Boston Pizza Royalties Income Fund T.BPF.UN

Alternate Symbol(s): BPZZF

Consumer Cyclical Restaurants

Boston Pizza Royalties Income Fund (the Fund) is a Canada-based open-ended trust. The Fund operates through its subsidiaries, Boston Pizza Holdings Trust, Boston Pizza Holdings GP Inc. and Boston Pizza Holdings Limited Partnership, its 80% owned subsidiary Boston Pizza GP Inc. (BPGP), and its interest in Boston Pizza Royalties Limited Partnership. BPGP is the managing general partner of Royalties LP. The Fund indirectly, through Royalties LP, acquire the trademarks and trade names owned by Boston Pizza International Inc. (BPI), including 'Boston Pizza' and other similar related items, logos and designs (collectively, the 'BP Rights') used in connection with the operation of Boston Pizza restaurants in Canada. The Company operates approximately 377 Boston Pizza Restaurants in the Royalty Pool, of which approximately 375 were operating and open for business to the public.

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Boston Pizza Royalties Income Fund

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Post by midardon Dec 08, 2022 8:01pm

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Post# 35160676

DISTRIBUTION INCREASE AND SPECIAL CASH DISTRIBUTION

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES DISTRIBUTION INCREASE AND SPECIAL CASH DISTRIBUTION

VANCOUVER, BC, Dec. 8, 2022 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN) announced today a cash distribution to unitholders of $0.102 per unit for November 2022 (the "November 2022 Distribution"). This is an increase of $0.002 per unit, or 2%, from the previous monthly rate of $0.100 per unit. On an annualized basis, the new monthly distribution rate equates to $1.224 per unit compared to $1.200 per unit for the previous monthly distribution rate. The Fund also announced today a special one-time cash distribution to unitholders of $0.085 per unit (the "Special Distribution"). Both the November 2022 Distribution and the Special Distribution will be paid on December 30, 2022 to unitholders of record at the close of business on December 21, 2022.

"We are pleased to announce a 2% increase to the monthly cash distribution rate and a $0.085 per unit special distribution to unitholders" said Marc Guay, Chair of the Board of Trustees. "The recent solid financial performance of Boston Pizza International Inc. and the Fund, along with the Fund's growing cash balance, have enabled the trustees of the Fund to increase the monthly distribution rate payable to unitholders and issue a special one-time cash distribution. This new monthly distribution rate per unit is now equal to the level it was immediately prior to the start of the pandemic. However, the trustees of the Fund remain cautious and will continue to closely monitor the Fund's available cash balances and distribution levels, based on our goal of stable and sustainable distribution flow to unitholders."

In deciding to increase monthly cash distributions from $0.100 per unit to $0.102 per unit and declare the Special Distribution, the trustees of the Fund considered, among other factors, the recent financial performance of the Fund, Boston Pizza International Inc. ("BPI") and Boston Pizza restaurants in the Fund's royalty pool, the Fund's cash position and debt service costs, and internal financial projections for the Fund, BPI and Boston Pizza restaurants in the Fund's royalty pool for the remainder of 2022 and 2023. The trustees of the Fund believe that increasing the monthly cash distribution rate and declaring the Special Distribution at this time are appropriate given the performance of the Boston Pizza system and the Fund's growing cash balances. The trustees of the Fund will continue to closely monitor the Fund's available cash balances and distribution levels.