Franchise and Same-Restaurant Sales Growth
Franchise sales from Royalty Pool restaurants were $238.4M for Q1, up 3.1% year-over-year; same-restaurant sales increased 3.1%, driven principally by higher guest traffic and momentum in takeout and delivery.
Royalty and Distribution Income Increases
Royalty income rose to $9.5M from $9.2M YoY; distribution income increased to $3.1M from $3.0M YoY, based on the same Royalty Pool of 372 restaurants.
Net Income and Non-Cash Fair Value Gains
Fund net and comprehensive income was $12.2M for Q1 versus $6.3M a year ago, primarily due to a $7.4M fair value gain (non-cash).
Distributable Cash and Per-Unit Growth
Distributable cash grew to $7.5M from $7.3M (+2.9%); distributable cash per unit increased to $0.354 from $0.344 (+2.9%).
Monthly Distribution Increased
Trustees raised the monthly distribution to $0.124 per unit from $0.120 (an increase of $0.004 or +3.3%), annualized to $1.488 per unit from $1.44.
Guest Engagement, Promotions and Community Impact
Promotional initiatives (e.g., Pasta Tuesday, Pepsi NFL partnership, Valentine’s heart-shaped pizzas) drove guest enthusiasm; charitable program raised approximately $650,000 for the Boston Pizza Foundation and local charities.
Operational Momentum and Development Pipeline
Positive guest visitation continued into Q2 (including April), with active renovation program (11 renovations in Q1; 40 in 2025) and multiple development projects underway (Revelstoke, Dryden, The Pas, other sites) indicating pipeline for openings later in 2026 and into 2027.
Operating Cash Flow Slightly Improved
Cash flows from operating activities were $9.6M for Q1 compared to $9.3M a year ago, contributing to distributable cash.