KING OF PRUSSIA, Pa.,
April 27, 2020 /PRNewswire/
-- Universal Health Realty Income Trust (NYSE: UHT) announced
today that for the three-month period ended March 31, 2020,
reported net income was $4.6 million,
or $.33 per diluted share, as
compared to $4.2 million, or
$.31 per diluted share, during the
first quarter of 2019. Included in our net income for the
three-month period ended March 31,
2019 was a gain of $250,000,
or $.02 per diluted share, related to
the sale of a parcel of land located at one of our buildings.
As calculated on the attached Schedule of Non-GAAP Supplemental
Information ("Supplemental Schedule"), our funds from operations
("FFO"), were $11.2 million, or
$.82 per diluted share during the
first quarter of 2020, as compared to $11.0
million, or $.80 per diluted
share during the first quarter of 2019.
Favorably impacting our net income and FFO during the first
quarter of 2020, as compared to the first quarter of 2019, was a
decrease in our interest expense of $383,000, or $.03
per diluted share. The decreased interest expense resulted
primarily from a decrease in the average cost of borrowings
pursuant to our revolving credit agreement. Unfavorably
impacting our net income and FFO during the first quarter of 2020,
as compared to the first quarter of 2019, were 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 $198,000 during the first quarter of 2020, as
compared to generating combined net operating income of
$361,000 during the first quarter of
2019. See below for additional disclosure regarding these
properties.
COVID-19
The COVID-19 pandemic began to significantly impact the United States in mid-March, 2020. As
a result of various policies implemented by the federal and state
governments, and varying by individual state, many non-essential
businesses in the nation were closed. With the exception of the
operators of our four preschool and childcare centers, we believe
that most of the tenants occupying our hospitals, medical office
buildings ("MOBs") and ambulatory care centers are permitted to
continue operating should they decide to do so. Since
substantially all of the March rental revenue generated from our
properties was due and payable at the beginning of the month,
COVID-19 did not have a material effect on our operations and
financial results during the first quarter of 2020.
However, patient volumes at our three acute care hospitals, and
likely at our other healthcare properties including the MOBs and
ambulatory care centers, were significantly reduced during the
second half of March as a result of COVID-19. These significant
reductions to patient volumes experienced at our three acute care
hospitals, and likely at our other healthcare facilities, have
continued into April, 2020. We believe that the adverse
impact that COVID-19 will have on the future operations and
financial results of our tenants, and in turn ours, will depend
upon many factors, most of which are beyond our, or our tenants',
ability to control or predict.
Below is information detailing the rentable square feet ("RSF")
of our properties based upon property type. This information is
being provided as a means of summarizing the underlying nature of
the businesses operated in these properties as well as certain
other information. The RSF data as presented in the table is as of
March 31, 2020. The information
related to the tenants' businesses, and as disclosed in footnotes 2
and 3, is presented as of April 22,
2020.
|
|
|
|
|
|
|
|
|
|
Percentage
|
Tenants'
|
|
Number
|
|
RSF
|
of
RSF
|
Businesses
|
|
of
|
Total
|
Under
|
Under
|
Currently
|
|
Properties
|
RSF
|
Lease
|
Lease
|
Operating?
(4)
|
Hospital
Properties
|
|
|
|
|
|
McAllen Medical
Center (1)
|
1
|
422,276
|
422,276
|
100%
|
Yes
|
Wellington Regional
Medical Center (1)
|
1
|
196,489
|
196,489
|
100%
|
Yes
|
Southwest Healthcare
System-Inland Valley (1)
|
1
|
164,377
|
164,377
|
100%
|
Yes
|
Kindred Hospital
Chicago Central
|
1
|
115,554
|
115,554
|
100%
|
Yes
|
Evansville,
Indiana
|
1
|
77,440
|
0
|
0%
|
N/A
|
Corpus Christi,
Texas
|
1
|
69,700
|
0
|
0%
|
N/A
|
Subtotal -
hospitals
|
6
|
1,045,836
|
898,696
|
86%
|
|
|
|
|
|
|
|
Medical Office
Buildings aggregate
|
55
|
2,590,467
|
2,165,626
|
84%
|
Various
(2)
|
|
|
|
|
|
|
Ambulatory Care
Centers aggregate
|
4
|
58,551
|
58,551
|
100%
|
Yes
|
|
|
|
|
|
|
Preschool/Childcare Centers
aggregate
|
4
|
32,561
|
32,561
|
100%
|
No (3)
|
|
|
|
|
|
|
Total
portfolio
|
69
|
3,727,415
|
3,155,434
|
85%
|
|
N/A – Not
Applicable.
