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SIR Royalty Income Fund-Q2-2021 Earnings, Price Target Update

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SIR Royalty Income Fund (SRV.UN) earnings royalty based income from Sir Corp. a private company owns 53 upscale restaurants primarily located in Ontario and also Quebec, Nova Scotia, and Newfoundland. SIR, is in the business of creating, owning and operating full service restaurants in Canada. All of SIR's restaurants are corporately owned. SIR does not franchise any of its existing brands.

The restaurants are Jack Astor's Bar and Grill, Scaddabush Italian Kitchen & Bar, Canyon Creek, Reds Wine Tavern, Reds Midtown Tavern, Reds Square One, and the Loose Moose Tap & Grill. As at Jun-30-2021, SIR also owned one Duke's Refresher & Bar restaurant located in downtown Toronto, and one seasonal restaurant, Abbey's Bakehouse that are not part of the royalty pool restaurants. As at Jun-30-2021, 56 SIR Restaurants were included in Royalty Pooled Restaurants (51 operating restaurants and five closed restaurants). This compares to Sir Corp owning 61 restaurants as at Dec-31-2017. 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. Sir Royalties Income Fund and SIR Corp. are each partners in the Sir Royalties LP which earns the royalties with SIR owning approximately 35% and the Sir Royalties Income Fund owning the balance. SIR Corp. receives exchangeable units which are not listed, but can be exchanged in units of the fund on a one for one basis.

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.

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