TSX:BPF.UNHospitality
Boston Pizza Royalties Income Fund (TSX:BPF.UN) Stock Faces Payout Pressure Despite Royalty Growth
Boston Pizza Royalties Income Fund heads into the weekend under a cloud, with the unit price at CA$21.71 after a weak run over the past three months, just as fresh Q2 numbers land. On the surface the story looks comfortable for a royalty fund. Same-restaurant sales ticked higher and royalty income reached CA$10.3 million in the quarter.
The real headline is different. Distributable cash only modestly outpaced distributions while the trailing 12-month payout ratio sat above 100%. For income...