KING OF PRUSSIA, PA-Medical-office REIT Universal Health Realty Income Trust recorded net-income drops during both the fourth quarter and full year. It's fourth quarter income fell to $4.1 million from $4.6 million was primarily due to the loss of a major tenant at a medical-office building in Georgia.
Meanwhile, Universal, which owns 52 heathcare asstes in 15 states, saw its full-year net income fall to $16.3 million from $18.6 million. FFO in the fourth quarter slid from $8.5 million to $8.3 million; annual FFO dropped to $32.6 million from $33.3 million.
Last year the firm completed construction on and opened two medical office buildings, both of them in Texas: Texoma Medical Plaza, located in Denison, and BRB Medical Office Building, in Kingwood. Last year it also acquired North Valley Medical Plaza in Phoenix.
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