{"product_id":"uht-vrio-analysis","title":"Universal Health Realty Income Trust (UHT): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eIs Universal Health Realty Income Trust (UHT) truly built to last? This VRIO analysis cuts straight to the core, dissecting its Value, Rarity, Inimitability, and Organization to reveal the definitive verdict on the true source - or lack thereof - of its competitive edge. Dive in now to discover the protected resources that will determine Universal Health Realty Income Trust (UHT)s' long-term market dominance.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eUniversal Health Realty Income Trust (UHT) - VRIO Analysis: 1. Specialized Healthcare Real Estate Portfolio\n\u003c\/h2\u003e\n\u003cp\u003eYou’re looking at Universal Health Realty Income Trust (UHT) through the VRIO lens to see if their core real estate holdings give them a durable edge. Honestly, the immediate takeaway is that their specialization provides a solid, defensive base, but it’s not a moat you can’t cross. The portfolio is built on essential, non-cyclical assets, which is the 'Value' part of the equation.\u003c\/p\u003e\n\n\u003ch3\u003eValue: Stable Cash Flow from Essential Assets\u003c\/h3\u003e\n\u003cp\u003eThe value here comes from owning facilities that the healthcare system absolutely needs, making them less susceptible to the wild swings of general commercial real estate. As of mid-2025, Medical Office Buildings (MOBs) and clinics anchor the trust, representing about \u003cstrong\u003e71%\u003c\/strong\u003e of the gross real estate asset value. Acute care hospitals make up another significant chunk at \u003cstrong\u003e17%\u003c\/strong\u003e. This focus on necessary infrastructure supports steady, long-term cash flows, which is what REIT investors look for. For context, in the first quarter of 2025, UHT reported total revenues of \u003cstrong\u003e$24.5 million\u003c\/strong\u003e, with lease revenue from its largest tenant, Universal Health Services (UHS), at \u003cstrong\u003e$8.3 million\u003c\/strong\u003e for that period.\u003c\/p\u003e\n\n\u003ch3\u003eRarity: Niche Mix, Not Unique\u003c\/h3\u003e\n\u003cp\u003eThe specific combination of asset types - especially the mix including behavioral health and acute care - is somewhat specialized, but it’s not something only UHT possesses. Other large healthcare REITs have similar, though perhaps larger, concentrations in these niche areas. Rarity is moderate because while the exact blend is specific, the general category of healthcare real estate is well-covered by competitors. The portfolio currently stands at \u003cstrong\u003e76 properties\u003c\/strong\u003e across \u003cstrong\u003e21 states\u003c\/strong\u003e, which is a decent footprint but not uniquely rare in the broader REIT landscape.\u003c\/p\u003e\n\n\u003ch3\u003eImitability: Leases are the Barrier, Not Bricks\u003c\/h3\u003e\n\u003cp\u003eThe physical buildings themselves are certainly imitable; anyone with capital can buy or build a medical office building. The real difficulty, and what slows down imitators, is acquiring those properties already wrapped in long-term leases with creditworthy tenants. That takes time and deep relationships. It’s defintely the contractual layer, not the concrete, that creates the friction for competitors trying to copy the income stream. This is a key point for any analyst to remember.\u003c\/p\u003e\n\n\u003ch3\u003eOrganization: Structured for the Sector\u003c\/h3\u003e\n\u003cp\u003eUHT is organized to manage this specific asset class, which is necessary to extract the value from the specialized properties. Their structure supports the management of \u003cstrong\u003e76 properties\u003c\/strong\u003e and the associated tenant relationships. Their capital structure, as of March 31, 2025, showed \u003cstrong\u003e$349.5 million\u003c\/strong\u003e in borrowings against a \u003cstrong\u003e$425 million\u003c\/strong\u003e credit agreement, indicating they are organized to manage debt relative to their asset base, which is crucial for a REIT. The company's ability to maintain a quarterly dividend of \u003cstrong\u003e$0.735 per share\u003c\/strong\u003e in Q1 2025, totaling \u003cstrong\u003e$10.2 million\u003c\/strong\u003e, shows operational execution against their mandate.\u003c\/p\u003e\n\n\u003ch3\u003eCompetitive Advantage: Temporary\u003c\/h3\u003e\n\u003cp\u003eThe specialization offers some insulation from general economic shocks, giving UHT a temporary competitive advantage. However, because other major players have similar capabilities and often larger scale - for instance, UHT's market cap hovered between \u003cstrong\u003e$537 million\u003c\/strong\u003e and \u003cstrong\u003e$553 million\u003c\/strong\u003e in mid-2025 - this advantage is unlikely to be sustained indefinitely without further differentiation, like superior underwriting or unique geographic focus. The market seems to price this in, trading at an FFO multiple around \u003cstrong\u003e11.6x\u003c\/strong\u003e based on 2025 FFO estimates.