Company Quick10K Filing
Universal Health Realty Income Trust
10-Q 2021-03-31 Filed 2021-05-07
10-K 2020-12-31 Filed 2021-02-25
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
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 2020-10-29
8-K 2020-07-27
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_8.htm
EX-31.2 uht-ex312_6.htm
EX-32.1 uht-ex321_9.htm
EX-32.2 uht-ex322_7.htm

Universal Health Realty Income Trust Earnings 2021-03-31

Balance SheetIncome StatementCash Flow

uht-10q_20210331.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, 2021

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, 2021—13,772,112.

 

 

 

 

 


 

 

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, 2021 and 2020

 

4

 

 

Condensed Consolidated Statements of Comprehensive Income—Three Months Ended March 31, 2021 and 2020

 

5

 

 

Condensed Consolidated Balance Sheets—March 31, 2021 and December 31, 2020

 

6

 

 

Condensed Consolidated Statements of Changes in Equity—Three Months Ended March 31, 2021 and 2020

 

7

 

 

Condensed Consolidated Statements of Cash Flows—Three Months Ended March 31, 2021 and 2020

 

8

 

 

Notes to Condensed Consolidated Financial Statements

 

9 through 19

Item 2.

 

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

 

20 through 31

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

31 through 32

Item 4.

 

Controls and Procedures

 

32

PART II. OTHER INFORMATION

 

33

Item 1A. Risk Factors

 

33

Item 6.

 

Exhibits

 

33

 

 

 

 

 

SIGNATURES

 

34

 

 

 

This Quarterly Report on Form 10-Q is for the quarter ended March 31, 2021. 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 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 eighteen medical office buildings 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 March 31, 2021, we had investments in five 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).

 

 

3


 

 

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, 2021 and 2020

(amounts in thousands, except per share information)

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

  Lease revenue - UHS facilities (a.)

 

$

7,132

 

 

$

5,881

 

  Lease revenue - Non-related parties

 

 

13,092

 

 

 

12,842

 

  Other revenue - UHS facilities

 

 

226

 

 

 

214

 

  Other revenue - Non-related parties

 

 

249

 

 

 

270

 

 

 

 

20,699

 

 

 

19,207

 

Expenses:

 

 

 

 

 

 

 

 

  Depreciation and amortization

 

 

6,787

 

 

 

6,380

 

  Advisory fees to UHS

 

 

1,062

 

 

 

1,016

 

  Other operating expenses

 

 

5,602

 

 

 

5,383

 

 

 

 

13,451

 

 

 

12,779

 

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

 

 

7,248

 

 

 

6,428

 

  Equity in income of unconsolidated LLCs

 

 

471

 

 

 

435

 

Interest expense, net

 

 

(2,133

)

 

 

(2,309

)

Net income

 

$

5,586

 

 

$

4,554

 

Basic earnings per share

 

$

0.41

 

 

$

0.33

 

Diluted earnings per share

 

$

0.41

 

 

$

0.33

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding - Basic

 

 

13,750

 

 

 

13,736

 

Weighted average number of shares outstanding - Diluted

 

 

13,771

 

 

 

13,758

 

 

 

 

 

 

 

 

 

 

(a.) Includes bonus rental on UHS hospital facilities of $1,695 and $1,380 for the three-month periods ended March 31, 2021 and 2020, respectively.

 

See accompanying notes to these condensed consolidated financial statements.

 

 

4


 

 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Comprehensive Income

For the Three Months Ended March 31, 2021 and 2020

(amounts in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Net income

 

$

5,586

 

 

$

4,554

 

Other comprehensive gain/(loss):

 

 

 

 

 

 

 

 

Unrealized derivative gains/(losses) on cash flow hedges

 

 

3,348

 

 

 

(4,671

)

Total other comprehensive gain/(loss):

 

 

3,348

 

 

 

(4,671

)

Total comprehensive income/(loss)

 

$

8,934

 

 

$

(117

)

 

See accompanying notes to these condensed consolidated financial statements.

