Universal Health Realty Income Trust Reports 2008 First Quarter Financi...( KING OF PRUSSIA Pa. April 25 /- U...),Health

KING OF PRUSSIA, Pa., April 25 /PRNewswire-FirstCall/ -- Universal Health Realty Income Trust (NYSE: UHT) announced today that for the quarter ended March 31, 2008, net income was $4.2 million, or $.35 per diluted share, as compared to $5.8 million, or $.49 per diluted share, during the same quarter in the prior year. Included in our financial results during the first quarter of 2008 was increased depreciation expense of $329,000, or $.03 per diluted share, recorded by certain of our unconsolidated limited liability companies ("LLC") in connection with the newly constructed medical office buildings which opened during the fourth quarter of 2007 (as discussed below) and the depreciation expense recorded on the replacement assets received from Universal Health Services, Inc. in connection with the previously disclosed Chalmette Medical Center ("Chalmette") asset exchange and substitution transaction. Favorably impacting net income during the quarter ended March 31, 2007 was a combined gain of $1,041,000, or $.09 per diluted share, consisting of: (i) a gain of $789,000, or $.07 per diluted share, related to the recovery of replacement real estate assets in connection with the Chalmette asset exchange and substitution agreement, and; (ii) a gain of $252,000, or $.02 per diluted share, resulting from the sale of real property by a LLC.

Funds from operations ("FFO") were $7.3 million, or $.62 per diluted share, during the first quarter of 2008 as compared to $7.4 million, or $.62 per diluted share, during the comparable quarter of the prior year. The first quarter dividend of $.58 per share was paid on March 31, 2008.

During the fourth quarter of 2007, three newly constructed medical office buildings, which are owned by LLCs in whi
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