30.8% Increase to Monthly Cash Distributions to Unitholders September 2021 distribution increased to $0.085 per unit from $0.065 per unit
VANCOUVER, BC, Oct. 8, 2021 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN) announced today a cash distribution to unitholders of $0.085 per unit for September 2021. This is an increase of $0.020 per unit, or 30.8%, from the previous monthly rate of $0.065 per unit. On an annualized basis, the new monthly distribution rate equates 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 to the monthly cash distribution rate to unitholders" said Marc Guay, Chair of the Board of Trustees. "While Boston Pizza's underlying restaurant business continues to suffer negative effects from COVID-19 compared to times prior to COVID-19, the recent financial performance of Boston Pizza International Inc. and the Fund, along with the Fund's growing cash balance, have enabled the trustees of the Fund to increase the monthly distribution rate payable to unitholders. However, the trustees of the Fund remain cautious and will continue to closely monitor the Fund's available cash balances and distribution levels, based on our goal of stable and sustainable distribution flow to unitholders."
In deciding to increase monthly cash distributions from $0.065 per unit to $0.085 per unit, the trustees of the Fund considered, among other factors, the recent financial performance of the Fund, Boston Pizza International Inc. and Boston Pizza restaurants in the Fund's royalty pool, the Fund's cash position and debt repayment obligations, and internal financial projections for the Fund, and Boston Pizza restaurants in the Fund's royalty pool for the remainder of 2021 and beyond.