 

 

5


 

 

Universal Health Realty Income Trust

Condensed Consolidated Balance Sheets

(amounts in thousands, except share information)

(unaudited)

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

 

 

Real Estate Investments:

 

 

 

 

 

 

 

 

Buildings and improvements and construction in progress

 

$

608,366

 

 

$

605,292

 

Accumulated depreciation

 

 

(222,521

)

 

 

(216,648

)

 

 

 

385,845

 

 

 

388,644

 

Land

 

 

55,157

 

 

 

55,157

 

               Net Real Estate Investments

 

 

441,002

 

 

 

443,801

 

Investments in limited liability companies ("LLCs")

 

 

9,087

 

 

 

4,278

 

Other Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

6,171

 

 

 

5,742

 

Lease and other receivables from UHS

 

 

3,252

 

 

 

3,199

 

Lease receivable - other

 

 

7,780

 

 

 

7,504

 

Intangible assets (net of accumulated amortization of $19.0 million and

   $19.5 million, respectively)

 

 

11,013

 

 

 

11,742

 

Right-of-use land assets, net

 

 

8,907

 

 

 

8,914

 

Deferred charges and other assets, net

 

 

8,582

 

 

 

8,829

 

               Total Assets

 

$

495,794

 

 

$

494,009

 

Liabilities:

 

 

 

 

 

 

 

 

Line of credit borrowings

 

$

247,650

 

 

$

236,200

 

Mortgage notes payable, non-recourse to us, net

 

 

58,403

 

 

 

58,895

 

Accrued interest

 

 

346

 

 

 

351

 

Accrued expenses and other liabilities

 

 

11,375

 

 

 

19,802

 

Ground lease liabilities, net

 

 

8,907

 

 

 

8,914

 

Tenant reserves, deposits and deferred and prepaid rents

 

 

10,446

 

 

 

10,842

 

               Total Liabilities

 

 

337,127

 

 

 

335,004

 

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: 2021 - 13,772,095;

   2020 - 13,771,287

 

 

138

 

 

 

138

 

Capital in excess of par value

 

 

267,667

 

 

 

267,368

 

Cumulative net income

 

 

686,313

 

 

 

680,727

 

Cumulative dividends

 

 

(794,984

)

 

 

(785,413

)

Accumulated other comprehensive (loss)/income

 

 

(467

)

 

 

(3,815

)

     Total Equity

 

 

158,667

 

 

 

159,005

 

               Total Liabilities and Equity

 

$

495,794

 

 

$

494,009

 

 

See accompanying notes to these condensed consolidated financial statements.

 

 


 

6


 

 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Changes in Equity

For the Three Months Ended March 31, 2021

(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, 2021

 

 

13,771

 

 

$

138

 

 

$

267,368

 

 

$

680,727

 

 

$

(785,413

)

 

$

(3,815

)

 

$

159,005

 

Shares of Beneficial Interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

1

 

 

 

 

 

 

57

 

 

 

 

 

 

 

 

 

 

 

 

57

 

Restricted stock-based compensation expense

 

 

 

 

 

 

 

 

242

 

 

 

 

 

 

 

 

 

 

 

 

242

 

Dividends ($.695/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,571

)

 

 

 

 

 

(9,571

)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

5,586

 

 

 

 

 

 

 

 

 

5,586

 

Unrealized net gain on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,348

 

 

 

3,348

 

Subtotal - comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,586

 

 

 

 

 

 

 

3,348

 

 

 

8,934

 

March 31, 2021

 

 

13,772

 

 

$

138

 

 

$

267,667

 

 

$

686,313

 

 

$

(794,984

)

 

$

(467

)

 

$

158,667

 

 

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

 

 

See accompanying notes to these condensed consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

7


 

 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Cash Flows

(amounts in thousands)

(unaudited)

 

 

 

Three months ended March 31,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

5,586

 

 

$

4,554

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

6,787

 

 

 

6,380

 

Amortization related to above/below market leases, net

 

 

(45

)

 

 

(46

)

Amortization of debt premium

 

 

(12

)

 

 

(13

)

Amortization of deferred financing costs

 

 

216

 

 

 

157

 

Stock-based compensation expense

 

 

242

 

 

 

197

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Lease receivable

 

 

(329

)

 

 

181

 

Accrued expenses and other liabilities

 

 

(633

)

 

 

(867

)

Tenant reserves, deposits and deferred and prepaid rents

 

 

(396

)

 

 

65

 

Accrued interest

 

 

(5

)

 

 

(25

)

Leasing costs paid

 

