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Universal Health Realty Income Trust Reports First Quarter 2013 Financial Results

Consolidated Results of Operations - Three-Month Periods Ended March 31, 2013 and 2012:


News provided by

Universal Health Realty Income Trust

Apr 24, 2013, 05:01 ET

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KING OF PRUSSIA, Pa., April 24, 2013 /PRNewswire/ -- Universal Health Realty Income Trust (NYSE:UHT) announced today that for the three-month period ended March 31, 2013, reported net income was $3.4 million, or $.27 per diluted share, as compared to $9.5 million, or $.75 per diluted share, during the first quarter of 2012.

After adjusting the reported results for the three-month periods ended March 31, 2013 and 2012 for the net impact of the items mentioned below, and as reflected on the attached Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income was $3.5 million, or $.28 per diluted share, during the first quarter of 2013 as compared to $2.7 million, or $.21 per diluted share, during the first quarter of 2012.

As calculated on the attached Supplemental Schedule, our adjusted funds from operations ("AFFO") increased $320,000, or 4%, to $9.0 million, or $.71 per diluted share, during the first quarter of 2013, as compared to $8.7 million, or $.69 per diluted share, during the first quarter of 2012.

As reflected on the attached Supplemental Schedule, our reported net income during the three-month period ended March 31, 2012 included a $7.4 million net gain on the divestiture of property owned by an unconsolidated LLC. After neutralizing the impact of the gain recorded in last year's first quarter, as well as the transaction costs recorded during the first quarter of each year, our adjusted net income increased $850,000, or $.07 per diluted share, during the first quarter of 2013 as compared to the comparable quarter of 2012.  The increase in adjusted net income during the first quarter of 2013, as compared to the first quarter of 2012, was attributable to: (i) a net combined increase of $444,000 resulting primarily from increased income generated at a number of our properties, and; (ii) an increase of $406,000 resulting from a decrease in depreciation and amortization expense resulting primarily from a decrease in amortization expense recorded on intangible assets.    

The $320,000 increase in our AFFO during the first quarter of 2013, as compared to the first quarter of 2012, was attributable to the $850,000 increase in adjusted net income, as discussed above, partially offset by a $530,000 decrease in the add-back of depreciation and amortization expense recorded on our consolidated investments and unconsolidated affiliates. The decrease in the add-back of depreciation and amortization expense resulted primarily from the above-mentioned decrease in amortization expense recorded on intangible assets during the first quarter of 2013 as compared to the first quarter of 2012. 

Capital Resources Information:
At March 31, 2013, we had $84.2 million of borrowings outstanding under our $150 million revolving credit agreement and $53.4 million of available borrowing capacity, net of outstanding borrowings and letters of credit.

We filed a Registration Statement with the Securities and Exchange Commission which became effective in November 2012, under which we can offer up to $50 million of our securities pursuant to supplemental prospectuses which we may file from time to time. No offering will be made except pursuant to such supplemental prospectuses.

Dividend Information:
The first quarter dividend of $.62 per share was paid on March 29, 2013.

Completion and Opening of a New Medical Office Building:
On April 1, 2013, the newly constructed Forney Medical Plaza II located in Forney, Texas was completed and opened.  This multi-tenant medical office building, consisting of 30,000 rentable square feet, is owned by a limited partnership in which we hold a 95% non-controlling ownership interest.  

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 healthcare facilities, rehabilitation hospitals, sub-acute care facilities, surgery centers, childcare centers and medical office buildings.  We have investments in fifty-four properties located in fifteen states.

This press release contains forward-looking statements based on current management expectations.  Numerous factors, including those disclosed herein, those related to healthcare and healthcare real estate 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 and Risk Factors in our Form 10-K for the year ended December 31, 2012), may cause the results to differ materially from those anticipated in the forward-looking statements.  Many of the factors that will determine our future results are beyond our capability to control or predict.  These statements are subject to risks and uncertainties and therefore actual results may differ materially. 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.

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, and adjusted funds from operations ("AFFO") and AFFO per diluted share, 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. 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. AFFO was also computed for the three-month periods ended March 31, 2013 and 2012, as reflected on the Supplemental Schedules and discussed herein, since we believe it is helpful to our investors since it adjusts for the effect of a gain on divestiture of property owned by an unconsolidated LLC (during the first quarter of 2012) and transaction costs related to acquisitions. FFO/AFFO do 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/AFFO 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/AFFO 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, 2012.   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.

