Latest news with #BSR
Business Recorder
6 days ago
- Health
- Business Recorder
CM Maryam launches ‘Insulin Card' for children with diabetes
LAHORE: Chief Minister Punjab Maryam Nawaz Sharif has launched a unique program titled 'CM Insulin for Diabetes' for young children suffering from Type-I congenital diabetes. The CM along with Pakistan Post riders reached the residences of young children to hand over insulin cards. She went to the house of Wasay Adnan, resident of Sabzazar Q-Block and handed over an insulin card. She also went to Jamil Town and gave 'CM Insulin Card' to Zainab Waheed and Zain Shahzad. The Chief Minister also handed over insulin, glucometer BSR strips and a box of needles to Wasay, Zainab and Zain. She hugged young Wasay Adnan's grandmother and also greeted other family members. She showed affection to young patient Wasay Adnan. The youngest of the three siblings Wasay is suffering from diabetes by birth. She also promised to send five-year-old Wasay Adnan a car. She also conversed with Zainab Waheed and expressed her affection to her. The Chief Minister also directed to ensure Zain Shahzad's eye check-up and treatment. On the arrival of Chief Minister Maryam Nawaz Sharif, a huge crowd gathered on the rooftops and streets. On her arrival, little girls showered flower petals on her and warmly welcomed her. She also took selfies with the girls at their request. Elderly women prayed for the well-being and success of Chief Minister Maryam Nawaz Sharif. She while talking to the family members said that she feels more concerned and worried about their children's health. The CM added, 'I can understand the pain and anxiety of children suffering from diabetes. Free insulin program for young children has been launched on the genuine demand of poor parents and dire need of children. Under the 'Sehatmand Punjab' vision, the government will reach out to every child who cannot afford to buy medicine or insulin.' She highlighted, 'Children's health is of foremost importance for the Punjab government. For the first time, children are being provided with glucometers and test strips along with insulin. Children are the bright future of the nation and all resources are being placed at their disposal. The rapid spread of diabetes among children is a matter of grave concern.' The Chief Minister was informed in a briefing about the insulin card program in which during the first phase, 1500 children will be provided insulin at their doorsteps under free insulin program. Riders of Pakistan Post will verify the insulin card by scanning on a special app. After undergoing scanning process of CM insulin card, insulin will be handed over to the patients. It was further apprised in the briefing that under the Cold Chain System of Pakistan Post, riders of Pakistan Post will go door to door and provide insulin required for three months to the children suffering from type-I diabetes. They will have to go to the hospital for quarterly check-ups. Children suffering from type-I diabetes can register at the NCD Clinic, Maryam Nawaz Health Clinic or on the Healthline app 1033. Quarterly follow-up check-ups at the district or sub-district headquarters have been made mandatory for children suffering from type-I diabetes. Copyright Business Recorder, 2025
Medscape
21-05-2025
- Health
- Medscape
Rheumatology Guideline Updates Take New Life Course Approach
MANCHESTER, England — The latest guidelines on systemic sclerosis (SSc), axial spondyloarthritis (axSpA), and systemic lupus erythematosus (SLE) from the British Society for Rheumatology (BSR) have been updated and, where appropriate, now consider the full life course of these rheumatologic diseases, experts said at BSR 2025 Annual Meeting. BSR Clinical Guidelines Program Manager Lindsay Turner told Medscape Medical News that the approach was 'really valuable because often it's hard to get evidence in a pediatric population. The updates now mean that recommendations relevant to that population are included.' BSR guidelines are generally updated every 5 years, unless evidence becomes available that warrants a 'mini update,' Turner said. But that time schedule can get stretched out over longer periods, as occurred with the SSc guideline update, as Christopher Denton, MBChB, PhD, professor of experimental rheumatology at UCL Medical School in London, England, told Medscape Medical News . 'Obviously, COVID got in the way for 2 years,' he said. 'And of course, the process itself takes at least 2 years. So I think inevitably that even if you start to do the update, it's going to be about 7-8 years.' SSc Guideline Highlights Denton, who is also head of the Centre for Rheumatology at the Royal Free Hospital, London, England, presented highlights only of the updated SSc guideline at the conference because these have already been published. Christopher Denton, MBChB, PhD One of the key recommendations he highlighted is to use nailfold capillaroscopy during the diagnosis of SSc, as this is as important as antinuclear antibody testing, taking the history, and a physical examination. Moreover, all patients diagnosed with SSc should have a baseline assessment done regardless of what treatment plan is being considered and that should include bloodwork, ECGs, echocardiograms, pulmonary function tests, and a high-resolution CT (HRCT). Discussing the HRCT recommendation, Denton said: 'I think it does reflect the importance of knowing as early as possible whether there is interstitial lung disease present and also to help you follow patients noninvasively over time.' Another 'cornerstone' of the updated guidance is being vigilant and looking out for potential complications, such as malignancy. As for treatment, 'the general recommendation, or preference, was that mycophenolate mofetil is the drug that seems to be the most effective for diffuse cutaneous disease and for interstitial lung disease and limited skin involvement,' Denton said. The guideline also tries to make it clear when autologous hematopoietic stem cell transplantation (AHSCT) may or may not be suitable based on current evidence and states that this approach must be delivered within an experienced specialized center. As such, the recommendation is that AHSCT may be considered an option for diffuse cutaneous SSc, where the benefit is felt to outweigh any risks. However, if there is severe internal organ disease, then this approach may not be appropriate and careful evaluation is required. Also, while AHSCT may be considered an option for children and young people who have severe or refractory disease, regardless of whether they have diffuse cutaneous or limited disease, it is not for adults who have later-stage diffuse cutaneous or limited disease because there is not enough evidence currently to support its use, Denton said. AxSpA Guideline Highlights As for the updated axSpA guideline on management using biologic and targeted synthetic disease-modifying antirheumatic drugs, Sizheng Steven Zhao, MBChB, PhD, clinical senior lecturer and honorary consultant in rheumatology at The University of Manchester, Manchester, England, said there were three key points. Sizheng Steven Zhao, MBChB, PhD First, be open to re-evaluating the diagnosis, Zhao said: 'Getting the diagnosis right can be challenging. Be humble. Be open with your patients about the uncertainty around diagnosis and be willing to revisit that. Re-look at the [MRI] images if treatment response doesn't make sense.' Second, 'start recording the ASDAS [Ankylosing Spondylitis Disease Activity Score],' Zhao said, in addition to recording disease activity using the Bath Ankylosing Spondylitis Disease Activity Index (BASDAI). Recording the BASDAI is a requirement of the National Institute for Health and Care Excellence, but using ASDAS is 'where the future is. That's where we're moving toward,' Zhao said. He indicated that this should not be too difficult to incorporate into routine practice given that rheumatologists are already using scores such as the DAS in 28 joints for rheumatoid arthritis. Third, do not rule out using certain drug classes. 