Universal Health Realty Income Trust

Universal Health Realty Income Trust is a U.S.-based real estate investment trust that owns healthcare and human-service related properties. Its portfolio includes acute care hospitals, behavioral health hospitals, free-standing emergency departments, medical office buildings, childcare centers, and other specialty facilities across multiple U.S. states.

64,1 %

17,8 %

+0,2 %

— Universal Health Realty Income Trust
%
Hospital facilities30% Real estate leased for acute care and behavioral health hospital operations.
Medical office buildings55% On-campus and near-campus medical office properties leased to healthcare tenants.
Free-standing emergency departments8% Standalone emergency care facilities leased to hospital operators.
Childcare and preschool centers4% Real estate used for preschool and childcare operations.
Specialty and other properties3% Vacant specialty facilities and land holdings, plus other real estate commitments.

The trust’s direct customers are healthcare operators and tenants that lease its properties, including subsidiaries of...

  • Hospital operatorsprimary

    Lease acute care and behavioral health hospital buildings for inpatient and outpatient care.

  • Medical office tenantsprimary

    Lease MOB space near hospitals for physician practices and outpatient services.

  • Emergency care operatorssecondary

    Lease free-standing emergency departments for 24/7 urgent and emergency care.

  • Childcare operatorssecondary

    Lease preschool and childcare centers for early education and care services.

  • Other healthcare real estate usersemerging

    Use specialty facilities, vacant assets, or newly acquired healthcare properties.

The portfolio is concentrated in the United States and spans 21 states, giving the trust exposure to a broad set of...

  • •Operations are concentrated in the United States
  • •Properties are spread across 21 states
  • •Many MOBs are located near hospital campuses
  • •Local healthcare market conditions affect tenant performance
  • •State-level footprint diversifies exposure across regions

The trust’s strategy is to own healthcare real estate that can be leased to established operators under long-term...

01
Expand and refresh the healthcare property portfoliomedium-term

Diversifies income sources and keeps the asset base aligned with healthcare demand.

02
Optimize capital structureshort-term

Helps fund acquisitions, refinance debt, and manage balance-sheet flexibility.

03
Preserve tenant and property qualitymedium-term

Tenant operating strength supports rent collection and property value.

The trust is exposed to tenant concentration, especially through Universal Health Services and other healthcare...

high

Tenant concentration and operator dependence

A large share of revenue comes from UHS-related leases and other healthcare tenants.

Scope
UHS represented about 39%-40% of consolidated revenues in 2025 quarters cited
Materiality
high
high

Government reimbursement and regulatory changes

Hospital and emergency care operators rely heavily on Medicare and Medicaid payments.

Scope
Hospital and FED tenants
Materiality
high
medium

Staffing shortages and wage inflation at tenant operators

Labor constraints can reduce patient throughput and raise operating costs for tenants.

Scope
Acute care hospitals and behavioral health facilities
Materiality
medium
medium

Interest-rate sensitivity

Debt costs and property valuations move with market rates and refinancing conditions.

Scope
Variable-rate borrowings and mortgage debt
Materiality
medium
medium

Healthcare real estate competition

Competing hospitals, outpatient centers, and physician-owned facilities can pressure occupancy.

Scope
Hospitals, FEDs, and MOBs in local markets
Materiality
medium
Purchase accounting for real estate acquisitions
Can materially change reported asset values and expense recognition
Lease revenue and tenant reimbursements
Affects revenue timing and comparability across quarters
Property tax and other property-level adjustments
Can distort year-over-year net income trends
Interest-rate swaps and variable-rate debt
Affects earnings sensitivity to rate changes

Healthcare Realty Trust Inc

HR · Real Estate Investment Trusts

UNIVERSAL INSURANCE HOLDINGS, INC.

UVE · Fire, Marine & Casualty Insurance

Sila Realty Trust, Inc.

Real Estate Investment Trusts

WELLTOWER INC.

WELL · Real Estate Investment Trusts

MEDICAL PROPERTIES TRUST INC

MPT · Real Estate Investment Trusts

OFFICE PROPERTIES INCOME TRUST

OPI · Real Estate

: 29.4.2026