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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, 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 October 31, 2020—13,770,519.

 

 

 

 

 


 

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, 2020 and 2019

 

4

 

 

Condensed Consolidated Statements of Comprehensive Income—Three and Nine Months Ended September 30, 2020 and 2019

 

5

 

 

Condensed Consolidated Balance Sheets—September 30, 2020 and December 31, 2019

 

6

 

 

Condensed Consolidated Statements of Changes in Equity—Three and Nine Months Ended September 30, 2020 and 2019

 

7 through 8

 

 

Condensed Consolidated Statements of Cash Flows—Nine Months Ended September 30, 2020 and 2019

 

9

 

 

Notes to Condensed Consolidated Financial Statements

 

10 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 36

Item 4.

 

Controls and Procedures

 

36

PART II. OTHER INFORMATION

 

37

Item 1A. Risk Factors

 

37

Item 6.

 

Exhibits

 

37

 

 

 

 

 

SIGNATURES

 

38

 

 

 

This Quarterly Report on Form 10-Q is for the quarter ended September 30, 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 September 30, 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).

 

 

3


 

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, 2020 and 2019

(amounts in thousands, except share information)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Lease revenue - UHS facilities (a.)

 

$

6,381

 

 

$

5,821

 

 

$

18,243

 

 

$

17,265

 

  Lease revenue - Non-related parties

 

 

12,841

 

 

 

13,555

 

 

 

38,526

 

 

 

39,464

 

  Other revenue - UHS facilities

 

 

232

 

 

 

230

 

 

 

667

 

 

 

652

 

  Other revenue - Non-related parties

 

 

238

 

 

 

260

 

 

 

744

 

 

 

923

 

 

 

 

19,692

 

 

 

19,866

 

 

 

58,180

 

 

 

58,304

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Depreciation and amortization

 

 

6,399

 

 

 

6,430

 

 

 

19,160

 

 

 

19,564

 

  Advisory fees to UHS

 

 

1,039

 

 

 

1,011

 

 

 

3,082

 

 

 

2,963

 

  Other operating expenses

 

 

5,614

 

 

 

5,566

 

 

 

16,573

 

 

 

16,106

 

 

 

 

13,052

 

 

 

13,007

 

 

 

38,815

 

 

 

38,633

 

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

 

 

6,640

 

 

 

6,859

 

 

 

19,365

 

 

 

19,671

 

  Equity in income of unconsolidated LLCs

 

 

517

 

 

 

453

 

 

 

1,371

 

 

 

1,337

 

  Gain on sale of land

 

 

-

 

 

 

-

 

 

 

-

 

 

 

250

 

Interest expense, net

 

 

(1,964

)

 

 

(2,659

)

 

 

(6,289

)

 

 

(8,132

)

Net income

 

$

5,193

 

 

$

4,653

 

 

$

14,447

 

 

$

13,126

 

Basic earnings per share

 

$

0.38

 

 

$

0.34

 

 

$

1.05

 

 

$

0.96

 

Diluted earnings per share

 

$

0.38

 

 

$

0.34

 

 

$

1.05

 

 

$

0.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding - Basic

 

 

13,748

 

 

 

13,735

 

 

 

13,741

 

 

 

13,731

 

Weighted average number of shares outstanding - Diluted

 

 

13,770

 

 

 

13,757

 

 

 

13,763

 

 

 

13,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a.) Includes bonus rental on UHS hospital facilities of $1,680 and $1,428 for the three-month periods ended September 30, 2020 and 2019, respectively, and $4,477 and $4,174 for the nine-month periods ended September 30, 2020 and 2019, 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 and Nine Months Ended September 30, 2020 and 2019

(amounts in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

5,193

 

 

$

4,653

 

 

$

14,447

 

 

$

13,126

 

Other comprehensive gain/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized derivative gains/(losses) on cash flow hedges

 

 

234

 

 

 

561

 

 

 

(5,709

)

 

 

429

 

Total other comprehensive gain/(loss):

 

 

234

 

 

 

561

 

 

 

(5,709

)

 

 

429

 

Total comprehensive income

 

$

5,427

 

 

$

5,214

 

 

$

8,738

 

 

$

13,555

 

 

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)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets:

 

 

 

 

 

 

 

 

Real Estate Investments:

 

 

 

 

 

 

 

 

Buildings and improvements and construction in progress

 

$

595,462

 

 

