What changed in this filing

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Item 9A. Controls and Procedures

2026-02-13 compared with 2025-02-19 · 85 added, 120 removed, 372 unchanged (36% of the section changed)

3 unchanged sentences

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 Interim 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 Interim 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.

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

19 unchanged sentences

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, 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, 2024 and 2023, 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, 2024, and the related notes and financial statement schedules and our report dated February 19, 2025 expressed an unqualified opinion thereon.

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, 2025 and 2024, the related consolidated statements of operations, comprehensive loss, equity and redeemable non-controlling interests, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedules and our report dated February 13, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

27 unchanged sentences

NAME AGE POSITION

Moore 69 Interim President and Chief Executive Officer

Helfrich 38 Executive Vice President and Chief Financial Officer

Scott 46 President and Chief Executive Officer

Daniel Gabbay 46 Executive Vice President and Chief Financial Officer

Loope 57 Executive Vice President, General Counsel and Secretary

1 unchanged sentence

Hull 53 Executive Vice President and Chief Operating Officer

Wilson 53 Executive Vice President and Chief Administrative Officer

Moore was appointed Interim President and Chief Executive Officer effective November 11, 2024 as a result of the departure of former President and Chief Executive Officer Todd J.

She was elected to the board of directors of the Company in March 2022 shortly before the Merger.

She has served as a director of Civeo Corporation and TriPointe Homes since 2014.

From 2017 to 2021, she served as a director of Columbia Property Trust, including one year as chair of its board of directors.

In 2009, she served as chair of Nareit.

She served as President and CEO of BRE Properties, Inc., a publicly-traded REIT, from 2005 until 2014.

Helfrich was appointed as Executive Vice President and Chief Financial Officer effective December 8, 2024 and has been employed by the Company since 2019.

He served as the Company’s Interim Chief Financial Officer from October 1, 2024 until December 8, 2024, and prior to that served as the Company’s First Vice President, Portfolio Strategy, most recently leading the asset sales and joint venture efforts.

Scott was appointed President and Chief Executive Officer effective April 15, 2025.

He was elected to the board of directors of the Company on May 20, 2025.

Prior to joining the Company, Mr.

Helfrich worked at Point72 where he was responsible for investing in the healthcare services sector.

He also worked at Columbus Hill Capital Management and Citigroup's investment banking division.

Scott was Chief Financial Officer of Healthpeak Properties, Inc.

since February 2017.

From 2014 to 2017, he served as a Managing Director in the Real Estate Investment Banking Group at Barclays.

From 2002 to 2014, he served in various positions of increasing responsibility at various financial services firms.

Gabbay was appointed as Executive Vice President and Chief Financial Officer effective January 12, 2026.

Prior to joining the Company and since 2024 he served as a Managing Director in the Real Estate Investment Banking Group of RBC Capital Markets (“RBC”), with primary coverage responsibility of the healthcare REIT sector.

Prior to joining RBC, he served as a Managing Director in the Real Estate Investment Banking Group at Barclays.

He began his career at Lehman Brothers in 2001.

Loope was appointed as Executive Vice President, General Counsel, and Secretary effective January 1, 2025, after serving as Senior Vice President, Corporate Counsel, and Secretary.

11 unchanged sentences

Hull worked in the senior living and commercial banking industries.

Wilson was appointed Executive Vice President and Chief Administrative Officer effective October 1, 2024 and has been employed with the Company since 2001.

She served as Executive Vice President - Operations from July 1, 2021 until September 30, 2024.

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

Before joining the Company in 2001, Ms.

Wilson worked in investment banking and commercial real estate brokerage.

Code of Ethics

3 unchanged sentences

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.

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.

Insider Trading Policy

13 unchanged sentences

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 20, 2025 under the captions “Certain Relationships and Related Transactions” and “Corporate Governance – Independence of Directors,” is incorporated herein by reference.

captions “Certain Relationships and Related Transactions” and “Corporate Governance – Independence of Directors,” is incorporated herein by reference.

Principal Accountant Fees and Services

8 unchanged sentences

• Consolidated Statements of Operations for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.

• Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2024, December 31, 2023 and December 31, 2022.

• Consolidated Statements of Comprehensive Loss for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.

