SIR Royalty Income Fund Reports 2023 Second Quarter Financial Results – Press Release

BURLINGTON, ON, Aug. 8, 2023 /CNW/ – SIR Royalty Income Fund SRV (the “Fund”) today reported its financial results for the second quarter (“Q2 2023”) and six months (“YTD 2023”) ended June 30, 2023.

“The Fund’s solid second quarter performance reflects the addition of two new restaurants to the Royalty Pool at the start of 2023 and overall growth in Pooled Revenue and Same Store Sales of 4.6% and 2.8%, respectively, compared to Q2 last year, which was the first quarter since 2019 in which we were not impacted by pandemic-related operating restrictions,” said Peter Fowler, CEO of SIR Corp. “We completed renovations to two more Jack Astor’s restaurants during the quarter to implement a more refreshing and contemporary guest-facing experience and we advanced the planning and development of three new Scaddabush restaurants to build on the strong momentum of the Scaddabush brand. We expect these ongoing initiatives to support growth in Pooled Revenue and Same Store Sales, to the benefit of Fund unitholders.”

Q2 2023 Summary

• Pooled Revenue increased 4.6% to $71.1 million, compared to $68.0 million for the three months ended June 30, 2022 (“Q2 2022”).
• Royalty income in the SIR Royalty Limited Partnership (the “Partnership”) increased to $4.3 million, from $4.1 million in Q2 2022.
• Equity income from the Partnership, which represents the Fund’s pro rata share of the residual distributions of the Partnership, was $3.0 million, compared to $3.5 million in Q2 2022.
• The Royalty Pooled Restaurants (the “Royalty Pool”) generated same store sales growth (“SSSG”)⁽¹⁾ of 2.8%.
• Net earnings were $4.6 million, compared to net earnings of $31.4 million in Q2 2022.
• Distributable cash⁽²⁾ totaled $2.6 million, or $0.31 (basic and diluted) per Fund Unit, and cash distributed to unitholders totaled $2.4 million, representing a payout ratio⁽²⁾ of 93.2% for Q2 2023. The payout ratio⁽²⁾ since the Fund’s inception in 2004, up to and including Q2 2023, is 99.9%, in line with the Fund’s target payout…

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