-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PRJC3KvitQaGm6IQuyiOtQCTcrwTfwltwNFgL8hNmTNvbkG57jgBEKMEeo+UZefi FNSAn/O5os0aQ+N+l0waqQ== 0000927016-98-003191.txt : 19980821 0000927016-98-003191.hdr.sgml : 19980821 ACCESSION NUMBER: 0000927016-98-003191 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980807 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980820 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW ENGLAND LIFE PENSION PROPERTIES III CENTRAL INDEX KEY: 0000757221 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 042847256 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-14052 FILM NUMBER: 98694858 BUSINESS ADDRESS: STREET 1: 399 BOYLSTON ST 13TH FLR CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 6175781200 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): August 7, 1998 NEW ENGLAND LIFE PENSION PROPERTIES III ; A REAL ESTATE LIMITED PARTNERSHIP (Exact name of registrant as specified in its charter) Massachusetts (State or Other Jurisdiction of Incorporation) 0-14052 04-2847256 (Commission File Number) (IRS Employer Identification No.) 225 Franklin Street, 25th Floor Boston, MA 02110 (Address of principal executive offices) (Zip Code) (617) 261-9000 Registrant's Telephone Number, Including Area Code Not Applicable (Former Name or Former Address, if Changed Since Last Report) Item 2. Acquisition or Disposition of Assets. - ---------------------------------------------- On August 7, 1998, New England Life Pension Properties III; A Real Estate Limited Partnership (the "Partnership") sold its interest in Bayberry Associates (the "Joint Venture"), a general partnership that owns real property located in Frederick, Maryland, to an unaffiliated third party (the "Buyer"). The selling price was determined by arm's length negotiations between the Joint Venture and the Buyer. The property was sold for gross proceeds of $17,000,000. The Partnership received net proceeds of approximately $16,985,000 and recognized a gain of approximately $6,170,000. Item 7. Financial Statements and Exhibits. - ------------------------------------------- In connection with the disposition of the asset discussed in Item 2 above, pro forma financial statements are presented below. The pro forma balance sheet is presented for the period ended June 30, 1998 (Exhibit A). The pro forma income statements are presented for the fiscal year ended December 31, 1997 (Exhibit B) and the period ended June 30, 1998 (Exhibit C). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 20, 1998 NEW ENGLAND LIFE PENSION PROPERTIES III; A REAL ESTATE LIMITED PARTNERSHIP (Registrant) By: Copley Properties Company III, Inc. Managing General Partner By: /s/ Wesley M. Gardiner, Jr. --------------------------------- Name: Wesley M. Gardiner, Jr. Title: President, Chief Executive Officer and Director
New England Life Pension Properties III; EXHIBIT A A Real Estate Limited Partnership Pro Forma Balance Sheet June 30, 1998 Unaudited Pro Forma June 30, 1998 June 30, 1998 Adjustment Pro Forma ------------- ---------- ------------- ASSETS Property, Net $6,999,937 $6,999,937 Joint venture held for disposition 10,814,631 ($10,814,631)(a) 0 Cash and cash equivalents 2,942,647 16,985,000 (a) 19,927,647 ------------ ------------- ------------ $20,757,215 $6,170,369 $26,927,584 ============ ============= ============ LIABILITIES AND PARTNERS' CAPITAL Accounts payable $60,506 0 $60,506 Accrued management fee 45,655 0 45,655 ------------ ------------- ------------ Total liabilities 106,161 0 106,161 ------------ ------------- ------------ Partners' capital (deficit): Limited partners ($485.54 per unit; 75,000 units authorized, 68,414 units issued and outstanding) 20,710,069 6,108,665 (a) 26,818,734 General partners (59,015) 61,704 (a) 2,689 ------------ ------------- ------------ Total partners' capital 20,651,054 6,170,369 26,821,423 ------------ ------------- ------------ $20,757,215 $6,170,369 $26,927,584 ============ ============= ============
New England Life Pension Properties III; EXHIBIT B A Real Estate Limited Partnership Pro Forma Income Statement December 31, 1997 Unaudited
Pro Forma December 31, 1997 December 31, 1997 Adjustment Pro Forma ----------------- ---------- --------- Investment Activity Property rentals $ 267,791 $ 267,791 Property operating expenses (79,665) (79,665) Depreciation and amortization (121,979) (121,979) ---------- ----------- ---------- 66,147 0 66,147 Joint venture earnings 1,551,569 (1,020,085)(b) 531,484 Amortization (9,464) 6,276 (b) (3,188) ---------- ----------- ---------- Total real estate operations 1,608,252 (1,013,809) 594,443 Gain on sale of property 0 6,170,369 (a) 6,170,369 ---------- ----------- ---------- Total real estate activity 1,608,252 5,156,560 6,764,812 Interest on cash equivalents and short term investments 122,799 0 122,799 ---------- ----------- ---------- Total investment activity 1,731,051 5,156,560 6,887,611 Portfolio Expenses Management fee 182,620 (121,776)(e) 60,844 General and administrative 238,143 (5,000)(f) 233,143 ---------- ----------- ---------- 420,763 (126,776) 293,987 ---------- ----------- ---------- Net income $1,310,288 $ 5,283,336 $6,593,624 ========== =========== ========== Net income per limited partnership unit $ 18.96 $ 76.45 (c) $ 95.41 ========== =========== ========== Number of limited partnership units outstanding during the period 68,414 68,414 68,414 ========== =========== ==========
New England Life Pension Properties III; EXHIBIT C A Real Estate Limited Partnership Pro Forma Income Statement June 30, 1998 Unaudited
Pro Forma June 30, 1998 June 30, 1998 Adjustment Pro Forma ------------- ---------- ------------- Investment Activity Property rentals $ 647,947 $ 647,947 Property operating expenses (139,908) (139,908) Depreciation and amortization (151,422) (151,422) --------- ---------- ---------- 356,617 0 356,617 Joint venture earnings 552,679 (552,679)(d) 0 Amortization (3,138) 3,138 (d) 0 Gain (loss) on sales of property 0 6,170,369 (a) 6,170,369 --------- ---------- ---------- Total real estate operations 906,158 5,620,828 6,526,986 Interest on cash equivalents and short term investments 66,110 0 66,110 --------- ---------- ---------- Total investment activity 972,268 5,620,828 6,593,096 Portfolio Expenses Management fee 91,310 (68,042)(e) 23,268 General and administrative 108,288 0 108,288 --------- ---------- ---------- 199,598 (68,042) 131,556 --------- ---------- ---------- Net income (loss) $ 772,670 $5,688,870 $6,461,540 ========= ========== ========== Net income (loss) per limited partnership unit $ 11.18 $ 82.32 (c) $ 93.50 ========= ========== ========== Number of limited partnership units outstanding during the period 68,414 68,414 68,414 ========= ========== ==========
Pro Forma Financial Statement Footnotes: - --------------------------------------- (a) Disposition of asset as discussed in Item 2 herein and allocation of the gain on such disposition to the Partners. (b) Removal of 1997 operating activity related to the disposed asset discussed in Item 2 herein. (c) Calculation of net income per limited partnership unit after the removal of operating activity and addition of the gain related to the disposed asset discussed in Item 2 herein. (d) Removal of 1998 year-to-date operating activity related to the disposed asset discussed in Item 2 herein. (e) Removal of management fees based on distributions received during the pro forma period from the disposed asset discussed in Item 2 herein. (f) Removal of appraisal fees incurred during the pro forma period for the disposed asset discussed in Item 2 herein. -----END PRIVACY-ENHANCED MESSAGE-----