VANCOUVER, BC, Dec. 8, 2022 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN) announced today a cash distribution to unitholders of $0.102 per unit for November 2022 (the "November 2022 Distribution").  This is an increase of $0.002 per unit, or 2%, from the previous monthly rate of $0.100 per unit.  On an annualized basis, the new monthly distribution rate equates to $1.224 per unit compared to $1.200 per unit for the previous monthly distribution rate.  The Fund also announced today a special one-time cash distribution to unitholders of $0.085 per unit (the "Special Distribution").  Both the November 2022 Distribution and the Special Distribution will be paid on December 30, 2022 to unitholders of record at the close of business on December 21, 2022.

"We are pleased to announce a 2% increase to the monthly cash distribution rate and a $0.085 per unit special distribution to unitholders" said Marc Guay, Chair of the Board of Trustees.  "The recent solid financial performance of Boston Pizza International Inc. and the Fund, along with the Fund's growing cash balance, have enabled the trustees of the Fund to increase the monthly distribution rate payable to unitholders and issue a special one-time cash distribution.  This new monthly distribution rate per unit is now equal to the level it was immediately prior to the start of the pandemic.  However, the trustees of the Fund remain cautious and will continue to closely monitor the Fund's available cash balances and distribution levels, based on our goal of stable and sustainable distribution flow to unitholders."

In deciding to increase monthly cash distributions from $0.100 per unit to $0.102 per unit and declare the Special Distribution, the trustees of the Fund considered, among other factors, the recent financial performance of the Fund, Boston Pizza International Inc. ("BPI") and Boston Pizza restaurants in the Fund's royalty pool, the Fund's cash position and debt service costs, and internal financial projections for the Fund, BPI and Boston Pizza restaurants in the Fund's royalty pool for the remainder of 2022 and 2023.  The trustees of the Fund believe that increasing the monthly cash distribution rate and declaring the Special Distribution at this time are appropriate given the performance of the Boston Pizza system and the Fund's growing cash balances.  The trustees of the Fund will continue to closely monitor the Fund's available cash balances and distribution levels.

ABOUT US

The Fund is a limited purpose open ended trust with an excellent track record for investors since its IPO in 2002.  Including the November 2022 distribution and Special Distribution which are payable on December 30, 2022, the Fund will have paid out 239 monthly distributions and two special distributions totaling $393.3 million or $24.64 per Unit.  The Fund earns revenue based on the franchise system sales of the 383 Boston Pizza restaurants in the Fund's royalty pool.

Boston Pizza International Inc. ("BPI") is Canada's number one casual dining brand.  The Boston Pizza brand has served communities from coast-to-coast for 58 years since opening its first restaurant in Edmonton, Alberta in 1964.  Today Boston Pizza proudly remains a Canadian company with its hundreds of local franchise owners operating more dining rooms, sports bars and patios than any other single brand in the country, along with take-out and delivery.  BPI has been recognized both as a Franchisees' Choice Designation winner and a Platinum Member of Canada's 50 Best Managed Companies for many years.

Certain information in this press release constitutes "forward-looking information" that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Fund, BPI, their respective subsidiaries, Boston Pizza restaurants, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.  All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Fund or its trustees expect or anticipate will or may occur in the future, including such things as the trustees of the Fund continuing to closely monitor the Fund's available cash balances and distribution levels and other such matters are forward-looking information.  When used in this press release, forward-looking information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan", "should", "continue" and other similar terminology.  Risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by the forward-looking information contained herein, relate to (among others) competition, demographic trends, consumer preferences and discretionary spending patterns, business and economic conditions, legislation and regulation, reliance on operating revenues, accounting policies and practices, the results of operations and financial condition of the Fund, BPI and their respective subsidiaries, as well as those factors discussed under the heading "Risks and Uncertainties" in the most recent Annual Information Form of the Fund.  This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release.  Except as required by law, neither the Fund nor BPI assumes any obligation to update previously disclosed forward-looking information. For a complete list of the risks associated with forward-looking information and the Fund's business, please refer to the "Risks and Uncertainties" and "Note Regarding Forward-Looking Information" sections included in the most recent Annual Information Form of the Fund available at www.sedar.com and www.bpincomefund.com.

The trustees of the Fund have approved the contents of this news release.

® Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trademarks and unregistered Canadian trademarks containing the words "Boston", "BP", and/or "Pizza" are trademarks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc.

© Boston Pizza International Inc. 2022

SOURCE Boston Pizza Royalties Income Fund

Copyright 2022 Canada NewsWire

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