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Real estate

Universal Health Realty Income Trust Reports Increased Net Income in Q2 2024

Strategic Insights

— 2 min read

Universal Health Realty Income Trust, a real estate investment trust (REIT), has announced a significant increase in net income for the three-month period ended June 30, 2024. According to the company, net income was $5.3 million, or $.38 per diluted share, as compared to $3.5 million, or $.25 per diluted share, during the second quarter of 2023. This represents an increase of $1.8 million, or $.13 per diluted share, primarily driven by a reduction in expenses related to a property located in Chicago, Illinois, and an aggregate net increase in income generated at various properties.

Key Takeaways:

  • Net income for Q2 2024 was $5.3 million, or $.38 per diluted share, compared to $3.5 million, or $.25 per diluted share, in Q2 2023.
  • The increase in net income of $1.8 million, or $.13 per diluted share, was due to a $1.5 million reduction in expenses related to the Chicago property and a $706,000 increase in income from various properties.
  • Funds from operations (FFO) were $12.4 million, or $.90 per diluted share, in Q2 2024, compared to $10.6 million, or $.77 per diluted share, in Q2 2023.
  • FFO increased by $1.8 million, or $.13 per diluted share, primarily due to the increase in net income during Q2 2024.
  • For the six-month period ended June 30, 2024, net income was $10.6 million, or $.76 per diluted share, compared to $7.9 million, or $.57 per diluted share, during the first six months of 2023.
  • The trust's FFO were $24.8 million, or $1.79 per diluted share, during the first six months of 2024, compared to $22.0 million, or $1.59 per diluted share, during the comparable period of 2023.

Statistics:

  • Net income for Q2 2024: $5.3 million
  • Net income for Q2 2023: $3.5 million
  • Increase in net income for Q2 2024: $1.8 million, or $.13 per diluted share
  • FFO for Q2 2024: $12.4 million, or $.90 per diluted share
  • FFO for Q2 2023: $10.6 million, or $.77 per diluted share
  • Net income for the six months ended June 30, 2024: $10.6 million
  • Net income for the six months ended June 30, 2023: $7.9 million
  • FFO for the six months ended June 30, 2024: $24.8 million, or $1.79 per diluted share
  • FFO for the six months ended June 30, 2023: $22.0 million, or $1.59 per diluted share

Sources:

  • Universal Health Realty Income Trust, "News Release" (no date)
  • Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")

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