– Highest quarterly Adjusted EBITDA since IPO underscores continued execution of growth strategy –  – Omidria expansion transaction highlights strong execution capabilities – – Simplifying capital structure with preferred securities refinancing optimizes cost of capital – TORONTO, May 6, 2024 /CNW/ - DRI Healthcare Trust (TSX:DHT) (TSX:DHT) ( the "Trust") today announced its financial results for the quarter ended March 31, 2024. The Trust's first quarter 2024 financial statements and Management's Discussion & Analysis ("MD&A") have been filed on SEDAR+ (www.sedarplus.ca).  "The Trust started the year with a successful quarter as the growth assets we added to the portfolio over the last 18 months began to generate significant returns," said Behzad Khosrowshahi, the Trust's Chief Executive Officer. "Our second transaction with Omeros on Omidria shows how we take a partnership rather than purely transactional approach and are a preferred partner for repeat deals. This transaction helps continue building the foundation for further portfolio growth by increasing our exposure to an immediately cash flowing asset. Our recent preferred securities refinancing increased clarity in our capital structure and solved a substantial dilution overhang. We believe we are set for continued success with an improved cost of capital and a robust pipeline ahead of us." First Quarter Highlights Deployed US$115 million in the expansion of royalty entitlement on US net sales of Omidria; Total Income of US$42.1 million; Normalized Total Cash Receipts of US$63.5 million1; Adjusted EBITDA of US$55.1 million1; Comprehensive Loss of US$5.0 million; Adjusted Cash Earnings per Unit of US$0.47 (basic and diluted)1,2; Net Loss per Unit of US$0.11 (basic and diluted)2; Paid a quarterly cash distribution of US$0.085 per unit on April 19, 2024. Subsequent to Quarter End Declared a quarterly cash distribution of US$0.085 per unit for the second quarter of 2024, payable on July 19, 2024 to unitholders of record on June 30, 2024. Completed preferred securities and warrants refinancing on April 23, 2024. ______________________________ 1  Normalized 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 units for the purposes of calculating Earnings per Unit for the three months ended March 31, 2024 were 56,358,240 for both basic and diluted. Financial Highlights Three months ended (thousands of US dollars, except per unit amounts) March 31, 2024 March 31,2023 Total income 42,067 28,236 Management fees 4,164 1,676 Performance fees 231 — Amortization of royalty assets 25,089 19,168 Impairment of royalty assets 4,451 — Other expenses 14,329 8,515 Net earnings (loss) (6,197) (1,123) Net unrealized gain (loss) on derivative instruments 1,197 — Comprehensive earnings (loss) (5,000) (1,123) Net earnings (loss) per unit – basic (0.11) (0.03) Net earnings (loss) per unit – diluted (0.11) (0.03) Normalized Total Cash Receipts3 63,517 24,991 Adjusted EBITDA1 55,110 21,434 Adjusted EBITDA Margin1 87 % 86 % Adjusted Cash Earnings per Unit – Basic1 0.47 0.49 Adjusted Cash Earnings per Unit – Diluted1 0.47 0.49 Weighted average number of Units – Basic 56,358,240 37,753,194 Weighted average number of Units – Diluted 56,358,240 37,821,801 Asset Performance  As at March 31, 2024, the Trust's portfolio included 25 royalty streams on 19 products that address a variety of therapeutic areas, such as oncology, neurology, ophthalmology, endocrinology, hematology, dermatology, lysosomal storage disorders, and immunology. On March 31, 2024, the royalty asset portfolio had a book value, net of accumulated amortization, of US$789.5 million, which during the three months ended March 31, 2024 generated Total Cash Royalty Receipts1 of US$63.5 million and royalty income of US$41.3 million. ________________________ 3 Normalized Total Cash Receipts, Total Cash Royalty 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) Cash Receipts Three months ended Product Therapeutic Area Marketer(s) March 31, 2024 March 31, 2023 Empaveli/Syfovre1 Hematology/Ophthalmology Apellis, Sobi 23 187 Eylea I Ophthalmology Regeneron, Bayer, Santen 1,407 1,374 Eylea II Ophthalmology Regeneron, Bayer, Santen 305 1,124 FluMist Influenza AstraZeneca — 1,445 Natpara Endocrinology Takeda 568 611 Omidria Ophthalmology Rayner Surgical 8,560 3,250 Oracea Dermatology Galderma 2,450 2,021 Orserdu I2 Oncology Menarini 8,020 — Orserdu II2 Oncology Menarini 23,538 — Rydapt Oncology Novartis 2,223 2,803 Spinraza Neurology Biogen 3,843 4,106 Stelara, Simponi and Ilaris3 Immunology Johnson & Johnson, Merck, Mitsubishi Tanabe, Novartis 244 451 Vonjo I Hematology Sobi 2,902