• Consolidated Statements of Equity and Redeemable Non-Controlling Interests for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.

3 unchanged sentences

Schedule II — Valuation and Qualifying Accounts for the years ended December 31, 2025, 2024, and 2023 102

Schedule III — Real Estate and Accumulated Depreciation as of December 31, 2024 106

Schedule IV — Mortgage Loans on Real Estate Assets as of December 31, 2024 112

Schedule III — Real Estate and Accumulated Depreciation as of December 31, 2025, 2024, and 2023 103

Schedule IV — Mortgage Loans on Real Estate Assets as of December 31, 2025, 2024, and 2023 105

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.

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.

3.1 Fifth Articles of Amendment and Restatement of the Company, as amended .

42 unchanged sentences

(now known as Healthcare Realty Trust Incorporated), the lenders named therein, and Wells Fargo Bank, National Association.

10.2 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) .

10.3 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).

10.4 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) .

10.2 Amended and Restated Employment Agreement, dated January 1, 2017, between Robert E.

6 unchanged sentences

Hull and Healthcare Realty Trust Incorporated (now known as HRTI, LLC) .

10.8 Amended and Restated Employment Agreement, dated February 2, 2016, between J.

Christopher Douglas and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).

10.9 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).

10.1 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) .

10.5 Amended and Restated Employment Agreement , dated July 1, 2021, between Julie F.

20 unchanged sentences

10.18 Amended and Restated Employment Agreement, dated December 8, 2024, between Andrew E.

L oope and Healthcare Realty Trust Incorporated .

Loope and Healthcare Realty Trust Incorporated .

10.19 Agreement dated as of December 8, 2024 by and among Healthcare Realty Trust Incorporated and Starboard Value LP and certain of its affiliated entities and natural persons named therein.

10.26 Fourth Amended and Restated Employment Agreement, dated as of December 31, 2024, between John M.

and Healthcare Realty Trust Incorporated.

10.20 Employment Agreement, dated April 1, 2025 and effective as of April 15, 2025, between Peter A.

Scott and Healthcare Realty Trust Incorporated.

10.21 First Amendment to Fourth Amended and Restated Revolving Credit and Term Loan Agreement, dated as of April 4, 2025, by and among Healthcare Realty Holdings, L.P., as borrower, Healthcare Realty Trust Incorporated, as parent, Wells Fargo Bank, National Association, as administrative agent, the other lenders named therein and the other parties thereto .

10.22 Fifth Amended and Restated Credit and Term Loan Agreement, dated as of July 25, 2025, by and among Healthcare Realty Holdings, L.P., as borrower, Healthcare Realty Trust Incorporated, as parent, Wells Fargo Bank, National Association, as administrative agent, the other lenders named therein and the other parties thereto.

10.23 First Amendment to the Fifth Amended and Restated Credit and Term Loan Agreement, dated as of January 9, 2026, by and among Healthcare Realty Holdings, L.P., as borrower, Healthcare Realty Trust Incorporated, as parent.

Wells Fargo Bank, National Association, as administrative agent, the other lenders named therein and the other parties thereto.

(filed herewith)

19 Insider Trading Policy (filed herewith)

10.24 Employment Agreement, dated January 7, 2026 and effective as of January 12, 2026, between Daniel Gabbay and Healthcare Realty Trust Incorporated.

(filed herewith)

19 Insider Trading Policy.

Subsidiaries of the Registrant.

25 unchanged sentences

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.

1 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.

2 Filed as an exhibit to the Company's (File No.

001-35568) Form 8-K filed with the SEC on April 29, 2020 and hereby incorporated by reference.

3 Filed as an exhibit to the Company's (File No.

001-35568) Registration Statement on Form S-3 (Registration No.

333-273784) filed with the SEC on August 8, 2023 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.

5 Filed as an exhibit to the Company's (File No.

001-35568) Form 8-K filed with the SEC on July 12, 2016 and hereby incorporated by reference.

7 Filed as an exhibit to Legacy HTA's (File No.

6 Filed as an exhibit to the Company's (File No.

001-35568) Form 8-K filed with the SEC on June 13, 2017 and hereby incorporated by reference.

