KING OF PRUSSIA, Pa., Feb. 27 /PRNewswire-FirstCall/ --
Fourth quarter of 2008 as compared to 2007:
Universal Health Realty Income Trust (NYSE: UHT) announced today that for the quarter ended December 31, 2008, its reported net loss was $870,000, or $.07 per diluted share, as compared to reported net income of $4.0 million, or $.33 per diluted share, during the comparable quarter in the prior year. Included in net income during the three and twelve-month periods ended December 31, 2008 is an asset impairment charge of $4.6 million, or $.39 per diluted share, recorded in connection with a medical office building complex located in Riverdale, Georgia, as discussed below. Also unfavorably impacting our net income/loss during the three and twelve-month periods of 2008 was an increase in other operating expenses, including higher than anticipated building maintenance and repairs expense at one of our medical office buildings amounting to $250,000, or $.02 per diluted share.
After adjusting for the asset impairment charge, as indicated on the attached Supplemental Schedule of Adjusted Income from Continuing Operations and Net Income ("Supplemental Schedule"), our adjusted net income during the fourth quarter of 2008 was $3.7 million, or $.31 per diluted share.
During the fourth quarter of 2008, our funds from operations ("FFO"), as adjusted for the impact of the asset impairment, increased 2% to $7.2 million, or $.61 per diluted share, as compared to $7.0 million, or $.59 per diluted share, during the comparable quarter of 2007.
The fourth quarter dividend of $.59 per share was paid on December 31, 2008. At December 31, 2008, our shareholders' equity was $144.9 million and our liabilities for borrowed funds were $71.7 million, including mortgage and oth
|SOURCE Universal Health Realty Income Trust|
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