 

(365

)

 

 

(182

)

Other, net

 

 

204

 

 

 

(264

)

Net cash provided by operating activities

 

 

11,250

 

 

 

10,137

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Investments in LLCs

 

 

(1,544

)

 

 

(1,468

)

Advance made to LLC

 

 

(3,500

)

 

 

-

 

Additions to real estate investments, net

 

 

(6,974

)

 

 

(5,521

)

Deposit on real estate assets

 

 

(200

)

 

 

-

 

Net cash used in investing activities

 

 

(12,218

)

 

 

(6,989

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net borrowings on line of credit

 

 

11,450

 

 

 

6,250

 

Repayments of mortgage notes payable

 

 

(510

)

 

 

(432

)

Financing costs paid

 

 

(35

)

 

 

(35

)

Dividends paid

 

 

(9,564

)

 

 

(9,424

)

Issuance of shares of beneficial interest, net

 

 

56

 

 

 

50

 

Net cash provided by/(used in) financing activities

 

 

1,397

 

 

 

(3,591

)

Increase/(decrease) in cash and cash equivalents

 

 

429

 

 

 

(443

)

Cash and cash equivalents, beginning of period

 

 

5,742

 

 

 

6,110

 

Cash and cash equivalents, end of period

 

$

6,171

 

 

$

5,667

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

1,935

 

 

$

2,190

 

Invoices accrued for construction and improvements

 

$

468

 

 

$

3,151

 

 

See accompanying notes to these condensed consolidated financial statements.

 

8


 

 

UNIVERSAL HEALTH REALTY INCOME TRUST

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2021

(unaudited)

 

(1) General

This Quarterly Report on Form 10-Q is for the quarter ended March 31, 2021. In this Quarterly Report, “we,” “us,” “our” and the “Trust” refer to Universal Health Realty Income Trust and its subsidiaries.

In this Quarterly Report on Form 10-Q, the term “revenues” does not include the revenues of the unconsolidated LLCs in which we have various non-controlling equity interests ranging from 33% to 95%.  As of March 31, 2021, we had investments in five jointly-owned LLCs/LPs. We currently account for our share of the income/loss from these investments by the equity method (see Note 5). These LLCs are included in our consolidated financial statements for all periods presented on an unconsolidated basis since they are not variable interest entities for which we are the primary beneficiary, nor do we hold a controlling voting interest.    

The condensed consolidated financial statements included herein have been prepared by us, without audit, pursuant to the rules and regulations of the SEC and reflect all normal and recurring adjustments which, in our opinion, are necessary to fairly present results for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations, although we believe that the accompanying disclosures are adequate to make the information presented not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements, the notes thereto and accounting policies included in our Annual Report on Form 10-K for the year ended December 31, 2020.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes.

 

(2) Relationship with Universal Health Services, Inc. (“UHS”) and Related Party Transactions

Leases: We commenced operations in 1986 by purchasing properties from certain subsidiaries of UHS and immediately leasing the properties back to the respective subsidiaries. Most of the leases were entered into at the time we commenced operations and provided for initial terms of 13 to 15 years with up to six additional 5-year renewal terms. The current base rentals and lease and renewal terms for each of the three hospital facilities leased to wholly-owned subsidiaries of UHS are provided below. The base rents are paid monthly and each lease also provides for additional or bonus rents which are computed and paid on a quarterly basis based upon a computation that compares current quarter revenue to a corresponding quarter in the base year. The three hospital leases with wholly-owned subsidiaries of UHS are unconditionally guaranteed by UHS and are cross-defaulted with one another.

The combined revenues generated from the leases on the three acute care hospital facilities leased to wholly-owned subsidiaries of UHS accounted for approximately 22% of our consolidated revenues for each of the three months ended March 31, 2021 and 2020. In addition to these three UHS hospital facilities, one of our hospital facilities is leased to a joint venture between a subsidiary of UHS and a third party, and we have eighteen medical office buildings (“MOBs”) or free-standing emergency departments (“FEDs”), that are either wholly or jointly-owned by us that include tenants which are subsidiaries or joint ventures of UHS. The aggregate revenues generated from UHS-related tenants comprised approximately 36% and 32% of our consolidated revenues during the three-month periods ended March 31, 2021 and 2020, respectively.