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.
|
|
|
© Boston Pizza International Inc. 2023
|
SOURCE Boston Pizza Royalties Income Fund