BURLINGTON, ON, June 19, 2024 /CNW/ - SIR Royalty Income Fund (TSX:SRV) (the "Fund") today announced that SIR Corp. ("SIR" or the "Company"), the operating entity from which the Fund's equity income is ultimately derived, has filed its financial results for the 12-week and 36-week periods ended May 5, 2024 ("Q3 2024" and "YTD 2024", respectively). SIR's unaudited interim consolidated financial statements and management's discussion & analysis ("MD&A") for Q3 2024 / YTD 2024 can be accessed via the Fund's profile on the SEDAR+ website at www.sedarplus.ca under "Other", or the SIR website at www.sircorp.com/sir-royalty-income-fund/financial-reports. References to fiscal years are to SIR's fiscal years. Q3 2024 Business Update Food and beverage revenue from corporate restaurant operations was $62.0 million compared to $62.1 million for the 12-week period ended May 7, 2023 ("Q3 2023"). Consolidated Same Store Sales ("SSS")¹ declined by 4.0%. SIR completed renovations to two Jack Astor's® locations (in Richmond Hill, Ontario and Halifax, Nova Scotia) to implement more contemporary and immersive guest-facing experiences. The restaurants were closed for a combined total of 25 days to complete the renovations. SIR opened new Scaddabush Italian Kitchen & Bar® ("Scaddabush") restaurants in the Don Mills neighbourhood of Toronto (on February 27, 2024) and in South London, Ontario (on April 17, 2024). These two new restaurants are expected to be added to the Royalty Pooled Restaurants on January 1, 2025. SIR successfully negotiated the extinguishment of the lease agreement related to the permanently closed Reds® Kitchen + Wine Bar Fallsview effective March 31, 2024. On April 26, 2024, SIR opened a new Italian-themed, fine dining restaurant called Edna + VitaTM at the site of the former Reds Wine Tavern in downtown Toronto. Subsequent Events On May 22, 2024, SIR opened a new Duke's Refresher® + Bar ("Duke's Refresher") at the intersection of Queen Street East and Broadview Avenue in Toronto. SIR successfully negotiated the extinguishment of the lease agreement related to the permanently closed Scaddabush in the Mimico neighbourhood of Etobicoke, Ontario effective June 14, 2024. On June 17, 2024, SIR entered into an Eleventh Amending Agreement (the "Eleventh Amendment") to its credit agreement with its Senior Lender. The Eleventh Amendment, specifically related to Credit Facilities 1 and 2, transitions the publication of the effective interest rates applicable under the Credit Agreement from the Canadian Dollar Offered Rate ("CDOR") to the Canadian Overnight Repo Rate Average ("CORRA") and effectively removes all references to borrowing under 'bankers' acceptances' moving forward. The Eleventh Amendment, among other things, also acknowledges the intent to extend the maturity date of the guaranteed facility with Export Development Canada through the guaranteed Business Credit Availability Program from July 6, 2024 by a further 12-month increment, to July 6, 2025. Effective June 18, 2024, SIR elected not to operate the seasonal restaurant, Abbey's Bakehouse®, during Fiscal 2024, due to ongoing construction and business disturbances in the surrounding Muskoka, Ontario area. Abbey's Bakehouse will continue to operate a retail outlet out of Reds Square One located in Mississauga, Ontario. Results of Operations Summary SIR has advised the Fund that food and beverage revenue from corporate restaurant operations was $62.0 million in Q3 2024, a decline of 0.1% compared to $62.1 million in Q3 2023. The slight decline was primarily attributable to decreased SSS1, which was due to lower guest counts and delivery sales at Jack Astor's and lower guest counts at the Signature Restaurants, partially offset by price increases across SIR's restaurant network and the continued same store sales growth of Scaddabush. During Q3 2024, two Jack Astor's locations were closed for a combined total of 25 days to complete renovations. During Q3 2023, three Jack Astor's locations were closed for a combined total of 25 days to complete renovations.   Same Store Sales(1)    ($000s)  12-Week  Period Ended  May 5, 2024 12-week  Period Ended  May 7, 2023 Variance 36-Week  Period Ended  May 5, 2024 36-Week  Period Ended  May 7, 2023 Variance Jack Astor's 41,658 43,968 (5.3 %) 121,449 129,098 (5.9 %) Scaddabush 12,120 11,584 4.6 % 35,987 34,129 5.4 % Signature Restaurants 4,469 5,122 (12.7 %) 13,673 15,000