KING OF PRUSSIA, Pa.,
July 27, 2020 /PRNewswire/
-- Universal Health Realty Income Trust (NYSE:UHT) announced
today that for the three-month period ended June 30, 2020, net
income was $4.7 million, or
$.34 per diluted share, as compared
to $4.3 million, or $.31 per diluted share, during the second quarter
of 2019.
As calculated on the attached Schedule of Non-GAAP Supplemental
Information ("Supplemental Schedule"), our funds from operations
("FFO"), were $11.4 million, or
$.83 per diluted share during the
second quarter of 2020, as compared to $11.0
million, or $.80 per diluted
share during the second quarter of 2019.
Favorably impacting our net income and FFO during the second
quarter of 2020, as compared to the second quarter of 2019, was a
decrease in our interest expense of $765,000, or $.06
per diluted share. The decreased interest expense resulted
primarily from a decrease in the average cost of borrowings
pursuant to our revolving credit agreement, partially offset by an
increase in our average outstanding borrowings. Unfavorably
impacting our net income and FFO during the second quarter of 2020,
as compared to the second 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 $183,000 during the second quarter of 2020, as
compared to generating combined net operating income of
$512,000 during the second quarter of
2019. See below for additional disclosure regarding these
properties.
Consolidated Results of Operations - Six-Month Periods Ended
June 30, 2020 and 2019:
For the six-month period ended June 30,
2020, our net income was $9.3
million, or $.67 per diluted
share, as compared to $8.5 million,
or $.62 per diluted share during the
first six months of 2019. As reflected on the attached Supplemental
Schedule, our financial results for the six-month period ended
June 30, 2019 included 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 also calculated on the Supplemental Schedule, our FFO were
$22.6 million, or $1.64 per diluted share, during the first six
months of 2020, as compared to $21.9
million, or $1.60 per diluted
share, during the first six months of 2019.
Favorably impacting our net income and FFO during the six months
ended June 30, 2020, as compared to
the first six months of 2019, was a decrease in our interest
expense of approximately $1.1
million, or $.08 per diluted
share. The decrease in interest expense resulted primarily
from a decrease in our average cost of borrowings pursuant to our
revolving credit agreement, partially offset by an increase in our
average outstanding borrowings. Unfavorably impacting our net
income and FFO during the six months ended June 30, 2020, as compared to the first six
months of 2019, were the previously disclosed vacancies at two
hospital facilities, as mentioned above, that occurred as of
June 1, 2019 and September 30, 2019. These two properties
generated a combined net operating loss of approximately
$381,000 during the six months ended
June 30, 2020, as compared to
generating combined net operating income of approximately
$873,000 during the six months ended
June 30, 2019.
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 for varying time periods. With
the exception of the operators of our four preschool and childcare
centers, which were closed from mid-March until mid-June, we
believe that most of the tenants occupying our hospitals, medical
office buildings ("MOBs") and ambulatory care centers were
permitted to continue operating if they elected to do so.
Tenants representing approximately 98% of our occupied square
footage have paid their June rent. We believe that as of
June 30, 2020, substantially all of
our tenants have resumed operations of their businesses. However,
many of our properties are located in states that have experienced
significant increases in COVID-19 infections in June and July. Such
states include Arizona,
California, Florida, Georgia, Nevada and Texas. Although COVID-19 has
not had a material adverse impact on our results of operations
through June 30, 2020, we believe
that the potentially adverse impact that the pandemic may have on
our 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. 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, or stay current with their lease
obligations.
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.
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 could experience significant declines
in future bonus rental revenue earned on these properties should
those hospitals continue to experience significant declines in
patient volumes and revenues. These hospitals believe that, to the
extent that they experience revenue declines and increased expenses
resulting from the COVID-19 pandemic, as ultimately measured over
the life of the pandemic, they are eligible for emergency fund
grants as provided for by the Coronavirus Aid, Relief, and Economic
Security Act ("CARES Act"). Our financial statements for the three
and six-month periods ended June 30,
2020 include bonus rental attributable to revenues recorded
by these three hospitals in connection with CARES Act grants.
