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A&W Revenue Royalties Income Fund - Q3-2021 Earninngs, Price Target Update

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A&W Revenue Royalties Income Fund (AW.UN) is the second-largest quick service burger chain in Canada with 994 restaurants in the royalty pool as of Jan-2021 up from 971 as at Dec-31-2020. A total of 23 net new restaurants were added in Jan-2021. Since 2002, the number of A&W restaurants for which royalties are paid to the Fund has increased from 585 to 984. For the period from Jan-2016 to Jan-2020 an average of 32 net new restaurants were added to the royalty pool each year. The fund earns a 3% royalty for use of trademarks by the restaurants in the royalty pool. The trademarks comprise some of the best-known brand names in the Canadian foodservice industry. With a larger restaurant footprint in Western Canada, the expansion strategy has focused predominantly on Ontario, Atlantic Canada and Quebec and offering different franchise configurations. As of Jan-2021, there were 1006 A&W restaurants in operation in Canada of which 997 are owned and operated by owner/operators under franchise agreements with Food Services and nine are owned and operated by Food Services. A&W trade-marked menu items include The Burger Family, Chubby Chicken and A&W Root Beer.

A&W Food Services 'better ingredients' marketing strategy is focused on beef raised without the use of hormones or steroids, eggs from hens fed only a vegetarian diet without animal by-products, chicken raised without the use of antibiotics, and organic and Fair Trade coffee. Consistent with their better ingredients program $5M was donated towards the University of Saskatchewan's Livestock and Forage Centre of Excellence - an investment that will be used to develop new approaches for healthy, sustainable agricultural practices. This donation was made by A&W Food Services Inc. and not borne by the A&W Revenue Royalties Income Fund.

A&W restaurants operate as freestanding restaurants with drive–thru facilities, restaurants in shopping centres, restaurants on street fronts in urban areas or gas/convenience store restaurants on shared sites. The 186 A&W shopping centre concept restaurants located in the food courts of shopping centres, airports and universities, represent the highest number of hamburger quick service restaurants operating under a single brand name in enclosed shopping centres, airports and universities in Canada.

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