\u003c\/p\u003e\n\n\u003cp\u003eHere is a quick look at some of the key 2025 figures we are using:\u003c\/p\u003e\n\u003ctable\u003e\n  \u003ctr\u003e\n    \u003cth\u003eMetric\u003c\/th\u003e\n    \u003cth\u003eValue (2025 Data)\u003c\/th\u003e\n    \u003cth\u003eContext\u003c\/th\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eProperty Count\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e76\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eTotal properties owned\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eStates Covered\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e21\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eGeographic spread\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eMOB Asset Value Share\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e71%\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eShare of gross real estate asset value\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eAcute Care Hospital Share\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e17%\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eShare of gross real estate asset value\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eQ1 2025 FFO per Share\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e$0.86\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eFunds From Operations per diluted share\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eQ1 2025 Total Revenue\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e$24.5 million\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eTotal revenues for the three-month period ended March 31, 2025\u003c\/td\u003e\n  \u003c\/tr\u003e\n\u003c\/table\u003e\n\u003cp\u003eWhat this estimate hides is the specific weighted average lease term, which is the true measure of the 'Imitability' barrier. We need to dig into the 10-Q for that detail.\u003c\/p\u003e\n\u003cul\u003e\n  \u003cli\u003eFocus on essential healthcare real estate.\u003c\/li\u003e\n  \u003cli\u003eMOBs are the largest asset class at \u003cstrong\u003e71%\u003c\/strong\u003e.\u003c\/li\u003e\n  \u003cli\u003ePortfolio size is \u003cstrong\u003e76 properties\u003c\/strong\u003e in \u003cstrong\u003e21 states\u003c\/strong\u003e.\u003c\/li\u003e\n  \u003cli\u003eQ1 2025 FFO was \u003cstrong\u003e$0.86\u003c\/strong\u003e per share.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eUniversal Health Realty Income Trust (UHT) - VRIO Analysis: 2. Deep, Longstanding Relationship with Universal Health Services, Inc. (UHS)\n\u003c\/h2\u003e\n\u003cp\u003eThe relationship with Universal Health Services, Inc. (UHS) is the foundational element of UHT's business model and asset base.\u003c\/p\u003e\n\n\u003ch3\u003eValue\u003c\/h3\u003e\n\u003cp\u003eUHS serves as UHT's largest tenant, anchoring a significant portion of the Trust's revenue stream. Lease income from UHS facilities was reported at \u003cstrong\u003e$8.4 million\u003c\/strong\u003e for the three-month period ended June 30, 2025. Total revenues for the same period were \u003cstrong\u003e$24.9 million\u003c\/strong\u003e. This concentration provides a massive, reliable revenue anchor, as lease income from UHS facilities was nearly unchanged year-over-year in Q2 2025. The company's structure is heavily reliant on this relationship for cash flow predictability.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eFinancial Metric (Q2 2025)\u003c\/th\u003e\n\u003cth\u003eAmount (USD)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eLease Income from UHS Facilities\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$8.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$24.9 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUHS Revenue Concentration (Reported for FY 2024)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eApproximately 40%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003eThe depth and history of this tenant concentration, representing about \u003cstrong\u003e40%\u003c\/strong\u003e of revenue, is rare for a smaller entity in the broader REIT landscape, creating a unique, albeit concentrated, revenue profile. While concentration is often viewed as a risk, the depth of the operational intertwining with a major operator like UHS is not commonly replicated.\u003c\/p\u003e\n\n\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003eThe imitable nature of this advantage is extremely difficult to replicate. Competitors cannot easily duplicate a relationship built over decades of shared corporate history and operational alignment. UHT was established in \u003cstrong\u003e1986\u003c\/strong\u003e as a spin-off from UHS, embedding the relationship from inception.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eUHT was established in \u003cstrong\u003e1986\u003c\/strong\u003e as a spin-off from Universal Health Services, Inc. (UHS).\u003c\/li\u003e\n\u003cli\u003eUHS acts as the external advisor to Universal Health Realty Income Trust.\u003c\/li\u003e\n\u003cli\u003eUHS recently extended two Texas free-standing emergency department leases through \u003cstrong\u003e2030\u003c\/strong\u003e, reinforcing long-term commitment.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003cp\u003eThe organization is clearly structured around managing this embedded relationship, which is central to its operations and risk profile. The long-term nature of the contracts, which include embedded escalators and multi-year terms, is a direct result of this organizational alignment.