'Although we're blessed with three classes of drug, we only still have three classes of drug for a condition that needs many decades of treatment. Don't reflexively rule out a mechanism of action,' Zhao said. Specifically, he mentioned not ruling out the use of interleukin 17 inhibitors in a patient who had uveitis or inflammatory bowel disease (IBD). Work with ophthalmologists and gastroenterologists on a case-by-case basis to see if that drug class could still be suitable, Zhao said. Three overarching principles have been added to the guidance, which consider the goals for treatment, shared care decision-making, and the need for a multidisciplinary approach. Zhao urged his audience to read these and the full guideline, which was published in April. There were 'a lot of nuances,' put into the writing of overarching principles and the 15 recommendations, he said. The recommendations have been grouped into three broad areas: General, which covers starting, monitoring, and switching treatments; extra-musculoskeletal manifestations (EMMs), which includes uveitis, psoriasis, and IBD; and treatment strategy, which encompasses the treat-to-target approach, tapering, and treatment withdrawal. The BSR guideline is unique in its discussion of EMMs, Zhao said. This is not done in the American or European guidelines to the same extent: 'We spent that much time thinking about this because, quite frankly, all the therapies have similar efficacy across musculoskeletal features. It is the EMMs that influence which one we choose.' Zhao emphasized that physical therapy was not to be ignored and that pharmacologic treatments were there to 'enable our patients to continue physical activity, not instead of physical therapy.' SLE Guideline Highlights The updated BSR guideline for the management and treatment of SLE is just a few weeks away from publication, said Md Yuzaiful Md Yusof, MBChB, PhD, consultant rheumatologist and senior research fellow at the University of Leeds and Leeds Teaching Hospitals NHS Trust, both in Leeds, England. Md Yuzaiful Md Yusof, MBChB, PhD The updated guideline covers a much broader scope than its previous iteration, as it now includes recommendations for the management of children and adolescents, as well as adults. Literature searches were done from inception rather than from where the last guideline left off, 'particularly for the pediatric field,' Md Yusof said. Detailed guidance on the management of lupus nephritis has been included, and other new features of the guideline were the inclusion of cutaneous lupus, nonpharmacologic care, and the delivery of care, Md Yusof said. Of course, he added, 'we can't do it all,' and areas not covered were neonatal lupus, contraception and reproductive health, treatment during pregnancy and breastfeeding, complications and comorbidities, and detailed management of thrombosis and antiphospholipid syndrome. However, other national guidelines should already cover these topics. The guideline included 102 recommendations. 'I know it sounds a bit alarming, but they're quite logical and self-explanatory,' Md Yusof said. Overall, 96 of these are shown in a single infographic which is intended to act as a 'cheat code,' he added. The recommendations concern diagnosis, assessment and monitoring, management, and the delivery of care. In terms of diagnosis, timing is key, Md Yusof said. When primary care physicians have a strong suspicion of SLE, they should be looking to refer to secondary or tertiary care within 3 weeks, he said. Treat-to-target is one of the key recommendations regarding assessment and monitoring. The primary treatment goal is to meet the 2021 Definition of Remission in SLE criteria, Md Yusof said. And if that is not possible, the target should be to reach the Lupus Low Disease Activity State. As for management, there is guidance on what rheumatologists could prescribe for cutaneous disease without consulting a dermatologist, such as non-facial topical glucocorticoids and non-facial topical calcineurin inhibitors. The of use of the British Isles Lupus Assessment Group (BILAG)-2004 index and SLE Disease Activity Index 2000 to guide management choices was recommended, with the addition of Easy-BILAG, Md Yusof said. 'We recommend all people with mild lupus to be on hydroxychloroquine at a dose of 5 mg/kg of actual body weight per day,' he said. Glucocorticoids could be used as bridging therapy to settle disease flare but not for routine long-term maintenance. For moderate to severe disease activity, methotrexate or immunosuppression with mycophenolate mofetil, azathioprine, cyclosporin, or tacrolimus is recommended to be started early if there is no organ- or life-threatening disease. Biologics and trials are then advocated for more moderate to severe disease, where there is no renal involvement or if glucocorticoids could not be withdrawn. Trials, belimumab, rituximab, or anifrolumab are recommended for more severe disease activity. Regarding lupus nephritis, all patients should be managed jointly between rheumatology and renal services. 'Timely biopsy is really key, and also identifying poor prognostic markers from the outset,' Md Yusof said. A key message regarding glucocorticoid use is to put an end date on the prescription and 'to make sure you have a tapering plan.' Detailed advice is provided in the guideline on how to taper appropriately. The recommendation on induction treatment for lupus nephritis is the most up-to-date available, with combination therapy recommended over single-agent mycophenolate mofetil. 'Whichever combination that you use for remission induction, you carry on for the maintenance,' Md Yusof added. He concluded that the British guidelines were 'definitely more directive and also more up-to-date' than other available guidelines. Turner reported having no relevant financial relationships. Denton reported receiving research and grant funding and consultancy and speaker fees from or acting as a clinical trial investigator and serving on a steering committee for more than 20 companies. Zhao reported receiving consultancy or speaker fees from AbbVie, Alfasigma, Novartis, and UCB. He also acknowledged receiving financial support for attending conferences from Alfasigma, Eli Lilly & Company, Novartis, and UCB. Md Yusof reported acting as an advisory board member, consultant, or speaker for Alumis, Aurinia, GlaxoSmithKline, Novartis, Roche, UCB, and Vifor.
