relative fair value. When a building with in-place leases is acquired, the cost of the acquisition must be allocated between the tangible real estate assets "as-if-vacant" and the intangible real estate assets related to in-place leases based on their estimated fair values. Land fair value is estimated by using an assessment of comparable transactions and other relevant data. 60


Real Estate Properties Real estate properties are recorded at cost or at fair value if acquired in a transaction that is a business combination under ASC Topic 805, Business Combinations. Cost or fair value at the time of acquisition is allocated among land, buildings, tenant improvements, lease and other intangibles, and personal property as applicable. During 2023 and 2022, the Company eliminated against accumulated depreciation approximately $51.7 million and $19.6 million, respectively, of fully amortized real estate intangibles that were initially recorded as a component of certain real estate acquisitions. During 2022, approximately $4.1 million of fully depreciated tenant and capital improvements that were no longer in service were eliminated against accumulated depreciation. Depreciation expense of real estate properties for the three years ended December 31, 2023, 2022 and 2021 was $518.6 million, $320.8 million and $170.0 million, respectively. Depreciation and amortization of real estate assets in place as of December 31, 2023, is provided for on a straight-line basis over the asset’s estimated useful life: Land improvements 2.0 to 39.0 years Buildings and improvements 3.3 to 49.0 years Lease intangibles (including ground lease intangibles) 1.0 to 99.0 years Personal property 3.0 to 20.0 years The Company capitalizes direct costs, including costs such as construction costs and professional services, and indirect costs, including capitalized interest and overhead costs, associated with the development and construction of real estate assets while substantive activities are ongoing to prepare the assets for their intended use. Capitalized interest cost is calculated using the weighted average interest rate of the Company's unsecured debt or the interest rate on project specific debt, if applicable. The Company continues to capitalize interest on the unoccupied portion of the properties in stabilization for up to one year after the buildings have been placed into service, at which time the capitalization of interest must cease. Asset Impairment The Company assesses the potential for impairment of identifiable, definite-lived, intangible assets and long-lived assets, including real estate properties, whenever events occur 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. In addition, the Company reviews for possible impairment, those assets subject to purchase options and those impacted by casualty losses, such as tornadoes and hurricanes. A property value is considered impaired only if management's estimate of current and projected (undiscounted and unleveraged) operating cash flows of the property is less than the net carrying value of the property. These estimates of future cash flows include only those that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the property based on its estimated remaining useful life. These estimates, including the useful life determination which can be affected by any potential sale of the property, are based on management's assumptions about its use of the property. Therefore, significant judgment is involved in estimating the current and projected cash flows. If management determines that the carrying value of the Company’s assets may not be fully recoverable based on the existence of any of the factors above, or others, management would measure and record an impairment charge based on the estimated fair value of the property or the estimated fair value less costs to sell the property. Acquisitions of Real Estate Properties with In-Place Leases The Company's acquisitions of real estate properties typically do not meet the definition of a business and are accounted for as asset acquisitions. Acquisitions of real estate properties with in-place leases are accounted for at relative fair value. When a building with in-place leases is acquired, the cost of the acquisition must be allocated between the tangible real estate assets "as-if-vacant" and the intangible real estate assets related to in-place leases based on their estimated fair values. Land fair value is estimated by using an assessment of comparable transactions and other relevant data. The Company considers whether any of the in-place lease rental rates are above- or below-market. An asset (if the actual rental rate is above-market) or a liability (if the actual rental rate is below-market) is calculated and recorded in an amount equal to the present value of the future cash flows that represent the difference between the actual lease rate and the estimated market rate. If an in-place lease is identified as a below-market rental rate, the Company would also evaluate any renewal options associated with that lease to determine if the intangible should include those periods. The values related to above- or below-market in-place lease intangibles are amortized over the remaining term of the leases upon acquisition to rental income where the Company is the lessor and to property operating expense where the Company is the lessee. The Company also estimates an absorption period, which can vary by property, assuming the building is vacant and must be leased up to the actual level of occupancy when acquired. During that absorption period, the owner would incur direct costs, such as tenant improvements, and would suffer lost rental income. Likewise, the owner would have acquired a measurable asset in that, assuming the building was vacant, certain fixed costs would be avoided because the actual in-place lessees would reimburse a certain portion of fixed costs through expense reimbursements during the absorption period. These assets (above- or below-market lease, tenant improvement, leasing costs avoided, rental income lost, and expenses recovered through in-place lessee reimbursements) are estimated and recorded in amounts equal to the present value of estimated future cash flows. The actual purchase price is allocated based on the various relative asset fair values described above. The building and tenant improvement components of the purchase price are depreciated over the estimated useful life of the building or the weighted average remaining term of the in-place leases. The at-market, in-place lease intangibles are amortized to depreciation and amortization expense over the weighted average remaining term of the leases, and customer relationship assets are amortized to depreciation amortization expense over terms applicable to each acquisition. Any goodwill recorded through a business combination would be reviewed for impairment at least annually and is not amortized. See Note 9 for more details on the Company’s intangible assets. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. In calculating fair value, a company must maximize the use of observable market inputs, minimize the use of unobservable market inputs and disclose in the form of an outlined hierarchy the details of such fair value measurements. A hierarchy of valuation techniques is defined to determine whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: • Level 1 – quoted prices for identical instruments in active markets; • Level 2 – quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3 – fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Executed purchase and sale agreements, which are binding agreements, are categorized as level one inputs. Brokerage estimates, letters of intent, or unexecuted purchase and sale agreements are considered to be level three as they are nonbinding in nature. Fair Value of Derivative Financial Instruments Derivative financial instruments are recorded at fair value on the Company's Consolidated Balance Sheets as other assets or other liabilities. The valuation of derivative instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. Fair values of derivatives are estimated by pricing models that consider the forward yield curves and discount rates. The fair value of the Company's forward starting interest 61


rate swap contracts are estimated by pricing models that consider foreign trade rates and discount rates. Such amounts and the recognition of such amounts are subject to significant estimates that may change in the future. For derivatives designated in qualifying cash flow hedging relationships, the change in fair value of the effective portion of the derivatives is recognized in accumulated other comprehensive income (loss). Gains and losses are reclassified from accumulated other comprehensive income (loss) into earnings once the underlying hedged transaction is recognized in earnings. As of December 31, 2023 and 2022, the Company had $10.7 million recorded in accumulated other comprehensive loss and $2.1 million recorded in accumulated other comprehensive (loss) income, respectively, related to forward starting interest rate swaps entered into and settled during 2015 and 2020 and a hedge of the Company's variable rate debt. See Note 11 for additional information. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents includes short-term investments with original maturities of three months or less when purchased. Restricted cash includes cash held in escrow in connection with proceeds from the sales of certain real estate properties. The Company did not have any restricted cash for the years ended December 31, 2023 or 2022. Cash and cash equivalents are held in bank accounts and overnight investments. The Company maintains its bank deposits with large financial institutions in amounts that often exceed federally-insured limits. The Company has not experienced any losses in such accounts. Goodwill and Other Intangible Assets Goodwill and intangible assets with indefinite lives are not amortized, but are tested at least annually for impairment. Intangible assets with finite lives are amortized over their respective lives to their estimated residual values and are reviewed for impairment only when impairment indicators are present. Identifiable intangible assets of the Company are comprised of enterprise goodwill, in-place lease intangible assets, customer relationship intangible assets, and debt issuance costs. In-place lease and customer relationship intangible assets are amortized on a straight-line basis over the applicable lives of the assets. Debt issuance costs are amortized over the term of the debt instrument on the effective interest method or the straight-line method when the effective interest method is not applicable. Goodwill is not amortized but is evaluated annually as of December 31 for impairment. The Company's goodwill asset increased $27.3 million to $250.5 million in 2023 compared to $223.2 million in 2022, as a result of the final purchase price allocation adjustments related to the Merger. The 2023 impairment evaluation indicated that no impairment had occurred with respect to the Company's goodwill asset. See Note 9 for more detail on the Company’s intangible assets. Contingent Liabilities From time to time, the Company may be subject to loss contingencies arising from legal proceedings and similar matters. Additionally, while the Company maintains comprehensive liability and property insurance with respect to each of its properties, the Company may be exposed to unforeseen losses related to uninsured or underinsured damages. The Company continually monitors any matters that may present a contingent liability, and, on a quarterly basis, management reviews the Company’s reserves and accruals in relation to each of them, adjusting provisions as necessary in view of changes in available information. Liabilities for contingencies are first recorded when a loss is determined to be both probable and can be reasonably estimated. Changes in estimates regarding the exposure to a contingent loss are reflected as adjustments to the related liability in the periods when they occur. Because of uncertainties inherent in the estimation of contingent liabilities, it is possible that the Company’s provision for contingent losses could change materially in the near term. To the extent that any significant losses, in addition to amounts recognized, are at least reasonably possible, such amounts will be disclosed in the notes to the Consolidated Financial Statements. Share-Based Compensation The Company has various employee and director share-based awards outstanding. These awards include non-vested common stock or other stock-based awards, including units in the OP, pursuant to the Company's Amended and Restated 2006 Incentive Plan, dated April 29, 2021 ("the Incentive Plan"). The Company recognizes share-based payments to employees and directors in the Consolidated Statements of Operations on a straight-line basis over the 62


rate swap contracts are estimated by pricing models that consider foreign trade rates and discount rates. Such amounts and the recognition of such amounts are subject to significant estimates that may change in the future. For derivatives designated in qualifying cash flow hedging relationships, the change in fair value of the effective portion of the derivatives is recognized in accumulated other comprehensive income (loss). Gains and losses are reclassified from accumulated other comprehensive income (loss) into earnings once the underlying hedged transaction is recognized in earnings. As of December 31, 2023 and 2022, the Company had $10.7 million recorded in accumulated other comprehensive loss and $2.1 million recorded in accumulated other comprehensive (loss) income, respectively, related to forward starting interest rate swaps entered into and settled during 2015 and 2020 and a hedge of the Company's variable rate debt. See Note 11 for additional information. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents includes short-term investments with original maturities of three months or less when purchased. Restricted cash includes cash held in escrow in connection with proceeds from the sales of certain real estate properties. The Company did not have any restricted cash for the years ended December 31, 2023 or 2022. Cash and cash equivalents are held in bank accounts and overnight investments. The Company maintains its bank deposits with large financial institutions in amounts that often exceed federally-insured limits. The Company has not experienced any losses in such accounts. Goodwill and Other Intangible Assets Goodwill and intangible assets with indefinite lives are not amortized, but are tested at least annually for impairment. Intangible assets with finite lives are amortized over their respective lives to their estimated residual values and are reviewed for impairment only when impairment indicators are present. Identifiable intangible assets of the Company are comprised of enterprise goodwill, in-place lease intangible assets, customer relationship intangible assets, and debt issuance costs. In-place lease and customer relationship intangible assets are amortized on a straight-line basis over the applicable lives of the assets. Debt issuance costs are amortized over the term of the debt instrument on the effective interest method or the straight-line method when the effective interest method is not applicable. Goodwill is not amortized but is evaluated annually as of December 31 for impairment. The Company's goodwill asset increased $27.3 million to $250.5 million in 2023 compared to $223.2 million in 2022, as a result of the final purchase price allocation adjustments related to the Merger. The 2023 impairment evaluation indicated that no impairment had occurred with respect to the Company's goodwill asset. See Note 9 for more detail on the Company’s intangible assets. Contingent Liabilities From time to time, the Company may be subject to loss contingencies arising from legal proceedings and similar matters. Additionally, while the Company maintains comprehensive liability and property insurance with respect to each of its properties, the Company may be exposed to unforeseen losses related to uninsured or underinsured damages. The Company continually monitors any matters that may present a contingent liability, and, on a quarterly basis, management reviews the Company’s reserves and accruals in relation to each of them, adjusting provisions as necessary in view of changes in available information. Liabilities for contingencies are first recorded when a loss is determined to be both probable and can be reasonably estimated. Changes in estimates regarding the exposure to a contingent loss are reflected as adjustments to the related liability in the periods when they occur. Because of uncertainties inherent in the estimation of contingent liabilities, it is possible that the Company’s provision for contingent losses could change materially in the near term. To the extent that any significant losses, in addition to amounts recognized, are at least reasonably possible, such amounts will be disclosed in the notes to the Consolidated Financial Statements. Share-Based Compensation The Company has various employee and director share-based awards outstanding. These awards include non-vested common stock or other stock-based awards, including units in the OP, pursuant to the Company's Amended and Restated 2006 Incentive Plan, dated April 29, 2021 ("the Incentive Plan"). The Company recognizes share-based payments to employees and directors in the Consolidated Statements of Operations on a straight-line basis over the requisite service period based on the fair value of the award on the measurement date. The Company recognizes the impact of forfeitures as they occur. See Note 13 for details on the Company’s share-based awards. Accumulated Other Comprehensive (Loss) Income Certain items must be included in comprehensive (loss) income, including items such as foreign currency translation adjustments, minimum pension liability adjustments, changes in the fair value of derivative instruments and unrealized gains or losses on available-for-sale securities. As of December 31, 2023, the Company’s accumulated other comprehensive (loss) income consists of the loss for changes in the fair value of active derivatives designated as cash flow hedges and the loss on the unamortized settlement of forward starting swaps and treasury hedges. See Note 11 for more details on the Company's derivative financial instruments. Revenue from Contracts with Customers (Topic 606) The Company recognizes certain revenue under the core principle of Topic 606. This 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 Topic 606. To achieve the core principle, the Company applies the five-step model specified in the guidance. Revenue that is accounted for under Topic 606 is segregated on the Company’s 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: YEAR ENDED DECEMBER 31, in thousands 2023 2022 2021 Type of Revenue Parking income $ 9,903 $ 8,513 $ 7,859 Management fee income/other 1 7,548 5,193 2,432 $ 17,451 $ 13,706 $ 10,291 1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement. The Company’s two major types of revenue that are accounted for under Topic 606 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. In most cases, the revenue is due and payable on a monthly basis. The Company had a receivable balance of $1.9 million and $1.5 million, and $1.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Management fee income includes property management services provided to third parties and certain of the properties in the Company's unconsolidated joint ventures and is generally calculated, accrued and billed monthly based on a percentage of cash collections of tenant receivables for the month or a stated amount per square foot. Management fee income also includes amounts paid to the Company for its asset management services for certain of its unconsolidated joint ventures. Internal management fee income, where the Company manages its owned properties, is eliminated in consolidation. 63


Rental Income Rental income related to non-cancelable operating leases is recognized as earned over the life of the lease agreements on a straight-line basis. The Company's lease agreements generally include provisions for stated annual increases or increases based on a Consumer Price Index ("CPI"). Rental income from properties under multi-tenant office lease arrangements and rental income from properties with single-tenant lease arrangements are included in rental income on the Company's Consolidated Statements of Operations. For lessors, the standard requires a lessor to classify leases as either sales-type, direct-financing or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Nonlease components, such as common area maintenance, are generally accounted for under Topic 606 and separated from the lease payments. However, the Company elected the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. The combined component is accounted for under Accounting Standards Codification, Topic 842. The components of rental income are as follows: YEAR ENDED DECEMBER 31, in thousands 2023 2022 2021 Property operating income $ 1,270,508 $ 883,953 $ 514,533 Straight-line rent 38,676 23,498 5,801 Rental income $ 1,309,184 $ 907,451 $ 520,334 Federal Income Taxes The Company believes it has qualified to be taxed as a REIT and intends at all times to continue to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code. The Company must distribute at least 90% per annum of its real estate investment trust taxable income to its stockholders and meet other requirements to continue to qualify as a real estate investment trust. As a REIT, the Company is generally not subject to federal income tax on net income it distributes to its stockholders, but may be subject to certain state and local taxes and fees. See Note 16 for further discussion. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income taxes on its taxable income and will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which the qualification is lost unless the IRS grants it relief under certain statutory provisions. Such an event could have a material adverse effect on its business, financial condition, results of operations and net cash available for dividend distributions to its stockholders. The Company conducts substantially all of its operations through the OP. As a partnership, the OP generally is not liable for federal income taxes. The income and loss from the operations of the OP is included in the tax returns of its partners, including the Company, who are responsible for reporting their allocable share of the partnership income and loss. Accordingly, no provision for income tax has been made in the accompanying consolidated financial statements. The Company classifies interest and penalties related to uncertain tax positions, if any, in the Consolidated Financial Statements as a component of general and administrative expenses. No such amounts were recognized during the three years ended December 31, 2023. Federal tax returns for the years 2020, 2021, 2022 and 2023 are currently subject to examination by taxing authorities. 64


Rental Income Rental income related to non-cancelable operating leases is recognized as earned over the life of the lease agreements on a straight-line basis. The Company's lease agreements generally include provisions for stated annual increases or increases based on a Consumer Price Index ("CPI"). Rental income from properties under multi-tenant office lease arrangements and rental income from properties with single-tenant lease arrangements are included in rental income on the Company's Consolidated Statements of Operations. For lessors, the standard requires a lessor to classify leases as either sales-type, direct-financing or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Nonlease components, such as common area maintenance, are generally accounted for under Topic 606 and separated from the lease payments. However, the Company elected the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. The combined component is accounted for under Accounting Standards Codification, Topic 842. The components of rental income are as follows: YEAR ENDED DECEMBER 31, in thousands 2023 2022 2021 Property operating income $ 1,270,508 $ 883,953 $ 514,533 Straight-line rent 38,676 23,498 5,801 Rental income $ 1,309,184 $ 907,451 $ 520,334 Federal Income Taxes The Company believes it has qualified to be taxed as a REIT and intends at all times to continue to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code. The Company must distribute at least 90% per annum of its real estate investment trust taxable income to its stockholders and meet other requirements to continue to qualify as a real estate investment trust. As a REIT, the Company is generally not subject to federal income tax on net income it distributes to its stockholders, but may be subject to certain state and local taxes and fees. See Note 16 for further discussion. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income taxes on its taxable income and will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which the qualification is lost unless the IRS grants it relief under certain statutory provisions. Such an event could have a material adverse effect on its business, financial condition, results of operations and net cash available for dividend distributions to its stockholders. The Company conducts substantially all of its operations through the OP. As a partnership, the OP generally is not liable for federal income taxes. The income and loss from the operations of the OP is included in the tax returns of its partners, including the Company, who are responsible for reporting their allocable share of the partnership income and loss. Accordingly, no provision for income tax has been made in the accompanying consolidated financial statements. The Company classifies interest and penalties related to uncertain tax positions, if any, in the Consolidated Financial Statements as a component of general and administrative expenses. No such amounts were recognized during the three years ended December 31, 2023. Federal tax returns for the years 2020, 2021, 2022 and 2023 are currently subject to examination by taxing authorities. State Income Taxes The Company must pay certain state income taxes and the provisions for such taxes are generally included in general and administrative expenses on the Company’s Consolidated Statements of Operations. See Note 16 for further discussion. Sales and Use Taxes The Company must pay sales and use taxes to certain state tax authorities based on rents collected from tenants in properties located in those states. The Company is generally reimbursed for these taxes by the tenant. The Company accounts for the payments to the taxing authority and subsequent reimbursement from the tenant on a net basis in rental income in the Company’s Consolidated Statements of Operations. Assets Held for Sale Long-lived assets held for sale are reported at the lower of their carrying amount or their fair value less estimated cost to sell. Further, depreciation of these assets ceases at the time the assets are classified as held for sale. Losses resulting from the sale of such properties are characterized as impairment losses in the Consolidated Statements of Operations. See Note 6 for more detail on assets held for sale. Earnings per Share The Company uses the two-class method of computing net earnings per common share. Earnings per common share is calculated by considering share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents as participating securities. Undistributed earnings (excess net income over dividend payments) are allocated on a pro rata basis to common shareholders and restricted shareholders. Undistributed losses (dividends in excess of net income) do not get allocated to restricted stockholders as they do not have the contractual obligation to share in losses. The amount of undistributed losses that applies to the restricted stockholders is allocated to the common stockholders. Basic earnings per common share is calculated using weighted average shares outstanding less issued and outstanding non-vested shares of common stock. Diluted earnings per common share is calculated using weighted average shares outstanding plus the dilutive effect of the outstanding stock options from the Legacy HR Employee Stock Purchase Plan using the treasury stock method and the average stock price during the period. Additionally, net income (loss) allocated to OP units has been included in the numerator and common stock related to redeemable OP units have been included in the denominator for the purpose of computing diluted earnings per share. See Note 14 for the calculations of earnings per share. Redeemable Non-Controlling Interests The Company accounts for redeemable equity securities in accordance with Accounting Standards Update ("ASU") 2009-04 Liabilities (Topic 480): Accounting for Redeemable Equity Instruments, which requires that equity securities contingently 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 Consolidated Balance Sheet. 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. We measure the redemption value and record an adjustment to the carrying value of the equity securities as a component of redeemable non-controlling interest. As of December 31, 2023, the Company had redeemable non-controlling interests of $3.9 million. 65


