KING OF PRUSSIA, Pa.,
Feb. 26, 2020 /PRNewswire/
-- Universal Health Realty Income Trust (NYSE: UHT) announced
today that for the three-month period ended December 31, 2019,
reported net income was $5.8 million,
or $.42 per diluted share, as
compared to $4.4 million, or
$.32 per diluted share, during the
fourth quarter of 2018.
As calculated on the attached Schedule of Non-GAAP Supplemental
Information ("Supplemental Schedule"), our funds from operations
("FFO"), were $10.7 million, or
$.78 per diluted share, during the
fourth quarter of 2019, as compared to $10.8
million, or $.79 per diluted
share, during the fourth quarter of 2018.
As reflected on the Supplemental Schedule, our financial results
for the three-month period ended December
31, 2019 include a gain of $1.7
million, or $.12 per diluted
share, related to the sale of the Kings Crossing II medical office
building, as discussed below. After adjusting the reported
results for the three-month period ended December 31, 2019 for the $1.7 million gain, our adjusted net income was
$4.1 million, or $.30 per diluted share, during the fourth quarter
of 2019, as compared to $4.4 million,
or $.32 per diluted share, during the
fourth quarter of 2018.
The decrease in our adjusted net income and FFO during the
fourth quarter of 2019, as compared to the fourth quarter of 2018,
was primarily due to the previously disclosed vacancies that
occurred as of June 1, 2019 and
September 30, 2019, at two hospital
facilities located in Corpus Christi,
Texas, and Evansville,
Indiana, respectively. These two properties generated a
combined net operating loss of $244,000 during the fourth quarter of 2019, as
compared to generating combined net operating income of
$361,000 during the fourth quarter of
2018. See below for additional disclosure regarding these
properties.
Consolidated Results of Operations - Twelve-Month Periods
Ended December 31, 2019 and
2018:
For the twelve-month period ended December 31, 2019, our reported net income was
$19.0 million, or $1.38 per diluted share, as compared to
$24.2 million, or $1.76 per diluted share, during the twelve-month
period of 2018.
As calculated on the Supplemental Schedule, our FFO were
$44.0 million, or $3.20 per diluted share, during the twelve-month
period of 2019, as compared to $45.0
million, or $3.28 per diluted
share, during the twelve-month period of 2018.
As reflected on the Supplemental Schedule, our financial results
for the twelve-month period ended December
31, 2019 included a combined gain of $2.0 million, or $.14 per diluted share, related to the sale of
the Kings Crossing II medical office building and the sale of a
parcel of land located at one of our buildings.
Our financial results for the twelve-month period ended
December 31, 2018 included
$4.5 million, or $.33 per diluted share, of hurricane insurance
recoveries in excess of damaged property write-downs received in
connection with damage sustained from Hurricane Harvey which
occurred in August, 2017.
Excluding the impact of these items from each respective
twelve-month period, and as calculated on the Supplemental
Schedule, our adjusted net income was $17.0
million, or $1.24 per diluted
share, during the twelve-month period ended December 31, 2019, as compared to $19.7 million, or $1.43 per diluted share, during the twelve-month
period ended December 31,
2018.
Our net income, adjusted net income and FFO for the twelve
months ended December 31, 2018
included a net favorable impact of approximately $1.3 million, or $.10 per diluted share, related to the favorable
impact from a lease termination agreement entered into during the
second quarter of 2018 ($1.7 million,
or $.12 per diluted share), partially
offset by the unfavorable impact of the non-recurring repairs and
remediation expenses incurred at one of our medical office
buildings ($400,000, or $.02 per diluted share). In addition, our net
income, adjusted net income and FFO during the twelve months ended
December 31, 2018 included the
favorable impact of approximately $1.2
million, or $.08 per diluted share, resulting from
business interruption insurance recovery proceeds recorded during
the twelve-month period ended December
31, 2018. Included in this amount, which covered the
period of late August, 2017 through June 30,
2018, was approximately $500,000, or $.04
per diluted share, related to the period of August, 2017 through
December 31, 2017.
Dividend Information:
The fourth quarter dividend of $.685 per share, or $9.4
million in the aggregate, was declared on December 4, 2019 and paid on December 31, 2019.