Cision Canada
15-05-2025
- Business
- Cision Canada
BSR REIT ANNOUNCES puchase of two Houston COMMUNITIEs for $141 million
LITTLE ROCK, Ark. and TORONTO, May 15, 2025 /CNW/ - BSR Real Estate Investment Trust ("BSR" or the "REIT") (TSX: HOM.U) (TSX: announced today that it has purchased two recently constructed communities, Forayna Vintage Park and Botanic Luxury, each located in the Houston, Texas MSA for $141 million. "We have wasted no time finding two high-quality assets that complement our portfolio, enhance the REIT's growth profile, and allow us to accretively redeploy a portion of the proceeds from our recent sale of nine stabilized properties," stated Dan Oberste, BSR's Chief Executive Officer. "Forayna Vintage Park and Botanic Luxury are both well positioned to benefit from the BSR operating platform and drive growth for our unitholders. By adding these communities, we have quickly executed on a significant portion of the strategy we presented to the market in the first quarter of the year." Forayna Vintage Park Apartments ("Forayna"), constructed in 2023, comprises 350 apartment units, including one, two, and three-bedroom suites. Amenities include a saltwater pool with sun shelves, cabanas, grilling stations, movie theater, two-story fitness center, cyber lounge, golf simulator and pet spa. Located in the Vintage Park development of Northwest Houston, Forayna is located next to dining, shopping, entertainment, and outdoor recreational options, with quick and convenient access to the Grand Parkway. Botanic Luxury Apartments ("Botanic") is located in Spring, Texas and also completed construction in 2023. Botanic comprises 288 apartment units including one, two, and three-bedroom suites. Amenities include a salt-water pool with sun shelf, cabana porch, grilling stations, modern clubhouse, game areas, two-story fitness center, yoga room, cyber lounge, conference room, movie theater and pet spa. Botanic is well situated near several schools and employers, including Spring ISD, Lone Star College, ExxonMobil Headquarters, Hewlett Packard Enterprise, and Amazon, with quick access to Grand Parkway, and North Freeway/I-45. With the closing of Forayna Vintage Park and Botanic Luxury, BSR now owns 25 properties consisting of 6,802 apartment units. About BSR Real Estate Investment Trust BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary markets in the Sunbelt region of the United States. Forward-Looking Statements This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the REIT's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the intended monthly distributions of the REIT. The forward-looking statements in this news release are based on certain assumptions including, without limitation, that the REIT will have sufficient cash to pay its distributions. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the REIT's Q1 2025 Management's Discussion & Analysis dated May 7, 2025 which is available at There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Medscape
13-05-2025
- Health
- Medscape
Managing ANCA Vasculitis: Guideline ‘Transcends' Specialties
MANCHESTER, England — A soon-to-be-released guidance from the British Society for Rheumatology on the management of antineutrophil cytoplasmic antibody (ANCA)–associated vasculitis (AAV) emphasizes not only the need for more aggressive management but also the importance of cross-specialty services that can be accessed quickly throughout the United Kingdom. The revised recommendations are timely as they coincide with a National Health Service (NHS) England initiative that is looking at how to improve rheumatology services across the board generally through its Getting It Right First Time initiative. One of the first steps in this initiative for improving AAV services in particular has been to set up a national cohort of patients that can be tracked through the healthcare system to see what improvements are needed in order to optimize overall care and service outcomes. 'The management of vasculitis transcends specialty,' Neil Basu, MBChB, PhD, professor of musculoskeletal medicine and vasculitis at the University of Glasgow, Glasgow, Scotland, said in introducing the updated AAV guidelines, which he was a part of, at the British Society for Rheumatology (BSR) 2025 Annual Meeting. 'I think it's entirely appropriate, and great, that we have a nephrologist leading the way with our BSR guidelines.' Lorraine Harper, MBChB, PhD That nephrologist is Lorraine Harper, MBChB, PhD, a consultant and professor at the University of Birmingham, Birmingham, England, and chair of the multidisciplinary team of experts who have been involved in updating the guidance. Harper noted at the BSR session that it was high time that the recommendations for managing AAV in the United Kingdom were reprised: 'The 2014 guidelines really did significantly impact the way we managed patients with vasculitis, but there's a lot gone on since 2014, and it now doesn't reflect best practice.' Moreover, the previous guidance did not 'span the age range,' Harper said, a consideration that has now been included in the AAV guidance update, as well as many other BSR clinical guidelines that have been updated recently. In comments to Medscape Medical News , Chetan Mukhtyar, MD, PhD, a consultant rheumatologist for Norfolk and Norwich University Hospitals NHS Foundation Trust, Norwich, England, who was not involved with creating the guidelines, said 'there are some emerging data that have now demonstrated what we have always known in vasculitis, that it is not something that should be taken lightly; it has significant immediate mortality, and it has long-term implications on resources. We need to get it right, quickly and first time, and the recommendations will help us get there, but the resource implications will need to be recognized by the wider NHS.' Building on Existing Evidence Members of the British AAV guideline working group consulted recent recommendations from other organizations, including that from the American College of Rheumatology (ACR) published in 2021, the European Alliance of Associations for Rheumatology (EULAR) published last year, and the Kidney Disease: Improving Patient Outcomes (KDIGO) organization, also published in 2024. 'Although we used the BSR methodology, we did adapt a little bit, so we didn't do the literature search from 2014; where the area we're looking at was covered by EULAR, we used their literature search. So that we weren't just reinventing the wheel,' Harper said. To produce the guidance, 30 experts across the five specialties of rheumatology, nephrology, otolaryngology, respiratory medicine, and pediatrics formed five small working groups to look at specific topic areas. These were the treatment of granulomatosis with polyangiitis (GPA) and microscopic polyangiitis (MPA); the treatment of subglottic stenosis and ear, nose, and throat (ENT) disease associated with GPA; the treatment of eosinophilic granulomatosis with polyangiitis (EGPA); service specification; and patient education and support. Key Update Examples The revised recommendations, which are expected to be published in early June, include a change to how immunosuppression should be used in the initial treatment of GPA and MPA, with a more aggressive approach than previously. 