- Announced growth-oriented and accretive
transactions of up to $186 million
-
- Continued strong performance of existing
assets and financial results -
- Acquired over one million units under Normal
Course Issuer Bid -
TORONTO, March 7, 2022 /CNW/ - DRI Healthcare Trust
(TSX: DHT.UN) (TSX: DHT.U) ("DRI" or "the Trust") today announced
its financial results for the fourth quarter and fiscal year ended
December 31, 2021. The Trust's 2021
annual financial statements and Management's Discussion &
Analysis ("MD&A") have been filed on SEDAR (www.sedar.com). All
dollar amounts are expressed in U.S. dollars unless otherwise
indicated.
"We had a very successful first year as a public trust,
executing multiple transactions and demonstrating our ability to
build our asset base," said Behzad
Khosrowshahi, Chief Executive Officer of DRI Healthcare
Trust. "Our existing assets performed well, providing strong cash
flows in the fourth quarter, and we finished the year with a strong
balance sheet supportive of continued growth. By executing our
acquisition strategy, and with a strong pipeline buoyed of
attractive opportunities we are looking forward to continued growth
in 2022 that will create meaningful value for our unit
holders."
Fourth Quarter Highlights
- Royalty Income and Interest Income of US$22.2 million;
- Total Cash Receipts of US$36.3
million1;
- Adjusted EBITDA of US$32.0
million1;
- Net Earnings and Comprehensive Earnings of US$3.4 million;
- Adjusted Cash Earnings per Unit (basic and diluted) of
US$0.411,2;
- Net Earnings per Unit (basic and diluted) of US$0.082;
- Entered an agreement for a US$200
million syndicated credit facility, with an initial partial
draw made to repay the existing secured notes;
- Paid a quarterly cash distribution of US$0.075 per unit and a special cash distribution
of US$0.22 per unit, on January 20, 2022.
Fiscal 2021 Highlights
- Royalty Income and Interest Income of US$81.8 million;
- Total Cash Receipts of US$115.6
million1;
- Adjusted EBITDA of US$100.6
million1;
- Net Earnings and Comprehensive Earnings of US$21.6 million;
- Adjusted Cash Earnings per Unit (basic and diluted) of
US$1.851,2;
- Net Earnings per Unit (basic and diluted) of US$0.622;
- Total cash returned to unitholders of US$20.7 million through declared distributions of
US$15.2 million and unit buybacks
under the Trust's normal course issuer bid ("NCIB") of US$5.5 million;
- Entered into transactions valued at up to US$185.5 million for the purchase of royalties
from four new products, including pacritinib and
Oracea®.
__________________________________
|
1 Total
Cash Receipts and Adjusted EBITDA are non-GAAP measures. Adjusted
Cash Earnings per Unit is a non-GAAP ratio. These measures are not
standardized measures under IFRS and might not be comparable to
similar financial measures disclosed by other issuers. The
reconciliation of these measures can be found later in this press
release and in the Trust's MD&A.
|
2 The
weighted average number of basic units for the three months and
year ended December 31, 2021 were 39,802,522 units and 34,646,277
units, respectively. The weighted average number of fully diluted
units for the three months and year ended December 31, 2021 were
39,810,526 units and 34,654,282 units, respectively.
|
Subsequent to Quarter End
- On February 28, 2022, the United
States Food & Drug Administration ("FDA") approved pacritinib
under the brand name VONJOTM for the treatment of
myelofibrosis patients with platelets below 50 x 109/L,
resulting in the closing of the previously announced transaction
for a tiered royalty on VONJO for US$60
million;
- Today, the Board of Trustees declared a quarterly cash
distribution of US$0.075 per unit for
the first quarter of 2022, which is payable on April 20, 2022 to unitholders of record on
March 31, 2022.
- Between January 1, 2022 to
February 28, 2022, the Trust further
repurchased 400,000 units under its NCIB for an aggregate amount of
US$2.1 million and will amend its
NCIB to increase the total number of units that can be repurchased
under its NCIB to 2,500,000 units, representing approximately 7.6%
of the Trust's public float as at September
30, 2021. The effective date of the amendment will be
March 10, 2022.