8 Filed as an exhibit to Legacy HTA's (File No.

7 Filed as an exhibit to the Company's (File No.

001-35568) Form 8-K filed with the SEC on September 16, 2019 and hereby incorporated by reference.

9 Filed as an exhibit to Legacy HTA's (File No.

8 Filed as an exhibit to the Company's (File No.

001-35568) Form 8-K filed with the SEC on September 28, 2020 and hereby incorporated by reference.

11 unchanged sentences

001-35568) Form 8-K filed with the SEC on August 5, 2022 and hereby incorporated by reference.

16 Filed as an exhibit to Legacy HTA's (File No.

15 Filed as an exhibit to the Company's (File No.

001-35568) Form 8-K filed with the SEC on May 18, 2012 and hereby incorporated by reference.

17 Filed as an exhibit to Legacy HTA's (File No.

16 Filed as an exhibit to the Company's (File No.

001-35568) Form 8-K filed with the SEC on December 22, 2010 and hereby incorporated by reference.

18 Filed as an exhibit to Legacy HTA's (File No.

17 Filed as an exhibit to the Company'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.

19 Included as Appendix A to Legacy HTA's (File No.

18 Included as Appendix A to the Company's (File No.

001-35568) Definitive Proxy Statement on Schedule 14A filed with the SEC on April 30, 2021 and hereby incorporated by reference.

7 unchanged sentences

001-35568) Form 8-K filed with the SEC on December 9, 2024 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, 2023 filed with the SEC on February 16, 2024 and hereby incorporated by reference

24 Filed as an exhibit to the Company's (File No.

001-35568) Form 10-K for the year ended December 31, 2024 filed with the SEC on February 19, 2025 and hereby incorporated by reference.

25 Filed as an exhibit to the Company's (File No.

001-35568) Form 10-Q for the quarter ended March 31, 2025 filed with the SEC on May 1, 2025 and hereby incorporated by reference.

26 Filed as an exhibit to the Company's (File No.

001-35568) Form 8-K filed with the SEC on July 31, 2025, 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:

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 10.2)

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 10.3)

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 10.4)

Amended and Restated Employment Agreement, dated January 1, 2017, between Robert E.

6 unchanged sentences

Hull and Healthcare Realty Trust Incorporated (now known as HRTI, LLC) (filed as Exhibit 10.4)

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 10.8)

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 10.9)

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 10.10)

Amended and Restated Employment Agreement between Healthcare Realty Trust Incorporated (now known as HRTI, LLC) and Julie F.

20 unchanged sentences

Loope and Healthcare Realty Trust Incorporated (filed as Exhibit 10.18)

Fourth Amended and Restated Employment Agreement, dated as of December 31, 2024, between John M.

and Healthcare Realty Trust Incorporated (filed herewith)

Employment Agreement, dated as of April 1, 2025 and effective as of April 15, 2025, between Peter A.

Scott and Healthcare Realty Trust Incorporated (filed as Exhibit 10.20)

Employment Agreement, dated as of January 7, 2026 and effective as of January 12, 2026, between Daniel Gabbay and Healthcare Realty Trust Incorporated (filed herewith)

Form 10-K Summary

2 unchanged sentences

HEALTHCARE REALTY TRUST INCORPORATED

/s/ CONSTANCE B.

Interim President, Chief Executive Officer, and Director

President, Chief Executive Officer, and Director

February 13, 2026

1 unchanged sentence

SIGNATURE TITLE DATE

/s/ Constance B.

Moore Interim President, Chief Executive Officer and Director February 19, 2025

Moore (Principal Executive Officer)

/s/ Austen B.

Helfrich Executive Vice President and Chief Financial Officer February 19, 2025

Helfrich (Principal Financial Officer)

Scott President, Chief Executive Officer and Director February 13, 2026

Scott (Principal Executive Officer)

/s/ Daniel Gabbay Executive Vice President and Chief Financial Officer February 13, 2026

Daniel Gabbay (Principal Financial Officer)

/s/ Amanda L.

1 unchanged sentence

Callaway Officer (Principal Accounting Officer)

Agee Director February 19, 2025

/s/ Thomas N.

Bohjalian Director February 19, 2025

/s/ Ajay Gupta Director February 19, 2025

Bohjalian Chairman February 13, 2026

Henry Director February 13, 2026

Kilroy Director February 19, 2025

Leupp Director February 13, 2026

Lyle Director February 19, 2025

/s/ Constance B.

