KING OF PRUSSIA, Pa.,
July 26, 2021 /PRNewswire/
-- Universal Health Realty Income Trust (NYSE:UHT) announced
today that for the three-month period ended June 30, 2021, net
income was $6.6 million, or
$.48 per diluted share, as compared
to $4.7 million, or $.34 per diluted share, during the second quarter
of 2020.
As calculated on the attached Schedule of Non-GAAP Supplemental
Information ("Supplemental Schedule"), our funds from operations
("FFO"), were $12.6 million, or
$.92 per diluted share, during the
second quarter of 2021, as compared to $11.4
million, or $.83 per diluted
share, during the second quarter of 2020.
Our financial results for the three-month period ended
June 30, 2021 include a gain of
$1.3 million, or $.09 per diluted share, related to the sale of
the Children's Clinic at Springdale, a medical office building located
in Springdale, AR, as discussed
below. After adjusting the reported results for the
three-month period ended June 30,
2021 for the $1.3 million
gain, as computed on the Supplemental Schedule, our adjusted net
income was $5.3 million, or
$.39 per diluted share, during the
second quarter of 2021.
The increase in our adjusted net income of $617,000, or $.05
per diluted share, during the second quarter of 2021, as compared
to the second quarter of 2020, was due to: (i) an increase of
$554,000, or $.04 per diluted share, resulting from an
aggregate net increase in the income generated at various
properties, including the income recorded in connection with the
newly constructed Clive Behavioral Health facility, a 100-bed
behavioral health care facility located in Clive, Iowa, that was completed in late
December, 2020; (ii) an increase of $230,000, or $.02
per diluted share, in bonus rental earned on the three hospital
facilities leased to subsidiaries of Universal Health Services,
Inc. ("UHS"), partially offset by; (iii) a decrease of $167,000, or $.01
per diluted share, due to an increase in our interest expense.
During the second quarter of 2021, as compared to the second
quarter of 2020, our FFO increased $1.3
million, or $.09 per diluted
share. The increase was due primarily to the $617,000, or $.05
per diluted share, of increased adjusted net income, as discussed
above, as well as an increase in depreciation and amortization
expense, largely due to the depreciation expense recorded in
connection with the Clive Behavioral Health facility.
Consolidated Results of Operations - Six-Month Periods Ended
June 30, 2021 and 2020:
For the six-month period ended June 30, 2021, net income
was $12.2 million, or $.89 per diluted share, as compared to
$9.3 million, or $.67 per diluted share during the first six
months of 2020.
As calculated on the Supplemental Schedule, our FFO were
$25.4 million, or $1.84 per diluted share, during the first six
months of 2021, as compared to $22.6
million, or $1.64 per diluted
share, during the first six months of 2020.
After adjusting the reported results for the six-month period
ended June 30, 2021 for the
above-mentioned $1.3 million gain
recorded during the second quarter of 2021, as computed on the
Supplemental Schedule, our adjusted net income was $10.9 million, or $.79 per diluted share, during the first six
months 2021.
The increase in our adjusted net income of $1.6 million, or $.12 per diluted share, during the first six
months of 2021, as compared to the comparable period of 2020, was
due to: (i) an increase of $1.1
million, or $.08 per diluted
share, resulting from an net aggregate increase net income,
resulting primarily from the income generated at various
properties, including the income recorded in connection with the
newly constructed Clive Behavioral Health facility, and; (ii) an
increase of $546,000, or $.04 per diluted share, in bonus rental earned on
the three hospital facilities leased to subsidiaries of
UHS.
During the first six months of 2021, as compared to the
comparable period of 2020, our FFO increased $2.8 million, or $.20 per diluted share. The increase was due
primarily to the $1.6 million, or
$.12 per diluted share, of increased
adjusted net income, as discussed above, as well as an increase in
depreciation and amortization expense, largely due to the
depreciation expense recorded in connection with the Clive
Behavioral Health facility.
Dividend Information:
The second quarter dividend of $.70 per share, or $9.6
million in the aggregate, was declared on June 2, 2021 and paid on June 30, 2021.
Capital Resources Information:
At June 30, 2021 we had
$258.2 million of borrowings
outstanding pursuant to the terms of our credit agreement and
$86.7 million of available borrowing
capacity as of that date, net of outstanding borrowings and letters
of credit.
On July 2, 2021, we entered into
an amended and restated credit agreement which increased the
borrowing capacity to $375 million
(from $350 million previously) and
extended the maturity date to July, 2025 (from March, 2022
previously). We have the option to extend the maturity date for up
to two additional six-month periods.