Financial Highlights
(thousands of U.S. dollars, except per
unit amounts)
|
Three months
ended
December 31, 2021
|
Year ended
December 31, 20211
|
Royalty income and
interest income
|
22,213
|
81,757
|
Other interest
income
|
1
|
8
|
Management
fees
|
2,112
|
6,275
|
Amortization
expenses
|
12,914
|
41,837
|
Other
expenses
|
3,826
|
12,090
|
Net earnings and
other comprehensive earnings
|
3,362
|
21,563
|
Earnings per
unit – basic2
|
0.08
|
0.62
|
Earnings per unit –
diluted2
|
0.08
|
0.62
|
Total Cash Receipts/
Pro Forma Total Cash Receipts3,4
|
36,278
|
115,644
|
Adjusted EBITDA/
Pro Forma Adjusted EBITDA3
|
31,969
|
100,627
|
Adjusted EBITDA
Margin/ Pro Forma Adjusted EBITDA Margin3
|
88%
|
87%
|
Adjusted Cash
Earnings per Unit – Basic2,3
|
0.41
|
1.85
|
Adjusted Cash
Earnings per Unit – Diluted2,3
|
0.41
|
1.85
|
Cash Distributions
Declared per Unit
|
0.2950
|
0.3867
|
|
|
|
_____________________________
|
1 The
Trust completed its initial public offering ("IPO") on February 19,
2021. The Trust had no active operations prior to February 19,
2021.
|
2 The
weighted average number of basic units for the three months and
year ended December 31, 2021 were 39,802,522 units and 34,646,277
units, respectively. The weighted average number of fully diluted
units for the three months and year ended December 31, 2021 were
39,810,526 units and 34,654,282 units,
respectively.
|
3 Total
Cash Receipts and Adjusted EBITDA are non-GAAP measures. Adjusted
EBITDA Margin and Adjusted Cash Earnings per Unit are non-GAAP
ratios. These measures are not standardized measures under IFRS and
might not be comparable to similar financial measures disclosed by
other issuers. The reconciliation of these measures can be found
later in this press release and in the Trust's MD&A.
|
4 Total
Cash Receipts for year ended December 31, 2021 includes cash that
was received by the Trust's current subsidiaries prior to
completion of the Trust's acquisition of those subsidiaries and
therefore, along with Adjusted EBITDA and Adjusted EBITDA Margin
are presented on a pro forma basis.
|
Asset Performance
As at December 31, 2021, the Trust's portfolio included
17 royalty streams on 13 products that address medically necessary
therapeutic areas, such as oncology, rare diseases, ophthalmology,
endocrinology, dermatology, autoimmune and vaccines. On
December 31, 2021, the royalty asset
portfolio had a book value, net of accumulated amortization, of
US$293.7 million, which generated
Total Cash Royalty Receipts of US$34.5
million1 and U$113.9 million during the three
months and year ended December 31,
2021. The royalty asset portfolio generated royalty income
US$20.9 million and US$79.9 million over the same periods,
respectively. In addition, the Trust held a loan receivable with a
gross principal outstanding balance of US$50.0 million at December 31, 2021, which generated US$1.8 million of cash interest received in the
quarter and year-to-date. Interest income on the loan receivable
was US$1.4 million and US$1.9 million during the three months and year
ended December 31, 2021,
respectively. As expected, the Trust's entitlement to royalties on
the Rilpivirine portfolio expired in the second quarter of
2021.
