UHT · Universal Health Realty Income Trust

Universal Health Realty Income Trust's Q1 2026 results showed modest improvement with net income up $242,000 to $5.019 million ($0.36 per diluted share) from $4.777 million ($0.34 per diluted share) in the prior year quarter. The gain was primarily driven by a $217,000 reduction in interest expense, attributed to a lower average effective borrowing rate aided by interest rate swap agreements, alongside a smaller $25,000 net increase from property operations. Revenues remained stable at $24.529 million versus $24.548 million, with lease revenues from UHS facilities slightly up to $8.383 million and non-related parties down to $14.202 million. Expenses saw depreciation and amortization rise to $6.954 million from $6.845 million, advisory fees to UHS increase to $1.403 million, while other operating expenses dipped slightly. FFO, a key REIT metric, improved to $12.266 million ($0.88 per share) from $11.930 million ($0.86 per share), reflecting the net income growth plus higher depreciation including from unconsolidated affiliates. Balance sheet as of March 31, 2026, reflected $359.5 million in line of credit borrowings out of a capacity recently expanded to $475 million via April 2026 amendment (from $425 million), with maturity September 30, 2028, extendable by one year. Total assets stood at $563.8 million, equity at $147.8 million. The Trust maintained its dividend at $0.745 per share for Q1, paid March 31. Development progress on Miller Medical Plaza, an 80,000 sq ft MOB on UHS's Alan B. Miller Medical Center campus in Florida, advanced with construction starting February 2026 toward Q4 completion at ~$34 million cost; UHS subsidiary committed to a 10-year master flex lease for ~75% of space, subject to third-party leasing.