On this page of StockholderLetter.com we present the latest annual shareholder letter from UNIVERSAL HEALTH REALTY INCOME TRUST — ticker symbol UHT. Reading current and past UHT letters to shareholders can bring important insights into the investment thesis.
UHT Universal Health Realty Income Trust 2024 ANNUAL REPORT
Location of Properties MEDICAL OFFICE BUILDINGS/CLINICS ACUTE CARE HOSPITALS BEHAVIORAL HEALTH CARE HOSPITAL AMBULATORY CARE CHILDCARE CENTERS SPECIALTY FACILITIES VACANT LAND UHT has 76 investments in twenty-one states. UHT Properties by Type - 2024 Medical Office Buildings/Clinics 71% Childcare Centers 1% Ambulatory Care 3% Specialty Facilities 1% Acute Care Hospitals 17% Behavioral Health 7% Dividends Paid $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 1986 1996 2006 38 years of Increasing Dividends 2016 2024
Dear Fellow Shareholders: I am pleased to report that 2024 was another good year for Universal Health Realty Income Trust. We achieved year-over-year revenue growth of 3.6% and our funds from operations per diluted share increased 7.1% to $3.46 in 2024 from $3.23 in 2023. We also continued our record of consistently rewarding shareholders with increasing dividend payouts by increasing our dividend for the thirty-eighth consecutive year to an annualized rate of $2.94 per diluted share. Our disciplined approach to growth has resulted in a strong and diversified portfolio of healthcare properties consisting of seventy-six facilities located in twenty-one states including medical office buildings that are located on and off hospital campuses, acute care hospitals, behavioral health hospitals, freestanding emergency departments, and childcare centers. We have a robust pipeline of investment opportunities including property acquisitions and de novo development projects. Our balance sheet is strong, and we have ample capital resources to finance our growth initiatives. In 2024, we increased borrowing capacity by $50 million and extended the maturity date of our credit agreement to September 2028. We look forward to the remainder of 2025 with enthusiasm as we continue our efforts to build upon our long record of success by growing our portfolio in a focused and disciplined manner, maintaining our healthy balance sheet and continuing to provide shareholders with a secure and reliable dividend stream. On behalf of the Board of Trustees, I thank you for your ongoing support and continued confidence. Sincerely, Alan B. Miller Chairman of the Board and Chief Executive Officer
 • shareholder letter icon 4/25/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/25/2023 UHT Stockholder Letter
 • stockholder letter icon 4/23/2024 UHT Stockholder Letter
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UHT Shareholder/Stockholder Letter Transcript:

UHT
Universal Health Realty Income Trust
2024
ANNUAL REPORT

Location of Properties
MEDICAL OFFICE BUILDINGS/CLINICS
ACUTE CARE HOSPITALS
BEHAVIORAL HEALTH CARE HOSPITAL
AMBULATORY CARE
CHILDCARE CENTERS
SPECIALTY FACILITIES
VACANT LAND
UHT has 76 investments in twenty-one states.
UHT Properties by Type - 2024
Medical Office
Buildings/Clinics
71%
Childcare Centers
1%
Ambulatory Care
3%
Specialty Facilities
1%
Acute Care Hospitals
17%
Behavioral Health
7%
Dividends Paid
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
1986
1996
2006
38 years of Increasing Dividends
2016
2024

Dear Fellow Shareholders:
I am pleased to report that 2024 was another good year for Universal Health Realty
Income Trust. We achieved year-over-year revenue growth of 3.6% and our funds from
operations per diluted share increased 7.1% to $3.46 in 2024 from $3.23 in 2023. We also
continued our record of consistently rewarding shareholders with increasing dividend payouts
by increasing our dividend for the thirty-eighth consecutive year to an annualized rate of
$2.94 per diluted share.
Our disciplined approach to growth has resulted in a strong and diversified portfolio of
healthcare properties consisting of seventy-six facilities located in twenty-one states
including medical office buildings that are located on and off hospital campuses, acute care
hospitals, behavioral health hospitals, freestanding emergency departments, and childcare
centers. We have a robust pipeline of investment opportunities including property
acquisitions and de novo development projects. Our balance sheet is strong, and we have
ample capital resources to finance our growth initiatives. In 2024, we increased borrowing
capacity by $50 million and extended the maturity date of our credit agreement to
September 2028.
We look forward to the remainder of 2025 with enthusiasm as we continue our efforts
to build upon our long record of success by growing our portfolio in a focused and
disciplined manner, maintaining our healthy balance sheet and continuing to provide
shareholders with a secure and reliable dividend stream.
On behalf of the Board of Trustees, I thank you for your ongoing support and continued
confidence.
Sincerely,
Alan B. Miller
Chairman of the Board and
Chief Executive Officer




shareholder letter icon 4/25/2025 Letter Continued (Full PDF)
 

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