Universal Health Realty Income Trust (UHT, Financial) filed Quarterly Report for the period ended 2009-03-31.
Universal Health Realty Income Trust a real estate investment trust invests in healthcare and human service-related facilitiesincluding acute care hospitals behavioral healthcare facilities rehabilitation hospitals sub-acute care facilities surgery centerschildcare centers and medical office buildings.(PR) Universal Health Realty Income Trust has a market cap of $382.9 million; its shares were traded at around $32.27 with a P/E ratio of 12.7 and P/S ratio of 13. The dividend yield of Universal Health Realty Income Trust stocks is 7.3%.
Total revenue increased $900,000 to $7.9 million during the first quarter of 2009, as compared to $7.0 million during the first quarter of 2008. Approximately $400,000 of the increase was attributable to the revenues generated at Palmdale Medical Plaza and Summerlin Hospital Medical Office Building III which opened during the third quarter of 2008 and first quarter of 2009, respectively. Also contributing to the increase was an $87,000 increase in bonus rental revenue earned on the UHS hospital facilities and rental revenue increases at various other properties.
During the three month period ended March 31, 2008, we funded $1.7 million of equity investments, funded $1.6 million of advances to LLCs, spent $1.0 million on capital additions, spent $4.8 million on the acquisition of real property and advanced $2.0 million to our third-party partners, as discussed below. Also during the three month period ended March 31, 2008, we received: (i) $1.2 million related to debt refinancing by LLCs, and; (ii) $652,000 of cash distributions in excess of income from our unconsolidated LLCs.
During the three month period ended March 31, 2009, we received: (i) $9.7 million of additional net borrowings on our revolving line of credit; (ii) $2.2 million of additional net borrowings from mortgage, construction and other loans payable of consolidated LLCs, and; (iii) $61,000 of cash from the issuance of shares of beneficial interest from our dividend reinvestment plan. Additionally, during the three months ended March 31, 2009, we paid: (i) $54,000 on mortgage notes payable that are non-recourse to us; (ii) $213,000 as partial settlement of accrued dividend rights, as discussed above, and; (iii) $7.0 million of dividends.
During the three month period ended March 31, 2008, we received: (i) $9.0 million of additional net debt borrowings on our revolving line of credit; (ii) $751,000 of net borrowings from mortgage, construction and other loans payable of consolidated LLCs that is non-recourse to us; (iii) $282,000 of net advances from our third-party partner, and; (iv) $164,000 of cash from the issuance of shares of beneficial interest. Additionally, during the three months ended March 31, 2008, we paid: (i) $6.9 million of dividends, and; (ii) $35,000 on mortgage notes payable that are non-recourse to us.
As of March 31, 2009, we are party to certain off balance sheet arrangements consisting of standby letters of credit and equity and debt financing commitments. Our outstanding letters of credit at March 31, 2009 totaled $20.0 million consisting of construction commitments as follows: (i) $1.0 million related to Sierra Medical Properties; (ii) $500,000 related to Arlington Medical Properties; (iii) $4.0 million related to Centennial Hills Medical Properties; (iv) $3.0 million related to Palmdale Medical Properties; (v) $3.9 million related to Deerval Properties II and a related entity; (vi) $5.2 million related to Banburry Medical Properties, and; (vii) $2.4 million related to Sparks Medical Properties.
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Universal Health Realty Income Trust a real estate investment trust invests in healthcare and human service-related facilitiesincluding acute care hospitals behavioral healthcare facilities rehabilitation hospitals sub-acute care facilities surgery centerschildcare centers and medical office buildings.(PR) Universal Health Realty Income Trust has a market cap of $382.9 million; its shares were traded at around $32.27 with a P/E ratio of 12.7 and P/S ratio of 13. The dividend yield of Universal Health Realty Income Trust stocks is 7.3%.
Highlight of Business Operations:
For the quarter ended March 31, 2009, net income was $4.6 million, or $0.39 per diluted share, as compared to $4.2 million, or $0.35 per diluted share, during the comparable prior year quarter. The increase in net income of $488,000, or $.04 per diluted share, during the first quarter of 2009, as compared to the comparable quarter of the prior year, was primarily attributable to:Total revenue increased $900,000 to $7.9 million during the first quarter of 2009, as compared to $7.0 million during the first quarter of 2008. Approximately $400,000 of the increase was attributable to the revenues generated at Palmdale Medical Plaza and Summerlin Hospital Medical Office Building III which opened during the third quarter of 2008 and first quarter of 2009, respectively. Also contributing to the increase was an $87,000 increase in bonus rental revenue earned on the UHS hospital facilities and rental revenue increases at various other properties.
During the three month period ended March 31, 2008, we funded $1.7 million of equity investments, funded $1.6 million of advances to LLCs, spent $1.0 million on capital additions, spent $4.8 million on the acquisition of real property and advanced $2.0 million to our third-party partners, as discussed below. Also during the three month period ended March 31, 2008, we received: (i) $1.2 million related to debt refinancing by LLCs, and; (ii) $652,000 of cash distributions in excess of income from our unconsolidated LLCs.
During the three month period ended March 31, 2009, we received: (i) $9.7 million of additional net borrowings on our revolving line of credit; (ii) $2.2 million of additional net borrowings from mortgage, construction and other loans payable of consolidated LLCs, and; (iii) $61,000 of cash from the issuance of shares of beneficial interest from our dividend reinvestment plan. Additionally, during the three months ended March 31, 2009, we paid: (i) $54,000 on mortgage notes payable that are non-recourse to us; (ii) $213,000 as partial settlement of accrued dividend rights, as discussed above, and; (iii) $7.0 million of dividends.
During the three month period ended March 31, 2008, we received: (i) $9.0 million of additional net debt borrowings on our revolving line of credit; (ii) $751,000 of net borrowings from mortgage, construction and other loans payable of consolidated LLCs that is non-recourse to us; (iii) $282,000 of net advances from our third-party partner, and; (iv) $164,000 of cash from the issuance of shares of beneficial interest. Additionally, during the three months ended March 31, 2008, we paid: (i) $6.9 million of dividends, and; (ii) $35,000 on mortgage notes payable that are non-recourse to us.
As of March 31, 2009, we are party to certain off balance sheet arrangements consisting of standby letters of credit and equity and debt financing commitments. Our outstanding letters of credit at March 31, 2009 totaled $20.0 million consisting of construction commitments as follows: (i) $1.0 million related to Sierra Medical Properties; (ii) $500,000 related to Arlington Medical Properties; (iii) $4.0 million related to Centennial Hills Medical Properties; (iv) $3.0 million related to Palmdale Medical Properties; (v) $3.9 million related to Deerval Properties II and a related entity; (vi) $5.2 million related to Banburry Medical Properties, and; (vii) $2.4 million related to Sparks Medical Properties.
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