Universal Health Realty Income Trust is a real estate investment trust that invests in healthcare and human service related facilities. The company owns and leases properties such as acute care hospitals, behavioral health care hospitals, free-standing emergency departments, medical/office buildings, preschool and childcare centers, and specialty facilities. As of February 25, 2026, it held seventy-seven real estate investments or commitments across twenty-one states.

Universal Health Realty Income Trust generates revenue primarily through leasing its properties to healthcare operators. The majority of its rental income comes from subsidiaries of Universal Health Services, Inc., which lease acute care hospitals, behavioral health care hospitals, free-standing emergency departments, and certain medical/office buildings. Additional revenue is derived from leases with unaffiliated third-party tenants in multi-tenant medical/office buildings and other healthcare-related facilities.

The company operates through the following segments: hospital facilities, free-standing emergency departments, medical/office buildings, preschool and childcare centers, specialty facilities, and vacant land.

• Hospital facilities: This segment includes six hospital facilities consisting of three acute care hospitals and three behavioral health care hospitals. These properties are leased to subsidiaries of Universal Health Services, Inc., with leases providing base rent and, in some cases, bonus rent tied to hospital revenue. The hospitals are located in McAllen, Texas; Wellington, Florida; Aiken, South Carolina; Temple, Texas; and Clive, Iowa.

• Free-standing emergency departments: This segment comprises four free-standing emergency departments located in Weslaco, Mission, El Paso, and Mechanicsville, Virginia. These facilities are leased to subsidiaries of Universal Health Services, Inc. and unaffiliated third parties, with leases including renewal options and purchase rights. The leases are structured to provide steady rental income with periodic increases based on agreed terms.

• Medical/office buildings: This segment includes sixty-one medical/office buildings, four of which are owned through unconsolidated limited liability companies or limited liability partnerships. Properties vary in occupancy and tenancy, with some leased entirely to Universal Health Services, Inc. subsidiaries, others to unaffiliated third parties, and some held in joint ventures. Notable buildings include the Palm Beach Gardens Medical Plaza I under construction, Sierra Medical Plaza I in Reno, Nevada, and multiple facilities in Las Vegas, Nevada, and Phoenix, Arizona.

• Preschool and childcare centers: This segment consists of four preschool and childcare centers located in Audubon, New Britain, Newtown, Pennsylvania, and Uwchlan, Pennsylvania. All are leased to SEG, Incorporated, which operates them under the Chesterbrook Academy brand. The leases are triple-net, requiring the tenant to cover taxes, insurance, and maintenance.

• Specialty facilities: This segment includes one specialty facility in Evansville, Indiana, which is currently vacant and being marketed. The property was previously used for healthcare services but is now unoccupied. The company is actively seeking a new tenant or evaluating alternative uses for the site.

• Vacant land: This segment comprises vacant land in Chicago, Illinois, which was previously improved but had the structure demolished in 2023. The land remains available for development or sale, with the company continuing to market it for potential healthcare or commercial use.

Universal Health Realty Income Trust operates in the healthcare real estate investment trust sector, competing with other REITs, private investors, and healthcare systems that acquire and lease medical facilities. Its competitive advantage lies in its long-standing relationships with Universal Health Services, Inc., a major healthcare provider, which supplies a significant portion of its tenants and provides guarantees on many leases. The company’s focus on build-to-suit properties and ground-leased developments enhances its ability to secure long-term, stable income streams.

The company’s customer base consists primarily of healthcare operators, including subsidiaries of Universal Health Services, Inc., which lease hospital facilities, emergency departments, and medical office buildings. Additional tenants include SEG, Incorporated for preschool and childcare centers, and various unaffiliated third-party medical groups and healthcare providers that occupy multi-tenant medical/office buildings. Specific tenant names include Universal Health Services, Inc. subsidiaries such as McAllen Hospitals, L. P., and Chesterbrook Academy operators.