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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(MARK ONE)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                      

Commission file number 1-9321

 

UNIVERSAL HEALTH REALTY INCOME TRUST

(Exact name of registrant as specified in its charter)

 

 

Maryland

 

23-6858580

(State or other jurisdiction of

incorporation or organization)

 

(I. R. S. Employer

Identification No.)

 

 

 

UNIVERSAL CORPORATE CENTER

367 SOUTH GULPH ROAD

KING OF PRUSSIA, Pennsylvania

 

19406-0958

(Address of principal executive offices)

 

(Zip Code)

(610265-0688

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

 

Trading Symbol(s)

 

Name of each exchange on which registered

Shares of beneficial interest, $0.01 par value

 

UHT

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated Filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Number of common shares of beneficial interest outstanding at October 31, 2022—13,802,208

 

 

 

 

 


 

 

UNIVERSAL HEALTH REALTY INCOME TRUST

INDEX

 

 

 

 

 

PAGE NO.

PART I. FINANCIAL INFORMATION (unaudited)

 

 

Item 1.

 

Financial Statements

 

 

 

 

Condensed Consolidated Statements of Income—Three and Nine Months Ended September 30, 2022 and 2021

 

3

 

 

Condensed Consolidated Statements of Comprehensive Income—Three and Nine Months Ended September 30, 2022 and 2021

 

4

 

 

Condensed Consolidated Balance Sheets—September 30, 2022 and December 31, 2021

 

5

 

 

Condensed Consolidated Statements of Changes in Equity—Three and Nine Months Ended September 30, 2022 and 2021

 

6 through 7

 

 

Condensed Consolidated Statements of Cash Flows—Nine Months Ended September 30, 2022 and 2021

 

8

 

 

Notes to Condensed Consolidated Financial Statements

 

9 through 20

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

21 through 32

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

32 through 34

Item 4.

 

Controls and Procedures

 

34

PART II. OTHER INFORMATION

 

35

Item 1A.

 

Risk Factors

 

35

Item 6.

 

Exhibits

 

35

 

 

 

 

 

SIGNATURES

 

36

 

 

 

This Quarterly Report on Form 10-Q is for the quarter ended September 30, 2022. In this Quarterly Report, “we,” “us,” “our” and the “Trust” refer to Universal Health Realty Income Trust and its subsidiaries.

As disclosed in this Quarterly Report, including in Note 2 to the condensed consolidated financial statements—Relationship with Universal Health Services, Inc. (“UHS”) and Related Party Transactions, a wholly-owned subsidiary of UHS (UHS of Delaware, Inc.) serves as our Advisor pursuant to the terms of an annually renewable Advisory Agreement dated December 24, 1986, and as amended and restated as of January 1, 2019. The Advisory Agreement expires on December 31 of each year, however, it is renewable by us, subject to a determination by our Trustees who are unaffiliated with UHS, that the Advisor’s performance has been satisfactory.  The Advisory Agreement was renewed for 2022 with the same terms as the Advisory Agreement in place during 2021 and 2020. Our officers are all employees of UHS through its wholly-owned subsidiary, UHS of Delaware, Inc. In addition, five of our hospital facilities are leased to wholly-owned subsidiaries of UHS, one of our hospital facilities is leased to a joint venture between a wholly-owned subsidiary of UHS and a third party, and subsidiaries of UHS are tenants of twenty medical office or general office buildings (one of which is currently under construction) or free-standing emergency departments, that are either wholly or jointly-owned by us. Any reference to “UHS” or “UHS facilities” in this report is referring to Universal Health Services, Inc.’s subsidiaries, including UHS of Delaware, Inc.

In this Quarterly Report, the term “revenues” does not include the revenues of the unconsolidated limited liability companies (“LLCs”) in which we have various non-controlling equity interests ranging from 33% to 95%.  As of September 30, 2022, we had investments in four jointly-owned LLCs/LPs. We currently account for our share of the income/loss from these investments by the equity method (see Note 5 to the condensed consolidated financial statements included herein).  

 

 

2


 

 

Part I. Financial Information

Item I. Financial Statements

Universal Health Realty Income Trust

Condensed Consolidated Statements of Income

For the Three and Nine Months Ended September 30, 2022 and 2021

(amounts in thousands, except per share information)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Lease revenue - UHS facilities (a.)

