BURLINGTON, ON, Sept. 12, 2018 /CNW/ - SIR Royalty Income Fund (TSX: SRV.UN) ("the Fund") today announced that its Board of Trustees has approved a 5.0% increase to its cash distributions, raising the Fund's monthly unitholder distributions from $0.10 per unit to $0.105 per unit, representing an annualized distribution of $1.26 per unit. The increase will be effective for the Fund's cash distribution to be paid in September 2018.
"This is the second distribution increase approved by our Board in 2018, following a similar $0.005 monthly increase in April," said Peter Fowler, President and CEO of SIR Corp. "The Board's decision reflects the Trustees' ongoing confidence in the performance of our restaurant brands and the growth in our royalty pooled revenue."
In accordance with the distribution increase, the Fund today declared a cash distribution of $0.105 per unit for the period August 1, 2018 to August 31, 2018. The distribution will be payable on September 28, 2018 to unitholders of record at the close of business on September 21, 2018.
About SIR Corp.
SIR is a privately held Canadian corporation that owns a portfolio of 61 restaurants and one seasonal retail outlet in Canada. SIR's Concept brands include: Jack Astor's Bar and Grill®, with 40 locations; Scaddabush Italian Kitchen & Bar® with eight locations; and Canyon Creek®, with seven locations. SIR also operates one-of-a-kind "Signature" brands including Reds® Wine Tavern, Reds® Midtown 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 in consideration for a Royalty, payable by SIR to the Partnership, equal to six percent of the revenue of the 57 restaurants currently included in the Royalty Pool. SIR also owns Duke's Refresher® & Bar in downtown Toronto, one seasonal Signature restaurant, Abbey's Bakehouse®, and one seasonal Abbey's Bakehouse retail outlet, 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.
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.
SOURCE SIR Royalty Income Fund
For further information: Please contact: Peter Fowler, CEO, SIR Corp., Tel: 905-681-2997; Bruce Wigle, Bay Street Communications, Tel: 647-496-7856