Universal Health Realty Income Trust

NYSE:UHT Stock Report

Market Cap: US$635.8m

Universal Health Realty Income Trust Past Earnings Performance

Past criteria checks 1/6

Universal Health Realty Income Trust's earnings have been declining at an average annual rate of -30.5%, while the Health Care REITs industry saw earnings growing at 9.7% annually. Revenues have been growing at an average rate of 4.4% per year. Universal Health Realty Income Trust's return on equity is 12.1%, and it has net margins of 17.7%.

Key information

-30.49%

Earnings growth rate

-30.58%

EPS growth rate

Health Care REITs Industry Growth-12.20%
Revenue growth rate4.44%
Return on equity12.08%
Net Margin17.68%
Last Earnings Update31 Mar 2026

Recent past performance updates

Recent updates

Seeking Alpha • May 13

Universal Health Realty Income Trust: A Fairly Valued 7.3% REIT

Summary Universal Health Realty Income Trust earns a 'Hold' rating, offering a 7.34% yield but trading near fair value. UHT's 40-year dividend growth streak remains intact, though a payout ratio of 85% limits future increases. Key risks include Medicaid reimbursement cuts from OBBBA and $359.5M floating-rate debt maturing in 2028. Growth catalysts include the Miller Medical Plaza MOB and favorable MOB sector supply-demand dynamics. Read the full article on Seeking Alpha
Seeking Alpha • Dec 07

Universal Health Realty: 7.3% Yield With 27 Years Of Hikes

Summary Universal Health Realty has a long history of dividend hikes. It cannot be called a dividend aristocrat as that term is reserved for S&P 500 members. We look at the recent financials and tell you why we don't own it. Read the full article on Seeking Alpha
Seeking Alpha • Aug 14

Universal Health Realty Income Trust: Growing FFO, But Interest Expense Concerns Remain

Summary Universal Health Realty Income Trust has a strong track record of paying growing dividends to shareholders for nearly 40 years. The company's latest Q2'24 results showed growth in rental revenues and FFO, but rising interest expenses and expiring interest rate swaps pose concerns for future dividend growth. UHT is currently trading at a premium P/FFO multiple compared to its peers, so I think shares are likely fully valued at best for now. Read the full article on Seeking Alpha
Seeking Alpha • May 28

Universal Health Realty: The Price Decline Created An Opportunity

Summary Universal Health Realty Income Trust is a healthcare REIT that invests in and leases healthcare and human service-related facilities. Its property portfolio consists primarily of medical office buildings for which there is a positive market outlook, especially for Sunbelt markets where the REIT operates. Recent quarterly results show improvements in rental revenue and FFO, and the current price has resulted in a more attractive dividend yield and a substantial discount to NAV. Read the full article on Seeking Alpha
Seeking Alpha • Mar 13

Universal Health Realty: 3 Reasons We Exited This 7.6% Yielding REIT

Summary Healthcare real estate offers a safe investment option due to rising healthcare expenses and demographic trends. Universal Health Realty Income Trust a lesser-known REIT, has a strong dividend track record and has raised its dividends for 38 years. We tell you why despite being enticed by the dividend history, we still made a dash for the exits. Read the full article on Seeking Alpha
Seeking Alpha • Jan 03

Universal Health Realty: Fairly Valued And Low Dividend Coverage

Summary Universal Health Realty is a healthcare REIT that invests in and leases healthcare and human service related facilities. The dividend may not be very safe due to a high payout ratio and slow FFO growth, making UHT less attractive for income investors. Additionally, the shares are fairly valued right now, so value investors are better off adding UHT to a watchlist and looking elsewhere in the meantime. Read the full article on Seeking Alpha
Seeking Alpha • Oct 17

Universal Health Realty: 7.4% Dividend Yield, Medical Office Buildings, High Leverage

Summary Universal Health Realty has seen a significant price drop in its common shares due to interest rate headwinds. The REIT has a total debt-to-equity ratio that's ahead of its peers. The variable debt burden is driving up its quarterly interest payments. FFO per share is trending down and the 93.5% dividend payout ratio could worsen on the back of continued FFO pressure. Read the full article on Seeking Alpha
Seeking Alpha • Jun 30

Universal Health Realty: Good Choice With A Growing Dividend

Summary Universal Health Realty Income Trust faces challenges from high interest rates, with interest expenses growing by over 65% compared to Q1 2022. Despite financial headwinds, UHT maintains a stable portfolio and continues to reward shareholders with a growing dividend, boasting a 19-year dividend-raising streak. The company presents a great buying opportunity for stable income-seeking REIT investors, with a fair valuation and an attractive dividend yield of 6%. Read the full article on Seeking Alpha
Seeking Alpha • Oct 25

Universal Health REIT GAAP EPS of $0.35, revenue of $22.15M

Universal Health REIT press release (NYSE:UHT): Q3 GAAP EPS of $0.35. Revenue of $22.15M (+4.5% Y/Y).  Net income was $4.8M vs. $5.3M last year. FFO were $11.8M, or $.86 per diluted share, during the third quarter of 2022, as compared to $12.6M, or $.92 per diluted share, during the third quarter of 2021.
Seeking Alpha • Sep 07

Universal Health REIT declares $0.71 dividend

Universal Health REIT (NYSE:UHT) declares $0.71/share quarterly dividend, in line with previous. Forward yield 5.8% Payable Sept. 30; for shareholders of record Sept. 19; ex-div Sept. 16. See UHT Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Aug 24

Universal Health Realty: Still A Good Value Amid Setbacks

Summary Universal Health Realty has proven its tortoise-like ability to grow in a slow-and-steady way for over three decades, now boasting a 36-year dividend growth streak. I discuss the three primary headwinds UHT is facing right now, and why they shouldn't be blown out of proportion. The main reason why FFO per share has declined this year is a vacancy at one of UHT's hospital properties. Thesis: Steady Long-Term Performer With a 5.4% Yield Universal Health Realty Income Trust (UHT) is a $730 million market cap healthcare REIT that primarily owns medical office buildings ("MOBs"). The REIT is externally managed by hospital operator Universal Health Services (UHS), which also happens to be UHT's largest tenant at around 40% of revenue. This year, hospital operators like UHS have suffered under the weight of surging labor costs (and labor shortages generally) while also not enjoying the wave of elective surgeries that had been widely expected to materialize coming out of the pandemic. UHT's stock price has trended in roughly the same direction as that of UHS: UHT data by YCharts But UHT is a landlord, not a healthcare operator. UHT's revenue has grown 6.7% year-to-date. Operating income is up 6.0% YTD. Funds from operations ("FFO") per share, however, is actually down 3.3% YTD, from $1.84 last year to $1.78 this year. In my last article on UHT in June, I focused on the REIT's heavy use of floating rate debt via its credit facility and why that isn't as big a weakness as one might think. Interest expense is up only 8.4% in Q2 and 6.3% YTD, and that is largely because of increased borrowings on the credit facility for the purpose of property acquisitions. But in this article, after briefly reviewing the basics of UHT, I want to talk about why FFO per share has dropped this year and why UHT's status as a solid long-term performer remains intact. Universal Health Realty Overview UHT began its life as a public REIT three and a half decades ago as a spinoff from UHS when the hospital operator decided to split its healthcare operations segment from its real estate. There does not appear to have been grand plans for the REIT other than as a financing vehicle for UHS, but the arrangement has worked out nicely for both companies. Both UHT and UHS have performed well since the 1986 spinoff - the latter especially taking off after the Affordable Care Act was implemented in the early 2010s. UHT Total Return Price data by YCharts Since 1986, when 100% of UHT's properties were leased to UHS, the REIT has diversified its tenant base such that, today, about 60% of its revenue derives from non-UHS tenants. As for the property portfolio, about 2/3rds of asset value is in MOBs, with the remaining third split among hospitals, behavioral health facilities, and a few smaller categories. Universal Health Realty About 85% of the portfolio is in traditional healthcare facilities. UHT's properties are spread across the country with particular concentrated clusters in Dallas/Fort Worth, Houston, Las Vegas, Phoenix, and Atlanta. Universal Health Realty Though I am not sure if management intended to accomplish this with the portfolio, it does seem to be largely weighted toward the Sunbelt rather than the population centers on the West Coast and Northeast. Here are some examples of properties in the portfolio: Universal Health Realty And here are some more: Universal Health Realty Let's compare UHT's valuation and dividend yield to its MOB REIT peers: Healthcare Realty Trust (HR), Physicians Realty Trust (DOC), and Global Medical REIT (GMRE). UHT HR DOC GMRE Price to FFO 14.7x 14.7x 16.3x 11.9x Dividend Yield 5.4% 4.8% 5.3% 7.3% Though GMRE is the cheapest, it is also the most heavily indebted and carries the most perceived risk. Among the other three, HR has some execution risk with its merger integration with the former Healthcare Trust of America (HTA), and DOC has a high payout ratio (high 80% range). In comparison, UHT has a relatively low valuation and a slightly higher dividend yield, bolstered by a lower payout ratio of around 79% YTD. Over the last five years, GMRE's higher risk strategy has paid off, but in the face of rising interest rates this year, the REIT has sold off by ~35% YTD. UHT Total Return Price data by YCharts Meanwhile, as you can see below, UHT has underperformed both over the last five years and especially the last two years. Does UHT deserve to underperform? I don't think so. Sure, UHT is slow-growing, but each of its closest peers is slow-growing. And yes, UHT is externally managed, but its external manager keeps fees low and has grown UHT's dividend for over 30 consecutive years (albeit at a slow pace). And yes, UHT does heavily utilize its floating rate credit facility, but that only results in a minor headwind during rising rate environments. Perhaps the most fundamental reason why UHT has underperformed has to do with property vacancies. UHT primarily owns single-tenant, net leased properties, which means that tenant vacancies can have an outsized effect on earnings. Moreover, UHT's small size also makes it vulnerable to any of its larger properties going vacant. That is exactly the reason for UHT's FFO per share decline this year, as we will turn to now. Year-To-Date Performance As previously stated, despite growth in revenue and operating income, UHT's FFO per share declined by 3.3% in the first half of the year. The primary reason for this is that the tenant of a specialty hospital in Chicago chose not to renew their lease, which ended at the end of 2021. Last year, UHT generated $1.6 million in rental revenue from this property. This vacancy alone caused a $0.05 drop in FFO per share YoY. As such, if not for the new vacancy, UHT's Q2 2022 FFO per share would have been $0.93, a one penny increase from Q2 2021's $0.92. Offsetting this ding from the Chicago hospital vacancy were a few points in UHT's favor: A rent increase at Wellington Regional Medical Center, raising FFO per share by $0.02. An acquisition of another UHS-leased property, adding another $0.02 to FFO per share. Rent increases at various other properties in UHT's portfolio, collectively amounting to an additional $0.01 of FFO per share.
Seeking Alpha • Jul 25

Universal Health REIT reports Q2 results

Universal Health REIT press release (NYSE:UHT): Q2 FFO of $0.88; GAAP EPS of $0.38 Revenue of $22.17M (+6.2% Y/Y).
Seeking Alpha • Jun 06

Universal Health Realty: The Market Overreacted To Floating Rate Debt

A significant amount of UHT's debt is in the form of floating rate line of credit borrowings, which makes the REIT vulnerable to rising interest rates. That said, UHT survived the last rate-hiking cycle with a similar proportion of floating rate debt, suffering only a temporary and small dip in earnings. The market has overreacted to UHT's floating rate debt while underappreciating the REIT's long track record of steady growth.
Seeking Alpha • Mar 21

Universal Health Realty Income: Attractive Valuation And Dividend Yield

Universal Health is a health care REIT that invests in health care and human service-related facilities. UHT trades at a P/FFO of 14.79x which is below the sector median of 17.82x (-11.9%) and well below its historical median P/FFO of 20.22x (-22.4%). A tightening monetary policy would raise the Company's cost of capital, which in turn may hurt its inorganic growth.
Seeking Alpha • Jan 14