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 real estate asset but instead recognizes a financial asset in accordance with ASC Topic 310: Receivables. See below for additional information regarding the Company's financing receivables as of December 31, 2023. (dollars in thousands) ORIGINATION DATE LOCATION INTEREST RATE CARRYING VALUE as of DECEMBER 31, 2023 May 2021 Poway, CA 5.71% $ 115,239 November 2021 Columbus, OH 6.48% 7,363 $ 122,602 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 December 31, 2023, real estate notes receivable, net, which are included in Other assets, net on the Company's Consolidated Balance Sheets totaled $173.6 million. (dollars in thousands) ORIGINATION MATURITY STATED INTEREST RATE MAXIMUM LOAN COMMITMENT OUTSTANDING as of DEC 31, 2023 ALLOWANCE FOR CREDIT LOSSES FAIR VALUE DISCOUNT AND FEES CARRYING VALUE as of DEC 31, 2023 Mezzanine loans Texas 6/24/2021 6/24/2024 8.00 % $ 54,119 $ 54,119 $ (5,196) $ (3,067) $ 45,856 Arizona 12/21/2023 12/20/2026 9.00 % 6,000 6,000 — — 6,000 60,119 60,119 (5,196) (3,067) 51,856 Mortgage loans Texas 6/30/2021 7/01/2024 7.00 % 31,150 31,150 — — 31,150 North Carolina 12/22/2021 12/22/2024 8.00 % 6,000 6,000 — (204) 5,796 Florida 5/17/2022 2/27/2026 6.00 % 65,000 32,156 — (44) 32,112 California 3/30/2023 3/29/2026 6.00 % 45,000 45,000 — — 45,000 Florida 12/28/2023 12/28/2026 9.00 % 7,700 7,700 — — 7,700 154,850 122,006 — (248) 121,758 $ 214,969 $ 182,125 $ (5,196) $ (3,315) $ 173,614 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 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 66


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 real estate asset but instead recognizes a financial asset in accordance with ASC Topic 310: Receivables. See below for additional information regarding the Company's financing receivables as of December 31, 2023. (dollars in thousands) ORIGINATION DATE LOCATION INTEREST RATE CARRYING VALUE as of DECEMBER 31, 2023 May 2021 Poway, CA 5.71% $ 115,239 November 2021 Columbus, OH 6.48% 7,363 $ 122,602 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 December 31, 2023, real estate notes receivable, net, which are included in Other assets, net on the Company's Consolidated Balance Sheets totaled $173.6 million. (dollars in thousands) ORIGINATION MATURITY STATED INTEREST RATE MAXIMUM LOAN COMMITMENT OUTSTANDING as of DEC 31, 2023 ALLOWANCE FOR CREDIT LOSSES FAIR VALUE DISCOUNT AND FEES CARRYING VALUE as of DEC 31, 2023 Mezzanine loans Texas 6/24/2021 6/24/2024 8.00 % $ 54,119 $ 54,119 $ (5,196) $ (3,067) $ 45,856 Arizona 12/21/2023 12/20/2026 9.00 % 6,000 6,000 — — 6,000 60,119 60,119 (5,196) (3,067) 51,856 Mortgage loans Texas 6/30/2021 7/01/2024 7.00 % 31,150 31,150 — — 31,150 North Carolina 12/22/2021 12/22/2024 8.00 % 6,000 6,000 — (204) 5,796 Florida 5/17/2022 2/27/2026 6.00 % 65,000 32,156 — (44) 32,112 California 3/30/2023 3/29/2026 6.00 % 45,000 45,000 — — 45,000 Florida 12/28/2023 12/28/2026 9.00 % 7,700 7,700 — — 7,700 154,850 122,006 — (248) 121,758 $ 214,969 $ 182,125 $ (5,196) $ (3,315) $ 173,614 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 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. As of December 31, 2023, the Company's carrying value of its outstanding loans was $173.6 million. During the first quarter of 2023, the Company determined that the risk of credit loss on its mezzanine loans was no longer remote and recorded a credit loss reserve of $5.2 million. The following table summarizes the Company's allowance for credit losses on real estate notes receivable: Dollars in thousands TWELVE MONTHS ENDED DECEMBER 31, 2023 TWELVE MONTHS ENDED DECEMBER 31, 2022 Allowance for credit losses, beginning of period $ — $ — Credit loss reserves 5,196 — Allowance for credit losses, end of period $ 5,196 $ — Interest Income Income from Lease Finance Receivables The Company recognized the related income from two financing receivables totaling $8.3 million and $8.1 million, respectively, for the years ended December 31, 2023 and 2022, 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 For the years ended December 31, 2023 and 2022, the Company recognized interest income of $8.8 million and $3.4 million, respectively, related to real estate notes receivable. For 2021, the Company had no real estate notes receivable. 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 and interest income is recognized on a cash basis. As of January 1, 2023, the Company placed real estate notes receivable with principal balances of $48.9 million on non-accrual status and accordingly did not recognize any interest income for the year ended December 31, 2023. New Accounting Pronouncements On November 27, 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280). Some of the main provisions of this update to segment reporting include; (i) a requirement to disclose significant segment expenses, on an annual and interim basis, that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss; (ii) a requirement to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources, and (iii) a requirement that an entity that has a single reportable segment provide all the disclosures required by the amendments in this update. The update is effective for reporting periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted. At this time, the Company does not expect that the adoption of this ASU will have a material impact on its consolidated financial statements and compliance of these new disclosure requirements will begin with the Company's Annual Report on Form 10-K for the year ended December 31, 2024. 67


Note 2. Merger with HTA On July 20, 2022 (the “Closing Date”), pursuant to the Agreement and Plan of Merger dated as of February 28, 2022 (the “Merger Agreement”), by and among Healthcare Realty Trust Incorporated (now known as HRTI, LLC,) (“Legacy HR”), Healthcare Trust of America, Inc. (now known as Healthcare Realty Trust Incorporated) (“Legacy HTA”), the OP, and HR Acquisition 2, LLC (“Merger Sub”), Merger Sub merged with and into Legacy HR, with Legacy HR continuing as the surviving entity and a wholly-owned subsidiary of Legacy HTA (the “Merger”). On the Closing Date, each outstanding share of Legacy HR common stock, $0.01 par value per share (the “Legacy HR Common Stock”), was cancelled and converted into the right to receive one share of Legacy HTA class A common stock at a fixed ratio of 1.00 to 1.00. Per the terms of the Merger Agreement, Legacy HTA declared a special dividend of $4.82 (the “Special Dividend”) for each outstanding share of Legacy HTA class A common stock, $0.01 par value per share ( the “Legacy HTA Common Stock”), and the OP declared a corresponding distribution to the holders of its partnership units, payable to Legacy HTA stockholders and OP unitholders of record on July 19, 2022. Immediately following the Merger, Legacy HR converted to a Maryland limited liability company and changed its name to HRTI, LLC and Legacy HTA changed its name to “Healthcare Realty Trust Incorporated”. In addition, the equity interests of Legacy HR were contributed by Legacy HTA by means of a contribution and assignment agreement to the OP, and Legacy HR became a wholly-owned subsidiary of the OP. The Company operates under the name “Healthcare Realty Trust Incorporated” and its shares of class A common stock, $0.01 par value per share, trade on the New York Stock Exchange under the ticker symbol “HR”. For accounting purposes, the Merger was treated as a “reverse acquisition” in which Legacy HTA was considered the legal acquirer and Legacy HR was considered the accounting acquirer based on various factors, including, but not limited to: (i) the composition of the board of directors of the combined company following the Merger, (ii) the composition of senior management of the combined company following the Merger, and (iii) the premium transferred to the Legacy HTA stockholders. As a result, the historical financial statements of the accounting acquirer, Legacy HR, became the historical financial statements of the Company. The acquisition was accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires, among other things, the assets acquired and the liabilities assumed and non- controlling interests, if any, to be recognized at their acquisition date fair value. The implied consideration transferred on the Closing Date is as follows: Fair value of Legacy HTA restricted stock awards attributable to pre-Merger services(c) 7,406 Consideration transferred $ 5,576,463 Dollars in thousands, except for per share data Shares of Legacy HTA Common Stock outstanding as of July 20, 2022 as adjusted(a) 228,520,990 Exchange ratio 1.00 Implied shares of Legacy HR Common Stock issued 228,520,990 Adjusted closing price of Legacy HR Common Stock on July 20, 2022(b) $ 24.37 Value of implied Legacy HR Common Stock issued $ 5,569,057 (a) The number of shares of Legacy HTA Common Stock presented above was based on 228,857,717 total shares of Legacy HTA Common Stock outstanding as of the Closing Date, less 192 Legacy HTA fractional shares that were cancelled in lieu of cash and less 336,535 shares of Legacy HTA restricted stock (net of 215,764 shares of Legacy HTA restricted stock withheld). For accounting purposes, these shares were converted to Legacy HR Common Stock, at an exchange ratio of 1.00 share of Legacy HR Common Stock per share of Legacy HTA Common Stock. (b) For accounting purposes, the fair value of Legacy HR Common Stock issued to former holders of Legacy HTA Common Stock was based on the per share closing price of Legacy HR Common Stock on July 20, 2022. (c) Represents the fair value of Legacy HTA restricted shares which fully vested prior to the closing of the Merger or became fully vested as a result of the closing of the Merger and which are attributable to pre-combination services. 68


Note 2. Merger with HTA On July 20, 2022 (the “Closing Date”), pursuant to the Agreement and Plan of Merger dated as of February 28, 2022 (the “Merger Agreement”), by and among Healthcare Realty Trust Incorporated (now known as HRTI, LLC,) (“Legacy HR”), Healthcare Trust of America, Inc. (now known as Healthcare Realty Trust Incorporated) (“Legacy HTA”), the OP, and HR Acquisition 2, LLC (“Merger Sub”), Merger Sub merged with and into Legacy HR, with Legacy HR continuing as the surviving entity and a wholly-owned subsidiary of Legacy HTA (the “Merger”). On the Closing Date, each outstanding share of Legacy HR common stock, $0.01 par value per share (the “Legacy HR Common Stock”), was cancelled and converted into the right to receive one share of Legacy HTA class A common stock at a fixed ratio of 1.00 to 1.00. Per the terms of the Merger Agreement, Legacy HTA declared a special dividend of $4.82 (the “Special Dividend”) for each outstanding share of Legacy HTA class A common stock, $0.01 par value per share ( the “Legacy HTA Common Stock”), and the OP declared a corresponding distribution to the holders of its partnership units, payable to Legacy HTA stockholders and OP unitholders of record on July 19, 2022. Immediately following the Merger, Legacy HR converted to a Maryland limited liability company and changed its name to HRTI, LLC and Legacy HTA changed its name to “Healthcare Realty Trust Incorporated”. In addition, the equity interests of Legacy HR were contributed by Legacy HTA by means of a contribution and assignment agreement to the OP, and Legacy HR became a wholly-owned subsidiary of the OP. The Company operates under the name “Healthcare Realty Trust Incorporated” and its shares of class A common stock, $0.01 par value per share, trade on the New York Stock Exchange under the ticker symbol “HR”. For accounting purposes, the Merger was treated as a “reverse acquisition” in which Legacy HTA was considered the legal acquirer and Legacy HR was considered the accounting acquirer based on various factors, including, but not limited to: (i) the composition of the board of directors of the combined company following the Merger, (ii) the composition of senior management of the combined company following the Merger, and (iii) the premium transferred to the Legacy HTA stockholders. As a result, the historical financial statements of the accounting acquirer, Legacy HR, became the historical financial statements of the Company. The acquisition was accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires, among other things, the assets acquired and the liabilities assumed and non- controlling interests, if any, to be recognized at their acquisition date fair value. The implied consideration transferred on the Closing Date is as follows: Fair value of Legacy HTA restricted stock awards attributable to pre-Merger services(c) 7,406 Consideration transferred $ 5,576,463 Dollars in thousands, except for per share data Shares of Legacy HTA Common Stock outstanding as of July 20, 2022 as adjusted(a) 228,520,990 Exchange ratio 1.00 Implied shares of Legacy HR Common Stock issued 228,520,990 Adjusted closing price of Legacy HR Common Stock on July 20, 2022(b) $ 24.37 Value of implied Legacy HR Common Stock issued $ 5,569,057 (a) The number of shares of Legacy HTA Common Stock presented above was based on 228,857,717 total shares of Legacy HTA Common Stock outstanding as of the Closing Date, less 192 Legacy HTA fractional shares that were cancelled in lieu of cash and less 336,535 shares of Legacy HTA restricted stock (net of 215,764 shares of Legacy HTA restricted stock withheld). For accounting purposes, these shares were converted to Legacy HR Common Stock, at an exchange ratio of 1.00 share of Legacy HR Common Stock per share of Legacy HTA Common Stock. (b) For accounting purposes, the fair value of Legacy HR Common Stock issued to former holders of Legacy HTA Common Stock was based on the per share closing price of Legacy HR Common Stock on July 20, 2022. (c) Represents the fair value of Legacy HTA restricted shares which fully vested prior to the closing of the Merger or became fully vested as a result of the closing of the Merger and which are attributable to pre-combination services. Final Purchase Price Allocation The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Closing Date: Dollars in thousands PRELIMINARY AMOUNTS RECOGNIZED ON THE CLOSING DATE CUMULATIVE MEASUREMENT PERIOD ADJUSTMENTS AMOUNTS RECOGNIZED ON THE CLOSING DATE (as adjusted) ASSETS Real estate investments Land $ 985,926 $ 18,359 $ 1,004,285 Buildings and improvements 6,960,418 (119,135) 6,841,283 Lease intangible assets(a) 831,920 1,839 833,759 Financing lease right-of-use assets 9,874 3,146 13,020 Construction in progress 10,071 (6,744) 3,327 Land held for development 46,538 — 46,538 Total real estate investments $ 8,844,747 $ (102,535) $ 8,742,212 Assets held for sale, net 707,442 (7,946) 699,496 Investments in unconsolidated joint ventures 67,892 — 67,892 Cash and cash equivalents 26,034 11,403 37,437 Restricted cash 1,123,647 (1,247) 1,122,400 Operating lease right-of-use assets 198,261 16,370 214,631 Other assets, net (b) (c) 209,163 (3,840) 205,323 Total assets acquired $ 11,177,186 $ (87,795) $ 11,089,391 LIABILITIES Notes and bonds payable $ 3,991,300 $ — $ 3,991,300 Accounts payable and accrued liabilities 1,227,570 17,374 1,244,944 Liabilities of assets held for sale 28,677 (3,939) 24,738 Operating lease liabilities 173,948 10,173 184,121 Financing lease liabilities 10,720 (855) 9,865 Other liabilities 203,210 (8,909) 194,301 Total liabilities assumed $ 5,635,425 $ 13,844 $ 5,649,269 Net identifiable assets acquired $ 5,541,761 $ (101,639) $ 5,440,122 Non-controlling interest $ 110,702 $ — $ 110,702 Goodwill $ 145,404 $ 101,639 $ 247,043 (a) The weighted average amortization period for the acquired lease intangible assets is approximately 6 years. (b) Includes $15.9 million of contractual accounts receivable, which approximates fair value. (c) Includes $78.7 million of gross contractual real estate notes receivable, the fair value of which was $74.8 million, and the Company preliminarily expects to collect substantially all of the real estate notes receivable proceeds as of the Closing Date. The cumulative measurement period adjustments recorded through June 30, 2023 are final and primarily resulted from updated valuations related to the Company’s real estate assets and liabilities and additional information obtained by the Company related to the properties acquired in the Merger and their respective tenants, and resulted in an increase to goodwill of $101.6 million. Based on the final purchase price allocation of fair value, approximately $247.0 million has been allocated to goodwill. Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and liabilities assumed. The recognized goodwill is attributable to expected synergies and benefits arising from the Merger, including anticipated general and administrative cost savings and potential economies of scale benefits in both tenant and vendor relationships following the closing of the Merger. None of the goodwill recognized is expected to be deductible for tax purposes. 69


Merger-related Costs The Company incurred Merger-related costs of $(2.0) million and $103.4 million, respectively, for the years ended December 31, 2023 and 2022, which were included within Merger-related costs in results of operations. The Merger- related costs primarily consisted of legal, consulting, severance, and banking services and for the year ended December 31, 2023, including a refund of $17.8 million for transfer taxes paid during the year ended December 31, 2022. 3. Property Investments The Company invests in healthcare-related properties located throughout the United States. The Company provides management, leasing, development and redevelopment services, and capital for the construction of new facilities as well as for the acquisition of existing properties. The following table summarizes the Company’s consolidated investments at December 31, 2023. Dollars in thousands NUMBER OF PROPERTIES LAND BUILDINGS AND IMPROVEMENTS LEASE INTANGIBLES PERSONAL PROPERTY TOTAL ACCUMULATED DEPRECIATION Dallas, TX 43 $ 90,168 $ 1,004,810 $ 68,139 $ 550 $ 1,163,667 $ (221,375) Houston, TX 31 76,959 614,531 60,651 57 752,198 (97,793) Seattle, WA 29 64,295 631,438 9,921 715 706,369 (186,903) Denver, CO 33 76,698 501,994 43,268 610 622,570 (94,906) Charlotte, NC 32 35,465 463,461 26,971 110 526,007 (116,578) Phoenix, AZ 35 20,262 437,804 36,384 425 494,875 (59,449) Atlanta, GA 27 49,095 417,112 28,204 100 494,511 (79,569) Boston, MA 17 127,447 299,742 41,183 14 468,386 (37,569) Raleigh, NC 28 56,620 371,932 36,411 9 464,972 (38,879) Nashville, TN 13 43,347 397,192 10,206 7,427 458,172 (115,979) Los Angeles, CA 20 72,086 360,330 16,481 453 449,350 (145,875) Miami, FL 19 53,994 326,343 35,014 178 415,529 (74,470) Tampa, FL 19 31,121 351,879 27,438 33 410,471 (36,726) Indianapolis, IN 36 54,899 285,806 32,780 13 373,498 (42,273) Austin, TX 13 27,063 274,229 18,568 142 320,002 (55,891) New York, NY 14 64,402 170,304 26,430 — 261,136 (15,887) Chicago, IL 6 13,804 216,473 13,011 81 243,369 (39,671) Memphis, TN 11 13,901 189,941 4,211 322 208,375 (71,813) Honolulu, HI 6 9,527 188,772 6,319 169 204,787 (61,575) Hartford, CT 30 29,381 138,713 21,848 — 189,942 (15,883) Other (49 markets) 193 332,731 3,238,567 272,864 1,310 3,845,472 (617,789) 655 1,343,265 10,881,373 836,302 12,718 13,073,658 (2,226,853) Investment in financing receivables, net — — — — 122,602 — Financing lease right-of-use assets — — — — — 82,209 — Construction in progress — — — — — 60,727 — Land held for development — — — — — 59,871 — Total real estate investments 655 $ 1,343,265 $ 10,881,373 $ 836,302 $ 12,718 $ 13,399,067 $ (2,226,853) 4. Leases Lessor Accounting Under ASC 842 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 70


