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Boston Pizza Royalties Income Fund - Q3-2018 Earnings & Price Target Update

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Boston Pizza Royalties income fund earns 5.5% of the franchise revenues of Boston Pizza restaurants in the Royalty Pool before the 12% interest held by Boston Pizza International Ltd. (BPI). BPI is a privately controlled company and is the franchisor of the Boston Pizza restaurants in Canada. BPI competes in the casual dining sector of the restaurant industry. As of Jan-2018 there are 396 restaurants in the royalty pool an increase of 5 from Jan-2017. By location 30% of the restaurants are located in Ontario, Alberta – 28%, BC -16%, Quebec -8% and 189% in the rest of Canada.

On Jan-1-2018, 11 new Boston Pizza Restaurants that opened during 2017 were added to the Royalty Pool while three Boston Pizza Restaurants that closed during 2017 were removed, 28 restaurant renovations were completed in 2017. Since the inception of the Fund, 242 net new Boston Pizza restaurants have been added to the Royalty Pool, growing from 154 in 2002 to 396 locations.

Increase in Royalty Rate

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