Universal Health Realty me Trust(UHT) - 2024 Q1 - Quarterly Results

Financial Performance - For Q1 2024, net income increased to $5.3 million, or $0.38 per diluted share, compared to $4.5 million, or $0.32 per diluted share in Q1 2023, representing a 17.8% increase in net income [2]. - Funds from operations (FFO) for Q1 2024 were $12.4 million, or $0.90 per diluted share, up from $11.4 million, or $0.82 per diluted share in Q1 2023, reflecting an increase of 8.8% [4]. - Total revenues for Q1 2024 were $25.1 million, up from $23.2 million in Q1 2023, indicating an increase of 8.2% [21]. - The company declared a dividend of $0.725 per share for Q1 2024, totaling $10.0 million, which was paid on March 29, 2024 [5]. Revenue and Lease Information - Lease revenue from UHS facilities rose to $8.7 million in Q1 2024, compared to $7.8 million in Q1 2023, marking an increase of 11.3% [21]. Assets and Liabilities - Total assets decreased slightly from $596,369 million in December 2023 to $596,189 million in March 2024 [27]. - Total liabilities increased from $395,435 million to $399,731 million, reflecting a rise of approximately 1.0% [27]. - Total equity decreased from $200,934 million to $196,458 million, a decline of approximately 2.4% [27]. - Cash and cash equivalents decreased from $8,212 million to $7,697 million, a decline of about 6.3% [27]. Investments and Expenses - The company has investments in 76 properties across 21 states, focusing on healthcare and human-service related facilities [11]. - Operating expenses related to vacant properties were $185,000 in Q1 2024, significantly lower than $604,000 in Q1 2023 [9]. - Demolition expenses for a former specialty hospital in Chicago totaled approximately $1.5 million, with $1.1 million incurred in early 2023 [8]. - The Sierra Medical Plaza I, an 86,000 square foot medical office building, was substantially completed in March 2023, with an estimated total cost of $35 million [7]. Borrowings and Financial Metrics - As of March 31, 2024, the company had $333.7 million in borrowings outstanding and $41.3 million in available borrowing capacity [6]. - Line of credit borrowings increased from $326,600 million to $333,650 million, an increase of about 2.4% [27]. - Cumulative net income rose from $826,061 million to $831,361 million, an increase of about 0.6% [27]. - Investments in and advances to limited liability companies increased from $9,102 million to $14,632 million, a significant increase of approximately 60.5% [27]. - Accrued interest increased from $490 million to $1,088 million, an increase of about 121.4% [27]. - Cumulative dividends increased from $902,975 million to $912,998 million, reflecting a rise of approximately 1.1% [27].