\u003c\/p\u003e\n\n\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003eThe competitive advantage derived from this relationship is \u003cstrong\u003eSustained\u003c\/strong\u003e. This embedded, high-trust relationship acts as a significant barrier to entry for competitors looking to displace UHT as UHS’s landlord for its critical facilities, providing a stable base of contracted cash flows.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eUniversal Health Realty Income Trust (UHT) - VRIO Analysis: 3. Contractual Rent Escalators\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e These built-in annual rent increases provide a predictable, low-effort path to revenue growth, offsetting inflation without needing new acquisitions. Analysts noted expected escalators of \u003cstrong\u003e2-5%\u003c\/strong\u003e in the years ahead for UHT’s portfolio.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e While escalation clauses are standard, the specific terms and concentration within UHT’s contracts, particularly with its largest tenant, are unique to its current portfolio structure. The most significant tenant, Universal Health Services (UHS), which accounts for about \u003cstrong\u003e40%\u003c\/strong\u003e of revenues, continues to operate under contracts with embedded escalators.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Easily imitable for new leases, but existing, locked-in contracts with specific terms are not imitable by competitors for the duration of those contracts. The existing portfolio's cash flow from escalators is locked in.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The accounting and asset management teams are organized to track and enforce these escalators effectively. For instance, bonus rents from the McAllen Medical Center increased \u003cstrong\u003e4.3%\u003c\/strong\u003e to \u003cstrong\u003e$817,000\u003c\/strong\u003e in the first quarter of 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. It helps growth but is not a unique, long-term differentiator against peers with similar lease structures, though the immediate impact on FFO growth is a near-term benefit. The company paid a first-quarter dividend of \u003cstrong\u003e$0.735\u003c\/strong\u003e per share in Q1 2025, funded by \u003cstrong\u003e$11.9 million\u003c\/strong\u003e in Funds from Operations (FFO).\u003c\/p\u003e\n\u003cp\u003eThe contractual rent escalators contribute to the overall revenue base, which was \u003cstrong\u003e$22.7 million\u003c\/strong\u003e in lease revenues for the first quarter of 2025.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003ePortfolio Segment (as of prior report)\u003c\/th\u003e\n\u003cth\u003ePercentage of Investments\u003c\/th\u003e\n\u003cth\u003eRelevance to Escalators\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMedical Office Buildings\/Clinics\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e70%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePrimary source of recurring revenue subject to escalators.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAcute Care Hospitals\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e17%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSignificant component with long-term contracts.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLargest Tenant (UHS) Exposure\u003c\/td\u003e\n\u003ctd\u003eApprox. \u003cstrong\u003e40%\u003c\/strong\u003e of Revenues\u003c\/td\u003e\n\u003ctd\u003eMaintains \u003cstrong\u003ecompounded rent escalations\u003c\/strong\u003e on several properties.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eExpected Annual Escalator Range\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2-5%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAnalyst expectation for near-term revenue uplift.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe structure of the escalators is critical to maintaining income stability, especially as FFO per share declined \u003cstrong\u003e3.9%\u003c\/strong\u003e to \u003cstrong\u003e$0.86\u003c\/strong\u003e year-over-year in Q1 2025.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eUHS recently extended two Texas free-standing emergency department leases through \u003cstrong\u003e2030\u003c\/strong\u003e, reinforcing long-term income stability underpinned by escalators.\u003c\/li\u003e\n\u003cli\u003eThe company maintains a forward dividend yield of approximately \u003cstrong\u003e7.43%\u003c\/strong\u003e as of Q1 2025.\u003c\/li\u003e\n\u003cli\u003eThe dividend was increased for the thirty-seventh consecutive year to an annualized rate of \u003cstrong\u003e$2.90\u003c\/strong\u003e per share (as reported for 2023). [cite: 2 from previous turn]\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eUniversal Health Realty Income Trust (UHT) - VRIO Analysis: 4. Portfolio Geographic and Asset Diversification\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Spreading \u003cstrong\u003e76 properties\u003c\/strong\u003e across \u003cstrong\u003e21 states\u003c\/strong\u003e reduces exposure to adverse local economic or regulatory changes, which is crucial in the healthcare sector. The portfolio composition includes various facility types, providing operational diversification within the healthcare real estate niche.