Topic: How To Invest

Q: Pat, we really appreciate the research and information you and your team provide. Could you please give us your opinion on possible investment in Boston Pizza Royalties Fund (BPF-UN.TO)? Thanks.

Article Excerpt

A: Boston Pizza Royalties Income Fund, $17.53, symbol BPF.UN on Toronto (Units outstanding: 21.8 million; Market cap: $382.2 million; www.bpincomefund.com), holds certain trademarks and trade names used by Boston Pizza International at its Boston Pizza restaurants in Canada (but not those in the U.S. and Mexico). The fund licenses those trademarks to Boston Pizza International for 99 years in return for 4% of the franchise revenue from all 396 Boston Pizza restaurants in Canada. Boston Pizza Royalties Income Fund first sold units to the public at $10 each and began trading on Toronto in July 2002. The fund’s royalty income rises as the result of increased same-store sales and from the opening of new Boston Pizza restaurants in Canada. Over the last year, Boston Pizza opened 10 new restaurants in Canada and closed five, raising its total to 396 from 391. Boston Pizza restaurants provide full-service, family-friendly casual dining and a separate sports bar. Most restaurants also have an outdoor patio for guests…

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