Portfolio (for the three months ended December 31)
(thousands of US
dollars)
|
|
Total Cash
Receipts1
|
Product
|
Therapeutic
Area
|
Marketer(s)
|
Dec. 31,
2021
|
Dec. 31, 2020
Pro Forma2
|
% Change
|
|
|
|
|
|
|
Core Products
|
|
|
|
|
|
Eylea I3
|
Ophthalmology
|
Regeneron, Bayer, Santen
|
6,710
|
5,410
|
24%
|
Eylea II3
|
Ophthalmology
|
Regeneron, Bayer, Santen
|
2,972
|
2,404
|
24%
|
FluMist
|
Vaccine
|
AstraZeneca
|
910
|
1,458
|
(38)%
|
Natpara
|
Endocrinology
|
Takeda
|
634
|
386
|
64%
|
Oracea
|
Dermatology
|
Galderma
|
2,303
|
-
|
n/a
|
Rydapt
|
Oncology
|
Novartis
|
2,527
|
2,132
|
19%
|
Spinraza
|
Rare Diseases
|
Biogen
|
4,382
|
5,064
|
(13)%
|
Xolair
|
Respiratory
|
Roche, Novartis
|
2,703
|
2,860
|
(5)%
|
Zytiga
|
Oncology
|
Johnson & Johnson
|
9,020
|
8,564
|
5%
|
Total Core Products
|
|
|
32,161
|
28,278
|
14%
|
|
|
|
|
|
|
Mature Products
|
|
|
|
|
|
Autoimmune Portfolio4
|
Autoimmune
|
Johnson &
Johnson, Merck, Novartis
|
1,786
|
3,688
|
(52)%
|
Rilpivirine Portfolio5
|
HIV
|
Johnson &
Johnson, Gilead, ViiV
|
-
|
8,092
|
(100)%
|
Total Mature
Products
|
|
|
1,786
|
11,780
|
(85)%
|
|
|
|
|
|
|
Other Products6
|
|
|
540
|
416
|
30%
|
Total Cash Royalty Receipts1,2
|
|
34,487
|
40,474
|
(15)%
|
Interest Receipts on
Loan Receivable
|
|
1,791
|
-
|
n/a
|
Total Cash
Receipts1,2
|
|
36,278
|
40,475
|
(10)%
|
________________________________
|
1
Total Cash Receipts and Total Cash Royalty Receipts are non-GAAP
measures. These measures are not standardized measures under IFRS
and might not be comparable to similar financial measures disclosed
by other issuers. The reconciliation of these measures can be found
later in this press release and in the Trust's MD&A.
|
2
Total Cash Royalty Receipts, Total Cash Receipts, and cash royalty
receipts by product for the for the three months ended December 31,
2020, include cash that was received by the Trust's current
subsidiaries prior to completion of the Trust's acquisition of
those subsidiaries and are presented on a pro forma
basis.
|
3
Cash receipts from Eylea I and II in the fourth quarter of 2021 and
2020 include late payments of US$4,718 and US$3,530 related to
royalty receivables from the third quarter of 2021 and 2020,
respectively.
|
4
The Autoimmune portfolio consists of an agreement to receive
royalties on sales of Stelara, Simponi and Ilaris. The royalty
assets include two royalty streams on each product, for a total of
six royalty streams held directly and indirectly.
|
5
The Rilpivirine Portfolio consists of an agreement to receive
royalties on sales of Complera, Edurant, Odefsey and Juluca.
The Trust's entitlement to royalties ended during the quarter ended
June 30, 2021, in accordance with the terms of the royalty
agreement.
|
6
Other Products include royalty income from royalty assets that are
not individually material, as well as royalty assets that are fully
amortized and, where applicable, the entitlements to which have
generally expired.
|
Liquidity and Capital
On December 31, 2021, the Trust
had cash and cash equivalents of US$61.7
million. The Trust's credit facility had an outstanding
principal balance of US$45.5 million
on December 31, 2021. On January 27, 2022, the Trust made a voluntary
repayment of US$30.5 million and, on
March 7, 2022, the Trust drew
US$60.0 million to fund the purchase
of the tiered royalty on pacritinib, bringing the outstanding
principal balance of the credit facility to US$75.0 million.
The Trust had 39,079,680 units issued and outstanding on
December 31, 2021.
Distributions
On November 8, 2021, the Board of
Trustees approved a quarterly cash distribution of US$0.075 per unit, and on December 22, 2021, approved a special cash
distribution of US$0.22 per trust
unit, both of which were paid to unitholders on January 20, 2022. The Trust also announced today
that its Board of Trustees has declared a quarterly cash
distribution in the amount of US$0.075 per unit for the first quarter of 2022,
payable on April 20, 2022, to
unitholders of record on March 31,
2022.
Normal Course Issuer Bid
During the quarter, the Trust purchased 1,043,070 of its own
units under its NCIB for an aggregate amount of US$5.5 million. Between January 1, 2022 to February 28, 2022, the Trust purchased another
400,000 units under its NCIB for an aggregate amount of
US$2.1 million and will extend its
share buyback program by receiving approval from the Toronto Stock
Exchange to increase the total number of units that can be
repurchased under its NCIB to 2,500,000 units, representing
approximately 7.6% of the Trust's public float as at September 30, 2021. The effective date of the
amendment will be March 10, 2022. The
expiry date of October 4, 2022 for
the NCIB remains unchanged.
2021 Highlights
In addition to the strong performance of the asset portfolio
during the year, the Trust took a number of steps to execute on the
strategy outlined to its unitholders since its initial public
offering in February.
