Healthcare Realty Trust Inc
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 30, 2026
HR$19.20+0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-01.
0001360604-26-000042
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0001360604-26-000064
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 172 previous paragraphs and 222 current paragraphs.
112 unchanged; 40 reworded; 51 added; 19 removed; 1 previous and 19 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (51)
Current report
Subsequent Disposition Activity
Current report
On July 2, 2026, the Company sold two land parcels in Dallas, TX for a total purchase price of $5.5 million.
Current report
•$13.5 million toward building capital.
Current report
Subsequent Joint Venture Acquisition Activity
Current report
In July 2026, an unconsolidated joint venture where the Company owns 20%, acquired two properties for a total purchase price of $86.1 million.
Current report
In April 2026, the Company entered into a mezzanine loan agreement to provide funding up to $6.3 million for a future development. As of June 30, 2026, no funding has been provided.
Current report
In April 2026, the Company received $45.2 million, upon maturity of a mortgage loan.
Current report
On May 7, 2026, the OP issued $700.0 million of 3.00% 2032 Exchangeable Senior Notes. The proceeds from the offering were primarily used to repay the Company’s $600 million of Senior Notes that were due to mature in August 2026. In connection with the offering of the 2032 Exchangeable Senior Notes, the Company and OP entered into the 2032 Capped Calls with an initial cap price of $27.41 per share. A portion of the proceeds from the 2032 Exchangeable Senior Notes was used to pay the premiums of the 2032 Capped Calls of approximately $28.9 million, which was recorded as reduction to stockholders' equity. See Note 4 to the Condensed Consolidated Financial Statements in this report for more information.
Current report
On May 15, 2026, the Company and the OP (as borrower) entered into a term loan agreement (“The Term Loan Agreement”) which provides for a $400.0 million senior unsecured delayed draw term loan facility (the “Delayed Draw Term Loan”). The Term Loan Agreement has an accordion feature to increase the Delayed Draw Term Loan or add one or more new tranches of term loans up to an additional aggregate amount not to exceed $100.0 million, subject to the satisfaction of certain conditions and the receipt of additional commitments from existing or new lenders. The scheduled maturity date of the Delayed Draw Term Loan is May 15, 2029. Term loans outstanding under the Delayed Draw Term Loan will accrue interest at an annual rate equal to (a) the applicable margin, plus (b) at the OP’s option, (x) the base rate, (y) a forward-looking term rate based on the secured overnight financing rate (“SOFR”) as administered by the Federal Reserve Bank of New York (“Term SOFR”) or (z) a daily rate determined by reference to SOFR (“Daily Simple SOFR”), subject to a floor of, in the case of base rate, 1.00% and in the case of Term SOFR and Daily Simple SOFR, 0.00%. The applicable margin under the Term Loan Facility ranges from 0.00% to 0.550% for base rate loans and 0.675% to 1.550% for Term SOFR or Daily Simple SOFR loans, in each case, based on the non-credit enhanced, senior unsecured long-term debt ratings of the OP. Deferred financing costs incurred as a result of the transaction totaled approximately$4.1 million and are recorded as an other asset on the condensed consolidated balance sheet. As of June 30, 2026, no borrowings were outstanding under the Delayed Draw Term Loan.
Current report
•Dispositions in 2025 and 2026 resulted in a decrease of $32.0 million.
Current report
•Developments completed in 2025 resulted in an increase of $0.8 million.
Current report
Property operating expenses decreased $5.2 million, or 5.0%, for the three months ended June 30, 2026, compared to the prior year period primarily as a result of the following activity:
Current report
•Dispositions in 2025 and 2026 resulted in a decrease of $12.0 million.
Current report
◦Administrative and other legal costs of $1.5 million;
Current report
◦Compensation expense of $1.5 million;
Current report
◦Utilities expense of $1.0 million;
Current report
◦Insurance expense of $0.1 million.
Current report
General and administrative expenses decreased approximately $9.1 million, or 38.8%, for the three months ended June 30, 2026, compared to the prior year period primarily as a result of the following activity:
Current report
•Decreases in cash compensation expense of $2.1 million;
Current report
•Increases in other items including legal and other administrative costs of $0.8 million.