Merger-related Costs The Company incurred Merger-related costs of $(2.0) million and $103.4 million, respectively, for the years ended December 31, 2023 and 2022, which were included within Merger-related costs in results of operations. The Merger- related costs primarily consisted of legal, consulting, severance, and banking services and for the year ended December 31, 2023, including a refund of $17.8 million for transfer taxes paid during the year ended December 31, 2022. 3. Property Investments The Company invests in healthcare-related properties located throughout the United States. The Company provides management, leasing, development and redevelopment services, and capital for the construction of new facilities as well as for the acquisition of existing properties. The following table summarizes the Company’s consolidated investments at December 31, 2023. Dollars in thousands NUMBER OF PROPERTIES LAND BUILDINGS AND IMPROVEMENTS LEASE INTANGIBLES PERSONAL PROPERTY TOTAL ACCUMULATED DEPRECIATION Dallas, TX 43 $ 90,168 $ 1,004,810 $ 68,139 $ 550 $ 1,163,667 $ (221,375) Houston, TX 31 76,959 614,531 60,651 57 752,198 (97,793) Seattle, WA 29 64,295 631,438 9,921 715 706,369 (186,903) Denver, CO 33 76,698 501,994 43,268 610 622,570 (94,906) Charlotte, NC 32 35,465 463,461 26,971 110 526,007 (116,578) Phoenix, AZ 35 20,262 437,804 36,384 425 494,875 (59,449) Atlanta, GA 27 49,095 417,112 28,204 100 494,511 (79,569) Boston, MA 17 127,447 299,742 41,183 14 468,386 (37,569) Raleigh, NC 28 56,620 371,932 36,411 9 464,972 (38,879) Nashville, TN 13 43,347 397,192 10,206 7,427 458,172 (115,979) Los Angeles, CA 20 72,086 360,330 16,481 453 449,350 (145,875) Miami, FL 19 53,994 326,343 35,014 178 415,529 (74,470) Tampa, FL 19 31,121 351,879 27,438 33 410,471 (36,726) Indianapolis, IN 36 54,899 285,806 32,780 13 373,498 (42,273) Austin, TX 13 27,063 274,229 18,568 142 320,002 (55,891) New York, NY 14 64,402 170,304 26,430 — 261,136 (15,887) Chicago, IL 6 13,804 216,473 13,011 81 243,369 (39,671) Memphis, TN 11 13,901 189,941 4,211 322 208,375 (71,813) Honolulu, HI 6 9,527 188,772 6,319 169 204,787 (61,575) Hartford, CT 30 29,381 138,713 21,848 — 189,942 (15,883) Other (49 markets) 193 332,731 3,238,567 272,864 1,310 3,845,472 (617,789) 655 1,343,265 10,881,373 836,302 12,718 13,073,658 (2,226,853) Investment in financing receivables, net — — — — 122,602 — Financing lease right-of-use assets — — — — — 82,209 — Construction in progress — — — — — 60,727 — Land held for development — — — — — 59,871 — Total real estate investments 655 $ 1,343,265 $ 10,881,373 $ 836,302 $ 12,718 $ 13,399,067 $ (2,226,853) 4. Leases Lessor Accounting Under ASC 842 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 CPI. In addition, most of the Company's leases include nonlease 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 nonlease 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 years ended December 31, 2023 and 2022 was $1.3 billion and $907.5 million, respectively. Future minimum lease payments under the non-cancelable operating leases, excluding any reimbursements, as of December 31, 2023 were as follows: In thousands 2024 $ 894,442 2025 801,973 2026 701,615 2027 582,028 2028 469,549 2029 and thereafter 1,579,010 $ 5,028,617 Revenue Concentrations The Company’s real estate portfolio is leased to a diverse tenant base. The Company did not have any customers that account for 10% or more of the Company's revenues for the years ended December 31, 2023, 2022 and 2021. Purchase Option Provisions Certain of the Company’s leases include purchase option provisions. The provisions vary by agreement but generally allow the lessee to purchase the property covered by the agreement at fair market value or an amount equal to the Company’s gross investment. The Company expects that the purchase price from its purchase options will be greater than its net investment in the properties at the time of potential exercise by the lessee. The Company had investments of approximately $111.1 million in six real estate properties as of December 31, 2023 that were subject to purchase options that were exercisable. Lessee Accounting Under ASC 842 As of December 31, 2023, the Company was obligated, as the lessee, under operating lease agreements consisting primarily of the Company’s ground leases. Contracts evaluated and treated as leases are those that convey the right to control the use of identified assets for a period of time in exchange for consideration. ASC 842 requires the recording of these leases based on the aggregate future cash flows, discounted utilizing the implicit rate in the lease, or, if not readily determinable, based upon the lessee's incremental borrowing rate, to which the Company utilizes market inputs that are both similar to the Company's credit profile and corresponding term of the leases. As of December 31, 2023, the Company had 232 properties totaling 16.9 million square feet that were held under ground leases. Some of the ground leases include fixed rent renewal terms and others have market rent renewal terms. The 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 either stated or based on the CPI. The Company had 75 prepaid ground leases as of December 31, 2023. The amortization of the prepaid rent, included in the operating lease right-of- use asset, represented approximately $1.3 million, $1.1 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. 71


The Company’s future lease payments (primarily for its 157 non-prepaid ground leases) as of December 31, 2023 were as follows: In thousands OPERATING FINANCING 2024 $ 12,263 $ 2,182 2025 12,428 2,218 2026 12,516 2,254 2027 12,703 2,294 2028 12,822 2,326 2029 and thereafter 698,905 394,072 Total undiscounted lease payments $ 761,637 $ 405,346 Discount (531,923) (330,843) Lease liabilities $ 229,714 $ 74,503 The following table provides details of the Company's total lease expense for the years ended December 31, 2023 and 2022: In thousands YEAR ENDED Dec. 31, 2023 YEAR ENDED Dec. 31, 2022 Operating lease cost Operating lease expense $ 20,623 $ 12,699 Variable lease expense 8,979 4,529 Finance lease cost Amortization of right-of-use assets 1,564 1,288 Interest on lease liabilities 3,718 2,876 Total lease expense $ 34,884 $ 21,392 Other information Operating cash flows outflows related to operating leases $ 19,222 $ 12,816 Operating cash flows outflows related to financing leases $ 2,122 $ 1,838 Financing cash flows outflows related to financing leases $ 17 $ — Right-of-use assets obtained in exchange for new finance lease liabilities $ — $ 53,765 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,758 $ 216,047 Weighted-average remaining lease term (excluding renewal options) - operating leases 45.8 47.5 Weighted-average remaining lease term (excluding renewal options) - finance leases 57.9 58.9 Weighted-average discount rate - operating leases 5.7 % 5.8 % Weighted-average discount rate - finance leases 5.0 % 5.0 % 72


The Company’s future lease payments (primarily for its 157 non-prepaid ground leases) as of December 31, 2023 were as follows: In thousands OPERATING FINANCING 2024 $ 12,263 $ 2,182 2025 12,428 2,218 2026 12,516 2,254 2027 12,703 2,294 2028 12,822 2,326 2029 and thereafter 698,905 394,072 Total undiscounted lease payments $ 761,637 $ 405,346 Discount (531,923) (330,843) Lease liabilities $ 229,714 $ 74,503 The following table provides details of the Company's total lease expense for the years ended December 31, 2023 and 2022: In thousands YEAR ENDED Dec. 31, 2023 YEAR ENDED Dec. 31, 2022 Operating lease cost Operating lease expense $ 20,623 $ 12,699 Variable lease expense 8,979 4,529 Finance lease cost Amortization of right-of-use assets 1,564 1,288 Interest on lease liabilities 3,718 2,876 Total lease expense $ 34,884 $ 21,392 Other information Operating cash flows outflows related to operating leases $ 19,222 $ 12,816 Operating cash flows outflows related to financing leases $ 2,122 $ 1,838 Financing cash flows outflows related to financing leases $ 17 $ — Right-of-use assets obtained in exchange for new finance lease liabilities $ — $ 53,765 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,758 $ 216,047 Weighted-average remaining lease term (excluding renewal options) - operating leases 45.8 47.5 Weighted-average remaining lease term (excluding renewal options) - finance leases 57.9 58.9 Weighted-average discount rate - operating leases 5.7 % 5.8 % Weighted-average discount rate - finance leases 5.0 % 5.0 % 5. Acquisitions, Dispositions and Mortgage Repayments 2023 Acquisition Activity The following table details the Company's real estate acquisition activity for the year ended December 31, 2023: Dollars in thousands DATE ACQUIRED PURCHASE PRICE MORTGAGE NOTES PAYABLE, NET CASH CONSIDERATION 1 REAL ESTATE OTHER 2 SQUARE FOOTAGE Tampa, FL 3/10/23 $ 31,500 $ — $ 30,499 $ 30,596 $ (97) 115,867 Colorado Springs, CO 7/28/23 11,450 (5,284) 6,024 11,416 (108) 42,770 Total real estate acquisitions $ 42,950 $ (5,284) $ 36,523 $ 42,012 $ (205) 158,637 1. Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 2. Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. In the second quarter of 2023, the Company entered into a joint venture agreement for the development of a medical office building in Scottsdale, Arizona. The Company holds a 90% interest in the joint venture and determined the arrangement meets the criteria to be consolidated. The joint venture acquired an $8.8 million land parcel to be developed with the Company contributing cash of $8.3 million. In the third quarter of 2023, the Company acquired the fee interest in a parcel of land previously held under a ground lease for $0.8 million and an additional interest in an operating property for $0.6 million. The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2023 as of the acquisition date: ESTIMATED FAIR VALUE in millions ESTIMATED USEFUL LIFE in years Building $ 27.5 17.0 - 30.0 Tenant Improvements 3.4 5.1 - 5.9 Land 5.5 0 Land Improvements 1.1 6.0 - 10.0 Intangibles At-market lease intangibles 4.5 5.1 - 5.9 Above-market lease intangibles (lessor) 0.2 1.8 - 4.9 Below-market lease intangibles (lessor) (0.2) 6.4 - 13.9 Mortgage notes payable assumed, including fair value adjustments (5.3) Other assets acquired 0.1 Accounts payable, accrued liabilities and other liabilities assumed (0.3) Total cash paid $ 36.5 Unconsolidated Joint Ventures As of December 31, 2023, the Company had a weighted average ownership interest of approximately 43% in 33 real estate properties held in unconsolidated joint ventures. The Company recognizes distributions from unconsolidated joint ventures utilizing the nature of distribution approach and classifies the distributions based on the nature of the underlying activity that generated the distribution. The distributions from unconsolidated joint ventures for the years ended December 31, 2023 and 2022 were classified as operating activities. 73


The Company's investment in and loss recognized for the years ended December 31, 2023 and 2022 related to its unconsolidated joint ventures accounted for under the equity method are shown in the table below: DECEMBER 31, Dollars in millions 2023 2022 Investments in unconsolidated joint ventures, beginning of period $ 327.2 $ 161.9 New investments during the period 3.8 167.9 Equity loss recognized during the period (1.7) (0.7) Owner distributions (17.8) (1.9) Investments in unconsolidated joint ventures, end of period $ 311.5 $ 327.2 2022 Acquisitions The following table details the Company's acquisitions, exclusive of the Merger, for the year ended December 31, 2022: Dollars in thousands TYPE 1 DATE ACQUIRED PURCHASE PRICE CASH CONSIDERATION 2 REAL ESTATE OTHER 3 SQUARE FOOTAGE unaudited Dallas, TX 4 MOB 2/11/22 $ 8,175 $ 8,185 $ 8,202 $ (17) 18,000 San Francisco, CA 5 MOB 3/7/22 114,000 112,986 108,687 4,299 166,396 Atlanta, GA MOB 4/7/22 6,912 7,054 7,178 (124) 21,535 Denver, CO MOB 4/13/22 6,320 5,254 5,269 (15) 12,207 Colorado Springs, CO 6 MOB 4/13/22 13,680 13,686 13,701 (15) 25,800 Seattle, WA MOB 4/28/22 8,350 8,334 8,370 (36) 13,256 Houston, TX MOB 4/28/22 36,250 36,299 36,816 (517) 76,781 Los Angeles, CA MOB 4/29/22 35,000 35,242 25,400 9,842 34,282 Oklahoma City, OK MOB 4/29/22 11,100 11,259 11,334 (75) 34,944 Raleigh, NC 5 MOB 5/31/22 27,500 26,710 27,127 (417) 85,113 Tampa, FL 6 MOB 6/9/22 18,650 18,619 18,212 407 55,788 Seattle, WA MOB 8/1/22 4,850 4,806 4,882 (76) 10,593 Raleigh, NC MOB 8/9/22 3,783 3,878 3,932 (54) 11,345 Jacksonville, FL MOB 8/9/22 18,195 18,508 18,583 (75) 34,133 Atlanta, GA MOB 8/10/22 11,800 11,525 12,038 (513) 43,496 Denver, CO MOB 8/11/22 14,800 13,902 13,918 (16) 34,785 Raleigh, NC MOB 8/18/22 11,375 10,670 10,547 123 31,318 Nashville, TN MOB 9/15/22 21,000 20,764 20,572 192 61,932 Austin, TX MOB 9/29/22 5,450 5,449 5,572 (123) 15,000 Jacksonville, FL 4 MOB 10/12/22 3,600 3,530 3,609 (79) 6,200 Houston, TX MOB 11/21/22 5,500 5,469 5,513 (44) 28,369 Austin, TX 7 MOB 12/28/22 888 890 889 1 2,219 Denver, CO MOB 12/28/22 16,400 16,170 16,467 (297) 39,692 $ 403,578 $ 399,189 $ 386,818 $ 12,371 863,184 1 MOB = medical outpatient building. 2 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 3 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 4 Represents a single-tenant property. 5 Includes three properties. 6 Includes two properties. 7 The Company acquired additional ownership interests in an existing building bringing the Company's ownership to 71.4%. 74


The Company's investment in and loss recognized for the years ended December 31, 2023 and 2022 related to its unconsolidated joint ventures accounted for under the equity method are shown in the table below: DECEMBER 31, Dollars in millions 2023 2022 Investments in unconsolidated joint ventures, beginning of period $ 327.2 $ 161.9 New investments during the period 3.8 167.9 Equity loss recognized during the period (1.7) (0.7) Owner distributions (17.8) (1.9) Investments in unconsolidated joint ventures, end of period $ 311.5 $ 327.2 2022 Acquisitions The following table details the Company's acquisitions, exclusive of the Merger, for the year ended December 31, 2022: Dollars in thousands TYPE 1 DATE ACQUIRED PURCHASE PRICE CASH CONSIDERATION 2 REAL ESTATE OTHER 3 SQUARE FOOTAGE unaudited Dallas, TX 4 MOB 2/11/22 $ 8,175 $ 8,185 $ 8,202 $ (17) 18,000 San Francisco, CA 5 MOB 3/7/22 114,000 112,986 108,687 4,299 166,396 Atlanta, GA MOB 4/7/22 6,912 7,054 7,178 (124) 21,535 Denver, CO MOB 4/13/22 6,320 5,254 5,269 (15) 12,207 Colorado Springs, CO 6 MOB 4/13/22 13,680 13,686 13,701 (15) 25,800 Seattle, WA MOB 4/28/22 8,350 8,334 8,370 (36) 13,256 Houston, TX MOB 4/28/22 36,250 36,299 36,816 (517) 76,781 Los Angeles, CA MOB 4/29/22 35,000 35,242 25,400 9,842 34,282 Oklahoma City, OK MOB 4/29/22 11,100 11,259 11,334 (75) 34,944 Raleigh, NC 5 MOB 5/31/22 27,500 26,710 27,127 (417) 85,113 Tampa, FL 6 MOB 6/9/22 18,650 18,619 18,212 407 55,788 Seattle, WA MOB 8/1/22 4,850 4,806 4,882 (76) 10,593 Raleigh, NC MOB 8/9/22 3,783 3,878 3,932 (54) 11,345 Jacksonville, FL MOB 8/9/22 18,195 18,508 18,583 (75) 34,133 Atlanta, GA MOB 8/10/22 11,800 11,525 12,038 (513) 43,496 Denver, CO MOB 8/11/22 14,800 13,902 13,918 (16) 34,785 Raleigh, NC MOB 8/18/22 11,375 10,670 10,547 123 31,318 Nashville, TN MOB 9/15/22 21,000 20,764 20,572 192 61,932 Austin, TX MOB 9/29/22 5,450 5,449 5,572 (123) 15,000 Jacksonville, FL 4 MOB 10/12/22 3,600 3,530 3,609 (79) 6,200 Houston, TX MOB 11/21/22 5,500 5,469 5,513 (44) 28,369 Austin, TX 7 MOB 12/28/22 888 890 889 1 2,219 Denver, CO MOB 12/28/22 16,400 16,170 16,467 (297) 39,692 $ 403,578 $ 399,189 $ 386,818 $ 12,371 863,184 1 MOB = medical outpatient building. 2 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 3 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 4 Represents a single-tenant property. 5 Includes three properties. 6 Includes two properties. 7 The Company acquired additional ownership interests in an existing building bringing the Company's ownership to 71.4%. The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2022 as of the acquisition date: ESTIMATED FAIR VALUE in millions ESTIMATED USEFUL LIFE in years Building $ 250.7 14.0 - 38.0 Tenant Improvements 20.7 1.5 - 13.4 Land 76.1 — Land Improvements 11.2 5.0 - 14.0 Intangibles At-market lease intangibles 28.1 1.5 - 13.4 Above-market lease intangibles (lessor) 15.9 1.3 - 15.6 Below-market lease intangibles (lessor) (2.2) 1.3 - 19.3 Below-market lease intangibles (lessee) 1.2 13.1 Other assets acquired 0.4 Accounts payable, accrued liabilities and other liabilities assumed (2.9) Total cash paid $ 399.2 Unconsolidated Joint Ventures The following table details the joint venture acquisitions for the year ended December 31, 2022: Dollars in thousands TYPE 1 DATE ACQUIRED PURCHASE PRICE CASH CONSIDERATION 2 REAL ESTATE OTHER 3 SQUARE FOOTAGE unaudited San Francisco, CA 4 MOB 3/7/22 $ 67,175 $ 66,789 $ 65,179 $ 1,610 110,865 Los Angeles, CA 5 MOB 3/7/22 33,800 32,384 32,390 (6) 103,259 $ 100,975 $ 99,173 $ 97,569 $ 1,604 214,124 1 MOB = medical outpatient building. 2 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 3 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 4 Includes three properties. 5 Includes two properties. 75


2023 Real Estate Asset Dispositions The following table details the Company's dispositions for the year ended December 31, 2023: Dollars in thousands Type1 DATE DISPOSED SALE PRICE CLOSING ADJ COMPANY- FINANCED NOTES NET PROCEEDS NET REAL ESTATE OTHER (INCLUDING RECEIVABLES) 2 GAIN/ (IMPAIR- MENT) SQUARE FOOTAGE Tampa/Miami, FL3 MOB 1/12/23 $ 93,250 $ (5,875) $ — $ 87,375 $ 87,302 $ (888) $ 961 224,037 Dallas, TX 4 MOB 1/30/23 19,210 (141) — 19,069 18,986 43 40 36,691 St. Louis, MO MOB 2/10/23 350 (18) — 332 398 — (66) 6,500 Los Angeles, CA MOB 3/23/23 21,000 (526) — 20,474 20,610 52 (188) 37,165 Los Angeles, CA 5 MOB 3/30/23 75,000 (8,079) (45,000) 21,921 88,624 (803) (20,900) 147,078 Los Angeles, CA 6 LAND 5/12/23 3,300 (334) — 2,966 3,268 — (302) — Albany, NY MOB 6/30/23 10,000 (1,229) — 8,771 2,613 (1,040) 7,198 40,870 Houston, TX MOB 8/2/23 8,320 (285) — 8,035 4,567 194 3,274 57,170 Atlanta, GA MOB 8/22/23 25,140 (66) — 25,074 23,226 (536) 2,386 55,195 Dallas, TX INPATIENT 9/15/23 115,000 (1,504) — 113,496 64,183 6,094 43,219 161,264 Houston, TX MOB 9/18/23 250 (24) — 226 1,998 — (1,772) 52,040 Chicago, IL MOB 9/27/23 59,950 (870) — 59,080 74,710 (380) (15,250) 104,912 Evansville, IN 7 MOB 11/13/23 18,500 (63) — 18,437 17,807 (149) 779 260,520 Houston, TX HOSPITAL 12/1/23 4,100 (6) — 4,094 3,486 — 608 83,223 Charleston, SC 8 OFFICE 12/15/23 6,200 (401) — 5,799 3,415 — 2,384 15,014 Dallas, TX MOB 12/20/23 43,295 (764) — 42,531 33,882 (3,782) 12,431 77,827 Los Angeles, CA OFFICE 12/21/23 19,000 (1,311) — 17,689 17,787 — (98) 104,377 Tucson, AZ 9,10 MOB 12/22/23 43,230 (3,770) (6,000) 33,460 39,786 (26) (300) 215,471 Miami, FL MOB 12/22/23 18,250 (756) — 17,494 17,354 643 (503) 48,000 Sebring, FL MOB 12/27/23 9,500 (81) — 9,419 10,438 (512) (507) 38,949 Boston, MA MOB 12/28/23 117,197 (2,079) — 115,118 107,803 9,828 (2,513) 161,254 Jacksonville/ Orlando/Miami, FL 11 SNF 12/29/23 77,000 (8,678) (7,700) 60,622 65,839 (294) 2,777 354,500 Total dispositions $ 787,042 $ (36,860) $ (58,700) $ 691,482 $ 708,082 $ 8,444 $ 33,658 2,282,057 1. MOB = medical outpatient building; SNF = skilled nursing facility. 2. Includes straight-line rent receivables, leasing commissions and lease inducements. 3. Includes two properties sold in two separate transactions to the same buyer on the same date. 4. The Company sold this property to a joint venture in which it retained a 40% interest. Sales price and square footage reflect the total sales price paid by the joint venture and total square footage of the property. 5. The Company entered into a mortgage loan agreement with the buyer for $45.0 million. 6. The Company sold a land parcel totaling 0.34 acres. 7. Includes five properties sold in three separate transactions to the same buyer on the same date. 8. The Company sold a corporate office in Charleston, SC that was 100% occupied by the Company. 9. Includes 12 properties sold in one transaction to the same buyer. 10. The Company entered into a mezzanine loan with the buyer for $6.0 million. 11. Includes three properties sold in one transaction to the same buyer. The Company entered into a separate note receivable for $7.7 million related to this sale. 76


