UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 26, 2014

UNIVERSAL HEALTH REALTY INCOME TRUST
(Exact name of registrant as specified in its charter)

 
 	 	 	 	 	
Maryland	 	1-9321	 	23-6858580	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	

Universal Corporate Center
367 South Gulph Road
King of Prussia, Pennsylvania	 	19406	
(Address of principal executive offices)	 	(Zip Code)	
Registrant’s telephone number, including area code: (610) 265-0688
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02 Results of Operations and Financial Condition.
On February 26, 2014, the Trust made its fourth quarter, 2013 earnings release. A copy of the Trust’s press release is furnished as exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
99.1 Press release dated February 26, 2014.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	 	 	 	UNIVERSAL HEALTH REALTY INCOME TRUST	
 	 	 	 	
Date: February 26, 2014	 	 	 	By:	 	/s/ Alan B. Miller	
 	 	 	 	Name:	 	Alan B. Miller	
 	 	 	 	Title:	 	Chairman of the Board,
Chief Executive Officer and President	
 	 	 	 	
 	 	 	 	By:	 	/s/ Charles F. Boyle	
 	 	 	 	Name:	 	Charles F. Boyle	
 	 	 	 	Title:	 	Vice President and Chief Financial Officer	

Exhibit Index

Exhibit
No.	  	Exhibit	
 	 	
99.1	  	Press release dated February 26, 2014.	

Exhibit 99.1

UNIVERSAL HEALTH REALTY INCOME TRUST	  	Universal Corporate Center	
 	  	367 S. Gulph Road	
 	  	P.O. Box 61558	
 	  	King of Prussia, PA 19406	
 	  	(610) 265-0688	

FOR IMMEDIATE RELEASE	  	 	
 	 	 	
CONTACT:	 	Charles Boyle	  	February 26, 2014	
 	 	Chief Financial Officer	  	 	
 	 	(610) 768-3300	  	 	
UNIVERSAL HEALTH REALTY INCOME TRUST
REPORTS 2013 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
Consolidated Results of Operations, Three-Month Periods Ended December 31, 2013 and 2012:
KING OF PRUSSIA, PA- Universal Health Realty Income Trust (NYSE:UHT) announced today that for the three-month period ended December 31, 2013, reported net income was $3.5 million, or $.27 per diluted share, as compared to $4.5 million, or $.36 per diluted share, during the same quarter of 2012.
After adjusting the reported results for the net impact of the items reflected on the attached Schedule of Non-GAAP Supplemental Information (“Supplemental Schedule”), consisting primarily of a $1.1 million gain realized on the divestiture of property during the fourth quarter of 2012, our adjusted net income was $3.5 million, or $.28 per diluted share during the fourth quarter of 2013, as compared to $3.4 million, or $.27 per diluted share, during the fourth quarter of 2012.
As calculated on the attached Supplemental Schedule, our adjusted funds from operations (“AFFO”) were $9.0 million, or $.71 per diluted share, during the fourth quarter of 2013, as compared to $8.8 million, or $.70 per diluted share, during the fourth quarter of 2012.
Consolidated Results of Operations - Twelve-Month Periods Ended December 31, 2013 and 2012:
For the twelve-month period ended December 31, 2013, reported net income was $13.2 million, or $1.04 per diluted share, as compared to $19.5 million, or $1.54 per diluted share, during the twelve-month period ended December 31, 2012.
As reflected on the Supplemental Schedule, our reported net income during the twelve-month period ended December 31, 2012 included an $8.5 million gain on divestitures of properties owned by unconsolidated LLCs. After neutralizing the impact of the gains recorded last year, as well as the transaction costs recorded during each year, our adjusted net income increased $1.7 million, or $.14 per diluted share, to $13.4 million, or $1.06 per diluted share, during 2013 as compared to $11.6 million, or $.92 per diluted share, during 2012. The $1.7 million increase in adjusted net income during 2013, as compared to 2012, was attributable primarily to a $1.8 million decrease in amortization expense recorded on intangible assets.