|
|
(1)
|
Since the bonus rents
earned by us on the three acute care hospitals leased to
wholly-owned subsidiaries of Universal Health Services, Inc., are
computed based upon a computation that compares each hospital's
current quarter revenue to the corresponding quarter in the base
year, we expect to experience significant declines in future bonus
rental revenue earned on these properties to the extent that each
hospital continues to experience significant decline in patient
volumes and revenues. These hospitals may be eligible for emergency
fund grants as provided for by the Coronavirus Aid, Relief, and
Economic Security Act ("CARES Act"). Should the hospitals
ultimately be deemed qualified for CARES Act funding, a portion of
their expected revenue declines could be offset by such funding, to
the extent those grants are classified as revenues by the
hospitals. Aggregate bonus rental earned on these three hospitals
amounted to approximately $5.6 million during the year ended
December 31, 2019 and approximately $1.4 million during the
three-month period ended March 31,
2020.
|
|
|
(2)
|
Tenants in our MOBs
include, but are not limited to, physician practices, diagnostic
centers, laboratories, dental practices, ambulatory surgery
centers, oncology centers, physical therapy clinics, eye care and
wound care centers. We believe that the underlying businesses
operated by certain of these tenants are either temporarily closed
entirely or operating at substantially reduced hours. Given the
dynamic nature of the impact of COVID-19, state mandates, and
practice elections, we are unable to estimate with certainty the
portion of the aggregate rentable square feet under lease at our
MOBs that have either closed or substantially reduced their
operating hours. As of April 22, 2020, tenants representing
approximately 13% of the aggregate rentable square feet under lease
at our MOBs had not yet paid their April rent. We have received
short-term rent deferral requests from approximately 13% of the
aggregate rentable square feet under lease at our MOBs. These
requests are under review on a request-by-request basis based upon
each tenant's specific circumstances as well as consideration of
potential economic benefit available and received by tenants
through governmental assistance programs. At this time, we
cannot estimate the magnitude of short-term rent deferral requests
that we may ultimately agree to provide, or the magnitude of
additional short-term rent deferral requests that we may receive in
the future.
|
|
|
(3)
|
The
pre-school/childcare centers, which are all located in
Pennsylvania, are currently closed due to governmental regulations.
As of April 22, 2020, we had not yet received April rental payments
on these properties and short-term rent deferral requests were
received for each center which are currently under
review.
|
|
|
(4)
|
Since the underlying
businesses in each of our properties are operated by the tenants,
we can provide no assurance that the businesses will continue to
operate in the future.
|
Throughout the common areas of many properties in our portfolio,
we have implemented COVID-19 risk mitigating actions such as,
enhanced cleaning protocols including supplemental cleaning and
sanitizing of high-touch points, limiting points of entry at
certain facilities, and coordinating with health care providers to
assess or screen patients prior to entering certain of our
MOBs.
Dividend Information:
The first quarter dividend of $.685 per share, or $9.4
million in the aggregate, was declared on March 4, 2020 and paid on March 31, 2020.
Capital Resources Information:
At March 31, 2020, we had
$219.2 million of borrowings
outstanding pursuant to the terms of our $300 million credit agreement and $80.8 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. Additionally, our credit
agreement includes an option to increase the total facility
borrowing capacity up to an additional $50
million, subject to lender agreement.
Lease Expirations/Vacancies of Two Hospital
Facilities:
As previously disclosed, 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 leases on these two hospital facilities, located in
Evansville, Indiana, and
Corpus Christi, Texas, expired on
May 31, 2019 and June 1, 2019, respectively. Prior to the vacancy
of the property on September 30,
2019, the former tenant of the hospital located in
Evansville, Indiana, entered into
a short-term lease with us, which covered the period of
June 1, 2019 through September 30, 2019, at a substantially increased
lease rate as compared to the original lease rate.
The combined lease revenue generated at these facilities
amounted to $363,000 during the
three-month period ended March 31,
2019. The hospital located in Evansville, Indiana, has remained vacant since
September 30, 2019 and the hospital
located in Corpus Christi, Texas,
has remained vacant since June 1,
2019.
