医疗保健房地产信托 2025年度报告

HealthcareRealtyTrustAnnual ReporttoShareholders 2025 HealthcareRealtyTrustAnnualReporttoShareholders Letter to Shareholders DearFellowShareholders, 2025 was a transformational year for Healthcare Realty 2.0-one that validated the strategicdirectionwesetoutanddemonstratedourteam'sabilitytoexecutewithdisciplineandurgency.The results speak forthemselves:Normalized FFO of $1.61 per share exceeded themidpointofouroriginalguidancebythreecents;SameStoreNOlgrowthof4.8%outpacedguidanceby14obasispoints;SameStoreOccupancyclimbed103basispointstoendtheyear at 92.1%; and we executed 5.8 million square feet of new and renewal leases.All of thissubstantiates that Healthcare Realty 2.0 is a fundamentally different and stronger companythan it was just one year ago. In July,wepublished our three-year Strategic Plan-a clearand purposeful roadmapbuilt around five pillars:(1) improved corporate governance; (2) organizational platformrestructuring;(3)portfoliooptimization;(4)reprioritized capital allocation;and(5)balancesheetmanagement.I am proud to report that, in just a few quarters, we are tracking wellaheadofscheduleoneachofthem. CORPORATEGOVERNANCE ORGANIZATIONALPLATFORMRESTRUCTURING I was honored to be named the third cEo in thehistory of Healthcare Realty last April, and 1haveworked diligentlytobuild a management teamcapable of executing our vision.In January 2026,DanGabbayjoinedasCFO,bringing2Oyearsofrealestate investmentbanking experience.RobHull (CoO),Ryan Crowley (CIO),and AndrewLoope(CLO)round out.ourexecutiveleadershipwith a combined tenure of more than 6o yearsatthecompany-institutionalknowledgethat isinvaluable as we drive transformational change. WehavefundamentallyrebuiltourAssetManagementand Leasing platform-creatingtighteralignment, introducing a new leasingmodel,and instilling aculture of rigorous ROldiscipline throughout the organization. Thetalented individuals we have addedacrosstheorganizationare energized bytheopportunity aheadand committedto thestandardswehaveset.Theworkofthepastyearhas laid a foundation thatI believe will generatemeaningful value for shareholders for years tocome. AttheBoardlevel,wemadeanequallydeliberatechange: reducing the size of our Board from12 to 7members.The reduction was part ofa thoughtful effort to better align the size oftheBoardwithothercompanies inthe REITindustry,whilesimultaneouslymaintaining ourcommitmenttooperatingwithbestpracticesofcorporategovernance.Ibelievewenowhaveoneof the highest-quality boards in our sector. Overthe lasttwoquarters,theresults ofthisrestructuring arevisible inour operating metrics: .Cash leasing spreads improved +60 basis points:Tenant retention increased +22o basis points:Lease IRRs improved+2,500basis points: Lease payback period reduced by fourmonths Collectively,ourcorporategovernancechangesandplatformrestructuringefforts havegeneratedsi0 million in annualized G&A savings,bringingourtotalG&Aexpenseto$45million-alevelthatnow comparesfavorablytoourpeergroup ·Net Debt to adjusted EBITDA reduced bynearlya full turnto5.4x.Debt maturities extended and liquiditymateriallyincreased. Credit outlook upgraded to Stable by bothMoody's and S&P PORTFOLIOOPTIMIZATION We also made the long-overdue decision toright-size our dividend.This was a difficult butnecessary step -one that had been deferredfor overa decade.Today, our dividend iswell-covered,appropriateforthebusiness,andstructured to grow as conditions allow.Atacurrent yield of nearly 6%,it remains a compellingcomponent of total shareholder return. Wesoldnearly$1.2billionof assetsatablended6.7% cap rate, exiting 14 non-core markets in theprocess.Theproceedshavebeen strategicallyredeployed,andourgeographicfootprintisnowconcentratedinlarge,high-growthmetropolitanstatistical areas where outpatient demand isstrongest.Iam confident we have assembled thepremierOutpatientMedical real estateportfolioin the country-a conviction supported by ournearly5%same-storeNOlgrowthin2025 LOOKINGAHEAD The opportunity before us is significant.Healthcare Realty2.0 is theonlypure-play REITfocused exclusively on the Outpatient Medicalsector-a segment where demand continuestofar outpace supply,where alignment withthenation's leading health systems gives us ameaningful competitiveadvantage,andwherethe demographic tailwinds are powerful andlong-lasting. We intend to be the standard bywhich all others in this sector are measured - andto translatethatpositioninto durable,growingreturns for the shareholders who have placedtheir trust in us. REPRIORITIZED CAPITAL ALLOCATION Ourapproach tocapital allocation isdefinedbydiscipline.Everydollarwe deploymustmeetahighbarforrisk-adjustedreturn.Ourframeworkis built around three targeted uses of capital: .Redevelopmentprojectsthatunlockembeddedvalue within the existing portfolio.Share repurchases that return capital directlyto shareholdersJoint venture acquisitions that provideaccretive growth while managing leverage This targeted framework ensures we are investingin