'Back in 2014, we recommended [intravenous] pulsed cyclophosphamide or rituximab for organ- or life-threatening disease. We've amended that now to suggest that all patients with active ANCA vasculitis should be considered for intravenous pulsed cyclophosphamide or rituximab,' Harper said. In addition, treatment with rituximab should be preferred for patients with relapsing disease. This aligns with the 2024 EULAR guidance but differs from the 2021 ACR guidance, she said. The revised British guidance states that methotrexate and mycophenolate mofetil 'may be considered' as alternatives for induction therapy for patients with active disease but without any evidence of life- or organ-threatening disease, but that cyclophosphamide and rituximab are preferred. 'Plasma exchange remains a contentious issue, and should we use it?' Harper asked. In the PEXIVAS trial, there was no difference seen in the combined outcome endpoint of death and end stage kidney disease. However, post hoc data suggest there could be earlier and fuller recovery of renal function with plasma exchange. Based on available data, the British recommendation 'takes a pragmatic view' to think about using plasma exchange only in adult patients with active GPA or MPA and severe renal involvement if they have a serum creatinine level > 300 mmol/L (3.4 mg/dL). The use of adjunctive plasma exchange needs to be carefully balanced against the risk for potential adverse events, Harper cautioned. And while its use in pediatrics should be limited to a case-by-case basis, plasma exchange does appear to have beneficial role in managing pulmonary hemorrhage, so long as there is no severe kidney involvement. Reducing Glucocorticoid Dependency With avacopan (Tavneos) now available, the recommendations are to use it in active GPA or MPA as a potential glucocorticoid-sparing agent; this could be given with or without a short course of steroids, Harper explained, with tapering taking place over a 4-week period. For patients with organ- or life-threatening disease, the recommendation is to use oral steroids at a starting dose of 50-75 mg, or 1.0 mg/kg/d; dosing is dependent on weight, Harper said, with the maximum daily recommended dose at 75 mg. Oral prednisolone should be tapered in accordance with the schedule used in the PEXIVAS trial, with the aim to get the dose down to 5 mg prednisolone equivalent per day by 4-5 months. And if the disease is considered neither organ- nor life-threatening, lower steroid-tapering regimens can be considered, starting at a dose of 0.5 mg/kg/d, and tapering according to the schedule used in the LoVAS clinical trial. For maintenance therapy, Harper reported that the updated recommendation was to use rituximab in preference to other agents, using a fixed dosing regimen of 500-1000 mg every 4-6 months. Such treatment should be continued for at least 2-4 years. This was 'a big change' from the 2014 guidance, but again follows ACR, EULAR, and KDIGO guidance. 'Limited GPA' a Misnomer 'We want to get away from using the term 'limited,' when it comes to talking about GPA-related ENT disease because it underestimates the disease burden,' Harper said. Instead, 'ENT-localized' or 'sino-nasal GPA' would be preferred. ENT involvement is where multidisciplinary assessment is particularly vital, Harper said. If there is a plan for reconstructive surgery, the patient needs to be in remission for at least 12 months 'otherwise high failure and complication rates are observed,' she said. Recommendation Updates for EGPA The presence of asthma, particularly if it is adult-onset, remains important for making an EGPA diagnosis. Asthma combined with chronic rhinosinusitis with or without nasal polyps, eosinophilia (typically ≥ 1.5 × 109/L), and end-organ involvement would be considered indicative of having EGPA. Harper acknowledged that because of EGPA's heterogeneous clinical phenotype, a specialized multidisciplinary approach is necessary to exclude other eosinophilic syndromes. For initial treatment, it is recommended that all patients with active disease are assessed for their suitability for induction treatment with glucocorticoids combined with other immunomodulatory agents. Harper noted that the recommended first-line option is intravenous pulsed cyclophosphamide, but if it is contraindicated or unacceptable to the patient, rituximab would be the next choice. As for newer treatments, the anti–interleukin-5–directed therapies mepolizumab and benralizumab were recommended for induction and maintenance of remission, but only in people with nonorgan– or nonlife–threatening disease, Harper said. This is because the recommendation is based on the findings of the MIRRA and MANDARA trials, which excluded patients with more serious disease. Thus, the current recommendation is only to use these drugs in the same population of patients as had been studied in the trials, Harper said. Service Recommendations One of the unique aspects of the guideline update is its detailing of how vasculitis services in the United Kingdom should ideally be set up, and not just based on expert opinion. Rosemary J. Hollick This is the first time that specific, patient-led service recommendations have been included in BSR guidelines, or indeed any vasculitis guidelines, said Rosemary J. Hollick, MBChB, PhD, a senior clinical lecturer and rheumatologist at the University of Aberdeen, Aberdeen, Scotland, and the clinical lead for the Scottish Systemic Vasculitis Managed Clinical Network. The recommendations are based on findings from the Versus Arthritis–funded Vasculitis Outcomes In relation to Care Experience Study (VOICES), which looked at the key components of the best possible service and linked them to patient outcomes. Prompt Specialist Review A key recommendation is that people with newly suspected AAV should have a specialist vasculitis review within 7 days. This is backed up by data from VOICES, which showed prompt review to be associated with a 30% reduction in serious infections, a 22% drop in emergency hospital admissions, and a 41% reduction in deaths, Hollick noted. 'Vasculitis has been long overlooked,' Basu told Medscape Medical News in an interview. 'I think we finally have some excellent tools to improve outcomes dramatically, but the challenge is accessing these tools.' It is important for clinicians, particularly if they are not specialists, to be able to get the support they need to diagnose patients 'really promptly,' Basu added. Thus, the other key service recommendation in the guideline focuses on how to give that support to clinicians, such as in caring for patients in dedicated, 'cohorted' vasculitis clinics that include nurse-led components of care and regular specialist multidisciplinary team meetings. Data from the VOICES study have suggested that both nurse-led and cohorted clinics result in significant reductions in both serious infections (35% and 25%, respectively) and emergency hospital admissions (25% and 19%, respectively). A further recommendation is that people with AAV should feel empowered in shared decision-making and collaborate with their healthcare team to make joint decisions about their care. There are many tools already out there to help explain what shared decision-making should look like to patients, Hollick said. VOICES was funded by Versus Arthritis . Basu and Harper reported no relevant financial relationships. Hollick had received funding unrelated to her presentation from CSL Vifor. Mukhtyar was not involved in the guideline development.
