UNIVERSAL HEALTH REALTY INCOME TRUST REPORTS FINANCIAL RESULTS FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026

Quarterly diluted FFO per share remained unchanged despite higher net income, while the dividend rose from a year earlier.

Rhea-AI Summary

Universal Health Realty Income Trust (NYSE: UHT) reported third-quarter 2026 net income of $4.9 million, higher than a year earlier. Diluted earnings rose to $0.35 from $0.29. Revenue was $25.346 million versus $25.302 million. Funds from operations (FFO), which excludes depreciation and amortization, rose to $12.278 million from $12.225 million; diluted FFO per share stayed at $0.88.

Nine-month net income reached $15.855 million versus $13.285 million, while FFO excluding land-sale gains reached $37.052 million versus $35.949 million. October's Chicago land sale generated $1.96 million in net proceeds; the trust expects an approximately $1.90 million fourth-quarter gain. Available credit capacity was $97.3 million at September 30, against $377.7 million outstanding. The trust expects its approximately $34 million Miller Medical Plaza project to finish in December 2026.

20 points · 0 major

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0 major · 6 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter net income rose to $4.9 million from $4.0 million; diluted EPS increased to $0.35 from $0.29.
• Moderate pointUHS subsidiary executed a 10-year master flex lease covering approximately 75% of Miller Medical Plaza's rentable space.
• Minor pointNine-month net income rose to $15.855 million from $13.285 million; diluted EPS increased to $1.14 from $0.96.
• Minor pointThird-quarter revenue increased to $25.346 million from $25.302 million a year earlier.
• Minor pointNine-month revenue increased to $74.866 million from $74.718 million a year earlier.

15 minor points

• Minor pointThird-quarter FFO rose to $12.278 million from $12.225 million; diluted FFO per share remained $0.88.
• Minor pointNine-month FFO rose to $37.052 million from $35.949 million; diluted FFO per share increased to $2.67 from $2.59.
• Minor pointNine-month adjusted net income excluding land-sale gains reached $15.131 million, versus $13.285 million a year earlier.
• Minor pointQuarterly dividend paid increased to $0.750 per share from $0.740 a year earlier.
• Minor pointNine-month dividends paid increased to $2.245 per share from $2.215 a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.October Chicago land sale generated $1.96 million net proceeds; the trust expects approximately $1.90 million fourth-quarter gain.
• Minor pointJune Chicago land sale generated $746,000 net proceeds and an approximately $724,000 gain.
• Minor pointAvailable borrowing capacity totaled $97.3 million under the $475 million credit agreement at September 30.
• Minor point. Forward-looking: it has not happened yet and may not happen.Miller Medical Plaza construction is underway; the trust expects completion in December 2026.
• Minor pointThird-quarter depreciation and amortization fell to $7.054 million from $7.903 million, reflecting prior-year nonrecurring expense.
• Minor pointNine-month depreciation and amortization declined to $21.036 million from $21.742 million.
• Minor pointThird-quarter net interest expense fell to $4.529 million from $4.816 million.
• Minor pointNine-month net interest expense fell to $13.429 million from $14.202 million.
• Minor pointNine-month other operating expenses declined to $22.415 million from $22.535 million.
• Minor pointIncome from unconsolidated companies increased to $497,000 quarterly and $1.438 million year-to-date, versus $438,000 and $1.215 million.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Credit agreement borrowings totaled $377.7 million; scheduled maturity is September 30, 2028, with extension options.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Miller Medical Plaza's estimated construction cost is approximately $34 million. 6.5% of market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.Miller Medical Plaza's master lease begins upon completion and is subject to reduction as third-party leases are executed.
• Minor pointThird-quarter other operating expenses increased to $7.869 million from $7.591 million.
• Minor pointAdvisory fees increased to $1.462 million quarterly and $4.293 million year-to-date, versus $1.414 million and $4.169 million.
• Minor pointCash and cash equivalents declined to $6.471 million at September 30 from $6.686 million at December 31, 2025.

News Explained

The executed lease starts only when the building is complete: a UHS subsidiary has signed a 10-year master flex lease for about 75% of Miller Medical Plaza’s rentable area, with that share reducible as third-party leases are executed.

