Universal Health Realty Income Trust reported net income of $4.7 million, or $0.34 per diluted share, for the fourth quarter of 2024, compared to an adjusted net income of $3.8 million, or $0.28 per diluted share, in the fourth quarter of 2023. Funds From Operations (FFO) for the quarter increased to $11.8 million, or $0.85 per diluted share, from $11.4 million, or $0.82 per diluted share, in the prior year. The increase in adjusted net income was primarily due to a $1.2 million net increase in income generated at various properties.
For the full year ended December 31, 2024, net income was $19.2 million, or $1.39 per diluted share, a notable increase from an adjusted net income of $15.6 million, or $1.13 per diluted share, in 2023. Full-year FFO also rose to $47.9 million, or $3.46 per diluted share, compared to $44.6 million, or $3.23 per diluted share, in 2023. This annual growth was driven by a $3.5 million net increase in property income and a $2.0 million reduction in expenses related to the Chicago property.
UHT completed the sale of a vacant specialty facility in Corpus Christi, Texas, in December 2023, generating approximately $3.9 million in net proceeds after closing costs. This divestiture resulted in a loss of approximately $232,000, which was recorded in the consolidated statements of income for the three and twelve-month periods ended December 31, 2023. The Trust continues to market its vacant properties in Chicago, Illinois, and Evansville, Indiana.
The company's capital structure was strengthened by the amended credit agreement on September 30, 2024, which increased borrowing capacity to $425 million and extended maturity to September 30, 2028. As of December 31, 2024, $348.9 million was outstanding under this facility, with $76.1 million of available borrowing capacity. Additionally, an interest rate swap for $85 million notional amount became effective in October 2024, fixing the rate at 3.2725% through September 30, 2028, replacing previous swaps with a combined average fixed rate of 1.21%.
Construction on the Sierra Medical Plaza I, an 86,000 square foot medical office building in Reno, Nevada, was substantially completed in March 2023. The facility is 68% leased, including a ten-year master flex lease for 34% of the rentable square feet. The aggregate cost of the MOB is estimated at $35 million, with approximately $30 million incurred as of December 31, 2024.
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