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