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	April 23, 2014
	Chief Financial Officer
	(610) 768-3300

UNIVERSAL HEALTH REALTY INCOME TRUST

REPORTS 2014 FIRST QUARTER FINANCIAL RESULTS

Consolidated Results of Operations - Three-Month Periods Ended March 31, 2014 and 2013:

KING OF PRUSSIA, PA - Universal Health Realty Income Trust (NYSE:UHT) announced today that for the three-month period ended March 31, 2014, reported net income was $3.8 million, or $.29 per diluted share, as compared to $3.4 million, or $.27 per diluted share, during the first quarter of 2013.

After adjusting the reported results for the three-month periods ended March 31, 2014 and 2013 for the net impact of the items reflected on the attached Schedule of Non-GAAP Supplemental Information (“Supplemental Schedule”), consisting primarily of an aggregate gain of $316,000 on the fair value recognition resulting from the purchase of minority interests in two majority-owned limited liability companies (“LLCs”), as mentioned below, our adjusted net income was $3.5 million, or $.27 per diluted share, during the first quarter of 2014 as compared to $3.5 million, or $.28 per diluted share, during the first quarter of 2013.

As calculated on the attached Supplemental Schedule, our adjusted funds from operations (“AFFO”) were $8.9 million, or $.70 per diluted share during the first quarter of 2014, as compared to $9.0 million, or $.71 per diluted share, during the first quarter of 2013.

Acquisitions:

In January, 2014, we paid an aggregate of approximately $7.2 million to purchase the following in a single transaction:

• The Children’s Clinic at Springdale – a 9,800 square foot, single-tenant medical office building located in Springdale, Arkansas, and;

• The Northwest Medical Center at Sugar Creek – a 16,700 square foot, multi-tenant medical office building located in Bentonville, Arkansas.

Additionally, effective January 1, 2014, we paid $170,000 to acquire the third-party minority ownership interests in Palmdale Medical Properties LLC (“Palmdale”) and Sparks Medical Properties LLC (“Sparks”) in which we previously held noncontrolling majority ownership interests. As a result, we now own 100% of each of these LLCs, which own multi-tenant medical office buildings, and began accounting for each on a consolidated basis effective January 1, 2014. Included in our financial results during the three-month period ended March 31, 2014 is an aggregate net gain of $316,000 recorded in connection with fair value recognition of the assets and liabilities of these entities.

Dividend Information:

The first quarter dividend of $.625 per share was paid on March 31, 2014.

Capital Resources Information:

At March 31, 2014, we had $101.3 million of borrowings outstanding under our $150 million revolving credit agreement and $40.5 million of available borrowing capacity, net of outstanding borrowings and letters of credit.

At-the-market Equity Issuance Program (“ATM Program”):

During the fourth quarter of 2013, we commenced an at-the-market equity issuance program pursuant to the terms of which we may sell, from time-to-time, common shares of our beneficial interest up to an aggregate sales price of $50 million to or through Merrill Lynch, Pierce, Fenner and Smith Incorporated (“Merrill Lynch”), as sales agent and/or principal. Pursuant to this ATM Program, during the first quarter of 2014, we issued 57,410 shares at an average price of $42.67 per share which generated approximately $2.4 million of net cash proceeds (net of compensation to Merrill Lynch and other various fees and expenses). Since inception of this program, we have issued 212,123 shares at an average price of $41.97 per share, which generated approximately $8.4 million of net cash proceeds (net of compensation to Merrill Lynch and other various fees and expenses).

Consolidation of LLCs:

As a result of the purchase of the above-mentioned third-party minority ownership interests in Palmdale and Sparks, we began accounting for these LLCs on a consolidated basis effective January 1, 2014. Prior to January 1, 2014, these LLCs were accounted for on an unconsolidated basis pursuant to the equity method. Previously, Palmdale was included in our financial statements on a consolidated basis through June 30, 2013 as a result of a master lease arrangement with a wholly-owned subsidiary of Universal Health Services, Inc. which expired on July 1, 2013.

For the quarter ended March 31, 2013, Sparks had revenues of $287,000, operating expenses of $166,000, depreciation and amortization expense of $83,000, interest expense of $72,000 and a net loss of $34,000. This supplemental financial information is not presented for Palmdale since it was previously included in our financial statements on a consolidated basis during the first quarter of 2013. There was no material impact to our net income as a result of the consolidation of these LLCs.

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:

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 investments in fifty-eight properties located in sixteen states.

This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare and healthcare real estate industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors and in Item 7-Forward-Looking Statements and Risk Factors in our Form 10-K for the year ended December 31, 2013), may cause the results to differ

materially from those anticipated in the forward-looking statements. Many of the factors that will determine our future results are beyond our capability to control or predict. These statements are subject to risks and uncertainties and therefore actual results may differ materially. 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.

Funds from operations (“FFO”) is a widely recognized measure of performance for Real Estate Investment Trusts (“REITs”). We believe that FFO and FFO per diluted share, and adjusted funds from operations (“AFFO”) and AFFO 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, as reflected on the attached Supplemental Schedules, 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. AFFO was also computed for the three-month periods ended March 31, 2014 and 2013, as reflected on the Supplemental Schedules and discussed herein, since we believe it is helpful to our investors since it adjusts for the effect of the gains on the fair value recognition resulting from the purchase of minority interests in majority-owned LLCs (during the first quarter of 2014) and transaction costs related to acquisitions. FFO/AFFO do 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/AFFO 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/AFFO is reflected on the Supplemental Schedules included 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, 2013. 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.

