– Robust royalty transaction activity
showcases ability to execute on attractive deals –
– Continued strong performance of existing
assets and financial results –
TORONTO, May 11, 2023
/CNW/ - DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) ("DRI" or
"the Trust") today announced its financial results for the quarter
ended March 31, 2023. The Trust's first quarter 2023 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.
"The Trust continued its strong execution in the first quarter.
The recent additions to our portfolio are beginning to contribute
cash flow and we continue to see strong performance from our
assets." said Behzad Khosrowshahi,
Chief Executive Officer of DRI Healthcare Trust. "Our robust
pipeline of attractive transaction opportunities positions us well
to execute on fundamentally accretive deals to provide value to our
unitholders."
First Quarter Highlights
- Deployed US$100.0 million in the
Tzield royalty transaction;
- Total Income of US$28.2
million;
- Total Cash Receipts of US$25.0
million1;
- Adjusted EBITDA of US$21.4
million1;
- Net Loss and Comprehensive Loss of US$1.1 million;
- Adjusted Cash Earnings per Unit (basic and diluted) of
US$0.491,2;
- Net Loss per Unit (basic and diluted) of US$0.032;
- Acquired a total of 319,453 trust units for an aggregate
purchase price of US$1.7 million
under the Trust's normal course issuer bid ("NCIB");
- Received gross proceeds of US$95.0
million through a private placement of preferred securities
and warrants; and
- Paid a quarterly cash distribution of US$0.075 per unit to unitholders on April 20, 2023.
Subsequent to Quarter End
- Sold Tzield royalty and milestone payment obligations for
US$210.0 million;
- Acquired an additional royalty stream on Empaveli/Syfovre for
US$3.7 million;
- Declared a quarterly cash distribution of US$0.075 per unit for the second quarter of 2023,
payable on July 20, 2023 to
unitholders of record as of June 30,
2023;
- Declared a special cash distribution totaling US$20.0 million in aggregate, or approximately
US$0.53 per unit, payable on
July 20, 2023 to unitholders of
record as of June 30,
20233; and
- Repaid US$146.3 million, the
entire amount outstanding under the Trust's revolving acquisition
credit facility.
1 Total Cash Receipts and
Adjusted EBITDA are non-GAAP financial 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 and diluted units for the three months ended
March 31, 2023 were 37,753,194 units and 37,821,801 units,
respectively.
|
3 On April 27, 2023, the
Trust declared a special cash distribution totalling US$20.0
million in aggregate to unitholders of record as of June 30, 2023.
This approximates US$0.53 per unit based on the number of units
issued and outstanding as of March 31, 2023. The actual
distribution per unit will be determined based on the number of
units issued and outstanding on the record date of June 30,
2023.
|
Financial Highlights
|
Three months
ended
|
(thousands of US
dollars, except per unit amounts)
|
March 31,
2023
|
March 31,
2022
|
Total
income
|
28,236
|
22,625
|
Management
fees
|
1,676
|
1,437
|
Amortization
expenses
|
19,168
|
12,775
|
Other
expenses
|
8,515
|
2,719
|
Net earnings (loss)
and other comprehensive earnings (loss)
|
(1,123)
|
5,694
|
Net earnings (loss)
per unit – basic
|
(0.03)
|
0.15
|
Net earnings (loss)
per unit – diluted
|
(0.03)
|
0.15
|
Total Cash
Receipts1
|
24,991
|
20,952
|
Adjusted
EBITDA1
|
21,434
|
17,811
|
Adjusted EBITDA
Margin1
|
86 %
|
85 %
|
Adjusted Cash Earnings
per Unit – basic1
|
0.49
|
0.49
|
Adjusted Cash Earnings
per Unit – diluted1
|
0.49
|
0.49
|
Weighted average
number of Units – basic
|
37,753,194
|
38,743,644
|
Weighted average
number of Units – diluted
|
37,821,801
|
38,743,769
|
Asset Performance
As at March 31, 2023, the Trust's portfolio included 23
royalty streams on 20 products that address a variety of
therapeutic areas, such as oncology, neurology, ophthalmology,
endocrinology, hematology, dermatology, lysosomal storage disorder,
autoimmune diseases and influenza. On March 31, 2023, the
royalty asset portfolio had a book value, net of accumulated
amortization, of US$599.6 million,
which generated Total Cash Royalty Receipts1 of
US$23.4 million and royalty income of
US$26.3 million during the three
months ended March 31, 2023. In
addition, the Trust held a loan receivable with a gross principal
outstanding balance of US$50.0
million as at March 31, 2023, which generated cash
interest receipts of US$1.6 million
and interest income of US$1.7 million
during the three months ended March 31,
2023.