As calculated on the Supplemental Schedule, our AFFO were $35.2 million, or $2.77 per diluted share, during the twelve months of 2013, as compared to $35.0 million, or $2.76 per diluted share, during the comparable period of 2012.
Dividend Information:
The fourth quarter dividend of $.625 per share was paid on December 31, 2013.
Capital Resources Information:
At December 31, 2013, we had $93.7 million of borrowings outstanding under our $150 million revolving credit agreement and $47.6 million of available borrowing capacity, net of outstanding borrowings and letters of credit.
At-the-market Equity Issuance Program (“ATM Program”):
During the fourth quarter of 2013, we commenced an at-the-market equity issuance program pursuant to the terms of which we may sell, from time-to-time, common shares of our beneficial interest up to an aggregate sales price of $50 million to or through Merrill Lynch, Pierce, Fenner and Smith Incorporated (“Merrill Lynch”), as sales agent and/or principal. Pursuant to this ATM Program, during the fourth quarter of 2013, we issued 154,713 shares at an average price of $41.71 per share which generated approximately $6.0 million of net cash proceeds (net of compensation to Merrill Lynch and other various fees and expenses).
Acquisition and Construction Activity:
2014:
On January 14, 2014, we paid an aggregate of approximately $7.2 million to purchase the following in a single transaction:
 
 	•	 	The Children’s Clinic at Springdale – a 9,800 square foot, single-tenant medical office building located in Springdale, Arkansas, and;	
 
 	•	 	The Northwest Medical Center at Sugar Creek – a 16,700 square foot, multi-tenant medical office building located in Bentonville, Arkansas.	
Additionally, effective January 1, 2014, we purchased the third-party minority ownership interests in two LLCs in which we previously held noncontrolling majority ownership interests (Palmdale Medical Properties and Sparks Medical Properties). As a result, we now own 100% of each of these LLCs, which own medical office buildings (“MOB”), and will begin accounting for each on a consolidated basis effective January 1, 2014.
2013:
 
 	•	 	On August 22, 2013, we purchased the Ward Eagle Office Village, a medical office building located in Farmington Hills, Michigan. This multi-tenant MOB, which was purchased for approximately $4.1 million, consists of approximately 16,300 rentable square feet.	
 
 	•	 	On June 6, 2013, we purchased the 5004 Poole Road medical office building, located in Denison, Texas, on the campus of Texoma Medical Center, a wholly-owned subsidiary of Universal Health Services, Inc. (“UHS”). This single-tenant MOB, which was purchased for approximately $625,000, consists of approximately 4,400 rentable square feet and is located adjacent to our Texoma Medical Plaza MOB.	
 
 	•	 	The newly constructed Forney Medical Plaza II located in Forney, Texas was completed and opened in April, 2013. This multi-tenant medical office building, consisting of approximately 30,000 rentable square feet, is owned by a limited partnership in which we hold a 95% noncontrolling ownership interest.	

Deconsolidation of LLC:
Effective July 1, 2013, the master lease agreement between Palmdale Medical Properties, an LLC in which we then held a 95% noncontrolling equity interest, and Palmdale Regional Medical Center, a wholly-owned subsidiary of UHS, expired. Therefore, effective on July 1, 2013, this LLC was no longer considered a variable interest entity and we began accounting for this LLC on an unconsolidated basis pursuant to the equity method. Prior to the expiration of the master lease, this LLC was accounted for on a consolidated basis, through June 30, 2013. For the quarter ended December 31, 2012, this LLC had revenues of $329,000, operating expenses of $129,000, depreciation and amortization expense of $86,000, interest expense of $103,000 and net income of $11,000. For the six months ended December 31, 2012, this LLC had revenues of $657,000, operating expenses of $266,000, depreciation and amortization expenses of $172,000, interest expense of $206,000 and net income of $13,000. There was no material impact to our net income as a result of the deconsolidation of this LLC.
General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures
Universal Health Realty Income Trust, a real estate investment trust, invests in healthcare and human service related facilities including acute care hospitals, behavioral healthcare facilities, rehabilitation hospitals, sub-acute care facilities, surgery centers, childcare centers and medical office buildings. We have investments in fifty-eight properties located in sixteen states.
This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare and healthcare real estate industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in  Item 1A - Risk Factors  and in  Item 7-Forward-Looking Statements and Risk Factors  in our Form 10-K for the year ended December 31, 2012 and in  Item 2-Forward-Looking Statements and Risk Factors  in our Form 10-Q for the quarterly period ended September 30, 2013), may cause the results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine our future results are beyond our capability to control or predict. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management’s view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Funds from operations (“FFO”) is a widely recognized measure of performance for Real Estate Investment Trusts (“REITs”). We believe that FFO and FFO per diluted share, and adjusted funds from operations (“AFFO”) and AFFO per diluted share, which are non-GAAP financial measures (“GAAP” is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. We compute FFO, as reflected on the attached Supplemental Schedules, in accordance with standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), which may not be comparable to FFO reported by other REITs