$

572,503

 

Accumulated depreciation

 

 

(211,155

)

 

 

(194,888

)

 

 

 

384,307

 

 

 

377,615

 

Land

 

 

54,892

 

 

 

54,892

 

               Net Real Estate Investments

 

 

439,199

 

 

 

432,507

 

Investments in limited liability companies ("LLCs")

 

 

4,366

 

 

 

6,918

 

Other Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

6,320

 

 

 

6,110

 

Lease and other receivables from UHS

 

 

3,270

 

 

 

2,963

 

Lease receivable - other

 

 

7,306

 

 

 

7,640

 

Intangible assets (net of accumulated amortization of $19.2 million and

   $26.5 million, respectively)

 

 

12,147

 

 

 

14,553

 

Right-of-use land assets, net

 

 

8,922

 

 

 

8,944

 

Deferred charges and other assets, net

 

 

9,091

 

 

 

9,154

 

               Total Assets

 

$

490,621

 

 

$

488,789

 

Liabilities:

 

 

 

 

 

 

 

 

Line of credit borrowings

 

$

227,100

 

 

$

212,950

 

Mortgage notes payable, non-recourse to us, net

 

 

59,387

 

 

 

60,744

 

Accrued interest

 

 

533

 

 

 

374

 

Accrued expenses and other liabilities

 

 

21,316

 

 

 

12,888

 

Ground lease liabilities, net

 

 

8,922

 

 

 

8,944

 

Tenant reserves, deposits and deferred and prepaid rents

 

 

10,969

 

 

 

11,155

 

               Total Liabilities

 

 

328,227

 

 

 

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 - 13,770,510;

   2019 - 13,757,498

 

 

138

 

 

 

138

 

Capital in excess of par value

 

 

267,071

 

 

 

266,723

 

Cumulative net income

 

 

675,727

 

 

 

661,280

 

Cumulative dividends

 

 

(775,843

)

 

 

(747,417

)

Accumulated other comprehensive (loss)/income

 

 

(4,699

)

 

 

1,010

 

     Total Equity

 

 

162,394

 

 

 

181,734

 

               Total Liabilities and Equity

 

$

490,621

 

 

$

488,789

 

 

See accompanying notes to these condensed consolidated financial statements.

 

 


 

6


 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Changes in Equity

For the Nine Months Ended September 30, 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, net

 

 

14

 

 

 

 

 

 

(317

)

 

 

 

 

 

 

 

 

 

 

 

(317

)

Restricted stock-based compensation expense

 

 

 

 

 

 

 

 

665

 

 

 

 

 

 

 

 

 

 

 

 

665

 

Dividends ($2.065/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,426

)

 

 

 

 

 

(28,426

)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

14,447

 

 

 

 

 

 

 

 

 

14,447

 

Unrealized loss on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,709

)

 

 

(5,709

)

Subtotal - comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,447

 

 

 

 

 

 

 

(5,709

)

 

 

8,738

 

September 30, 2020

 

 

13,771

 

 

$

138

 

 

$

267,071

 

 

$

675,727

 

 

$

(775,843

)

 

$

(4,699

)

 

$

162,394

 

 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Changes in Equity

For the Three Months Ended September 30, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

July 1, 2020

 

 

13,770

 

 

$

138

 

 

$

266,843

 

 

$

670,534

 

 

$

(766,342

)

 

$

(4,933

)

 

$

166,240

 

Shares of Beneficial Interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

1

 

 

 

 

 

 

(20

)

 

 

 

 

 

 

 

 

 

 

 

(20

)

Restricted stock-based compensation expense

 

 

 

 

 

 

 

 

248

 

 

 

 

 

 

 

 

 

 

 

 

248

 

Dividends ($.69/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,501

)

 

 

 

 

 

(9,501

)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

5,193

 

 

 

 

 

 

 

 

 

5,193

 

Unrealized gain on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

234

 

 

 

234

 

Subtotal - comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,193

 

 

 

 

 

 

 

234

 

 

 

5,427

 

September 30, 2020

 

 

13,771

 

 

$

138

 

 

$

267,071

 

 

$

675,727

 

 

$

(775,843

)

 

$

(4,699

)

 

$

162,394

 

 

See accompanying notes to these condensed consolidated financial statements.

 

 

 

 

 

 

 

 

 

7


 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Changes in Equity

For the Nine Months Ended September 30, 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

)