On August 25, 2021, a wholly-owned
subsidiary of the Trust entered transactions with CTI BioPharma
Corp. ("CTI"), comprised of secured debt and, upon product approval
of pacritinib by the U.S. Food and Drug Administration ("FDA"), the
purchase of a tiered royalty on sales of pacritinib. CTI will use
the secured debt financing to fund the commercialization of
pacritinib. On February 28, 2022, the
FDA approved pacritinib, under the brand name VONJOTM,
for the treatment of adult myelofibrosis patients with platelets
below 50 x 109/L, and the royalty transaction closed on
March 7, 2022.
On September 30, 2021, a
wholly-owned subsidiary of DRI acquired a royalty interest on the
worldwide sales of Oracea (doxycycline), which has been approved by
the FDA for the treatment of inflammatory lesions of rosacea in
adult patients. Oracea is marketed by Galderma Laboratories, Inc.,
a subsidiary of Galderma SA. As part of the transaction, DRI also
acquired royalty interests in two additional products, neither of
which are expected to make a material contribution to DRI's royalty
income.
On October 22, 2021, a subsidiary
of the Trust entered into a credit agreement with a syndicate of
banks, providing for credit facilities of up to US$200 million. An initial draw was made on the
facility to repay the existing secured notes, with the balance of
the debt capacity being available to fund future acquisitions of
royalty assets.
Throughout 2021, the Trust declared and subsequently paid cash
distributions totalling US$0.3867 per
unit. The Trust also commenced a NCIB under which, as of as of
February 28, 2022, the Trust has
repurchased and cancelled 1,443,070 units, for an aggregate
purchase price of approximately US$7.6
million.
"We are in an excellent position to continue to execute," added
Mr. Khosrowshahi. "The market remains very strong as a result of
high levels of drug approvals, the rapid increase in the number of
biotech companies seeking financing, and continued demand from
academic institutions and inventors".
Fourth Quarter and Fiscal Year 2021 Conference Call &
Webcast
As previously announced, management will hold a conference call
on Tuesday, March 8, 2022, at
8:30 a.m. (ET) to review the Trust's
2021 fourth quarter and year-end results. You can join the call by
dialling 1-888-664-6392 or 416-764-8659 approximately 15 minutes
prior to the call to secure a line.
A live webcast of the conference call, including a slide
presentation, will be available at https://bit.ly/DRI2021Q4. Please
connect at least 15 minutes prior to the conference call to ensure
adequate time for any software download that may be required to
join the webcast. The webcast will be archived on the Trust's
website following the call date.
Non-GAAP Financial Measures
The reconciliations of our
non-GAAP measures and non-GAAP ratios for quarter and year ended
December 31, 2021, to the most
directly comparable measures calculated in accordance with IFRS are
presented below.
Total Cash Royalty Receipts and Total Cash Receipts
Total Cash Receipts refers to all cash royalty receipts from the
Trust's portfolio of royalty assets and cash receipts for interest
and principal payments collected from its loan receivable. Total
Cash Royalty Receipts refers to cash royalty receipts from all
products rather than cash royalty receipts in respect of a
particular product and forms part of Total Cash Receipts. Because
of the lag between when we record royalty income and receive the
corresponding cash payments on our royalties, we believe Total Cash
Receipts and Total Cash Royalty Receipts are useful measures when
evaluating our operations, as they represent actual cash generated
in respect of all royalty assets held during a period.
(thousands
of U.S. dollars, except per unit amounts)
|
Three months
ended
December 31, 2021
|
Pro Forma
Year ended
December 31, 2021
|
Royalty
income
|
20,860
|
79,860
|
[+] Royalties
receivable, beginning of period
|
43,965
|
-
|
[-] Royalties
receivable, end of period
|
(30,148)
|
(30,148)
|
[+] Acquired
royalties receivable1
|
-
|
58,120
|
[+] Acquired cash
royalties received1
|
-
|
6,405
|
[-] Non-cash royalty
income2
|
(190)
|
(384)
|
Total Cash Royalty
Receipts
|
34,487
|
113,853
|
[+] Interest income
on loan receivable
|
1,353
|
1,897
|
[+] Interest
receivable, beginning of period
|
514
|
-
|
[-] Interest
receivable, end of period
|
-
|
-
|
[-] Non-cash interest
income on loan receivable3
|
(76)
|
(106)
|
Total Cash
Receipts
|
36,278
|
115,644
|
|
|
|
|
|
|
____________________________
|
1 Acquired royalties receivable and
acquired cash royalties received or used to reduce the net purchase
price paid for the assets acquired by the Trust, as described under
the Transactions Completed section of the MD&A.
|
2 During the third quarter, the Trust
recorded other current liabilities of US$718 with a corresponding
charge to other items to reflect the obligation of excess royalty
payment received in connection with the Autoimmune Portfolio prior
to the Trust's acquisition of the asset, as described under the
Financial Review: Results of Operations section of the MD&A.
