Overview
Morguard Sunstone
Sunstone US (No. 4)
Sunstone US (No. 3)
Sunstone US (No. 2)
Sunstone US
Sunstone (2008)
 
Sunstone Opportunity Fund (2006)
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
BDO Fair Market Value per Unit
BDO Valuation Date
Sunstone Opportunity Fund (2006) Realty Trust
867893109
$ 250.00
$ 1.00
December 31, 2016
Sunstone Opportunity Fund (2006) Debenture Fund
86800V102
$ 325.00
$ 399.00
December 31, 2016
  Total $ 575.00 $ 400.00  
 

 

For the most recent BDO valuation please click here.

 

Historical Valuation Summary

The below table summarizes the history of pricing changes for the Sunstone Opportunity (2006) Debenture Fund and the Sunstone Opportunity (2006) Realty Trust.

 

HISTORICAL VALUATION SUMMARY FOR Sunstone Opportunity (2006) Debenture fund
Event Special Distribution (Return of Equity)
Sunstone Book Cost Value per Unit
BDO Fair Market Value per Unit
Valuation Date
IPO N/A $ 1,000 N/A October 26, 2006
Sale of Newton Crossing $ 400 $ 960 N/A November 12, 2008
Sale of Starlite Centre $ 350
$ 925
N/A
January 17, 2011
Sale of Millwoods Mainstreet $ 400
$ 525
N/A
March 31, 2011
Sale of Evergreen Centre $ 750 $ 450 N/A September 12, 2011
Sale of Place des Quatre-Bourgeois $ 125 $ 325 N/a July 12, 2012
BDO Valuation Report N/A $ 325 $ 361 December 31, 2012
BDO Valuation Report N/A $ 325 $ 365 December 31, 2013
BDO Valuation Report N/A $ 325 $ 371 December 31, 2014
BDO Valuation Report N/A $ 325 $ 387 December 31, 2015
BDO Valuation Report N/A $ 325 $ 399 December 31, 2016
 

 

HISTORICAL VALUATION SUMMARY FOR SUNSTONE opportunity (2006) Realty Trust
Event Special Distribution (Return of Equity)
Sunstone Book Cost Value per Unit
BDO Fair Market Value per Unit
Valuation Date
IPO N/A $ 250 N/A October 26, 2006
BDO Valuation Report N/A $ 250 $ 217 December 31, 2012
BDO Valuation Report N/A
$ 250
$ 96
December 31, 2013
BDO Valuation Report N/A
$ 250
$ 18
December 31, 2014
BDO Valuation Report N/A
$ 250
$ 49
December 31, 2015
BDO Valuation Report N/A
$ 250
$ 1.00
December 31, 2016
 

 

 

 

 

 

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