Company Quick10K Filing
Universal Health Realty Income Trust
Price101.70 EPS1
Shares14 P/E80
MCap1,399 P/FCF44
Net Debt-7 EBIT18
TEV1,393 TEV/EBIT79
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-04
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-06
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-03-07
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-03-13
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-13
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-11
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-09
8-K 2020-07-27 Earnings, Exhibits
8-K 2020-06-08
8-K 2020-06-03
8-K 2020-04-27
8-K 2020-02-26
8-K 2019-10-25
8-K 2019-07-26
8-K 2019-06-12
8-K 2019-04-26
8-K 2019-02-28
8-K 2018-10-26
8-K 2018-07-26
8-K 2018-07-16
8-K 2018-06-13
8-K 2018-04-26
8-K 2018-03-27
8-K 2018-03-21
8-K 2018-03-07
8-K 2018-03-01

UHT 10Q Quarterly Report

Part I. Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 uht-ex311_7.htm
EX-31.2 uht-ex312_6.htm
EX-32.1 uht-ex321_8.htm
EX-32.2 uht-ex322_9.htm

Universal Health Realty Income Trust Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
0.60.50.40.20.10.02012201420172020
Assets, Equity
0.10.10.10.00.00.02012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

uht-10q_20200331.htm
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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 March 31, 2020

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

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code (610265-0688

 

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 April 30, 2020—13,758,047

 

 

 

 

 


UNIVERSAL HEALTH REALTY INCOME TRUST

INDEX

 

 

 

 

 

PAGE NO.

PART I. FINANCIAL INFORMATION (unaudited)

 

 

Item 1.

 

Financial Statements

 

 

 

 

Condensed Consolidated Statements of Income—Three Months Ended March 31, 2020 and 2019

 

3

 

 

Condensed Consolidated Statements of Comprehensive Income—Three Months Ended March 31, 2020 and 2019

 

4

 

 

Condensed Consolidated Balance Sheets—March 31, 2020 and December 31, 2019

 

5

 

 

Condensed Consolidated Statements of Changes in Equity—Three Months Ended March 31, 2020 and 2019

 

6

 

 

Condensed Consolidated Statements of Cash Flows—Three Months Ended March 31, 2020 and 2019

 

7

 

 

Notes to Condensed Consolidated Financial Statements

 

8 through 18

Item 2.

 

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

 

19 through 31

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

31 through 32

Item 4.

 

Controls and Procedures

 

32 through 33

PART II. OTHER INFORMATION

 

34 through 35

Item 6.

 

Exhibits

 

35

 

 

 

 

 

SIGNATURES

 

36

 

 

 

This Quarterly Report on Form 10-Q is for the quarter ended March 31, 2020. 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. Our officers are all employees of UHS through its wholly-owned subsidiary, UHS of Delaware, Inc. In addition, three of our hospital facilities are leased to subsidiaries of UHS, and subsidiaries of UHS are tenants of seventeen medical office buildings or free-standing emergency departments, that are either wholly or jointly-owned by us (excluding new construction). 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 March 31, 2020, we had investments in five jointly-owned LLCs/LPs (including one currently under construction which is scheduled to be completed in late 2020). 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).

 

 

 

 


 

Part I. Financial Information

Item I. Financial Statements

Universal Health Realty Income Trust

Condensed 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.

 

See accompanying notes to these condensed consolidated financial statements.

 

 

3


 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Comprehensive Income

For the Three Months Ended March 31, 2020 and 2019

(amounts in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Net income

 

$

4,554

 

 

$

4,212

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

Unrealized derivative losses on cash flow hedges

 

 

(4,671

)

 

 

(132

)

Total other comprehensive loss:

 

 

(4,671

)

 

 

(132

)

Total comprehensive (loss)/income

 

$

(117

)

 

$

4,080

 

 

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)

 

 

 

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

 

 

See accompanying notes to these condensed consolidated financial statements.

