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Universal Health Realty Income Trust (UHT) Reports Q3 2023 Financial Results

  • Net income for Q3 2023 was $3.9 million, a decrease from $4.8 million in Q3 2022.

  • Funds from operations (FFO) for Q3 2023 were $11.2 million, down from $11.8 million in Q3 2022.

  • UHT acquired the McAllen Doctor's Center in Texas for approximately $7.5 million in August 2023.

  • The company declared a third quarter dividend of $.72 per share, or $9.9 million in total, paid on September 29, 2023.


Universal Health Realty Income Trust (NYSE:UHT) released its Q3 2023 earnings report on October 25, 2023. The company reported a net income of $3.9 million, or $.28 per diluted share, a decrease from $4.8 million, or $.35 per diluted share, in Q3 2022. The decrease in net income was primarily due to an increase in interest expense resulting from increases in UHT's average borrowing rate and average outstanding borrowings.

Financial Performance


The company's funds from operations (FFO) for Q3 2023 were $11.2 million, or $.81 per diluted share, compared to $11.8 million, or $.86 per diluted share, in Q3 2022. The decrease in FFO was primarily due to the decrease in net income, partially offset by an increase in depreciation and amortization expense.

Property Acquisition and Dividend Information


In August 2023, UHT acquired the McAllen Doctor's Center, a medical office building in Texas, for approximately $7.5 million. The company declared a third quarter dividend of $.72 per share, or $9.9 million in total, which was paid on September 29, 2023.

Capital Resources and Future Outlook


As of September 30, 2023, UHT had $321.5 million of borrowings outstanding and $50.4 million of available borrowing capacity. The company continues to market three properties to third parties and estimates future operating expenses related to these properties to be approximately $1.3 million in 2023.

Consolidated Statements of Income


For the nine-month period ended September 30, 2023, UHT reported a net income of $11.8 million, or $0.85 per diluted share, compared to $15.5 million, or $1.12 per diluted share, during the same period in 2022. The decrease in net income was primarily due to an increase in interest expense and demolition expenses related to a property in Chicago, Illinois.

Non-GAAP Supplemental Information


UHT's FFO for the first nine months of 2023 were $33.2 million, or $2.40 per diluted share, compared to $36.4 million, or $2.64 per diluted share, during the same period in 2022. The decrease was primarily due to the decrease in net income, partially offset by an increase in depreciation and amortization expense.

Explore the complete 8-K earnings release (here) from Universal Health Realty Income Trust for further details.

This article first appeared on GuruFocus.

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