Current report
Depreciation and amortization expense decreased $25.4 million, or 16.6%, for the three months ended June 30, 2026, compared to the prior year period primarily as a result of the following activity:
Current report
•Dispositions in 2025 and 2026 resulted in a decrease of $18.7 million.
Current report
•Leasing costs amortization resulted in an increase of $2.2 million.
Current report
Contractual interest expense decreased $9.4 million, or 21.2%, for the three months ended June 30, 2026, compared to the prior year period primarily as a result of the following activity:
Current report
•The commercial paper program and unsecured credit facility accounted for a net decrease of approximately $0.5 million.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Current report
Revenues
Current report
•Dispositions in 2025 and 2026 resulted in a decrease of $65.2 million.
Current report
•Leasing activity, including contractual rent increases, resulted in an increase of $26.0 million.
Current report
•Developments completed in 2025 resulted in an increase of $1.4 million.
Current report
Other operating income increased $2.4 million, or 17.7%, for the six months ended June 30, 2026, compared to the prior year period primarily as a result of income from management fees related to unconsolidated joint ventures.
Current report
Expenses
Current report
Property operating expenses decreased $15.1 million, or 7.0%, for the six months ended June 30, 2026 compared to the prior year period primarily as a result of the following activity:
Current report
•Dispositions in 2025 and 2026 resulted in a decrease of $24.7 million.
Current report
◦Utilities expense of $2.5 million;
Current report
◦Compensation expense of $2.4 million;
Current report
◦Administrative, leasing commissions, and other legal expense of $1.3 million;
Current report
◦Janitorial expense of $0.2 million.
Current report
◦Developments completed in 2025 resulted in an increase of $0.5 million.
Current report
General and administrative expenses decreased approximately $5.3 million, or 14.3%, for the six months ended June 30, 2026 compared to the prior year period primarily as a result of the following activity:
Showing the first 40 of 51 passages. Open the source sections for the rest.
Removed paragraphs (19)
Previous report
Dividends paid by the Company for the three months ended March 31, 2026 were funded from cash flows from operations and the Revolving Facility, as cash flows from operations were not adequate to fully fund dividends, primarily as a result of the timing of interest payments. The Company expects that cash flows from operations will generate sufficient cash flows during 2026 such that dividends for the full year 2026 can be funded by cash flows from operations or other sources of liquidity described above.
Previous report
Subsequent to March 31, 2026, the Company acquired the following property:
Previous report
•$4.1 million toward building capital.
Previous report
•Dispositions in 2025 and 2026 resulted in a decrease of $32.8 million.
Previous report
Property operating expenses decreased $9.8 million, or 9.0%, for the three months ended March 31, 2026, compared to the prior year period primarily as a result of the following activity:
Previous report
•Dispositions in 2025 and 2026 resulted in a decrease of $12.8 million.
Previous report
▪Other administrative and legal expenses of $0.2 million;
Previous report
◦Utilities expense of $1.5 million;
Previous report
◦Compensation expense of $0.9 million;
Previous report
◦Janitorial expense of $0.1 million.
Previous report
•Developments completed in 2025 resulted in an increase of $0.2 million.
Previous report
General and administrative expenses increased approximately $3.8 million, or 28.2%, for the three months ended March 31, 2026, compared to the prior year period primarily as a result of the following activity:
Previous report
•Decreases in the following expenses:
Previous report
•Cash compensation expense of $3.1 million;
Previous report
Depreciation and amortization expense decreased $27.1 million, or 17.3%, for the three months ended March 31, 2026, compared to the prior year period primarily as a result of the following activity:
Previous report
•Dispositions in 2025 and 2026 resulted in a decrease of $19.9 million.
Previous report
Contractual interest expense decreased $9.3 million, or 21.6%, for the three months ended March 31, 2026, compared to the prior year period primarily as a result of the following activity:
Previous report
•The Revolving Facility accounted for an increase of approximately $1.4 million as a result of an increased weighted average balance outstanding.
Previous report
•The repayment of the Senior Notes due 2025 accounted for a decrease of $2.4 million.
Reworded paragraphs (40)
Previous wording
As of March 31, 2026, the Company had $1.2 billion available to be drawn on the Revolving Facility, net of Commercial Paper Program borrowings, and available cash.
