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…
Earnings analysis · 10-Q
UHT earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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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.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
Management's outlook
The filing provides no quantitative revenue or EPS outlook. No change to prior outlook can be assessed from the 10-Q.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.