We continue to market each property for lease to new tenants.
However, should these properties continue to 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 or early 2021. 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 was executed with the wholly-owned
subsidiary of UHS for 40,000 rentable square feet, representing
over 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 20,000 rentable square feet of the
first and second floors of the three-story MOB, and 20,000 rentable
square feet on the third floor. In April, 2020, a new,
122-month lease was fully executed with a third-party tenant for
approximately 26,000 rentable square feet on the first floor of the
MOB. As a result, the master flex lease commitment was
reduced to 20,000 of rentable square feet on the third floor of the
MOB. After giving effect to this new lease, 61% of the
rentable square feet of the MOB is under lease agreements. 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.
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, rehabilitation hospitals, sub-acute
care facilities, 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 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 and Risk Factors 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. 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, will likely 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 UHS to the extent that each hospital
continues to experience significant decline in patient volumes. We
believe that the underlying businesses operated by certain of our
other tenants are 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 fully
quantify the impact that these factors will have on our financial
results during 2020, but developments related to the COVID-19
pandemic are likely to have a material adverse impact on our future
financial results.
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.
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, 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.
(more)
Universal Health
Realty Income Trust
Consolidated Statements of Income
For the Three Months Ended March 31, 2020 and 2019
(amounts in thousands, except share information)
(unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2020
|
|
|
2019
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Lease revenue -
UHS facilities (a.)
|
|
$
|
5,881
|
|
|
$
|
5,793
|
|
Lease revenue-
Non-related parties
|
|
|
12,842
|
|
|
|
12,731
|
|
Other revenue -
UHS facilities
|
|
|
214
|
|
|
|
213
|
|
Other revenue -
Non-related parties
|
|
|
270
|
|
|
|
375
|
|
|
|
|
19,207
|
|
|
|
19,112
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
6,380
|
|
|
|
6,708
|
|
Advisory fees
to UHS
|
|
|
1,016
|
|
|
|
970
|
|
Other operating
expenses
|
|
|
5,383
|
|
|
|
5,210
|
|
|
|
|
12,779
|
|
|
|
12,888
|
|
Income before equity
in income of unconsolidated limited liability companies
("LLCs"), interest expense and gain on sale
|
|
|
6,428
|
|
|
|
6,224
|
|
Equity in
income of unconsolidated LLCs
|
|
|
435
|
|
|
|
430
|
|
Gain on sale of
land
|
|
|
-
|
|
|
|
250
|
|
Interest expense,
net
|
|
|
(2,309)
|
|
|
|
(2,692)
|
|
Net income
|
|
$
|
4,554
|
|
|
$
|
4,212
|
|
Basic earnings per
share
|
|
$
|
0.33
|
|
|
$
|
0.31
|
|
Diluted earnings per
share
|
|
$
|
0.33
|
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding - Basic
|
|
|
13,736
|
|
|
|
13,728
|
|
Weighted average
number of shares outstanding - Diluted
|
|
|
13,758
|
|
|
|
13,728
|
|
|
|
|
|
|
|
|
|
|
(a.) Includes bonus
rental on UHS hospital facilities of $1,380 and $1,394 for the
three-month periods ended March 31, 2020 and 2019,
respectively.