  







Universal Health Realty Income Trust

Consolidated Statements of Income

For the Three Months Ended March 31, 2013 and 2012

(amounts in thousands, except per share amounts)

(unaudited)















Three Months 




Ended March 31,




2013


2012


Revenues:






  Base rental - UHS facilities


$3,790


$3,807


  Base rental - Non-related parties


7,046


6,681


  Bonus rental - UHS facilities


1,098


1,116


  Tenant reimbursements and other - Non-related parties


1,788


1,650


  Tenant reimbursements and other - UHS facilities


163


97




13,885


13,351








Expenses:






  Depreciation and amortization


4,814


5,220


  Advisory fees to UHS


571


533


  Other operating expenses


3,665


3,470


  Transaction costs


82


520




9,132


9,743








Income before equity in income of unconsolidated limited liability companies






     ("LLCs"), interest expense and gain, net


4,753


3,608














  Equity in income of unconsolidated LLCs


569


554








  Gain on divestiture of property owned by an unconsolidated LLC, net


-


7,375








Interest expense, net


(1,895)


(2,023)


Net income


$3,427


$9,514














Basic earnings per share


$0.27


$0.75








Diluted earnings per share


$0.27


$0.75








Weighted average number of shares outstanding - Basic


12,671


12,652


Weighted average number of share equivalents


16


5


Weighted average number of shares and equivalents outstanding - Diluted


12,687


12,657








Universal Health Realty Income Trust


Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")


For the three months ended March 31, 2013 and 2012


(in thousands, except per share amounts)


(unaudited)











Calculation of Adjusted Net Income












Three months ended


Three months ended



March 31, 2013


March 31, 2012





Per




Per



Amount


Diluted Share


Amount


Diluted Share











Net income 

$3,427


$0.27


$9,514


$0.75


Adjustments:









  Less: Gain on divestiture of property owned by an unconsolidated LLC, net

-


-


(7,375)


(0.58)


   Transaction costs

82


0.01


520


0.04


Subtotal adjustments to net income

82


0.01


(6,855)


(0.54)


Adjusted net income 

$3,509


$0.28


$2,659


$0.21






































Calculation of Adjusted Funds From Operations ("AFFO")












Three months ended


Three months ended



March 31, 2013


March 31, 2012





Per




Per



Amount


Diluted Share


Amount


Diluted Share











Net income 

$3,427


$0.27


$9,514


$0.75


Plus: Depreciation and amortization expense:









   Consolidated investments

4,757


0.37


5,182


0.41


   Unconsolidated affiliates

753


0.06


858


0.07


Less: Gain, net of related transaction costs









    On divestiture of property owned by an unconsolidated LLC, net

-


-


(7,375)


(0.58)


Funds From Operations ("FFO")

8,937


0.70


8,179


$0.65


   Transaction costs

82


0.01


520


0.04


AFFO

$9,019


$0.71


$8,699


$0.69





























Dividend paid per share



$0.620




$0.610











  









Universal Health Realty Income Trust


Consolidated Balance Sheets


(dollar amounts in thousands)


(unaudited)






















March 31,


December 31,


Assets:



2013


2012










Real Estate Investments:








Buildings and improvements



$374,800


$374,416



Accumulated depreciation



(90,223)


(87,088)






284,577


287,328



Land



27,058


27,058



Net Real Estate Investments


311,635


314,386











Investments in and advances to limited liability companies ("LLCs")



28,907


28,636










Other Assets:








Cash and cash equivalents



3,321


3,048



Base and bonus rent receivable from UHS



2,106


2,041



Rent receivable - other



2,987


2,783



Intangible assets (net of accumulated amortization of $9.8 million and $8.2  million








    at March 31, 2013 and  December 31, 2012, respectively)



24,667


26,293



Deferred charges, goodwill and other assets, net



5,882


5,851



Total Assets



$379,505


$383,038










Liabilities:
















Line of credit borrowings



$84,150


$81,750



Mortgage and other notes payable, non-recourse to us (including net debt premium








   of $1.2 million and $1.3 million at March 31, 2013 and December 31, 2012, respectively)



114,943


116,186



Accrued interest



487


539



Accrued expenses and other liabilities



4,424


4,920



Tenant reserves, escrows, deposits and prepaid rents



2,041


1,898



Total Liabilities



206,045


205,293


















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: 2013 - 12,690,264








      2012 -12,688,998



127


127



Capital in excess of par value



214,253


214,094



Cumulative net income



470,302


466,875



Cumulative dividends 



(511,292)


(503,425)



     Total Universal Health Realty Income Trust Shareholders' Equity 



173,390


177,671



Non-controlling equity interest



70


74



     Total Equity



173,460


177,745



                   Total Liabilities and Equity



$379,505


$383,038










SOURCE Universal Health Realty Income Trust

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