SIR Royalty Income Fund - 2017 Earnings & Dividend Increase
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Sir Corp currently owns 61 restaurants , including 40 operating as Jack Astor's Bar and Grill, with the balance including Alice Fazooli's, Scaddabush Italian Kitchen & Bar, Canyon Creek Chop House; and SIR's signature restaurant brands, including: Reds Wine Tavern, Reds Midtown Tavern, and The Loose Moose. The restaurants have a license agreement with SIR Royalty Income Fund to earn a 6% royalty on restaurants in the royalty pool plus interest on a loan to SIR Corp. By province 49 restaurants are located in Ontario with the balance split between Quebec, Nova Scotia, Newfoundland and Alberta.
Earnings for the SIR Royalties Income Fund depend entirely on sales from restaurants owned by Sir Corp. Sir Corp owns upscale restaurants located in major Canadian urban markets. The rights to the 6% royalties from the restaurants in the royalty pool extend for a 99 year term. Sir Royalties Income Fund fiscal year ends Dec-31 and Sir Corp's fiscal year end on Aug-12.
Sir has grown from 5 restaurants in 1993 with revenues of $17M to 61 restaurants in 2017 with revenues of $283M. The primary brand is Jack Astors with 40 locations providing 75% of annual revenues, followed by Canyon Creek Chop House and Scaddabush Kitchen & Bar at 9% each and the Signature Group of 5 Reds Restaurants at 5% with the balance 3 restaurant brands.
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