Current wording
As of June 30, 2026, the Company had $1.6 billion available to be drawn on the Delayed Draw Term Loan and Revolving Facility, net of Commercial Paper Program borrowings, and available cash.
Previous wording
Cash flows provided by operating activities increased from $47.8 million for the three months ended March 31, 2025 to $52.9 million for the three months ended March 31, 2026. Items impacting cash flows from operations include, but are not limited to, cash generated from property operations, interest payments and the timing of the payment of invoices and other expenses.
Current wording
Cash flows provided by operating activities decreased from $211.0 million for the six months ended June 30, 2025 to$195.1 million for the six months ended June 30, 2026. Items impacting cash flows from operations include, but are not limited to, cash generated from property operations, interest payments and the timing of the payment of invoices and other expenses.
Previous wording
Cash flows used in investing activities for the three months ended March 31, 2026 and March 31, 2025, were approximately $45.3 million and $38.8 million, respectively. Below is a summary of the investing activities.
Current wording
Cash flows used in investing activities for the six months ended June 30, 2026 and June 30, 2025, were approximately$52.3 million and $41.9 million, respectively. Below is a summary of the investing activities.
Previous wording
The Company had no real estate acquisition activity for the three months ended March 31, 2026.
Current wording
The Company had the following real estate acquisition activity for the six months ended June 30, 2026:
Previous wording
Represents an additional fully leased condominium unit, by Novant Health under a long-term lease in an existing building, bringing the Company's ownership of the building to 93%.
Current wording
Represents a condominium unit fully leased by Novant Health under a long-term lease in an existing building, bringing the Company's ownership to 93%.
Previous wording
The Company disposed of three medical outpatient properties during the three months ended March 31, 2026 for a total sales price of $33.4 million, generating net proceeds of $30.0 million after closing credits. The following table details these dispositions for the three months ended March 31, 2026:
Current wording
The Company disposed of five properties and one land parcel during the six months ended June 30, 2026 for a total sales price of $49.1 million, generating net proceeds of $44.6 million after closing credits. The following table details these dispositions for the six months ended June 30, 2026:
Previous wording
During the three months ended March 31, 2026, the Company incurred capital costs totaling $49.1 million for the following:
Current wording
During the six months ended June 30, 2026, the Company incurred capital costs totaling $105.2 million for the following:
Previous wording
•$18.3 million toward development and redevelopment of properties;
Current wording
•$41.4 million toward development and redevelopment of properties;
Previous wording
•$18.2 million toward first generation tenant improvements and planned capital expenditures for acquisitions;
Current wording
•$34.9 million toward first generation tenant improvements and planned capital expenditures for acquisitions;
Previous wording
•$8.5 million toward second generation tenant improvements; and
Current wording
•$15.5 million toward second generation tenant improvements; and
Previous wording
During the three months ended March 31, 2026, the Company invested additional funding of $18.6 million, of which $17.7 million related to a property acquisition, in existing joint ventures in which it holds a 20% interest.
Current wording
During the six months ended June 30, 2026, the Company invested additional funding of $19.0 million, of which $17.7 million related to a property acquisition, in existing joint ventures in which it holds a 20% interest.
Previous wording
Cash flows used in financing activities for the three months ended March 31, 2026 and March 31, 2025, were approximately $7.5 million and $52.1 million, respectively. See Notes 4 and 7 to the Condensed Consolidated Financial Statements in this report for more information about capital markets and financing activities.
Current wording
Cash flows used in financing activities for the six months ended June 30, 2026 and June 30, 2025, were approximately$149.9 million and $212.3 million, respectively. See Notes 4 and 7 to the Condensed Consolidated Financial Statements in this report for more information about capital markets and financing activities.
Previous wording
On February 12, 2026, Healthcare Realty established its inaugural commercial paper program, with a total size of up to $600 million. As of March 31, 2026, the Company had a principal balance of $251.0 million outstanding.
Current wording
On February 12, 2026, Healthcare Realty established its inaugural commercial paper program, with a total size of up to $600 million. As of June 30, 2026, the Company had a principal balance of$276.0 million outstanding.
Previous wording
In February 2026, the Company terminated three interest rate swaps with a total notional value of $400.0 million that were set to mature in 2026 and 2027. The Company entered into two new interest rate swaps with a total notional value of $400.0 million, at a strike price of 3.32%, that mature in January 2029.