Capital Resources Information:
At December 31, 2019, we had
$213.0 million of borrowings
outstanding pursuant to the terms of our $300 million credit agreement and $87.0 million of available borrowing capacity.
The credit agreement has a scheduled maturity date of March, 2022,
however, we have the option to extend the maturity date for up to
two additional six-month periods.
Acquisition and Divestiture During the Fourth Quarter of
2019:
In November, 2019, we acquired the Bellin Health Family Medicine
Center located in Escanaba,
Michigan for a purchase price of approximately $5.1 million. This building, which consists
of approximately 18,600 rentable square feet, is 100% leased under
the terms of a triple net lease with a remaining initial lease term
of approximately eight years, with four, five-year renewal
options.
In December, 2019, we sold the Kings Crossing II medical office
building, located in Kingwood
Texas for a sale price of approximately $2.5 million, net of closing costs. This
divestiture resulted in a $1.7
million gain which is included in our financial results for
the three and twelve months ended December
31, 2019.
Lease Expirations/Vacancies of Two Hospital
Facilities:
As disclosed in our Form 10-K for the year ended December 31, 2018, and our Forms 10-Q for each of
the quarters ended March 31, 2019,
June 30, 2019 and September 30, 2019, the tenants in two of our
hospital facilities had provided notice to us that they did not
intend to renew the leases upon the scheduled expiration of the
respective facilities. The combined revenues generated from the
leases on these two hospital facilities comprised approximately 2%
of our consolidated revenues during each of the years ended
December 31, 2018 and 2017.
The leases on these two hospital facilities, located in
Evansville, Indiana, and
Corpus Christi, Texas, expired on
May 31, 2019 and June 1, 2019, respectively. The Evansville, Indiana hospital tenant entered
into a short-term lease with us (which commenced on June 1, 2019 and expired on September 30, 2019), at a substantially increased
lease rate as compared to the original lease rate. The lease
revenue generated from this facility amounted to $1.4 million during the twelve-month period ended
December 31, 2019, as compared to
$714,000 during the twelve-month
period ended December 31, 2018
pursuant to the terms of the original lease. The tenant that
occupied the hospital in Evansville,
Indiana, vacated the property on September 30, 2019 and the tenant that occupied
the hospital in Corpus Christi,
Texas, vacated the property on June
1, 2019.
We are marketing each property for lease to new tenants.
However, should these properties remain owned and vacant for an
extended period of time, or should we experience decreased lease
rates on future leases, as compared to prior/expired lease rates,
or incur substantial renovation costs to make the properties
suitable for other operators/tenants, our future results of
operations could be materially unfavorably
impacted.
New Construction Projects:
Behavioral Health Hospital - Clive,
Iowa
In late July, 2019, a wholly-owned subsidiary of ours entered
into an agreement to build and lease a newly constructed 108-bed
behavioral health care hospital located in Clive, Iowa. The lease on this facility, which
is triple net and has an initial term of 20 years with five,
10-year renewal options, was executed with Clive Behavioral Health,
LLC, a joint venture between Universal Health Services, Inc.
("UHS") and Catholic Health Initiatives-Iowa, Corp. (d/b/a Mercy
One Des Moines Medical Center).
Construction of this hospital, for which we have engaged a
wholly-owned subsidiary of UHS to act as project manager, is
expected to be completed in late 2020. The hospital lease will
commence upon issuance of the certificate of occupancy. The
approximate cost of the project is estimated at $37.5 million and the initial annual rent is
estimated to be approximately $2.7
million.
Medical Office Building - Denison,
Texas
In September, 2019, we entered into an agreement whereby we will
own a 95% ownership interest in Grayson Properties II LP, which
will develop, construct, own and operate the Texoma Medical Plaza
II, a 75,000 rentable square feet medical office building ("MOB")
located in Denison, Texas. This
MOB, which is scheduled to be completed in late 2020, will be
located on the campus of Texoma Medical Center, a hospital that is
owned and operated by a wholly-owned subsidiary of UHS. A
10-year master flex lease has been executed with the wholly-owned
subsidiary of UHS for approximately 50% of the rentable square feet
of the MOB. The master flex lease commitment is subject to
reduction upon the execution of third-party leases on up to the
initial 50% of the rentable square footage of the property. The
master flex lease provides for a commencement date effective with
the completion of the building and issuance of a certificate of
occupancy. We have committed to invest up to $17.9 million in equity or member loans in the
development and construction of this MOB, which may be reduced if a
third-party construction loan is obtained on the property.
