Dri Healthcare Trust T.DHT.UN

Buyback excerpts from Q1 earnings call.

[SONOFFERGUS]

Massive volume today.  CIBC (CIBC AM big holder and booster --- they know wassup) was lifting offers in size.

99.9% that the buyback is fired up Tuesday open and is gonna run a long time.  Dunno how the green light could be brighter.

From AI, here are all the statements regarding NCIB (Normal Course Issuer Bid) or buyback from the transcript:

1. Gary Collins — Chairman, Chief Executive Officer, DRI Healthcare Trust:
   "Along with internalization, we are reactivating our normal course issuer bid. Beginning next week, we will have the ability to purchase approximately 3.15 million units in aggregate. We believe that our units are trading at a discount to intrinsic value and that unitholders will immediately realize the accretive benefits of buybacks. Importantly, any capital allocation to the NCIB will not have a material impact on our acquisition ability."

2. Amit Kapur — Chief Financial Officer, DRI Healthcare Trust:
   "The Toronto Stock Exchange has accepted the notice of our intention to implement a normal course issuer bid. We will retain discretion whether to make purchases under the NCIB, if any, and to determine the timing, amount, and acceptable price of any such purchases subject at all times to applicable TSX and other regulatory requirements. All units purchased by the Trust under the NCIB will be cancelled."

3. Ali Hedayat — Acting Chief Executive Officer, DRI Healthcare:
   "We’ve always looked at the buyback on a pretty formulaic basis in the sense that we look at the implied IRR of buying stock versus where we could deploy that capital otherwise. It’s not an either/or thing. Given the liquidity of the stock, we have more than enough capital to pursue our deals and to buy back stock, and we factored that into the deployment numbers I talked about a few minutes ago. If the stock remains at very attractive levels on an IRR basis, we’ll buy back more, and if it’s—rises a lot and is less attractive on an IRR basis, maybe we’ll rethink that, but really, the slide rule that we’re using through—thinking through that is really what is the IRR of a dollar deployed to the buyback? As I said, at this point in time, it’s not a—it’s not really something that is reducing our capacity to do transactions."

4. Michael Freeman — Analyst, Raymond James:
   "Interestingly, we have the benefit of seeing how two different manager internalization deals were priced and structured with Royalty Pharma’s announced, or I guess approved yesterday. I wonder if you could help us in comparing the—I guess the aspects of the internalization deals; perhaps take a crack at how you feel about valuation of your internalization versus theirs."
   Ali Hedayat — Acting Chief Executive Officer, DRI Healthcare:
   "The second factor there is our consideration is not diluted in the sense that it’s all cash whereas the Royalty Pharma one obviously included a stock component, which they are, I believe, offsetting in large part through a buyback, or potentially more than large part through a buyback, but nonetheless, ours is a straight cash deal."

5. Scott Fletcher — Analyst, CIBC Capital Markets:
   "Sort of following up on Navin’s comments about expecting sort of a—maybe a pause in deal activity, maybe that’s not fair, but slower deal activity given the macro backdrop, is that an opportunity to maybe frontload some of the buyback activity just as—should we be looking for more activity on the buyback at the front end?"
   Ali Hedayat — Acting Chief Executive Officer, DRI Healthcare:
   "We’ve always looked at the buyback on a pretty formulaic basis in the sense that we look at the implied IRR of buying stock versus where we could deploy that capital otherwise. It’s not an either/or thing. Given the liquidity of the stock, we have more than enough capital to pursue our deals and to buy back stock, and we factored that into the deployment numbers I talked about a few minutes ago. If the stock remains at very attractive levels on an IRR basis, we’ll buy back more, and if it’s—rises a lot and is less attractive on an IRR basis, maybe we’ll rethink that, but really, the slide rule that we’re using through—thinking through that is really what is the IRR of a dollar deployed to the buyback? As I said, at this point in time, it’s not a—it’s not really something that is reducing our capacity to do transactions."