1Total Cash Receipts and
Adjusted EBITDA are non-GAAP financial measures. Adjusted EBITDA
Margin and Adjusted Cash Earnings per Unit are non-GAAP ratios.
These measures and ratios 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.
|
Portfolio
(thousands of US
dollars)
|
|
Total Cash
Receipts1
|
|
|
|
Three months
ended
|
Product
|
Therapeutic
Area
|
Marketer(s)
|
March 31,
2023
|
March 31,
2022
|
Empaveli/Syfovre
|
Hematology/Ophthalmology
|
Apellis, Swedish Orphan
Biovitrum
|
187
|
—
|
Eylea I
|
Ophthalmology
|
Regeneron, Bayer,
Santen
|
1,374
|
1,418
|
Eylea II
|
Ophthalmology
|
Regeneron, Bayer,
Santen
|
1,124
|
1,528
|
FluMist
|
Influenza
|
AstraZeneca
|
1,445
|
2,218
|
Natpara
|
Endocrinology
|
Takeda
|
611
|
673
|
Omidria
|
Ophthalmology
|
Rayner
Surgical
|
3,250
|
—
|
Oracea
|
Dermatology
|
Galderma
|
2,021
|
1,749
|
Rydapt
|
Oncology
|
Novartis
|
2,803
|
2,963
|
Spinraza
|
Neurology
|
Biogen
|
4,106
|
4,278
|
Stelara, Simponi and
Ilaris2
|
Autoimmune
Diseases
|
Johnson & Johnson,
Merck, Novartis
|
451
|
1,810
|
Vonjo
|
Oncology
|
CTI
|
2,024
|
—
|
Xenpozyme3
|
Lysosomal Storage
Disorder
|
Sanofi
|
—
|
—
|
Xolair
|
Respiratory
|
Roche,
Novartis
|
2,538
|
2,641
|
Zejula
|
Oncology
|
GSK
|
742
|
—
|
Zytiga4
|
Oncology
|
Johnson &
Johnson
|
—
|
—
|
Other
Products5
|
Various
|
Various
|
682
|
424
|
Total Cash Royalty
Receipts1
|
|
23,358
|
19,702
|
|
|
|
|
|
Interest Receipts from
Loan Receivable
|
|
1,633
|
1,250
|
Total Cash
Receipts1
|
|
24,991
|
20,952
|
________________________
|
1Total Cash Receipts and Total
Cash Royalty Receipts are non-GAAP financial 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.
|
2Stelara, Simponi and Ilaris
were previously referred to as the Autoimmune Portfolio. The
royalty assets include two royalty streams on each product, for a
total of six royalty streams.
|
3The Trust completed a
transaction in respect of Xenpozyme during the fourth quarter of
2022. In accordance with the terms of the royalty agreements, cash
royalty receipts are collected on a two-quarter lag from the
respective half-year period.
|
4Cash royalties from Zytiga are
received on a semi-annual basis during the second and fourth
quarters of the year.
|
5Other Products includes royalty
income from certain other royalty assets as well as royalty assets
which are fully amortized and, where applicable, the entitlements
to which have generally expired.
|
Liquidity and Capital
On February 8, 2023, the Trust
closed a private placement (the "Private Placement") of
US$95.0 million principal amount of
Series A Preferred Securities and US$19.8
million principal amount of Series B Preferred Securities,
resulting in gross proceeds to the Trust of US$95.0 million (the "Preferred Securities"). The
Preferred Securities are unsecured, subordinated debt securities of
the Trust. The Trust used US$68.2
million from the Private Placement proceeds to make a
voluntary principal repayment to the Trust's credit facility. The
remaining proceeds were used to fund the Tzield transaction and for
general corporate purposes.
On March 31, 2023, the Trust had cash and cash equivalents
of US$10.5 million. The Trust's
credit facility had an outstanding principal balance of
US$227.6 million on March 31,
2023. Subsequently, on April 3, 2023,
the Trust drew an additional $3.7
million to fund the purchase of an additional royalty stream
on Empaveli/Syfovre, and on May 2,
2023, the Trust used proceeds from the Tzield sale to make
an additional principal repayment of US$146.3 million, representing the entire amount
outstanding under the revolving acquisition credit facility,
bringing the outstanding balance to US$85.0
million.
The Trust had 37,483,648 units issued and outstanding on
March 31, 2023.