Adoption of ASU 2016-02, "Leases (Topic 842): Amendments to
the FASB Accounting Standards Codification":
Effective January 1, 2019, we
adopted ASU 2016-02 which requires lessees to, among other things,
recognize right-of-use assets and lease liabilities on the balance
sheet. As a result of our adoption of ASU 2016-02, in connection
with ground leases where we are the lessee, our consolidated
balance sheet as of December 31, 2019
includes $8.9 million of right-of-use
land assets and ground lease liabilities. Prior period financial
statement amounts were not adjusted for the effects of this new
standard.
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-one properties located in twenty states, including two that
are currently under construction.
This press release contains forward-looking statements based on
current management expectations. Numerous factors, including those
disclosed herein, those related to healthcare and healthcare real
estate 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, 2019), may cause the results to differ materially
from those anticipated in the forward-looking statements. Many of
the factors that will determine our future results are beyond our
capability to control or predict. These statements are subject to
risks and uncertainties and therefore actual results may differ
materially. 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.
We believe that adjusted net income and adjusted net income per
diluted share (as reflected on the attached Supplemental
Schedules), 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 and hurricane proceeds in excess of
damaged property write-downs.
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 and hurricane recovery
proceeds in excess of damaged property write-downs during the
periods presented. We adjusted for hurricane insurance recovery
proceeds in excess of damaged property write-downs for the twelve
months of 2018 since we believe that this gain is similar in nature
and has the same characteristics as an adjustment for gains/losses
resulting from the sale of depreciable property, which are required
to be excluded from FFO under NAREIT's definition. 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, 2019. 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
Twelve Months Ended December 31, 2019 and 2018
|
(amounts in
thousands, except per share amounts)
|
(unaudited)
|
|
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue -
UHS facilities (a.)
|
|
$
|
5,830
|
|
|
$
|
5,674
|
|
|
$
|
23,095
|
|
|
$
|
22,661
|
|
Lease revenue-
Non-related parties
|
|
|
12,556
|
|
|
|
12,681
|
|
|
|
52,020
|
|
|
|
50,466
|
|
Other revenue -
UHS facilities
|
|
|
215
|
|
|
|
123
|
|
|
|
867
|
|
|
|
338
|
|
Other revenue -
Non-related parties
|
|
|
258
|
|
|
|
254
|
|
|
|
1,181
|
|
|
|
2,745
|
|
|
|
|
18,859
|
|
|
|
18,732
|
|
|
|
77,163
|
|
|
|
76,210
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
6,306
|
|
|
|
6,346
|
|
|
|
25,870
|
|
|
|
24,976
|
|
Advisory fees
to UHS
|
|
|
1,011
|
|
|
|
979
|
|
|
|
3,974
|
|
|
|
3,806
|
|
Other operating
expenses
|
|
|
5,463
|
|
|
|
4,952
|
|
|
|
21,569
|
|
|
|
20,723
|
|
|
|
|
12,780
|
|
|
|
12,277
|
|
|
|
51,413
|
|
|
|
49,505
|
|
Income before equity
in income of unconsolidated limited
liability companies ("LLCs"), interest expense, hurricane
insurance recovery proceeds and gains on sales
|
|
|
6,079
|
|
|
|
6,455
|
|
|
|
25,750
|
|
|
|
26,705
|
|
Equity in
income of unconsolidated LLCs
|
|
|
459
|
|
|
|
566
|
|
|
|
1,796
|
|
|
|
1,771
|
|
Hurricane
insurance recovery proceeds in excess of
damaged property
write-downs
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,535
|
|
Hurricane
business interruption insurance recovery
proceeds
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,162
|
|
Gains on sales
of real estate assets
|
|
|
1,701
|
|
|
|
-
|
|
|
|
1,951
|
|
|
|
-
|
|
Interest expense,
net
|
|
|
(2,401)
|
|
|
|
(2,608)
|
|
|
|
(10,533)
|
|
|
|
(9,977)
|
|
Net income
|
|
$
|
5,838
|
|
|
$
|
4,413
|
|
|
$
|
18,964
|
|
|
$
|
24,196
|
|
Basic earnings per
share
|
|
$
|
0.43
|
|
|
$
|
0.32
|
|
|
$
|
1.38
|
|
|
$
|
1.76
|
|
Diluted earnings per
share
|
|
$
|
0.42
|
|
|
$
|
0.32
|
|
|
$
|
1.38
|
|
|
$
|
1.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding - Basic
|
|
|
13,736
|
|
|
|
13,727
|
|
|
|
13,732
|
|
|
|
13,722
|
|
Weighted average
number of shares outstanding - Diluted
|
|
|
13,757
|
|
|
|
13,727
|
|
|
|
13,752
|
|
|
|
13,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a.) Includes bonus
rental on UHS hospital facilities of $1,377 and $1,242 for the
three-month periods ended December 31, 2019 and 2018, respectively,
and $5,551 and $4,988 for the twelve-month periods ended December
31, 2019 and 2018, respectively.
