Company Overview

Boston Pizza Royalties Income Fund is a Canadian income trust that holds the rights to receive royalties generated from the Boston Pizza restaurant system in Canada. The Fund does not operate restaurants; instead, it earns revenue through a contractual royalty arrangement tied directly to the system-wide sales of Boston Pizza restaurants. It operates within the restaurant franchising and royalty income segment of the broader consumer discretionary and foodservice industry.

The Fund’s primary revenue driver is a fixed percentage royalty applied to gross sales from franchised and company-owned Boston Pizza locations in Canada. Its unique positioning lies in its asset-light structure, predictable cash flow model, and exposure to one of Canada’s most established casual dining brands without direct operational risk. The Fund was established in 2002 as part of a restructuring that separated restaurant operations from royalty ownership, enabling stable income distributions to unitholders.

Business Operations

Boston Pizza Royalties Income Fund’s sole business activity is owning the Boston Pizza Royalties Limited Partnership, which holds the royalty pool and collects royalties from the Boston Pizza restaurant system. Revenue is generated through a royalty rate applied to top-line restaurant sales from a defined pool of Canadian locations, adjusted periodically through a contractual mechanism that reflects net restaurant openings or closures.

Operational responsibilities, including menu development, marketing, franchise management, and restaurant operations, are handled by Boston Pizza International Inc., a separate private company. The Fund has no employees, capital expenditures, or direct exposure to food, labor, or real estate costs, relying instead on the performance of the underlying restaurant network and the contractual protections embedded in the royalty agreement.

Strategic Position & Investments

The Fund’s strategic direction is centered on maintaining stable and predictable cash distributions through disciplined financial management and the long-term strength of the Boston Pizza brand. Growth in royalty income is primarily driven by same-restaurant sales growth and net expansion of the Canadian restaurant base, which periodically increases the size of the royalty pool.

Boston Pizza Royalties Income Fund does not pursue acquisitions, technology investments, or diversification strategies. Its only material asset is its interest in the royalty partnership. Strategic alignment with Boston Pizza International Inc. ensures brand investment, national marketing initiatives, and operational improvements that indirectly support sales growth and long-term royalty sustainability.

Geographic Footprint

The Fund’s operations and revenue exposure are entirely concentrated in Canada, reflecting the geographic scope of the Boston Pizza royalty pool. Its head office functions are administered in Ontario, while the underlying restaurant system spans all major Canadian provinces, including significant presence in Western Canada, Ontario, and Atlantic Canada.

Although the Boston Pizza brand has international exposure through locations outside Canada, the Fund has no economic interest in non-Canadian restaurants. As a result, its performance is directly tied to Canadian consumer spending trends, domestic economic conditions, and the strength of the national casual dining market.

Leadership & Governance

Boston Pizza Royalties Income Fund is overseen by a Board of Trustees and relies on external service providers for administration. Governance emphasizes conservative financial management, transparency, and consistency of distributions, aligned with the Fund’s income-oriented mandate. Strategic decisions are closely linked to the long-term viability of the royalty structure and brand performance.

Key leadership includes trustees and executives associated with the Fund’s administrator and the operating company:

• James Treliving – Chair of the Board of Trustees
• Jordan Holm – Chief Executive Officer
• Chris Fowler – Chief Financial Officer
• Andrew Wilkinson – Chief Operating Officer

Leadership philosophy focuses on protecting unitholder value through prudent oversight, maintaining strong alignment with the franchisor, and supporting initiatives that enhance system-wide restaurant sales rather than operational expansion at the Fund level.