Moore Director February 13, 2026

Rufrano Director February 13, 2026

/s/ Christann M.

Vasquez Director February 19, 2025

/s/ Donald C.

16 unchanged sentences

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, 6

INITIAL INVESTMENT COST CAPITALIZED subsequent to acquisition TOTAL INITIAL INVESTMENT 2

COST CAPITALIZED subsequent to acquisition TOTAL 1

PERSONAL PROPERTY 3, 4, 6

TOTAL PROPERTY 1, 4, 6 ACCUMULATED DEPRECIATION 5 ENCUMBRANCES

2 unchanged sentences

Seattle, WA 24 39,291 4,021 43,312 456,416 112,140 568,556 695 612,563 210,965 — 2008-2022 1970-2018

Charlotte, NC 31 25,635 7,345 32,980 433,524 54,597 488,121 133 521,234 134,075 — 2008-2020 1961-2018

Houston, TX 24 47,156 10,095 57,251 465,761 83,701 549,462 357 607,070 120,217 — 2007-2022 1980-2018

Denver, CO 26 49,621 9,918 59,539 373,784 56,284 430,068 605 490,212 109,752 — 2007-2022 1977-2020

Atlanta, GA 24 31,501 8,394 39,895 369,109 17,252 386,361 102 426,358 86,861 — 2007-2022 1974-2014

Boston, MA 16 117,857 9,590 127,447 336,494 ( 17,422 ) 319,072 14 446,533 62,449 — 2012-2016 1860-2011

Los Angeles, CA 15 47,027 2,743 49,770 201,800 67,303 269,103 401 319,274 131,477 17,113 1994-2020 1964-2003

Charlotte, NC 31 25,635 7,538 33,173 431,082 76,269 507,351 143 540,667 157,273 — 2008-2020 1961-2018

Phoenix, AZ 34 21,120 8,052 29,172 418,645 38,256 456,901 2 486,075 76,144 — 2007-2017 1971-2006

Denver, CO 24 36,449 9,189 45,638 340,321 77,803 418,124 616 464,378 117,569 — 2007-2022 1978-2020

Raleigh, NC 26 46,572 10,134 56,706 364,458 29,265 393,723 23 450,452 69,561 — 2010-2022 1977-2020

Atlanta, GA 24 31,501 8,394 39,895 361,282 26,866 388,148 106 428,149 99,647 — 2008-2022 1974-2014

Nashville, TN 10 18,801 2,345 21,146 226,850 95,301 322,151 748 344,045 128,484 6,938 2004-2022 1976-2022

Miami, FL 14 19,100 3,789 22,889 245,413 38,346 283,759 176 306,824 75,640 — 1994-2020 1954-2009

Boston, MA 13 106,648 8,901 115,549 298,384 ( 46,602 ) 251,782 60 367,391 70,977 — 2012-2016 1860-2011

Tampa, FL 17 21,892 7,095 28,987 299,697 32,184 331,881 24 360,892 59,354 — 1994-2023 1975-2015

Indianapolis, IN 35 41,590 7,655 49,245 250,644 29,755 280,399 13 329,657 58,192 — 2007-2019 1988-2013

New York, NY 14 58,719 4,658 63,377 179,119 9,882 189,001 — 252,378 26,533 — 2014-2019 1920-2000

Los Angeles, CA 15 47,027 2,743 49,770 197,758 74,721 272,479 340 322,589 139,900 16,674 1994-2020 1964-2003

Austin, TX 11 16,719 4,882 21,601 205,284 30,085 235,369 37 257,007 49,954 — 2013-2022 1986-2015

New York, NY 13 58,719 5,823 64,542 160,873 30,760 191,633 4 256,179 32,180 — 2014-2019 1920-1988

Miami, FL 13 19,200 3,162 22,362 193,569 38,643 232,212 103 254,677 79,038 — 1994-2020 1954-2009

Washington, DC 9 3,756 1,515 5,271 187,478 51,990 239,468 68 244,807 71,092 — 2004-2021 1959-2011

