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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, 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)

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, 2022—13,786,283.

 

 

 

 

 


 

 

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, 2022 and 2021

 

4

 

 

Condensed Consolidated Statements of Comprehensive Income—Three Months Ended March 31, 2022 and 2021

 

5

 

 

Condensed Consolidated Balance Sheets—March 31, 2022 and December 31, 2021

 

6

 

 

Condensed Consolidated Statements of Changes in Equity—Three Months Ended March 31, 2022 and 2021

 

7

 

 

Condensed Consolidated Statements of Cash Flows—Three Months Ended March 31, 2022 and 2021

 

8

 

 

Notes to Condensed Consolidated Financial Statements

 

9 through 21

Item 2.

 

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

 

22 through 34

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

34 through 35

Item 4.

 

Controls and Procedures

 

35

PART II. OTHER INFORMATION

 

36

Item 1A.

 

Risk Factors

 

36

Item 6.

 

Exhibits

 

36

 

 

 

 

 

SIGNATURES

 

37

 

 

 

This Quarterly Report on Form 10-Q is for the quarter ended March 31, 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 March 31, 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).  

 

 

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, 2022 and 2021

(amounts in thousands, except per share information)

(unaudited)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

  Lease revenue - UHS facilities (a.)

 

$

7,426

 

 

$

7,132

 

  Lease revenue - Non-related parties

 

 

12,895

 

 

 

13,092

 

  Other revenue - UHS facilities

 

 

229

 

 

 

226

 

  Other revenue - Non-related parties

 

 

255

 

 

 

249

 

  Interest income on financing leases - UHS facilities

 

 

1,370

 

 

 

-

 

 

 

 

22,175

 

 

 

20,699

 

Expenses:

 

 

 

 

 

 

 

 

  Depreciation and amortization

 

 

6,709

 

 

 

6,787

 

  Advisory fees to UHS

 

 

1,224

 

 

 

1,062

 

  Other operating expenses

 

 

6,867

 

 

 

5,602

 

 

 

 

14,800

 

 

 

13,451

 

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

 

 

7,375

 

 

 

7,248

 

  Equity in income of unconsolidated LLCs

 

 

252

 

 

 

471

 

Interest expense, net

 

 

(2,222

)

 

 

(2,133

)

Net income

 

$

5,405

 

 

$

5,586

 

Basic earnings per share

 

$

0.39

 

 

$

0.41

 

Diluted earnings per share

 

$

0.39

 

 

$

0.41

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding - Basic

 

 

13,764

 

 

 

13,750

 

Weighted average number of shares outstanding - Diluted

 

 

13,785

 

 

 

13,771

 

 

 

 

 

 

 

 

 

 

(a.) Includes bonus rental on McAllen Medical Center, a UHS acute care hospital facility of $678 for the three-month period ended March 31, 2022 and includes bonus rental on three UHS acute care hospital facilities of $1,695 for the three-month period ended March 31, 2021.

 

 

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, 2022 and 2021

(amounts in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Net income

 

$

5,405

 

 

$

5,586

 

Other comprehensive gain:

 

 

 

 

 

 

 

 

Unrealized derivative gains on cash flow hedges

 

 

5,684

 

 

 

3,348

 

Total other comprehensive gains:

 

 

5,684

 

 

 

3,348

 

Total comprehensive income

 

$

11,089

 

 

$

8,934

 

 

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,

 

 

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

 

 

Real Estate Investments:

 

 

 

 

 

 

 

 

Buildings and improvements and construction in progress

 

$

622,757

 

 

$

608,836

 

Accumulated depreciation

 

 

(231,459

)

 

 

(225,584

)

 

 

 

391,298

 

 

 

383,252

 

Land

 

 

56,631

 

 

 

54,897

 

               Net Real Estate Investments

 

 

447,929

 

 

 

438,149

 

Financing receivable from UHS

 

 

83,741

 

 

 

82,439

 

               Net Real Estate Investments and Financing receivable

 

 

531,670

 

 

 

520,588

 

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

 

 

9,960

 

 

 

10,139

 

Other Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

8,879

 

 

 

22,504

 

Lease and other receivables from UHS

 

 

4,397

 

 

 

4,641

 

Lease receivable - other

 

 

7,763

 

 

 

7,109

 

Intangible assets (net of accumulated amortization of $14.8 million and

   $14.2 million, respectively)

 

 

11,175

 

 

 

9,972

 

Right-of-use land assets, net

 

 

11,486

 

 

 

11,495

 

Deferred charges and other assets, net

 

 

17,119

 

 