2022 Real Estate Asset Dispositions The following table details the Company's dispositions for the year ended December 31, 2022: Dollars in thousands TYPE 1 DATE DISPOSED SALES PRICE CLOSING ADJUSTMENTS NET PROCEEDS NET REAL ESTATE INVESTMENT OTHER including receivables 2 GAIN/ (IMPAIRMENT) SQUARE FOOTAGE unaudited Loveland, CO 3, 4 MOB 2/24/22 $ 84,950 $ (45) $ 84,905 $ 40,095 $ 4 $ 44,806 150,291 San Antonio, TX 3 MOB 4/15/22 25,500 (2,272) 23,228 14,381 284 8,563 201,523 GA, FL, PA 5, 11 MOB 7/29/22 133,100 (8,109) 124,991 124,991 — — 316,739 GA, FL, TX 7, 11 MOB 8/4/22 160,917 (5,893) 155,024 151,819 3,205 — 343,545 Los Angeles, CA 5, 9, 11 MOB 8/5/22 134,845 (3,102) 131,743 131,332 411 — 283,780 Dallas, TX 7, 10, 11 MOB 8/30/22 114,290 (682) 113,608 113,608 — — 189,385 Indianapolis, IN 6, 12 MOB 8/31/22 238,845 (5,846) 232,999 84,767 4,324 143,908 506,406 Dallas, TX 3 MOB 10/4/22 104,025 (5,883) 98,142 38,872 6,436 52,834 291,328 Houston, TX MOB 10/21/22 32,000 (280) 31,720 10,762 744 20,214 134,910 College Station, TX MOB 11/10/22 49,177 (3,755) 45,422 44,918 475 28 122,942 El Paso, TX MOB 12/22/22 55,326 (4,002) 51,324 56,427 (1,897) (3,205) 110,465 Atlanta, GA 8 MOB 12/22/22 91,243 (4,326) 86,917 109,051 235 (22,369) 348,416 St. Louis, MO MOB 12/28/22 18,000 (1,471) 16,529 18,340 4 (1,815) 69,394 $ 1,242,218 $ (45,666) $ 1,196,552 $ 939,363 $ 14,225 $ 242,964 3,069,124 1 MOB = medical outpatient building 2 Includes straight-line rent receivables, leasing commissions and lease inducements. 3 Includes two properties. 4 The Company deferred the tax gain through a 1031 exchange and reinvested the proceeds. 5 Includes four properties. 6 Includes five properties. 7 Includes six properties. 8 Includes nine properties. 9 Values and square feet are represented at 100%. The Company retained a 20% ownership interest in the joint venture with an unrelated third party that purchased these properties. 10 Values and square feet are represented at 100%. The Company retained a 40% ownership interest in the joint venture with an unrelated third party that purchased these properties. 11 These properties were acquired as part of the Merger and were included as assets held for sale in the purchase price allocation. 12 Two of the five properties included in this portfolio were acquired in the Merger and were included as assets held for sale in the purchase price allocation. 6. Held for Sale The Company had one property classified as assets held for sale as of December 31, 2023. The net real estate assets held for sale includes the impact of $5.9 million of impairment charges for the year ended December 31, 2023. The Company had one property classified as assets held for sale as of December 31, 2022, which was sold in the first quarter of 2023. 77


The table below reflects the assets and liabilities classified as held for sale as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Balance Sheet data Land $ 1,850 $ 1,700 Buildings and improvements 6,779 15,164 Lease intangibles 1,017 1,986 9,646 18,850 Accumulated depreciation (913) — Real estate assets held for sale, net 8,733 18,850 Other assets, net 101 43 Assets held for sale, net $ 8,834 $ 18,893 Accounts payable and accrued liabilities $ 23 $ 282 Other liabilities 272 155 Liabilities of properties held for sale $ 295 $ 437 7. Impairment Charges An asset is impaired when undiscounted cash flows expected to be generated by the asset are less than the carrying value of the asset. The Company must assess the potential for impairment of its long-lived assets, including real estate properties, whenever events occur or there is a change in circumstances, such as the sale of a property or the decision to sell a property, which indicate that the recorded value might not be fully recoverable. The Company recorded impairment charges on 31 properties sold and six additional properties associated with planned disposition activity for the year ended December 31, 2023, totaling $149.7 million. The Company recorded impairment charges on 12 properties sold and three additional properties associated with planned disposition activity for the year ended December 31, 2022, totaling $54.4 million. Both level 1 and level 3 fair value techniques were used to derive these impairment charges. As of December 31, 2023, six properties totaling $53.6 million were measured at fair value using level 3 fair value hierarchy. The level 3 fair value techniques included nonbinding letters of intent and unexecuted purchase and sale agreements, less estimated closing costs. 8. Other Assets Other assets consist primarily of intangible assets, prepaid assets, real estate notes receivable, straight-line rent receivables, accounts receivable, additional long-lived assets and interest rate swaps. Items included in "Other assets, net" on the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022 are detailed in the table below: Dollars in thousands December 31, 2023 December 31, 2022 Real estate notes receivable, net $ 173,614 $ 99,643 Straight-line rent receivables 116,866 88,868 Prepaid assets 116,455 81,900 Above-market intangible assets, net 66,695 80,720 Accounts receivable, net 1 63,203 54,667 Additional long-lived assets, net 20,717 21,446 Interest rate swap assets 4,634 14,512 Investment in securities 2 6,011 6,011 Debt issuance costs, net 3,867 5,977 Project costs 6,187 4,337 Net investment in lease 2,112 1,828 Customer relationship intangible assets, net 1,066 1,120 Other 10,941 8,961 $ 592,368 $ 469,990 78


The table below reflects the assets and liabilities classified as held for sale as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Balance Sheet data Land $ 1,850 $ 1,700 Buildings and improvements 6,779 15,164 Lease intangibles 1,017 1,986 9,646 18,850 Accumulated depreciation (913) — Real estate assets held for sale, net 8,733 18,850 Other assets, net 101 43 Assets held for sale, net $ 8,834 $ 18,893 Accounts payable and accrued liabilities $ 23 $ 282 Other liabilities 272 155 Liabilities of properties held for sale $ 295 $ 437 7. Impairment Charges An asset is impaired when undiscounted cash flows expected to be generated by the asset are less than the carrying value of the asset. The Company must assess the potential for impairment of its long-lived assets, including real estate properties, whenever events occur or there is a change in circumstances, such as the sale of a property or the decision to sell a property, which indicate that the recorded value might not be fully recoverable. The Company recorded impairment charges on 31 properties sold and six additional properties associated with planned disposition activity for the year ended December 31, 2023, totaling $149.7 million. The Company recorded impairment charges on 12 properties sold and three additional properties associated with planned disposition activity for the year ended December 31, 2022, totaling $54.4 million. Both level 1 and level 3 fair value techniques were used to derive these impairment charges. As of December 31, 2023, six properties totaling $53.6 million were measured at fair value using level 3 fair value hierarchy. The level 3 fair value techniques included nonbinding letters of intent and unexecuted purchase and sale agreements, less estimated closing costs. 8. Other Assets Other assets consist primarily of intangible assets, prepaid assets, real estate notes receivable, straight-line rent receivables, accounts receivable, additional long-lived assets and interest rate swaps. Items included in "Other assets, net" on the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022 are detailed in the table below: Dollars in thousands December 31, 2023 December 31, 2022 Real estate notes receivable, net $ 173,614 $ 99,643 Straight-line rent receivables 116,866 88,868 Prepaid assets 116,455 81,900 Above-market intangible assets, net 66,695 80,720 Accounts receivable, net 1 63,203 54,667 Additional long-lived assets, net 20,717 21,446 Interest rate swap assets 4,634 14,512 Investment in securities 2 6,011 6,011 Debt issuance costs, net 3,867 5,977 Project costs 6,187 4,337 Net investment in lease 2,112 1,828 Customer relationship intangible assets, net 1,066 1,120 Other 10,941 8,961 $ 592,368 $ 469,990 1 The amounts for December 31, 2023 and 2022 are net of allowance for doubtful accounts of $8.4 million and $4.0 million, respectively. The amount for December 31, 2022 includes $7,169 of other receivables, net. 2 This amount represents the value of the Company's preferred stock investment in a data analytics platform. 9. Intangible Assets and Liabilities The Company has several types of intangible assets and liabilities included in its Consolidated Balance Sheets, including goodwill, debt issuance costs, above-, below-, and at-market lease intangibles, and customer relationship intangibles. For additional details on the Company's debt issuance costs, see Note 10 to the Consolidated Financial Statements. The Company’s intangible assets and liabilities, including assets held for sale and certain debt issuance costs, as of December 31, 2023 and 2022 consisted of the following: GROSS BALANCE at December 31, ACCUMULATED AMORTIZATION at December 31, WEIGHTED AVG. REMAINING LIFE in years BALANCE SHEET CLASSIFICATIONDollars in millions 2023 2022 2023 2022 Goodwill $ 250.5 $ 223.2 $ — $ — N/A Goodwill Credit facility debt issuance costs 6.9 6.9 3.1 0.9 1.9 Other assets, net Above-market lease intangibles (lessor) 98.0 91.5 31.3 10.7 5.3 Other assets, net Customer relationship intangibles (lessor) 2.1 2.1 1.1 1.0 19.6 Other assets, net Below-market lease intangibles (lessor) (112.5) (112.5) (35.7) (14.6) 5.8 Other liabilities At-market lease intangibles 837.3 1,067.4 301.7 188.3 4.0 Real estate properties $ 1,082.3 $ 1,278.6 $ 301.5 $ 186.3 4.3 For the years ended December 31, 2023 and 2022, the Company recognized approximately $214.8 million and $133.6 million of intangible amortization, respectively. The following table represents expected amortization over the next five years of the Company’s intangible assets and liabilities in place as of December 31, 2023: Dollars in millions FUTURE AMORTIZATION OF INTANGIBLES, NET 2024 $ 206.7 2025 109.1 2026 84.3 2027 53.0 2028 31.9 79


10. Notes and Bonds Payable DECEMBER 31, MATURITY DATES CONTRACTUAL INTEREST RATES EFFECTIVE INTEREST RATES PRINCIPAL PAYMENTS INTEREST PAYMENTSDollars in thousands 2023 2022 $1.5B Unsecured Credit Facility — 385,000 10/25 SOFR + 0.95% 6.24 % At maturity Monthly $350M Unsecured Term Loan 1 349,798 349,114 7/24 SOFR + 1.05% 6.30 % At maturity Monthly $200M Unsecured Term Loan 1 199,903 199,670 5/24 SOFR + 1.05% 6.30 % At maturity Monthly $150M Unsecured Term Loan 1 149,643 149,495 6/26 SOFR + 1.05% 6.30 % At maturity Monthly $300M Unsecured Term Loan 1 299,958 299,936 10/25 SOFR + 1.05% 6.30 % At maturity Monthly $200M Unsecured Term Loan 1 199,502 199,362 7/27 SOFR + 1.05% 6.30 % At maturity Monthly $300M Unsecured Term Loan 1 298,288 297,869 1/28 SOFR + 1.05% 6.30 % At maturity Monthly Senior Notes due 2025 1 249,484 249,115 5/25 3.88 % 4.12 % At maturity Semi-annual Senior Notes due 2026 1 579,017 571,587 8/26 3.50 % 4.94 % At maturity Semi-annual Senior Notes due 2027 1 483,727 479,553 7/27 3.75 % 4.76 % At maturity Semi-annual Senior Notes due 2028 1 297,429 296,852 1/28 3.63 % 3.85 % At maturity Semi-annual Senior Notes due 2030 1 575,443 565,402 2/30 3.10 % 5.30 % At maturity Semi-annual Senior Notes due 2030 1 296,780 296,385 3/30 2.40 % 2.72 % At maturity Semi-annual Senior Notes due 2031 1 295,832 295,547 3/31 2.05 % 2.25 % At maturity Semi-annual Senior Notes due 2031 1 649,521 632,693 3/31 2.00 % 5.13 % At maturity Semi-annual Mortgage notes payable 2 70,534 84,247 1/24-12/26 3.6%-4.77% 3.57%-6.88% Monthly Monthly $ 4,994,859 $ 5,351,827 1 Balances are shown net of discounts and unamortized issuance costs. 2 Balances are shown net of discounts and unamortized issuance costs and include premiums. The Company’s various debt agreements contain certain representations, warranties, and financial and other covenants customary in such loan agreements. Among other things, these provisions require the Company to maintain certain financial ratios and impose certain limits on the Company’s ability to incur indebtedness and create liens or encumbrances. As of December 31, 2023, the Company was in compliance with its financial covenant provisions under its various debt instruments. Senior Notes The following table reconciles the Company’s aggregate Senior notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Senior notes principal balance $ 3,699,285 $ 3,699,500 Unaccreted discount (265,852) (304,919) Debt issuance costs (6,200) (7,447) Senior notes carrying amount $ 3,427,233 $ 3,387,134 Term Loans The following table reconciles the Company’s aggregate term loan principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Term loan principal balances $ 1,500,000 $ 1,500,000 Debt issuance costs (2,908) (4,554) Term Loans carrying amount $ 1,497,092 $ 1,495,446 80


10. Notes and Bonds Payable DECEMBER 31, MATURITY DATES CONTRACTUAL INTEREST RATES EFFECTIVE INTEREST RATES PRINCIPAL PAYMENTS INTEREST PAYMENTSDollars in thousands 2023 2022 $1.5B Unsecured Credit Facility — 385,000 10/25 SOFR + 0.95% 6.24 % At maturity Monthly $350M Unsecured Term Loan 1 349,798 349,114 7/24 SOFR + 1.05% 6.30 % At maturity Monthly $200M Unsecured Term Loan 1 199,903 199,670 5/24 SOFR + 1.05% 6.30 % At maturity Monthly $150M Unsecured Term Loan 1 149,643 149,495 6/26 SOFR + 1.05% 6.30 % At maturity Monthly $300M Unsecured Term Loan 1 299,958 299,936 10/25 SOFR + 1.05% 6.30 % At maturity Monthly $200M Unsecured Term Loan 1 199,502 199,362 7/27 SOFR + 1.05% 6.30 % At maturity Monthly $300M Unsecured Term Loan 1 298,288 297,869 1/28 SOFR + 1.05% 6.30 % At maturity Monthly Senior Notes due 2025 1 249,484 249,115 5/25 3.88 % 4.12 % At maturity Semi-annual Senior Notes due 2026 1 579,017 571,587 8/26 3.50 % 4.94 % At maturity Semi-annual Senior Notes due 2027 1 483,727 479,553 7/27 3.75 % 4.76 % At maturity Semi-annual Senior Notes due 2028 1 297,429 296,852 1/28 3.63 % 3.85 % At maturity Semi-annual Senior Notes due 2030 1 575,443 565,402 2/30 3.10 % 5.30 % At maturity Semi-annual Senior Notes due 2030 1 296,780 296,385 3/30 2.40 % 2.72 % At maturity Semi-annual Senior Notes due 2031 1 295,832 295,547 3/31 2.05 % 2.25 % At maturity Semi-annual Senior Notes due 2031 1 649,521 632,693 3/31 2.00 % 5.13 % At maturity Semi-annual Mortgage notes payable 2 70,534 84,247 1/24-12/26 3.6%-4.77% 3.57%-6.88% Monthly Monthly $ 4,994,859 $ 5,351,827 1 Balances are shown net of discounts and unamortized issuance costs. 2 Balances are shown net of discounts and unamortized issuance costs and include premiums. The Company’s various debt agreements contain certain representations, warranties, and financial and other covenants customary in such loan agreements. Among other things, these provisions require the Company to maintain certain financial ratios and impose certain limits on the Company’s ability to incur indebtedness and create liens or encumbrances. As of December 31, 2023, the Company was in compliance with its financial covenant provisions under its various debt instruments. Senior Notes The following table reconciles the Company’s aggregate Senior notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Senior notes principal balance $ 3,699,285 $ 3,699,500 Unaccreted discount (265,852) (304,919) Debt issuance costs (6,200) (7,447) Senior notes carrying amount $ 3,427,233 $ 3,387,134 Term Loans The following table reconciles the Company’s aggregate term loan principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Term loan principal balances $ 1,500,000 $ 1,500,000 Debt issuance costs (2,908) (4,554) Term Loans carrying amount $ 1,497,092 $ 1,495,446 Mortgage Notes Payable The following table reconciles the Company’s aggregate mortgage notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Mortgage notes payable principal balance $ 70,752 $ 84,122 Unamortized premium 285 486 Unaccreted discount (237) (38) Debt issuance costs (266) (323) Mortgage notes payable carrying amount $ 70,534 $ 84,247 Mortgage Activity On July 28, 2023, the Company assumed a mortgage note payable of $5.6 million in connection with the acquisition of a 42,770 square foot property in Colorado Springs, Colorado. The note bears interest at a rate of 4.5% per annum and matures on April 1, 2026. On August 1, 2023, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 3.31% per annum with an outstanding principal of $9.8 million. The mortgage note encumbered a 66,984 square foot property in Marietta, Georgia. On December 1, 2023, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 4.51% per annum with an outstanding principal of $6.6 million. The mortgage note encumbered a 93,992 square foot property in Lakewood, Colorado. Subsequent Changes in Debt Structure On January 6, 2024, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 4.77% per annum with an outstanding principal of $11.3 million. The mortgage note encumbered a 63,012 square foot property in California. On February 1, 2024, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 4.12% per annum with an outstanding principal of $5.6 million. The mortgage note encumbered a 40,324 square foot property in Georgia. The following table details the Company’s mortgage notes payable, with related collateral. ORIGINAL BALANCE EFFECTIVE INTEREST RATE 9 MATURITY DATE COLLATERAL 10 PRINCIPAL AND INTEREST PAYMENTS 8 INVESTMENT IN COLLATERAL at December 31, BALANCE at December 31, Dollars in millions 2023 2023 2022 Life Insurance Co. 1 12.3 3.86 % 8/23 MOB Monthly/7-yr amort. — — 10.0 Life Insurance Co. 2 9.0 4.84 % 12/23 MOB,OFC Monthly/10-yr amort. — — 6.8 Life Insurance Co. 3 13.3 4.13 % 1/24 MOB Monthly/10-yr amort. 24.4 11.3 11.7 Life Insurance Co. 4 6.8 3.96 % 2/24 MOB Monthly/7-yr amort. 12.6 5.6 5.8 Financial Services 5 9.7 4.32 % 9/24 MOB Monthly/10-yr amort. 16.9 7.2 7.5 Life Insurance Co. 6 16.5 3.43 % 12/25 MOB,OFC Monthly/7-yr amort. 49.2 15.9 16.2 Financial Services 11.5 3.71 % 1/26 MOB Monthly/10-yr amort. 41.7 7.8 8.3 Life Insurance Co. 7 6.0 6.88 % 4/26 MOB Monthly/7-yr amort. 11.6 5.2 — Life Insurance Co. 19.2 4.08 % 12/26 MOB Monthly/10-yr amort. 45.7 17.5 17.9 $ 202.1 $ 70.5 $ 84.2 1 The Company repaid this loan in August 2023. The Company's unencumbered gross investment was $26.0 million at December 31, 2023. 2 The Company repaid this loan in December 2023. The Company's unencumbered gross investment was $24.5 million at December 31, 2023. 3 The unamortized portion of the $0.8 million premium recorded on this note upon acquisition is included in the balance above. 4 The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above. 5 The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above. 6 The unamortized portion of the $0.7 million premium recorded on this note upon acquisition is included in the balance above. 81


7 The unaccreted portion of the $0.3 million discount recorded on this note upon acquisition is included in the balance above. 8 Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted). 9 The contractual interest rates for the seven outstanding mortgage notes ranged from 3.6% to 4.8% as of December 31, 2023. 10 MOB-Medical office building; OFC-Office Other Long-Term Debt Information Future maturities of the Company’s notes and bonds payable as of December 31, 2023, were as follows: Dollars in thousands PRINCIPAL MATURITIES NET ACCRETION/ AMORTIZATION 1 DEBT ISSUANCE COSTS 2 NOTES AND BONDS PAYABLE % 2024 $ 575,473 $ (41,050) $ (2,438) $ 531,985 10.7 % 2025 566,375 (43,163) (1,916) 521,296 10.4 % 2026 778,904 (41,837) (1,650) 735,417 14.7 % 2027 700,000 (36,192) (1,519) 662,289 13.3 % 2028 600,000 (35,179) (707) 564,114 11.3 % 2029 and thereafter 2,049,285 (68,382) (1,145) 1,979,758 39.6 % $ 5,270,037 $ (265,803) $ (9,375) $ 4,994,859 100.0 % 1 Includes discount accretion and premium amortization related to the Company’s Senior Notes and four mortgage notes payable. 2 Excludes approximately $3.9 million in debt issuance costs related to the Company's Unsecured Credit Facility included in other assets, net. 11. 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 derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, 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. During 2023, 2022, and 2021, 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) and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. 82


