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Bullboard - Stock Discussion Forum Sir Royalty Income Fund SIRZF


Primary Symbol: T.SRV.UN

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... see more

Bullboard (TSX:SRV.UN)

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Comment by jcw604on 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.
Comment by jcw604on 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.
Comment by tkirk62on 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  
Comment by logicandinertiaon 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. 
Comment by logicandinertiaon 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  
Comment by tkirk62on 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  
Comment by jcw604on 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  
Comment by Robsopinionon 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. 
Comment by flamingogoldon 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  
Comment by jcw604on 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  
Comment by BlueJay2020on 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  
Comment by logicandinertiaon 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  
Post by BlueJay2020on 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  
Post by jcw604on 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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