Divestitures, Acquisitions and Planned Divestitures:
During and subsequent to the second quarter of 2021, we
completed two transactions and entered into two agreements, with
non-related parties, as part of a series of anticipated tax
deferred like-kind exchange transactions pursuant to Section 1031
of the Internal Revenue Code, related to the following
properties:
Completed Divestiture:
Children's Clinic at Springdale: In June, 2021, we sold this
medical office building ("MOB") located in Springdale, AR for a sale price of
approximately $3.2 million, net of
closing costs. This divestiture resulted in a gain of
approximately $1.3 million which is
included in our consolidated statement of income for the three and
six-month periods ended June 30,
2021.
Completed Acquisition:
Fire Mesa Office Building: In May, 2021, we acquired this
building located in Las Vegas,
Nevada, for a purchase price of approximately $12.9 million. The building, which is 100%
leased under the terms of a triple net lease by a wholly-owned
subsidiary of UHS, has approximately 44,000 rentable square feet.
The lease on this building is scheduled to expire on August 31, 2027 and has two five-year renewal
options.
Planned Divestitures:
Auburn Medical Office Building II – In July, 2021, we
entered into an agreement to sell this 41,311 square foot,
multi-tenant MOB located in Auburn
Washington. The potential buyer of the property has the
right to terminate the agreement for any reason until August 19, 2021, or later if extended subject to
certain conditions. Therefore, we can provide no assurance that
this transaction will be completed. The closing date on the
sale of the property is scheduled to occur no later than
November 1, 2021. The assets
and liabilities related to this property are included in "Assets
held for sale" or "Liabilities of properties held for sale" on our
Consolidated Balance Sheet as of June 30,
2021.
Corpus Christi,
TX – In July, 2021, we entered into an agreement to
sell this 69,700 square foot, and currently vacant, former
sub-acute hospital located in Corpus
Christi, Texas. The potential buyer of the property has the
right to terminate the agreement for any reason until July 30, 2021. Therefore, we can provide no
assurance that this transaction will be completed. The
closing date on the sale of the property is scheduled to occur no
later than September 28, 2021.
The assets and liabilities related to this property are included in
"Assets held for sale" or "Liabilities of properties held for sale"
on our Consolidated Balance Sheet as of June
30, 2021.
Disclosures Related to Certain Facilities:
Southwest Healthcare System, Inland Valley Campus:
As previously disclosed, a wholly-owned subsidiary of UHS has
notified us that it is planning to terminate the existing lease on
Southwest Healthcare System, Inland Valley Campus, upon the
scheduled expiration of the current lease term on December 31, 2021. As permitted pursuant to the
terms of the lease, UHS has the right to purchase the leased
property at its appraised fair market value at the end of the
existing lease term. However, UHS has proposed exchanging potential
substitution properties, with an aggregate fair market value
substantially equal to that of Southwest Healthcare System, Inland
Valley Campus, in return for the real estate assets of the Inland
Valley Campus. The proposed substitution properties consist
of one acute care hospital (including a behavioral health pavilion)
and a newly constructed behavioral health hospital. The Independent
Trustees of our Board of Trustees have approved the proposed
property substitution subject to satisfactory due diligence and
completion of definitive agreements. The effective date of the
property substitution is expected to coincide with the scheduled
lease maturity date of December 31,
2021. Pursuant to the terms of the lease on the Inland
Valley Campus, we earned $2.2 million
of lease revenue during the six-month period ended June 30, 2021 ($1.3
million in base rental and $892,000 in bonus rental) and $4.4 million of lease revenue during the year
ended December 31, 2020 ($2.6 million in base rental and $1.8 million in bonus rental).
Kindred Hospital Chicago Central:
Also as previously disclosed, the existing lease on Kindred
Hospital Chicago Central, a 95-bed specialty hospital located in
Chicago, Illinois, is scheduled to
expire on December 31, 2021. The
tenant of the facility notified us that they do not intend to renew
the lease upon its scheduled expiration. We have begun marketing
this property to potential new tenants. However, should this
property be vacant for an extended period of time, or should we
experience a decrease in the lease rate on a future lease as
compared to the current lease, or incur substantial renovation
costs to make the property suitable for another operator/tenant,
our future results of operations could be unfavorably
impacted. Pursuant to the terms of the lease, we earned
approximately $780,000 of lease
revenue during the six-month period ended June 30, 2021 and approximately $1.6 million of lease revenue during the
twelve-month period ended December 31,
2020.
