Pooled restaurant Revenues of $39.9mm up from $9.6 million last quarter and down from $72.1 million a year ago.  Jack's down 39 percent.  

the partnership is entitled to 6 percent of this, which provided $2.4 million in royalty income.  

the Fund's adjusted earnings were $1.325 million, compared to $2.435 million a year ago.  On a per share basis, this was $0.16 vs $0.29 a year ago.  note that the fund, indirectly thru the trust, owns the majority of the LP units of the partnership.  


So an expected and material improvement in pooled restaurant revenues did occur in the September quarter .   When one incorporates the Canada emergency wage subsidy and the rent subsidy, SIR CORP likely generated positive ebitda in the September quarter.  SIR Corp results have not yet been filed .   

The accrued amounts owing to the fund (but deferred) are detailed in the M,D&A.

Imo, likelihood of insolvency at the operating level (SIR CORP) remains a low probability, due to federal and provincial support and imminent release of an effective vaccine.  

The fund's annualized earnings ina quarter where at least half of indoor capacity was shut , and some restaurants still hadn't reopened was $5.3 million, as compared to the $17 million market cap.  

will require patience , but a triple digit potential return from my perspective.