BURLINGTON, ON, Dec. 11, 2017 /CNW/ - SIR Royalty Income Fund (TSX: SRV.UN) ("the Fund") today declared a cash distribution of $0.095 per unit for the period November 1, 2017 to November 30, 2017. The Fund also declared a special year-end distribution (the "Special Distribution") of $0.02 per unit. The regular monthly cash distribution and the Special Distribution will be paid to unitholders on a combined basis (the "Combined Distribution"), resulting in an aggregate cash distribution of $0.115 per unit. The Combined Distribution will be payable on December 29, 2017 to unitholders of record at the close of business on December 20, 2017.
The Special Distribution reflects the strong sales performance of the restaurants currently included in the Fund's Royalty Pool and it is being declared in order to more closely align the Fund's aggregate monthly distributions in 2017 with the Fund's projected taxable income for the year, while maintaining appropriate levels of working capital.
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 (54 operating restaurants and three closed restaurants). 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