Healthcare Realty Holdings, L.P. issued $600 million of 3.00% exchangeable senior notes due January 15, 2032, guaranteed on a senior unsecured basis by Healthcare Realty Trust. The offering was upsized from $500 million and closes on May 7, 2026, with an additional $100 million option available to initial purchasers.

Net proceeds of approximately $582.6 million (or $680.1 million if the full option is exercised) will fund $24 million of capped call costs, $75 million to repurchase about 3.83 million shares of class A common stock, and the remainder—together with revolving credit borrowings—to repay its 3.50% notes due 2026. Excess funds will be invested in short-term, interest-bearing instruments until deployed.

Notes accrue 3.00% interest semi-annually and are initially exchangeable at 43.4660 shares per $1,000 principal amount, implying a $23.01 exchange price. Noteholders gain full exchange rights from October 15, 2031, and the issuer may redeem notes on specific share price conditions or to maintain REIT status, while capped call transactions hedge potential dilution.