Cision Canada
07-05-2025
- Business
- Cision Canada
BSR REIT ANNOUNCES FIRST QUARTER 2025 FINANCIAL RESULTS
LITTLE ROCK, AR and TORONTO, May 7, 2025 /CNW/ - BSR Real Estate Investment Trust ("BSR", or the "REIT") (TSX: HOM.U) (TSX: today announced its financial results for the three months ended March 31, 2025 ("Q1 2025"). All comparisons are to the corresponding periods in the prior year. Results are presented in U.S. dollars. References to "Same Community" correspond to stabilized properties the REIT has owned for equivalent periods throughout Q1 2025 and the three months ended March 31, 2024 ("Q1 2024"), thus removing the impact of acquisitions, dispositions and non-stabilized properties. The Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis as of and for the three months ended March 31, 2025 are prepared in accordance with the accounting standards issued by the International Accounting Standards Board ("IFRS Accounting Standards" or "GAAP"), and are available on the REIT's website at and at A reconciliation of Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO") to net income and comprehensive income, as well as an expanded discussion of the components of FFO and AFFO, and a reconciliation of Net Asset Value ("NAV") to unitholders equity can be found under "Non-GAAP Measures" in this release. FFO per Unit, AFFO per Unit and NAV per Unit include trust units of the REIT ("Units"), Class B Units of BSR Trust, LLC ("Class B Units") and issued deferred units of the REIT granted to trustees ("Deferred Units"). "We are very pleased by our solid start to 2025," said Dan Oberste, the REIT's President and Chief Executive Officer. "As the new supply in our markets continues to be absorbed, we have focused on renewals and improved our retention rate 460 basis points to 56.9% for Q1 2025 over Q1 2024, maximizing cashflow for our unitholders. Our results in Q1 reflect both the quality of our assets and the capabilities of our management platform. Of course, Q1 was highlighted by the agreement for the strategic disposition of $618.5 million of assets in Texas, underlining BSR's continued ability to create value for unitholders regardless of the external market environment. We also executed on the acquisition of Venue Craig Ranch Apartments in Dallas and the disposition of Bluff Creek Apartments in Oklahoma City, as we continue to accretively recycle capital and upgrade our portfolio. As we turn towards the second quarter, it is our intention to leverage the capital and market intelligence achieved through asset rotations, as well as the improving supply backdrop in our core markets, to continue to deliver outsized growth for unitholders." Q1 2025 Highlights Same Community revenue for Q1 2025 increased 0.6% over Q1 2024; Same Community NOI for Q1 2025 increased 2.3% compared to Q1 2024; Weighted average occupancy was 95.9% as of March 31, 2025, compared to 95.3% as of March 31, 2024; During Q1 2025, the REIT's AFFO payout ratio was 63.8%; Debt to Gross Book Value was 45.3% as of March 31, 2025 which decreased 120 basis points from 46.5% as of December 31, 2024; On January 3, 2025, the REIT redeemed all issued and outstanding convertible subordinated debentures for $41.5 million, plus accrued and unpaid interest; On January 9, 2025, the REIT acquired Venue Craig Ranch, a 277-apartment unit community in McKinney, TX (Dallas MSA) for $61.0 million; On February 27, 2025, the REIT announced the strategic disposition of $618.5 million of assets to AvalonBay Communities, Inc. ("Avalon Bay" or "AVB") (NYSE: AVB), unlocking value embedded in stabilized assets and further positioning BSR for future growth (the "Transaction"). The Transaction was completed in two phases: the Direct Asset Sale Transaction (which closed on March 31, 2025, see below) and the Contribution Transaction (which closed subsequent to quarter end, see below). Based on the potential impact of the Transaction, the REIT is temporarily suspending guidance but intends to revisit the release of 2025 guidance in a future period; On March 24, 2025, the REIT sold Bluff Creek Apartments, a 316 unit apartment community located in Oklahoma City, OK for $28.3 million; and On March 31, 2025, the REIT completed the first phase of the AVB Transaction by selling Cielo I, Cielo II, and Retreat at Wolf Ranch comprising 857 apartment units located in Austin, TX, for $187.0 million (the "Direct Asset Sale Transaction"). Subsequent Highlights On April 3, 2025, the REIT entered into a new receive-variable based USD-SOFR CME/pay fixed interest rate swap on a notional value of $150.0 million at a fixed rate of 2.88% effective July 1, 2025, and maturing July 1, 2030, subject to the counterparty's optional early termination date of July 1, 2027. On April 30, 2025, the REIT closed the second phase of the Transaction, pursuant to which BSR Trust sold six properties (Auberry at Twin Creeks, Aura Benbrook, Lakeway Castle Hills, Satori Frisco, Vale Frisc and Wimberly) comprising of 1,844 apartment units located in Dallas, TX to AVB for $431.5 million (the "Contribution Transaction"). Under the Contribution Transaction, BSR Trust received $193.0 million in cash and the balance through the cancellation of 15,000,000, or 75%, of the outstanding Class B Units of the REIT. BSR used a portion of the cash to extinguish all existing mortgage debt on the contributed properties, with the remainder to be used for repayment of other indebtedness, transaction expenses and general corporate purposes, including future acquisitions. Q1 2025 Financial Summary In thousands of U.S. dollars, except per unit amounts Q1 2025 Q1 2024 Change Change % Revenue, Total Portfolio $ 43,476 $ 41,983 $ 1,493 3.6 % Revenue, Same Community 1 Properties $ 36,709 $ 36,506 $ 203 0.6 % Revenue, Non-Same Community 1 Properties $ 6,767 $ 5,477 $ 1,290 nm* Net loss and comprehensive loss $ (40,848) $ (1,571) $ (39,277) nm* NOI1, Total Portfolio $ 24,030 $ 23,839 $ 191 0.8 % NOI1, Same Community 1 Properties $ 20,918 $ 20,444 $ 474 2.3 % NOI1, Non-Same Community 1 Properties $ 3,112 $ 3,395 $ (283) nm* Funds from Operations ("FFO") 1 $ 12,433 $ 13,617 $ (1,184) (8.7 %) FFO per Unit 1 $ 0.23 $ 0.25 $ (0) (8.0 %) Maintenance capital expenditures $ (549) $ (713) $ 164 (23.0 %) Straight line rental revenue differences $ (97) $ (16) $ (81) nm* AFFO 1 $ 11,787 $ 12,888 $ (1,101) (8.5 %) AFFO per Unit 1 $ 0.22 $ 0.24 $ (0) (8.3 %) Weighted Average Unit Count $ 53,905,295 $ 53,856,476 $ 48,819 0.1 % Q1 2025 Q4 2024 Change Change % Unitholders' equity $ 612,880 $ 708,300 $ (95,420) (13.5 %) NAV 1 $ 899,486 $ 927,504 $ (28,018) (3.0 %) NAV per Unit 1 $ 16.66 $ 17.20 $ (0.54) (3.2 %) *Percentages have been excluded for changes which are not considered to be meaningful for comparative purposes. 