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Sep 30, 2020
UHT Q3 2020 Earnings Report
Reported increased net income and FFO compared to the same period last year.
Key Takeaways
Universal Health Realty Income Trust reported a net income of $5.2 million, or $0.38 per diluted share, for the third quarter of 2020, compared to $4.7 million, or $0.34 per diluted share, for the third quarter of 2019. FFO was $11.9 million, or $0.86 per diluted share, compared to $11.4 million, or $0.83 per diluted share, for the same period last year.
Net income increased to $5.2 million, or $0.38 per diluted share.
FFO was $11.9 million, or $0.86 per diluted share.
Interest expense decreased by $695,000.
Bonus rental earned on the three hospital facilities leased to subsidiaries of UHS increased by $252,000.
Revenue by Segment
Forward Guidance
The COVID-19 pandemic may have an adverse impact on future operations and financial results of tenants, and in turn, Universal Health Realty Income Trust.
Positive Outlook
- Tenants representing approximately 99% of occupied square footage have paid their rent through September 30, 2020.
- Implemented COVID-19 risk mitigating actions such as enhanced cleaning protocols.
- Construction of the behavioral health hospital in Clive, Iowa is expected to be completed in late 2020 or early 2021.
- The medical office building in Denison, Texas is scheduled to be completed in late 2020.
- A new lease was executed with a third-party tenant for approximately 26,000 rentable square feet in the medical office building in Denison, Texas.
Challenges Ahead
- Potential adverse impact of the pandemic on future operations and financial results of tenants.
- Uncertainty regarding the ability of tenants to continue to operate and stay current with lease obligations.
- Potential declines in future bonus rental revenue earned on hospital properties leased to subsidiaries of UHS.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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