Dividend Information:
The second quarter dividend of $.69 per share, or $9.5
million in the aggregate, was declared on June 3, 2020 and paid on June 30, 2020.
Capital Resources Information:
On June 5, 2020, we entered into
the first amendment to our credit agreement which increased the
credit commitment by $50 million, to
$350 million. At June 30, 2020, we had $221.3 million of borrowings outstanding pursuant
to the terms of this facility and $123.1
million of available borrowing capacity, net of outstanding
borrowings and letters of credit. 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.
At-the-market Equity Issuance Program ("ATM
Program"):
During the second quarter of 2020, we commenced an at-the-market
equity issuance program pursuant to the terms of which we may sell,
from time-to-time, common shares of our beneficial interest up to
an aggregate sales price of $100
million to or through BofA Securities, Inc., Credit Agricole
Securities (USA) Inc., Fifth Third
Securities, Inc., SunTrust Robinson Humphrey, Inc. and Wells Fargo
Securities, LLC (collectively, the Agents). Pursuant to this
ATM Program, during the second quarter of 2020, we issued 2,704
shares at an average price of $101.30
per share which generated approximately $270,000 of net cash proceeds (net of
compensation to BofA Securities, Inc.).
Additionally, we paid or incurred approximately $435,000 in various fees and expenses related to
the commencement of our ATM program.
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 approximately $537,000
and $900,000 during the three and
six-month periods ended June 30,
2019, respectively. 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
and the initial annual rent is estimated to be approximately
$2.7 million. The approximate cost of
the project is estimated to be $37.5
million, approximately $17.4
million of which has been incurred as of June 30, 2020.
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.
Effective June 1, 2020, a
$13.1 million third-party
construction loan was obtained by Grayson Properties II LP, which
is scheduled to mature on June 1,
2025 and has an outstanding balance of $7.1 million as of June
30, 2020. In addition, we have committed to invest up to
$4.8 million in equity or member
loans in the development and construction of this MOB, none of
which has been invested as of June 30,
2020.
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 and in Item 2 –
Forward-Looking Statements and Certain Risk Factors in our Form
10-Q for the quarter period ended March 31,
2020), 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 continues
to experience 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 financial results during 2020, but developments
related to the COVID-19 pandemic could 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 and our report on Form 10-Q for the
quarterly period ended March 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.
(more)
Universal Health
Realty Income Trust
Consolidated
Statements of Income
For the Three and Six
Months Ended June 30, 2020 and 2019
(amounts in
thousands, except share information)
(unaudited)
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue -
UHS facilities (a.)
|
|
$
|
5,981
|
|
|
$
|
5,651
|
|
|
$
|
11,862
|
|
|
$
|
11,444
|
|
Lease revenue-
Non-related parties
|
|
|
12,843
|
|
|
|
13,178
|
|
|
|
25,685
|
|
|
|
25,909
|
|
Other revenue -
UHS facilities
|
|
|
221
|
|
|
|
209
|
|
|
|
435
|
|
|
|
422
|
|
Other revenue -
Non-related parties
|
|
|
236
|
|
|
|
288
|
|
|
|
506
|
|
|
|
663
|
|
|
|
|
19,281
|
|
|
|
19,326
|
|
|
|
38,488
|
|
|
|
38,438
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
6,381
|
|
|
|
6,426
|
|
|
|
12,761
|
|
|
|
13,134
|
|
Advisory fees
to UHS
|
|
|
1,027
|
|
|
|
982
|
|
|
|
2,043
|
|
|
|
1,952
|
|
Other operating
expenses
|
|
|
5,576
|
|
|
|
5,330
|
|
|
|
10,959
|
|
|
|
10,540
|
|
|
|
|
12,984
|
|
|
|
12,738
|
|
|
|
25,763
|
|
|
|
25,626
|
|
Income before equity
in income of unconsolidated limited liability companies ("LLCs"),
interest expense and gain on sale
|
|
|
6,297
|
|
|
|
6,588
|
|
|
|
12,725
|
|
|
|
12,812
|
|
Equity in
income of unconsolidated LLCs
|
|
|
419
|
|
|
|
454
|
|
|
|
854
|
|
|
|
884
|
|
Gain on sale of
land
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
250
|
|
Interest expense,
net
|
|
|
(2,016)
|
|
|
|
(2,781)
|
|
|
|
(4,325)
|
|
|
|
(5,473)
|
|
Net income
|
|
$
|
4,700
|
|
|
$
|
4,261
|
|
|
$
|
9,254
|
|
|
$
|
8,473
|
|
Basic earnings per
share
|
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
0.67
|
|
|
$
|
0.62
|
|
Diluted earnings per
share
|
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
0.67
|
|
|
$
|
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding - Basic
|
|
|
13,739
|
|
|
|
13,730
|
|
|
|
13,737
|
|
|
|
13,729
|
|
Weighted average
number of shares outstanding - Diluted
|
|
|
13,761
|
|
|
|
13,749
|
|
|
|
13,759
|
|
|
|
13,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a.) Includes bonus
rental on UHS hospital facilities of $1,417 and $1,352 for the
three-month periods ended June 30, 2020 and 2019, respectively, and
$2,797 and $2,746 for the six-month periods ended June 30, 2020 and
2019, respectively.