Key Figures

Q3 net income: $4.9M vs. $4.0M Q3 diluted EPS: $0.35 vs. $0.29 Q3 FFO: $12.3M ($0.88 per diluted share) vs. $12.2M ($0.88 per diluted share) +5 more

Q3 net income

$4.9M vs. $4.0M

Three months ended September 30, 2026 vs. 2025

Q3 diluted EPS

$0.35 vs. $0.29

Three months ended September 30, 2026 vs. 2025

Q3 FFO

$12.3M ($0.88 per diluted share) vs. $12.2M ($0.88 per diluted share)

Three months ended September 30, 2026 vs. 2025

Nine-month adjusted net income

$15.1M vs. $13.3M

Nine months ended September 30, 2026 vs. 2025; excludes the land-sale gain

Nine-month FFO

$37.1M ($2.67 per diluted share) vs. $35.9M ($2.59 per diluted share)

Nine months ended September 30, 2026 vs. 2025

Available borrowing capacity

$97.3M

As of September 30, 2026, under the $475M credit agreement

Chicago land-sale proceeds

$1.96M

October 2026 sale; net of closing and related costs

Expected land-sale gain

$1.90M

Expected in the fourth quarter of 2026

Previous Earnings Reports

1 past event · Latest: Jul 27

Same Type 1 event

1. Jul 27

   earnings report

   24h Move

   +2.1%

   Q2 2026 net income and FFO increased year over year, providing the preceding quarterly comparison.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

funds from operations, non-gaap, interest rate swap agreements

3 terms

funds from operations financial

"our funds from operations ("FFO"), which excludes depreciation and amortization expense"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

View in glossary

non-gaap financial

"Schedule of Non-GAAP Supplemental Information"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

interest rate swap agreements financial

"which gives effect to various interest rate swap agreements"

A contract where two parties agree to exchange streams of interest payments—typically swapping a fixed-rate payment for a variable-rate payment—without trading the underlying loan. Think of it as two people swapping the type of mortgage they pay so each can better match their budget or risk tolerance. Investors care because swaps change a company’s future cash flows and borrowing cost, affect risk exposure to rate moves, and can materially influence valuation and credit risk.

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Consolidated Results of Operations - Three-Month Periods Ended September 30, 2026 and 2025:

KING OF PRUSSIA, Pa., Oct. 27, 2026 /PRNewswire/ -- Universal Health Realty Income Trust (NYSE:UHT) announced today that for the three-month period ended September 30, 2026, net income was $4.9 million, or $.35 per diluted share, as compared to $4.0 million, or $.29 per diluted share, during the third quarter of 2025.

The increase in our net income of $913,000, or $.06 per diluted share, during the third quarter of 2026, as compared to the third quarter of 2025, consisted of the following: (i) a net aggregate increase of $901,000, or $.06 per diluted share, resulting primarily from nonrecurring depreciation expense recorded during the third quarter of 2025; (ii) an increase of $287,000, or $.02 per diluted share, resulting from a decrease in interest expense due to a decrease in our average effective borrowing rate (which gives effect to various interest rate swap agreements), partially offset by an increase in our average borrowings outstanding pursuant to our credit agreement; and (iii) a decrease of $275,000, or $.02 per diluted share, resulting from a one-time settlement and release agreement executed during the third quarter of 2025 in connection with one of our medical office buildings.

As calculated on the attached Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our funds from operations ("FFO"), which excludes depreciation and amortization expense, increased by $53,000 to $12.3 million, or $.88 per diluted share, during the third quarter of 2026, as compared to $12.2 million, or $.88 per diluted share during the third quarter of 2025. 

Consolidated Results of Operations - Nine-Month Periods Ended September 30, 2026 and 2025:

For the nine-month period ended September 30, 2026, net income was $15.9 million, or $1.14 per diluted share, as compared to $13.3 million, or $.96 per diluted share, during the comparable period of 2025.

Our financial results for the nine-month period ended September 30, 2026 included a gain on the sale of land of $724,000 (recorded during the second quarter of 2026). As reflected on the attached Supplemental Schedule, after adjusting our reported results for this gain, our adjusted net income was $15.1 million, or $1.09 per diluted share during the nine-month period ended September 30, 2026. 