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e While it has decent geographic spread, its market capitalization of approximately \u003cstrong\u003e$386.52 million\u003c\/strong\u003e suggests it is a small-cap trust, meaning its overall scale is smaller than many peers.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderately difficult. Acquiring this many properties across diverse regions takes significant capital and time. The current portfolio breakdown represents a historical accumulation effort.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The management structure supports a geographically dispersed asset base, though this can also increase overhead. The Trust has an annually renewable advisory contract with UHS of Delaware, Inc., a subsidiary of Universal Health Services, Inc. (UHS).\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. It provides resilience, but the overall portfolio size limits its impact compared to mega-REITs.\u003c\/p\u003e\n\u003cp\u003eThe specific asset composition of the \u003cstrong\u003e76 investments\u003c\/strong\u003e is detailed below:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eAsset Category\u003c\/th\u003e\n\u003cth\u003eApproximate Number of Properties\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMedical\/Office Buildings (MOB's)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e60\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHospital Facilities (Acute Care and Behavioral Health)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e6\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFree-standing Emergency Departments\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e4\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePreschool and Childcare Centers\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e4\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSpecialty Facility\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eVacant Land\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe geographic distribution spans \u003cstrong\u003e21 states\u003c\/strong\u003e. Key financial and operational metrics relevant to scale and performance include:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eMarket Capitalization: \u003cstrong\u003e$386.52M\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eFunds From Operation (FFO) (TTM): \u003cstrong\u003e$3.44\u003c\/strong\u003e per share (Note: Q1 2025 FFO was \u003cstrong\u003e$0.86\u003c\/strong\u003e per diluted share)\u003c\/li\u003e\n\u003cli\u003eTotal Revenues (TTM): \u003cstrong\u003e$100.90M\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eGross Profit Margin: \u003cstrong\u003e94.49%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eTotal Debt \/ Capital (MRQ): \u003cstrong\u003e70.91%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eUniversal Health Realty Income Trust (UHT) - VRIO Analysis: 5. Modest Leverage Profile\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Keeping debt in check provides financial flexibility, especially when interest rates are volatile. Net debt was only about \u003cstrong\u003e39%\u003c\/strong\u003e of the enterprise value (around \u003cstrong\u003e$926 million\u003c\/strong\u003e EV) based on Q1 2025 data.\u003c\/p\u003e\n\u003cp\u003eThe capital structure metrics as of recent reporting periods include:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eSource Context\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Debt to Enterprise Value (Q1 2025 Est.)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e39%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSupports safety buffer narrative.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEnterprise Value (EV) (Recent)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$939.66 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eUsed for leverage calculation context.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Debt (MRQ)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$386.52 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eTotal outstanding debt.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash and Short-Term Investments (MRQ)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$9.02 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eUsed to calculate Net Debt.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDebt \/ Equity Ratio (MRQ)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.44\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eReported leverage ratio.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Debt to EBITDA (TTM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e5.84x\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eLeverage relative to earnings.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInterest Coverage Ratio (MRQ)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.94x\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAbility to cover interest payments.