Sir Royalty Income Fund T.SRV.UN

Alternate Symbol(s): SIRZF

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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Sir Royalty Income Fund > Closure of 3 Restaurants...

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Comment by tkirk62on Feb 10, 2021 12:42pm

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Post# 32526381

RE:RE:RE:RE:RE:RE:RE:RE:Closure of 3 Restaurants...

The lease numbers are reported. I'm not saying that you were guessing, but your estimate was way off. Like I said, SIR pays $1.4 million a month in rent for 54 restaurants. Even if we assumed $0 rent for every restaurant outside of Toronto, SIR's Toronto (19) locations would only be paying on average $73,700/month in rent. So your estimate that the downtown locations are "for sure over 100k a month" is obviously wrong.

When you add in all the other restaurants, the average rent/location drops to $26,000/month. Yes some will be well over that, but the leases we were talking about are definitely not over $100,000 per month. It doesn't matter how much experience with leases you have, these are reported, audited numbers.

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