Current wording
In February 2026, the Company terminated three interest rate swaps with a total notional value of $400.0 million that were set to mature in 2026 and 2027. The Company entered into two new interest rate swaps with a total notional value of $400.0 million, at a strike price of 3.32%, that mature in January 2029. In May 2026, the Company had four interest rate swaps with a total notional value of $100.0 million mature.
Previous wording
As of March 31, 2026, the Company hadsix outstanding interest rate derivatives totaling $500.0 million to hedge the one-month term Secured Overnight Financing Rate ("SOFR"). As of March 31, 2026, all six of these swaps were designated as cash flow hedges. The following table details the amount and rate of each swap (dollars in thousands):
Current wording
As of June 30, 2026, the Company hadtwo outstanding interest rate derivatives with notional values totaling$400.0 million to hedge the one-month term Secured Overnight Financing Rate ("SOFR") at a rate of 3.32%. As of June 30, 2026, both of these swaps were designated as cash flow hedges.
Previous wording
The Company expects that approximately 10-15% of its leases will expire each year in the ordinary course of business. There are 768 multi-tenant and single-tenant leases totaling 2.2 million square feet that will expire during the remainder of 2026. Approximately 72% of the leases expiring during the remainder of 2026 are for space in buildings located on or adjacent to hospital campuses, are distributed throughout the portfolio, and are not concentrated with any one tenant, health system or market area. The Company typically expects to retain 75% to 90% of tenants upon expiration, and the retention ratio for the first three months of the year was within this range.
Current wording
The Company expects that approximately 10-15% of its leases will expire each year in the ordinary course of business. There are 329 multi-tenant and single-tenant leases totaling 0.9 million square feet that will expire during the remainder of 2026. Approximately 70% of the leases expiring during the remainder of 2026 are for space in buildings located on or adjacent to hospital campuses, are distributed throughout the portfolio, and are not concentrated with any one tenant, health system or market area. The Company typically expects to retain 75% to 90% of tenants upon expiration, and the retention ratio for the first six months of the year was within this range.
Previous wording
The Company historically has experienced increases in property taxes throughout its portfolio as a result of increasing assessments and tax rates levied across the country. The Company continues its efforts to appeal property tax increases and manage the impact of the increases. In addition, the Company historically has incurred variability in portfolio utilities expenses based on seasonality, with the first and third quarters usually reflecting greater amounts. The effects of these operating expense increases are mitigated in leases that have provisions for operating expense reimbursement. As of March 31, 2026, leases for approximately 92% of the Company's total leased square footage allow for some recovery of operating expenses, with approximately 30% having modified gross lease structures and approximately 62% having net lease structures.
Current wording
The Company historically has experienced increases in property taxes throughout its portfolio as a result of increasing assessments and tax rates levied across the country. The Company continues its efforts to appeal property tax increases and manage the impact of the increases. In addition, the Company historically has incurred variability in portfolio utilities expenses based on seasonality, with the first and third quarters usually reflecting greater amounts. The effects of these operating expense increases are mitigated in leases that have provisions for operating expense reimbursement. As of June 30, 2026, leases for approximately 92% of the Company's total leased square footage allow for some recovery of operating expenses, with approximately 28% having modified gross lease structures and approximately 64% having net lease structures.
Previous wording
1 Purchase option prices are based on fair market value components that are determined by an appraisal process, except for two properties totaling$42.6 million with stated prices or prices based on fixed capitalization rates.
Current wording
1 Purchase option prices are based on fair market value components that are determined by an appraisal process, except for two properties totaling $42.7 million with stated prices or prices based on fixed capitalization rates.
Previous wording
2 These purchase options have been exercisable for an average of 21.7 years.
Current wording
2 These purchase options have been exercisable for an average of approximately 22.0 years.
Previous wording
3 Includes two medical outpatient properties that are recorded in the line item Investment in financing receivable, net on the Company's Condensed Consolidated Balance Sheets.
Current wording
3 Includes one medical outpatient property that is recorded in the line item Investment in financing receivable, net on the Company's Condensed Consolidated Balance Sheets.
