UHTUNIVERSAL HEALTH REALTY INCOME TRUST

Real Estate Investment Trusts

Revenue: $99M; 0.2% YoY
Operating margin: 35.0%; 5.7% YoY
EBITDA: $64M; 0.9% YoY
Market cap: $532M
Employees: —
Net debt / EBITDA: 5.8×; $368M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$241K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
279% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
84% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 20th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$532M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$84M	$91M	$96M	$99M	$99M	0.2%
Operating income	$29M	$31M	$31M	$37M	$35M	5.5%
Net income	$109M	$21M	$15M	$19M	$18M	8.4%
Operating cash flow	$48M	$47M	$43M	$47M	$49M	4.6%
Capex	$13M	$14M	$8M	—	—
Stock-based comp	$947K	$780K	$780K	$853K	$936K	9.7%
Dividends	$39M	$39M	$40M	$40M	$41M	1.6%

Deal filings

None.

13D filers

None on file.

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$269K	$324K	83	210
FY2024	$256K	$243K	73	154
FY2023	$241K	$204K	79	116
FY2022	$235K	$159K	82	97
FY2021	$236K	$206K	97	121