Distributions
On March 1, 2023, the board of
trustees approved a quarterly cash distribution of US$0.075 per unit, which was paid to unitholders
on April 20, 2022. On April 27, 2023, in connection with the sale of
Tzield to an affiliate of Sanofi S.A. ("Sanofi"), the Trust
announced a special cash distribution of US$20.0 million payable on July 20, 2023 to unitholders of record as of
June 30, 2023. 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 second quarter of 2023,
payable on July 20, 2023, to
unitholders of record as of June 30,
2023.
Normal Course Issuer Bid
During the quarter, the Trust repurchased and cancelled 319,453
of its own units under its NCIB for an aggregate amount of
US$1.7 million at a weighted average
price of C$7.44 per unit (US$5.43). As previously announced, the Trust
received approval on November 10,
2022 from the Toronto Stock Exchange ("TSX") to acquire,
from time to time, if considered advisable, up to 2,493,280 Units
of the Trust for cancellation. Purchases will conclude on the
earlier of the date on which the Trust has purchased the maximum
number of trust units permitted under the NCIB and November 13, 2023.
In connection with the NCIB, the Trust established an automatic
purchase plan with its designated broker to allow for purchases of
units during the blackout period from March
31, 2023 to May 12, 2023.
Tzield Transactions
On March 8, 2023, the Trust bought royalties on the sales
of Tzield (teplizumab-mzwv) for US$100.0
million from MacroGenics, Inc. ("MacroGenics"). The
transaction was funded on March 14, 2023 and entitled the
Trust to a single digit royalty on worldwide net sales of Tzield.
Pursuant to the terms of the royalty agreement, the Trust was
entitled to receive quarterly royalty payments on a one-quarter lag
based on Tzield sales beginning January 1, 2023.
In accordance with the terms of the royalty agreement, upon the
occurrence of certain pre-specified events, the Trust was obligated
to pay MacroGenics a milestone payment of up to US$50.0 million and a second milestone payment of
US$50.0 million if Tzield sales
exceeded certain thresholds.
On April 27, 2023, the Trust sold
its royalty interest and milestone payment obligations in the
worldwide sales of Tzield to a subsidiary of Sanofi for
US$210.0 million. On
April 27, 2023, the board of trustees
declared a US$20.0 million additional
special cash distribution to unitholders of record as of
June 30, 2023 using the proceeds from
this transaction. A further portion of the proceeds was used to pay
down the entire amount outstanding under the Trust's revolving
acquisition credit facility, leaving significant cash and credit
available to invest in its pipeline of innovative
opportunities.
Loan Receivable from CTI
On May 10, 2023, CTI BioPharma
Corp. ("CTI") announced that it entered into an agreement with
Swedish Orphan Biovitrum AB ("SOBI") to acquire all the outstanding
common shares of CTI. The acquisition is subject to certain
conditions, including the tender of a majority of the CTI common
shares and other regulatory conditions. If such conditions are met,
the transaction is expected to close in the third quarter of 2023.
Upon closing, CTI and SOBI have agreed that the secured loan made
by a subsidiary of the Trust, as lender, will be repaid in full,
subject to the terms of the credit agreement. The Trust is
monitoring this development for any additional impacts on its
business.
First Quarter 2023 Conference Call & Webcast
As previously announced, management will hold a conference call
on Friday, May 12, 2023, at
8:00 a.m. (ET) to review the Trust's
2023 first quarter results. You can join the call by dialing
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://app.webinar.net/dYlZQRq154e. 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 non-GAAP financial measures and non-GAAP
ratios for the three months ended March 31,
2023 and 2022 to the most directly comparable measures
calculated in accordance with IFRS are presented below.
Total Cash Royalty Receipts and Total Cash Receipts
Total Cash Royalty Receipts refers to all cash royalty receipts
from the Trust's entire portfolio of royalty assets and Total Cash
Receipts refers to Total Cash Royalty Receipts plus cash receipts
for interest and principal payments collected from its loan
receivable. Because of the lag between when the Trust records
royalty income and when it receives the corresponding cash payments
on its royalties, management believes Total Cash Receipts and Total
Cash Royalty Receipts are useful measures when evaluating the
Trust's operations, as they represent actual cash generated in
respect of all royalty assets held during a period. Total income
represents royalty income, interest income on loan receivable and
other interest income.