Royalty income for the three months and year ended December 31,
2021 of US$190 and US$384, respectively, was used to reduce this
obligation.
|
3 For the
three months and year ended December 31, 2021, non-cash interest
income on loan receivable represents the amortization of commitment
fee of US$25 and US$35, respectively, and exit fee of US$51 and
US$71 respectively, earned from the loan receivable.
|
Adjusted EBITDA and Adjusted EBITDA Margin
We believe Adjusted EBITDA provides meaningful information about
our operating cash flows as it eliminates the effects of accruals
and non-cash expenses recorded on the statement of income and
comprehensive income. We refer to EBITDA when reconciling our net
earnings and other comprehensive earnings to Adjusted EBITDA, but
we do not use EBITDA as a measure of our performance. We believe
that Adjusted EBITDA Margin is a useful supplemental measure to
demonstrate the operating efficiency of our business on a cash
basis.
(thousands of U.S.
dollars, except per unit amounts)
|
Three months
ended
December 31, 2021
|
Pro Forma
Year ended
December 31, 2021
|
Net earnings and
other comprehensive earnings
|
3,362
|
21,563
|
[+] Amortization or
royalty assets
|
12,914
|
41,837
|
[-] Other interest
income
|
(1)
|
(8)
|
[+] Interest
expense
|
1,125
|
2,236
|
EBITDA
|
17,400
|
65,628
|
[+] Royalties
receivable, beginning of period
|
43,965
|
-
|
[-] Royalties
receivable, end of period
|
(30,148)
|
(30,148)
|
[+] Interest
receivable, beginning of period
|
514
|
-
|
[-] Interest
receivable, end of period
|
-
|
-
|
[+] Acquired
royalties receivable
|
-
|
58,120
|
[+] Acquired cash
royalties received
|
-
|
6,405
|
[+] Unit-based
compensation
|
448
|
473
|
[+] Net gain on
interest rate derivatives
|
(2)
|
(2)
|
[-] Net loss (gain)
on foreign exchange derivatives
|
58
|
(77)
|
[+] Other
items1
|
-
|
718
|
[-] Non-cash royalty
income1
|
(190)
|
(384)
|
[-] Non-cash interest
income on loan receivable2
|
(76)
|
(106)
|
Adjusted
EBITDA
|
31,969
|
100,627
|
[÷] Total Cash
Receipts
|
36,278
|
115,644
|
Adjusted EBITDA
Margin
|
88%
|
87%
|
__________________________
|
1 During the third quarter, the Trust
recorded other current liabilities of US$718 with a corresponding
charge to other items to reflect the obligation of excess royalty
payment received in connection with the Autoimmune Portfolio prior
to the Trust's acquisition of the asset, as described under the
Financial Review: Results of Operations section of the MD&A.
Royalty income for the three months and year ended December 31,
2021 of US$190 and US$384, respectively, was used to reduce this
obligation.
|
2 For the
three months and year ended December 31, 2021, non-cash interest
income on loan receivable represents the amortization of commitment
fee of US$25 and US$35, respectively, and exit fee of US$51 and
US$71 respectively, earned from the loan receivable.
|
Adjusted Cash Earnings per Unit
We believe that Adjusted Cash Earnings per Unit provides
meaningful information about our performance as it provides a
measure of the cash generated by our assets on a per unit
basis.
