In addition to the historical information contained within, the matters discussed in this presentation contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. These risks are discussed in filings with the Securities and Exchange Commission by Healthcare Realty Trust, including its Annual Report on Form 10-K for the year ended December 31, 2011 under the heading “Risk Factors,” and as may be updated in its Quarterly Reports on Form 10-Q filed thereafter. Forward-looking statements represent the Company’s judgment as of the date of this presentation. The Company disclaims any obligation to update forward-looking material.

Information as of June 30, 2012, unless otherwise disclosed.

Investor PresentationJuly 31, 2012

| 2

TOP LOCATIONS SQ FT %

Dallas/Fort Worth 2,314,184 17.2%

Nashville 812,608 6.0%

Charlotte 787,404 5.8%

Houston 729,712 5.4%

San Antonio 689,764 5.1%

Indianapolis 558,694 4.1%

Richmond, Virginia 558,209 4.1%

Los Angeles 551,955 4.1%

Denver/Colorado Springs 540,051 4.0%

Roanoke, Virginia 466,204 3.5%

The Big Picture

HEALTHCARE REALTY

$2.9 billion invested in 205 properties and mortgages

13.5 million square feet in 28 states

10.3 million square feet managed internally

85% medical office and outpatient

77% on or adjacent to hospital campuses

| 3

Industry Landscape

MORE THAN $1 TRILLION OF HEALTHCARE REAL ESTATE VALUE

SOURCE: Sg2 AND STIFEL NICOLAUS

ACUI

TY

SETTING

OUTPATIENT CARE

RESIDENTIAL CARE

ACUTE CARE

RECOVERY & REHABILITATION

Senior Housing$163B

MOB/Outpatient$169B

Small Physician Clinics $203B

Hospital-BasedOutpatient

$42B

Hospitals$304B

Skilled Nursing$104B

LTAC$18B

IRF$15B

| 4

Size of MOB Market

NEW DEVELOPMENT EACH YEARTOTAL OUTPATIENT / MOB MARKET ANNUAL SALES

Hospital-owned$210B

Investor-owned $52B

REITs $15B

Non-REITs $37B

$2.4B $5B$262B*

*TOTAL OUTPATIENT/MOB MARKET EXCLUDES GOVERNMENT AND MOST SMALL PHYSICIAN CLINICS

SOURCE: STIFEL NICOLAUS; REAL CAPITAL ANALYTICS; MODERN HEALTHCARE

Best prospects for fostering

hospital relationships.

Hospital-owned facilities are

rarely for sale.

| 5

Who Owns MOBs?

HCP

% O

F MO

Bs IN

PORTF

OLI

O

VTR HCN DRE SNH OHI HR MPW HTA NHI LTC SBRA

0%

25%

16% 15%

21%

11%

30%

1% 1%

85%

90%**

50%

75%

100%

* INCLUDES ONLY PUBLIC REITs

** PERCENTAGE OF GLA

SOURCE: COMPANY FILINGS

| 6

Booming Demand

1960 2020 2 4 6

<45

AGE

# ANNUAL PHYSICIAN OFFICE VISITS

2.3

45-64

20%

3.7

>65 6.9

HC Exp.

% of GDP

% over 65yr. ol

d

19.8%

16.1%

SOURCE: CMS.GOVUS CENTERS FOR DISEASE CONTROL AND PREVENTIONUS CENSUS BUREAU

The aging population and increased

utilization is expected to drive higher

volumes of outpatient visits.

| 7SOURCE: DIXON HUGHES GOODMAN

UNDERSTANDING

VOLUME

ACCOUNTABILITY & RISK

ALIGNMENT / CONSOLIDATION

ADMINISTRATIVE BURDEN

REIMBURSEMENT

RESIL

IENC

Y

Paralyzed

Denial

PHYSICIANS HOSPITALS

Embracing

Acceptance

| 7

Initial Reaction to Healthcare Reform

Reform forced physicians to rethink their

future and delayed decision making.

| 8SOURCE: DIXON HUGHES GOODMAN

2002 TODAY 2013

100%

50%

0%

PRACTICE

S OWNED

BY HOS

PITALS

Institute

Co-Management

Volunteer Medical Staff

Joint Venture

IPA

Individual Employment Contracts

Recruitment Support/Income Guarantee

Clinical Integration

Foundation

ACO

Bundled Payments

RESOUR

CES

DEGREE OF ALIGNMENT

PRACTICES OWNED BY PHYSICIANS

Response to Reform

Physicians and hospitals are increasingly

moving forward with alignment models.

| 9

Topography

ACCESS & CONVENIENCE

LOWER FUNGIBILITY

HR

’S %

ON

/AD

J TO

CA

MP

US

LIMITE

D SUP

PLY

LOWE

R RIS

K

HOSPITAL

ON-CAMPUS

NEAR-CAMPUS

OFF-CAMPUS

64

Q2 Q4Q3

2010 2011 2012

Q1 Q2 Q3 Q4 Q1 Q2

66 66 69 70 72 74 75 77

LOW-FUNGIBILITY: (n.)