PeaceHealth Medical Clinic:
The existing lease on the PeaceHealth Medical Clinic, an MOB
located in Bellingham, Washington,
consisting of approximately 99,000 rentable square feet, was
scheduled to expire on December 31,
2021. In July, 2021, the lease was renewed for an additional
seven year term, extending the scheduled expiration date to
January 31, 2029. The tenant also has
two additional five-year renewal terms. Additionally, the tenant
has the right of first offer to purchase the property if the
property is marketed by us; and the tenant has an option to
purchase the property at the end of the lease term at the then fair
market value.
General Information, Forward-Looking Statements and Risk
Factors and Non-GAAP Financial Measures:
Universal Health Realty Income Trust, a real estate investment
trust, invests in healthcare and human-service related facilities
including acute care hospitals, behavioral health care hospitals,
specialty hospitals, medical/office buildings, free-standing
emergency departments and childcare centers. We have investments in
seventy-three properties located in twenty states.
This press release contains forward-looking statements based on
current management expectations. Numerous factors, including
those disclosed herein, those related to the anticipated impact of
COVID-19 on our financial results, as well as the operations and
financial results of each of our tenants, those related to
healthcare industry trends and those detailed in our filings with
the Securities and Exchange Commission (as set forth in Item
1A-Risk Factors and in Item 7-Forward-Looking
Statements in our Form 10-K for the year ended December 31, 2020 and in Item
2-Forward-Looking Statements and Certain Risk Factors in our
Form 10-Q for the quarter ended March 31,
2021), may cause the results to differ materially from those
anticipated in the forward-looking statements. Readers should not
place undue reliance on such forward-looking statements which
reflect management's view only as of the date hereof. We undertake
no obligation to revise or update any forward-looking statements,
or to make any other forward-looking statements, whether as a
result of new information, future events or otherwise.
Many of the factors that could affect our future results are
beyond our control or ability to predict, including the impact of
the COVID-19 pandemic. Future operations and financial results of
our tenants, and in turn ours, could be materially impacted by
developments related to COVID-19. Such developments
include, but are not limited to, the length of time and severity of
the spread of the pandemic; the volume of cancelled or rescheduled
elective procedures and the volume of COVID-19 patients treated by
the operators of our hospitals and other healthcare facilities;
measures our tenants are taking to respond to the COVID-19
pandemic; the impact of government and administrative regulation
and stimulus on the health care industry; declining patient volumes
and unfavorable changes in payer mix caused by deteriorating
macroeconomic conditions (including increases in uninsured and
underinsured patients as the result of business closings and
layoffs); potential disruptions to clinical staffing and shortages
and disruptions related to supplies required for our tenants'
employees and patients; and potential increases to expenses
incurred by our tenants related to staffing, supply chain or other
expenditures. There may be significant declines in future
bonus rental revenue earned on our hospital properties leased to
subsidiaries of UHS to the extent that each hospital experiences a
significant decline in patient volumes. We believe that the
underlying businesses operated by certain of our other tenants have
been, at various times, either temporarily closed entirely or
operating at substantially reduced hours. These factors may
result in the inability or unwillingness on the part of some of our
tenants to make timely payment of their rent to us at current
levels or to seek to amend or terminate their leases which, in
turn, would have an adverse effect on our occupancy levels and our
revenue and cash flow and the value of our properties, and
potentially, our ability to maintain our dividend at current
levels. Due to COVID-19 restrictions and its impact on the economy,
we may experience a decrease in prospective tenants which could
unfavorably impact the volume of new leases, as well as the renewal
rate of existing leases. The COVID-19 pandemic may delay our
construction projects which could result in increased costs and
delay the timing of opening and rental payments from those
projects, although no such delays have yet occurred. The COVID-19
pandemic could also impact our indebtedness and the ability to
refinance such indebtedness on acceptable terms, as well as risks
associated with disruptions in the financial markets and the
business of financial institutions as the result of the COVID-19
pandemic which could impact us from a financing perspective; and
changes in general economic conditions nationally and regionally in
the markets our properties are located resulting from the COVID-19
pandemic. We are not able to quantify the impact that these factors
will have on our future operations, but developments related to the
COVID-19 pandemic could have a material adverse impact on our
future financial results.
We believe that, if and when applicable, adjusted net income and
adjusted net income per diluted share (as reflected on the
Supplemental Schedule), which are non-GAAP financial measures
("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to
our investors as measures of our operating performance. In
addition, we believe that, when applicable, comparing and
discussing our financial results based on these measures, as
calculated, is helpful to our investors since it neutralizes the
effect in each year of material items that are non-recurring or
non-operational in nature including items such as, but not limited
to, gains on transactions.
