BURLINGTON, Ont. — SIR Royalty Income Fund recently reported its financial results for the year ending Dec. 31, 2016.
On Jan.1, 2016, two new Jack Astor’s restaurants were added to Royalty Pooled Restaurants and net earnings for the Fund were $8.9 million, or $1.13 per Fund unit, compared to $8.6 million, or $1.13 per Fund unit, for the year ending December 31, 2015. SIR also completed renovations to six Jack Astor’s restaurants during 2016.
Pooled Revenue increased to $278 million, up 3.9 per cent from $267.6 million in 2015 and overall same – store-sales growth grew 1.6 per cent. Distributable cash per Fund unit (basic and diluted) was $1.15, representing a payout ratio of 99.1 per cent, as compared to distributable cash per Fund unit of $1.13 in 2015, representing a payout ratio of 100.5 per cent.
SIR Corp. opened two new Scaddabush restaurants during 2016, one of which was added to Royalty Pooled Restaurants effective Jan. 1, 2017. The other new location is expected to be added to Royalty Pooled Restaurants on Jan.1, 2018.
The company permanently closed Far Niente/FourPetit Four in downtown Toronto, effective Oct.15, 2016, as it was unable to negotiate a lease extension with the landlord with sufficient term to ensure a suitable return on its planned investment in the location.
“SIR continues to invest in new and existing restaurants to further strengthen our brands and drive sales growth in support of growing cash available for distribution to Fund unitholders,” said Peter Fowler, president and CEO of SIR Corp. “With the completion of renovations to six Jack Astor’s locations in 2016, and two more Jack’s renovations completed subsequent to year-end, the next evolution of our flagship Jack Astor’s brand is well underway. This is a major ongoing initiative for us aimed at driving same-store-sales growth. We also look forward to converting our two remaining Alice Fazooli’s restaurants to Scaddabush during 2017. New restaurants on the slate for 2017 include a new Reds location. These initiatives demonstrate our ongoing focus on elevating SIR’s brands and building value for Fund unitholders.”
The Fund’s consolidated audited Financial Statements and MD&A, and the Partnership’s Financial Statements, for the 12-month period ending December 31, 2016, are available via the SEDAR website at www.sedar.com and SIR’s website at www.sircorp.com.