|
|
Universal Health
Realty Income Trust
Schedule of Non-GAAP
Supplemental Information ("Supplemental Schedule")
For the Three Months
Ended June 30, 2020 and 2019
(amounts in
thousands, except share information)
(unaudited)
Calculation of
Adjusted Net Income
|
|
|
|
Three Months
Ended
|
|
|
Three Months
Ended
|
|
|
|
June 30,
2020
|
|
|
June 30,
2019
|
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
|
$
|
4,700
|
|
|
$
|
0.34
|
|
|
$
|
4,261
|
|
|
$
|
0.31
|
|
Adjustments:
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Subtotal adjustments
to net income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted net
income
|
|
$
|
4,700
|
|
|
$
|
0.34
|
|
|
$
|
4,261
|
|
|
$
|
0.31
|
|
Calculation of
Funds From Operations ("FFO")
|
|
|
|
|
|
Three Months
Ended
|
|
|
Three Months
Ended
|
|
|
|
June 30,
2020
|
|
|
June 30,
2019
|
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
|
$
|
4,700
|
|
|
$
|
0.34
|
|
|
$
|
4,261
|
|
|
$
|
0.31
|
|
Plus: Depreciation and
amortization expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
investments
|
|
|
6,381
|
|
|
|
0.47
|
|
|
|
6,426
|
|
|
|
0.47
|
|
Unconsolidated
affiliates
|
|
|
293
|
|
|
|
0.02
|
|
|
|
291
|
|
|
|
0.02
|
|
FFO
|
|
$
|
11,374
|
|
|
$
|
0.83
|
|
|
$
|
10,978
|
|
|
$
|
0.80
|
|
Dividend paid per
share
|
|
|
|
|
|
$
|
0.690
|
|
|
|
|
|
|
$
|
0.680
|
|
Universal Health
Realty Income Trust
Schedule of Non-GAAP
Supplemental Information ("Supplemental Schedule")
For the Six Months
Ended June 30, 2020 and 2019
(amounts in
thousands, except share information)
(unaudited)
Calculation of
Adjusted Net Income
|
|
|
Six Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 30,
2020
|
|
|
June 30,
2019
|
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
|
$
|
9,254
|
|
|
$
|
0.67
|
|
|
$
|
8,473
|
|
|
$
|
0.62
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Gain on sale of
land
|
|
|
-
|
|
|
|
-
|
|
|
|
(250)
|
|
|
|
(0.02)
|
|
Subtotal adjustments
to net income
|
|
|
-
|
|
|
|
-
|
|
|
|
(250)
|
|
|
|
(0.02)
|
|
Adjusted net
income
|
|
$
|
9,254
|
|
|
$
|
0.67
|
|
|
$
|
8,223
|
|
|
$
|
0.60
|
|
Calculation of
Funds From Operations ("FFO")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 30,
2020
|
|
|
June 30,
2019
|
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
|
Amount
|
|
|
Per
Diluted Share
|
|
Net income
|
|
$
|
9,254
|
|
|
$
|
0.67
|
|
|
$
|
8,473
|
|
|
$
|
0.62
|
|
Plus: Depreciation and
amortization expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
investments
|
|
|
12,761
|
|
|
|
0.93
|
|
|
|
13,134
|
|
|
|
0.96
|
|
Unconsolidated
affiliates
|
|
|
579