Having a unique quality which can not

be replaced exactly.

Proximity to hospital

drives long-term value

and lowers risk.

Healthcare Realty has strategically shifted

its portfolio toward lower-risk, on-campus

medical office buildings.

| 10

Portfolio History

$2,800

2,400

2,000

1,600

1,200

800

400

0

93

MEDICAL OFFICE BUILDING

ASSE

TS (in

million

s)

SPECIALITY INPATIENT

SENIOR LIVING

OTHER

99 0596 02 0894 00 0697 03 09 10 1195 01 0798 04

2008

Acquired Carolinas Healthcare System Portfolio

2011

Acquired Bon Secours Portfolio

1995

Acquired Starr Sanders Johnson

1998

Acquired Capstone Capital Corporation

2004

Acquired BaylorHealthcare Portfolio

2007

Sold Senior Living Facilities and paid special dividend of $4.75 per share

$3,200

Investment Activity

54%

31%

15%

| 11

$ 1 . 3 B : CUMULATIVE NEW INVESTMENTS

2008-2011 Acquisitions & Development

TOTAL ASSETS $2.9 B

ANNUAL AVERAGE OF NEW INVESTMENTS : $331 M

CUMULATIVE INVESTMENTS

DEVELOPMENT $432M

ACQUISITION $892M

2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1

Total Assets with New Investments

DEVELOPMENT

ACQUISITION

$31

6M

$11

1M$

1,6

37

M

$8

1M$

96

M$

2,0

81M

$2

,22

0M

$2

,54

1M

$30

5M$

84

M

$19

0M

$14

1M

$2 . 1 B

$ 2 . 3 B$ 2 . 6 B

$ 2 . 9 B

Since 2007, Healthcare Realty has nearly

doubled its asset base, reducing risk and

increasing long-term value.

| 12

Tenant Diversity

Healthcare Realty’s Avg. Tenant Size: 4 ,33 0 SQ FT

AllergyAnesthesiologyAudiologyBariatric SurgeryCardio/Thoracic SurgeryCardiologyDermatologyEar, Nose and ThroatEndocrinologyFamily PracticeGastroenterologyGeneral SurgeryHead and Neck SurgeryInfectious DiseasesNeonatologyNephrologyNeurologyObstetrics/GynecologyOncology/HematologyOphthalmologyOrthopedicsOtolaryngologyPain ManagementPediatricsPhysical TherapyPlastic SurgeryPodiatryPsychology/PsychiatristPulmonary MedicineRadiologyRheumatologySports MedicineVascular SurgeryUrology

HEALTHCARE REALTY TENANT SPECIALTIES

Healthcare Realty achieves diversity through

tenant size and medical specialties rather than

asset type.

| 13

Portfolio Shift

00 01 02 03 04 05 06 07 08 09 10 11 12

% O

F HR

REVE

NUE

MASTER LEASED /SINGLE TENANT NET LEASE PROPERTIES

MULTI-TENANT PROPERTIES

0%

20%

40%

60%

80%

100%

Beginning in 2007, Healthcare Realty initiated a strategic shift away

from senior living and master-leased properties… toward an even

larger percentage of multi-tenant medical office and outpatient facilities.

| 14

Transition away from Master Leases

2007

5

15

25

35

45

55

65

75

2008 2009 2010 2011 2012

NUMB

ER O

F MA

STE

R L

EAS

ES/S

INGLE

TENA

NT N

ET

LEAS

ES

Nearly 40 master lease expirations over the last 5 years

| 15

Intrinsic Real Estate Value vs. Leasehold Value

Multi-tenant building

in dense location with

strong demand.

Credit worthy single

tenant in location with

few replacement tenants.

Leasehold Value

Credit-drivenHigh fungibilityRent exceeds marketRenewal roll down (terminal value risk)Duration: Lease term (finite)

Intrinsic Real Estate Value

Demand-drivenLow fungibilityPerpetual cash flowDuration: infinite

DEMAND > SUPPLYSUPPLY > DEMAND

| 16

Portfolio Management

$2.9 BILLION OF GROSS ASSETS

MTGs CIPSIP NON-CORE

ASSETS

STABILIZED PROPERTIES

LEASE-UP

ACQUISIT IONS

DISPOSITION

4% 1% 13% 78% 4%

| 17

NON-CORE ASSETS

STABILIZED PROPERTIES

LEASE-UP

DISPOSITION78% OF ASSETS

Core Portfolio

MTGs CIPSIP

91% Occupied

> 8% Yield on Cost

~ $184M NOI

$2.2B Assets

2-4% NOI Growth

19% Single-tenant net lease

81% Multi-tenant

| 18

Non-Core Assets

MTGs CIPSIP NON-CORE

ASSETS

STABILIZED PROPERTIES

LEASE-UP

DISPOSITION

4%

Through routine asset management,

Healthcare Realty recycles capital into

new assets.