Previous wording
The table below reconciles net loss to FFO, Normalized FFO and FAD for the three months ended March 31, 2026 and 2025:
Current wording
The table below reconciles net loss to FFO, Normalized FFO and FAD for the three and six months ended June 30, 2026 and 2025:
Previous wording
2 The Company utilizes the treasury stock method which includes the dilutive effect of nonvested share-based awards outstanding of 493,403 and 317,511, respectively, for the three months ended March 31, 2026 and 2025, and the dilutive impact of 4,278,028 OP Units outstanding for the three months ended March 31, 2026,
Current wording
2 The Company utilizes the treasury stock method which includes the dilutive effect of nonvested share-based awards outstanding of 613,021 and 287,797, respectively, for the three months ended June 30, 2026 and 2025, and the dilutive impact of 4,247,299 and 4,262,579 OP Units outstanding for the three and six months ended June 30, 2026, respectively.
Previous wording
The following table reflects the Company's Same Store Cash NOI for the three months ended March 31, 2026 and 2025:
Current wording
The following table reflects the Company's Same Store Cash NOI for the six months ended June 30, 2026 and 2025:
Previous wording
The following tables reconcile net income (loss) to Same Store NOI and the same store property metrics to the total owned real estate portfolio for the three months ended March 31, 2026 and 2025:
Current wording
The following tables reconcile net loss to Same Store NOI and the same store property metrics to the total owned real estate portfolio for the six months ended June 30, 2026 and 2025:
Previous wording
Rental income decreased $21.3 million, or 7.4%, for the three months ended March 31, 2026, compared to the prior year period. This decrease is primarily comprised of the following:
Current wording
Rental income decreased $16.5 million, or 5.8%, for the three months ended June 30, 2026, compared to the prior year period. This decrease is primarily comprised of the following:
Previous wording
•Leasing activity resulted in an increase of $10.9 million.
Current wording
•Leasing activity resulted in an increase of $14.7 million.
Previous wording
Other operating income increased $1.3 million, or 20.6%, for the three months ended March 31, 2026, compared to the prior year period primarily as a result of income from management fees.
Current wording
Other operating income increased $1.1 million, or 15.0%, for the three months ended June 30, 2026, compared to the prior year period primarily as a result of income from management fees.
Previous wording
◦Maintenance and repair expense of $0.7 million; and
Current wording
◦Maintenance and repair expense of $2.0 million;
Previous wording
•Increase in restructuring and severance-related charges of $7.1 million and non-cash incentive compensation expense of $0.9 million.
Current wording
•Decrease in restructuring and severance-related charges of $8.4 million;
Previous wording
◦Incentive based cash compensation expense of $0.4 million; and
Current wording
•Increase in non-cash incentive based cash compensation expense of $0.6 million;
Previous wording
•Assets that became fully depreciated resulted in a decrease of $17.3 million.
Current wording
•Assets that became fully depreciated resulted in a decrease of $15.8 million.
Previous wording
•Various building and tenant improvement expenditures resulted in an increase of $9.8 million.
Current wording
•Various building and tenant improvement expenditures resulted in an increase of $6.5 million.
Previous wording
In the three months ended March 31, 2026, the Company recognized gains on sale of real estate properties and other assets of approximately $10.8 million. In the three months ended March 31, 2025, the Company recognized gains on sale of real estate properties and other assets of approximately $2.9 million.
Current wording
In the three months ended June 30, 2026, the Company recognized gains on sale of real estate properties and other assets of approximately $3.7 million. In the three months ended June 30, 2025, the Company recognized gains on sale of real estate properties and other assets of approximately $20.0 million.
Previous wording
Interest expense decreased $10.9 million, or 19.9%, for the three months ended March 31, 2026, compared to the prior year period. The components of interest expense are as follows:
Current wording
Interest expense decreased $8.2 million, or 15.4%, for the three months ended June 30, 2026, compared to the prior year period. The components of interest expense are as follows:
Previous wording
•The unsecured term loans accounted for a decrease of approximately $9.2 million as a result of a decreased aggregate balance.
Current wording
•The unsecured term loans accounted for a decrease of approximately $9.3 million as a result of a decreased aggregate balance.
Previous wording
•Active interest rate swaps accounted for an increase of $0.7 million.
