KING OF PRUSSIA, PA — Universal Health Realty Income Trust (NYSE: UHT) has released its financial results for the third quarter of 2024, reporting a slight increase in net income. The company achieved a net income of $4.0 million, or $0.29 per diluted share, compared to $3.9 million, or $0.28 per diluted share, in the same period last year. This improvement was driven by an aggregate net increase in property income, partially offset by higher interest expenses.
Funds from operations (FFO), a key performance measure for real estate investment trusts, totaled $11.3 million, or $0.82 per diluted share, representing a modest increase from the previous year’s $11.2 million, or $0.81 per diluted share.
For the nine-month period ending September 30, 2024, net income rose to $14.6 million, or $1.05 per diluted share, up from $11.8 million, or $0.85 per diluted share, in 2023. The increase was primarily attributed to enhanced property income and reduced expenses related to a Chicago property.
The Trust declared a third-quarter dividend of $0.73 per share, totaling $10.1 million, which was disbursed on September 30, 2024. Additionally, the Trust has expanded its credit facilities, increasing borrowing capacity to $425 million and extending the maturity date to 2028.
In property developments, the Sierra Medical Plaza I, located in Reno, Nevada, is now operational under a master lease agreement covering 68% of its space. Meanwhile, the Trust continues to address vacant properties in Chicago and Evansville.
Universal Health Realty Income Trust continues to navigate the challenges of the current economic climate with adjustments in interest rates impacting borrowing costs. Despite these challenges, the Trust remains focused on maintaining strong financial performance and strategic property management.
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