Universal Health Trust (UHT) is a healthcare REIT that owns and leases medical real estate across 21 states. The portfolio of 77 properties is anchored by medical office buildings (MOBs), which account for roughly 61 of its properties, with the remainder split among hospitals, free-standing emergency departments, and a small number of preschool and childcare facilities. MOBs are typically located on or near hospital campuses, which makes them attractive to tenants who benefit from proximity to inpatient facilities. UHT's hospital properties — three acute care and three behavioral health facilities — are leased on triple-net terms to operators, meaning tenants cover operating costs, maintenance, and insurance. Multi-tenant MOBs are managed by UHT, though expenses are largely passed through to tenants. UHT has a structural relationship with Universal Health Services, one of the largest for-profit hospital operators in the U.S.: UHS-related tenants account for roughly 40% of consolidated revenues, UHS's subsidiary serves as UHT's external advisor managing day-to-day operations, and UHT has no employees of its own. Most hospital and emergency department leases include annual rent escalators of 2% to 2.75%, providing predictable organic revenue growth. As a REIT, UHT must distribute at least 90% of taxable income, so growth depends on external debt or equity financing to fund acquisitions and development.