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe company maintained \u003cstrong\u003e$75.5 million\u003c\/strong\u003e in available borrowing capacity under its \u003cstrong\u003e$425 million\u003c\/strong\u003e credit agreement as of March 31, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e In the REIT world, this level of relative conservatism, specifically the \u003cstrong\u003eNet Debt\/EV\u003c\/strong\u003e of \u003cstrong\u003e39%\u003c\/strong\u003e, makes it stand out compared to some peers.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eIndustry Benchmark (REIT - Healthcare Facilities) Average Net Debt to EBITDA: \u003cstrong\u003e6.55x\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eUHT Net Debt to EBITDA (TTM): \u003cstrong\u003e5.84x\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eIndustry Benchmark (Health Care REITs) Average Debt to Equity Ratio: \u003cstrong\u003e0.8749\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eUHT Debt to Equity Ratio (MRQ): \u003cstrong\u003e2.44\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Achievable, but requires management discipline to forgo maximizing equity returns through debt.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The finance team is clearly organized to maintain a conservative balance sheet, prioritizing stability over aggressive growth via debt. This is evidenced by the maintenance of a significant portion of the capital structure funded by equity, where \u003cstrong\u003e61%\u003c\/strong\u003e of the enterprise value was funded by common equity as of Q1 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. It offers a safety buffer, but it also limits potential returns when debt is cheap. The weighted average cost of debt was estimated at ~\u003cstrong\u003e5.17%\u003c\/strong\u003e, with an interest rate swap hedging SOFR above \u003cstrong\u003e3.27%\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eUniversal Health Realty Income Trust (UHT) - VRIO Analysis: 6. Access to Committed Credit Facility\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The committed credit facility has a total borrowing capacity of \u003cstrong\u003e$425 million\u003c\/strong\u003e, with \u003cstrong\u003e$70.2 million\u003c\/strong\u003e available as of \u003cstrong\u003eJune 30, 2025\u003c\/strong\u003e, following \u003cstrong\u003e$354.8 million\u003c\/strong\u003e in borrowings.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Access to a committed facility of this size is contingent upon lender relationships and the balance sheet health of UHT. The facility size was increased from \u003cstrong\u003e$375 million\u003c\/strong\u003e to \u003cstrong\u003e$425 million\u003c\/strong\u003e on \u003cstrong\u003eSeptember 30, 2024\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Competitors with less favorable leverage ratios or weaker balance sheets may face higher pricing or difficulty securing similar committed terms. The facility includes an interest rate structure based on the Trust's total leverage ratio.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The treasury function manages the facility, which is scheduled to expire on \u003cstrong\u003eSeptember 30, 2028\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. The facility provides necessary liquidity, but the terms are subject to ongoing market conditions and lender appetite.\u003c\/p\u003e\n\u003cp\u003eThe facility's structure and recent utilization are detailed below:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAmount \/ Date\u003c\/th\u003e\n\u003cth\u003eReporting Period End Date\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Credit Agreement Amount\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$425 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eJune 30, 2025\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOutstanding Borrowings\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$354.8 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eJune 30, 2025\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAvailable Borrowing Capacity\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$70.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eJune 30, 2025\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMaturity Date\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eSeptember 30, 2028\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eJune 30, 2025\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrevious Total Credit Agreement Amount\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$375 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eDecember 31, 2023\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eKey features managed by the organization include:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eOption to extend the maturity date for up to \u003cstrong\u003etwo additional six-month periods\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eThe interest rate margin over adjusted term SOFR is dependent on the Trust's total leverage ratio, ranging from \u003cstrong\u003e0.35%\u003c\/strong\u003e to \u003cstrong\u003e1.20%\u003c\/strong\u003e as of \u003cstrong\u003eDecember 31, 2023\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eAn interest rate swap agreement on a notional amount of \u003cstrong\u003e$85 million\u003c\/strong\u003e with a fixed rate of \u003cstrong\u003e3.2725%\u003c\/strong\u003e became effective on \u003cstrong\u003eOctober 2, 2024\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eUniversal Health Realty Income Trust (UHT) - VRIO Analysis: 7. Focus on Demographic Tailwinds\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The core investment thesis - the aging Baby Boomer generation - is a powerful, long-term secular trend driving demand for UHT’s specialized facilities.