VANCOUVER, BC, April 5,
2023 /CNW/ - Boston Pizza Royalties Income Fund (the
"Fund") (TSX: BPF.UN) announced today a cash distribution to
unitholders of $0.107 per unit
for February 2023. This is an increase of $0.005 per unit, or 4.9%, from the previous
monthly distribution rate of $0.102 per unit. On an annualized
basis, the new monthly distribution rate equates to $1.284 per unit compared to $1.224 per unit for the previously monthly
distribution rate.
"The Board of Trustees is pleased to announce a 4.9% increase to
the monthly cash distribution rate for the Fund," said Marc Guay, Chair of the Board of Trustees.
"This new monthly distribution rate per unit now exceeds the level
it was at immediately before the pandemic. However, we remain
cautious and will continue to monitor market conditions and the
Boston Pizza business in order to ensure our distributions to
unitholders are both stable and sustainable."
In deciding to increase monthly cash distributions from
$0.102 per unit to $0.107 per unit, the trustees of the Fund
considered, among other factors, the recent financial performance
of the Fund, BPI and Boston Pizza restaurants in the Fund's Royalty
Pool, the Fund's cash position and debt repayment obligations, and
internal financial projections for the Fund and Boston Pizza
restaurants in the Fund's Royalty Pool for the remainder of 2023
and beyond.
The distribution will be paid on April
28, 2023 to unitholders of record at the close of business
on April 21, 2023. The Fund
periodically reviews distribution levels based on its policy of
stable and sustainable distribution flow to unitholders.
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 March 2023 distribution
which is payable on April 28, 2023,
the Fund will have paid out 243 monthly distributions and two
special distributions totaling $402.2
million or $25.06 per
unit. The Fund earns revenue based on the franchise system
sales of the 377 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 59 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.
The trustees of the Fund have approved the contents of this news
release.
www.bpincomefund.com
® 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.
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© Boston Pizza
International Inc. 2023
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SOURCE Boston Pizza Royalties Income Fund