(more)

Universal Health Realty Income Trust

Consolidated Statements of Income

For the Three Months Ended March 31, 2014 and 2013

(amounts in thousands, except per share amounts)

(unaudited)

	Three Months Ended March 31,
	2014			2013
Revenues:
Base rental - UHS facilities	$	3,914		$	3,790
Base rental - Non-related parties		7,226			7,046
Bonus rental - UHS facilities		1,150			1,098
Tenant reimbursements and other - Non-related parties		1,833			1,788
Tenant reimbursements and other - UHS facilities		165			163
		14,288			13,885
Expenses:
Depreciation and amortization		4,826			4,814
Advisory fees to UHS		610			571
Other operating expenses		3,933			3,665
Transaction costs		62			82
		9,431			9,132
Income before equity in income of unconsolidated limited liability companies (“LLCs”), interest expense and gains		4,857			4,753
Equity in income of unconsolidated LLCs		593			569
Gains on fair value recognition resulting from the purchase of minority interests in majority-owned LLCs		316			—
Interest expense, net		(1,992	)		(1,895	)
Net income	$	3,774		$	3,427
Basic earnings per share	$	0.29		$	0.27
Diluted earnings per share	$	0.29		$	0.27
Weighted average number of shares outstanding - Basic		12,848			12,671
Weighted average number of share equivalents		6			16
Weighted average number of shares and equivalents outstanding - Diluted		12,854			12,687

Universal Health Realty Income Trust

Schedule of Non-GAAP Supplemental Information (“Supplemental Schedule”)

For the three months ended March 31, 2014 and 2013

(in thousands, except per share amounts)

(unaudited)

Calculation of Adjusted Net Income

	Three months ended						Three months ended
	March 31, 2014						March 31, 2013
				Per					Per
	Amount			Diluted Share			Amount		Diluted Share
Net income	$	3,774		$	0.29		$	3,427	$	0.27
Adjustments:
Less: Gains on fair value recognition resulting from the purchase of minority interests in majority-owned LLCs		(316	)		(0.02	)		—		—
Transaction costs		62			0.00			82		0.01
Subtotal adjustments to net income		(254	)		(0.02	)		82		0.01
Adjusted net income	$	3,520		$	0.27		$	3,509	$	0.28

Calculation of Adjusted Funds From Operations (“AFFO”)

	Three months ended						Three months ended
	March 31, 2014						March 31, 2013
				Per					Per
	Amount			Diluted Share			Amount		Diluted Share
Net income	$	3,774		$	0.29		$	3,427	$	0.27
Plus: Depreciation and amortization expense on real property/intangibles:
Consolidated investments		4,752			0.37			4,757		0.37
Unconsolidated affiliates		673			0.05			753		0.06
Less: Gains on fair value recognition resulting from the purchase of minority interests in majority-owned LLCs		(316	)		(0.02	)		—		—
Funds From Operations (“FFO”)		8,883			0.69			8,937		0.70
Transaction costs		62			0.01			82		0.01
AFFO	$	8,945		$	0.70		$	9,019	$	0.71
Dividend paid per share				$	0.625				$	0.620

Universal Health Realty Income Trust

Consolidated Balance Sheets

(dollar amounts in thousands)

(unaudited)

	March 31,			December 31,
	2014			2013
Assets:
Real Estate Investments:
Buildings and improvements	$	392,898		$	368,295
Accumulated depreciation		(101,269	)		(97,921	)
		291,629			270,374
Land		29,083			27,374
Net Real Estate Investments		320,712			297,748
Investments in and advances to limited liability companies (“LLCs”)		27,842			39,201
Other Assets:
Cash and cash equivalents		3,844			3,337
Base and bonus rent receivable from UHS		2,157			2,053
Rent receivable - other		3,679			3,310
Intangible assets (net of accumulated amortization of $15.1 million and $13.7 million at March 31, 2014 and December 31, 2013, respectively)		23,198			20,782
Deferred charges, goodwill and other assets, net		6,582			6,714
Total Assets	$	388,014		$	373,145
Liabilities:
Line of credit borrowings	$	101,250		$	93,700
Mortgage and other notes payable, non-recourse to us (including net debt premium of $691,000 and $834,000 at March 31, 2014 and December 31, 2013, respectively)		116,137			106,287
Accrued interest		502			491
Accrued expenses and other liabilities		4,221			5,156
Tenant reserves, escrows, deposits and prepaid rents		1,989			1,881
Total Liabilities		224,099			207,515
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: 2014 - 12,918,287 2013 -12,858,643		129			128
Capital in excess of par value		223,233			220,691
Cumulative net income		483,818			480,044
Cumulative dividends		(543,226	)		(535,176	)
Accumulated other comprehensive loss		(39	)		(57	)
Total Equity		163,915			165,630
Total Liabilities and Equity	$	388,014		$	373,145