DRI Healthcare Trust announces preferred securities refinancing

On March 2, 2026, DRI Healthcare Trust (the "Trust") announced that it has entered into subscription agreements with EdgePoint Wealth Management Inc., and Alberta Investment Management Corporation (AIMCo), the holders of its outstanding 7.50% Series C preferred securities (the "preferred securities"), pursuant to which the Trust has agreed to issue C$108,723,000 aggregate principal amount of convertible unsecured subordinated debentures (the "debentures") to the holders. The purchase price for the debentures will be exclusively satisfied by the holders exchanging their existing preferred securities with a currency adjusted principal amount equal to the principal amount of debentures being subscribed for. No cash consideration will be paid by the holders of the preferred securities.

Scotia Capital Inc. is acting as exclusive placement agent of the debentures for the Trust. The debentures will be convertible at the option of the holder into units of the Trust at a conversion price of C$21.99 per unit, representing a premium of 30% to the reference market price of the units. The debentures will be issued on a private placement basis, will bear interest at a rate of 5.75% per annum payable semi-annually in arrears, and will mature on February 28, 2031.

Closing of the transaction is expected to occur on or about March 19, 2026, and is subject to approval of the TSX and other customary closing conditions. Upon closing of the transaction, an aggregate principal amount of US$35,580,000 of the preferred securities will remain issued and outstanding.

The refinancing extends the maturity profile of the Trust’s existing debt and lowers its interest costs, enhancing financial flexibility to support the execution of its growth strategy.

Further information can be found on Canada Newswire’s website.

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. The Trust provides unitholders with differentiated exposure to the anticipated growth in the global pharmaceuticals and biotechnology markets.