1 Total portfolio revenue of $43.5 million for Q1 2025 increased 3.6% compared to $42.0 million for Q1 2024. This increase was the result of contributions of $1.3 million from the acquisition of Venue Craig Ranch Apartments in January 2025 (the "Property Acquisition"), $0.2 million from Same Community properties (discussed further below) and $0.2 million from Aura 35Fifty, which was completed in December 2024 and remains non-stabilized during the current and comparative periods due to lease-up (the "Non-Stabilized Property"), partially offset by the dispositions and results of Bluff Creek Apartments, which was sold on March 24, 2025, Cielo I, Cielo II and Retreat at Wolf Ranch, which were sold on March 31, 2025 in connection with the Direct Asset Sale Transaction, (collectively, the "Property Dispositions") that reduced revenue by $0.3 million. Total revenue resulting from the Non-Stabilized Property will continue to improve in future periods as the lease-up progresses through to completion. Same Community revenue of $36.7 million for Q1 2025 increased $0.2 million, or 0.6%, compared to $36.5 million for Q1 2024, primarily due to a $0.2 million increase in other property income driven by enhanced resident participation in credit building services and an increase in utility reimbursements. The increase in utility reimbursements was primarily due to increased preventative maintenance on water meters allowing an increase in the pass through of water charges as well as an increase in properties receiving valet trash service over the prior year. The net loss and comprehensive loss change between Q1 2025 and Q1 2024 is primarily due to non-cash adjustments to fair value of investment properties, derivatives and other financial liabilities from December 31, 2024 to March 31, 2025 and December 31, 2023 to March 31, 2024, respectively, as well as the costs of dispositions of $5.2 million, is not considered comparable period over period. Total portfolio NOI for Q1 2025 of $24.0 million increased 0.8% compared to $23.8 million in Q1 2024. The increase was the result of the contribution of $0.7 million from the Property Acquisition, and $0.5 million from Same Community properties described below, partially offset by a decrease of $0.6 million from the Property Dispositions and $0.4 million from the Non-Stabilized Property. The 2.3% increase in Same Community NOI for Q1 2025 of $20.9 million, compared to $20.4 million in Q1 2024, was attributable to the increase in revenue described above as well as a $0.1 million decrease in operating expenses; the change is primarily related to (i) a $0.2 million decline in administrative expenses offset by a $0.1 million increase in payroll expenses, (ii) a $0.1 million net decrease in real estate taxes as a result of property refunds in excess of tax increases, and (iii) a $0.1 million decrease in the cost of property insurance. FFO in Q1 2025 was $12.4 million, or $0.23 per Unit, compared to $13.6 million, or $0.25 per Unit, for Q1 2024. The decrease was primarily related to higher finance costs (net of finance income) associated with interest costs related to the Property Acquisition in January 2025 and the completion of the Non-Stabilized Property in the second half of 2024, partially offset by the increase in total portfolio NOI described above. AFFO was $11.8 million, or $0.22 per Unit for Q1 2025 compared to $12.9 million, or $0.24 per Unit, for Q1 2024. The decrease in AFFO was primarily the result of the decrease in FFO discussed above. NAV was $899.5 million, or $16.66 per unit, as of March 31, 2025 compared to $901.3 million, or $16.75 per unit, as of December 31, 2024. The decrease is primarily due to a slight reduction in the fair value of interest rate derivatives and well as the timing of costs associated with the AvalonBay Transaction. Highlights from Recent Four Quarters In thousands of U.S. dollars (except per unit amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Operational Information Number of real estate investment properties 29 32 31 31 Total apartment units 8,008 8,904 8,666 8,666 Average monthly rent on in-place leases $ 1,503 $ 1,489 $ 1,507 $ 1,507 Average monthly rent on in-place leases, Same Community 1 Properties $ 1,492 $ 1,501 $ 1,521 $ 1,516 Weighted average occupancy rate 95.9 % 95.6 % 94.7 % 95.3 % Retention rate 56.9 % 56.0 % 55.4 % 54.4 % Debt to Gross Book Value 1 45.3 % 46.5 % 46.4 % 46.7 % Q1 2025 Q4 2024 Q3 2024 Q2 2024 Operating Results Revenue, Total Portfolio $ 43,476 $ 42,165 $ 42,290 $ 42,232 Revenue, Same Community 1 Properties $ 36,709 $ 36,639 $ 36,872 $ 36,756 Revenue, Non-Same Community 1 Properties $ 6,767 $ 5,526 $ 5,418 $ 5,476 NOI 1, Total Portfolio $ 24,030 $ 21,736 $ 22,256 $ 24,106 NOI 1, Same Community 1 Properties $ 20,918 $ 19,186 $ 19,433 $ 21,297 NOI 1, Non-Same Community 1 Properties $ 3,112 $ 2,550 $ 2,823 $ 2,809 NOI Margin 1, Total Portfolio 55.3 % 51.5 % 52.6 % 57.1 % NOI Margin 1, Same Community 1 Properties 57.0 % 52.4 % 52.7 % 57.9 % NOI Margin 1, Non-Same Community 1 Properties 46.0 % 46.1 % 52.1 % 51.3 % Net (loss) income and comprehensive (loss) income $ (40,848) $ 39,785 $ (39,251) $ (39,205) Distributions on Class B Units $ 2,822 $ 2,815 $ 2,750 $ 2,617 Fair value adjustment to investment properties $ 74 $ 16,069 $ (15,161) $ 30,683 Fair value adjustment to investment properties (IFRIC 21) $ (22,420) $ 6,552 $ 7,332 $ 8,327 Property tax liability adjustment, net (IFRIC 21) $ 22,420 $ (6,552) $ (7,332) $ (8,327) Fair value adjustment to derivatives and other financial liabilities $ 45,272 $ (45,958) $ 63,049 $ 19,729 Fair value adjustment to unit-based compensation $ (65) $ (848) $ 775 $ 283 Principal payments on lease liability $ (36) $ (36) $ (36) $ (35) Depreciation of