Summarized Financial Information of Equity Affiliates (Tables)

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Limited Liability Companies Accounted for Under Equity Method

The following property table represents the four LLCs/LPs in which we owned a non-controlling interest and were accounted for under the equity method as of March 31, 2025:

Name of LLC/LP	Ownership			Property Owned by LLC/LP
Suburban Properties		33	%	St. Matthews Medical Plaza II
Brunswick Associates (a.)(b.)		74	%	Mid Coast Hospital MOB
FTX MOB Phase II (c.)		95	%	Forney Medical Plaza II
Grayson Properties II (d.)(e.)		95	%	Texoma Medical Plaza II

(a.)This LLC has a third-party term loan of $8.1 million, which is non-recourse to us, outstanding as of March 31, 2025.

(b.)We are the lessee with a third party on a ground lease for land.

(c.)During the first quarter of 2023, the LP repaid $175,000 of the member loan and the remaining $3.3 million member loan balance was converted to an equity investment in the LP.

(d.)This LP constructed, owns and operates the Texoma Medical Plaza II which is located in Denison, Texas, on the campus of a hospital owned and operated by a wholly-owned subsidiary of UHS. We have committed to invest up to $10.1 million in equity and debt financing, of which $7.6 million, net, has been funded as of March 31, 2025. This LP entered into a third-party construction loan commitment, which is non-recourse to us, which has an outstanding balance of $6.8 million as of March 31, 2025. During the first quarter of 2024, $5.7 million of the third-party construction loan was repaid utilizing pro rata equity contributions from the partners. The third-party partner's share of the pro rata equity contributions was partially funded with a six-month, $128,000 partner loan from us, which was repaid during July, 2024 with interest. Our share of the pro rata equity contributions, as well as the third-party partner loan, were funded utilizing borrowings from our revolving credit agreement. As a result of the repayment of a portion of the construction loan, an associated $3.1 million letter of credit was terminated.

(e.)We are the lessee with a UHS-related party for the land related to this property.

Condensed Combined Statements of Income (Unaudited) for LLCs/LPs Accounted Under Equity Method

Below are the condensed combined statements of income (unaudited) for the four LLCs/LPs accounted for under the equity method at March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
	(amounts in thousands)
Revenues	$	2,302	$	2,250
Operating expenses		886		898
Depreciation and amortization		472		474
Interest, net		137		159
Net income	$	807	$	719
Our share of net income	$	412	$	384

Condensed Combined Balance Sheets (Unaudited) for LLCs/LPs Accounted Under Equity Method

Below are the condensed combined balance sheets (unaudited) for the four above-mentioned LLCs/LPs that were accounted for under the equity method as of March 31, 2025 and December 31, 2024:

	March 31, 2025			December 31, 2024
	(amounts in thousands)
Net property, including construction in progress	$	26,791		$	27,119
Other assets (a.)		5,403			4,678
Total assets	$	32,194		$	31,797
Other liabilities (a.)	$	2,248		$	2,405
Mortgage notes payable, non-recourse to us		14,927			15,047
Equity		15,019			14,345
Total liabilities and equity	$	32,194		$	31,797
Investments in and advances to LLCs before amounts included in
accrued expenses and other liabilities	$	14,437		$	13,948
Amounts included in accrued expenses and other liabilities		(1,785	)		(1,770	)
Our share of equity in LLCs, net	$	12,652		$	12,178

(a.)Other assets and other liabilities as of March 31, 2025 and December 31, 2024 include approximately $648,000 and $649,000, respectively, of right-of-use land assets and right-of-use land liabilities related to ground leases whereby the LLC/LP is the lessee, with third party lessors, including subsidiaries of UHS.

Aggregate Principal Amounts Due on Mortgage Notes Payable by Unconsolidated LLC's/LPs Accounted Under Equity Method

As of March 31, 2025, and December 31, 2024, aggregate principal amounts due on mortgage notes payable by unconsolidated LLCs/LPs, which are accounted for under the equity method and are non-recourse to us, are as follows (amounts in thousands):

	Mortgage Loan Balance (a.)
Name of LLC/LP	3/31/2025		12/31/2024		Maturity Date
Brunswick Associates (2.80% fixed rate mortgage loan)	$	8,101	$	8,173	December, 2030
Grayson Properties II (3.70% fixed rate construction loan) (b.)		6,826		6,874	March, 2026
	$	14,927	$	15,047

(a.)All mortgage loans require monthly principal payments through maturity and include a balloon principal payment upon maturity.

(b.)During the first quarter of 2024, $5.7 million of the third-party construction loan was repaid utilizing pro-rata equity contributions from the partners, as discussed above. As a result of the repayment of a portion of the construction loan, an associated $3.1 million letter of credit was terminated.