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2022 Data\u003c\/th\u003e\n\u003cth\u003e2024 Data\u003c\/th\u003e\n\u003cth\u003e2050 Projection\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eUS Population Age 65+ (Millions)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e58\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e61.2\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e82\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUS Population Age 65+ Share of Total\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e17%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e18.0%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e23%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHealthcare Spending Share by Age 65+\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e37%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Many REITs focus on demographics, but UHT’s entire mandate is aligned with this specific, powerful trend.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eUHT has 37 years of uninterrupted annual dividend increases.\u003c\/li\u003e\n\u003cli\u003eUHT's 2023 annualized dividend rate was \u003cstrong\u003e$2.90\u003c\/strong\u003e per share.\u003c\/li\u003e\n\u003cli\u003eUHT portfolio comprised 76 investments across 21 states in 2023.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e The trend itself is not imitable, but other REITs can pivot to this sector.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eThe number of US metro areas with more older adults than children increased from 58 in 2020 to 112 in 2024.\u003c\/li\u003e\n\u003cli\u003eAlzheimer's cases in the US are projected to more than double by 2050, from 6 million today to 13 million.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The investment strategy is perfectly organized around capitalizing on this macro trend through property selection.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eUHT's Fiscal Year 2022 Funds From Operations (FFO) was \u003cstrong\u003e$48.8 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eUHT has 13.87 million shares outstanding.\u003c\/li\u003e\n\u003cli\u003eUHT portfolio types include Acute Care Hospitals, Medical Office Buildings\/Clinics, and Behavioral Health Care facilities.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. Demographic shifts are slow-moving and highly predictable over the long run.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eUniversal Health Realty Income Trust (UHT) - VRIO Analysis: 8. History of Consistent Dividend Payments\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e\u003c\/p\u003e\n\u003ch\u003eValue\u003c\/h\u003e\n\u003cp\u003eUHT has a long history of paying dividends, which attracts income-focused investors. The Q2 2025 dividend was \u003cstrong\u003e$0.74\u003c\/strong\u003e\/share, and the trust has \u003cstrong\u003e40 years\u003c\/strong\u003e of dividend growth history noted by one analyst.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e\u003c\/p\u003e\n\u003ch\u003eRarity\u003c\/h\u003e\n\u003cp\u003eA dividend growth history of \u003cstrong\u003e38 Years\u003c\/strong\u003e or \u003cstrong\u003e41 Years\u003c\/strong\u003e is rare and signals management’s commitment to shareholder returns.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e\u003c\/p\u003e\n\u003ch\u003eImitability\u003c\/h\u003e\n\u003cp\u003eImpossible to replicate the history, though future payments can be matched.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e\u003c\/p\u003e\n\u003ch\u003eOrganization\u003c\/h\u003e\n\u003cp\u003eThe payout policy is deeply embedded in the company’s financial planning and investor relations strategy.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e\u003c\/p\u003e\n\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\n\u003cp\u003eSustained. This track record builds significant investor trust and brand equity in the income space.\u003c\/p\u003e\n\u003cp\u003eSupporting Financial Metrics:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eContext\/Period\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eLast Announced Dividend Amount\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$0.74\u003c\/strong\u003e per share\u003c\/td\u003e\n\u003ctd\u003eQ2 2025 Payout\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnnual Dividend (Forward)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.96\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eForward Annual Payout\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eForward Dividend Yield\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e7.43%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eForward Yield\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e5 