Funds from operations ("FFO") is a widely recognized measure of
performance for Real Estate Investment Trusts ("REITs"). We believe
that FFO and FFO per diluted share, which are non-GAAP financial
measures, are helpful to our investors as measures of our operating
performance. We compute FFO, as reflected on the attached
Supplemental Schedules, in accordance with standards established by
the National Association of Real Estate Investment Trusts
("NAREIT"), which may not be comparable to FFO reported by other
REITs that do not compute FFO in accordance with the NAREIT
definition, or that interpret the NAREIT definition differently
than we interpret the definition. FFO adjusts for the effects of
gains, such as gains on transactions during the periods
presented. To the extent a REIT recognizes a gain or loss
with respect to the sale of incidental assets, such as the sale of
land peripheral to operating properties, the REIT has the option to
exclude or include such gains and losses in the calculation of
FFO. We have opted to exclude gains and losses from sales of
incidental assets in our calculation of FFO. FFO does not
represent cash generated from operating activities in accordance
with GAAP and should not be considered to be an alternative to net
income determined in accordance with GAAP. In addition, FFO should
not be used as: (i) an indication of our financial performance
determined in accordance with GAAP; (ii) an alternative to
cash flow from operating activities determined in accordance with
GAAP; (iii) a measure of our liquidity, or; (iv) an indicator
of funds available for our cash needs, including our ability to
make cash distributions to shareholders. A reconciliation of our
reported net income to FFO is reflected on the Supplemental
Schedules included below.
To obtain a complete understanding of our financial performance
these measures should be examined in connection with net income,
determined in accordance with GAAP, as presented in the condensed
consolidated financial statements and notes thereto in this report
or in our other filings with the Securities and Exchange Commission
including our Report on Form 10-K for the year ended
December 31, 2020. Since the items included or excluded from
these measures are significant components in understanding and
assessing financial performance under GAAP, these measures should
not be considered to be alternatives to net income as a measure of
our operating performance or profitability. Since these measures,
as presented, are not determined in accordance with GAAP and are
thus susceptible to varying calculations, they may not be
comparable to other similarly titled measures of other companies.
Investors are encouraged to use GAAP measures when evaluating our
financial performance.
Universal Health
Realty Income Trust
|
Consolidated
Statements of Income
|
For the Three and Six
Months Ended June 30, 2021 and 2020
|
(amounts in
thousands, except share information)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
June
30,
|
|
|
June
30,
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue -
UHS facilities (a.)
|
$
|
7,265
|
|
|
$
|
5,981
|
|
|
$
|
14,397
|
|
|
$
|
11,862
|
|
Lease revenue -
Non-related parties
|
|
13,117
|
|
|
|
12,843
|
|
|
|
26,209
|
|
|
|
25,685
|
|
Other revenue -
UHS facilities
|
|
207
|
|
|
|
221
|
|
|
|
433
|
|
|
|
435
|
|
Other revenue -
Non-related parties
|
|
287
|
|
|
|
236
|
|
|
|
536
|
|
|
|
506
|
|
|
|
20,876
|
|
|
|
19,281
|
|
|
|
41,575
|
|
|
|
38,488
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
6,951
|
|
|
|
6,381
|
|
|
|
13,738
|
|
|
|
12,761
|
|
Advisory fees
to UHS
|
|
1,089
|
|
|
|
1,027
|
|
|
|
2,151
|
|
|
|
2,043
|
|
Other operating
expenses
|
|
5,903
|
|
|
|
5,576
|
|
|
|
11,505
|
|
|
|
10,959
|
|
|
|
13,943
|
|
|
|
12,984
|
|
|
|
27,394
|
|
|
|
25,763
|
|
Income before equity
in income of unconsolidated limited liability companies ("LLCs"),
gain on sale and interest expense
|
|
6,933
|
|
|
|
6,297
|
|
|
|
14,181
|
|
|
|
12,725
|
|
Equity in
income of unconsolidated LLCs
|
|
567
|
|
|
|
419
|
|
|
|
1,038
|
|
|
|
854
|
|
Gain on sale of real
estate assets
|
|
1,304
|
|
|
|
-
|
|
|
|
1,304
|
|
|
|
-
|
|
Interest expense,
net
|
|
(2,183)
|
|
|
|
(2,016)
|
|
|
|
(4,316)
|
|
|
|
(4,325)
|
|
Net income
|
$
|
6,621
|
|
|
$
|
4,700
|
|
|
$
|
12,207
|
|
|
$
|
9,254
|
|
Basic earnings per
share
|
$
|
0.48
|
|
|
$
|
0.34
|
|
|
$
|
0.89
|
|
|
$
|
0.67
|
|
Diluted earnings per
share
|
$
|
0.48
|
|
|
$
|
0.34
|
|
|
$
|
0.89
|
|
|
$
|
0.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding - Basic
|
|
13,753
|
|
|
|
13,739
|
|
|
|
13,751
|
|
|
|
13,737
|
|
Weighted average
number of shares outstanding - Diluted
|
|
13,776
|
|
|
|
13,761
|
|
|
|
13,773
|
|
|
|
13,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a.) Includes bonus
rental on UHS acute-care hospital facilities of $1,648 and $1,417
for the three-month periods ended June 30, 2021 and 2020,
respectively, and $3,343 and $2,797 for the six-month periods ended
June 30, 2021 and 2020, respectively.
