UHT adds $50M term loan, updates credit terms

Universal Health Realty Income Trust entered into a First Amendment to its Second Amended and Restated Credit Agreement.

Rhea-AI Filing Summary

Universal Health Realty Income Trust entered into a First Amendment to its Second Amended and Restated Credit Agreement. The amendment adds a new incremental term loan facility of $50 million, adjusts a key net worth covenant, and updates interest rate mechanics tied to SOFR.

The minimum tangible net worth requirement is now $100 million. The 2026 Incremental Term Loan will bear interest at either SOFR (for one, three, or six months) or the Base Rate, plus a margin based on the Trust’s Total Leverage Ratio. The new term loan will mature on September 30, 2028, matching the existing term loan’s maturity, and a new subsidiary of the Trust has been added as a guarantor.

Insights

Credit & REIT capital structure analyst

UHT adds a $50M term loan, tweaks covenants, keeps maturity profile aligned.

Universal Health Realty Income Trust has amended its main credit agreement to include a new $50 million incremental term loan maturing on September 30, 2028. This aligns with the existing term loan maturity, preserving a consistent debt timeline.

The loan’s interest remains floating, based on SOFR or the Base Rate plus a margin tied to the Trust’s Total Leverage Ratio. The amendment also sets a minimum tangible net worth covenant of $100 million and removes a Term SOFR Adjustment of 0.10% per annum, slightly simplifying the rate calculation.

Overall, this reflects a modest increase in secured borrowing capacity with largely consistent pricing mechanics. The actual impact on leverage and interest expense will depend on how the Trust utilizes the new $50 million term loan within its broader real estate investment strategy.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

2026 Incremental Term Loan: $50 million Minimum tangible net worth: $100 million Term loan maturity: September 30, 2028 +1 more

4 metrics

2026 Incremental Term Loan $50 million New incremental term loan facility added by First Amendment

Minimum tangible net worth $100 million Revised covenant level under amended Credit Agreement

Term loan maturity September 30, 2028 Maturity date for 2026 Incremental Term Loan and existing term loan

Term SOFR Adjustment removed 0.10% per annum Removed from Adjusted Term SOFR and Adjusted Daily Simple SOFR definitions

Key Terms

Incremental Term Loan, Term SOFR Adjustment, Adjusted Daily Simple SOFR, Base Rate, +2 more

6 terms

Incremental Term Loan financial

"provide for a new incremental term loan facility in an aggregate principal amount equal to $50 million"

An incremental term loan is an additional lump-sum loan that a borrower adds onto an existing long-term loan package, usually under the same agreement but with new funds and repayment terms. For investors, it matters because this extra borrowing changes a company’s debt load and interest obligations—like adding a room to a house and increasing the mortgage—potentially affecting credit risk, cash available for dividends, and the value of existing shares or bonds.

Term SOFR Adjustment financial

"remove the Term SOFR Adjustment of 0.10% per annum from the definitions of “Adjusted Term SOFR”"

Adjusted Daily Simple SOFR financial

"from the definitions of “Adjusted Term SOFR” and “Adjusted Daily Simple SOFR”"

Base Rate financial

"either SOFR (for one, three, or six months) or the Base Rate"

The base rate is the primary interest rate set by a central authority or used as a benchmark for pricing loans, savings and other financial products. Think of it as the anchor in a floating system: when the base rate moves, borrowing costs, corporate financing and consumer spending tend to shift too, which can change company profits and investor returns across the market.

Total Leverage Ratio financial

"a specified margin depending on the Trust’s Total Leverage Ratio"

Material Definitive Agreement regulatory

"Item 1.01 Entry into a Material Definitive Agreement."

A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.

FAQ

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

What did Universal Health Realty Income Trust (UHT) change in its credit agreement?

Universal Health Realty Income Trust signed a First Amendment to its Second Amended and Restated Credit Agreement. The amendment adds a $50 million incremental term loan, revises the minimum tangible net worth covenant, and removes a 0.10% Term SOFR Adjustment from certain interest rate definitions.

How large is the new incremental term loan facility for UHT?

The amendment creates a new incremental term loan facility with an aggregate principal amount of $50 million. This 2026 Incremental Term Loan shares the same interest rate framework as the existing term loan and is part of Universal Health Realty Income Trust’s broader Credit Agreement.

