Overview
Morguard Sunstone
Sunstone US (No. 4)
Sunstone US (No. 3)
Sunstone US (No. 2)
Sunstone US
Sunstone (2008)
 
Sunstone Opportunity Fund (2005) Limited Partnership
Pricing Information
 

To continue to support our investors and clients, and in order to comply with the second phase of the CRM Project, Sunstone commissioned an annual third party valuation report to satisfy the requirements of the new pricing regulations, under which non-trading units must have a third party fair market valuation performed by a pre-approved Certified Business Valuator or national CPA accounting firm.

Investors owning Sunstone Opportunity Funds may therefore begin seeing changes on their brokerage account statements as their brokerage begins implementing the new third party fair market values.

Previously, Sunstone’s management provided unit pricing certificates with values that used a book cost valuation methodology which differs from the third party fair market valuation methodology. A description of the different valuation methods are listed below.

Sunstone - Book Cost Values

Since 2003, Sunstone management has used an accounting method of valuation based on the investor’s initial per unit investment at the fund’s Initial Public Offering, less any per unit amounts of equity returned to date in the form of special distributions from property sales. 

The balances that you see on your quarterly investor letters reflect the Sunstone book cost values.

 

BDO Canada LLP (“BDO”) - Fair Market Values

Sunstone units are non-trading. Their fair market values are determined not by their last trading price, but by using a methodology that combines the estimated values of each of the remaining properties based on year-end audited financials, quarter-end unaudited financials and appraisals, estimated market conditions and what each unitholder could potentially receive per unit should the remaining properties sell at a certain point in time within an assumed range of market conditions.  It is these values that the brokerage firms are required to use.

These reports are prepared annually as at December 31st each year by a national CPA accounting firm, BDO Canada LLP. Reports may also be prepared at other times during the year when special distributions from property sales have been paid out to investors, creating demand for an update in pricing. In such circumstances, Sunstone may ask BDO Canada LLP to provide estimated valuation amounts.

 

Current Valuation Summary
Fund
CUSIP
Sunstone Book Cost Value per Unit
Sunstone Book Cost Valuation Date
BDO Fair Market Value per Unit
BDO Valuation Date
Sunstone Opportunity Fund (2005) Limited Partnership Unit
867894107
$ 2,500.00
April 15, 2016
$ 151.00
December 31, 2016
SRAI Capital Corp Series C Debenture
78465GAC2
$ 0.00
April 15, 2016
$ 406.00
December 31, 2016
  Total $ 2,500.00   $ 557.00  
 

 

Please note the above BDO Fair Market Value per unit is currently under review. It should be noted that if the accrued interest payable on the Series C Debentures of SRAI Capital Corp were forgiven, the fair market value of the 2005LP units would be $557 per unit instead of $151 per unit and the Series C Debentures would be $nil.

For the most recent BDO valuation please click here.

Historical Valuation Summary

The below table summarizes the history of pricing changes for the SRAI Capital Corp. Series C Debentures and the Sunstone Opportunity Fund (2005) Limited Partnership.

 

Historical Valuation Summary for SRAI Capital Corp Series C Debenture
Event Special Distribution (Return of Equity)
Sunstone Book Cost Value per Unit
BDO Fair Market Value per Unit
Valuation Date
IPO N/A $ 10,000 N/A October 31, 2005
Sale of Team Tube $ 5,000 $ 5,000 N/A October 7, 2007
Sale of River City $ 2,000
$ 3,000
N/A
June. 16, 2008
Sale of Sherwood Forrest Shopping Village $ 1,000
$ 2,000
N/A
December 31, 2014
BDO Valuation Report N/A $ 2,000 $ 2,210 December 31, 2012
BDO Valuation Report N/A $ 2,000 $ 2,270 December 31, 2013
BDO Valuation Report N/A $ 2,000 $ 2,330 December 31, 2014
BDO Valuation Report N/A $ 2,000 $ 2,391 December 31, 2015
Sale of Pickering $ 2,000
$ 0.00
$ NIL
April 15, 2016
BDO Valuation Report  
$ 0.00
$ 406.00
December 31, 2016
 

 

Historical Valuation Summary for Sunstone 2005 Limited partnership
Event Special Distribution (Return of Equity)
Sunstone Book Cost Value per Unit
BDO Fair Market Value per Unit
Valuation Date
IPO N/A $ 2,500 N/A October 31, 2005
BDO Valuation Report N/A $ 2,500 $ 2,260 December 31, 2012
BDO Valuation Report N/A
$ 2,500
$ 2,545
December 31, 2013
BDO Valuation Report N/A
$ 2,500
$ 2,230
December 31, 2014
BDO Valuation Report N/A $ 2,500 $ 93.00
December 31, 2015
BDO Valuation Report N/A $ 2,500 $ 151.00 December 31, 2016
 

 

 

 

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