|
|
Universal Health
Realty Income Trust
|
Schedule of Non-GAAP
Supplemental Information ("Supplemental Schedule")
|
For the Three Months
Ended June 30, 2021 and 2020
|
(amounts in
thousands, except share information)
|
(unaudited)
|
|
Calculation of
Adjusted Net Income
|
|
|
Three Months
Ended
|
|
|
Three Months
Ended
|
|
|
June 30,
2021
|
|
|
June 30,
2020
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
$
|
6,621
|
|
|
$
|
0.48
|
|
|
$
|
4,700
|
|
|
$
|
0.34
|
|
Adjustments:
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Less: Gain on sale of
real estate assets
|
|
(1,304)
|
|
|
|
(0.09)
|
|
|
|
-
|
|
|
|
-
|
|
Subtotal adjustments
to net income
|
|
(1,304)
|
|
|
|
(0.09)
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted net
income
|
$
|
5,317
|
|
|
$
|
0.39
|
|
|
$
|
4,700
|
|
|
$
|
0.34
|
|
|
|
Calculation of
Funds From Operations ("FFO")
|
|
|
Three Months
Ended
|
|
|
Three Months
Ended
|
|
|
June 30,
2021
|
|
|
June 30,
2020
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
$
|
6,621
|
|
|
$
|
0.48
|
|
|
$
|
4,700
|
|
|
$
|
0.34
|
|
Plus: Depreciation and
amortization expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
investments
|
|
6,951
|
|
|
|
0.50
|
|
|
|
6,381
|
|
|
|
0.47
|
|
Unconsolidated
affiliates
|
|
374
|
|
|
|
0.03
|
|
|
|
293
|
|
|
|
0.02
|
|
Less: Gain on sale of
real estate assets
|
|
(1,304)
|
|
|
|
(0.09)
|
|
|
|
-
|
|
|
|
-
|
|
FFO
|
$
|
12,642
|
|
|
$
|
0.92
|
|
|
$
|
11,374
|
|
|
$
|
0.83
|
|
Dividend paid per
share
|
|
|
|
|
$
|
0.700
|
|
|
|
|
|
|
$
|
0.690
|
|
Universal Health
Realty Income Trust
|
Schedule of Non-GAAP
Supplemental Information ("Supplemental Schedule")
|
For the Six Months
Ended June 30, 2021 and 2020
|
(amounts in
thousands, except share information)
|
(unaudited)
|
|
Calculation of
Adjusted Net Income
|
|
|
Six Months
Ended
|
|
|
Six Months
Ended
|
|
|
June 30,
2021
|
|
|
June 30,
2020
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
$
|
12,207
|
|
|
$
|
0.89
|
|
|
$
|
9,254
|
|
|
$
|
0.67
|
|
Adjustments:
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Less: Gain on sale of
real estate assets
|
|
(1,304)
|
|
|
|
(0.10)
|
|
|
|
-
|
|
|
|
-
|
|
Subtotal adjustments
to net income
|
|
(1,304)
|
|
|
|
(0.10)
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted net
income
|
$
|
10,903
|
|
|
$
|
0.79
|
|
|
$
|
9,254
|
|
|
$
|
0.67
|
|
|
|
Calculation of
Funds From Operations ("FFO")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
Six Months
Ended
|
|
|
June 30,
2021
|
|
|
June 30,
2020
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
$
|
12,207
|
|
|
$
|
0.89
|
|
|
$
|
9,254
|
|
|
$
|
0.67
|
|
Plus: Depreciation and
amortization expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
investments
|
|
13,738
|
|
|
|
1.00
|
|
|
|
12,761
|
|
|
|
0.93
|
|
Unconsolidated
affiliates
|
|
736
|
|
|
|
0.05