that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than we interpret the definition. AFFO was also computed for the three and twelve-month periods ended December 31, 2013 and 2012, as reflected on the Supplemental Schedules and discussed herein, since we believe it is helpful to our investors since it adjusts for the effect of transaction costs related to acquisitions. FFO/AFFO do not represent cash generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net income determined in accordance with GAAP. In addition, FFO/AFFO should not be used as: (i) an indication of our financial performance determined in accordance with GAAP; (ii) an alternative to cash flow from operating activities determined in accordance with GAAP; (iii) a measure of our liquidity, or; (iv) an indicator of funds available for our cash needs, including our ability to make cash distributions to shareholders. A reconciliation of our reported net income to FFO/AFFO is reflected on the Supplemental Schedules included below.
To obtain a complete understanding of our financial performance these measures should be examined in connection with net income, determined in accordance with GAAP, as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2012 and our Report on Form 10-Q for the quarterly period ended September 30, 2013. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.
(more)

Universal Health Realty Income Trust
Consolidated Statements of Income
For the Three and Twelve Months Ended December 31, 2013 and 2012
(amounts in thousands, except per share amounts)
(unaudited)

 	  	Three Months
Ended December 31,	 	 	Twelve Months
Ended December 31,	 	
 	  	2013	 	 	2012	 	 	2013	 	 	2012	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Base rental - UHS facilities	  	$	3,592	  	 	$	3,882	  	 	$	14,773	  	 	$	15,438	  	
Base rental - Non-related parties	  	 	6,976	  	 	 	6,948	  	 	 	27,955	  	 	 	27,213	  	
Bonus rental - UHS facilities	  	 	1,046	  	 	 	1,033	  	 	 	4,260	  	 	 	4,142	  	
Tenant reimbursements and other - Non-related parties	  	 	1,721	  	 	 	1,333	  	 	 	6,812	  	 	 	6,674	  	
Tenant reimbursements and other - UHS facilities	  	 	110	  	 	 	127	  	 	 	480	  	 	 	483	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	13,445	  	 	 	13,323	  	 	 	54,280	  	 	 	53,950	  	

Expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	4,640	  	 	 	4,732	  	 	 	18,753	  	 	 	20,216	  	
Advisory fees to UHS	  	 	610	  	 	 	525	  	 	 	2,369	  	 	 	2,119	  	
Other operating expenses	  	 	3,364	  	 	 	3,331	  	 	 	14,409	  	 	 	14,575	  	
Transaction costs	  	 	33	  	 	 	17	  	 	 	203	  	 	 	680	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	8,647	  	 	 	8,605	  	 	 	35,734	  	 	 	37,590	  	

Income before equity in income of unconsolidated limited liability companies (“LLCs”), interest expense and gains, net	  	 	4,798	  	 	 	4,718	  	 	 	18,546	  	 	 	16,360	  	
 	 	 	 	 	
Equity in income of unconsolidated LLCs	  	 	550	  	 	 	562	  	 	 	2,095	  	 	 	2,365	  	
Gains on divestiture of properties owned by unconsolidated LLCs, net	  	 	—  	  	 	 	1,145	  	 	 	—  	  	 	 	8,520	  	
 	 	 	 	 	
Interest expense, net	  	 	(1,850	) 	 	 	(1,915	) 	 	 	(7,472	) 	 	 	(7,768	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	3,498	  	 	$	4,510	  	 	$	13,169	  	 	$	19,477	  	

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	  	$	0.27	  	 	$	0.36	  	 	$	1.04	  	 	$	1.54	  	

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	  	$	0.27	  	 	$	0.36	  	 	$	1.04	  	 	$	1.54	  	

Weighted average number of shares outstanding - Basic	  	 	12,729	  	 	 	12,668	  	 	 	12,689	  	 	 	12,661	  	
Weighted average number of share equivalents	  	 	6	  	 	 	12	  	 	 	12	  	 	 	8	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of shares and equivalents outstanding - Diluted	  	 	12,735	  	 	 	12,680	  	 	 	12,701	  	 	 	12,669	  	