Chicago, IL 6 11,250 2,554 13,804 204,996 19,989 224,985 81 238,870 45,205 — 2004-2019 1970-2017

San Francisco, CA 6 48,443 737 49,180 164,349 30,646 194,995 52 244,227 70,269 — 2015-2022 1912-2014

Orlando, FL 7 6,734 3,059 9,793 176,080 9,175 185,255 — 195,048 33,608 — 1998-2017 1994-2009

Hartford, CT 25 23,996 5,203 29,199 151,860 4,885 156,745 33 185,977 30,162 — 2016-2019 1955-2017

Other (32 markets) 120 176,307 43,408 219,715 1,969,776 85,200 2,054,976 292 2,274,983 537,446 5,212 1993-2023

2 unchanged sentences

— 57,535 — 57,535 — — — — 57,535 —

Construction in Progress — — — — 31,978 — 31,978 — 31,978 — —

Financing lease right-of-use assets 1 — — — — — — — 75,083 — —

Investment in financing receivables, net 1 — — — — — — — 123,249 — —

Corporate Property 1 16,869 42 16,911 11,656 19,281 30,937 2,900 50,748 15,752 —

Total properties 520 $ 971,606 $ 167,376 $ 1,138,982 $ 8,036,296 $ 1,102,311 $ 9,138,607 $ 7,157 $ 10,483,078 $ 2,453,703 $ 28,824

1 Includes three asset held for sale as of December 31, 2024 with gross real estate investments of approximately $ 17.6 million.

1 Includes eighteen assets held for sale as of December 31, 2025 with gross real estate investments of approximately $ 190.5 million.

2 Includes the impact of any impairment on real estate charges recorded

3 Total properties as of December 31, 2025 have an estimated aggregate total cost of $ 10.0 billion for federal income tax purposes.

4 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 10.0 years, and land improvements over 2.0 to 39.0 years.

4 Includes unamortized premium of $ 0.1 million and unaccreted discount of $ 0.1 million and debt issuance costs of $ 0.1 million as of December 31, 2024.

5 Includes merger of Healthcare Trust of America, Inc.

buildings, acquired in 2022.

5 Includes debt issuance costs and unaccreted discount totaling $ 0.1 million as of December 31, 2025.

6 Rollforward of Total Property and Accumulated Depreciation, including assets held for sale, for the year ended December 31, 2025, 2024 and 2023 follows:

18 unchanged sentences

Mortgage loan on real estate located in:

Texas 7.00 % 12/2/2024 (1) $ — $ 31,150 $ 14,900 $ 31,150

North Carolina 8.00 % 12/22/2024 (2) — 6,000 7,441 7,441

Florida 6.00 % 2/27/2026 (3) — 37,661 37,832 —

California 6.50 % 3/29/2026 (2) $ — $ 45,000 $ 45,189 $ —

1 unchanged sentence

Texas 6.75 % 12/31/2026 (2) — 6,400 6,401 —

Texas 7.50 % 10/02/2029 (2) — 9,629 9,691 —

Texas 6.75 % 3/19/2030 (2) — 5,400 5,431 —

Mezzanine loans on real estate located in:

1 unchanged sentence

Texas 11.00 % 10/02/2029 (2) — 1 1 —

Wisconsin 13.00 % 3/19/2030 (4) — 8,500 8,959 —

Total real estate notes receivable $ — $ 86,186 $ 86,966 $ —

1 Twelve-month prefunded interest reserve, with principal sum and interest on unpaid principal due on the maturity date.

Loan on non-accrual status as of December 31, 2024.

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.

1 Excludes a mortgage loan where the Company received $ 14.9 million against a $ 31.2 million loan balance and fully reserved the remainder of $ 16.8 million.

The loan was guaranteed by an individual and while the Company is seeking to collect on the guaranty, there can be no assurance of any recovery.

2 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 .

3 Monthly installment payments of principal and interest.

4 Capitalized interest through maturity, with outstanding principal and accrued interest due on the maturity date.

The following shows changes in the carrying amounts of mortgage loans on real estate assets during the years ended December 31, 2025, 2024 and 2023:

5 unchanged sentences

Draws on existing real estate notes — 5,505 19,103

Capitalized interest — — 1,499

Accretion of fees and other items 497 3,600 1,364

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures