UHT earnings analysis
What we found in UHT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
The 10-Q excerpt does not include the income statement, segment results, balance-sheet working-capital data, or cash-flow statement, so revenue, margin, EPS and free-cash-flow trends cannot be independently assessed from the filing text provided. Financial-risk disclosures show $365.6 million of variable-rate debt at 5.03%, partly offset by $165.0 million of interest-rate swaps. Management reported no material changes to the risk factors from the 2025 Form 10-K and provided no quantitative forward guidance.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Swap portfolio remains an asset
- Interest-rate swaps had a net fair-value asset of $2.6 million at June 30, 2026, recorded in deferred charges and other assets.
- Hedges generated cash receipts
- The Trust received approximately $1.0 million net from swap counterparties in the first six months of 2026, including $498,000 in the second quarter.
- Debt maturity is identified
- The Trust had $365.6 million of variable-rate borrowings outstanding under its Credit Agreement, scheduled to mature on September 30, 2028.
- Variable-rate exposure is partially hedged
- The Trust maintained $165.0 million of interest-rate swap notional coverage against variable-rate exposure, consisting of $55.0 million, $25.0 million and $85.0 million swaps.
- Debt fair value discount is limited
- Debt carrying value was approximately $383.8 million versus fair value of approximately $382.6 million at June 30, 2026, a $1.2 million excess of carrying value over fair value.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Material interest-rate sensitivity
- Variable-rate borrowings totaled $365.6 million at an average rate of 5.03%, and the filing estimates that each 1% change in interest rates would affect net income by approximately $2.0 million, after giving effect to swaps.
- Credit Agreement refinancing exposure
- The $365.6 million Credit Agreement borrowings have a scheduled maturity of September 30, 2028, creating future refinancing or repayment exposure.
- Nearer-term hedge maturities
- The filing states there were no material changes to the risk factors in the 2025 Form 10-K; however, the swap portfolio includes $55.0 million maturing in March 2027 and $25.0 million maturing in December 2027.
What they said about what is next.
The filing provides no quantitative revenue or EPS outlook. No change to prior outlook can be assessed from the 10-Q.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 7, 2026
- Universal Health Realty Income Trust reported Q1 2026 revenue of $24,529,000, slightly down from $24,548,000 in Q1 2025, with a diluted EPS of $0.36 compared to $0.34 in the prior year. Funds from operations increased…
- 10-K · February 25, 2026
- Universal Health Realty (UHT) reports largely stable operating scale with implied 2025 revenues of approximately $102.0 million (quarters: $25M, $24M, $24M, $29M) and diluted EPS of ~$1.26 for 2025 (quarterly EPS:…
- 10-Q · November 7, 2025
- Universal Health Realty reported Q3 2025 revenue of $25.302 million, up $0.808 million (+3.3%) versus Q3 2024, with diluted EPS unchanged at $0.29. Operating profitability compressed modestly (operating margin ~33.2% vs…
- 10-K · February 26, 2025
- Universal Health Realty Income Trust (UHT) reports a concentrated healthcare real estate portfolio of 76 investments across 21 states, with ~60 medical/office buildings and six hospital facilities. Portfolio metrics…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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