 

$

7,471

 

 

$

7,574

 

 

$

22,291

 

 

$

21,971

 

  Lease revenue - Non-related parties

 

 

12,836

 

 

 

13,115

 

 

 

38,664

 

 

 

39,324

 

  Other revenue - UHS facilities

 

 

255

 

 

 

236

 

 

 

717

 

 

 

669

 

  Other revenue - Non-related parties

 

 

221

 

 

 

280

 

 

 

718

 

 

 

816

 

  Interest income on financing leases - UHS facilities

 

 

1,368

 

 

 

-

 

 

 

4,107

 

 

 

-

 

 

 

 

22,151

 

 

 

21,205

 

 

 

66,497

 

 

 

62,780

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Depreciation and amortization

 

 

6,658

 

 

 

6,813

 

 

 

20,046

 

 

 

20,551

 

  Advisory fees to UHS

 

 

1,297

 

 

 

1,121

 

 

 

3,787

 

 

 

3,272

 

  Other operating expenses

 

 

6,875

 

 

 

5,980

 

 

 

20,728

 

 

 

17,485

 

 

 

 

14,830

 

 

 

13,914

 

 

 

44,561

 

 

 

41,308

 

Income before equity in income of unconsolidated limited liability companies ("LLCs"), gain on sale and interest expense

 

 

7,321

 

 

 

7,291

 

 

 

21,936

 

 

 

21,472

 

  Equity in income of unconsolidated LLCs

 

 

346

 

 

 

303

 

 

 

943

 

 

 

1,341

 

Gain on sale of real estate assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,304

 

Interest expense, net

 

 

(2,819

)

 

 

(2,250

)

 

 

(7,408

)

 

 

(6,566

)

Net income

 

$

4,848

 

 

$

5,344

 

 

$

15,471

 

 

$

17,551

 

Basic earnings per share

 

$

0.35

 

 

$

0.39

 

 

$

1.12

 

 

$

1.28

 

Diluted earnings per share

 

$

0.35

 

 

$

0.39

 

 

$

1.12

 

 

$

1.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding - Basic

 

 

13,776

 

 

 

13,762

 

 

 

13,769

 

 

 

13,755

 

Weighted average number of shares outstanding - Diluted

 

 

13,801

 

 

 

13,783

 

 

 

13,792

 

 

 

13,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a.) Includes bonus rental on McAllen Medical Center, a UHS acute care hospital facility of $727 and $2,048 for the three and nine-month periods ended September 30, 2022, respectively, and includes bonus rental on three UHS acute care hospital facilities of $1,828 and $5,171 for the three and nine-month periods ended September 30, 2021, respectively.

 

 

See accompanying notes to these condensed consolidated financial statements.

 

3


 

 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Comprehensive Income

For the Three and Nine Months Ended September 30, 2022 and 2021

(amounts in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

4,848

 

 

$

5,344

 

 

$

15,471

 

 

$

17,551

 

Other comprehensive gain:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized derivative gains on cash flow hedges

 

 

3,728

 

 

 

471

 

 

 

11,417

 

 

 

3,259

 

Total other comprehensive gains:

 

 

3,728

 

 

 

471

 

 

 

11,417

 

 

 

3,259

 

Total comprehensive income

 

$

8,576

 

 

$

5,815

 

 

$

26,888

 

 

$

20,810

 

 

See accompanying notes to these condensed consolidated financial statements.

 

 

4


 

 

Universal Health Realty Income Trust

Condensed Consolidated Balance Sheets

(amounts in thousands, except share information)

(unaudited)

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

 

 

Real Estate Investments:

 

 

 

 

 

 

 

 

Buildings and improvements and construction in progress

 

$

636,320

 

 

$

608,836

 

Accumulated depreciation

 

 

(243,079

)

 

 

(225,584

)

 

 

 

393,241

 

 

 

383,252

 

Land

 

 

56,631

 

 

 

54,897

 

               Net Real Estate Investments

 

 

449,872

 

 

 

438,149

 

Financing receivable from UHS

 

 

83,651

 

 

 

82,439

 

               Net Real Estate Investments and Financing receivable

 

 

533,523

 

 

 

520,588

 

Investments in and advances to limited liability companies ("LLCs")

 

 

9,661

 

 

 

10,139

 

Other Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

8,102

 

 

 

22,504

 

Lease and other receivables from UHS

 

 

5,083

 

 

 

4,641

 

Lease receivable - other

 