The increase in our adjusted net income of $1.8 million, or $.13 per diluted share, during the first nine months of 2026, as compared to the comparable period of 2025, consisted of the following: (i) a net aggregate increase of $1.3 million, or $.09 per diluted share, resulting from increased income generated at various properties, including the above-mentioned increase of approximately $900,000 from nonrecurring depreciation expense recorded during the third quarter of 2025; (ii) an increase of $773,000, or $.06 per diluted share, resulting from a decrease in interest expense due to a decrease in our average effective borrowing rate (which gives effect to various interest rate swap agreements), partially offset by an increase in our average borrowings outstanding pursuant to our credit agreement; and (iii) a decrease of $275,000, or $.02 per diluted share, resulting from the above-mentioned, one-time settlement and release agreement executed during the third quarter of 2025.

As calculated on the attached Supplemental Schedule, our FFO, which excludes depreciation and amortization expense and gain on sale of land, increased by approximately $1.1 million, or $.08 per diluted share, to $37.1 million, or $2.67 per diluted share, during the first nine months of 2026, as compared to $35.9 million, or $2.59 per diluted share during the comparable period of 2025.

Dividend Information:

The third quarter dividend of $.75 per share, or $10.4 million in the aggregate, was declared on September 8, 2026 and paid on September 30, 2026.

Capital Resources Information:

As of September 30, 2026, pursuant to the terms of our $475 million credit agreement, we had $97.3 million of available borrowing capacity, net of $377.7 million of outstanding borrowings. The credit agreement is scheduled to mature on September 30, 2028, and we have the option to extend the maturity date for up to two additional six-month periods.

Sale of Land in Chicago, Illinois:

In October 2026, we sold one of our two remaining parcels of land located in Chicago, Illinois, for cash proceeds of $1.96 million, net of closing and related costs. This parcel represented approximately 42% of the remaining acreage owned as of September 30, 2026. We expect that our consolidated statements of income for the fourth quarter of 2026 will include a gain of approximately $1.90 million recorded in connection with this transaction.  

In June 2026, we sold a parcel of land located in Chicago, Illinois, for cash proceeds of $746,000, net of closing and related costs. The sale generated a gain of approximately $724,000, which is included in our consolidated statements of income for the nine-month period ended September 30, 2026.

Miller Medical Plaza:

In October 2025, we entered into a ground lease with a wholly-owned subsidiary of UHS with the intent to develop, construct and own the real property of the Miller Medical Plaza, an 80,000 square foot MOB located in Palm Beach Gardens, Florida. This MOB is located on the campus of the Alan B. Miller Medical Center, a newly constructed acute care hospital owned and operated by a wholly-owned subsidiary of UHS, which was completed and opened in May, 2026.

Construction of this MOB, for which we have engaged a wholly-owned subsidiary of UHS to act as project manager, commenced in February, 2026, and is expected to be completed in December 2026. The cost of the MOB is estimated to be approximately $34 million. A wholly-owned subsidiary of UHS has executed a 10-year master flex lease agreement, which commences when building is completed and is subject to reduction based on the execution of third-party leases, for approximately 75% of the rentable square feet of the MOB.

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:

Universal Health Realty Income Trust, a real estate investment trust, invests in healthcare and human-service related facilities including acute care hospitals, behavioral health care hospitals, specialty facilities, medical/office buildings, free-standing emergency departments and childcare centers. We have investments or commitments in seventy-seven properties located in twenty-one states.

This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, as well as the operations and financial results of each of our tenants, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors and in Item 7 - Forward-Looking Statements in our Form 10-K for the year ended December 31, 2025, and in Item 2 - Forward Looking Statements and Certain Risk Factors in our Form 10-Q for the quarter  ended June 30, 2026), may cause the results to differ materially from those anticipated in the forward-looking statements. Readers should not place undue reliance on such forward-looking statements which reflect management's view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. 

Many of the factors that could affect our future results are beyond our control or ability to predict. Future operations and financial results of our tenants, and in turn ours, could be materially impacted by various developments including, but not limited to, potential significant reductions in federal funding for state Medicaid programs, and/or other potential changes, which would likely result in reduced Medicaid payments to the operators of our facilities; decreases in staffing availability and related increases to wage expense experienced by our tenants resulting from the shortage of nurses and other clinical staff and support personnel; the impact of government and administrative regulation of the health care industry; declining patient volumes and unfavorable changes in payer mix caused by deteriorating macroeconomic conditions (including increases in uninsured and underinsured patients as the result of, among other things, the December 31, 2025 expiration of the enhanced subsidies formerly granted in connection with the purchase of coverage through insurance exchanges as provided for by the Patient Protection and Affordable Care Act, business closings and layoffs); potential cost increases and disruptions related to supplies and building materials resulting from changes in laws or policies governing the terms of foreign trade, and in particular, increased trade restrictions, tariffs or taxes on imports from where the products or materials are made; and potential increases to other expenditures.