Year Average Dividend Growth Rate\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.41%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAverage Annual Increase\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend Payout Ratio (Earnings)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e229.46%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eTrailing Year Based\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend Payout Ratio (Cash Flow)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e86.83%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eTrailing Year Based\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePortfolio Size\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e76 properties\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of Q2 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eHistorical Dividend Data Points:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eLast Dividend Ex-Dividend Date: \u003cstrong\u003e09\/22\/2025\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eLast Dividend Payout Date: \u003cstrong\u003e09\/30\/2025\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eMost Recent Dividend Increase Amount: \u003cstrong\u003e$0.0050\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eMost Recent Dividend Increase Date: \u003cstrong\u003eJune 12, 2025\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eMarket Capitalization: \u003cstrong\u003e$537 Million\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eProperties Located In: \u003cstrong\u003e21 states\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eUniversal Health Realty Income Trust (UHT) - VRIO Analysis: 9. Niche Management Expertise in Human Services Facilities\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Experience managing a diverse set of healthcare and human-service related facilities (beyond just hospitals and MOBs) allows for better underwriting and tenant support in complex regulatory environments.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e The breadth of experience across specialty facilities is less common than pure-play hospital or MOB managers.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e This expertise is tacit knowledge built over years of operation, not easily codified or bought.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The operational teams possess the specific know-how needed to manage these varied, regulated properties effectively.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. Deep, specialized operational knowledge is a classic source of hard-to-copy advantage.\u003c\/p\u003e\n\n\u003cp\u003eThe portfolio composition reflects this niche focus:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003ePortfolio consists of \u003cstrong\u003e76\u003c\/strong\u003e properties located in \u003cstrong\u003e21\u003c\/strong\u003e states.\u003c\/li\u003e\n\u003cli\u003eFacility types include acute care hospitals, medical office buildings, rehabilitation hospitals, behavioral healthcare facilities, sub-acute care facilities and childcare centers.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eFinancial metrics relevant to operational scale and recent performance:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003ePeriod\/Date\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 2025 Funds From Operations (FFO)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$12.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 2025 FFO per Diluted Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.88\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnnualized Q3 2025 FFO Run-Rate\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$48.8 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eProjection\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 2025 Net Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.0 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAggregate Q3 2025 Dividend Paid\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$10.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAvailable Borrowing Capacity\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$67.9 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Credit Agreement Size\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$425 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe expected Q3 2025 FFO run-rate of \u003cstrong\u003e$48.8 million\u003c\/strong\u003e (annualized) supports the ongoing operational structure, which includes managing specialized assets such as:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eAcute Care Hospitals (e.g., McAllen Medical Center with a minimum rent of \u003cstrong\u003e$5,485,000\u003c\/strong\u003e).\u003c\/li\u003e\n\u003cli\u003eRehabilitation Hospitals.\u003c\/li\u003e\n\u003cli\u003eBehavioral Health Care Hospitals.\u003c\/li\u003e\n\u003cli\u003eFree-standing Emergency Departments.\u003c\/li\u003e\n\u003cli\u003eChildcare Centers.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516271288469,"sku":"uht-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/uht-vrio-analysis.png?v=1740227244","url":"https:\/\/dcf-model.com\/pt\/products\/uht-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}