Universal Health Realty Income Trust Reports 2018 Fourth Quarter and Full Year Financial Results
As calculated on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our funds from operations ("FFO") were
As a result of damage sustained in August, 2017 from Hurricane Harvey at certain of our properties located in
Consolidated Results of Operations - Twelve-Month Periods Ended
For the twelve-month period ended
As calculated on the Supplemental Schedule, our FFO were
As reflected on the Supplemental Schedule, and as discussed below, our financial results for the twelve-month period ended
Our net income and FFO for the twelve-month period ended
Dividend Information:
The fourth quarter dividend of
Capital Resources Information:
At
Hurricane Harvey Impact:
In late
During 2018, pursuant to the terms of a global settlement with our commercial property insurance carrier, we received
General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:
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
We believe that adjusted net income and adjusted net income per diluted share (as reflected on the attached Supplemental Schedules), which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in
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, which are non-GAAP financial measures, 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
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
|
||||||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
|
|
|||||||||||||||
2018 |
2017 |
2018 |
2017 |
|||||||||||||
Revenues: |
||||||||||||||||
Base rental - UHS facilities |
$ |
4,191 |
$ |
4,263 |
$ |
16,738 |
$ |
16,888 |
||||||||
Base rental - Non-related parties |
10,321 |
10,082 |
41,267 |
40,335 |
||||||||||||
Bonus rental - UHS facilities |
1,242 |
1,261 |
4,988 |
4,917 |
||||||||||||
Tenant reimbursements and other - Non-related parties |
2,614 |
2,326 |
11,944 |
9,198 |
||||||||||||
Tenant reimbursements and other - UHS facilities |
364 |
327 |
1,273 |
1,010 |
||||||||||||
18,732 |
18,259 |
76,210 |
72,348 |
|||||||||||||
Expenses: |
||||||||||||||||
Depreciation and amortization |
6,346 |
6,355 |
24,976 |
25,116 |
||||||||||||
Advisory fees to UHS |
979 |
929 |
3,806 |
3,577 |
||||||||||||
Other operating expenses |
4,952 |
5,006 |
20,723 |
19,511 |
||||||||||||
Hurricane related expenses |
- |
1,569 |
- |
4,967 |
||||||||||||
Hurricane insurance recoveries |
- |
(1,569) |
- |
(4,967) |
||||||||||||
Transaction costs |
- |
- |
- |
107 |
||||||||||||
12,277 |
12,290 |
49,505 |
48,311 |
|||||||||||||
Income before equity in income of unconsolidated limited liability companies ("LLCs"), interest expense, hurricane insurance recovery proceeds and gain |
6,455 |
5,969 |
26,705 |
24,037 |
||||||||||||
Equity in income of unconsolidated LLCs |
566 |
457 |
1,771 |
2,416 |
||||||||||||
Hurricane insurance recovery proceeds in excess of damaged property write-downs |
- |
2,033 |
4,535 |
2,033 |
||||||||||||
Hurricane business interruption insurance recovery proceeds |
- |
- |
1,162 |
- |
||||||||||||
Gain on |
- |
- |
- |
27,196 |
||||||||||||
Interest expense, net |
(2,608) |
(2,395) |
(9,977) |
(10,063) |
||||||||||||
Net income |
$ |
4,413 |
$ |
6,064 |
$ |
24,196 |
$ |
45,619 |
||||||||
Basic earnings per share |
$ |
0.32 |
$ |
0.44 |
$ |
1.76 |
$ |
3.35 |
||||||||
Diluted earnings per share |
$ |
0.32 |
$ |
0.44 |
$ |
1.76 |
$ |
3.35 |
||||||||
Weighted average number of shares outstanding - Basic and Diluted |
13,727 |
13,716 |
13,722 |
13,625 |
|
||||||||||||||||
Calculation of Adjusted Net Income |
||||||||||||||||
Three Months Ended |
Three Months Ended |
|||||||||||||||
|
|
|||||||||||||||
Amount |
Per Diluted Share |
Amount |
Per Diluted Share |
|||||||||||||
Net income |
$ |
4,413 |
$ |
0.32 |
$ |
6,064 |
$ |
0.44 |
||||||||
Adjustments: |
||||||||||||||||
Plus: Hurricane related expenses |
- |
- |
1,569 |
0.11 |
||||||||||||
Less: Hurricane insurance recovery proceeds in excess of damaged property write-downs |
(1,569) |
(0.11) |
||||||||||||||
Less: Hurricane insurance recoveries |
- |
- |
(2,033) |
(0.15) |
||||||||||||
Subtotal adjustments to net income |
- |
- |
(2,033) |
(0.15) |
||||||||||||
Adjusted net income |
$ |
4,413 |
$ |
0.32 |
$ |
4,031 |