|
Three months
ended
|
(thousands of US
dollars)
|
March 31,
2023
|
March 31,
2022
|
Total
income
|
28,2369
|
22,625
|
[-] Other interest
income
|
(237)
|
—
|
[+] Royalties
receivable, beginning of period
|
27,748
|
30,148
|
[-] Royalties
receivable, end of period
|
(30,774)
|
(31,590)
|
[+] Acquired royalties
receivable1
|
96
|
—
|
[-] Non-cash royalty
income2
|
(4)
|
(157)
|
[-] Non-cash interest
income on loan receivable3
|
(74)
|
(74)
|
Total Cash
Receipts
|
24,991
|
20,952
|
[-] Interest income on
loan receivable
|
(1,707)
|
(1,324)
|
[+] Non-cash interest
income on loan receivable3
|
74
|
74
|
Total Cash Royalty
Receipts
|
23,358
|
19,702
|
|
|
|
________________________
|
1Acquired royalties receivable
represent the Trust's royalty entitlements prior to the completion
of the royalty transactions they relate to, as described under the
Transactions Completed section of the MD&A.
|
2Non-cash royalty income is
related to excess royalty payments received in prior periods in
which the Trust has an obligation to the royalty payers. Royalty
income for the three months ended March 31, 2022 of US$157 was used
to reduce the obligation for excess royalty payments received in
connection with Ilaris. There is no remaining obligation as at
March 31, 2023 (December 31, 2022 – nil) related to
Ilaris. In the second quarter of 2022, the Trust recorded other
current liabilities and a corresponding deduction to royalty income
of US$155 to reflect an additional obligation for excess royalty
payments received related to other royalty assets. Royalty income
of US$4 (2022 – nil) was used to reduce the obligation during the
three months ended March 31, 2023. Royalty income earned in future
periods related to other royalty assets will be used to repay the
remaining obligation of US$136.
|
3For the three months ended
March 31, 2023, non-cash interest income on loan receivable
represents the amortization of commitment fee of US$25 (2022 –
US$25) and the accretion of exit fee receivable of US$49 (2022 –
US$49).
|
Adjusted EBITDA and Adjusted EBITDA Margin
Management believes Adjusted EBITDA provides meaningful
information about the Trust's operating cash flows as it eliminates
the effects of accruals and non-cash expenses recorded on the
statement of net earnings and comprehensive earnings. The Trust
refers to EBITDA when reconciling its net earnings and other
comprehensive earnings to Adjusted EBITDA but does not use EBITDA
as a measure of its performance. Management believes that Adjusted
EBITDA Margin is a useful supplemental measure to demonstrate the
operating efficiency of the Trust's business on a cash basis. The
reconciliation for the comparative period has been adjusted to
conform with the current period's composition.
|
Three months
ended
|
(thousands of US
dollars)
|
March 31,
2023
|
March 31,
2022
|
Net earnings (loss)
and other comprehensive earnings (loss)
|
(1,123)
|
5,694
|
[+] Amortization or
royalty assets
|
19,168
|
12,775
|
[+] Amortization of
other current assets1
|
143
|
—
|
[-] Other interest
income
|
(237)
|
—
|
[+] Interest
expense
|
6,166
|
418
|
EBITDA
|
24,117
|
18,887
|
[+] Royalties
receivable, beginning of period
|
27,748
|
30,148
|
[-] Royalties
receivable, end of period
|
(30,774)
|
(31,590)
|
[+] Acquired royalties
receivable2
|
96
|
—
|
[+] Unit-based
compensation3
|
243
|
527
|
[+] Board of trustees
unit-based compensation4
|
82
|
70
|
[-] Non-cash royalty
income5
|
(4)
|
(157)
|
[-] Non-cash interest
income on loan receivable6
|
(74)
|
(74)
|
Adjusted
EBITDA
|
21,434
|
17,811
|
[÷] Total Cash
Receipts
|
24,991
|
20,952
|
Adjusted EBITDA
Margin
|
86 %
|
85 %
|
________________________
|
1In connection with the Empaveli
transaction completed in 2022, the Trust acquired other current
assets, as described under the Empaveli Transaction section of the
MD&A. The related amortization expense is recorded in other
operating expenses.
|
2 Acquired royalties
receivable represent the Trust's royalty entitlements prior to the
completion of the royalty transactions they relate to, as described
under the Transactions Completed section of the
MD&A.
|
3For the three months ended
March 31, 2023, the unit-based compensation expense was US$288
(2022 – US$527) which includes US$45 (2022 – nil) of withholding
taxes paid in cash.
|
4During 2022, certain members of
the board of trustees elected to be compensated fully or partially
in deferred units ("DUs") under the Trust's Omnibus Equity
Incentive Plan.
