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Boston Pizza Royalties Income Fund Q2-2020 Earnings, Price Target Update

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Boston Pizza Royalties Income Fund (BPF.UN) 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 were 396 restaurants in the royalty pool compared to 396 at Jun-30-2020. By location 30% of the restaurants are located in Ontario, Alberta – 29%, BC -16%, Quebec -8%, Maritimes – 6% and 11% in the rest of Canada. 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

The Boston Pizza Royalties LP was initially entitled to a 4% royalty fee on franchise sales of Boston Pizza restaurants in the royalty pool as payment for use of trademark rights. On Mar-23-2015, the Fund's interest in Franchise Sales of Boston Pizza Restaurants in the Royalty Pool was increased by 1.5%, from 4% to 5.5%, less the 12% payable to BPI in respect of its retained interest in the Fund. A $24M inter-co loan due to the Fund from BPI was cancelled as the offset for the increase in the royalty rate.

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