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NOT FOR DISTRIBUTION IN THE UNITED STATES . FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW . FOR IMMEDIATE RELEASE TSX - AD.UN ✓ ALARIS EQUITY PARTNERS INCOME TRUST Alaris Equity Partners Income Trust Releases Q3 2021 Financial Results Calgary , Alberta , November 9 , 2021 - Alaris Equity Partners Income Trust ( together , as applicable , with its subsidiaries , " Alaris " or the " Trust " ) is pleased to announce its results for the three and nine months ended September 30 , 2021. The results are prepared in accordance with International Accounting Standard 34. All amounts below are in Canadian dollars unless otherwise noted . Q3 2021 Highlights : • • • • • Generated revenue of $ 42.9 million in the quarter , the largest quarter of revenue in Alaris ' history and an increase of 44 % on a per unit basis compared to Q3 2020. Revenue of $ 110.0 million in the nine months ended September 30 , 2021 represents a per unit increase of 17 % compared to the $ 77.6 million in 2020 ; Normalized EBITDA of $ 33.3 million in the quarter ( Q3 2020 - $ 20.1 million ) and in the nine months ended September 30 , 2021 Normalized EBITDA totalled $ 94.3 million ( 2020 - $ 58.5 million ) . These increases on a per unit basis of approximately 32 % are primarily the result of incremental revenue from capital deployment in excess of $ 400 million in the last twelve months ; During the quarter , Alaris received an additional US $ 3.4 million of Distributions from Kimco Holdings , LLC ( " Kimco ” ) related to unaccrued deferred Distributions from prior years . Kimco continues to evaluate the possibility of a full or partial redemption of Alaris ' investment . Nothing is imminent , nor can any redemption be assured ; however , the redemption value is estimated to be between US $ 60.0 million and US $ 70.0 million , inclusive of unaccrued and unpaid Distributions from prior periods of US $ 13.6 million ; Net cash from operating activities during the quarter was $ 0.66 per unit , which was an increase of more than 100 % compared to Q3 2020 , which includes $ 0.10 per unit related to additional collections from Kimco in the quarter . This resulted in $ 0.33 of net cash per unit in excess cash generated in the quarter after paying $ 0.33 in Trust distributions to unitholders ; Subsequent to September 30 , 2021 , Federal Resources Supply Company ( " FED ” ) redeemed all of Alaris ' FED preferred units and repaid the outstanding loan for total proceeds to Alaris of US $ 80.9 million . Alaris ' total return on the FED investment was US $ 75.7 million or 113 % which represents an unlevered IRR of over 19 % during the six - year partnership . The total proceeds of US $ 80.9 million included a US $ 13.9 million premium in excess of the total invested capital of US $ 67.0 million ; The weighted average combined Earnings Coverage Ratio ( " ECR " ) remains above 1.7x on a trailing twelve month basis ; Based on the financial results of Alaris ' Partners so far in 2021 , Alaris currently expects an overall positive reset on Distributions for 2022 of approximately 2.0 % which would result in additional revenue of $ 2.6 million , or $ 0.06 per unit ; and Alaris reduced its outstanding debt to $ 257 million subsequent to quarter end using the proceeds from the FED redemption , additional cash received from Kimco in the quarter ( US $ 3.4 million ) and excess cash flow generated in the quarter of US $ 10.0 million as a result of Alaris ' Actual Payout Ratio of 47 % .