Universal Health Realty Income Trust Reports 2008 First Quarter Financi...(ch we hold 95%non-controlling ownership ...),Health

Date:4/25/2008

ch we hold 95%, non-controlling ownership interests, were completed and opened as follows: (i) Canyon Springs Medical Plaza located in Gilbert, Arizona; (ii) Phoenix Children's East Valley Care Center located in Gilbert, Arizona, and; (iii) Centennial Hills Medical Office Building I located in Las Vegas, Nevada. The Phoenix Children's East Valley Care Center is a single tenant facility which is fully occupied pursuant to the terms of a twenty-year lease. Leasing activity at the Canyon Springs Medical Plaza and Centennial Hills Medical Office Building I, which are multi-tenant facilities, continued to improve during the first quarter of 2008 as these facilities continue their initial lease-up.

In addition, as of March 31, 2008, construction continues on three new medical office buildings, which are owned by LLCs, as follows: (i) Palmdale Medical Plaza located in Palmdale, California, which is scheduled to be completed and opened during the second quarter of 2008; (ii) Summerlin Hospital Medical Office Building III located in Las Vegas, Nevada, which is scheduled to be completed and opened during the fourth quarter of 2008, and; (iii) Deer Valley Medical Office Building III located in Phoenix, Arizona, which is scheduled to be completed and opened during the second quarter of 2009.

Also, in February of 2008, we purchased the Kindred Hospital; Corpus Christi, a 74-bed long-term acute care hospital located in Corpus Christi, Texas for a total purchase price of $8.1 million. We paid $4.7 million in cash and assumed $3.4 million of third-party mortgage debt that is non-recourse to us. The lease payments on this facility are unconditionally guaranteed by Kindred Healthcare, Inc. until its scheduled expiration in June, 2019.

At March 31, 2008, our shareholders' equity was $157.8 million and our liabilities for borrowed funds were $49.7 million, including mortgage debt of consolidated entities, which is non-recourse to us, totaling $23.9 million.

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SOURCE Universal Health Realty Income Trust Copyright©2008 PR Newswire. All rights reserved

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