DRI Healthcare Trust Declares Unit Distribution and Provides Update on Normal Course Issuer Bid

TORONTO, Dec. 21, 2022 /CNW/ - DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) ("DRI" or "the Trust") today announced that, in accordance with the requirement for the Trust to distribute all of its taxable income for the year, the Board of Trustees has declared a special unit distribution of US$0.1655 per unit, which will be made payable to unitholders of record at the close of business on December 31, 2022 and paid to such unitholders on January 20, 2023.

Immediately after the issuance of such units in satisfaction of the special unit distribution, the number of outstanding units of the Trust will be consolidated such that the total number of units outstanding will not change, and each unitholder will hold the same number of units following such distribution as were held immediately prior. Each unitholder of record on December 31, 2022 will be entitled to add the amount of the special unit distribution to their adjusted cost base of units of the Trust. This unit distribution is in addition to the quarterly cash distribution of $0.075 per unit to unitholders of record on December 31, 2022, that was previously declared and announced on November 7, 2022.

The Trust also provided an update on its normal course issuer bid ("NCIB"). Between November 7, 2022, the date the NCIB was announced, and December 21, 2022, the Trust acquired a total of 910,460 trust units for an aggregate purchase price of US$4.8 million.

The Trust has determined that quarterly distributions and the opportunistic use of the NCIB, which totalled US$18.8 million combined in 2022, has been an effective and efficient method to return cash to its unitholders over that period while balancing the capital needs of the Trust to fund its growth plan.  

About DRI Healthcare Trust

DRI Healthcare Trust is managed by DRI Capital Inc. ("DRI Capital"), a pioneer in global pharmaceutical royalty monetization with a more than 30-year history of accelerating innovation by providing capital to inventors, academic institutions and biopharma companies.­­ Since its founding in 1989, DRI Capital has deployed more than US$2.5 billion, acquiring more than 60 royalties on 40-plus drugs, including Eylea, Spinraza, Zytiga, Remicade, Keytruda and Stelara. 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". To learn more, visit drihealthcare.com or follow us on LinkedIn.

SOURCE DRI Healthcare Trust

Dave Levine, Director, Investor Relations, Tel: [phone], [email protected]