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.
ABOUT US
The Fund is a limited purpose open ended trust with an
excellent track record for investors since its IPO in 2002.
Including the November 2022 distribution and Special
Distribution which are payable on December 30, 2022, the Fund
will have paid out 239 monthly distributions and two special
distributions totaling $393.3 million or $24.64 per Unit. The Fund earns revenue
based on the franchise system sales of the 383 Boston Pizza
restaurants in the Fund's royalty pool.
Boston Pizza International Inc. ("BPI") is
Canada's number one casual dining
brand. The Boston Pizza brand has served communities from
coast-to-coast for 58 years since opening its first restaurant
in Edmonton, Alberta in
1964. Today Boston Pizza proudly remains a Canadian company
with its hundreds of local franchise owners operating more dining
rooms, sports bars and patios than any other single brand in the
country, along with take-out and delivery. BPI has been
recognized both as a Franchisees' Choice Designation winner and a
Platinum Member of Canada's
50 Best Managed Companies for many years.
Certain information in this press release constitutes
"forward-looking information" that involves known and unknown
risks, uncertainties, future expectations and other factors which
may cause the actual results, performance or achievements of the
Fund, BPI, their respective subsidiaries, Boston Pizza restaurants,
or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking information. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that the Fund or its
trustees expect or anticipate will or may occur in the future,
including such things as the trustees of the Fund continuing to
closely monitor the Fund's available cash balances and distribution
levels and other such matters are forward-looking information.
When used in this press release, forward-looking information
may include words such as "anticipate", "estimate", "may", "will",
"expect", "believe", "plan", "should", "continue" and other similar
terminology. Risks, uncertainties and other factors that may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievement
expressed or implied by the forward-looking information contained
herein, relate to (among others) competition, demographic trends,
consumer preferences and discretionary spending patterns, business
and economic conditions, legislation and regulation, reliance on
operating revenues, accounting policies and practices, the results
of operations and financial condition of the Fund, BPI and their
respective subsidiaries, as well as those factors discussed under
the heading "Risks and Uncertainties" in the most recent Annual
Information Form of the Fund. This information reflects
current expectations regarding future events and operating
performance and speaks only as of the date of this press release.
Except as required by law, neither the Fund nor BPI assumes
any obligation to update previously disclosed forward-looking
information. For a complete list of the risks associated with
forward-looking information and the Fund's business, please refer
to the "Risks and Uncertainties" and "Note Regarding
Forward-Looking Information" sections included in the most recent
Annual Information Form of the Fund available at
www.sedar.com and www.bpincomefund.com.
The trustees of the Fund have approved the contents of this news
release.
® Boston Pizza Royalties Limited Partnership. All Boston Pizza
registered Canadian trademarks and unregistered Canadian trademarks
containing the words "Boston", "BP", and/or "Pizza" are trademarks
owned by the Boston Pizza Royalties Limited Partnership and
licensed by the Boston Pizza Royalties Limited Partnership to
Boston Pizza International Inc.
© Boston Pizza International Inc. 2022
SOURCE Boston Pizza Royalties Income Fund