In addition, the increase in interest rates during the past few years has substantially increased our borrowings costs and reduced our ability to access the capital markets on favorable terms.  Additional increases in interest rates could have a significant unfavorable impact on our future results of operations and the resulting effect on the capital markets could adversely affect our ability to carry out our strategy.       

 We believe that, if and when applicable, adjusted net income and adjusted net income per diluted share (as reflected on the Supplemental Schedule), which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect in each year of material items that are non-recurring or non-operational in nature including items such as, but not limited to, gains or losses on transactions.

Funds from operations ("FFO") is a widely recognized measure of performance for Real Estate Investment Trusts ("REITs"). We believe that FFO and FFO per diluted share, which are non-GAAP financial measures, are helpful to our investors as measures of our operating performance. We compute FFO, as reflected on the attached Supplemental Schedules, in accordance with standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than we interpret the definition. FFO adjusts for the effects of certain items, such as gains or losses on transactions that occurred during the periods presented.  FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net income determined in accordance with GAAP. In addition, FFO should not be used as: (i) an indication of our financial performance determined in accordance with GAAP; (ii) an alternative to cash flow from operating activities determined in accordance with GAAP; (iii) a measure of our liquidity, or; (iv) an indicator of funds available for our cash needs, including our ability to make cash distributions to shareholders. A reconciliation of our reported net income to FFO is reflected on the Supplemental Schedules included below.

To obtain a complete understanding of our financial performance these measures should be examined in connection with net income, determined in accordance with GAAP, as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2025, and our Report on Form 10-Q for the quarter ended June 30, 2026. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

(more)

 

Universal Health Realty Income Trust Consolidated Statements of Income For the Three and Nine Months Ended September 30, 2026 and 2025 (amounts in thousands, except share information) (unaudited)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Revenues:
Lease revenue - UHS facilities (a.)		$	8,421			$	8,367			$	25,123			$	25,075
Lease revenue - Non-related parties			14,897				14,777				43,585				43,676
Other revenue - UHS facilities			272				233				787				699
Other revenue - Non-related parties			421				577				1,355				1,218
Interest income on financing leases - UHS facilities			1,335				1,348				4,016				4,050
			25,346				25,302				74,866				74,718
Expenses:
Depreciation and amortization			7,054				7,903				21,036				21,742
Advisory fees to UHS			1,462				1,414				4,293				4,169
Other operating expenses			7,869				7,591				22,415				22,535
			16,385				16,908				47,744				48,446
Income before equity in income of unconsolidated limited liability companies ("LLCs") and interest expense			8,961				8,394				27,122				26,272
Equity in income of unconsolidated LLCs			497				438				1,438				1,215
Gain on sale of land			-				-				724				-
Interest expense, net			(4,529)				(4,816)				(13,429)				(14,202)
Net income		$	4,929			$	4,016			$	15,855			$	13,285
Basic earnings per share		$	0.36			$	0.29			$	1.15			$	0.96
Diluted earnings per share		$	0.35			$	0.29			$	1.14			$	0.96
Weighted average number of shares outstanding - Basic			13,855				13,828				13,842				13,818
Weighted average number of shares outstanding - Diluted			13,899				13,874				13,885				13,860

(a.) Includes bonus rental on McAllen Medical Center, a UHS acute care hospital facility, of $1.0 million and $895 for the three-month periods ended September 30, 2026 and 2025, respectively, and $3.0 million and $2.6 million for the nine-month periods ended September 30, 2026 and 2025, respectively.

 

Universal Health Realty Income Trust Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") For the Three Months Ended September 30, 2026 and 2025  (amounts in thousands, except share information) (unaudited)   Calculation of Adjusted Net Income
		Three Months Ended								Three Months Ended
		September 30, 2026								September 30, 2025
		Amount				Per Diluted Share				Amount				Per Diluted Share
Net income		$	4,929			$	0.35			$	4,016			$	0.29
Adjustment:
Less:  Gain on sale of land			-				-				-				-
Subtotal adjustments to net income			-				-				-				-
Adjusted net income		$	4,929			$	0.35			$	4,016			$	0.29

 

