UNIVERSAL HEALTH REALTY INCOME TRUST
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
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Notes to Schedule III—December 31,
NOTES TO SCHEDULE III
DECEMBER 31, 2023
(1) RECONCILIATION OF REAL ESTATE PROPERTIES
The following table reconciles the Real Estate Properties from January 1, 2021 to December 31, 2023:
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Balance at January 1, | $697,969 | $663,733 | $660,449 |
| Impact of consolidation of an LP (a.) | - | - | 19,771 |
| Additions (b.) | 17,505 | 22,555 | 11,346 |
| Acquisitions | 5,783 | 11,802 | 12,071 |
| Disposals/Divestitures (c.) | (15,013) | (121) | (39,904) |
| Balance at December 31, | $706,244 | $697,969 | $663,733 |
(2) RECONCILIATION OF ACCUMULATED DEPRECIATION
The following table reconciles the Accumulated Depreciation from January 1, 2021 to December 31, 2023:
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Balance at January 1, | $248,772 | $225,584 | $216,648 |
| Impact of consolidation of an LP (a.) | - | - | 4,847 |
| Disposals/Divestitures (c.) | (10,882) | (121) | (19,796) |
| Depreciation expense | 24,559 | 23,309 | 23,885 |
| Balance at December 31, | $262,449 | $248,772 | $225,584 |
(a)
During the fourth quarter of 2021, we purchased the 5% minority ownership interest held by a third-party member in an LP in which we previously held a non-controlling majority ownership interest. As a result of this minority interest purchase, we now own 100% of the LP and the financial results are included in our consolidated financial statements.
(b)
Included in the additions for 2023, 2022 and 2021 are approximately $7.5 million, $18.0 million and $2.9 million related to the construction of a new MOB, which was substantially completed in March, 2023, and is located on the campus of a UHS wholly-owned hospital that was completed and opened in April, 2022.
(c)
The 2023 year includes the sale of the Corpus Christi facility, as well as the demolition of the building previously located on the now-vacant land in Chicago, Illinois. The 2021 year includes the sale of the Auburn Medical Office Building II, the sale of the Children’s Clinic at Springdale as well as the exchange of Inland Valley Campus of Southwest Healthcare System, located in Wildomar, CA.
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