Universal Health Realty Income Trust Dossier
Qualitative Analysis
Business overview
Universal Health Realty Income Trust (NYSE: UHT) is a real estate investment trust (REIT) specializing in healthcare and human service-related facilities. Founded in 1986 and headquartered in King of Prussia, Pennsylvania, the Trust's diversified portfolio consists of 77 real estate investments or commitments across 21 states. Its property types include acute care hospitals, behavioral healthcare facilities, specialty facilities, free-standing emergency departments, childcare centers, and medical/office buildings. UHT operates under an annually renewable advisory agreement with a wholly-owned subsidiary of Universal Health Services, Inc. (UHS), which serves as its Advisor.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Development of an 80,000 rentable square foot multi-tenant medical office building (MOB) located on the campus of the newly constructed Alan B. Miller Medical Center in Palm Beach Gardens, Florida. The project is being managed by a wholly-owned subsidiary of UHS.
Expected impact: The MOB is 75% pre-leased under a 10-year master flex lease agreement with a UHS subsidiary, which will burn off as third-party tenants occupy the property, securing immediate cash flows upon opening.
Amending the trust's second amended and restated credit agreement to increase borrowing capacity and enhance financial flexibility.
Expected impact: Increased the trust's borrowing capacity from $425 million to $475 million, preserving liquidity and capital resources to fund selective growth and development projects. The maturity date remains September 30, 2028, with options to extend.
Continuing the strategy of selective growth by investing in high-quality healthcare properties, specifically focusing on Medical Office Buildings (MOBs) and specialty clinics to enhance portfolio diversification.
Expected impact: Aims to maximize property values, maintain a strong balance sheet, and support the trust's 40-year track record of uninterrupted dividend growth.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
UHS is the trust's sponsor, advisor, and largest tenant. A wholly-owned subsidiary of UHS (UHS of Delaware, Inc.) serves as the trust's Advisor under an annually renewable Advisory Agreement (renewed for 2026). UHS subsidiaries lease multiple hospital facilities and are tenants in nineteen medical office buildings and free-standing emergency departments.
Terms: The Advisory Agreement provides for an advisory computation rate of 0.70% of the trust's average invested real estate assets. UHS-related tenants comprised approximately 40% of the trust's consolidated revenue for the year ended December 31, 2025.