Universal Health Realty Income Trust (UHT) SEC Filings & Earnings Calls

Tenant concentration risk

“A substantial portion of our revenues are dependent upon one operator, UHS, which comprised approximately 40% of our consolidated revenues during each of the three and six-month periods ended June 30, 2026 and 2025.” · word for word

Regulatory risk from Medicaid/Medicare changes

“Legislation adopted on July 4, 2025 (the One Big Beautiful Bill Act), attaches work and community service requirements to eligibility for Medicaid benefits that will have the effect of limiting Medicaid enrollment and expenditure.” · word for word

Interest rate risk

“The increase in interest rates during the past few years has significantly increased our interest expense thereby reducing our net income, cash provided by operating activities and funds from operations, as well as unfavorably impacting our ability to access the capital markets on favorable terms.” · word for word

Concentration in healthcare real estate with tenant reliance on UHS

“Miller Medical Plaza ground lease with UHS subsidiary; 10-year master flex lease for ~75% of rentable square feet”

Tenant Concentration Risk

“A substantial portion of our revenues are dependent upon one operator, UHS, which comprised approximately 41% and 40% of our consolidated revenues during the three-month periods ended March 31, 2026, and 2025, respectively.” · word for word

Medicaid/Medicare Reimbursement Risk

“Legislation adopted on July 4, 2025 (the One Big Beautiful Bill Act), attaches work and community service requirements to eligibility for Medicaid benefits that will have the effect of limiting Medicaid enrollment and expenditure.” · word for word

Interest Rate Risk

“the increase in interest rates during the past few years has significantly increased our interest expense thereby reducing our net income, cash provided by operating activities and funds from operations” · word for word

Below-peer TSR performance

“Our TSR for the three-year period was -8.5% which was below the NAREIT index average of 5.3% and the peer group average of -5.1%.” · word for word

Dependence on UHS for revenue

“The aggregate revenues generated from UHS-related tenants comprised approximately 40% of our consolidated revenue for the five years ended December 31, 2025” · word for word

Lease renewal and purchase option risk

“UHS has the option, among other things, to renew the leases at the lease terms described below by providing notice to us at least 90 days prior to the termination of the then current term. UHS also has the right to purchase the respective leased facilities from us at their appraised fair market value” · word for word

Interest rate sensitivity: higher rates increase borrowing costs and reduce capital market access.

“The increase in interest rates during the past few years has substantially increased our borrowings costs and reduced our ability to access the capital markets on favorable terms.” · word for word

Medicaid funding risk: potential reductions in federal funding could impact tenant operations.

“potential significant reductions in federal funding for state Medicaid programs... would likely result in reduced Medicaid payments to the operators of our facilities” · word for word

Staffing shortage risk: labor cost increases for tenants could affect their financial performance.

“decreases in staffing availability and related increases to wage expense experienced by our tenants resulting from the shortage of nurses and other clinical staff” · word for word

Property income decline due to tenant vacancy at Amarillo MOB.

“Decreased income at a medical office building in Amarillo, Texas, vacated upon lease expirations.”

Exposure to healthcare industry risks including Medicaid funding cuts and staffing shortages.

“Risk factors mention potential reductions in federal funding for Medicaid, staffing shortages, and regulatory changes.”

Operator Concentration (UHS)

“A substantial portion of our revenues are dependent upon one operator, UHS, which comprised approximately 40%, 40% and 41% of our consolidated revenues for the years ended December 31, 2025, 2024 and 2023, respectively.” · word for word

Medicaid Funding Reduction

“Legislation adopted on July 4, 2025 (the One Big Beautiful Bill Act), attaches work and community service requirements to eligibility for Medicaid benefits that will have the effect of limiting Medicaid enrollment and expenditure.” · word for word

Interest Rate Sensitivity

“Although interest rates have moderated recently, the increase in interest rates during the past few years has significantly increased our interest expense thereby reducing our net income, cash provided by operating activities and funds from operations.” · word for word

Property Vacancy

“a $545,000 reduction at an MOB located in Amarillo, Texas, which was vacated during the fourth quarter of 2025 upon lease expirations of the two former tenants.” · word for word

Tenant concentration risk

“A substantial portion of our revenues are dependent upon one operator, UHS, which comprised approximately 39% and 40% of our consolidated revenues during the three-month periods ended September 30, 2025, and 2024, respectively” · word for word

Regulatory risk (Medicaid/Medicare)

“Legislation adopted on July 4, 2025 ... attaches work and community service requirements to eligibility for Medicaid benefits that will have the effect of limiting Medicaid enrollment and expenditure.”

Interest rate risk

“the increase in interest rates during the past few years has significantly increased our interest expense thereby reducing our net income, cash provided by operating activities and funds from operations” · word for word

Dependence on tenant operations and healthcare industry trends

“Future operations and financial results of our tenants, and in turn ours, could be materially impacted by various developments including, but not limited to, potential significant reductions in federal funding for state Medicaid programs, and/or other potential changes, which would likely result in reduced Medicaid payments to the operators of our facilities” · word for word