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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 June 30, 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 July 31, 2021—13,783,464.

 

 

 

 

 


 

 

UNIVERSAL HEALTH REALTY INCOME TRUST

INDEX

 

 

 

 

 

PAGE NO.

PART I. FINANCIAL INFORMATION (unaudited)

 

 

Item 1.

 

Financial Statements

 

 

 

 

Condensed Consolidated Statements of Income—Three and Six Months Ended June 30, 2021 and 2020

 

4

 

 

Condensed Consolidated Statements of Comprehensive Income—Three and Six Months Ended June 30, 2021 and 2020

 

5

 

 

Condensed Consolidated Balance Sheets—June 30, 2021 and December 31, 2020

 

6

 

 

Condensed Consolidated Statements of Changes in Equity—Three and Six Months Ended June 30, 2021 and 2020

 

7 through 8

 

 

Condensed Consolidated Statements of Cash Flows—Six Months Ended June 30, 2021 and 2020

 

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 33

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

33 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 June 30, 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 nineteen medical office or general 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 June 30, 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 and Six Months Ended June 30, 2021 and 2020

(amounts in thousands, except per share information)

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Lease revenue - UHS facilities (a.)

 

$

7,265

 

 

$

5,981

 

 

$

14,397

 

 

$

11,862

 

  Lease revenue - Non-related parties

 

 

13,117

 

 

 

12,843

 

 

 

26,209

 

 

 

25,685

 

  Other revenue - UHS facilities

 

 

207

 

 

 

221

 

 

 

433

 

 

 

435

 

  Other revenue - Non-related parties

 

 

287

 

 

 

236

 

 

 

536

 

 

 

506

 

 

 

 

20,876

 

 

 

19,281

 

 

 

41,575

 

 

 

38,488

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Depreciation and amortization

 

 

6,951

 

 

 

6,381

 

 

 

13,738

 

 

 

12,761

 

  Advisory fees to UHS

 

 

1,089

 

 

 

1,027

 

 

 

2,151

 

 

 

2,043

 

  Other operating expenses

 

 

5,903

 

 

 

5,576

 

 

 

11,505

 

 

 

10,959

 

 

 

 

13,943

 

 

 

12,984

 

 

 

27,394

 

 

 

25,763

 

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

 

 

6,933

 

 

 

6,297

 

 

 

14,181

 

 

 

12,725

 

  Equity in income of unconsolidated LLCs

 

 

567

 

 

 

419

 

 

 

1,038

 

 

 

854

 

Gain on sale of real estate assets

 

 

1,304

 

 

 

-

 

 

 

1,304

 

 

 

-

 

Interest expense, net

 

 

(2,183

)

 

 

(2,016

)

 

 

(4,316

)

 

 

(4,325

)

Net income

 

$

6,621

 

 

$

4,700

 

 

$

12,207

 

 

$

9,254

 

Basic earnings per share

 

$

0.48

 

 

$

0.34

 

 

$

0.89

 

 

$

0.67

 

Diluted earnings per share

 

$

0.48

 

 

$

0.34

 

 

$

0.89

 

 

$

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding - Basic

 

 

13,753

 

 

 

13,739

 

 

 

13,751

 

 

 

13,737

 

Weighted average number of shares outstanding - Diluted

 

 

13,776

 

 

 

13,761

 

 

 

13,773

 

 

 

13,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a.) Includes bonus rental on UHS acute-care hospital facilities of $1,648 and $1,417 for the three-month periods ended June 30, 2021 and 2020, respectively, and $3,343 and $2,797 for the six-month periods ended June 30, 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 and Six Months Ended June 30, 2021 and 2020

(amounts in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

6,621

 

 

$

4,700

 

 

$

12,207

 

 

$

9,254

 

Other comprehensive (loss)/gain:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized derivative (losses)/gains on cash flow hedges

 

 

(560

)

 

 

(1,272

)

 

 

2,788

 

 

 

(5,943

)

Total other comprehensive (loss)/gain:

 

 

(560

)

 

 

(1,272

)

 

 

2,788

 

 

 

(5,943

)

Total comprehensive income/(loss)

 

$

6,061

 

 

$

3,428

 

 

$

14,995

 

 

$

3,311

 

 

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)

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

 

 

Real Estate Investments:

 

 

 

 

 

 

 

 

Buildings and improvements and construction in progress

 

$

607,348

 

 

$

605,292

 

Accumulated depreciation

 

 

(224,912

)

 

 

(216,648

)

