Boston Pizza Royalties Income Fund Announces 30.8% Increase in Monthly Cash Distributions to Unitholders
Toronto Stock Exchange: BPF.UN
September 2021 distribution increased to $ 0.085 per unit of $ 0.065 per unit
VANCOUVER, BC, October 8, 2021 / CNW / – Boston Pizza Royalties Income Fund (the “Funds“) (TSX: BPF.UN) today announced a cash distribution to unitholders of $ 0.085 per unit for September 2021. This is an increase of $ 00.020 per unit, or 30.8%, of the previous monthly rate of $ 0.065 per unit. On an annualized basis, the new monthly distribution rate is equal to $ 1.02 per unit compared to $ 0.78 per Unit for the previous monthly distribution rate. The September distribution will be paid on October 29, 2021 to Unitholders of record at the close of business on October 21, 2021.
“We are pleased to announce a 30.8% increase in the monthly cash distribution rate to unitholders,” said Marc Guay, Chairman of the Board of Directors. “While the underlying restaurant business of Boston Pizza continues to be negatively impacted by COVID-19 compared to periods prior to COVID-19, the recent financial performance of Boston Pizza International Inc. and the Fund, together with the growing cash balance of the Fund, enabled the Fund Trustees to increase the monthly distribution rate payable to Unitholders. However, the Fund Trustees remain cautious and will continue to closely monitor the Fund’s free cash balances and distribution levels, based on our objective of stable and sustainable distribution to unitholders. “
By deciding to increase the monthly cash distributions by $ 0.065 per unit at $ 0.085 per Unit, the Fund’s Trustees have taken into account, among other factors, the recent financial performance of the Fund, Boston Pizza International Inc. and Boston Pizza Restaurants in the Fund’s royalty pool, cash position and obligations of the Fund. Fund debt repayment; and internal financial projections for the Fund, and Boston Pizza restaurants in the Fund’s royalty pool for the remainder of 2021 and beyond.
The Fund is a limited purpose open-ended trust with an excellent history for investors since its IPO in 2002. Including the September 2021 distribution which is payable on October 29, 2021, the Fund will have paid 225 monthly distributions and a special distribution totaling $ 3640.2 million or $ 23.29 per unit. The Fund earns revenue from sales of the franchise system of the 387 Boston Pizza restaurants in the Fund’s Royalty Fund.
Boston Pizza International Inc. (“BPI“) is from Canada leading casual dining brand. The Boston Pizza brand has been serving communities from coast to coast for more than 56 years since opening its first restaurant in Edmonton, Alberta in 1964. Today, Boston Pizza remains proudly a Canadian company with hundreds of local franchise owners operating more dining rooms, sports bars and patios than any other brand in the country, as well as take out and delivery options. BPI has been recognized as a Platinum member of from Canada 50 Best Managed Companies and has been a recipient of the Franchisee’s Choice designation for eight consecutive years.
The Fund Trustees have approved the contents of this press release.
Certain information contained in this press release constitutes “forward-looking information” which involves known and unknown risks, uncertainties, future expectations and other factors which could lead to the actual results, performance or achievements of the Fund, BPI, of their respective subsidiaries, Boston Pizza restaurants, or industry results, are materially different from any future results, performances or achievements expressed or implied by such forward-looking information. All statements, other than statements of historical fact, included in this press release that relate to activities, events or developments that the Fund or its trustees expect or predict will or may occur. in the future, including such things as the continuation of the underlying restaurant business of Boston Pizza suffer the negative effects of COVID-19 compared to periods prior to COVID-19, with the Fund remaining cautious and continuing to closely monitor the Fund’s free cash balances and distribution levels, based on its objective of stable and sustainable distribution flow to unitholders, and other such matters are forward-looking information. When used in this press release, forward-looking information may include words such as “anticipate”, “estimate”, “may”, “will”, “expect”, “believe”, “plan” , “Should”, “continue to” and other similar terms. Important factors and assumptions used in developing the forward-looking information contained in this press release are as follows: The COVID situation will continue to have a negative impact on the restaurant industry, franchise sales, same restaurant sales and the resulting royalties, distribution revenues and cash available for distribution to unitholders. Risks, uncertainties and other factors that could result in that the actual results, performances or achievements are materially different from the future results, performances or achievements expressed or implied by the forward-looking information contained in In this paper, relate to (among others) competition, demographic trends, consumer preferences and discretionary spending patterns, business and economic conditions, laws and regulations, dependence on operating revenues , accounting policies and practices, results of operations and financial condition of the Fund, BPI and their respective subsidiaries, as well as the factors discussed under the heading “Risks and Uncertainties” in the Fund’s most recent annual information form. In particular, the continued payment of monthly distributions will depend on the financial performance of the Fund and BPI, and the Fund cautions that monthly distributions could be affected by the COVID situation. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release. Unless required by law, neither the Fund nor BPI assumes any obligation to update any forward-looking information previously disclosed. For a complete list of the risks associated with forward-looking information and the business of the Fund, please see the “Risks and Uncertainties” and “Note Regarding Forward-Looking Information” sections included in the Fund’s most recent annual information form available at www. sedar.com and www.bp Incomefund.com.
® Boston Pizza Royalties Limited Partnership. All registered Canadian trademarks of Boston Pizza and unregistered Canadian trademarks containing the words “Boston”, “BP” and / or “Pizza” are trademarks owned by Boston Pizza Royalties Limited Partnership and used licensed by Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc.
© Boston Pizza International inc. 2021
SOURCE Boston Pizza Royalties Income Fund
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