$ |
0.29 |
||||||||
Calculation of Funds From Operations ("FFO") |
||||||||||||||||
Three Months Ended |
Three Months Ended |
|||||||||||||||
|
|
|||||||||||||||
Amount |
Per Diluted Share |
Amount |
Per Diluted Share |
|||||||||||||
Net income |
$ |
4,413 |
$ |
0.32 |
$ |
6,064 |
$ |
0.44 |
||||||||
Plus: Depreciation and amortization expense: |
||||||||||||||||
Consolidated investments |
6,162 |
0.45 |
6,220 |
0.46 |
||||||||||||
Unconsolidated affiliates |
257 |
0.02 |
259 |
0.02 |
||||||||||||
Less: Hurricane insurance recovery proceeds in excess of damaged property write-downs |
- |
- |
(2,033) |
(0.15) |
||||||||||||
FFO |
$ |
10,832 |
$ |
0.79 |
$ |
10,510 |
$ |
0.77 |
||||||||
Dividend paid per share |
$ |
0.675 |
$ |
0.665 |
|
||||||||||||||||
Calculation of Adjusted Net Income |
||||||||||||||||
Twelve Months Ended |
Twelve Months Ended |
|||||||||||||||
|
|
|||||||||||||||
Amount |
Per Diluted Share |
Amount |
Per Diluted Share |
|||||||||||||
Net income |
$ |
24,196 |
$ |
1.76 |
$ |
45,619 |
$ |
3.35 |
||||||||
Adjustments: |
||||||||||||||||
Plus: Hurricane related expenses |
- |
- |
4,967 |
0.36 |
||||||||||||
Less: Hurricane insurance recovery proceeds in excess of damaged property write-downs |
(4,535) |
(0.33) |
(2,033) |
(0.15) |
||||||||||||
Less: Hurricane insurance recoveries |
- |
- |
(4,967) |
(0.36) |
||||||||||||
Less: Gain on |
- |
- |
(27,196) |
(2.00) |
||||||||||||
Subtotal adjustments to net income |
(4,535) |
(0.33) |
(29,229) |
(2.15) |
||||||||||||
Adjusted net income |
$ |
19,661 |
$ |
1.43 |
$ |
16,390 |
$ |
1.20 |
||||||||
Calculation of Funds From Operations ("FFO") |
||||||||||||||||
Twelve Months Ended |
Twelve Months Ended |
|||||||||||||||
|
|
|||||||||||||||
Amount |
Per Diluted Share |
Amount |
Per Diluted Share |
|||||||||||||
Net income |
$ |
24,196 |
$ |
1.76 |
$ |
45,619 |
$ |
3.35 |
||||||||
Plus: Depreciation and amortization expense: |
||||||||||||||||
Consolidated investments |
24,337 |
1.77 |
24,598 |
1.81 |
||||||||||||
Unconsolidated affiliates |
1,036 |
0.08 |
1,240 |
0.09 |
||||||||||||
Less: Hurricane insurance recovery proceeds in excess of damaged property write-downs |
(4,535) |
(0.33) |
(2,033) |
(0.15) |
||||||||||||
Gain on |
- |
- |
(27,196) |
(2.00) |
||||||||||||
FFO |
$ |
45,034 |
$ |
3.28 |
$ |
42,228 |
$ |
3.10 |
||||||||
Dividend paid per share |
$ |
2.680 |
$ |
2.640 |
|
||||||||
|
|
|||||||
2018 |
2017 |
|||||||
Assets: |
||||||||
Real Estate Investments: |
||||||||
Buildings and improvements and construction in progress |
$ |
557,650 |
$ |
546,634 |
||||
Accumulated depreciation |
(173,316) |
(153,379) |
||||||
384,334 |
393,255 |
|||||||
Land |
53,396 |
53,142 |
||||||
Net Real Estate Investments |
437,730 |
446,397 |
||||||
Investments in limited liability companies ("LLCs") |
5,019 |
4,671 |
||||||
Other Assets: |
||||||||
Cash and cash equivalents |
5,036 |
3,387 |
||||||
Base and bonus rent and other receivables from UHS |
2,739 |
2,680 |
||||||
Rent receivable - other |
7,469 |
6,422 |
||||||
Intangible assets (net of accumulated amortization of |
17,407 |
20,559 |
||||||
Deferred charges and other assets, net |
8,356 |
5,892 |
||||||
Total Assets |
$ |
483,756 |
$ |
490,008 |
||||
Liabilities: |
||||||||
Line of credit borrowings |
$ |
196,400 |
$ |
181,050 |
||||
Mortgage notes payable, non-recourse to us, net |
64,881 |
75,359 |
||||||
Accrued interest |
450 |
540 |
||||||
Accrued expenses and other liabilities |
11,765 |
12,188 |
||||||
Tenant reserves, deposits and deferred and prepaid rents |
11,650 |
10,310 |
||||||
Total Liabilities |
285,146 |
279,447 |
||||||
Equity: |
||||||||
Preferred shares of beneficial interest, none issued and outstanding |
- |
- |
||||||
Common shares, 95,000,000 shares authorized; issued and outstanding: 2018 - 13,746,803; 2017 - 13,735,369 |
137 |
137 |
||||||
Capital in excess of par value |
266,031 |
265,335 |
||||||
Cumulative net income |
642,316 |
618,120 |
||||||
Cumulative dividends |
(710,006) |
(673,175) |
||||||
Accumulated other comprehensive income |
132 |
144 |
||||||
Total Equity |
198,610 |
210,561 |
||||||
Total Liabilities and Equity |
$ |
483,756 |
$ |
490,008 |
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