Sunstone Opportunity Fund Limited Partnership
Investment Properties |
| |
| First closing: |
March 4, 2004 |
| Second closing: |
April 1, 2004 |
| Total units: |
1,234 |
| Per unit: |
$12,500 |
| Debenture interest rate: |
9% |
| Equity raised: |
$15,425,000 |
| Total portfolio acquired: |
$44,190,000 |
| Number of properties: |
3 (3 divested) |
| Gross sale proceeds: |
$58,050,000 |
|
Properities by
Purchase Price
 |
| |
|
Langley Crossing Shopping Centre
Langley, BC |
| Purchase price: |
$21,300,000 |
| Purchase date: |
April 2004 |
| Property type: |
Retail & office |
| Net rentable area: |
128,719 sq. ft. |
| Date sold: |
September 2005 |
| Sale price: |
$29,000,000 |
|
|
| |
|
Cascade Plaza – 50% interest
Banff, AB |
| Purchase price: |
$19,850,000 |
| Purchase date: |
August 2004 |
| Property type: |
Shopping centre |
| Area: |
82,884 sq. ft. |
| Date sold: |
October 2005 |
| Sale price: |
$25,500,000 |
|
|
| |
|
Westhill Centre
Nanaimo, BC |
| Purchase date: |
September 2004 |
| Purchase price: |
$3,040,000 |
| Property type: |
Retail & office |
| Area: |
32,294 sq. ft. |
| Date sold: |
October 2005 |
| Sale price: |
$3,550,000 |
|
|
| Each unit was acquired for $12,500 and all of the properties were sold within 18 months of initial investment. |
| |
|
|
Summary of cash distributions paid to Limited Partners |
Total |
Per $2,500 unit |
| In 2004 |
$ 104,119.00 |
$ 84.38 |
| In 2005 |
$ 9,135,456.00 |
$ 7,403.12 |
| In April 2006 |
$ 641,680.00 |
$ 520.00 |
| In June 2006 |
$ 237,545.00 |
$ 192.50 |
| Total cash received |
$ 10,118,800.00 |
$ 8,200.00 |
| |
|
|
| Summary of distributions paid on the Series A Debentures |
Total |
Per $10,000 debenture |
| In 2004 |
$ 918,145.36 |
$ 744.04 |
| In 2005 |
$ 854,248.84 |
$ 692.26 |
| Debenture redemption Oct. 2005* |
$ 12,340,000.00 |
$ 10,000.00 |
| Total interest received |
$ 14,112,394.20 |
$ 11,436.30 |
| * Please note that this amount represents the full face value of the Series A Debentures. |
| |
|
|
| Total cash received from March 2004 to June 2006 |
$ 24,231,194.20
|
$ 19,636.30
|
| |
|
|
| In summary, from date of investment to the date the last property was sold, investors' total net return was 157.09%, Annualized Return (IRR) 30.06%. |
|
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