Universal Health Realty me Trust(UHT) - 2024 Q4 - Annual Results

Financial Performance - For the three-month period ended December 31, 2024, net income was $4.7 million, or $0.34 per diluted share, compared to $3.6 million, or $0.26 per diluted share in Q4 2023, representing a 30.6% increase in net income[1][2] - Adjusted net income for Q4 2024 increased by $836,000, or $0.06 per diluted share, primarily due to a $1.2 million increase in income from various properties, partially offset by a $337,000 increase in interest expense[3] - For the twelve-month period ended December 31, 2024, net income was $19.2 million, or $1.39 per diluted share, compared to $15.4 million, or $1.11 per diluted share in 2023, indicating a 24.7% increase[5][7] - Adjusted net income for the year ended December 31, 2024, increased by $3.6 million, or $0.26 per diluted share, driven by a $3.5 million increase in income from various properties and a $2.0 million reduction in expenses related to a property in Chicago[8] - Adjusted net income for the twelve months ended December 31, 2024, was $19,234,000, compared to $15,632,000 in 2023, representing a year-over-year increase of 23.4%[35] Funds from Operations (FFO) - Funds from operations (FFO) for Q4 2024 were $11.8 million, or $0.85 per diluted share, compared to $11.4 million, or $0.82 per diluted share in Q4 2023, reflecting a 3.3% increase[4] - FFO for the year ended December 31, 2024, was $47.9 million, or $3.46 per diluted share, compared to $44.6 million, or $3.23 per diluted share in 2023, marking a 7.4% increase[9] - Funds From Operations (FFO) for the three months ended December 31, 2024, was $11,758,000, compared to $11,384,000 in 2023, indicating a growth of 3.3%[33] Revenue and Assets - Total revenues for the three months ended December 31, 2024, increased to $24,642,000 from $24,320,000 in the same period of 2023, representing a growth of 1.3%[29] - Total assets decreased to $580,862,000 as of December 31, 2024, from $596,369,000 as of December 31, 2023, a decline of 2.6%[39] - The company’s net real estate investments decreased to $425,934,000 as of December 31, 2024, from $443,795,000 in 2023, a decline of 4.0%[39] Liabilities and Borrowings - Total liabilities increased to $401,321,000 as of December 31, 2024, compared to $395,435,000 in 2023, reflecting a rise of 1.5%[39] - As of December 31, 2024, the company had $348.9 million in borrowings outstanding under its $425 million revolving credit agreement, with $76.1 million of available borrowing capacity[12] Dividends - The fourth quarter dividend declared was $0.735 per share, totaling $10.1 million, paid on December 31, 2024[10] - The company reported a dividend paid per share of $0.735 for the three months ended December 31, 2024, up from $0.725 in the same period of 2023[33] Interest Rate Management - In October 2024, the company entered into an interest rate swap agreement with a notional amount of $85 million at a fixed rate of 3.2725%, effective until September 30, 2028[13] Property Management - The company continues to market vacant properties in Chicago and Evansville, with future operating expenses expected to be incurred until these properties are leased[18] Shareholder Information - Basic earnings per share for the three months ended December 31, 2024, rose to $0.34 from $0.26 in 2023, marking a 30.8% increase[31] - The weighted average number of shares outstanding for diluted earnings per share was 13,850,608 for the year ended December 31, 2024, compared to 13,823,899 in 2023, showing a slight increase[39]