7 The unaccreted portion of the $0.3 million discount recorded on this note upon acquisition is included in the balance above. 8 Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted). 9 The contractual interest rates for the seven outstanding mortgage notes ranged from 3.6% to 4.8% as of December 31, 2023. 10 MOB-Medical office building; OFC-Office Other Long-Term Debt Information Future maturities of the Company’s notes and bonds payable as of December 31, 2023, were as follows: Dollars in thousands PRINCIPAL MATURITIES NET ACCRETION/ AMORTIZATION 1 DEBT ISSUANCE COSTS 2 NOTES AND BONDS PAYABLE % 2024 $ 575,473 $ (41,050) $ (2,438) $ 531,985 10.7 % 2025 566,375 (43,163) (1,916) 521,296 10.4 % 2026 778,904 (41,837) (1,650) 735,417 14.7 % 2027 700,000 (36,192) (1,519) 662,289 13.3 % 2028 600,000 (35,179) (707) 564,114 11.3 % 2029 and thereafter 2,049,285 (68,382) (1,145) 1,979,758 39.6 % $ 5,270,037 $ (265,803) $ (9,375) $ 4,994,859 100.0 % 1 Includes discount accretion and premium amortization related to the Company’s Senior Notes and four mortgage notes payable. 2 Excludes approximately $3.9 million in debt issuance costs related to the Company's Unsecured Credit Facility included in other assets, net. 11. 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 derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, 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. During 2023, 2022, and 2021, 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) and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. On February 16, 2023, the Company entered into a swap transaction with a notional amount of $50.0 million and a fixed rate of 4.16%. The swap agreement has an effective date of March 1, 2023 and a termination date of June 1, 2026. On March 28, 2023, the Company entered into a swap transaction with a notional amount of $100.0 million and a fixed rate of 3.67%. The swap agreement has an effective date of April 3, 2023 and a termination date of June 1, 2026. On October 19, 2023, the Company entered into two swap transactions totaling $100.0 million. The notional amounts were $50.0 million each with fixed rates of 4.71% and 4.67%. The swap agreements have effective dates of November 1, 2023 and termination dates of June 1, 2027 and December 1, 2027, respectively. On October 23, 2023, the Company entered into two swap transactions totaling $100.0 million with an aggregate fixed rate of 4.73%. The swap agreements have effective dates of November 1, 2023 and termination dates of May 31, 2026. On November 9, 2023, the Company entered into a swap transaction totaling $75.0 million with a fixed rate of 4.54%. The swap agreement has an effective date of December 1, 2023 and a termination date of May 31, 2026. As of December 31, 2023, the Company had interest rate derivatives that were designated as cash flow hedges of interest rate risk. The table below presents the notional value and weighted average rates of the Company's derivative financial instruments as of December 31, 2023 and 2022: NOTIONAL VALUE AS OF WEIGHTED AVERAGE RATE NOTIONAL VALUE AS OF WEIGHTED AVERAGE RATE EXPIRATION DECEMBER 31, 2023 EXPIRATION DECEMBER 31, 2022 January 2024 $ 200,000 1.21 % January 2023 $ 300,000 1.42 % May 2026 275,000 3.74 % January 2024 200,000 1.21 % June 2026 150,000 3.83 % May 2026 100,000 2.15 % December 2026 150,000 3.84 % December 2026 150,000 3.84 % June 2027 200,000 4.27 % June 2027 150,000 4.13 % December 2027 300,000 3.93 % December 2027 250,000 3.79 % $ 1,275,000 3.49 % $ 1,150,000 2.63 % 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 as well as their classification on the Consolidated Balance Sheets as of December 31, 2023 and 2022. AS OF DECEMBER 31, 2023 AS OF DECEMBER 31, 2022 Dollars in thousands BALANCE SHEET LOCATION FAIR VALUE BALANCE SHEET LOCATION FAIR VALUE Interest rate swaps 2019 Other Assets $ 4,214 Other Assets $ 13,603 Interest rate swaps 2022 Other Assets 909 Interest rate swaps 2022 Other Liabilities (5,067) Other Liabilities (4,269) Interest rate swaps 2023 Other Assets 411 Interest rate swaps 2023 Other Liabilities (7,357) Total derivatives designated as hedging instruments $ (7,799) $ 10,243 83


Tabular Disclosure of the Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) The table below presents the effect of cash flow hedge accounting on Accumulated other comprehensive income (loss) as of December 31, 2023 and 2022 related to the Company's outstanding interest rate swaps. AMOUNT OF GAIN/(LOSS) RECOGNIZED IN AOCI ON DERIVATIVE for the year ended December 31, AMOUNT OF (GAIN)/LOSS RECLASSIFIED FROM AOCI INTO INCOME for the year ended December 31, Dollars in thousands 2023 2022 2023 2022 Interest rate swaps 2017 $ — $ 302 Interest expense $ — $ 118 Interest rate swaps 2018 — 616 Interest expense — 361 Interest rate swaps 2019 1,995 12,964 Interest expense (6,964) 563 Interest rate swaps 2022 4,583 (3,252) Interest expense (6,289) (109) Interest rate swaps 2023 (5,115) — Interest expense (1,829) — Settled treasury hedges — — Interest expense 426 426 Settled interest rate swaps — — Interest expense 168 168 $ 1,463 $ 10,630 Total interest expense $ (14,488) $ 1,527 The Company estimates that an additional $7.3 million will be reclassified from accumulated other comprehensive loss as a net decrease to interest expense over the next 12 months. Tabular Disclosure Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of December 31, 2023. The net amounts of derivative liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative liabilities are presented on the Company's Consolidated Balance Sheets. Offsetting of Derivative Assets GROSS AMOUNTS of recognized assets GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets NET AMOUNTS OF ASSETS presented in the Consolidated Balance Sheets GROSS AMOUNTS NOT OFFSET in the Consolidated Balance Sheets FINANCIAL INSTRUMENTS CASH COLLATERAL NET AMOUNT Derivatives $ 4,625 $ — $ 4,625 $ (4,625) $ — $ — Offsetting of Derivative Liabilities GROSS AMOUNTS of recognized liabilities GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets NET AMOUNTS OF LIABILITIES presented in the Consolidated Balance Sheets GROSS AMOUNTS NOT OFFSET in the Consolidated Balance Sheets FINANCIAL INSTRUMENTS CASH COLLATERAL NET AMOUNT Derivatives $ (12,424) $ — $ (12,424) $ 4,625 $ — $ (7,799) Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. The Company has agreements with each of its derivative counterparties that contain a provision where 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 December 31, 2023, 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 $11.0 million. As of December 31, 2023, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. 84


12. Stockholders’ Equity Common Stock The Company had no preferred shares outstanding and had common shares outstanding for the three years ended December 31, 2023, 2022, and 2021 as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Balance, beginning of year 380,589,894 150,457,433 139,487,375 Issuance of common stock 8,627 229,618,304 10,899,301 Conversion of OP units to common stock 190,544 — — Non-vested share-based awards, net of withheld shares and forfeitures 175,368 514,157 70,757 Balance, end of year 380,964,433 380,589,894 150,457,433 At-The-Market Equity Offering Program The Company has in place an ATM equity offering program to sell shares of the Company’s common stock from time to time in at-the-market sales transactions. The Company has equity distribution agreements with various sales agents with respect to the ATM offering program of common stock with an aggregate sales amount of up to $750.0 million. As of December 31, 2023, $750.0 million remained available for issuance under the current ATM offering program. Dividends Declared During 2023, the Company declared and paid common stock dividends aggregating $1.24 per share ($0.31 per share per quarter). On February 13, 2024, the Company declared a quarterly common stock dividend in the amount of $0.31 per share payable on March 14, 2024, to stockholders of record on February 26, 2024. Authorization to Repurchase Common Stock On May 31, 2023, the Company’s Board of Directors authorized the repurchase of up to $500.0 million of outstanding shares of the Company’s common stock either in the open market or through privately negotiated transactions, subject to market conditions, regulatory constraints, and other customary conditions. The Company is not obligated under this authorization to repurchase any specific number of shares. This authorization supersedes all previous stock repurchase authorizations. As of the date of these Consolidated Financial Statements, the Company has not repurchased any shares of its common stock under this authorization. Accumulated Other Comprehensive (Loss) Income The following table represents the changes in accumulated other comprehensive income (loss) during the years ended December 31, 2023 and 2022: INTEREST RATE SWAPS as of December 31, Dollars in thousands 2023 2022 Beginning balance $ 2,140 $ (9,981) Other comprehensive income (loss) before reclassifications 1,434 1,531 Amounts reclassified from accumulated other comprehensive (loss) income (14,315) 10,590 Net current-period other comprehensive (loss) income (12,881) 12,121 Ending balance $ (10,741) $ 2,140 The following table represents the details regarding the reclassifications from accumulated other comprehensive income (loss) during the year ended December 31, 2023 (dollars in thousands): 85


DETAILS ABOUT ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) COMPONENTS AMOUNT RECLASSIFIED from accumulated other comprehensive income (loss) AFFECTED LINE ITEM in the statement where net income is presented Amounts reclassified from accumulated other comprehensive income (loss) related to settled interest rate swaps $ 594 Interest Expense Amounts reclassified from accumulated other comprehensive income (loss) related to current interest rate swaps (15,082) Interest Expense $ (14,488) 13. Stock and Other Incentive Plans Stock Incentive Plan The Company's 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. The Incentive Plan replaced the Legacy HR Incentive Plan as of the merger date. Unvested awards under the Legacy HR Incentive Plan were assumed according to their existing terms by the Company in connection with the Merger. As of the Merger date, 9,647,839 share-based awards were available for grant under the Incentive Plan. As of December 31, 2023 and 2022, the Company had share-based awards available for grant under the Incentive Plan of 8,102,861 and 9,432,388 shares, respectively. Non-vested shares issued to employees under the Incentive Plan are generally subject to fixed vesting periods varying from three to eight years beginning on the date of issue. If a recipient voluntarily terminates his or her relationship with the Company or is terminated for cause before the end of the vesting period, the shares are forfeited, at no cost to the Company. Once the shares have been issued, the recipient has the right to receive dividends and the right to vote the shares through the vesting period. Compensation expense, included in general and administrative expense, recognized during the years ended December 31, 2023, 2022 and 2021 from the amortization of the value of shares over the vesting period issued to employees and directors was $14.6 million, $13.9 million and $10.4 million, respectively. The following table represents expected amortization of the Company's non-vested shares issued as of December 31, 2023: Dollars in millions FUTURE AMORTIZATION of non-vested shares 2024 $ 12.2 2025 9.7 2026 6.9 2027 2.1 2028 and thereafter 0.5 Total $ 31.4 Executive Incentive Plan The Compensation Committee has adopted an executive incentive plan pursuant to the Incentive Plan (the "Executive Incentive Plan") to provide specific award criteria with respect to incentive awards made under the Incentive Plan subject to the discretion of the Compensation Committee. Under the terms of the Executive Incentive Plan, the Company's named executive officers and certain other members of senior management may earn incentive awards in the form of cash, non-vested stock, restricted stock units ("RSUs"), and units in the OP ("OP Units"). For 2023, 2022 and 2021, compensation expense, included in general and administrative expense, resulting from the amortization of the Executive Incentive Plan non-vested share, RSU, and OP Unit grants to officers was approximately $9.0 million, $9.8 million, and $6.6 million, respectively. Details of equity awards that have been issued under this plan are as follows: • On January 4, 2023, the Company granted non-vested stock awards to its named executive officers, senior vice presidents, and first vice presidents with a grant date fair value of $4.1 million, which consisted of an aggregate of 205,264 shares with a ratable five-year vesting period, which will result in an annual compensation expense of $0.8 million for 2024, 2025, 2026 and 2027. • On January 4, 2023, the Company granted 165,174 RSUs to certain of its non-executive senior officers. These award are subject to a three-year performance period and if the performance criteria is met, the awards are then 86


subject to two additional years with ratable vesting of 50% in year four and 50% in year five. The expense will be recognized on the straight-line basis over the five-year vesting period. ◦ Approximately 43% of the RSU awards are subject to two market performance conditions: relative and absolute total shareholder return ("TSR"). These components were valued using independent specialists utilizing a Monte Carlo simulation to calculate the weighted average grant date fair values of $24.23 for the absolute TSR component and $27.84 for the relative TSR component for the January 2023 grant using the following assumptions: Volatility 34.0 % Dividend Assumption Accrued Expected term in years 3 years Risk-free rate 4.42 % Stock price (per share) $20.21 ◦ The remaining 57% of the RSU awards are subject to certain operating performance conditions. With respect to the operating performance conditions of these awards, the grant date fair value was $20.21 based on the Company's share price on the date of grant. The Company records amortization expense based on the probability of achieving certain operating performance conditions, which is evaluated throughout the performance period. ◦ The combined weighted average grant date fair value of the January 2023 RSUs was $22.55 per share. LTIP Series C Units In January 2023, the Company modified its incentive compensation structure to award LTIP Series C units ("LTIP-C units) in the OP to named executive officers in lieu of RSUs. The LTIP-C units were granted with three-year forward- looking performance targets, with a grant date fair value of $7.1 million, which consisted of an aggregate 627,547 LTIP-C units with a five-year vesting period. LTIP-C units are granted notionally at the maximum value of the award. • Approximately 43% of the LTIP-C units vest based on two market performance conditions. Relative and absolute TSR awards containing these market performance conditions were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair values of $12.24 for the absolute TSR component and $13.98 for the relative TSR component for the January 2023 grant using the following assumption: Volatility 34.0 % Dividend assumption Accrued Expected term 3 years Risk-free rate 4.42 % Stock price (per share) $20.21 • The remaining 57% of the LTIP-C units vest based upon certain operating performance conditions. With respect to the operating performance conditions of the January 4, 2023 grant, the grant date fair value was $20.21 based on the Company's share price on the date of grant. The Company records amortization expense based on the probability of achieving certain operating performance conditions, which is evaluated throughout the performance period. • The combined weighted average grant date fair value of the January LTIP-C units was $15.85 per share. For 2023, compensation expense resulting from the amortization of LTIP-C units awarded to officers was approximately $1.2 million. Officer Incentive Program In the first quarter of 2023 the Company granted a performance-based award to certain non-executive officers totaling approximately $0.7 million, which was granted in the form of 33,438 non-vested shares. The shares have vesting periods ranging from three to eight years with a weighted average vesting period of approximately five years. 87


For 2023, 2022 and 2021, compensation expense resulting from the amortization of these non-vested share grants awarded to officers was approximately $0.6 million, $0.9 million, and $1.0 million, respectively. Salary Deferral Plan The Company's salary deferral plan allows certain of its officers to elect to defer up to 50% of their base salary in the form of non-vested shares subject to long-term vesting. The number of shares will be increased through a Company match depending on the length of the vesting period selected by the officer. The officer's vesting period choices are: three years for a 30% match; five years for a 50% match; and eight years for a 100% match. During 2023, 2022 and 2021, the Company issued 31,792 shares, 17,381 shares and 21,396 shares, respectively, to its officers through the salary deferral plan. For 2023, 2022 and 2021, compensation expense resulting from the amortization of non-vested share grants to officers was approximately $0.9 million for each year, respectively. Non-employee Directors Incentive Plan The Company grants non-vested share-based awards to its non-employee directors under the Incentive Plan. The directors’ awards typically have a one-year vesting period and are subject to forfeiture prior to such date upon termination of the director’s service, at no cost to the Company. For each of the years 2023, 2022 and 2021, compensation expense resulting from the amortization of non-vested share-based grants to directors was approximately $2.1 million, $1.5 million, and $1.2 million, respectively. • On June 5, 2023, the Company granted a non-vested stock award to six of its directors, with a grant date fair value of $0.7 million, which consisted of an aggregate of 42,768 non-vested shares, with a one-year vesting period. • On June 5, 2023, the Company also granted LTIP-D units in the OP to six of its directors, with a grant fair value of $1.1 million, which consisted of an aggregate of 57,868 non-vested units, with a one-year vesting period. The following table represents the summary of non-vested share-based awards (including restricted stock, RSUs, LTIP-C units and LTIP-D units) under the Incentive Plans and related information for the three years ended December 31, 2023: YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2023 2022 2021 Share-based awards, beginning of year 2,090,060 1,562,028 1,766,061 Granted 1 1,164,359 952,407 203,701 Vested (403,266) (418,949) (404,777) Change in awards based on performance assessment 2 (205,668) — — Forfeited (29,923) (5,426) (2,957) Share-based awards, end of year 2,615,562 2,090,060 1,562,028 Weighted-average grant date fair value of Share-based awards, beginning of year $ 30.35 $ 31.10 $ 30.51 Share-based awards granted during the year $ 18.70 $ 29.64 $ 30.86 Share-based awards vested during the year $ 28.38 $ 31.52 $ 28.38 Share-based awards change in performance assessment during the year $ 29.05 $ — $ — Stock-based awards forfeited during the year $ 31.16 $ 31.48 $ 33.04 Share-based awards, end of year $ 25.56 $ 30.35 $ 31.10 Grant date fair value of shares granted during the year $ 22,171 $ 28,225 $ 6,286 1 LTIP-C units are issued at the maximum possible value of the award and are reflected as such in this table until the performance period has been satisfied and the exact number of awards are determinable. 2 The Company's RSUs that are based on operating performance metrics are evaluated on the probability of those performance metrics being achieved. During 2023, the Company determined that the operating performance goals related to the RSUs issued in 2022 are not probable of being achieved and reversed all of the outstanding amortization expense for that grant. In addition, the Company lowered the probability of achieving the operating performance goals related to the RSUs issued in 2023. 88


