Universal Health Realty Raises Credit Line to $475M, Reports Q1 FFO Growth
In Q1 2026 Universal Health Realty reported FFO of $12.3M ($0.88/share), up $0.02 from $11.9M a year ago, with net income rising $242K to $5.0M ($0.36/share) on $24.5M revenue. The REIT boosted credit line to $475M and started construction of a $34M 80,000 sq ft medical office building in Florida.
1. Q1 2026 Financial Results
Universal Health Realty reported net income of $5.0 million, or $0.36 per diluted share, in the quarter, up from $4.8 million, or $0.34 per diluted share, in Q1 2025. Funds from operations reached $12.3 million, or $0.88 per share, a $0.02 increase, driven by lower interest expense and higher property income on $24.5 million revenue.
2. Credit Agreement Amendment
In April 2026 the company amended its second amended and restated credit agreement, raising borrowing capacity to $475 million from $425 million while maintaining the September 30, 2028 maturity date and options to extend two six-month periods. Outstanding borrowings under the facility were $359.5 million as of March 31, 2026.
3. Florida Medical Office Building Project
Construction began in February 2026 on the Miller Medical Plaza, an 80,000 square foot medical office building in Palm Beach Gardens, Florida, at an estimated cost of $34 million. A 10-year master flex lease with a UHS subsidiary covers approximately 75% of rentable space and the building is expected to be completed in Q4 2026.