 

11,971

 

               Total Assets

 

$

602,449

 

 

$

598,419

 

Liabilities:

 

 

 

 

 

 

 

 

Line of credit borrowings

 

$

275,100

 

 

$

271,900

 

Mortgage notes payable, non-recourse to us, net

 

 

56,346

 

 

 

56,866

 

Accrued interest

 

 

343

 

 

 

346

 

Accrued expenses and other liabilities

 

 

11,779

 

 

 

12,157

 

Ground lease liabilities, net

 

 

11,486

 

 

 

11,495

 

Tenant reserves, deposits and deferred and prepaid rents

 

 

10,421

 

 

 

10,328

 

               Total Liabilities

 

 

365,475

 

 

 

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 - 13,786,277;

   2021 - 13,785,345

 

 

138

 

 

 

138

 

Capital in excess of par value

 

 

268,792

 

 

 

268,515

 

Cumulative net income

 

 

794,964

 

 

 

789,559

 

Cumulative dividends

 

 

(833,717

)

 

 

(823,998

)

Accumulated other comprehensive income

 

 

6,797

 

 

 

1,113

 

     Total Equity

 

 

236,974

 

 

 

235,327

 

               Total Liabilities and Equity

 

$

602,449

 

 

$

598,419

 

 

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, 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

 

 

1

 

 

 

 

 

 

54

 

 

 

 

 

 

 

 

 

 

 

 

54

 

Restricted stock-based compensation expense

 

 

 

 

 

 

 

 

223

 

 

 

 

 

 

 

 

 

 

 

 

223

 

Dividends ($.705/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,719

)

 

 

 

 

 

(9,719

)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

5,405

 

 

 

 

 

 

 

 

 

5,405

 

Unrealized net gain on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,684

 

 

 

5,684

 

Subtotal - comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,405

 

 

 

 

 

 

 

5,684

 

 

 

11,089

 

March 31, 2022

 

 

13,786

 

 

$

138

 

 

$

268,792

 

 

$

794,964

 

 

$

(833,717

)

 

$

6,797

 

 

$

236,974

 

 

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

 

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,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

5,405

 

 

$

5,586

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

6,709

 

 

 

6,787

 

Amortization related to above/below market leases, net

 

 

(39

)

 

 

(45

)

Amortization of debt premium

 

 

(12

)

 

 

(12

)

Amortization of deferred financing costs

 

 

176

 

 

 

216

 

Stock-based compensation expense

 

 

223

 

 

 

242

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Lease receivable

 

 

(410

)

 

 

(329

)

Accrued expenses and other liabilities

 

 

(613

)

 

 

(633

)

Tenant reserves, deposits and deferred and prepaid rents

 

 

93

 

 

 

(396

)

Accrued interest

 

 

(3

)

 

 

(5

)

Leasing costs paid

 

 

(482

)

 

 

(365

)

Other, net

 

 

657

 

 

 

204

 

Net cash provided by operating activities

 

 

11,704

 

 

 

11,250

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Investments in LLCs

 

 

-

 

 

 

(1,544

)

Cash distributions from LLCs

 

 

160

 

 

 

-

 

Advance made to LLC

 

 

-

 

 

 

(3,500

)

Additions to real estate investments, net

 

 

(3,527

)

 

 

(6,974

)

Deposit on real estate assets

 

 

-

 

 

 

(200

)

Cash paid for acquisition of properties

 

 

(13,605

)

 

 

-

 

Net cash paid as part of asset exchange transaction

 

 

(1,346

)

 

 

-

 

Net cash used in investing activities

 

 

(18,318

)

 

 

(12,218

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net borrowings on the line of credit

 

 

3,200

 

 

 

11,450

 

Repayments of mortgage notes payable

 

 

(536

)

 

 

(510

)

Financing costs paid

 

 

(26

)

 

 

(35

)

Dividends paid

 

 

(9,704

)

 

 

(9,564

)

Issuance of shares of beneficial interest, net

 

 

55

 

 

 

56

 

Net cash (used in)/provided by financing activities

 

 

(7,011

)

 

 

1,397

 

(Decrease)/increase in cash and cash equivalents

 

 

(13,625

)

 

 

429

 

Cash and cash equivalents, beginning of period

 

 

22,504

 

 

 

5,742

 

Cash and cash equivalents, end of period

 

$

8,879

 

 

$

6,171

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

2,080

 

 

$

1,935

 

Invoices accrued for construction and improvements

 

$

1,932

 

 

$

468

 

 

See accompanying notes to these condensed consolidated financial statements.

 

8