Current wording
•Active interest rate swaps accounted for an increase of $0.6 million.
Previous wording
•Decreases in portfolio operating expenses as follows:
Current wording
•Increases in portfolio operating expenses as follows:
Previous wording
◦Other decreases include legal and other administrative costs of $0.7 million.
Current wording
•Other decreases include legal and other administrative costs of $0.9 million.
Previous wording
•The commercial paper program accounted for an increase of approximately $0.4 million.
Current wording
•The commercial paper program and unsecured credit facility accounted for a net increase of approximately $1.4 million.
Previous wording
In the first quarter of 2026, the Company recognized a $1.0 million credit loss recovery on one of its previously settled mortgage notes receivable. In the first quarter of 2025, the Company recognized impairments totaling $5.4 million on four properties sold and $4.8 million on three properties with changes in the expected holding periods. In addition, the Company recorded a $1.9 million fair value adjustment for an equity investment in other assets.
Current wording
During the six months ended June 30, 2026, the Company recognized real estate impairments totaling $42.8 million on properties sold and properties with changes in the expected holding periods, net ofa $1.0 million credit loss recovery on one of its previously settled mortgage notes receivable. During the six months ended June 30, 2025, the Company recognized impairments totaling $151.0 million on properties sold and properties with changes in the expected holding periods. In addition, the Company recorded $1.5 million in credit loss reserves relating to a mortgage notes receivable and a $1.9 million fair value adjustment for an equity investment in other assets.
Rearranged current paragraphs (19)
Current report — wording carried from elsewhere
◦Property tax expense of $0.2 million;
Current report — wording carried from elsewhere
◦Janitorial expense of $0.2 million; and
Current report — wording carried from elsewhere
•Developments completed in 2025 resulted in an increase of $0.4 million.
Current report — wording carried from elsewhere
In the second quarter of 2026, the Company recognized impairments totaling $42.8 million on properties sold and properties with changes in the expected holding periods. In the second quarter of 2025, the Company recognized impairments totaling $140.9 million on properties sold and properties with changes in the expected holding periods. In addition, the Company recorded a $1.5 million credit loss reserve related to one of its mortgage notes receivables.
Current report — wording carried from elsewhere
The Company’s results of operations for the six months ended June 30, 2026 compared to the same period in 2025 were impacted by developments, dispositions, gain on sales and impairment charges recorded on real estate properties, and capital markets transactions.
Current report — wording carried from elsewhere
Rental income decreased $37.8 million, or 6.6%, for the six months ended June 30, 2026 compared to the prior year period. This decrease is primarily comprised of the following:
Current report — wording carried from elsewhere
◦Maintenance and repair expense of $2.5 million;
Current report — wording carried from elsewhere
•Decrease in restructuring and severance-related charges of $0.8 million.
Current report — wording carried from elsewhere
•Assets that became fully depreciated resulted in a decrease of $32.9 million.
Current report — wording carried from elsewhere
•Developments completed in 2025 resulted in an increase of $0.7 million.
Current report — wording carried from elsewhere
•Various building and tenant improvement expenditures resulted in an increase of $13.2 million.
Current report — wording carried from elsewhere
Gains on sale of real estate properties and other assets
Current report — wording carried from elsewhere
Interest expense decreased $19.1 million, or 17.7%, for the six months ended June 30, 2026 compared to the prior year period. The components of interest expense are as follows:
Current report — wording carried from elsewhere
•The unsecured term loans accounted for a decrease of approximately $1.9 million.
Current report — wording carried from elsewhere
•Mortgage note repayments, net of assumptions, accounted for a decrease of approximately $0.3 million.
Current report — wording carried from elsewhere
•Active interest rate swaps accounted for an increase of $1.3 million.
Current report — wording carried from elsewhere
Impairment of real estate properties and credit loss reserves
Current report — wording carried from elsewhere
Equity loss from unconsolidated joint ventures
Current report — wording carried from elsewhere
The Company recognized its proportionate share of income or losses from its unconsolidated joint ventures. Losses are primarily attributable to non-cash depreciation expense. See Note 2 to the Condensed Consolidated Financial Statements in this report for more details regarding the Company's unconsolidated joint ventures.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•Developments completed in 2025 resulted in an increase of $0.6 million.