Company Overview

Boston Pizza Royalties Income Fund is a Canadian royalty income trust that owns the Boston Pizza trademarks and certain intellectual property and earns royalties from Boston Pizza restaurants operating in Canada. The Fund does not operate restaurants or manage day-to-day food service activities; instead, it generates revenue by collecting a contractually defined royalty based on system-wide restaurant sales from a defined royalty pool. Its units trade on the Toronto Stock Exchange under BPF.UN and in the U.S. over-the-counter market under BPZZF.

The Fund was established in 2002 as part of a restructuring that separated restaurant operations from brand ownership and royalty collection. Its core strategic advantage is its asset-light structure, which provides relatively stable, recurring cash flows tied to restaurant sales rather than operating margins. The Boston Pizza brand is positioned as a casual dining and sports bar concept, giving the Fund exposure to both dine-in and takeout consumer segments across a mature national footprint.

Business Operations

Boston Pizza Royalties Income Fund generates substantially all of its revenue from a fixed royalty rate applied to gross sales of restaurants included in its royalty pool. The royalty pool consists of Boston Pizza restaurants operating under long-term franchise agreements in Canada, and the royalty rate is contractually defined and not directly influenced by restaurant-level profitability. The Fund’s primary asset is its ownership of the Boston Pizza trademarks and related intellectual property, which are licensed to the restaurant operator.

Operationally, the Fund relies on Boston Pizza International Inc. to manage franchising, restaurant operations, marketing, and brand development. The Fund has no employees and no direct exposure to food, labor, or occupancy costs. Its activities are administered through Boston Pizza Royalties Limited Partnership, which acts as the operating entity through which royalty income is received and distributed to unitholders.

Strategic Position & Investments

The Fund’s strategic direction is centered on maintaining predictable distributions to investors through long-term brand licensing and disciplined expansion of the royalty pool. Growth is achieved primarily through net new restaurant openings and, to a lesser extent, same-store sales growth at existing locations. Periodically, the Fund expands its royalty pool to include new restaurants in exchange for issuing additional trust units.

Boston Pizza Royalties Income Fund does not pursue acquisitions in the traditional sense and does not invest in emerging technologies or unrelated businesses. Its strategic exposure is entirely linked to the performance and competitive positioning of the Boston Pizza brand, which benefits from national advertising, menu innovation, and franchisor-led operational improvements implemented by Boston Pizza International Inc..

Geographic Footprint

The Fund’s operations and revenue base are exclusively concentrated in Canada, where Boston Pizza restaurants operate across all major provinces and urban markets. Its headquarters and legal domicile are in Canada, and all royalty income is derived from domestic restaurant sales.

While the Fund itself has no international operations, the Boston Pizza brand has historical international exposure through separate corporate initiatives. However, only Canadian restaurants are included in the Fund’s royalty pool, and international operations do not contribute to its revenue or cash distributions.

Leadership & Governance

Boston Pizza Royalties Income Fund is governed by a board of trustees and is externally managed, with strategic and operational execution carried out by entities affiliated with Boston Pizza International. Leadership emphasizes conservative financial management, predictable distributions, and long-term brand stewardship rather than operational growth at the Fund level.

Key leadership figures associated with the Fund and its operating structure include:

• Jim Treliving – Founder of Boston Pizza
• Jordan Holm – Chief Executive Officer of Boston Pizza International Inc.
• Lennie Kaplan – Co-Founder of Boston Pizza

Specific executive officer roles within the trust itself are limited due to its income fund structure. Data inconclusive based on available public sources regarding a standalone executive management team distinct from the Boston Pizza International operating organization.