For 2023, 2022 and 2021, compensation expense resulting from the amortization of these non-vested share grants awarded to officers was approximately $0.6 million, $0.9 million, and $1.0 million, respectively. Salary Deferral Plan The Company's salary deferral plan allows certain of its officers to elect to defer up to 50% of their base salary in the form of non-vested shares subject to long-term vesting. The number of shares will be increased through a Company match depending on the length of the vesting period selected by the officer. The officer's vesting period choices are: three years for a 30% match; five years for a 50% match; and eight years for a 100% match. During 2023, 2022 and 2021, the Company issued 31,792 shares, 17,381 shares and 21,396 shares, respectively, to its officers through the salary deferral plan. For 2023, 2022 and 2021, compensation expense resulting from the amortization of non-vested share grants to officers was approximately $0.9 million for each year, respectively. Non-employee Directors Incentive Plan The Company grants non-vested share-based awards to its non-employee directors under the Incentive Plan. The directors’ awards typically have a one-year vesting period and are subject to forfeiture prior to such date upon termination of the director’s service, at no cost to the Company. For each of the years 2023, 2022 and 2021, compensation expense resulting from the amortization of non-vested share-based grants to directors was approximately $2.1 million, $1.5 million, and $1.2 million, respectively. • On June 5, 2023, the Company granted a non-vested stock award to six of its directors, with a grant date fair value of $0.7 million, which consisted of an aggregate of 42,768 non-vested shares, with a one-year vesting period. • On June 5, 2023, the Company also granted LTIP-D units in the OP to six of its directors, with a grant fair value of $1.1 million, which consisted of an aggregate of 57,868 non-vested units, with a one-year vesting period. The following table represents the summary of non-vested share-based awards (including restricted stock, RSUs, LTIP-C units and LTIP-D units) under the Incentive Plans and related information for the three years ended December 31, 2023: YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2023 2022 2021 Share-based awards, beginning of year 2,090,060 1,562,028 1,766,061 Granted 1 1,164,359 952,407 203,701 Vested (403,266) (418,949) (404,777) Change in awards based on performance assessment 2 (205,668) — — Forfeited (29,923) (5,426) (2,957) Share-based awards, end of year 2,615,562 2,090,060 1,562,028 Weighted-average grant date fair value of Share-based awards, beginning of year $ 30.35 $ 31.10 $ 30.51 Share-based awards granted during the year $ 18.70 $ 29.64 $ 30.86 Share-based awards vested during the year $ 28.38 $ 31.52 $ 28.38 Share-based awards change in performance assessment during the year $ 29.05 $ — $ — Stock-based awards forfeited during the year $ 31.16 $ 31.48 $ 33.04 Share-based awards, end of year $ 25.56 $ 30.35 $ 31.10 Grant date fair value of shares granted during the year $ 22,171 $ 28,225 $ 6,286 1 LTIP-C units are issued at the maximum possible value of the award and are reflected as such in this table until the performance period has been satisfied and the exact number of awards are determinable. 2 The Company's RSUs that are based on operating performance metrics are evaluated on the probability of those performance metrics being achieved. During 2023, the Company determined that the operating performance goals related to the RSUs issued in 2022 are not probable of being achieved and reversed all of the outstanding amortization expense for that grant. In addition, the Company lowered the probability of achieving the operating performance goals related to the RSUs issued in 2023. The vesting periods for the non-vested shares granted during 2023 ranged from one to eight years with a weighted- average amortization period remaining as of December 31, 2023 of approximately 4.8 years. During 2023, 2022 and 2021, the Company withheld 126,085 shares, 137,892 shares and 129,987 shares, respectively, of common stock from its officers to pay estimated withholding taxes related to the vesting of shares. 401(k) Plan The Company maintains a 401(k) plan that allows eligible employees to defer salary, subject to certain limitations imposed by the Internal Revenue Code. The Company provides a matching contribution up to $2,800 per employee, subject to certain limitations. The Company’s matching contributions were approximately $1.5 million for the year ended December 31, 2023, $1.2 million for 2022 and $0.7 million for 2021. Employee Stock Purchase Plan The outstanding options relate only to the Legacy HR Employee Stock Purchase Plan, which was terminated in November 2022. No new options will be issued under the Legacy HR Employee Stock Purchase Plan and existing options will expire in March 2024. During the years ended December 31, 2022 and 2021, the Company recognized in general and administrative expenses approximately $0.4 million, and $0.4 million, respectively, of compensation expense related to the annual grant of options to its employees to purchase shares under the Legacy HR Employee Stock Purchase Plan. Cash received from employees upon exercising options under the Legacy HR Employee Stock Purchase Plan was approximately $0.2 million for the year ended December 31, 2023, $0.4 million for the year ended December 31, 2022, and $0.8 million for the year ended December 31, 2021. A summary of the Legacy HR Employee Stock Purchase Plan activity and related information for the three years ended December 31, 2023 is as follows: YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2023 2022 2021 Options outstanding, beginning of year 340,976 348,514 341,647 Granted — 255,960 253,200 Exercised (8,627) (20,246) (30,281) Forfeited (43,737) (102,619) (71,630) Expired (132,999) (140,633) (144,422) Options outstanding and exercisable, end of year 155,613 340,976 348,514 Weighted-average exercise price of Options outstanding, beginning of year $ 16.38 $ 25.38 $ 24.70 Options granted during the year $ — $ 26.89 $ 25.16 Options exercised during the year $ 15.07 $ 20.97 $ 25.03 Options forfeited during the year $ 15.50 $ 21.88 $ 25.45 Options expired during the year $ 16.43 $ 23.36 $ 24.17 Options outstanding, end of year $ 12.98 $ 16.38 $ 25.38 Weighted-average fair value of options granted during the year (calculated as of the grant date) $ — $ 9.91 $ 9.05 Intrinsic value of options exercised during the year $ 23 $ 75 $ 165 Intrinsic value of options outstanding and exercisable (calculated as of December 31) $ 401 $ 985 $ 1,997 Exercise prices of options outstanding (calculated as of December 31) $ 14.65 $ 16.38 $ 25.91 Weighted-average contractual life of outstanding options (calculated as of December 31, in years) 0.3 0.8 0.8 The fair values for these options were estimated at the date of grant using a Black-Scholes options pricing model with the weighted-average assumptions for the options granted during the period noted in the following table. The risk- 89


free interest rate was based on the U.S. Treasury constant maturity-nominal two-year rate whose maturity is nearest to the date of the expiration of the latest option outstanding and exercisable; the expected dividend yield was based on the expected dividends of the current year as a percentage of the average stock price of the prior year; the expected life of each option was estimated using the historical exercise behavior of employees; expected volatility was based on historical volatility of the Company’s common stock; and expected forfeitures were based on historical forfeiture rates within the look-back period. 2023 2022 2021 Risk-free interest rates — % 0.73 % 0.13 % Expected dividend yields — % 3.97 % 4.11 % Expected life (in years) 0 1.44 1.43 Expected volatility — % 49.0 % 48.2 % Expected forfeiture rates — % 85 % 85 % 14. Earnings Per Share The Company uses the two-class method of computing net earnings per common shares. The Company's non-vested share-based awards are considered participating securities pursuant to the two-class method. The Company used the treasury method to determine the dilution from the forward equity agreements during the period of time prior to settlement. The number of weighted-average shares outstanding used in the computation of earnings per common share for the year ended December 31, 2021 included the effect from the assumed issuance of 0.7 million shares of common stock pursuant to the settlement of the forward equity agreements at the contractual price, less the assumed repurchase of the common stock at the average market price using the proceeds of approximately $23.1 million, adjusted for costs to borrow. For the year ended December 31, 2021, 1,682 weighted- average incremental shares of common stock were excluded from the computation of weighted-average common shares outstanding - diluted, as the impact was anti-dilutive. As of and for the year ended December 31, 2022, these forward equity agreements settled and consequently, the Company did not have any remaining shares subject to unsettled forward sale agreements. 90


free interest rate was based on the U.S. Treasury constant maturity-nominal two-year rate whose maturity is nearest to the date of the expiration of the latest option outstanding and exercisable; the expected dividend yield was based on the expected dividends of the current year as a percentage of the average stock price of the prior year; the expected life of each option was estimated using the historical exercise behavior of employees; expected volatility was based on historical volatility of the Company’s common stock; and expected forfeitures were based on historical forfeiture rates within the look-back period. 2023 2022 2021 Risk-free interest rates — % 0.73 % 0.13 % Expected dividend yields — % 3.97 % 4.11 % Expected life (in years) 0 1.44 1.43 Expected volatility — % 49.0 % 48.2 % Expected forfeiture rates — % 85 % 85 % 14. Earnings Per Share The Company uses the two-class method of computing net earnings per common shares. The Company's non-vested share-based awards are considered participating securities pursuant to the two-class method. The Company used the treasury method to determine the dilution from the forward equity agreements during the period of time prior to settlement. The number of weighted-average shares outstanding used in the computation of earnings per common share for the year ended December 31, 2021 included the effect from the assumed issuance of 0.7 million shares of common stock pursuant to the settlement of the forward equity agreements at the contractual price, less the assumed repurchase of the common stock at the average market price using the proceeds of approximately $23.1 million, adjusted for costs to borrow. For the year ended December 31, 2021, 1,682 weighted- average incremental shares of common stock were excluded from the computation of weighted-average common shares outstanding - diluted, as the impact was anti-dilutive. As of and for the year ended December 31, 2022, these forward equity agreements settled and consequently, the Company did not have any remaining shares subject to unsettled forward sale agreements. The table below sets forth the computation of basic and diluted earnings per common share for the three years ended December 31, 2023. YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2023 2022 2021 Weighted average common shares outstanding Weighted average common shares outstanding 380,850,967 254,296,810 144,411,835 Non-vested shares (1,923,096) (1,940,607) (1,774,669) Weighted average common shares outstanding - basic 378,927,871 252,356,203 142,637,166 Weighted average common shares outstanding - basic 378,927,871 252,356,203 142,637,166 Dilutive effect of forward equity shares — — — Dilutive effect of OP Units — 1,451,599 — Dilutive effect of employee stock purchase plan — 65,519 73,062 Weighted average common shares outstanding - diluted 378,927,871 253,873,321 142,710,228 Net (loss) income $ (282,083) $ 40,693 $ 66,659 Net loss attributable to non-controlling interest 3,822 204 — Net (loss) income attributable to common stockholders $ (278,261) $ 40,897 $ 66,659 Income allocated to participating securities (2,504) (2,437) (2,154) Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units (851) — — Net (loss) income applicable to common stockholders - basic $ (281,616) $ 38,460 $ 64,505 Net income attributable to OP Units — 81 — Net income applicable to common stockholders - diluted $ (281,616) $ 38,541 $ 64,505 Basic earnings per common share - net income $ (0.74) $ 0.15 $ 0.45 Diluted earnings per common share - net income $ (0.74) $ 0.15 $ 0.45 The effect of OP units convertible into shares totaling 4,023,679 shares and options to purchase 31,997 shares under the Company's Employee Stock Purchase Plan for the year ended December 31, 2023 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 the year. 15. Commitments and Contingencies Re/development Activity During the year ended December 31, 2023, the Company invested $69.1 million and $20.5 million toward active development and redevelopment of properties, respectively, and $22.6 million toward recently completed development and redevelopment projects. Tenant Improvements The Company may provide a tenant improvement allowance in new or renewal leases for the purpose of refurbishing or renovating tenant space. As of December 31, 2023, the Company had commitments of approximately $222.4 million that are expected to be spent on tenant improvements throughout the portfolio, excluding development properties currently under construction. Land Held for Development Land held for development includes parcels of land owned by the Company, upon which the Company intends to develop and own outpatient healthcare facilities. The Company's land held for development included 17 parcels as of December 31, 2023 and 20 parcels as of December 31, 2022. The Company’s investments in land held for development totaled approximately $59.9 million as of December 31, 2023 and $74.3 million as of December 31, 2022. 91


The current land held for development is located adjacent to certain of the Company's existing medical office buildings in Colorado, Connecticut, Florida, Georgia, Massachusetts, New York, Tennessee, Texas, and Washington. Security Deposits and Letters of Credit As of December 31, 2023, the Company held approximately $38.5 million in letters of credit and security deposits for the benefit of the Company in the event the obligated tenant fails to perform under the terms of its respective lease. Generally, the Company may, at its discretion and upon notification to the tenant, draw upon these instruments if there are any defaults under the leases. 16. Other Data Taxable Income (unaudited) The Company has elected to be taxed as a REIT, as defined under the Internal Revenue Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its taxable income to its stockholders. As a REIT, the Company generally will not be subject to federal income tax on taxable income it distributes currently to its stockholders. Accordingly, no provision for federal income taxes has been made in the accompanying Consolidated Financial Statements. If the Company fails to qualify as a REIT for any taxable year, then it will be subject to federal income taxes at regular corporate rates, including any applicable alternative minimum tax, and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies as a REIT, it may be subject to certain state and local taxes on its income and property and to federal income and excise tax on its undistributed taxable income. Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of different depreciation recovery periods, depreciation methods, and other items. While Legacy HR was considered the accounting acquirer in the Merger for GAAP purposes, Legacy HR’s separate tax existence ceased with the Merger and Legacy HTA continues as the tax successor. On a tax basis, the Company’s gross real estate assets totaled approximately $12.6 billion and $13.0 billion as of December 31, 2023 and 2022, respectively. As of December 31, 2021, gross real estate assets on a tax basis were $5.0 billion for Legacy HR and $8.2 billion for Legacy HTA, respectively. Characterization of Distributions (unaudited) Distributions in excess of earnings and profits generally constitute a return of capital. The following table gives the characterization of the distributions of the Company’s common stock for the three years ended December 31, 2023. 92


The current land held for development is located adjacent to certain of the Company's existing medical office buildings in Colorado, Connecticut, Florida, Georgia, Massachusetts, New York, Tennessee, Texas, and Washington. Security Deposits and Letters of Credit As of December 31, 2023, the Company held approximately $38.5 million in letters of credit and security deposits for the benefit of the Company in the event the obligated tenant fails to perform under the terms of its respective lease. Generally, the Company may, at its discretion and upon notification to the tenant, draw upon these instruments if there are any defaults under the leases. 16. Other Data Taxable Income (unaudited) The Company has elected to be taxed as a REIT, as defined under the Internal Revenue Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its taxable income to its stockholders. As a REIT, the Company generally will not be subject to federal income tax on taxable income it distributes currently to its stockholders. Accordingly, no provision for federal income taxes has been made in the accompanying Consolidated Financial Statements. If the Company fails to qualify as a REIT for any taxable year, then it will be subject to federal income taxes at regular corporate rates, including any applicable alternative minimum tax, and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies as a REIT, it may be subject to certain state and local taxes on its income and property and to federal income and excise tax on its undistributed taxable income. Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of different depreciation recovery periods, depreciation methods, and other items. While Legacy HR was considered the accounting acquirer in the Merger for GAAP purposes, Legacy HR’s separate tax existence ceased with the Merger and Legacy HTA continues as the tax successor. On a tax basis, the Company’s gross real estate assets totaled approximately $12.6 billion and $13.0 billion as of December 31, 2023 and 2022, respectively. As of December 31, 2021, gross real estate assets on a tax basis were $5.0 billion for Legacy HR and $8.2 billion for Legacy HTA, respectively. Characterization of Distributions (unaudited) Distributions in excess of earnings and profits generally constitute a return of capital. The following table gives the characterization of the distributions of the Company’s common stock for the three years ended December 31, 2023. For the three years ended December 31, 2023, there were no preferred shares outstanding. As such, no dividends were distributed related to preferred shares for those periods. YEAR ENDED DECEMBER 31, 2023 2022 2021 PER SHARE PER SHARE PER SHARE Tax Treatment of Dividends Pre-Merger Healthcare Trust of America Ordinary income 1 $ — $ 0.5862 $ 0.7920 Return of capital — 4.0162 0.4930 Capital gain — 1.2216 — Common stock distributions $ — $ 5.8240 $ 1.2850 Tax Treatment of Dividends Pre-Merger Healthcare Realty Ordinary income 1 $ — $ 0.2655 $ 0.7500 Return of capital — 0.5555 0.3600 Capital gain — — 0.0964 Common stock distributions $ — $ 0.8210 $ 1.2064 Tax Treatment of Dividends Post-Merger Healthcare Realty Ordinary income 1 $ 0.5482 $ 0.0422 $ — Return of capital 0.5031 0.2889 — Capital gain 0.1887 0.0879 — Common stock distributions $ 1.2400 $ 0.4190 $ — 1 Reporting year ordinary income is also Code Section 199A eligible per the The Tax Cut and Jobs Act of 2017. State Income Taxes The Company must pay certain state income taxes, which are typically included in general and administrative expense on the Company’s Consolidated Statements of Operations. The State of Texas gross margins tax on gross receipts from operations is disclosed in the table below as an income tax. State income tax expense and state income tax payments for the three years ended December 31, 2023 are detailed in the table below: YEAR ENDED DECEMBER 31, Dollars in thousands 2023 2022 2021 State income tax expense Texas gross margins tax $ 1,206 $ 1,693 $ 564 Other 133 151 8 Total state income tax expense $ 1,339 $ 1,844 $ 572 State income tax payments, net of refunds and collections $ 1,324 $ 1,834 $ 560 17. 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, cash equivalents and restricted cash - The carrying amount approximates fair value. • Borrowings under the Unsecured Credit Facility, Unsecured Term Loan due 2024 and Unsecured Term Loan due 2026 - The carrying amount approximates fair value because the borrowings are based on variable market interest rates. • Senior unsecured 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. • Mortgage notes payable - The fair value is estimated using cash flow analyses, based on the Company’s current interest rates for similar types of borrowing arrangements. 93


• Interest rate swap agreements - Interest rate swap agreements are recorded in other assets on the Company's Consolidated Balance Sheets at fair value. Fair value, using level 2 inputs, is estimated by utilizing pricing models that consider forward yield curves and discount rates. The table below details the fair value and carrying values for our other financial instruments as of December 31, 2023 and 2022. December 31, 2023 December 31, 2022 Dollars in millions CARRYING VALUE FAIR VALUE CARRYING VALUE FAIR VALUE Notes and bonds payable 1, 2 $ 4,994.9 $ 4,872.7 $ 5,351.8 $ 5,149.6 Real estate notes receivable 1 $ 173.6 $ 172.5 $ 99.6 $ 99.6 1 Level 2 – model-derived valuations in which significant inputs and significant value drivers are observable in active markets. 2 Fair value for senior notes includes accrued interest as of December 31, 2023. 18. Related-Party Transactions In the ordinary course of conducting its business, the Company enters into agreements with affiliates in relation to the management and leasing of its real estate assets, including real estate assets owned through joint ventures. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A. Controls and Procedures Disclosure Controls and Procedures The Company maintains disclosure controls and procedures designed to ensure that information required to be disclosed in the Company’s reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. These disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that the information required to be disclosed is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow for timely decisions regarding required disclosure. 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 Exchange Act) as of the end of the period covered by this Annual Report on Form 10-K. Based on such 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 are effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that 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 year ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. Management’s Annual Report on Internal Control Over Financial Reporting The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. The Company’s internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles 94


• Interest rate swap agreements - Interest rate swap agreements are recorded in other assets on the Company's Consolidated Balance Sheets at fair value. Fair value, using level 2 inputs, is estimated by utilizing pricing models that consider forward yield curves and discount rates. The table below details the fair value and carrying values for our other financial instruments as of December 31, 2023 and 2022. December 31, 2023 December 31, 2022 Dollars in millions CARRYING VALUE FAIR VALUE CARRYING VALUE FAIR VALUE Notes and bonds payable 1, 2 $ 4,994.9 $ 4,872.7 $ 5,351.8 $ 5,149.6 Real estate notes receivable 1 $ 173.6 $ 172.5 $ 99.6 $ 99.6 1 Level 2 – model-derived valuations in which significant inputs and significant value drivers are observable in active markets. 2 Fair value for senior notes includes accrued interest as of December 31, 2023. 18. Related-Party Transactions In the ordinary course of conducting its business, the Company enters into agreements with affiliates in relation to the management and leasing of its real estate assets, including real estate assets owned through joint ventures. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A. Controls and Procedures Disclosure Controls and Procedures The Company maintains disclosure controls and procedures designed to ensure that information required to be disclosed in the Company’s reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. These disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that the information required to be disclosed is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow for timely decisions regarding required disclosure. 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 Exchange Act) as of the end of the period covered by this Annual Report on Form 10-K. Based on such 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 are effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that 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 year ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. Management’s Annual Report on Internal Control Over Financial Reporting The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. The Company’s internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2023 using the principles and other criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on that assessment, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2023. The Company’s independent registered public accounting firm, BDO USA, P.C., has also issued an attestation report on the effectiveness of the Company’s internal control over financial reporting included herein. 95


Report of INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Stockholders and Board of Directors Healthcare Realty Trust Incorporated Nashville, Tennessee Opinion on Internal Control over Financial Reporting We have audited Healthcare Realty Trust Incorporated’s (the “Company’s”) internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO criteria”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of the Company as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income (loss), equity and redeemable non-controlling interests, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and financial statement schedules and our report dated February 16, 2024 expressed an unqualified opinion thereon. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Item 9A, Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit of internal control over financial reporting in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ BDO USA, P.C. Nashville, Tennessee February 16, 2024 96


Item 9B. Other Information During the year ended December 31, 2023, 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. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 97


PART III Item 10. Directors, Executive Officers and Corporate Governance Directors Information with respect to the Company’s directors, set forth in the Company’s Proxy Statement relating to the Annual Meeting of Shareholders to be held on May 21, 2024, under the caption “Election of Directors,” is incorporated herein by reference. Executive Officers The executive officers of the Company are: NAME AGE POSITION Todd J. Meredith 49 President and Chief Executive Officer J. Christopher Douglas 48 Executive Vice President and Chief Financial Officer John M. Bryant, Jr. 57 Executive Vice President and General Counsel Robert E. Hull 51 Executive Vice President - Investments Julie F. Wilson 52 Executive Vice President - Operations Mr. Meredith was appointed President and Chief Executive Officer effective December 30, 2016. He served as the Company's Executive Vice President - Investments from February 2011 until December 30, 2016, and was responsible for overseeing the Company’s investment activities, including the acquisition, financing and development of medical office and other primarily outpatient medical facilities. Prior to February 2011, he led the Company’s development activities as a Senior Vice President. Before joining the Company in 2001, Mr. Meredith worked in investment banking. Mr. Douglas was appointed Chief Financial Officer effective March 1, 2016 and has been employed by the Company since 2003. He served as the Company’s Senior Vice President, Acquisitions and Dispositions managing the Company’s acquisition and disposition team from 2011 until March 1, 2016. Prior to that, Mr. Douglas served as Senior Vice President, Asset Administration, administering the Company’s master lease portfolio and led a major disposition strategy in 2007. Mr. Douglas has a background in commercial and investment banking. Mr. Bryant became the Company’s General Counsel in November 2003. From April 2002 until November 2003, Mr. Bryant was Vice President and Assistant General Counsel. Prior to joining the Company, Mr. Bryant was a shareholder with the law firm of Baker Donelson Bearman & Caldwell in Nashville, Tennessee. Mr. Hull was appointed Executive Vice President - Investments effective January 1, 2017 and has been employed by the Company since 2004. He served as Senior Vice President - Investments from March 2011 until January 2017, managing the Company's development and acquisition activity. Prior to that, Mr. Hull served in various capacities on the Company's investments team. Before joining the Company, Mr. Hull worked in the senior living and commercial banking industries. Ms. Wilson was appointed Executive Vice President - Operations effective July 1, 2021 and has been employed by the Company since 2001. She previously served as Senior Vice President - Leasing and Management from March 2008 until July 2021. Prior to that, Ms. Wilson worked in the leasing, property management and investments groups. Before joining the Company, Ms. Wilson worked in investment banking and commercial real estate brokerage. Code of Ethics The Company has adopted a Code of Business Conduct and Ethics (the “Code of Ethics”) that applies to its principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions, as well as all directors, officers and employees of the Company. The Code of Ethics is posted on the Company’s website (www.healthcarerealty.com) and is available in print free of charge to any stockholder who requests a copy. Interested parties may address a written request for a printed copy of the Code of Ethics to: Investor Relations, Healthcare Realty Trust Incorporated, 3310 West End Avenue, Suite 700, Nashville, Tennessee 37203. The Company intends to satisfy the disclosure requirement regarding any amendment to, or a waiver of, a provision of the 98


