Universal Health Realty Income Trust (UHT) Q4 2025 earnings summary

Executive summary

• Net income for Q4 2025 was $4.3 million ($0.31 per diluted share), down from $4.7 million ($0.34 per diluted share) in Q4 2024, mainly due to lower property income and a vacated medical office building in Texas.

• Full-year 2025 net income was $17.6 million ($1.27 per diluted share), compared to $19.2 million ($1.39 per diluted share) in 2024, reflecting lower property income and a nonrecurring depreciation expense.

• Funds from operations (FFO) for Q4 2025 was $11.74 million ($0.85 per diluted share), nearly flat year-over-year; full-year FFO was $47.7 million ($3.44 per diluted share), slightly down from $47.9 million ($3.46 per diluted share) in 2024.

Financial highlights

• Lease revenue for Q4 2025 totaled $24.5 million, nearly unchanged from Q4 2024; full-year lease revenue was $99.2 million, also flat year-over-year.

• Depreciation and amortization expense increased to $7.1 million in Q4 2025 and $28.9 million for the year, up from $6.8 million and $27.4 million, respectively.

• Dividend per share for Q4 2025 was $0.745, with a total annual dividend of $2.96 per share.

Outlook and guidance

• Construction began in February 2026 on a new 80,000 sq. ft. medical office building in Palm Beach Gardens, FL, expected to complete in Q4 2026 at a cost of $34 million.

• A 10-year master lease for 75% of the new building's space has been executed, with potential for third-party leases to reduce this commitment.