|
5Non-cash royalty income is
related to excess royalty payments received in prior periods in
which the Trust has an obligation to the royalty payers. Royalty
income for the three months ended March 31, 2022 of US$157 was used
to reduce the obligation for excess royalty payments received in
connection with Ilaris. There is no remaining obligation as at
March 31, 2023 (December 31, 2022 – nil) related to
Ilaris. In the second quarter of 2022, the Trust recorded other
current liabilities and a corresponding deduction to royalty income
of US$155 to reflect an additional obligation for excess royalty
payments received related to other royalty assets. Royalty income
of US$4 (2022 – nil) was used to reduce the obligation during the
three months ended March 31, 2023. Royalty income earned in future
periods related to other royalty assets will be used to repay the
remaining obligation of US$136.
|
6For the three months ended
March 31, 2023, non-cash interest income on loan receivable
represents the amortization of commitment fee of US$25 (2022 –
US$25) and the accretion of exit fee receivable of US$49 (2022 –
US$49).
|
Adjusted Cash Earnings per Unit
Management believes that Adjusted Cash Earnings per Unit
provides meaningful information about the Trust's performance as it
provides a measure of the cash generated by the Trust's assets on a
per unit basis.
|
Three months
ended
|
(thousands of US
dollars, except per unit amounts)
|
March 31,
2023
|
March 31,
2023
|
Net earnings (loss)
and other comprehensive earnings (loss)
|
(1,123)
|
5,694
|
[+] Amortization or
royalty assets
|
19,168
|
12,775
|
[+] Amortization of
other current assets1
|
143
|
—
|
[+] Unit-based
compensation2
|
243
|
527
|
[+] Board of trustees
unit-based compensation3
|
82
|
70
|
[-] Non-cash royalty
income4
|
(4)
|
(157)
|
[-] Non-cash interest
income on loan receivable5
|
(74)
|
(74)
|
Adjusted Cash
Earnings
|
18,435
|
18,835
|
Adjusted Cash
Earnings per basic Unit
|
0.49
|
0.49
|
Adjusted Cash
Earnings per diluted Unit
|
0.49
|
0.49
|
Weighted average
number of Units – basic
|
37,753,194
|
38,743,644
|
Weighted average
number of Units – diluted
|
37,821,801
|
38,743,769
|
________________________
|
1In connection with the Empaveli
Transaction completed in 2022, the Trust acquired other current
assets, as described under the Empaveli Transaction section of the
MD&A. The related amortization expense is recorded in other
operating expenses.
|
2For the three months ended
March 31, 2023, the unit-based compensation expense was US$288
(2022 – US$527) which includes US$45 (2022 – nil) of withholding
taxes paid in cash.
|
3During 2022, certain members of
the board of trustees elected to be compensated fully or partially
in DUs under the Trust's Omnibus Equity Incentive
Plan.
|
4Non-cash royalty income is
related to excess royalty payments received in prior periods in
which the Trust has an obligation to the royalty payers. Royalty
income for the three months ended March 31, 2022 of US$157 was used
to reduce the obligation for excess royalty payments received in
connection with Ilaris. There is no remaining obligation as at
March 31, 2023 (December 31, 2022 – nil) related to
Ilaris. In the second quarter of 2022, the Trust recorded other
current liabilities and a corresponding deduction to royalty income
of US$155 to reflect an additional obligation for excess royalty
payments received related to other royalty assets. Royalty income
of US$4 (2022 – nil) was used to reduce the obligation during the
three months ended March 31, 2023. Royalty income earned in future
periods related to other royalty assets will be used to repay the
remaining obligation of US$136.
|
5For the three months ended
March 31, 2023, non-cash interest income on loan receivable
represents the amortization of commitment fee of US$25 (2022 –
US$25) and the accretion of exit fee receivable of US$49 (2022 –
US$49).
|
About DRI Healthcare Trust
DRI Healthcare Trust is managed by DRI Capital Inc. ("DRI
Capital"), the 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 70 royalties on 40-plus drugs,
including Eylea, Spinraza, Zytiga, Remicade, Keytruda and Stelara.
DRI Healthcare Trust's units are listed and traded on the Toronto
Stock Exchange in Canadian dollars under the symbol "DHT.UN" and in
US dollars under the symbol "DHT.U". To learn more, visit
drihealthcare.com or follow us on LinkedIn.
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 the Trust's ability to execute
on its strategy and the value to be provided to unitholders.
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. No assurance can be
given that these are all the factors that could cause actual
results to vary materially from the forward-looking statements in
this press release. You should not put undue reliance on
forward-looking statements. No assurances can be given that any of
the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do occur, the actual results,
performance or achievements of the Trust could differ materially
from the results expressed in, or implied by, any forward-looking
statements. 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
drihealthcare.com.
SOURCE DRI Healthcare Trust