PART III Item 10. Directors, Executive Officers and Corporate Governance Directors Information with respect to the Company’s directors, set forth in the Company’s Proxy Statement relating to the Annual Meeting of Shareholders to be held on May 21, 2024, under the caption “Election of Directors,” is incorporated herein by reference. Executive Officers The executive officers of the Company are: NAME AGE POSITION Todd J. Meredith 49 President and Chief Executive Officer J. Christopher Douglas 48 Executive Vice President and Chief Financial Officer John M. Bryant, Jr. 57 Executive Vice President and General Counsel Robert E. Hull 51 Executive Vice President - Investments Julie F. Wilson 52 Executive Vice President - Operations Mr. Meredith was appointed President and Chief Executive Officer effective December 30, 2016. He served as the Company's Executive Vice President - Investments from February 2011 until December 30, 2016, and was responsible for overseeing the Company’s investment activities, including the acquisition, financing and development of medical office and other primarily outpatient medical facilities. Prior to February 2011, he led the Company’s development activities as a Senior Vice President. Before joining the Company in 2001, Mr. Meredith worked in investment banking. Mr. Douglas was appointed Chief Financial Officer effective March 1, 2016 and has been employed by the Company since 2003. He served as the Company’s Senior Vice President, Acquisitions and Dispositions managing the Company’s acquisition and disposition team from 2011 until March 1, 2016. Prior to that, Mr. Douglas served as Senior Vice President, Asset Administration, administering the Company’s master lease portfolio and led a major disposition strategy in 2007. Mr. Douglas has a background in commercial and investment banking. Mr. Bryant became the Company’s General Counsel in November 2003. From April 2002 until November 2003, Mr. Bryant was Vice President and Assistant General Counsel. Prior to joining the Company, Mr. Bryant was a shareholder with the law firm of Baker Donelson Bearman & Caldwell in Nashville, Tennessee. Mr. Hull was appointed Executive Vice President - Investments effective January 1, 2017 and has been employed by the Company since 2004. He served as Senior Vice President - Investments from March 2011 until January 2017, managing the Company's development and acquisition activity. Prior to that, Mr. Hull served in various capacities on the Company's investments team. Before joining the Company, Mr. Hull worked in the senior living and commercial banking industries. Ms. Wilson was appointed Executive Vice President - Operations effective July 1, 2021 and has been employed by the Company since 2001. She previously served as Senior Vice President - Leasing and Management from March 2008 until July 2021. Prior to that, Ms. Wilson worked in the leasing, property management and investments groups. Before joining the Company, Ms. Wilson worked in investment banking and commercial real estate brokerage. Code of Ethics The Company has adopted a Code of Business Conduct and Ethics (the “Code of Ethics”) that applies to its principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions, as well as all directors, officers and employees of the Company. The Code of Ethics is posted on the Company’s website (www.healthcarerealty.com) and is available in print free of charge to any stockholder who requests a copy. Interested parties may address a written request for a printed copy of the Code of Ethics to: Investor Relations, Healthcare Realty Trust Incorporated, 3310 West End Avenue, Suite 700, Nashville, Tennessee 37203. The Company intends to satisfy the disclosure requirement regarding any amendment to, or a waiver of, a provision of the Code of Ethics for the Company’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions by posting such information on the Company’s website. Section 16(a) Compliance Information with respect to compliance with Section 16(a) of the Exchange Act set forth in the Company’s Proxy Statement relating to the Annual Meeting of Shareholders to be held on May 21, 2024, under the caption “Security Ownership of Certain Beneficial Owners and Management – Delinquent Section 16(a) Reports,” is incorporated herein by reference. Stockholder Recommendation of Director Candidates Information with respect to the Company’s policy relating to stockholder recommendations of director candidates is set forth in the Company’s Proxy Statement relating to the Annual Meeting of Stockholders to be held on May 21, 2024, under the caption “Shareholder Recommendation or Nomination of Director Candidates,” and is incorporated herein by reference. Audit Committee Information relating to the Company’s Audit Committee, its members and the Audit Committee’s financial experts, set forth in the Company’s Proxy Statement relating to the Annual Meeting of Shareholders to be held on May 21, 2024, under the caption “Committee Membership,” is incorporated herein by reference. Item 11. Executive Compensation Information relating to executive compensation, set forth in the Company’s Proxy Statement relating to the Annual Meeting of Shareholders to be held on May 21, 2024, under the captions “Compensation Discussion and Analysis,” “Executive Compensation,” “Compensation Committee Interlocks and Insider Participation,” “Compensation Committee Report” and “Director Compensation,” is incorporated herein by reference, except with respect to the disclosure under the heading "Executive Compensation - Pay Versus Performance." Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Information relating to the security ownership of management and certain beneficial owners, set forth in the Company’s Proxy Statement relating to the Annual Meeting of Shareholders to be held on May 21, 2024 under the caption “Security Ownership of Certain Beneficial Owners and Management,” is incorporated herein by reference. Information relating to securities authorized for issuance under the Company’s equity compensation plans, set forth in Item 5 of this report under the caption “Equity Compensation Plan Information,” is incorporated herein by reference. Item 13. Certain Relationships and Related Transactions, and Director Independence Information relating to certain relationships and related transactions, and director independence, set forth in the Company’s Proxy Statement relating to the Annual Meeting of Shareholders to be held on May 21, 2024 under the captions “Certain Relationships and Related Transactions” and “Corporate Governance – Independence of Directors,” is incorporated herein by reference. 99


Item 14. Principal Accountant Fees and Services Our independent registered public accounting firm is BDO USA, P.C., Nashville, TN, PCAOB ID#243. Information relating to the fees paid to the Company’s accountants, set forth in the Company’s Proxy Statement relating to the Annual Meeting of Shareholders to be held on May 21, 2024, under the caption “Ratification of Appointment of Independent Registered Public Accounting Firm,” is incorporated herein by reference. Item 15. Exhibits and Financial Statement Schedules Index to Historical Financial Statements, Financial Statement Schedules and Exhibits 1. Financial Statements The following financial statements of Healthcare Realty Trust Incorporated are included in Item 8 of this Annual Report on Form 10-K. • Consolidated Balance Sheets – December 31, 2023 and December 31, 2022. • Consolidated Statements of Operations for the years ended December 31, 2023, December 31, 2022 and December 31, 2021. • Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023, December 31, 2022 and December 31, 2021. • Consolidated Statements of Equity and Redeemable Non-Controlling Interests for the years ended December 31, 2023, December 31, 2022 and December 31, 2021. • Consolidated Statements of Cash Flows for the years ended December 31, 2023, December 31, 2022 and December 31, 2021. • Notes to Consolidated Financial Statements. 2. Financial Statement Schedules Schedule II — Valuation and Qualifying Accounts for the years ended December 31, 2023, 2022, and 2021 106 Schedule III — Real Estate and Accumulated Depreciation as of December 31, 2023 107 Schedule IV — Mortgage Loans on Real Estate Assets as of December 31, 2023 112 All other schedules are omitted because they are either not applicable, not required or because the information is included in the consolidated financial statements or notes thereto. 3. Exhibits EXHIBIT NUMBER DESCRIPTION OF EXHIBITS 2.1 — Agreement and Plan of Merger, dated as of February 28, 2022, by and among Healthcare Realty Trust Incorporated (now known as HRTI, LLC), Healthcare Trust of America, Inc. (now known as Healthcare Realty Trust Incorporated), Healthcare Trust of America Holdings, L.P. (now known as Healthcare Realty Holdings, L.P.), and HR Acquisition 2, LLC. 1 3.1 — Fifth Articles of Amendment and Restatement of the Company, as amended.2 3.2 — Fourth Amended and Restated Bylaws of the Company.3 3.3 — Certificate of Limited Partnership of Healthcare Realty Holdings, L.P., as amended.4 3.4 — Second Amended and Restated Agreement of Limited Partnership of Healthcare Realty Holdings, L.P.4 4.1 — Description of Registrant's securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. 5 4.2 — Indenture, dated as of March 28, 2013, among Healthcare Trust of America Holdings, LP (now Healthcare Realty Holdings, L.P.), Healthcare Trust of America, Inc. (now Healthcare Realty Trust Incorporated) and U.S. Bank National Association, as trustee, including the form of 3.70% Senior Notes due 2023 and the guarantee thereof.6 100


Item 14. Principal Accountant Fees and Services Our independent registered public accounting firm is BDO USA, P.C., Nashville, TN, PCAOB ID#243. Information relating to the fees paid to the Company’s accountants, set forth in the Company’s Proxy Statement relating to the Annual Meeting of Shareholders to be held on May 21, 2024, under the caption “Ratification of Appointment of Independent Registered Public Accounting Firm,” is incorporated herein by reference. Item 15. Exhibits and Financial Statement Schedules Index to Historical Financial Statements, Financial Statement Schedules and Exhibits 1. Financial Statements The following financial statements of Healthcare Realty Trust Incorporated are included in Item 8 of this Annual Report on Form 10-K. • Consolidated Balance Sheets – December 31, 2023 and December 31, 2022. • Consolidated Statements of Operations for the years ended December 31, 2023, December 31, 2022 and December 31, 2021. • Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023, December 31, 2022 and December 31, 2021. • Consolidated Statements of Equity and Redeemable Non-Controlling Interests for the years ended December 31, 2023, December 31, 2022 and December 31, 2021. • Consolidated Statements of Cash Flows for the years ended December 31, 2023, December 31, 2022 and December 31, 2021. • Notes to Consolidated Financial Statements. 2. Financial Statement Schedules Schedule II — Valuation and Qualifying Accounts for the years ended December 31, 2023, 2022, and 2021 106 Schedule III — Real Estate and Accumulated Depreciation as of December 31, 2023 107 Schedule IV — Mortgage Loans on Real Estate Assets as of December 31, 2023 112 All other schedules are omitted because they are either not applicable, not required or because the information is included in the consolidated financial statements or notes thereto. 3. Exhibits EXHIBIT NUMBER DESCRIPTION OF EXHIBITS 2.1 — Agreement and Plan of Merger, dated as of February 28, 2022, by and among Healthcare Realty Trust Incorporated (now known as HRTI, LLC), Healthcare Trust of America, Inc. (now known as Healthcare Realty Trust Incorporated), Healthcare Trust of America Holdings, L.P. (now known as Healthcare Realty Holdings, L.P.), and HR Acquisition 2, LLC. 1 3.1 — Fifth Articles of Amendment and Restatement of the Company, as amended.2 3.2 — Fourth Amended and Restated Bylaws of the Company.3 3.3 — Certificate of Limited Partnership of Healthcare Realty Holdings, L.P., as amended.4 3.4 — Second Amended and Restated Agreement of Limited Partnership of Healthcare Realty Holdings, L.P.4 4.1 — Description of Registrant's securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. 5 4.2 — Indenture, dated as of March 28, 2013, among Healthcare Trust of America Holdings, LP (now Healthcare Realty Holdings, L.P.), Healthcare Trust of America, Inc. (now Healthcare Realty Trust Incorporated) and U.S. Bank National Association, as trustee, including the form of 3.70% Senior Notes due 2023 and the guarantee thereof.6 4.3 — 2026 Notes Indenture, dated as of July 12, 2016 among Healthcare Trust of America Holdings, LP (now Healthcare Realty Holdings, L.P.), Healthcare Trust of America, Inc. (now Healthcare Realty Trust Incorporated), and U.S. Bank National Association, as trustee, including the form of 3.50% Senior Notes due 2026 and the guarantee thereof.7 4.4 — 2027 Notes Indenture, dated as of June 8, 2017 among Healthcare Trust of America Holdings, LP (now Healthcare Realty Holdings, L.P.), Healthcare Trust of America, Inc. (now Healthcare Realty Trust Incorporated), and U.S. Bank National Association, as trustee, including the form of 3.75% Senior Notes due 2027 and the guarantee thereof.8 4.5 — 2030 Notes Indenture, dated as of September 16, 2019 among Healthcare Trust of America Holdings, LP (now Healthcare Realty Holdings, L.P.), Healthcare Trust of America, Inc. (now Healthcare Realty Trust Incorporated), and U.S. Bank National Association, as trustee, including the form of 3.10% Senior Notes due 2030 and the guarantee thereof.9 4.6 — 2031 Notes Indenture, dated as of September 28, 2020 among Healthcare Trust of America Holdings, LP (now Healthcare Realty Holdings, L.P.), Healthcare Trust of America, Inc. (now Healthcare Realty Trust Incorporated), and U.S. Bank National Association, as trustee, including the form of 2.00% Senior Notes due 2031 and the guarantee thereof.10 4.7 — Indenture, dated as of July 22, 2022, by and among Healthcare Realty Holdings, L.P., Healthcare Realty Trust Incorporated, and U.S. Bank Trust Company, National Association.4 4.8 — Supplemental Indenture No. 1, dated as of July 22, 2022, by and among Healthcare Realty Holdings, L.P., Healthcare Realty Trust Incorporated, and U.S. Bank Trust Company, National Association.4 4.9 — Supplemental Indenture No. 2, dated as of July 22, 2022, by and among Healthcare Realty Holdings, L.P., Healthcare Realty Trust Incorporated, and U.S. Bank Trust Company, National Association.4 4.10 — Supplemental Indenture No. 3, dated as of July 22, 2022, by and among Healthcare Realty Holdings, L.P., Healthcare Realty Trust Incorporated, and U.S. Bank Trust Company, National Association.4 4.11 — Supplemental Indenture No. 4, dated as of July 22, 2022, by and among Healthcare Realty Holdings, L.P., Healthcare Realty Trust Incorporated, and U.S. Bank Trust Company, National Association.4 4.12 — Tenth Supplemental Indenture, dated as of July 22, 2022, by and between HRTI, LLC and Truist Bank. 4 4.13 — 3.875% Senior Notes due 2025.4 4.14 — 3.625% Senior Notes due 2028 (No. 2028-1).4 4.15 — 3.625% Senior Notes due 2028 (No. 2028-2).4 4.16 — 2.400% Senior Notes due 2030 (No. 2030-1).4 4.17 — 2.400% Senior Notes due 2030 (No. 2030-2).4 4.18 — 2.050% Senior Notes due 2031.4 4.19 — Guarantee of 2025 Note.4 4.20 — Guarantee of 2028 Note.4 4.21 — Guarantee of 2030 Note.4 4.22 — Guarantee of 2031 Note.4 10.1 — Term Loan Agreement, dated as of May 13, 2022, among Healthcare Trust of America, Inc. (now known as Healthcare Realty Trust Incorporated), Healthcare Trust of America Holdings, LP (now known as Healthcare Realty Holdings, L.P.), the lenders named therein, and J.P. Morgan Chase Bank, N.A., as administrative agent for such lenders.11 10.2 — Fourth Amended and Restated Revolving Credit and Term Loan Agreement, dated as of July 20, 2022, by and among Healthcare Trust of America Holdings, LP (now known as Healthcare Realty Holdings, L.P.), Healthcare Trust of America, Inc. (now known as Healthcare Realty Trust Incorporated), the lenders named therein, and Wells Fargo Bank, National Association.4 10.3 — Contribution and Assignment Agreement, dated as of July 20, 2022, by and between Healthcare Realty Trust Incorporated and Healthcare Realty Holdings, L.P.4 10.4 — Third Amended and Restated Employment Agreement, dated February 16, 2016, by and between Todd J. Meredith and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).12 10.5 — Amendment No. 1 to Third Amended and Restated Employment Agreement, dated February 12, 2020, between Todd J. Meredith and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).13 10.6 — Amendment No. 2 to Third Amended and Restated Employment Agreement, dated February 18, 2022, between Todd J. Meredith and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).14 10.7 — Third Amended and Restated Employment Agreement, dated February 15, 2017, between John M. Bryant, Jr. and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).15 10.8 — Amendment No. 1 to Third Amended and Restated Employment Agreement, dated February 12, 2020, between John M. Bryant, Jr. and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).13 101


10.9 — Amended and Restated Employment Agreement, dated January 1, 2017, between Robert E. Hull and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).12 10.10 — Amendment No. 1 to Amended and Restated Employment Agreement, dated February 12, 2020, between Robert E. Hull and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).13 10.11 — Amendment No. 2 to Amended and Restated Employment Agreement, dated February 18, 2022, between Robert E. Hull and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).14 10.12 — Amended and Restated Employment Agreement, dated February 2, 2016, between J. Christopher Douglas and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).16 10.13 — Amendment No. 1 to Amended and Restated Employment Agreement, dated February 12, 2020, between J. Christopher Douglas and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).13 10.14 — Amendment No. 2 to Amended and Restated Employment Agreement, dated February 18, 2022, between J. Christopher Douglas and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).14 10.15 — Amended and Restated Employment Agreement, dated July 1, 2021, between Julie F. Wilson and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).17 10.16 — Executive Incentive Program, dated August 1, 2022.18 10.17 — Form of LTIP Award Agreement (CEO Version).19 10.18 — Form of LTIP Award Agreement (Executive Version).19 10.19 — Form of LTIP Award Agreement (Director Version).19 10.20 — Form of Indemnification Agreement for Directors.20 10.21 — Form of Restricted Stock Award Certificate.21 10.22 — The Company's Amended and Restated 2006 Incentive Plan, dated April 29, 2021.22 10.23 — Form of LTIP Award Agreement.23 21 — Subsidiaries of the Registrant. (filed herewith) 22 Subsidiary Issuers of Guaranteed Securities (filed herewith). 23 — Consent of BDO USA, P.C., independent registered public accounting firm. (filed herewith) 31.1 — Certification of the Chief Executive Officer of the Company 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) 31.2 — Certification of the Chief Financial Officer of the Company 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) 32 — Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (filed herewith) 97 — Healthcare Realty Policy for the Recovery of Erroneously Awarded Compensation. (filed herewith) 101.INS — This instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. 101.SCH — XBRL Taxonomy Extension Schema Document. (filed herewith) 101.CAL — XBRL Taxonomy Extension Calculation Linkbase Document. (filed herewith) 101.LAB — XBRL Taxonomy Extension Labels Linkbase Document. (filed herewith) 101.DEF — XBRL Taxonomy Extension Definition Linkbase Document. (filed herewith) 101.PRE — XBRL Taxonomy Extension Presentation Linkbase Document. (filed herewith) 104 — Cover Page Interactive Data File (formatted as Inline XBRL document and contained in Exhibit 101). 1 Filed as an exhibit to Legacy HTA’s (File No. 001-35568) Form 8-K filed with the SEC on March 1, 2022 and hereby incorporated by reference. 2 Filed as an exhibit to the Company's (File No. 001-35568) Form 10-Q for the quarter ended June 30, 2023 filed with the SEC on August 8, 2023 and hereby incorporated by reference. 3 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on April 29, 2020 and hereby incorporated by reference. 4 Filed as an exhibit to the Company's (File No. 001-35568) Form 8-K filed with the SEC on July 26, 2022 and hereby incorporated by reference. 5 Filed as an exhibit to the Company's Form 10-Q for the period ended September 30, 2023, filed with the SEC on November 3, 2023, and hereby incorporated by reference. 6 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on March 28, 2013 and hereby incorporated by reference. 7 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on July 12, 2016 and hereby incorporated by reference. 8 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on June 13, 2017 and hereby incorporated by reference. 9 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on September 16, 2019 and hereby incorporated by reference. 10 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on September 28, 2020 and hereby incorporated by reference. 11 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on May 16, 2022 and hereby incorporated by reference. 12 Filed as an exhibit to Legacy HR's (File No. 001-11852) Form 10-K for the year ended December 31, 2015 filed with the SEC on February 16, 2016 and hereby incorporated by reference. 13 Filed as an exhibit to Legacy HR's (File No. 001-11852) Form 10-K for the year ended December 31, 2019 filed with the SEC on February 12, 2020 and hereby incorporated by reference. 102