 

 

 

382,436

 

 

 

388,644

 

Land

 

 

56,947

 

 

 

55,157

 

               Net Real Estate Investments

 

 

439,383

 

 

 

443,801

 

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

 

 

9,067

 

 

 

4,278

 

Other Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

9,733

 

 

 

5,742

 

Lease and other receivables from UHS

 

 

3,966

 

 

 

3,199

 

Lease receivable - other

 

 

7,250

 

 

 

7,504

 

Intangible assets (net of accumulated amortization of $17.0 million and

   $19.5 million, respectively)

 

 

11,071

 

 

 

11,742

 

Right-of-use land assets, net

 

 

8,899

 

 

 

8,914

 

Deferred charges and other assets, net

 

 

7,277

 

 

 

8,829

 

Assets held for sale

 

 

7,396

 

 

 

-

 

               Total Assets

 

$

504,042

 

 

$

494,009

 

Liabilities:

 

 

 

 

 

 

 

 

Line of credit borrowings

 

$

258,200

 

 

$

236,200

 

Mortgage notes payable, non-recourse to us, net

 

 

57,902

 

 

 

58,895

 

Accrued interest

 

 

342

 

 

 

351

 

Accrued expenses and other liabilities

 

 

12,133

 

 

 

19,802

 

Ground lease liabilities, net

 

 

8,899

 

 

 

8,914

 

Tenant reserves, deposits and deferred and prepaid rents

 

 

11,147

 

 

 

10,842

 

Liabilities of property held for sale

 

 

55

 

 

 

-

 

               Total Liabilities

 

 

348,678

 

 

 

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 - 13,783,442;

   2020 - 13,771,287

 

 

138

 

 

 

138

 

Capital in excess of par value

 

 

267,951

 

 

 

267,368

 

Cumulative net income

 

 

692,934

 

 

 

680,727

 

Cumulative dividends

 

 

(804,632

)

 

 

(785,413

)

Accumulated other comprehensive (loss)/income

 

 

(1,027

)

 

 

(3,815

)

     Total Equity

 

 

155,364

 

 

 

159,005

 

               Total Liabilities and Equity

 

$

504,042

 

 

$

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 Six Months Ended June 30, 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, net

 

 

12

 

 

 

 

 

 

106

 

 

 

 

 

 

 

 

 

 

 

 

106

 

Repurchased

 

 

 

 

 

 

 

 

 

 

(16

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16

)

Restricted stock-based compensation expense

 

 

 

 

 

 

 

 

493

 

 

 

 

 

 

 

 

 

 

 

 

493

 

Dividends and dividend equivalents ($1.395/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,219

)

 

 

 

 

 

(19,219

)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

12,207

 

 

 

 

 

 

 

 

 

12,207

 

Unrealized net gain on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,788

 

 

 

2,788

 

Subtotal - comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,207

 

 

 

 

 

 

 

2,788

 

 

 

14,995

 

June 30, 2021

 

 

13,783

 

 

$

138

 

 

$

267,951

 

 

$

692,934

 

 

$

(804,632

)

 

$

(1,027

)

 

$

155,364

 

 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Changes in Equity

For the Three Months Ended June 30, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 1, 2021

 

 

13,772

 

 

$

138

 

 

$

267,667

 

 

$

686,313

 

 

$

(794,984

)

 

$

(467

)

 

$

158,667

 

Shares of Beneficial Interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued, net

 

 

11

 

 

 

 

 

 

49

 

 

 

 

 

 

 

 

 

 

 

 

49

 

Repurchased

 

 

 

 

 

 

 

 

 

 

(16

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16

)

Restricted stock-based compensation expense

 

 

 

 

 

 

 

 

251

 

 

 

 

 

 

 

 

 

 

 

 

251

 

Dividends and dividend equivalents ($.70/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,648

)

 

 

 

 

 

(9,648

)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

6,621

 

 

 

 

 

 

 

 

 

6,621

 

Unrealized net loss on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(560

)

 

 

(560

)

Subtotal - comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,621

 

 

 

 

 

 

 

(560

)

 

 

6,061

 

June 30, 2021

 

 

13,783

 

 

$

138

 

 

$

267,951

 

 

$

692,934

 

 

$

(804,632

)

 

$

(1,027

)

 

$

155,364

 

See accompanying notes to these condensed consolidated financial statements.


7


 

 

Universal Health Realty Income Trust

Condensed Consolidated Statements of Changes in Equity

For the Six Months Ended June 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