 

8,233

 

 

 

7,109

 

Intangible assets (net of accumulated amortization of $14.9 million and

   $14.2 million, respectively)

 

 

9,936

 

 

 

9,972

 

Right-of-use land assets, net

 

 

11,467

 

 

 

11,495

 

Deferred charges and other assets, net

 

 

23,303

 

 

 

11,971

 

               Total Assets

 

$

609,308

 

 

$

598,419

 

Liabilities:

 

 

 

 

 

 

 

 

Line of credit borrowings

 

$

290,100

 

 

$

271,900

 

Mortgage notes payable, non-recourse to us, net

 

 

50,251

 

 

 

56,866

 

Accrued interest

 

 

346

 

 

 

346

 

Accrued expenses and other liabilities

 

 

13,606

 

 

 

12,157

 

Ground lease liabilities, net

 

 

11,467

 

 

 

11,495

 

Tenant reserves, deposits and deferred and prepaid rents

 

 

9,911

 

 

 

10,328

 

               Total Liabilities

 

 

375,681

 

 

 

363,092

 

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: 2022 - 13,802,200;

   2021 - 13,785,345

 

 

138

 

 

 

138

 

Capital in excess of par value

 

 

269,241

 

 

 

268,515

 

Cumulative net income

 

 

805,030

 

 

 

789,559

 

Cumulative dividends

 

 

(853,312

)

 

 

(823,998

)

Accumulated other comprehensive income

 

 

12,530

 

 

 

1,113

 

     Total Equity

 

 

233,627

 

 

 

235,327

 

               Total Liabilities and Equity

 

$

609,308

 

 

$

598,419

 

 

See accompanying notes to these condensed consolidated financial statements.

 

 


 

5


 

 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Changes in Equity

For the Nine Months Ended September 30, 2022

(amounts in thousands)

(unaudited)

 

 

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital in

 

 

 

 

 

 

 

 

 

 

Accumulated other

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

excess of

 

 

Cumulative

 

 

Cumulative

 

 

comprehensive

 

 

Total

 

 

 

of Shares

 

 

Amount

 

 

par value

 

 

net income

 

 

dividends

 

 

income/(loss)

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2022

 

 

13,785

 

 

$

138

 

 

$

268,515

 

 

$

789,559

 

 

$

(823,998

)

 

$

1,113

 

 

$

235,327

 

Shares of Beneficial Interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued, net

 

 

17

 

 

 

 

 

 

135

 

 

 

 

 

 

 

 

 

 

 

 

135

 

Repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Restricted stock-based compensation expense

 

 

 

 

 

 

 

 

591

 

 

 

 

 

 

 

 

 

 

 

 

591

 

Dividends ($2.125/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29,314

)

 

 

 

 

 

(29,314

)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

15,471

 

 

 

 

 

 

 

 

 

15,471

 

Unrealized net gain on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,417

 

 

 

11,417

 

Subtotal - comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,471

 

 

 

 

 

 

 

11,417

 

 

 

26,888

 

September 30, 2022

 

 

13,802

 

 

$

138

 

 

$

269,241

 

 

$

805,030

 

 

$

(853,312

)

 

$

12,530

 

 

$

233,627

 

 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Changes in Equity

For the Three Months Ended September 30, 2022

(amounts in thousands)

(unaudited)

 

 

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital in

 

 

 

 

 

 

 

 

 

 

Accumulated other

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

excess of

 

 

Cumulative

 

 

Cumulative

 

 

comprehensive

 

 

Total

 

 

 

of Shares

 

 

Amount

 

 

par value

 

 

net income

 

 

dividends

 

 

income/(loss)

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

July 1, 2022

 

 

13,801

 

 

$

138

 

 

$

269,039

 

 

$

800,182

 

 

$

(843,515

)

 

$

8,802

 

 

$

234,646

 

Shares of Beneficial Interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

1

 

 

 

 

 

 

42

 

 

 

 

 

 

 

 

 

 

 

 

42

 

Repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock-based compensation expense

 

 

 

 

 

 

 

 

160

 

 

 

 

 

 

 

 

 

 

 

 

160

 

Dividends ($.71/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,797

)

 

 

 

 

 

(9,797

)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

4,848

 

 

 

 

 

 

 

 

 

4,848

 

Unrealized net gain on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,728

 

 

 

3,728

 

Subtotal - comprehensive income