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Our Track Record
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investing'. We have proven our capacity for outstanding performance in every economic climate. But just as important, we have earned a well deserved reputation for ethics and integrity-one that has allowed us to forge a unique and long term bond with our investors.
| Offering
Year |
Project
Name |
Original
Equity |
Cash
Distributions |
Refinancing
Distributions |
Tax
Savings |
Total
Investor Return |
%
of Original Capital Returned |
Internal
Rate of Return |
Details |
| 2004 |
The Abbey at Vista Ridge |
$13,744,630
|
1,727,729
|
-n/a-
|
3,075,768
|
$4,803,497
|
34.9%
|
-6.7%
|
MORE |
| 1995 |
Arbor Valley |
$4,875,255
|
3,304,553
|
3,437,389
|
1,675,639
|
$8,417,581
|
172.7%
|
23.4%
|
MORE |
| 1992 |
Bermuda Dunes |
$9,298,083
|
3,496,171
|
4,790,590
|
5,604,385
|
$25,755,915
|
277.0%
|
19.3%
|
MORE |
| 1992 |
Briarcrest |
$5,119,142
|
4,051,663
|
6,228,178
|
665,130
|
$10,944,971
|
213.8%
|
27.3%
|
MORE |
| 2001 |
Carrington Park |
$15,483,419
|
2,979,079
|
-n/a-
|
6,251,306
|
$9,230,385
|
59.6%
|
5.2%
|
MORE |
| 1990 |
Castlewinds |
$2,622,992
|
1,165,015
|
2,125,995
|
2,348,477
|
$6,283,329
|
239.5%
|
17.4%
|
MORE |
| 2000 |
Cypress Lake |
$8,186,181
|
2,004,556
|
1,466,639
|
2,337,220
|
$5,808,415
|
71.0%
|
-1.0%
|
MORE |
| 1995 |
Fieldcrest |
$3,325,174
|
2,558,156
|
3,805,734
|
1,184,427
|
$7,548,317
|
227.0%
|
50.5%
|
MORE |
| 1991 |
Fossil Hill |
$3,570,480
|
3,348,985
|
5,066,280
|
86,221
|
$8,501,486
|
238.1%
|
26.5%
|
MORE |
| 1995 |
Huntington Glen |
$4,312,017
|
1,638,020
|
3,010,408
|
1,763,070
|
$6,411,498
|
148.7%
|
24.4%
|
MORE |
| 2000 |
Lakeside Gardens |
$3,746,400
|
1,340,400
|
- n/a -
|
1,887,840
|
$7,504,560
|
200.3%
|
30.1%
|
MORE |
| 1996 |
Lakeview Place |
$3,604,370
|
3,067,478
|
7,129,440
|
655,788
|
$10,852,706
|
301.1%
|
41.8%
|
MORE |
| 1996 |
Maple Leaf Quay |
$13,965,050
|
11,444,456
|
21,015,050
|
3,225,238
|
$35,684,744
|
255.5%
|
30.3%
|
MORE |
| 2002 |
Milano |
$17,705,563
|
1,850,673
|
- n/a -
|
4,776,067
|
$6,626,740
|
37.4%
|
-8.9%
|
MORE |
| 1991 |
Southern
Hills |
$4,010,352
|
1,803,829
|
2,711,100
|
3,175,109
|
$10,727,937
|
267.5%
|
22.4%
|
MORE |
| 1997 |
Southern
Ontario |
$9,528,000
|
10,379,758
|
2,134,535
|
2,214,020
|
$14,728,313
|
154.6%
|
19.8%
|
MORE |
| 1991 |
Sunset
Oaks |
$6,260,690
|
3,491,040
|
4,577,600
|
2,450,626
|
$10,519,266
|
168.0%
|
19.2%
|
MORE |
| 1993 |
Tallows |
$5,087,053
|
3,926,387
|
3,625,108
|
683,221
|
$8,234,716
|
161.9%
|
23.6%
|
MORE |
| 1994 |
Tall Timbers |
$5,268,028
|
2,598,858
|
4,092,597
|
1,826,771
|
$8,518,226
|
161.7%
|
23.7%
|
MORE |
| 1994 |
The Vanderbilt |
$5,790,985
|
3,011,841
|
2,540,735
|
3,952,807
|
$11,017,435
|
190.3%
|
18.9%
|
MORE |
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| Average Internal Rate of Return for: |
| U.S. Properties |
17.1%
|
| Canadian Properties |
30.3%
|
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Important Notes and Assumptions
- For US projects, Original Equity, Cash Flow, and Refinancing Distributions are translated into Canadian dollars using exchange rates in effect at transaction date.
- Tax Savings are calculated using the actual Combined Top Marginal Tax Rates (on a leveraged basis).
- Internal Rate of Return is the annual yield on the investment
calculated on an unleveraged basis using various assumptions regarding
property values, exchange rates, the calculation of incentive
management interest, timing of cash flows, US Partnership taxes,
US Partnership withholding taxes, and Canadian income taxes. Disposition
of current properties are assumed to take place on January 1,
2010 using the estimated Current Value at January 1, 2010 and
the exchange rate of 1.0466.
- The above IRR is grossed-up to reflect an IRR that is the pre-tax rate of return an investor in the 43.7% tax bracket would have had to earn from an interest-bearing security to achieve the same after-tax return.
- This analysis has been prepared using various assumptions regarding property values, exchange rates, the incentive management interest calculation, equity loan interest rates, timing of cash flows, US withholding taxes, and tax rates provided by The England Group. Some assumptions inevitably will not materialize and/or will not apply to all investors, therefore the actual results achieved will vary and the variations may be material.
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