|
|
Universal Health
Realty Income Trust
Schedule of Non-GAAP Supplemental Information ("Supplemental
Schedule")
For the Three Months Ended March 31, 2020 and 2019
(amounts in thousands, except share information)
(unaudited)
Calculation of Adjusted Net Income
|
|
|
|
|
Three Months
Ended
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2020
|
|
|
March 31,
2019
|
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
|
$
|
4,554
|
|
|
$
|
0.33
|
|
|
$
|
4,212
|
|
|
$
|
0.31
|
|
Adjustments:
|
|
|
-
|
|
|
|
-
|
|
|
|
(250)
|
|
|
|
(0.02)
|
|
Subtotal adjustments
to net income
|
|
|
-
|
|
|
|
-
|
|
|
|
(250)
|
|
|
|
(0.02)
|
|
Adjusted net
income
|
|
$
|
4,554
|
|
|
$
|
0.33
|
|
|
$
|
3,962
|
|
|
$
|
0.29
|
|
Calculation of
Funds From Operations ("FFO")
|
|
|
|
Three Months
Ended
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2020
|
|
|
March 31,
2019
|
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
|
$
|
4,554
|
|
|
$
|
0.33
|
|
|
$
|
4,212
|
|
|
$
|
0.31
|
|
Plus: Depreciation and
amortization expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
investments
|
|
|
6,380
|
|
|
|
0.47
|
|
|
|
6,708
|
|
|
|
0.49
|
|
Unconsolidated
affiliates
|
|
|
286
|
|
|
|
0.02
|
|
|
|
283
|
|
|
|
0.02
|
|
Less: Gain on sale of
land
|
|
|
-
|
|
|
|
-
|
|
|
|
(250)
|
|
|
|
(0.02)
|
|
FFO
|
|
$
|
11,220
|
|
|
$
|
0.82
|
|
|
$
|
10,953
|
|
|
$
|
0.80
|
|
Dividend paid per
share
|
|
|
|
|
|
$
|
0.685
|
|
|
|
|
|
|
$
|
0.675
|
|
Universal Health
Realty Income Trust
Consolidated Balance Sheets
(amounts in thousands, except share information)
(unaudited)
|
|
|
|
March
31,
|
|
|
December 31,
|
|
|
|
2020
|
|
|
2019
|
|
Assets:
|
|
|
|
|
|
|
|
|
Real Estate
Investments:
|
|
|
|
|
|
|
|
|
Buildings and
improvements and construction in progress
|
|
$
|
579,161
|
|
|
$
|
572,503
|
|
Accumulated
depreciation
|
|
|
(200,306)
|
|
|
|
(194,888)
|
|
|
|
|
378,855
|
|
|
|
377,615
|
|
Land
|
|
|
54,892
|
|
|
|
54,892
|
|
Net Real Estate Investments
|
|
|
433,747
|
|
|
|
432,507
|
|
Investments in limited
liability companies ("LLCs")
|
|
|
8,411
|
|
|
|
6,918
|
|
Other
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
5,667
|
|
|
|
6,110
|
|
Lease and other
receivables from UHS
|
|
|
2,954
|
|
|
|
2,963
|
|
Lease receivable -
other
|
|
|
7,468
|
|
|
|
7,640
|
|
Intangible assets (net
of accumulated amortization of $25.0 million
and $26.5 million,
respectively)
|
|
|
13,749
|
|
|
|
14,553
|
|
Right-of-use land
assets, net
|
|
|
8,937
|
|
|
|
8,944
|
|
Deferred charges and
other assets, net
|
|
|
8,201
|
|
|
|
9,154
|
|
Total Assets
|
|
$
|
489,134
|
|
|
$
|
488,789
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Line of credit
borrowings
|
|
$
|
219,200
|
|
|
$
|
212,950
|
|
Mortgage notes
payable, non-recourse to us, net
|
|
|
60,326
|
|
|
|
60,744
|
|
Accrued
interest
|
|
|
349
|
|
|
|
374
|
|
Accrued expenses and
other liabilities
|
|
|
16,662
|
|
|
|
12,888
|
|
Ground lease
liabilities, net
|
|
|
8,937
|
|
|
|
8,944
|
|
Tenant reserves,
deposits and deferred and prepaid rents
|
|
|
11,220
|
|
|
|
11,155
|
|
Total Liabilities
|
|
|
316,694
|
|
|
|
307,055
|
|
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: 2020 -
13,758,038; 2019 -
13,757,498
|
|
|
138
|
|
|
|
138
|
|
Capital in excess of
par value
|
|
|
266,970
|
|
|
|
266,723
|
|
Cumulative net
income
|
|
|
665,834
|
|
|
|
661,280
|
|
Cumulative
dividends
|
|
|
(756,841)
|
|
|
|
(747,417)
|
|
Accumulated other
comprehensive (loss)/income
|
|
|
(3,661)
|
|
|
|
1,010
|
|
Total Equity
|
|
|
172,440
|
|
|
|
181,734
|
|
Total Liabilities and Equity
|
|
$
|
489,134
|
|
|
$
|
488,789
|
|
View original
content:http://www.prnewswire.com/news-releases/universal-health-realty-income-trust-reports-2020-first-quarter-financial-results-301047782.html
SOURCE Universal Health Realty Income Trust