 

 


 

5


 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Changes in Equity

For the Three Months Ended March 31, 2020

(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, 2020

 

 

13,757

 

 

$

138

 

 

$

266,723

 

 

$

661,280

 

 

$

(747,417

)

 

$

1,010

 

 

$

181,734

 

Shares of Beneficial Interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

1

 

 

 

 

 

 

50

 

 

 

 

 

 

 

 

 

 

 

 

50

 

Restricted stock-based compensation expense

 

 

 

 

 

 

 

 

197

 

 

 

 

 

 

 

 

 

 

 

 

197

 

Dividends ($.685/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,424

)

 

 

 

 

 

(9,424

)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

4,554

 

 

 

 

 

 

 

 

 

4,554

 

Unrealized loss on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,671

)

 

 

(4,671

)

Subtotal - comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,554

 

 

 

 

 

 

 

(4,671

)

 

 

(117

)

March 31, 2020

 

 

13,758

 

 

$

138

 

 

$

266,970

 

 

$

665,834

 

 

$

(756,841

)

 

$

(3,661

)

 

$

172,440

 

 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Changes in Equity

For the Three Months Ended March 31, 2019

(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, 2019

 

 

13,747

 

 

$

137

 

 

$

266,031

 

 

$

642,316

 

 

$

(710,006

)

 

$

132

 

 

$

198,610

 

Shares of Beneficial Interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

1

 

 

 

 

 

 

57

 

 

 

 

 

 

 

 

 

 

 

 

57

 

Restricted stock-based compensation expense

 

 

 

 

 

 

 

 

159

 

 

 

 

 

 

 

 

 

 

 

 

159

 

Dividends ($.675/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,279

)

 

 

 

 

 

(9,279

)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

4,212

 

 

 

 

 

 

 

 

 

4,212

 

Unrealized loss on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(132

)

 

 

(132

)

Subtotal - comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,212

 

 

 

 

 

 

 

(132

)

 

 

4,080

 

March 31, 2019

 

 

13,748

 

 

$

137

 

 

$

266,247

 

 

$

646,528

 

 

$

(719,285

)

 

$

-

 

 

$

193,627

 

 

See accompanying notes to these condensed consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

6


 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Cash Flows

(amounts in thousands)

(unaudited)

 

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

4,554

 

 

$

4,212

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

6,380

 

 

 

6,708

 

Amortization related to above/(below) market leases, net

 

 

(46

)

 

 

(54

)

Amortization of debt premium

 

 

(13

)

 

 

(13

)

Amortization of deferred financing costs

 

 

157

 

 

 

166

 

Stock-based compensation expense

 

 

197

 

 

 

159

 

Cash distributions less than income from LLCs

 

 

(85

)

 

 

 

Gain on sale of land

 

 

 

 

 

(250

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Lease receivable

 

 

181

 

 

 

(968

)

Accrued expenses and other liabilities

 

 

(867

)

 

 

(734

)

Tenant reserves, deposits and deferred and prepaid rents

 

 

65

 

 

 

(537

)

Accrued interest

 

 

(25

)

 

 

38

 

Leasing costs paid

 

 

(182

)

 

 

(299

)

Other, net

 

 

(179

)

 

 

205

 

Net cash provided by operating activities

 

 

10,137

 

 

 

8,633

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Investments in LLCs

 

 

(1,468

)

 

 

(541

)

Cash distributions in excess of income from LLCs

 

 

 

 

 

292

 

Additions to real estate investments, net

 

 

(5,521

)

 

 

(1,834

)

Cash proceeds received from divestiture of property, net

 

 

 

 

 

245

 

Net cash used in investing activities

 

 

(6,989

)

 

 

(1,838

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net borrowings on line of credit

 

 

6,250

 

 

 

3,900

 

Repayments of mortgage notes payable

 

 

(432

)

 

 

(442

)

Financing costs paid

 

 

(35

)

 

 

(35

)

Dividends paid

 

 

(9,424

)

 

 

(9,279

)

Issuance of shares of beneficial interest, net

 

 

50

 

 

 

57

 

Net cash used in financing activities

 

 

(3,591