|
|
Universal Health
Realty Income Trust
|
Schedule of Non-GAAP
Supplemental Information ("Supplemental Schedule")
|
For the Three Months
Ended December 31, 2019 and 2018
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
Calculation of
Adjusted Net Income
|
|
|
|
Three Months
Ended
|
|
|
Three Months
Ended
|
|
|
|
December 31,
2019
|
|
|
December 31,
2018
|
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
|
$
|
5,838
|
|
|
$
|
0.42
|
|
|
$
|
4,413
|
|
|
$
|
0.32
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Gain on sale of
real estate assets
|
|
|
(1,701)
|
|
|
|
(0.12)
|
|
|
|
-
|
|
|
|
-
|
|
Subtotal adjustments
to net income
|
|
|
(1,701)
|
|
|
|
(0.12)
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted net
income
|
|
$
|
4,137
|
|
|
$
|
0.30
|
|
|
$
|
4,413
|
|
|
$
|
0.32
|
|
|
|
Calculation of
Funds From Operations ("FFO")
|
|
|
|
Three Months
Ended
|
|
|
Three Months
Ended
|
|
|
|
December 31,
2019
|
|
|
December 31,
2018
|
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
|
$
|
5,838
|
|
|
$
|
0.42
|
|
|
$
|
4,413
|
|
|
$
|
0.32
|
|
Plus: Depreciation and
amortization expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
investments
|
|
|
6,306
|
|
|
|
0.46
|
|
|
|
6,162
|
|
|
|
0.45
|
|
Unconsolidated
affiliates
|
|
|
287
|
|
|
|
0.02
|
|
|
|
257
|
|
|
|
0.02
|
|
Less: Gain on sale of
real estate assets
|
|
|
(1,701)
|
|
|
|
(0.12)
|
|
|
|
-
|
|
|
|
-
|
|
FFO
|
|
$
|
10,730
|
|
|
$
|
0.78
|
|
|
$
|
10,832
|
|
|
$
|
0.79
|
|
Dividend paid per
share
|
|
|
|
|
|
$
|
0.685
|
|
|
|
|
|
|
$
|
0.675
|
|
Universal Health
Realty Income Trust
|
Schedule of Non-GAAP
Supplemental Information ("Supplemental Schedule")
|
For the Twelve Months
Ended December 31, 2019 and 2018
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
Calculation of
Adjusted Net Income
|
|
|
|
Twelve Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
|
December 31,
2019
|
|
|
December 31,
2018
|
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
|
$
|
18,964
|
|
|
$
|
1.38
|
|
|
$
|
24,196
|
|
|
$
|
1.76
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Hurricane
insurance recovery proceeds
in excess of damaged property write-downs
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,535)
|
|
|
|
(0.33)
|
|
Less: Gains on sales
of real estate assets
|
|
|
(1,951)
|
|
|
|
(0.14)
|
|
|
|
-
|
|
|
|
-
|
|
Subtotal adjustments
to net income
|
|
|
(1,951)
|
|
|
|
(0.14)
|
|
|
|
(4,535)
|
|
|
|
(0.33)
|
|
Adjusted net
income
|
|
$
|
17,013
|
|
|
$
|
1.24
|
|
|
$
|
19,661
|
|
|
$
|
1.43
|
|
|
|
|
Calculation of
Funds From Operations ("FFO")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
|
December 31,
2019
|
|
|
December 31,
2018
|
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
|
$
|
18,964
|
|
|
$
|
1.38
|
|
|
$
|
24,196
|
|
|
$
|
1.76
|
|
Plus: Depreciation and
amortization expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
investments