~47% Occupied

Includes expired master leases & smaller assets within portfolios acquired over past years

$94M Repositioned Assets (17 Buildings)

No meaningful NOI

$13M Assets Held for Sale (9 Buildings)

| 19

MTGsCIP

SIP NON-CORE ASSETS

STABILIZED PROPERTIES

LEASE-UP

DISPOSITION

Development

40% Leased 51% Leased

1%13%

Development properties can generate

higher returns and enhance the longevity

and sustainability of the portfolio.

$25-30M of potential NOI

$0.4M NOI loss in 2Q 2012

$1.0M NOI contribution by 4Q 2012

| 20

Development Leasing

CO 1 YR 2 YR 3 YR

COVEROPERATINGEXPENSES

CONSTRUCTION LEASE-UP

35%

75%

50%

95%

COVER COST OF CAPITAL

STABILIZED

2008/2009 Financial Crisis

Healthcare Debate/Reform Healthcare Policy Implementation

Typical Leasing Pattern

WHERE WE ARE NOW

Historically, physicians have been relatively immune

to economic cycles, but the financial crisis paired

with healthcare reform created unprecedented angst

and indecision.

| 21

Return Dynamics

CORE MOB CAP RATE RANGEREHAB HOSPITALS

SPECIALTY HOSPITALS

OFF-CAMPUS MOBs

ON-CAMPUS MOBs

6%5% 7% 8% 9% 10%

ACQUISITION CAP RATE

DEVELOPMENT YIELD ADVANTAGE

PORTFOLIO CAP RATE PREMIUM

Potential value created by targeting development yields in excess of market cap rates

MarketEnvironment

PatientAffluence

| 22

PHYSICIAN OFFICE VISITS

INPATIENT PROCEDURES

PHYSICIAN NEED

INCOME

INSURED POPULATION

POPULATION GROWTH

HIGHEST RISK

LOWEST RISK

HR PORTFOLIO

HR DEVELOPMENTS

CURRENT CAP RATE RANGE

Valuation Framework

ASSET-SPECIFIC ATTRIBUTES

On/off campus

Hospital strength

Tenant mix

Building size

Ground lease vs. fee simple

Building condition/functionality

Competition

Parking

Financial measures:

Growth profile

Lease rates

Capital rates

Operating expenses

Lease turnover/expirations

%

6.5-7.5%

8% +

6-7%

7-8%

Healthcare Realty’s portfolio is largely

comprised of lower-risk, high-value properties.

Asset and portfolio value is a

function of market and asset-

specific attributes.

| 23

MACRO

HEALTHCARE POLICY

MICRO

Occupancy & Leasing

CAP RATES

LeaseRates

Re-LeasingSpreads

TIAllowance

Acquisitions& Develop.

RentEscalation

TenantRetention

Operating Expense

BalanceSheetMgmt.

NAV Drivers

| 24

NAV - Development

AVERAGE STABILIZED

YIELD

COST OFCAPITAL

TIME

TODAY

DEVELOPMENT

LEASE UP

Value createdabove cost

Perceived valuegap at current time

Start of value creation withdevelopment

Over time, development properties can

enhance NAV more than acquisitions.

| 25

15% -

32% -

51% -

Lease Dynamics

73% -

15-Y

EAR

CUM

ULAT

IVE INC

REAS

E

LEASE TERM / YEARS

5 10 15

~3-3.5% PER YEAR

~1.5-2% PER YEAR

Multiple short-term leases in buildings with

low fungibility reduce unknown variables and

lead to more frequent market adjustments, thus

yielding better cumulative returns.

| 26

Growth Profile

DEVELOPMENT 3-5%

ACQUISIT IONS 2-4%

STABILIZED PROPERTIES 2-4%

ANNUAL P

ORTF

OLIO

NOI

T I M E

Development properties can boost

the growth rate of the core portfolio.

| 27

Capital Stack

Revolver$216M

$264M

$219M

$299M

$1,912M*

$3,307MILLION

$397 M

Senior notes due 2014

Mortgage notes payable

Equity, market value

Total Capitalization

1.75% OCT. 2015

APR. 2014

JAN. 2017

JAN. 2021

MAR. 2017 (AVG.)

∞

5.19%

6.62%

5.86%

6.27%

0 YRS

MATURITY

10 YRS

Senior notes due 2021

Senior notes due 2017

*Based on closing price of $24.51 on July 27, 2012