BURLINGTON, ON, Sept. 9, 2021 /CNW/ - SIR Royalty Income Fund (TSX: SRV.UN) ("the Fund") today declared a cash distribution of $0.09 per unit for the period August 1, 2021 to August 31, 2021. The $0.09 per unit represents an increase of 28.6% compared to the $0.07 paid per unit in the previous two months. The distribution will be payable on September 30, 2021 to unitholders of record at the close of business on September 20, 2021.
SIR Corp. ("SIR") has advised the Fund that it has met the conditions required in the Eighth Amending Agreement with its senior lender to entitle it to begin repaying previously deferred royalties and interest on the SIR Loan (the "Deferred Amounts") in equal monthly installments starting in September 2021. The Deferred Amounts are targeted to be fully repaid by SIR by the Credit Facility maturity date of July 6, 2022, absent any defaults occurring. The increase to the monthly unitholder distribution is expected to be supported by the repayment of the Deferred Amounts and the royalty currently being generated by the Royalty Pooled Restaurants.
About SIR Royalty Income Fund
The Fund is a trust governed by the laws of the province of Ontario that receives distribution income from its investment in the SIR Royalty Limited Partnership and interest income from the SIR Loan. The Fund intends to pay distributions to unitholders on a monthly basis.
About SIR Corp.
SIR Corp. ("SIR") is a privately held Canadian corporation that owns a portfolio of 53 restaurants in Canada. SIR's Concept brands include: Jack Astor's Bar and Grill®, with 37 locations; Scaddabush Italian Kitchen & Bar® with nine locations; and Canyon Creek®, with two locations. SIR also operates one-of-a-kind "Signature" brands including Reds® Wine Tavern, Reds® Square One and The Loose Moose®. All trademarks related to the Concept and Signature brands noted above are used by SIR under a License and Royalty Agreement with SIR Royalty Limited Partnership. SIR also owns one Duke's Refresher® & Bar locations in downtown Toronto, and one seasonal Signature restaurant, Abbey's Bakehouse®, which are currently not in consideration to be part of the Royalty Pool. For more information on SIR Corp. or the SIR Royalty Income Fund, please visit www.sircorp.com.