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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Healthcare Realty Trust IncorporatedGlobal Credit Research - 08 Apr 2021New York, April 08, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Healthcare Realty Trust Incorporated and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 7 April 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.The Baa2 rating reflects the stable earnings profile of Healthcare Realty's medical office building (MOB) focused portfolio, prudent capital strategy, and sound liquidity position. The REIT owns high-quality properties including sought after on-campus/adjacent-to-campus assets in some of the largest markets in the country leased to a diverse tenant base. Substantial availability on its credit facility, laddered debt maturity schedule and a large unencumbered asset base support the REIT's sound liquidity position. The rating is constrained by Healthcare Realty's modest size relative to some other healthcare investors and competitive pricing for good MOB assets which makes it difficult to grow the portfolio rapidly.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was REITs and Other Commercial Real Estate Firms published in September 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Ranjini Venkatesan Vice President - Senior Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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