8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 22, 2009

UNIVERSAL HEALTH REALTY INCOME TRUST

(Exact name of registrant as specified in its charter)

Maryland	1-9321	23-6858580
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Universal Corporate Center 367 South Gulph Road King of Prussia, Pennsylvania	19406
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (610) 265-0688

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On July 22, 2009, the Trust made its second quarter, 2009 earnings release. A copy of the Trust’s press release is furnished as exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

99.1 Press release dated July 22, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	UNIVERSAL HEALTH REALTY INCOME TRUST
Date: July 22, 2009	By:	/s/ Alan B. Miller
	Name:	Alan B. Miller
	Title:	Chairman of the Board, Chief Executive Officer and President
	By:	/s/ Charles F. Boyle
	Name:	Charles F. Boyle
	Title:	Vice President and Chief Financial Officer

Exhibit Index

Exhibit No.	Exhibit
99.1	Press release dated July 22, 2009.

EX-99.1

Exhibit 99.1

UNIVERSAL HEALTH REALTY INCOME TRUST		Universal Corporate Center
		367 S. Gulph Road
		P.O. Box 61558
		King of Prussia, PA 19406
		(610) 265-0688
FOR IMMEDIATE RELEASE
CONTACT:	Charles Boyle	July 22, 2009
	Chief Financial Officer
	(610) 768-3300

UNIVERSAL HEALTH REALTY INCOME TRUST

REPORTS 2009 SECOND QUARTER FINANCIAL RESULTS

KING OF PRUSSIA, PA- Universal Health Realty Income Trust (NYSE:UHT) announced today that for the quarter ended June 30, 2009, net income increased 15% to $4.8 million, or $.40 per diluted share, as compared to $4.2 million, or $.35 per diluted share, during the same quarter in the prior year. For the six-month period ended June 30, 2009, net income increased 14% to $9.4 million, or $.80 per diluted share, as compared to $8.3 million, or $.70 per diluted share, during the comparable six-month period of the prior year.

Included in our net income during the three and six-month periods ended June 30, 2009 was approximately $300,000, or $.02 per diluted share, consisting of the following related to certain unconsolidated limited liability companies (“LLCs”): (i) the effect of a favorable adjustment resulting from the change in estimate to the operating expenses of an LLC, partially offset by; (ii) the operating losses sustained during the second quarter of 2009 at an LLC that owns a newly constructed medical office building that was completed and opened in April of 2009.

Funds from operations (“FFO”) increased 14% to $8.5 million, or $.71 per diluted share, during the second quarter of 2009 as compared to $7.5 million, or $.63 per diluted share, during the comparable quarter of the prior year. For the six-month period ended June 30, 2009, FFO increased 12% to $16.5 million, or $1.39 per diluted share, as compared to $14.8 million, or $1.24 per diluted share during the comparable six-month period of the prior year.

The second quarter dividend of $.595 per share was paid on June 30, 2009. At June 30, 2009, our shareholders’ equity was $140.6 million and our liabilities for borrowed funds were $87.8 million, including mortgage debt of consolidated entities, which is non-recourse to us, totaling $35.5 million.

The increases in base rentals–UHS facilities, depreciation and amortization, other operating expenses and interest expense during the three and six months ended June 30, 2009, as compared to the comparable prior year periods, resulted primarily from the operating results of two newly constructed medical office buildings which were completed and opened during third quarter of 2008 and the first quarter of 2009.

During the second quarter of 2009, the Deer Valley Medical Office Building III, located in Phoenix, Arizona, was completed and opened. Construction continues on two MOBs as follows: (i) Auburn Medical Office Building II located in Auburn, Washington, on the campus of an acute care hospital owned and operated by a wholly-owned subsidiary of Universal Health Services, Inc. (“UHS”), which is scheduled to be completed and opened during the fourth quarter of 2009, and; (ii) Texoma Medical Plaza located in Denison, Texas which is scheduled to be completed and opened during the first quarter of 2010. Texoma Medical Plaza is located on the campus of a replacement acute care hospital currently under construction by a wholly-owned subsidiary of UHS.

Universal Health Realty Income Trust, a real estate investment trust, invests in healthcare and human service related facilities including acute care hospitals, behavioral healthcare facilities, rehabilitation hospitals, sub-acute care facilities, surgery centers, childcare centers and medical office buildings. We have fifty real estate investments in fifteen states.

Funds from operations is a widely recognized measure of performance for Real Estate Investment Trusts (“REITs”). We believe that funds from operations and funds from operations per diluted share, which are non-GAAP financial measures (“GAAP” is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than we interpret the definition. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net income determined in accordance with GAAP. In addition, FFO should not be used as: (i) an indication of our financial performance determined in accordance with GAAP; (ii) an alternative to cash flow from operating activities determined in accordance with GAAP; (iii) a measure of our liquidity, or; (iv) an indicator of funds available for our cash needs, including our ability to make cash distributions to shareholders. A reconciliation of our reported net income to FFO is shown below.

