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The Keg Royalties Income Fund - Q2-2021 Earnings, Price Target Update

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The Keg Royalties Income Fund (KEG.UN) is positioned at the higher end of the casual dining restaurant segment, focusing on customers looking for high quality steak and prime rib at a reasonable price. Vancouver-based Keg Restaurants Ltd. is the leading operator and franchisor of steakhouse restaurants in Canada and has a presence in select regional markets in the United States. Keg Restaurants Ltd. operates The Keg restaurant that includes corporate and franchised Keg steakhouses. Revenues are split approximately equally between these two business models, including 15% of revenues from the US. As of Jun-30-2021, the Royalty Pool includes 106 Keg restaurants, 51 of which are owned and operated by KRL and its subsidiaries, (41 in Canada and all 10 in the United Sates), and 55 Keg restaurants which are owned and operated by Keg franchisees (all of which are in Canada). The total number of Keg restaurants in the Royalty Pool has increased from the 80 Keg restaurants as of Mar-31-2002, to 106 as of Jun-30-2021. Corporately owned restaurants in the US are focused on three target markets, specifically: Phoenix, Arizona; Denver, Colorado; and Dallas, Texas.

The 55 franchised Keg restaurants in operation are owned by a total of 25 different Keg franchisees. Of these, 13 Keg franchisees own more than one Keg restaurant. Conversion of an existing restaurant into a Keg restaurant costs $1.5M, and up to $5.5M to build a new restaurant and become a Keg franchisee

The Keg brand has been in existence for thirty-eight years. Prior to Q2-2018 Keg Restaurants Ltd was connected to Hy's of Canada thru a common ownership that had grown from 10% at the time of the IPO to 27% as of Jun-30-2019. Keg Restaurants Ltd. is now owned by Recipe Unlimited Corp.(formerly Cara Restaurants) who are owned by Fairfax Holdings Inc. (FFH).

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