Universal Health Realty Income Trust (NYSE: UHT)

Universal Health Realty Income Trust is a real estate investment trust that invests in healthcare and human service related facilities.

As of February 25, 2026, the company owned or had commitments on 77 properties located in 21 states, comprising 6 hospital facilities (3 acute care and 3 behavioral health), 4 free-standing emergency departments, 61 medical/office buildings, 4 preschool and childcare centers, 1 vacant specialty facility in Evansville, Indiana, and vacant land in Chicago, Illinois.

The company generates revenue primarily by leasing its properties to healthcare operators, with a significant share of income coming from affiliates of Universal Health Services, Inc.

Lease payments from the 6 hospital facilities accounted for approximately 24% of consolidated revenue in 2025, 24% in 2024 and 25% in 2023.

Overall, revenue attributable to tenants affiliated with Universal Health Services, Inc. represented about 40% of total revenue for the five-year period ended December 31, 2025 (approximately 40% in 2025, 40% in 2024 and 41% in 2023).

Within the healthcare real estate niche, Universal Health Realty Income Trust competes with other REITs, private investors, banks, hospital systems and healthcare companies for the acquisition and leasing of medical facilities.

Its competitive advantages stem from long-term, often triple-net leases, a close relationship with Universal Health Services, Inc. and a geographically diversified portfolio that reduces reliance on any single market.

These factors help the trust maintain stable occupancy and predictable cash flows despite broader industry pressures.

The trust’s tenants are primarily healthcare operators, including subsidiaries of Universal Health Services, Inc., unaffiliated hospital operators, medical office tenants and childcare providers.

Specific lessees identified in the filing include Christus Health, which leases the Family Doctor's Medical Office Building in Shreveport, Louisiana, and SEG, Incorporated, which operates the preschool and childcare centers in Pennsylvania.

Additional tenants comprise Catholic Health Initiatives-Iowa Corp., a joint venture partner for the Clive Behavioral Health facility in Iowa, and various third-party entities that occupy the remaining medical office buildings and free-standing emergency departments.