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

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Post by BlueJay2020on Nov 12, 2021 11:46am

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Comparison to Q3 2019

We are at almost 75 percent of Q3 2019 revenue, despite the very disrupted 2021 quarter. Distributable cash 2 years ago was 29 cents compared to 24 cents now. As far as I can make out that excludes any catch-up of deferred royalties, meaning 9 cents each month should be covered by current inflows and catch-up is gravy. At a total of $900k per month extra from Oct to July as per the latest release, we could see a major bump to the distribution.

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