Calculation of Funds From Operations ("FFO")
		Three Months Ended								Three Months Ended
		September 30, 2026								September 30, 2025
		Amount				Per Diluted Share				Amount				Per Diluted Share
Net income		$	4,929			$	0.35			$	4,016			$	0.29
Plus: Depreciation and amortization expense:
Consolidated investments			7,054				0.51				7,903				0.57
Unconsolidated affiliates			295				0.02				306				0.02
Less:  Gain on sale of land			-				-				-				-
FFO		$	12,278			$	0.88			$	12,225			$	0.88
Dividend paid per share						$	0.750							$	0.740

 

Universal Health Realty Income Trust Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") For the Nine Months Ended September 30, 2026 and 2025  (amounts in thousands, except share information) (unaudited)   Calculation of Adjusted Net Income
		Nine Months Ended								Nine Months Ended
		September 30, 2026								September 30, 2025
		Amount				Per Diluted Share				Amount				Per Diluted Share
Net income		$	15,855			$	1.14			$	13,285			$	0.96
Adjustment:
Less:  Gain on sale of land			(724)				(0.05)				-				-
Subtotal adjustments to net income			(724)				(0.05)				-				-
Adjusted net income		$	15,131			$	1.09			$	13,285			$	0.96

 

Calculation of Funds From Operations ("FFO")
		Nine Months Ended								Nine Months Ended
		September 30, 2026								September 30, 2025
		Amount				Per Diluted Share				Amount				Per Diluted Share
Net income		$	15,855			$	1.14			$	13,285			$	0.96
Plus: Depreciation and amortization expense:
Consolidated investments			21,036				1.52				21,742				1.57
Unconsolidated affiliates			885				0.06				922				0.06
Less:  Gain on sale of land			(724)				(0.05)				-				-
FFO		$	37,052			$	2.67			$	35,949			$	2.59
Dividend paid per share						$	2.245							$	2.215

 

Universal Health Realty Income Trust Consolidated Balance Sheets (amounts in thousands, except share information) (unaudited)
		September 30,				December 31,
		2026				2025
Assets:
Real Estate Investments:
Buildings and improvements and construction in progress		$	692,489			$	666,122
Accumulated depreciation			(332,007)				(312,982)
			360,482				353,140
Land			56,848				56,870
Net Real Estate Investments			417,330				410,010
Financing receivable from UHS			81,527				82,148
Net Real Estate Investments and Financing receivable			498,857				492,158
Investments in limited liability companies ("LLCs")			19,665				20,125
Other Assets:
Cash and cash equivalents			6,471				6,686
Lease and other receivables from UHS			8,036				7,530
Lease receivable - other			8,227				8,034
Intangible assets (net of accumulated amortization of $10.6 million and $10.9 million, respectively)			4,504				5,640
Right-of-use land assets, net			11,369				11,395
Deferred charges, notes receivable and other assets, net			15,884				13,339
Total Assets		$	573,013			$	564,907
Liabilities:
Line of credit borrowings		$	377,700			$	356,200
Mortgage notes payable, non-recourse to us, net			18,006				18,435
Accrued interest			866				910
Accrued expenses and other liabilities			13,341				13,785
Ground lease liabilities, net			11,394				11,398
Tenant reserves, deposits and deferred and prepaid rents			12,205				11,795
Total Liabilities			433,512				412,523
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: 2026 - 13,899,682;    2025 - 13,874,607			139				139
Capital in excess of par value			272,823				272,147
Cumulative net income and other			878,759				862,904
Cumulative dividends			(1,015,626)				(984,443)
Accumulated other comprehensive income			3,406				1,637
Total Equity			139,501				152,384
Total Liabilities and Equity		$	573,013			$	564,907

 

 

 

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SOURCE Universal Health Realty Income Trust

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were UHT's third-quarter 2026 earnings and FFO per share?

UHT reported $0.35 diluted earnings per share and $0.88 diluted FFO per share for the third quarter of 2026. A year earlier, diluted earnings were $0.29 per share and diluted FFO was $0.88 per share.

How much did UHT receive from its October 2026 Chicago land sale?

UHT received $1.96 million in cash proceeds, net of closing and related costs. The trust expects an approximately $1.90 million fourth-quarter 2026 gain. The parcel represented approximately 42% of the remaining acreage owned as of September 30, 2026.

Can UHT extend its credit agreement beyond September 2028?

UHT has the option to extend the credit agreement's September 30, 2028 maturity for up to two additional six-month periods.