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Universal Health Realty Income Trust (UHT)

Universal Health Realty Income Trust, a real estate investment trust, invests in healthcare and human service related facilities including acute care hospitals, behavioral healthcare facilities, rehabilitation hospitals, sub-acute care facilities, surgery centers, childcare centers and medical office buildings. The Trust has seventy-one investments in twenty states.

Company profile

Ticker
UHT
Exchange
Website
CEO
Alan Miller
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
3811 Bell Medical Properties, LLC • 2700 Fire Mesa, LLC • 5004 Pool Road Properties, LP • 653 Town Center Investments, LLC • 653 Town Center Phase II, LLC • 73 Medical Building, LLC • ApaMed Properties, LLC • Arlington Medical Properties, LLC • Auburn Medical Properties II, LLC • Banburry Medical Properties, LLC ...
IRS number
236858580

UHT stock data

Calendar

8 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 8.4M 8.4M 8.4M 8.4M 8.4M 8.4M
Cash burn (monthly) 160K 111.17K (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 233.06K 161.93K n/a n/a n/a n/a
Cash remaining 8.17M 8.24M n/a n/a n/a n/a
Runway (months of cash) 51.0 74.1 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 Jun 22 Capozzalo Gayle L Shares Of Beneficial Interest Grant Acquire A No No 0 546 0 2,146
8 Jun 22 Domb Michael Allan Shares Of Beneficial Interest Grant Acquire A No No 0 546 0 10,146
8 Jun 22 Miller Marc D Shares Of Beneficial Interest Grant Acquire A No No 0 546 0 5,000
8 Jun 22 McCadden Robert F Shares Of Beneficial Interest Grant Acquire A No No 0 546 0 8,046
8 Jun 22 Morey James P Shares Of Beneficial Interest Grant Acquire A No No 0 546 0 1,746
63.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 155 160 -3.1%
Opened positions 14 35 -60.0%
Closed positions 19 23 -17.4%
Increased positions 40 52 -23.1%
Reduced positions 65 47 +38.3%
13F shares Current Prev Q Change
Total value 510.33M 569.45M -10.4%
Total shares 8.78M 8.77M +0.1%
Total puts 19.5K 31.3K -37.7%
Total calls 8.2K 13.7K -40.1%
Total put/call ratio 2.4 2.3 +4.1%
Largest owners Shares Value Change
BLK Blackrock 2.36M $137.51M -2.0%
Vanguard 2.24M $130.97M +1.8%
STT State Street 822.11K $47.99M +11.3%
BK Bank Of New York Mellon 388.53K $22.68M +0.9%
Renaissance Technologies 282.31K $16.48M +0.9%
Geode Capital Management 265.52K $15.5M -6.3%
Dimensional Fund Advisors 192.51K $11.24M -0.2%
IVZ Invesco 173.89K $10.15M +411.1%
NTRS Northern Trust 158.41K $9.25M -4.5%
LGEN Legal & General 108.08K $6.31M -1.0%
Largest transactions Shares Bought/sold Change
IVZ Invesco 173.89K +139.87K +411.1%
Norges Bank 0 -100.03K EXIT
STT State Street 822.11K +83.77K +11.3%
BLK Blackrock 2.36M -47.9K -2.0%
Nuveen Asset Management 41.28K -41.04K -49.9%
Vanguard 2.24M +40K +1.8%
J.W. Cole Advisors 35.02K +35.02K NEW
Balyasny Asset Management 0 -27.59K EXIT
State of New Jersey Common Pension Fund D 44.12K +27.19K +160.6%
FMR 26.93K +26.93K +2693100.0%