(thousands
of U.S. dollars, except per unit amounts)
|
Three months
ended
December 31, 2021
|
Year ended
December 31, 2021
|
Net earnings and
other comprehensive earnings
|
3,362
|
21,563
|
[+] Amortization or
royalty assets
|
12,914
|
41,837
|
[+] Unit-based
compensation
|
448
|
473
|
[+] Net gain on
interest rate derivatives
|
(2)
|
(2)
|
[-] Net loss (gain)
on foreign exchange derivatives
|
58
|
(77)
|
[+] Other
items1
|
-
|
718
|
[-] Non-cash royalty
income1
|
(190)
|
(384)
|
[-] Non-cash interest
income on loan receivable2
|
(76)
|
(106)
|
Adjusted Cash
Earnings
|
16,514
|
64,022
|
Adjusted Cash
Earnings per Basic Unit3
|
0.41
|
1.85
|
Adjusted Cash
Earnings per Fully Diluted Unit3
|
0.41
|
1.85
|
______________________________
|
1 During
the third quarter, the Trust recorded other current liabilities of
US$718 with a corresponding charge to other items to reflect the
obligation of excess royalty payment received in connection with
the Autoimmune Portfolio prior to the Trust's acquisition of the
asset, as described under the Financial Review: Results of
Operations section of the MD&A. Royalty income for the three
months and year ended December 31, 2021 of US$190 and US$384,
respectively, was used to reduce this obligation.
|
2 For the
three months and year ended December 31, 2021, non-cash interest
income on loan receivable represents the amortization of commitment
fee of US$25 and US$35, respectively, and exit fee of US$51 and
US$71 respectively, earned from the loan receivable.
|
3 The
weighted average number of basic units for the three months and
year ended December 31, 2021 were 39,802,522 units and 34,646,277
units, respectively. The weighted average number of fully diluted
units for the three months and year ended December 31, 2021 were
39,810,526 units and 34,654,282 units, respectively.
|
About DRI Healthcare Trust
DRI Healthcare Trust provides unitholders with differentiated
exposure to the anticipated growth in the global pharmaceuticals
and biotechnology markets. Our business model is focused on
managing and growing a diversified portfolio of pharmaceutical
royalties with the aim to deliver attractive growth in cash royalty
receipts over the long term. DRI Healthcare Trust is an
unincorporated open-ended trust governed by the laws of the
Province of Ontario, externally
managed by its manager, DRI Capital Inc. DRI Healthcare Trust's
units are listed and trade on the Toronto Stock Exchange in
Canadian dollars under the symbol "DHT.UN" and in U.S. dollars
under the symbol "DHT.U".
Caution concerning forward-looking statements
This news release may contain forward-looking information within
the meaning of applicable securities legislation. Forward-looking
information generally can be identified by the use of
forward-looking words such as "expect", "continue", "anticipate",
"intend", "aim", "plan", "believe", "budget", "estimate",
"forecast", "foresee", "close to", "target" or negative versions
thereof and similar expressions. Some of the specific
forward-looking information in this news release may include, among
other things, statements regarding our belief that pharmaceutical
royalties will continue to play an important role in funding
critical innovation, and that the Trust will continue to be the
partner of choice to those innovators our development and
acquisition opportunities. Forward-looking information is based on
a number of assumptions and is subject to a number of risks and
uncertainties, many of which are beyond the Trust's control that
could cause actual results to differ materially from those that are
disclosed in or implied by such forward-looking information. These
risks and uncertainties include, but are not limited to, those that
are disclosed in the Trust's most recent annual information form.
Certain assumptions underlying the forward-looking information in
this news release include: the Trust's assumptions regarding demand
and growth in pharmaceutical sales, R&D and opportunities for
royalty investing; the competitive environment in which the Trust
operates; the performance of the Trust's manager; the Trust's
ability to implement its growth strategies; the Trust's ability to
obtain financing and maintain its existing financing on acceptable
terms; the Trust's ability to maintain good business relationships
with marketers and other industry partners; timely receipt of cash
royalty receipts; expectations regarding the duration of royalties;
the Trust's ability to keep pace with changing consumer
preferences; the absence of material adverse changes in the Trust's
industry or the global economy; currency exchange and interest
rates; the impact of competition; the changes and trends in the
Trust's industry or the global economy; and stability in laws,
rules, regulations and global standards in the pharmaceutical
industry. All forward-looking information in this news release
speaks as of the date of this news release. The Trust does not
undertake to update any such forward-looking information whether as
a result of new information, future events or otherwise except as
required by law. Additional information about these assumptions and
risks and uncertainties is contained in the Trust's filings with
securities regulators, including its latest annual information form
and Management's Discussion and Analysis. These filings are also
available at the Trust's website at dricapital.com.
SOURCE DRI Healthcare Trust