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Sir Royalty Income Fund T.SRV.UN

Alternate Symbol(s):  SIRZF

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.


TSX:SRV.UN - Post by User

Comment by flamingogoldon Feb 10, 2021 8:19am
98 Views
Post# 32522650

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

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, it should be no surprise that these are all in the downtown core, the hardest hit areas for all cities around the globe. The royalty pool will shrink, but in the end even a small distribution reinstatement will be positive. This will be the darkest period for covid, it may not seem like it now but we are almost to the other side where day by day we see improvement.

If Janes and SIR want to pull their offers and tough it out, I am fine by that. I would rather wait anyway for the recovery than take a lowball offer.

babedinkleman wrote: While they were able to get out of unpaid rent by closing these restaurants....that is somewhat disturbing and it adds another layer of uncertainty. 
The unpaid rent on many of the other locations could be a fairly massive amount.  It would be good to know the actual numbers but this has been going on a long time.  I would estimate rent on these facilities would range from $15,000 - $25,000 a month.  Not much chance that doesn't run into the millions in back rent even if it's just 25% of the rent that was unpaid.  Tough to imagine them restarting any distributions anytime soon either way but if that's the case those landlords would need to be made whole long before distributions are started.  .


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