Financial report summary

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Risks
  • COVID-19 and other pandemics, epidemics, or public health threats may adversely affect the business of our tenants, our business, and our results of operations and financial condition.
  • There is a high degree of uncertainty regarding the implementation and impact of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Paycheck Protection Program and Health Care Enhancement Act (the “PPPHCE Act”) and the American Rescue Plan Act of 2021 (the “ARPA”), which could impact the total amount and types of assistance and benefits our tenants will receive.
  • The revenues and results of operations of the tenants of our hospital facilities, including UHS, and our medical office buildings, are significantly affected by payments received from the government and other third-party payors.
  • Reductions or changes in Medicare and Medicaid funding could have a material adverse effect on the future operating results of the operators of our facilities, including UHS, which could, in turn, materially reduce our revenues and net income.
  • Operators that fail to comply with governmental reimbursement programs such as Medicare or Medicaid, licensing and certification requirements, fraud and abuse regulations or new legislative developments may be unable to meet their obligations to us.
  • Required regulatory approvals can delay or prohibit transfers of our healthcare facilities.
  • Increased competition in the health care industry has resulted in lower revenues and higher costs for our operators, including UHS, and may affect our revenues, property values and lease renewal terms.
  • A substantial portion of our revenues are dependent upon one operator. If UHS experiences financial difficulties, or otherwise fails to make payments to us, or elects not to renew the leases on our three acute care hospitals, our revenues could be materially reduced.
  • Our relationship with UHS may create conflicts of interest.
  • We hold non-controlling equity ownership interests in various joint-ventures.
  • The bankruptcy, default, insolvency or financial deterioration of our tenants could significantly delay our ability to collect unpaid rents or require us to find new operators.
  • Real estate ownership creates risks and liabilities that may result in unanticipated losses or expenses.
  • If we fail to maintain our REIT status, we will become subject to federal income tax on our taxable income at regular corporate rates.
  • Even if we remain qualified as a REIT, we may face other tax liabilities that reduce our cash flow.
  • Dividends paid by REITs generally do not qualify for reduced tax rates.
  • Should we be unable to comply with the strict income distribution requirements applicable to REITs utilizing only cash generated by operating activities, we would be required to generate cash from other sources which could adversely affect our financial condition.
  • Significant potential liabilities and rising insurance costs and availability may have an adverse effect on the operations of our operators, which may negatively impact their ability to meet their obligations to us.
  • We depend heavily on key management personnel and the departure of one or more of our key executives or a significant portion of our operators’ local hospital management personnel could harm our business.
  • Increasing investor interest in our sector and consolidation at the operator or REIT level could increase competition and reduce our profitability.
  • We may be required to incur substantial renovation costs to make certain of our healthcare properties suitable for other operators and tenants.
  • A cyber security incident could cause a violation of HIPAA, breach of member privacy, or other negative impacts.
  • A worsening of the economic and employment conditions in the United States could materially affect our business and future results of operations of the operators of our facilities which could, in turn, materially reduce our revenues and net income.
  • The deterioration of credit and capital markets may adversely affect our access to sources of funding and we cannot be certain of the availability and terms of capital to fund the growth of our business when needed.
  • Catastrophic weather and other natural events, whether caused by climate change or otherwise, could result in damage to our properties.
  • The market value of our common stock could be substantially affected by various factors.
  • When interest rates increase, our common stock may decline in price.
  • Ownership limitations and anti-takeover provisions in our declaration of trust and bylaws and under Maryland law and in our leases with UHS may delay, defer or prevent a change in control or other transactions that could provide shareholders with a take-over premium. We are subject to significant anti-takeover provisions.
Management Discussion
  • For the year ended December 31, 2021, net income was $109.2 million as compared to $19.4 million during 2020.  The $89.7 million increase was primarily attributable to:
  • Total revenues increased by $6.2 million, or 7.9%, during 2021 as compared to 2020. The increase consisted primarily of the rentals earned on the Clive Behavioral Health facility, increased bonus rentals earned on certain hospitals leased to wholly-owned subsidiaries of UHS and increases in rentals earned at various other properties including properties acquired during 2021 and late in 2020.  
  • Our other operating expenses include expenses related to the consolidated medical office buildings and two specialty facilities that were vacant during 2021 (as discussed herein), which totaled $20.8 million and $19.8 million for the years ended December 31, 2021 and 2020, respectively. A large portion of the expenses associated with our medical office buildings is passed on directly to the tenants either directly as tenant reimbursements of common area maintenance expenses or included in base rental amounts. Tenant reimbursements for operating expenses are accrued as revenue in the same period during which the related expenses are incurred. Our operating expenses for 2021 and 2020 include approximately $737,000 and $677,000 for the years ended December 31, 2021 and 2020, respectively, of aggregate operating expenses related to two vacant specialty facilities located in Corpus Christi, Texas and Evansville, Indiana.

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