Universal Health Realty Income Trust
Schedule of Non-GAAP Supplemental Information (“Supplemental Schedule”)
For the three months ended December 31, 2013 and 2012
(in thousands, except per share amounts)
(unaudited)
Calculation of Adjusted Net Income

 	  	Three months ended
December 31, 2013	 	  	Three months ended
December 31, 2012	 	
 	  	Amount	 	  	Per
Diluted Share	 	  	Amount	 	 	Per
Diluted Share	 	
 	 	 	 	 	
Net income	  	$	3,498	  	  	$	0.27	  	  	$	4,510	  	 	$	0.36	  	
Adjustments:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Less: Gain on divestiture of property owned by an unconsolidated LLC, net	  	 	—  	  	  	 	—  	  	  	 	(1,145	) 	 	 	(0.09	) 	
Transaction costs	  	 	33	  	  	 	0.01	  	  	 	17	  	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Subtotal adjustments to net income	  	 	33	  	  	 	0.01	  	  	 	(1,128	) 	 	 	(0.09	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Adjusted net income	  	$	3,531	  	  	$	0.28	  	  	$	3,382	  	 	$	0.27	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Calculation of Adjusted Funds From Operations (“AFFO”)

 	  	Three months ended
December 31, 2013	 	  	Three months ended
December 31, 2012	 	
 	  	Amount	 	  	Per
Diluted Share	 	  	Amount	 	 	Per
Diluted Share	 	
 	 	 	 	 	
Net income	  	$	3,498	  	  	$	0.27	  	  	$	4,510	  	 	$	0.36	  	
Plus: Depreciation and amortization expense on real property/intangibles:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Consolidated investments	  	 	4,577	  	  	 	0.36	  	  	 	4,676	  	 	 	0.37	  	
Unconsolidated affiliates	  	 	879	  	  	 	0.07	  	  	 	786	  	 	 	0.06	  	
Less: Gain on divestiture of property owned by an unconsolidated LLC, net	  	 	—  	  	  	 	—  	  	  	 	(1,145	) 	 	 	(0.09	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Funds From Operations (“FFO”)	  	 	8,954	  	  	 	0.70	  	  	 	8,827	  	 	 	0.70	  	
Transaction costs	  	 	33	  	  	 	0.01	  	  	 	17	  	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
AFFO	  	$	8,987	  	  	$	0.71	  	  	$	8,844	  	 	$	0.70	  	

Dividend paid per share	  	 	 	 	  	$	0.625	  	  	 	 	 	 	$	0.620	  	

Universal Health Realty Income Trust
Schedule of Non-GAAP Supplemental Information (“Supplemental Schedule”)
For the twelve months ended December 31, 2013 and 2012
(in thousands, except per share amounts)
(unaudited)
Calculation of Adjusted Net Income

 	  	Twelve months ended
December 31, 2013	 	  	Twelve months ended
December 31, 2012	 	
 	  	Amount	 	  	Per
Diluted Share	 	  	Amount	 	 	Per
Diluted Share	 	
 	 	 	 	 	
Net income	  	$	13,169	  	  	$	1.04	  	  	$	19,477	  	 	$	1.54	  	
Adjustments:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Less: Gains on divestiture of properties owned by unconsolidated LLCs, net	  	 	—  	  	  	 	—  	  	  	 	(8,520	) 	 	 	(0.67	) 	
Transaction costs	  	 	203	  	  	 	0.02	  	  	 	680	  	 	 	0.05	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Subtotal adjustments to net income	  	 	203	  	  	 	0.02	  	  	 	(7,840	) 	 	 	(0.62	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Adjusted net income	  	$	13,372	  	  	$	1.06	  	  	$	11,637	  	 	$	0.92	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Calculation of Adjusted Funds From Operations (“AFFO”)

 	  	Twelve months ended
December 31, 2013	 	  	Twelve months ended
December 31, 2012	 	
 	  	Amount	 	  	Per
Diluted Share	 	  	Amount	 	 	Per
Diluted Share	 	
 	 	 	 	 	
