VANCOUVER, British Columbia, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The Keg Royalties Income Fund (the “Fund”) (TSX: KEG.UN) today announced that its January 2024 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as of December 31, 2023. The January 2024 distribution will be paid on January 31, 2024. The record date for this distribution is earlier than in other months to coincide with the Fund’s year-end.
Annually, two distributions are expected to be declared to the Fund’s unitholders during the first quarter, three distributions in each of the second and third quarters, and four distributions in the fourth quarter. This is done to ensure that the distribution based on the Royalty Pool sales for the month of December, in any year (which is paid the following month in January) is recorded in the period in which it was earned for income tax purposes.
The Fund is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership (the "Partnership"), a subsidiary of the Fund, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). In exchange for use of those trademarks, KRL pays the Fund a royalty of 4% of gross sales of Keg restaurants included in the Royalty Pool.
With approximately 10,000 employees, over 100 restaurants and annual system sales approaching $700 million, Vancouver-based KRL is the leading operator and franchisor of steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steakhouses. KRL has been named the number one restaurant company to work for in Canada in the latest edition of Forbes "Canada's Best Employers 2023" survey, securing third place in the overall ranking across all industries in the country.