When does Universal Health Realty Income Trust’s 2026 Incremental Term Loan mature?

The 2026 Incremental Term Loan matures on September 30, 2028. This matches the maturity date of the existing term loan under the Credit Agreement, keeping Universal Health Realty Income Trust’s term debt on a consistent schedule within its primary bank facility.

How will interest be calculated on UHT’s new 2026 Incremental Term Loan?

Interest on the 2026 Incremental Term Loan will be based on either SOFR for one, three, or six months, or the Base Rate, plus a specified margin. The margin depends on Universal Health Realty Income Trust’s Total Leverage Ratio, following the formula in the Credit Agreement.

What covenant change did UHT make to its minimum tangible net worth requirement?

The amendment changes the minimum tangible net worth requirement to $100 million. This covenant level now applies under the amended Credit Agreement for Universal Health Realty Income Trust, setting a defined balance sheet threshold the Trust must maintain with its lenders.

Did Universal Health Realty Income Trust add any new guarantors to the Credit Agreement?

Yes. A new subsidiary of Universal Health Realty Income Trust was added as a guarantor under the amended Credit Agreement. This means the subsidiary now guarantees obligations under the facility alongside other existing guarantors referenced in the lending arrangement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/24/2026 - 08:15 AM Learn about SEC filing dates

0000798783false00007987832026-04-212026-04-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 21, 2026

UNIVERSAL HEALTH REALTY INCOME TRUST

(Exact name of Registrant as Specified in Its Charter)

Maryland	1-9321	23-6858580
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS 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: (610) 265-0688

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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

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. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On April 21, 2026, Universal Health Realty Income Trust (the “Trust”) entered into a First Amendment (the “First Amendment”) to the Second Amended and Restated Credit Agreement, among the Trust, the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent, Bank of America, N.A., as Syndication Agent, Fifth Third Bank, N.A., JPMorgan Chase Bank, N.A., PNC Bank, National Association, Truist Bank and U.S. Bank National Association, as Co-Documentation Agents, and Wells Fargo Securities, LLC and BOFA Securities, Inc., as Joint Lead Arrangers and Joint Bookrunners (the “Existing Credit Agreement”, and as amended by the First Amendment, the “Credit Agreement”). The Amendment amends the Existing Credit Agreement to (i) provide for a new incremental term loan facility in an aggregate principal amount equal to $50 million (the “2026 Incremental Term Loan”), (ii) change the minimum tangible net worth requirement to $100 million, and (iii) remove the Term SOFR Adjustment of 0.10% per annum from the definitions of “Adjusted Term SOFR” and “Adjusted Daily Simple SOFR”. A new subsidiary of the Trust, was added as a guarantor. Except as amended by the First Amendment, the remaining terms of the Existing Credit Agreement remain in full force and effect.

The 2026 Incremental Term Loan will bear interest annually at a rate equal to, at the Trust’s option, either SOFR (for one, three, or six months) or the Base Rate (as defined in the Existing Credit Agreement), plus, in either case, a specified margin depending on the Trust’s Total Leverage Ratio , as determined by the formula set forth in the Credit Agreement, consistent with the interest rate applicable to the existing term loan under the Credit Agreement (after giving effect to the First Amendment). The 2026 Incremental Term Loan will mature on September 30, 2028, consistent with the maturity date of the existing term loan under the Credit Agreement.

The foregoing description of the First Amendment is a summary and does not purport to be complete and is qualified in its entirety by reference to the full text of the First Amendment, a copy of which is filed as Exhibit 10.1 to this Report.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information provided in “Item 1.01-Entry into a Material Definitive Agreement” is hereby incorporated into this Item 2.03 by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
10.1		First Amendment to Second Amended and Restated Credit Agreement, dated as of April 21, 2026, among Universal Health Realty Income Trust, the Subsidiary Guarantors party hereto, the Lenders Party thereto and Wells Fargo Bank, National Association, as Administrative Agent.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		UNIVERSAL HEALTH REALTY INCOME TRUST
Date: April 24, 2026		By:	/s/ Charles F. Boyle
		Name:	Charles F. Boyle
		Title:	Senior Vice President and Chief Financial Officer

Filing Exhibits & Attachments

2 documents

Agreements & Contracts

• EX-10.1 EX-10.1 1.7 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 30.1 KB