Universal Health: Short-Term Challenges With A 4.8% Dividend Yield

UHT is undervalued, has a 20-year dividend raising history, and is currently yielding 4.8%. The company can constantly grow its FFO despite its short-term challenges. Their property portfolio is geographically well-diversified.
Seeking Alpha • Oct 24

5% Yield And 35 Years Of Dividend Growth: Universal Health Realty Income

Universal Health Realty Income has the second longest track record of dividend growth in the entire REIT sector. Its dividend has kept growing despite the dot-com crash, the great financial crisis, and the pandemic. Despite that, its share price is today historically undervalued, and as a result, it yields a generous 5%. We think that this is a good entry point for investors.
Seeking Alpha • Aug 18

Universal Health Realty Income Trust Is Rarely This Cheap

UHT is a healthcare REIT externally managed and partially owned by the major for-profit health system, Universal Health Services. The REIT tends to fly under the radar of most investors, even most income investors, because of its small-cap and unassuming nature. Nearly three-fourths of the portfolio is in medical office buildings, but UHT also owns hospitals, behavioral health centers, freestanding emergency departments, and childcare centers. UHT performed well in 2020 and has had an even better 2021 so far. UHT looks extraordinarily cheap and now offers an almost 5% dividend yield.
Analysis Article • Mar 09

Shareholders Of Universal Health Realty Income Trust (NYSE:UHT) Must Be Happy With Their 63% Return

When you buy and hold a stock for the long term, you definitely want it to provide a positive return. But more than...
Analysis Article • Feb 09

Can Universal Health Realty Income Trust's (NYSE:UHT) ROE Continue To Surpass The Industry Average?

Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is...
Analysis Article • Jan 13

What You Need To Know About Universal Health Realty Income Trust's (NYSE:UHT) Investor Composition

If you want to know who really controls Universal Health Realty Income Trust ( NYSE:UHT ), then you'll have to look at...
Analysis Article • Dec 16

Read This Before Selling Universal Health Realty Income Trust (NYSE:UHT) Shares

It is not uncommon to see companies perform well in the years after insiders buy shares. Unfortunately, there are also...

Revenue & Expenses Breakdown

How Universal Health Realty Income Trust makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:UHT Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 261011800
31 Dec 251011800
30 Sep 251011800
30 Jun 251001800
31 Mar 251001900
31 Dec 241001900
30 Sep 241001800
30 Jun 241001800
31 Mar 24991600
31 Dec 23971500
30 Sep 23971700
30 Jun 23951800
31 Mar 23932000
31 Dec 22922100
30 Sep 228910700
30 Jun 228810800
31 Mar 228710900
31 Dec 218610900
30 Sep 21842300
30 Jun 21832200
31 Mar 21812000
31 Dec 20801900
30 Sep 20792000
30 Jun 20792000
31 Mar 20791900
31 Dec 19791900
30 Sep 19791800
30 Jun 19781700
31 Mar 19791900
31 Dec 18782400
30 Sep 18772600
30 Jun 18772500
31 Mar 18752400
31 Dec 17754600
30 Sep 17754400
30 Jun 17744400
31 Mar 17734400
31 Dec 16721700
30 Sep 16701700
30 Jun 16681700
31 Mar 16672400
31 Dec 15662400
30 Sep 15663600

Quality Earnings: UHT has high quality earnings.

Growing Profit Margin: UHT's current net profit margins (17.7%) are lower than last year (18.8%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: UHT's earnings have declined by 30.5% per year over the past 5 years.

Accelerating Growth: UHT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: UHT had negative earnings growth (-4.6%) over the past year, making it difficult to compare to the Health Care REITs industry average (30%).

Return on Equity

High ROE: UHT's Return on Equity (12.1%) is considered low.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/06 07:09
End of Day Share Price 2026/07/06 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Universal Health Realty Income Trust is covered by 4 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
David TsouprosBofA Global Research
Viacheslav ObodnikovFreedom Broker
Zhiger KurmetFreedom Broker