|
|
|
|
579
|
|
|
|
0.04
|
|
Less: Gain on sale of
real estate assets
|
|
(1,304)
|
|
|
|
(0.10)
|
|
|
|
-
|
|
|
|
-
|
|
FFO
|
$
|
25,377
|
|
|
$
|
1.84
|
|
|
$
|
22,594
|
|
|
$
|
1.64
|
|
Dividend paid per
share
|
|
|
|
|
$
|
1.395
|
|
|
|
|
|
|
$
|
1.375
|
|
Universal Health
Realty Income Trust
|
Consolidated Balance
Sheets
|
(amounts in
thousands, except share information)
|
(unaudited)
|
|
|
June
30,
|
|
|
December 31,
|
|
|
2021
|
|
|
2020
|
|
Assets:
|
|
|
|
|
|
|
|
Real Estate
Investments:
|
|
|
|
|
|
|
|
Buildings and
improvements and construction in progress
|
$
|
601,840
|
|
|
$
|
605,292
|
|
Accumulated
depreciation
|
|
(222,804)
|
|
|
|
(216,648)
|
|
|
|
379,036
|
|
|
|
388,644
|
|
Land
|
|
55,843
|
|
|
|
55,157
|
|
Net Real Estate Investments
|
|
434,879
|
|
|
|
443,801
|
|
Investments in limited
liability companies ("LLCs")
|
|
9,067
|
|
|
|
4,278
|
|
Other
Assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
9,733
|
|
|
|
5,742
|
|
Lease and other
receivables from UHS
|
|
3,966
|
|
|
|
3,199
|
|
Lease receivable -
other
|
|
7,250
|
|
|
|
7,504
|
|
Intangible assets (net
of accumulated amortization of $17.0 million and
$19.5 million, respectively)
|
|
11,071
|
|
|
|
11,742
|
|
Right-of-use land
assets, net
|
|
8,899
|
|
|
|
8,914
|
|
Deferred charges and
other assets, net
|
|
7,277
|
|
|
|
8,829
|
|
Assets held for
sale
|
|
11,900
|
|
|
|
-
|
|
Total Assets
|
$
|
504,042
|
|
|
$
|
494,009
|
|
Liabilities:
|
|
|
|
|
|
|
|
Line of credit
borrowings
|
$
|
258,200
|
|
|
$
|
236,200
|
|
Mortgage notes
payable, non-recourse to us, net
|
|
57,902
|
|
|
|
58,895
|
|
Accrued
interest
|
|
342
|
|
|
|
351
|
|
Accrued expenses and
other liabilities
|
|
12,050
|
|
|
|
19,802
|
|
Ground lease
liabilities, net
|
|
8,899
|
|
|
|
8,914
|
|
Tenant reserves,
deposits and deferred and prepaid rents
|
|
11,100
|
|
|
|
10,842
|
|
Liabilities of
properties held for sale
|
|
185
|
|
|
|
-
|
|
Total Liabilities
|
|
348,678
|
|
|
|
335,004
|
|
Equity:
|
|
|
|
|
|
|
|
Preferred shares of
beneficial interest, $.01 par
value; 5,000,000 shares authorized; none issued and outstanding
|
|
-
|
|
|
|
-
|
|
Common shares, $.01
par value; 95,000,000 shares
authorized; issued and outstanding: 2021 - 13,783,442;
2020 - 13,771,287
|
|
138
|
|
|
|
138
|
|
Capital in excess of
par value
|
|
267,951
|
|
|
|
267,368
|
|
Cumulative net
income
|
|
692,934
|
|
|
|
680,727
|
|
Cumulative
dividends
|
|
(804,632)
|
|
|
|
(785,413)
|
|
Accumulated other
comprehensive (loss)/income
|
|
(1,027)
|
|
|
|
(3,815)
|
|
Total Equity
|
|
155,364
|
|
|
|
159,005
|
|
Total Liabilities and Equity
|
$
|
504,042
|
|
|
$
|
494,009
|
|
View original
content:https://www.prnewswire.com/news-releases/universal-health-realty-income-trust-reports-2021-second-quarter-financial-results-301341366.html
SOURCE Universal Health Realty Income Trust