|
|
|
|
0.04
|
|
|
|
574
|
|
|
|
0.04
|
|
Less: Gain on sale of
land
|
|
|
-
|
|
|
|
-
|
|
|
|
(250)
|
|
|
|
(0.02)
|
|
FFO
|
|
$
|
22,594
|
|
|
$
|
1.64
|
|
|
$
|
21,931
|
|
|
$
|
1.60
|
|
Dividend paid per
share
|
|
|
|
|
|
$
|
1.375
|
|
|
|
|
|
|
$
|
1.355
|
|
Universal Health
Realty Income Trust
Consolidated Balance
Sheets
(amounts in
thousands, except share information)
(unaudited)
|
|
|
June
30,
|
|
|
December 31,
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
Real Estate
Investments:
|
|
|
|
|
|
|
|
|
Buildings and
improvements and construction in progress
|
|
$
|
586,391
|
|
|
$
|
572,503
|
|
Accumulated
depreciation
|
|
|
(205,720)
|
|
|
|
(194,888)
|
|
|
|
|
380,671
|
|
|
|
377,615
|
|
Land
|
|
|
54,892
|
|
|
|
54,892
|
|
Net Real Estate Investments
|
|
|
435,563
|
|
|
|
432,507
|
|
Investments in limited
liability companies ("LLCs")
|
|
|
4,408
|
|
|
|
6,918
|
|
Other
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
6,342
|
|
|
|
6,110
|
|
Lease and other
receivables from UHS
|
|
|
3,023
|
|
|
|
2,963
|
|
Lease receivable -
other
|
|
|
7,354
|
|
|
|
7,640
|
|
Intangible assets (net
of accumulated amortization of $18.4 million and
$26.5 million, respectively)
|
|
|
12,948
|
|
|
|
14,553
|
|
Right-of-use land
assets, net
|
|
|
8,929
|
|
|
|
8,944
|
|
Deferred charges and
other assets, net
|
|
|
8,039
|
|
|
|
9,154
|
|
Total Assets
|
|
$
|
486,606
|
|
|
$
|
488,789
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Line of credit
borrowings
|
|
$
|
221,250
|
|
|
$
|
212,950
|
|
Mortgage notes
payable, non-recourse to us, net
|
|
|
59,871
|
|
|
|
60,744
|
|
Accrued
interest
|
|
|
346
|
|
|
|
374
|
|
Accrued expenses and
other liabilities
|
|
|
18,287
|
|
|
|
12,888
|
|
Ground lease
liabilities, net
|
|
|
8,929
|
|
|
|
8,944
|
|
Tenant reserves,
deposits and deferred and prepaid rents
|
|
|
11,683
|
|
|
|
11,155
|
|
Total Liabilities
|
|
|
320,366
|
|
|
|
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 -
13,769,586; 2019
- 13,757,498
|
|
|
138
|
|
|
|
138
|
|
Capital in excess of
par value
|
|
|
266,843
|
|
|
|
266,723
|
|
Cumulative net
income
|
|
|
670,534
|
|
|
|
661,280
|
|
Cumulative
dividends
|
|
|
(766,342)
|
|
|
|
(747,417)
|
|
Accumulated other
comprehensive (loss)/income
|
|
|
(4,933)
|
|
|
|
1,010
|
|
Total Equity
|
|
|
166,240
|
|
|
|
181,734
|
|
Total Liabilities and Equity
|
|
$
|
486,606
|
|
|
$
|
488,789
|
|
View original
content:http://www.prnewswire.com/news-releases/universal-health-realty-income-trust-reports-2020-second-quarter-financial-results-301100501.html
SOURCE Universal Health Realty Income Trust