right-to-use asset $ 33 $ 34 $ 33 $ 34 FFO 1 $ 12,433 $ 11,861 $ 12,159 $ 14,106 FFO per Unit $ 0.23 $ 0.22 $ 0.23 $ 0.26 Maintenance capital expenditures $ (549) $ (933) $ (1,067) $ (1,401) Straight line rental revenue differences $ (97) $ (51) $ 13 $ 8 AFFO 1 $ 11,787 $ 10,877 $ 11,105 $ 12,713 AFFO per Unit 1 $ 0.22 $ 0.20 $ 0.21 $ 0.24 AFFO Payout Ratio 63.8 % 68.9 % 65.9 % 54.5 % Weighted Average Unit Count 53,905,295 53,805,811 53,789,870 53,838,699 1 Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value and NAV per Unit are non-GAAP measures. For a description of the basis of presentation and reconciliations of the REIT's non-GAAP measures, see "Non-GAAP Measures" in this news release. Liquidity and Capital Structure As of March 31, 2025, the REIT had liquidity of $148.1 million, consisting of cash and cash equivalents of $84.3 million and $63.8 million available under its senior secured revolving credit facility ("Credit Facility"). The REIT also has the flexibility to obtain additional liquidity through adding properties to the borrowing base of the Credit Facility. As of March 31, 2025, the REIT had total mortgage notes payable of $456.6 million, excluding the revolving credit facility, with a weighted average contractual interest rate of 3.3% (including interest rate swap agreements) and a weighted average term to maturity of 3.6 years. In aggregate, mortgage notes payable and the revolving credit facility totaled $769.8 million as of March 31, 2025, with a weighted average contractual interest rate of 3.8% (including interest rate swap agreements). Debt to Gross Book Value as of March 31, 2025, was 45.3%. As of March 31, 2025, 100% of the REIT's debt was fixed or economically hedged to fixed rates. Outside of the regular principal amortization of existing loans and borrowings; balloon payments on property mortgages totalling $75.6 million come due in the next twelve months. On April 30, 2025, two of these mortgages, together comprising $47.9 million, were repaid through the Contribution Transaction (defined below). No formal agreements have been entered into at this time to refinance the one remaining mortgage ($27.7 million) that is set to expire in the next twelve months; however, the REIT has ample borrowing capacity under its credit facility to refinance, if needed, in addition to various other opportunities to refinance this specific property. In February 2025, the REIT placed Aura 35Fifty onto the Credit Facility as a borrowing base property and refinanced the $38.7 million outstanding mortgage note, using the Credit Facility availability. In March 2025, the REIT extended the maturity of the mortgage note connected to the Auberry at Twin Creeks property by 61 days to June 1, 2025, with no other contractual changes as a result of this extension. Normal Course Issuer Bid On October 4, 2023, the REIT renewed its normal course issuer bid (the "2023 NCIB") for the 12-month period through October 5, 2024, permitting the REIT to purchase for cancellation up to a maximum of 3,186,336 Units, or approximately 10% of the public float as of September 27, 2023, over the 12-month period commencing October 6, 2023. The REIT concurrently renewed the automatic securities purchase plan (the "2023 ASPP"). The REIT purchased and cancelled 3,137,895 Units under the 2023 NCIB and 2023 ASPP at an average price of $10.65 per Unit, and on October 5, 2024, the 2023 NCIB expired. On November 7, 2024, the Toronto Stock Exchange (the "TSX") accepted the REIT's notice of intention to make a normal course issuer bid (the "2024 NCIB") commencing on November 12, 2024 for up to a maximum of 2,856,430 of its issued and outstanding Units, or approximately 10% of the public float as of October 29, 2024, for cancellation over the 12-month period commencing November 12, 2024 through to November 11, 2025. As of March 31, 2025, the REIT has not purchased and cancelled any Units under the 2024 NCIB. All Units purchased under the NCIB are cancelled upon their purchase. The REIT intends to fund the purchases out of its available resources. Distributions and Units Outstanding Cash distributions declared to holders of Units and holders of Class B Units totalled $7.5 million for Q1 2025, representing an AFFO Payout Ratio of 63.8%. 100% of the REIT's cash distributions were classified as return of capital. As of March 31, 2025, the total number of Units outstanding was 33,487,790. There were also 20,192,693 Class B Units, which are redeemable for Units on a one-for-one basis, and 325,970 Deferred Units outstanding as of March 31, 2025, for a total non-weighted unit count of 54,006,453. These are weighted for the purpose of calculating FFO per Unit, AFFO per Unit and NAV per Unit as defined above. As outlined above, 15,000,000 Class B Units were cancelled subsequent to quarter-end. Conference Call Dan Oberste, President and Chief Executive Officer, Susan Rosenbaum, Chief Operating Officer and Tom Cirbus, Chief Financial Officer will host a conference call for analysts and investors on Thursday, May 8 th, 2025, at 12:00 pm (ET). Participants can register and enter their phone number at: to receive an instant automated call back. Alternatively, they can dial 416-945-7677 or 1-888-699-1199 to reach a live operator who will join them into the call. In addition, the call will be webcast live at: A replay of the call will be available until Thursday, May 15th, 2025. To access the replay, dial 289-819-1450 or 888-660-6345 (Passcode: 79426#). A transcript of the call will be archived on the REIT's website. Annual General Meeting The REIT's Annual General Meeting will be held in-person at 2:00pm ET on Thursday, May 8th, 2025, in the offices of Goodmans LLP: Bay Adelaide Centre - West Tower 333 Bay Street, Suite 3400 Toronto, ON M5H 2S7 About BSR Real Estate Investment Trust BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary markets in the Sunbelt region of the United States. Non-GAAP Measures Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value, NAV and NAV per Unit are key measures of performance commonly used by real estate operating companies and real estate investment trusts. They are not measures recognized under and do not have standardized meanings prescribed by IFRS Accounting Standards. Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value, NAV and NAV per Unit as calculated by the REIT may not be comparable to similar measures presented by other issuers. For complete definitions of these measures, as well as an explanation of their composition and how the measures provide useful information to investors, please refer to the section titled "Non-GAAP Measures" in the REIT's Management's Discussion and Analysis for the three months ended March 31, 2025, which section is incorporated herein by reference. Three months ended March 31, 2025 Three months ended March 31, 2024 Total revenue $ 43,476 $ 41,983 Property operating expenses (12,607) (11,960) Real estate taxes (29,259) (28,395) 1,610 1,628 Property tax liability adjustment (IFRIC 21) 22,420 22,211 Net Operating Income ("NOI") $ 24,030 $ 23,839 NOI margin 55.3 % 56.8 % March 31, 2025 December 31, 2024 Loans and borrowings (current portion) $ 77,441 $ 49,951 Loans and borrowings (non-current portion) 692,396 737,572 Convertible debentures — 41,764 Total loans and borrowings and convertible debentures ("Debt") 769,837 829,287 Gross Book Value $ 1,698,747 $ 1,782,583 Debt to Gross Book Value 45.3 % 46.5 % Forward-Looking Statements This news release contains forward-looking information within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Forward-looking statements in this news release include, but are not limited to, statements which reflect management's expectations regarding objectives, plans, goals, strategies, future growth metrics Revenue, Property Expenses and NOI growth), results of operations, performance, business prospects, and opportunities for the REIT, the anticipated closing of the Transaction, the economic and strategic impact of the Transaction, the satisfaction of the conditions to closing the Transaction and the timing thereof, the use of proceeds in respect of the Transaction, and future acquisitions. The words "expects", "expectation", "anticipates", "anticipated", "believes", "will" or variations of such words and phrases identify forward-looking statements herein. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The REIT's estimates, beliefs and assumptions, which may prove to be incorrect, include assumptions relating to the satisfaction of all closing conditions for the Transaction, the receipt of all approvals for the Transaction, the closing of the Transaction and anticipated timing thereof, the anticipated benefits of the Transaction and ability of the REIT to execute value-enhancing growth initiatives, the REIT's future growth potential, results of operations, demographic and industry trends, no changes in legislative or regulatory matters, the tax laws as currently in effect, stability of the general economy over 2025, the impact of COVID-19, lease renewals and rental increases, the ability to re-lease or find new tenants, the timing and ability of the REIT to sell and acquire certain properties, project costs and timing, a continuing trend toward land use intensification at reasonable costs and development yields, including residential development in urban markets, access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and ability to refinance debts as they mature, the availability of investment opportunities for growth in the REIT's target markets, the valuations to be realized on property sales relative to current IFRS Accounting Standards carrying values, and the market price of the Units. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. The risks and uncertainties that may impact such forward-looking information include, but are not limited to, failure to obtain necessary approvals or satisfy (or obtain a waiver of) the conditions to closing the Transaction, the occurrence of any event, change or other circumstance that could give rise to the termination of the agreements in respect of the Transaction, material losses in respect of the properties to be sold pursuant to the Transaction, the REIT's ability to obtain any approvals for the Transaction, either party's failure to consummate the Transaction when required or on the terms as originally negotiated, risks related to the disruption of management time from ongoing business operations due to the Transaction, potential litigation relating to the Transaction, including the effects of any outcomes related thereto, the possibility of unexpected costs and liabilities related to the Transaction, the REIT's ability to execute its growth strategies, the REIT's ability to execute future acquisitions, the impact of changing conditions in the U.S. multifamily housing market, increasing competition in the U.S. multifamily housing market, the effect of fluctuations and cycles in the U.S. real estate market, the marketability and value of the REIT's portfolio, changes in the attitudes, financial condition and demand of the REIT's demographic market, fluctuation in interest rates and volatility in financial markets, the impact of U.S. and global tariffs, developments and changes in applicable laws and regulations, the impact of climate change, the impact of COVID-19 on the operations, business and financial results of the REIT and the factors discussed under "Risks and Uncertainties" in the REIT's Management's Discussion and Analysis for the three months ended March 31, 2025 and in the REIT's Annual Information Form dated March 5, 2025, both of which are available on SEDAR+ ( If any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks only as of the date of this news release. Certain statements included in this news release are considered financial outlook for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than to understand management's current expectations relating to the future growth of the REIT, as disclosed in this news release. These forward-looking statements have been approved by management to be made as at the date of this news release. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in this news release and actual results could differ materially from such conclusions, forecasts or projections. There can be no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. The forward-looking statements contained in this document are expressly qualified in their entirety by this cautionary statement.