10.9 — Amended and Restated Employment Agreement, dated January 1, 2017, between Robert E. Hull and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).12 10.10 — Amendment No. 1 to Amended and Restated Employment Agreement, dated February 12, 2020, between Robert E. Hull and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).13 10.11 — Amendment No. 2 to Amended and Restated Employment Agreement, dated February 18, 2022, between Robert E. Hull and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).14 10.12 — Amended and Restated Employment Agreement, dated February 2, 2016, between J. Christopher Douglas and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).16 10.13 — Amendment No. 1 to Amended and Restated Employment Agreement, dated February 12, 2020, between J. Christopher Douglas and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).13 10.14 — Amendment No. 2 to Amended and Restated Employment Agreement, dated February 18, 2022, between J. Christopher Douglas and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).14 10.15 — Amended and Restated Employment Agreement, dated July 1, 2021, between Julie F. Wilson and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).17 10.16 — Executive Incentive Program, dated August 1, 2022.18 10.17 — Form of LTIP Award Agreement (CEO Version).19 10.18 — Form of LTIP Award Agreement (Executive Version).19 10.19 — Form of LTIP Award Agreement (Director Version).19 10.20 — Form of Indemnification Agreement for Directors.20 10.21 — Form of Restricted Stock Award Certificate.21 10.22 — The Company's Amended and Restated 2006 Incentive Plan, dated April 29, 2021.22 10.23 — Form of LTIP Award Agreement.23 21 — Subsidiaries of the Registrant. (filed herewith) 22 Subsidiary Issuers of Guaranteed Securities (filed herewith). 23 — Consent of BDO USA, P.C., independent registered public accounting firm. (filed herewith) 31.1 — Certification of the Chief Executive Officer of the Company 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) 31.2 — Certification of the Chief Financial Officer of the Company 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) 32 — Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (filed herewith) 97 — Healthcare Realty Policy for the Recovery of Erroneously Awarded Compensation. (filed herewith) 101.INS — This instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. 101.SCH — XBRL Taxonomy Extension Schema Document. (filed herewith) 101.CAL — XBRL Taxonomy Extension Calculation Linkbase Document. (filed herewith) 101.LAB — XBRL Taxonomy Extension Labels Linkbase Document. (filed herewith) 101.DEF — XBRL Taxonomy Extension Definition Linkbase Document. (filed herewith) 101.PRE — XBRL Taxonomy Extension Presentation Linkbase Document. (filed herewith) 104 — Cover Page Interactive Data File (formatted as Inline XBRL document and contained in Exhibit 101). 1 Filed as an exhibit to Legacy HTA’s (File No. 001-35568) Form 8-K filed with the SEC on March 1, 2022 and hereby incorporated by reference. 2 Filed as an exhibit to the Company's (File No. 001-35568) Form 10-Q for the quarter ended June 30, 2023 filed with the SEC on August 8, 2023 and hereby incorporated by reference. 3 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on April 29, 2020 and hereby incorporated by reference. 4 Filed as an exhibit to the Company's (File No. 001-35568) Form 8-K filed with the SEC on July 26, 2022 and hereby incorporated by reference. 5 Filed as an exhibit to the Company's Form 10-Q for the period ended September 30, 2023, filed with the SEC on November 3, 2023, and hereby incorporated by reference. 6 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on March 28, 2013 and hereby incorporated by reference. 7 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on July 12, 2016 and hereby incorporated by reference. 8 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on June 13, 2017 and hereby incorporated by reference. 9 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on September 16, 2019 and hereby incorporated by reference. 10 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on September 28, 2020 and hereby incorporated by reference. 11 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on May 16, 2022 and hereby incorporated by reference. 12 Filed as an exhibit to Legacy HR's (File No. 001-11852) Form 10-K for the year ended December 31, 2015 filed with the SEC on February 16, 2016 and hereby incorporated by reference. 13 Filed as an exhibit to Legacy HR's (File No. 001-11852) Form 10-K for the year ended December 31, 2019 filed with the SEC on February 12, 2020 and hereby incorporated by reference. 14 Filed as an exhibit to Legacy HR's (File No. 001-11852) Form 10-K for the year ended December 31, 2021 filed with the SEC on February 22, 2022 and hereby incorporated by reference. 15 Filed as an exhibit to Legacy HR's (File No. 001-11852) Form 10-K for the year ended December 31, 2016 filed with the SEC on February 15, 2017 and hereby incorporated by reference. 16 Filed as an exhibit to Legacy HR's (File No. 001-11852) Form 8-K filed with the SEC on February 2, 2016 and hereby incorporated by reference. 17 Filed as an exhibit to Legacy HR's (File No. 001-11852) Form 10-Q for the quarter ended June 30, 2021 filed with the SEC on August 4, 2021 and hereby incorporated by reference. 18 Filed as an exhibit to the Company's (File No. 001-35568) Form 8-K filed with the SEC on August 5, 2022 and hereby incorporated by reference. 19 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on May 18, 2012 and hereby incorporated by reference. 20 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 8-K filed with the SEC on December 22, 2010 and hereby incorporated by reference. 21 Filed as an exhibit to Legacy HTA's (File No. 001-35568) Form 10-K for the year ended December 31, 2016 filed with the SEC on February 21, 2017 and hereby incorporated by reference. 22 Included as Appendix A to Legacy HTA's (File No. 001-35568) Definitive Proxy Statement on Schedule 14A filed with the SEC on April 30, 2021 and hereby incorporated by reference. 23 Filed as an exhibit to the Company's (File No. 001-35568) Form 10-K for the year ended December 31, 2022 filed with the SEC on March 1, 2023 and hereby incorporated by reference. Executive Compensation Plans and Arrangements The following is a list of all executive compensation plans and arrangements filed as exhibits to this Annual Report on Form 10-K: 1. Third Amended and Restated Employment Agreement, dated February 16, 2016, between Todd J. Meredith and Healthcare Realty Trust Incorporated (now known as HRTI, LLC) (filed as Exhibit 10.4) 2. Amendment No. 1 to Third Amended and Restated Employment Agreement, dated February 12, 2020, between Todd J. Meredith and Healthcare Realty Trust Incorporated (now known as HRTI, LLC) (filed as Exhibit 10.5) 3. Amendment No. 2 to Third Amended and Restated Employment Agreement, dated February 22, 2022, between Todd J. Meredith and Healthcare Realty Trust Incorporated (now known as HRTI, LLC) (filed as Exhibit 10.6) 4. Third Amended and Restated Employment Agreement, dated February 15, 2017, between John M. Bryant, Jr. and Healthcare Realty Trust Incorporated (now known as HRTI, LLC) (filed as Exhibit 10.7) 5. Amendment No. 1 to Third Amended and Restated Employment Agreement, dated February 12, 2020, between John M. Bryant, Jr. and Healthcare Realty Trust Incorporated (now known as HRTI, LLC) (filed as Exhibit 10.8) 6. Amended and Restated Employment Agreement, dated January 1, 2017, between Robert E. Hull and Healthcare Realty Trust Incorporated (now known as HRTI, LLC) (filed as Exhibit 10.9) 7. Amendment No. 1 to Amended and Restated Employment Agreement, dated February 12, 2020, between Robert E. Hull and Healthcare Realty Trust Incorporated (now known as HRTI, LLC) (filed as Exhibit 10.10) 8. Amendment No. 2 to Amended and Restated Employment Agreement, dated February 22, 2022, between Robert E. Hull and Healthcare Realty Trust Incorporated (now known as HRTI, LLC) (filed as Exhibit 10.11) 9. Amended and Restated Employment Agreement, dated February 2, 2016, between J. Christopher Douglas and Healthcare Realty Trust Incorporated (now known as HRTI, LLC) (filed as Exhibit 10.12) 10. Amendment No. 1 to Amended and Restated Employment Agreement, dated February 12, 2020, between J. Christopher Douglas and Healthcare Realty Trust Incorporated (now known as HRTI, LLC) (filed as Exhibit 10.13) 11. Amendment No. 2 to Amended and Restated Employment Agreement, dated February 22, 2022, between J. Christopher Douglas and Healthcare Realty Trust Incorporated (now known as HRTI, LLC) (filed as Exhibit 10.14) 12. Amended and Restated Employment Agreement between Healthcare Realty Trust Incorporated (now known as HRTI, LLC) and Julie F. Wilson, dated July 1, 2021 (filed as Exhibit 10.15) 13. Executive Incentive Program, dated August 1, 2022 (filed as Exhibit 10.16) 14. Form of LTIP Award Agreement (CEO Version) (filed as Exhibit 10.17) 15. Form of LTIP Award Agreement (Executive Version) (filed as Exhibit 10.18) 16. Form of LTIP Award Agreement (Director Version) (filed as Exhibit 10.19) 103


17. Form of Restricted Stock Award Certificate (filed as Exhibit 10.21) 18. The Company's Amended and Restated 2006 Incentive Plan, dated April 29, 2021 (filed as Exhibit 10.22) 19. Form of LTIP Award Agreement (filed as Exhibit 10.23) Item 16. Form 10-K Summary None. SIGNATURES AND SCHEDULES Signatures Pursuant to the requirements of Section 13 or 15(d) 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/ TODD J. MEREDITH Todd J. Meredith President, Chief Executive Officer, and Director February 16, 2024 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. 104


17. Form of Restricted Stock Award Certificate (filed as Exhibit 10.21) 18. The Company's Amended and Restated 2006 Incentive Plan, dated April 29, 2021 (filed as Exhibit 10.22) 19. Form of LTIP Award Agreement (filed as Exhibit 10.23) Item 16. Form 10-K Summary None. SIGNATURES AND SCHEDULES Signatures Pursuant to the requirements of Section 13 or 15(d) 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/ TODD J. MEREDITH Todd J. Meredith President, Chief Executive Officer, and Director February 16, 2024 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. SIGNATURE TITLE DATE /s/ Todd J. Meredith President, Chief Executive Officer and Director February 16, 2024 Todd J. Meredith (Principal Executive Officer) /s/ J. Christopher Douglas Executive Vice President and Chief Financial February 16, 2024 J. Christopher Douglas Officer (Principal Financial Officer) /s/ Amanda L. Callaway Senior Vice President and Chief Accounting February 16, 2024 Amanda L. Callaway Officer (Principal Accounting Officer) /s/ John V. Abbott Director February 16, 2024 John V. Abbott /s/ Nancy H. Agee Director February 16, 2024 Nancy H. Agee /s/ W. Bradley Blair, II Director February 16, 2024 W. Bradley Blair, II /s/ Vicki U. Booth Director February 16, 2024 Vicki U. Booth /s/ Edward H. Braman Director February 16, 2024 Edward H. Braman /s/ Ajay Gupta Director February 16, 2024 Ajay Gupta /s/ James J. Kilroy Director February 16, 2024 James J. Kilroy /s/ Jay P. Leupp Director February 16, 2024 Jay P. Leupp /s/ Peter F. Lyle Director February 16, 2024 Peter F. Lyle /s/ Constance B. Moore Director February 16, 2024 Constance B. Moore /s/ John Knox Singleton Director February 16, 2024 John Knox Singleton /s/ Christann M. Vasquez Director February 16, 2024 Christann M. Vasquez 105


Schedule II – Valuation and Qualifying Accounts for the years ended December 31, 2023, 2022 and 2021 Dollars in thousands ADDITIONS AND DEDUCTIONS DESCRIPTION BALANCE AT BEGINNING OF PERIOD CHARGED/ (CREDITED) TO COSTS AND EXPENSES CHARGED TO OTHER ACCOUNTS UNCOLLECTIBLE ACCOUNTS WRITTEN-OFF BALANCE AT END OF PERIOD 2023 Accounts receivable allowance $ 3,954 $ 5,119 $ — $ 669 $ 8,404 2022 Accounts receivable allowance $ 654 $ 3,306 $ — $ 6 $ 3,954 2021 Accounts receivable allowance $ 604 $ 72 $ — $ 22 $ 654 106


Schedule II – Valuation and Qualifying Accounts for the years ended December 31, 2023, 2022 and 2021 Dollars in thousands ADDITIONS AND DEDUCTIONS DESCRIPTION BALANCE AT BEGINNING OF PERIOD CHARGED/ (CREDITED) TO COSTS AND EXPENSES CHARGED TO OTHER ACCOUNTS UNCOLLECTIBLE ACCOUNTS WRITTEN-OFF BALANCE AT END OF PERIOD 2023 Accounts receivable allowance $ 3,954 $ 5,119 $ — $ 669 $ 8,404 2022 Accounts receivable allowance $ 654 $ 3,306 $ — $ 6 $ 3,954 2021 Accounts receivable allowance $ 604 $ 72 $ — $ 22 $ 654 Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2023 Dollars in thousands LAND 1 BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 MARKET NUMBER OF PROP. INITIAL INVESTMENT COST CAPITALIZED subsequent to acquisition TOTAL INITIAL INVESTMENT COST CAPITALIZED subsequent to acquisition TOTAL PERSONAL PROPERTY 2, 3, 5 TOTAL PROPERTY 1, 3 ACCUMULATED DEPRECIATION 4 ENCUMBRANCES 5 DATE ACQUIRED DATE CONST. Dallas, TX 43 $ 72,772 $ 17,396 $ 90,168 $ 925,170 $ 147,779 $ 1,072,949 $ 550 $ 1,163,667 $ 221,375 $ — 2003-2022 1974-2021 Houston, TX 31 63,942 13,018 76,960 642,626 32,557 675,183 57 752,200 97,793 — 2007-2022 1974-2018 Seattle, WA 29 59,412 4,883 64,295 551,328 90,031 641,359 715 706,369 186,903 — 2008-2022 1977-2018 Denver, CO 33 62,172 14,526 76,698 488,764 56,499 545,263 610 622,571 94,906 — 2007-2022 1942-2022 Charlotte, NC 32 28,119 7,345 35,464 451,251 39,182 490,433 110 526,007 116,578 — 2008-2020 1961-2018 Phoenix, AZ 35 12,205 8,057 20,262 447,753 26,436 474,189 425 494,876 59,449 — 2007-2017 1971-2008 Atlanta, GA 27 40,227 8,868 49,095 429,729 15,587 445,316 100 494,511 79,569 5,572 2007-2022 1974-2014 Boston, MA 17 117,857 9,590 127,447 336,670 4,255 340,925 14 468,386 37,569 — 2012-2016 1860-2011 Raleigh, NC 28 44,530 12,090 56,620 393,245 15,098 408,343 9 464,972 38,879 — 2010-2022 1977-2020 Nashville, TN 13 40,673 2,674 43,347 309,400 97,997 407,397 7,427 458,171 115,979 7,841 2004-2022 1976-2022 Los Angeles, CA 20 68,225 3,861 72,086 305,221 71,590 376,811 453 449,350 145,875 28,870 1994-2022 1964-2008 Miami, FL 19 47,092 6,902 53,994 325,814 35,543 361,357 178 415,529 74,470 — 1994-2021 1954-2021 Tampa, FL 19 23,491 7,631 31,122 363,588 15,729 379,317 33 410,472 36,726 — 1994-2023 1975-2015 Indianapolis, IN 36 45,914 8,985 54,899 308,044 10,542 318,586 13 373,498 42,273 — 2007-2019 1988-2013 Austin, TX 13 22,178 4,885 27,063 261,585 31,211 292,796 142 320,001 55,891 — 2007-2022 1972-2015 New York, NY 14 58,719 5,683 64,402 192,029 4,705 196,734 — 261,136 15,887 — 2014-2019 1920-2014 Chicago, IL 6 11,250 2,554 13,804 212,170 17,314 229,484 81 243,369 39,671 — 2004-2019 1970-2017 Memphis, TN 11 12,253 1,648 13,901 118,427 75,725 194,152 322 208,375 71,813 — 1999-2020 1982-2014 Honolulu, HI 6 8,314 1,213 9,527 147,422 47,669 195,091 169 204,787 61,575 — 2003-2014 1975-2010 Hartford, CT 30 24,167 5,214 29,381 159,178 1,383 160,561 — 189,942 15,883 — 2016-2019 1955-2017 Other (49 markets) 194 272,785 61,795 334,580 3,308,020 211,205 3,519,225 1,310 3,855,115 618,702 28,251 1993-2023 Total real estate 656 1,136,297 208,818 1,345,115 10,677,434 1,048,037 11,725,471 12,718 13,083,304 2,227,766 70,534 Land held for develop. — 59,871 — 59,871 — — — — 59,871 — Construction in Progress — — — — 60,727 — 60,727 — 60,727 — — Financing lease right- of-use assets — — — — — — — — 82,209 — — Investment in financing receivables, net — — — — — — — — 122,602 — — Total properties 656 1,196,168 $ 208,818 $ 1,404,986 $ 10,738,161 $ 1,048,037 $ 11,786,198 $ 12,718 $ 13,408,713 $ 2,227,766 $ 70,534 1 Includes one asset held for sale as of December 31, 2023 with gross real estate investments of approximately $9.6 million. 2 Total properties as of December 31, 2023 have an estimated aggregate total cost of $12.6 billion for federal income tax purposes. 3 Depreciation is provided for on a straight-line basis on buildings and improvements over 3.3 to 49.0 years, lease intangibles over 1.0 to 99.0 years, personal property over 3.0 to 20.0 years, and land improvements over 2.0 to 39.0 years. 4 Includes unamortized premium of $0.3 million and unaccreted discount of $0.2 million and debt issuance costs of $0.3 million as of December 31, 2023. 5 Includes merger of Healthcare Trust of America, Inc. buildings, acquired in 2022. 6 Rollforward of Total Property and Accumulated Depreciation, including assets held for sale, for the year ended December 31, 2023, 2022 and 2021 follows: YEAR ENDED DEC. 31, 2023 YEAR ENDED DEC. 31, 2022 YEAR ENDED DEC. 31, 2021 Dollars in thousands TOTAL PROPERTY ACCUMULATED DEPRECIATION TOTAL PROPERTY ACCUMULATED DEPRECIATION TOTAL PROPERTY ACCUMULATED DEPRECIATION Beginning balance $ 14,076,475 $ 1,645,271 $ 5,104,942 $ 1,338,743 $ 4,670,226 $ 1,249,679 Additions during the period Real estate acquired 54,024 2,322 9,780,070 241,285 374,912 7,668 Other improvements 28,521 668,069 219,783 205,703 103,035 191,875 Land held for development — 49,416 — 2,021 — Construction in progress 49,901 — 31,586 — 3,974 — Investment in financing receivable, net 2,366 — (66,509) — 186,745 — Financing lease right-of-use assets, net (1,616) — 52,249 — 11,909 — Corporate Properties — — 3,640 236 — — Retirement/dispositions Real estate (800,958) (87,896) (1,098,702) (140,696) (247,880) (110,479) Ending balance $ 13,408,713 $ 2,227,766 $ 14,076,475 $ 1,645,271 $ 5,104,942 $ 1,338,743 107


Schedule IV – Mortgage Loans on Real Estate Assets as of December 31, 2023 Dollars in thousands Final Maturity Date Payment Terms Prior Liens Face Amount Carrying Amount Principal Amount of Loans Subject to Delinquent Principal or Interest Mortgage loan on real estate located in: Texas 7.00 % 7/1/2024 (1) $ — $ 31,150 $ 31,150 $ — North Carolina 8.00 % 12/22/2024 (2) — 6,000 5,796 Florida 6.00 % 2/27/2026 (3) — 32,156 32,112 — California 6.00 % 3/29/2026 (4) — 45,000 45,000 — Florida 9.00 % 12/28/2026 (5) — 7,700 7,700 — Mezzanine loans on real estate located in: Texas 8.00 % 6/24/2024 (6) — 54,119 45,856 54,119 Arizona 9.00 % 12/20/2026 (4) — 6,000 6,000 — Total real estate notes receivable $ — $ 182,125 $ 173,614 $ 54,119 1 Twelve-month prefunded interest reserve, with principal sum and interest on unpaid principal due on the maturity date. 2 Capitalized interest through maturity, with outstanding principal and accrued interest due on the maturity date. 3 Construction loan up to $65 million with periodic disbursements. Interest only payments due with principal and any unpaid interest due on the maturity date. 4 Interest only payments due with principal and any unpaid interest due on the maturity date. 5 Monthly installment payments of principal and interest in the amount of $152,069. 6 Interest only payments due with principal and any unpaid interest due on the maturity date. Loan on non-accrual status as of December 31, 2023. The following shows changes in the carrying amounts of mortgage loans on real estate assets during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Balance as of the beginning of the year $ 99,643 $ — $ — Additions: Fair value real estate notes assumed — 74,819 — New real estate notes 58,700 23,325 — Draws on existing real estate notes 19,103 Capitalized interest — 1,499 — Accretion of fees and other items 1,364 — — Deductions: Collection of real estate loans — — — Deferred fees and other items — — — Allowance for credit loss $ (5,196) Balance as of the end of the year $ 173,614 $ 99,643 $ — All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are omitted because they are not required under the related instructions or are not applicable, or because the required information is shown in the consolidated financial statements or notes thereto. 108