To obtain a complete understanding of our financial performance these measures should be examined in connection with net income, determined in accordance with GAAP, as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2008 and our Form 10-Q for the quarter ended March 31, 2009. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

The matters discussed in this report, as well as the news releases issued from time to time by us, include certain statements containing the words “believes”, “anticipates”, “intends”, “expects” and words of similar import, which constitute “forward-looking statements” within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers should not place undue reliance on such forward-looking statements which reflect management’s view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

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Universal Health Realty Income Trust

Consolidated Statements of Income

For the Three and Six Months Ended June 30, 2009 and 2008

(amounts in thousands, except per share amounts)

(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
Revenues:
Base rental—UHS facilities	$	3,637		$	3,096		$	7,097		$	6,158
Base rental—Non-related parties		2,578			2,443			5,154			4,840
Bonus rental—UHS facilities		1,050			1,063			2,145			2,071
Tenant reimbursements and other—Non-related parties		711			597			1,425			1,085
Tenant reimbursements and other—UHS facilities		47			38			82			62
		8,023			7,237			15,903			14,216
Expenses:
Depreciation and amortization		1,586			1,449			3,124			2,855
Advisory fees to UHS		389			376			779			743
Other operating expenses		1,536			1,170			3,042			2,305
		3,511			2,995			6,945			5,903
Income before equity in income of unconsolidated limited liability companies (“LLCs”) and interest expense		4,512			4,242			8,958			8,313
Equity in income of unconsolidated LLCs		959			429			1,766			1,041
Interest expense, net		(669	)		(512	)		(1,276	)		(1,037	)
Net income	$	4,802		$	4,159		$	9,448		$	8,317
Basic earnings per share	$	0.40		$	0.35		$	0.80		$	0.70
Diluted earnings per share	$	0.40		$	0.35		$	0.80		$	0.70
Weighted average number of shares outstanding—Basic		11,876			11,849			11,868			11,846
Weighted average number of share equivalents		4			36			8			37
Weighted average number of shares and equivalents outstanding—Diluted		11,880			11,885			11,876			11,883
Calculation of Funds From Operations (“FFO”):
	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
Net income	$	4,802		$	4,159		$	9,448		$	8,317
Plus: Depreciation and amortization expense:
Consolidated investments		1,561			1,429			3,076			2,817
Unconsolidated affiliates		2,095			1,863			4,025			3,650
Funds from operations (FFO)	$	8,458		$	7,451		$	16,549		$	14,784
Funds from operations (FFO) per share—Basic	$	0.71		$	0.63		$	1.39		$	1.25
Funds from operations (FFO) per share—Diluted	$	0.71		$	0.63		$	1.39		$	1.24
Dividend paid per share	$	0.595		$	0.585		$	1.185		$	1.165

Universal Health Realty Income Trust

Consolidated Balance Sheets

(dollar amounts in thousands)

(unaudited)

	June 30, 2009			December 31, 2008
Assets:
Real Estate Investments:
Buildings and improvements	$	205,016		$	191,761
Accumulated depreciation		(69,265	)		(66,255	)
		135,751			125,506
Land		19,348			19,348
Construction in progress		—			9,795
Net Real Estate Investments		155,099			154,649
Investments in and advances to limited liability companies (“LLCs”)		64,620			56,462
Other Assets:
Cash and cash equivalents		1,987			618
Base and bonus rent receivable from UHS		2,057			1,982
Rent receivable—other		703			945
Deferred charges, notes receivable and intangible and other assets, net		7,063			6,400
Total Assets	$	231,529		$	221,056
Liabilities:
Line of credit borrowings	$	52,300		$	39,000
Mortgage notes payable, non-recourse to us		6,785			6,892
Mortgage, construction and other loans payable of consolidated LLCs, non-recourse to us		28,734			25,800
Accrued interest		135			190
Accrued expenses and other liabilities		2,009			3,196
Tenant reserves, escrows, deposits and prepaid rents		721			883
Total Liabilities		90,684			75,961
Equity:
Preferred shares of beneficial interest, $.01 par value; 5,000,000 shares authorized; none issued and outstanding		—			—
Common shares, $.01 par value; 95,000,000 shares authorized; issued and outstanding: 2009—11,897,817 2008—11,865,919		119			119
Capital in excess of par value		189,681			189,347
Cumulative net income		348,166			338,718
Cumulative dividends		(397,335	)		(383,256	)
Total Universal Health Realty Income Trust Shareholders’ Equity		140,631			144,928
Third-party equity interests		214			167
Total Equity		140,845			145,095
Total Liabilities and Equity	$	231,529		$	221,056