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Bullboard - Stock Discussion Forum
Sir Royalty Income Fund
SIRZF
Primary Symbol:
T.SRV.UN
Consumer Cyclical
Restaurants
SIR Royalty Income Fund (the Fund) holds investment in SIR Corp (SIR). The Funds' investment, SIR is engaged in the business of owning and operating full-service restaurants in Canada. SIR has concept restaurant brands, including Jack Astor’s Bar and Grill, Scaddabush Italian Kitchen & Bar, and Canyon Creek Chop House, signature restaurant brands, such as Reds Wine Tavern, Reds Midtown Tavern...
, Reds Square One, and The Loose Moose, which are used by SIR under a license agreement with SIR Royalty Limited Partnership (the Partnership. The Fund receives distribution income from its investment in the Partnership and interest income from the SIR Loan. The Fund indirectly participates in the revenues generated under the License and Royalty Agreement through its Investment in the Partnership.
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Bullboard (TSX:SRV.UN)
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(26)
•••
jcw604
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Comment by
jcw604
on Feb 10, 2021 11:41am
RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Closure of 3 Restaurants...
They probably just lump them all to their liability, if you don't see a separate category for it.
(26)
•••
jcw604
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Comment by
jcw604
on Feb 10, 2021 11:38am
RE:RE:RE:RE:RE:RE:RE:RE:RE:Closure of 3 Restaurants...
Deferred rent are liability. They must report it in their financial statement, until they are pardon, or in this case their lease is being buy back by the landlord.
(10)
•••
tkirk62
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Comment by
tkirk62
on Feb 10, 2021 11:36am
RE:RE:RE:RE:RE:RE:RE:RE:RE:Closure of 3 Restaurants...
It actually is fairly clear how much rent SIR has paid. When looking at SIR Corp's financias (not Sir Royalty's), just Ctrl f for the term "cash outflow" to see how much SIR has been
...more
(46)
•••
logicandinertia
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Comment by
logicandinertia
on Feb 10, 2021 11:03am
RE:RE:RE:RE:RE:RE:RE:RE:RE:Closure of 3 Restaurants...
So if I wasn't clear, it looks like much of the rent is being paid by sir corp.
(46)
•••
logicandinertia
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Comment by
logicandinertia
on Feb 10, 2021 10:58am
RE:RE:RE:RE:RE:RE:RE:RE:Closure of 3 Restaurants...
Agreed. And you can see the actual rent paid thru the cash flow statement from sir Corp in financing activities. They paid $4.4 million last quarter, and adjustments for lease abatements
...more
(10)
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tkirk62
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Comment by
tkirk62
on Feb 10, 2021 10:44am
RE:RE:RE:RE:RE:RE:RE:Closure of 3 Restaurants...
Does nobody check the financial statements around here? Rent expense for SIR Corp is $16 millionish a year, or $1.4 millionish a month. Divide that by 54 locations and you have the average rent
...more
(26)
•••
jcw604
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Comment by
jcw604
on Feb 10, 2021 9:16am
RE:RE:RE:RE:RE:RE:Closure of 3 Restaurants...
How can you not know about the unpaid rents? They are all in the financial report? Even if they managed to negotiate with their landlord to defer their rent, it will still show up as liability in
...more
(39)
•••
Robsopinion
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Comment by
Robsopinion
on Feb 10, 2021 9:13am
RE:RE:RE:RE:RE:Closure of 3 Restaurants...
The rents in downtown locations are for sure over 100k per month. I have also reached out to contacts at Sir. No response from the exec level.
(757)
•••
flamingogold
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Comment by
flamingogold
on Feb 10, 2021 8:19am
RE:RE:RE:RE:RE:Closure of 3 Restaurants...
These businesses were mandated to close, I would not be surprised to hear of additional federal funds to help bail out both parties, restuarants owners and landlords. While it is sad to see closures,
...more
(26)
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jcw604
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Comment by
jcw604
on Feb 09, 2021 11:58pm
RE:RE:RE:Closure of 3 Restaurants...
This should turn out to be good. See: The COVID-19 pandemic has drastically altered SIR's operating environment and put a great deal of stress on many businesses, including SIR. SIR's landlord
...more
(309)
•••
BlueJay2020
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Comment by
BlueJay2020
on Feb 09, 2021 10:35pm
RE:RE:Closure of 3 Restaurants...
The timing of this announcement is also interesting - pushing the adjustment to units back a year, as well as just 2 days before Jane's offer deadline. Will this announcement push more
...more
(46)
•••
logicandinertia
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Comment by
logicandinertia
on Feb 09, 2021 8:42pm
RE:Closure of 3 Restaurants...
Shrinking the pool is not great, especially in high throughput locations like this. As unit holders, there is the adjustment (reduction in class a units) in Jan 2022 to account for this
...more
(309)
•••
BlueJay2020
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Post by
BlueJay2020
on Feb 09, 2021 7:58pm
Closure of 3 Restaurants...
All at Yonge and Gerrard - another of those 'favourable opportunities' to exit. One is a Scaddabush, one is a Reds, and the other a Duke's (not part of the Royalty pool). I guess to the
...more
(26)
•••
jcw604
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Post by
jcw604
on Feb 09, 2021 4:34pm
Last day to take advantage of the offer
I believe either yesterday or today is the last day for people to be able to buy shares that can settle in their account before the offer expires after Feb 11. I believe that is the reason for why SP
...more
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