|
|
|
25,870
|
|
|
|
1.88
|
|
|
|
24,337
|
|
|
|
1.77
|
|
Unconsolidated
affiliates
|
|
|
1,141
|
|
|
|
0.08
|
|
|
|
1,036
|
|
|
|
0.08
|
|
Less: Hurricane
insurance recovery proceeds
in excess of damaged property write-downs
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,535)
|
|
|
|
(0.33)
|
|
Less: Gains on sales
of real estate assets
|
|
|
(1,951)
|
|
|
|
(0.14)
|
|
|
|
-
|
|
|
|
-
|
|
FFO
|
|
$
|
44,024
|
|
|
$
|
3.20
|
|
|
$
|
45,034
|
|
|
$
|
3.28
|
|
Dividend paid per
share
|
|
|
|
|
|
$
|
2.720
|
|
|
|
|
|
|
$
|
2.680
|
|
Universal Health
Realty Income Trust
|
Consolidated Balance
Sheets
|
(dollar amounts in
thousands, except share data)
|
(unaudited)
|
|
|
|
December
31,
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
Assets:
|
|
|
|
|
|
|
|
|
Real Estate
Investments:
|
|
|
|
|
|
|
|
|
Buildings and
improvements and construction in progress
|
|
$
|
572,503
|
|
|
$
|
557,650
|
|
Accumulated
depreciation
|
|
|
(194,888)
|
|
|
|
(173,316)
|
|
|
|
|
377,615
|
|
|
|
384,334
|
|
Land
|
|
|
54,892
|
|
|
|
53,396
|
|
Net Real Estate Investments
|
|
|
432,507
|
|
|
|
437,730
|
|
Investments in limited
liability companies ("LLCs")
|
|
|
6,918
|
|
|
|
5,019
|
|
Other
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
6,110
|
|
|
|
5,036
|
|
Lease and other
receivables from UHS
|
|
|
2,963
|
|
|
|
2,739
|
|
Lease receivable -
other
|
|
|
7,640
|
|
|
|
7,469
|
|
Intangible assets (net
of accumulated amortization of $26.5 million and
$27.6 million,
respectively)
|
|
|
14,553
|
|
|
|
17,407
|
|
Right-of-use land
assets, net
|
|
|
8,944
|
|
|
|
-
|
|
Deferred charges and
other assets, net
|
|
|
9,154
|
|
|
|
8,356
|
|
Total Assets
|
|
$
|
488,789
|
|
|
$
|
483,756
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Line of credit
borrowings
|
|
$
|
212,950
|
|
|
$
|
196,400
|
|
Mortgage notes
payable, non-recourse to us, net
|
|
|
60,744
|
|
|
|
64,881
|
|
Accrued
interest
|
|
|
374
|
|
|
|
450
|
|
Accrued expenses and
other liabilities
|
|
|
12,888
|
|
|
|
11,765
|
|
Ground lease
liabilities, net
|
|
|
8,944
|
|
|
|
-
|
|
Tenant reserves,
deposits and deferred and prepaid rents
|
|
|
11,155
|
|
|
|
11,650
|
|
Total Liabilities
|
|
|
307,055
|
|
|
|
285,146
|
|
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: 2019 - 13,757,498;
2018 -
13,746,803
|
|
|
138
|
|
|
|
137
|
|
Capital in excess of
par value
|
|
|
266,723
|
|
|
|
266,031
|
|
Cumulative net
income
|
|
|
661,280
|
|
|
|
642,316
|
|
Cumulative
dividends
|
|
|
(747,417)
|
|
|
|
(710,006)
|
|
Accumulated other
comprehensive income
|
|
|
1,010
|
|
|
|
132
|
|
Total Equity
|
|
|
181,734
|
|
|
|
198,610
|
|
Total Liabilities and Equity
|
|
$
|
488,789
|
|
|
$
|
483,756
|
|
View original
content:http://www.prnewswire.com/news-releases/universal-health-realty-income-trust-reports-2019-fourth-quarter-and-full-year-financial-results-301011998.html
SOURCE Universal Health Realty Income Trust