Toronto Stock Exchange: BPF.UN
VANCOUVER,
BC, Dec. 9, 2024 /CNW/ - Boston Pizza
Royalties Income Fund (the "Fund") (TSX: BPF.UN) announced
today a cash distribution to unitholders of $0.115 per unit for November 2024 (the "November 2024
Distribution"). This is an increase of $0.002 per unit, or 1.8%, from the previous
monthly rate of $0.113 per
unit. On an annualized basis, the new monthly distribution
rate equates to $1.380 per unit
compared to $1.356 per unit for the
previous monthly distribution rate. The Fund also announced
today a special one-time cash distribution to unitholders of
$0.075 per unit (the "Special
Distribution"). Both the November
2024 Distribution and the Special Distribution will be paid
on December 31, 2024 to unitholders of record at the close of
business on December 21, 2024.
"We are pleased to announce a 1.8% increase in
the monthly cash distribution rate, along with a special one-time
distribution of $0.075 per unit for
our unitholders," said Marc Guay,
Chair of the Board of Trustees. "Thanks to the recent solid
financial performance of Boston Pizza International Inc. and the
Fund, as well as our growing cash balance, we are in a position to
boost the monthly distribution rate and provide an additional
special cash payout."
In deciding to increase monthly cash
distributions from $0.113 per unit to
$0.115 per unit and declare the
Special Distribution, the trustees of the Fund considered, among
other factors, the recent financial performance of the Fund, Boston
Pizza International Inc. ("BPI") and Boston Pizza
restaurants in the Fund's royalty pool, the Fund's cash position
and debt service costs, and internal financial projections for the
Fund, BPI and Boston Pizza restaurants in the Fund's royalty pool
for the remainder of 2024 and 2025. The trustees of the Fund
believe that increasing the monthly cash distribution rate and
declaring the Special Distribution at this time are appropriate
given the performance of the Boston Pizza system and the Fund's
growing cash balances. The trustees of the Fund will continue
to closely monitor the Fund's available cash balances and
distribution levels to maintain a stable and sustainable return for
the 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 November
2024 Distribution and Special Distribution which
are payable on December 31,
2024, the Fund will have paid out 263 monthly
distributions and three special distributions totaling $450.9 million or $27.34 per unit. The Fund earns revenue
based on the franchise system sales of the 372 Boston Pizza
restaurants in the Fund's royalty pool.
Boston Pizza is the premier casual dining
brand in Canada. The first Boston Pizza restaurant opened in
Edmonton, Alberta in 1964 and 60
years later Boston Pizza proudly remains a 100% Canadian company
serving communities from coast-to-coast-to-coast. It boasts a vast
network of local franchise owners who collectively operate the
largest number of dining rooms, sports bars, and patios across the
nation, complemented by robust takeout and delivery services.
Boston Pizza International Inc. has been recognized as a
Franchisees' Choice Designation winner and a Platinum Member of
Canada's 50 Best Managed Companies
for many years, and has received awards from Great Place To Work in
the categories of Best Workplaces: in Canada – 100-999 Employees, in British Columbia, in Retail & Hospitality,
for Mental Wellness, for Women, for Giving Back, and with Most
Trusted Executive Teams.
Certain information in this press release
constitutes "forward-looking information" that involves known and
unknown risks, uncertainties, future expectations and other factors
which may cause the actual results, performance or achievements of
the Fund, BPI, their respective subsidiaries, Boston Pizza
restaurants, or industry results, to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking information. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that the
Fund or its trustees expect or anticipate will or may occur in the
future, including such things as the trustees of the Fund
continuing to closely monitor the Fund's available cash balances
and distribution levels to maintain a stable and sustainable return
for the unitholders, and other such matters are forward-looking
information. When used in this press release, forward-looking
information may include words such as "anticipate", "estimate",
"may", "will", "expect", "believe", "plan", "should", "continue"
and other similar terminology. Risks, uncertainties and other
factors that may cause actual results, performance or achievements
to be materially different from any future results, performance or
achievement expressed or implied by the forward-looking information
contained herein, relate to (among others) competition, demographic
trends, consumer preferences and discretionary spending patterns,
business and economic conditions, legislation and regulation,
reliance on operating revenues, accounting policies and practices,
the results of operations and financial condition of the Fund, BPI
and their respective subsidiaries, as well as those factors
discussed under the heading "Risks and Uncertainties" in the most
recent Annual Information Form of the Fund. This information
reflects current expectations regarding future events and operating
performance and speaks only as of the date of this press release.
Except as required by law, neither the Fund nor BPI assumes
any obligation to update previously disclosed forward-looking
information. For a complete list of the risks associated with
forward-looking information and the Fund's business, please refer
to the "Risks and Uncertainties" and "Note Regarding
Forward-Looking Information" sections included in the most recent
Annual Information Form of the Fund available at
www.sedarplus.ca and www.bpincomefund.com.
The trustees of the Fund have approved the
contents of this news release.
SOURCE Boston Pizza Royalties Income Fund
