BURLINGTON, ON, April 10, 2018 /CNW/ - SIR Royalty Income Fund (TSX: SRV.UN) ("the Fund") today announced that its Board of Trustees have approved a 5.3% increase to cash distributions, raising the Fund's monthly unitholder distributions from $0.095 per unit to $0.10 per unit, representing an annualized distribution of $1.20 per unit. The increase will be effective for the Fund's monthly cash distribution to be paid in April 2018.
"This increase to unitholder distributions is supported by the strong performance of our restaurant brands and reflects our consistent focus on investing in new and existing restaurants to drive growth in royalty pooled revenue and same store sales," said Peter Fowler, President and CEO of SIR Corp.
In accordance with the distribution increase, the Fund today declared a cash distribution of $0.10 per unit for the period March 1, 2018 to March 31, 2018. The distribution will be payable on April 30, 2018 to unitholders of record at the close of business on April 19, 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: Peter Fowler, CEO, SIR Corp., Tel: 905-681-2997; Bruce Wigle, Bay Street Communications, Tel: (647) 496-7856