Net income	  	$	13,169	  	  	$	1.04	  	  	$	19,477	  	 	$	1.54	  	
Plus: Depreciation and amortization expense on real property/intangibles:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Consolidated investments	  	 	18,496	  	  	 	1.45	  	  	 	20,030	  	 	 	1.58	  	
Unconsolidated affiliates	  	 	3,290	  	  	 	0.26	  	  	 	3,293	  	 	 	0.26	  	
Less: Gains on divestiture of properties owned by unconsolidated LLCs, net	  	 	—  	  	  	 	—  	  	  	 	(8,520	) 	 	 	(0.67	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
FFO	  	 	34,955	  	  	 	2.75	  	  	 	34,280	  	 	 	2.71	  	
Plus: Transaction costs	  	 	203	  	  	 	0.02	  	  	 	680	  	 	 	0.05	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
AFFO	  	$	35,158	  	  	$	2.77	  	  	$	34,960	  	 	$	2.76	  	

Dividend paid per share	  	 	 	 	  	$	2.495	  	  	 	 	 	 	$	2.460	  	

Universal Health Realty Income Trust
Consolidated Balance Sheets
(dollar amounts in thousands)
(unaudited)

 	  	December 31,
2013	 	 	December 31,
2012	 	
Assets:	  	 	 	 	 	 	 	 	
 	 	 	
Real Estate Investments:	  	 	 	 	 	 	 	 	
Buildings and improvements	  	$	368,295	  	 	$	374,416	  	
Accumulated depreciation	  	 	(97,921	) 	 	 	(87,088	) 	
 	  	 	 	 	 	 	 	 	
 	  	 	270,374	  	 	 	287,328	  	
Land	  	 	27,374	  	 	 	27,058	  	
 	  	 	 	 	 	 	 	 	
Net Real Estate Investments	  	 	297,748	  	 	 	314,386	  	
 	  	 	 	 	 	 	 	 	
Investments in and advances to limited liability companies (“LLCs”)	  	 	39,201	  	 	 	28,636	  	
 	 	 	
Other Assets:	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	 	3,337	  	 	 	3,048	  	
Base and bonus rent receivable from UHS	  	 	2,053	  	 	 	2,041	  	
Rent receivable - other	  	 	3,310	  	 	 	2,783	  	
Intangible assets (net of accumulated amortization of $13.7 million and $8.2 million at December 31, 2013 and December 31, 2012, respectively)	  	 	20,782	  	 	 	26,293	  	
Deferred charges, goodwill and other assets, net	  	 	6,714	  	 	 	5,851	  	
 	  	 	 	 	 	 	 	 	
Total Assets	  	$	373,145	  	 	$	383,038	  	

Liabilities:	  	 	 	 	 	 	 	 	
 	 	 	
Line of credit borrowings	  	$	93,700	  	 	$	81,750	  	
Mortgage and other notes payable, non-recourse to us (including net debt premium of $834,000 and $1.3 million at December 31, 2013 and December 31, 2012, respectively)	  	 	106,287	  	 	 	116,186	  	
Accrued interest	  	 	491	  	 	 	539	  	
Accrued expenses and other liabilities	  	 	5,156	  	 	 	4,920	  	
Tenant reserves, escrows, deposits and prepaid rents	  	 	1,881	  	 	 	1,898	  	
 	  	 	 	 	 	 	 	 	
Total Liabilities	  	 	207,515	  	 	 	205,293	  	

Equity:	  	 	 	 	 	 	 	 	
 	 	 	
Preferred shares of beneficial interest, $.01 par value; 5,000,000 shares authorized; none issued and outstanding	  	 	—  	  	 	 	—  	  	
Common shares, $.01 par value; 95,000,000 shares authorized; issued and outstanding: 2013 - 12,858,643 2012 -12,688,998	  	 	128	  	 	 	127	  	
Capital in excess of par value	  	 	220,691	  	 	 	214,094	  	
Cumulative net income	  	 	480,044	  	 	 	466,875	  	
Cumulative dividends	  	 	(535,176	) 	 	 	(503,425	) 	
Accumulated other comprehensive loss	  	 	(57	) 	 	 	—  	  	
 	  	 	 	 	 	 	 	 	
Total Universal Health Realty Income Trust Shareholders’ Equity	  	 	165,630	  	 	 	177,671	  	
Non-controlling equity interest	  	 	—  	  	 	 	74	  	
 	  	 	 	 	 	 	 	 	
Total Equity	  	 	165,630	  	 	 	177,745	  	
 	  	 	 	 	 	 	 	 	
Total Liabilities and Equity	  	$	373,145	  	 	$	383,038