-----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, LdtqIiwQhyOyOVvrOpHf6FwQvybgrSW+jd4NuteJB28i0IXN99Nkk/SuF3RJXXuv D6HStFV8eTgO64Dx1lp6Ow== 0000927016-99-003905.txt : 19991208 0000927016-99-003905.hdr.sgml : 19991208 ACCESSION NUMBER: 0000927016-99-003905 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990318 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991207 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/A SEC ACT: SEC FILE NUMBER: 000-14052 FILM NUMBER: 99769914 BUSINESS ADDRESS: STREET 1: 225 FRANKLIN STREET 25TH FLOOR CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6172619000 MAIL ADDRESS: STREET 1: 225 FRANKLIN STREET STREET 2: 25TH FLOOR CITY: BOSTON STATE: MA ZIP: 02110 8-K/A 1 FORM 8KA SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): March 18,1999 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) This Current Report on Form 8-K/A amends the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on April 2, 1999. Item 2. Acquisition or Disposition of Assets. - ---------------------------------------------- On March 18, 1999, New England Life Pension Properties III; A Real Estate Limited Partnership (the "Partnership") sold its property known as North Cabot Industrial Park located in Hayward, CA. The property was sold to an unaffiliated third party (the "Buyer") for gross proceeds of $2,800,000. The terms of the sale were determined by arm's length negotiation between the Buyer and the Partnership. The Partnership received net proceeds of approximately $2,639,000 and recognized a gain of approximately $1,510,000. 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 December 31, 1998 (Exhibit A). The pro forma income statement is presented for the fiscal year ended December 31, 1998 (Exhibit B). 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: December 7, 1999 NEW ENGLAND LIFE PENSION PROPERTIES III; A REAL ESTATE LIMITED PARTNERSHIP (Registrant) By: Copley Properties Company III, Inc. Managing General Partner By: /s/ Alison Husid Cutler --------------------------------- Name: Alison Husid Cutler Title: President, Chief Executive Officer and Director New England Life Pension Properties III A Real Estate Limited Partnership Pro Forma Balance Sheet December 31, 1998 Audited EXHIBIT A
Pro Forma December 31, 1988 December 31, 1998 Adjustment Pro Forma ----------------- ---------- --------- ASSETS Real estate investments: Property, net 6,156,334 - 6,156,334 ---------- ---------- ----------- 6,156,334 - 6,156,334 Property held for disposition, net 1,197,305 (1,129,514) 67,791 Cash and cash equivalents 1,952,504 2,639,445 (a) 4,591,949 ---------- ---------- ----------- $9,306,143 $1,509,931 $10,816,074 ========== ========== =========== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $87,947 - $87,947 Accrued management fee 21,939 - 21,939 ---------- ---------- ----------- Total liabilities 109,886 - 109,886 ---------- ---------- ----------- Partners' capital (deficit): Limited partners ($231.54 and $485.54 per unit; respectively;75,000 units authorized, 68,414 units issued and outstanding) 9,196,048 1,494,832 (a) 10,690,880 General partners 209 15,099 (a) 15,308 ---------- ---------- ----------- Total partners' capital 9,196,257 1,509,931 10,706,188 ---------- ---------- ----------- $9,306,143 $1,509,931 $10,816,074 ========== ========== ===========
New England Life Pension Properties III A Real Estate Limited Partnership Pro Forma Income Statement December 31, 1998 Audited EXHIBIT B
Pro Forma December 31, 1988 December 31, 1998 Adjustment Pro Forma ----------------- ---------- --------- Investment Activity Property rentals $1,294,563 (276,271)(b) $ 1,018,292 Property operating expenses (295,874) 63,302 (b) (232,572) Depreciation and amortization (293,460) 75,115 (b) (218,345) ---------- ---------- ----------- 705,229 (137,854) 567,375 Joint venture earnings 619,051 - 619,051 Amortization (3,138) - (3,138) ---------- ---------- ----------- Total real estate operations 1,321,142 (137,854) 1,183,288 Gain on sales of property 6,391,800 - 6,391,800 ---------- ---------- ----------- Total real estate activity 7,712,942 (137,854) 7,575,088 Interest on cash equivalents and short term investments 167,422 - 167,422 ---------- ---------- ----------- Total investment activity 7,880,364 (137,854) 7,742,510 Portfolio Expenses Management fee 149,814 (13,032)(d) 136,782 General and administrative 204,187 (3,500)(e) 200,687 ---------- ---------- ----------- 354,001 (16,532) 337,469 ---------- ---------- ----------- Net income (loss) $7,526,363 ($121,322) $ 7,405,041 ========== ========== =========== Net income (loss) per limited partnership unit $108.91 ($1.76)(c) $ 107.15 ========== ========== =========== 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 1998 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 management fees based on distributions received during the pro forma period from the disposed asset discussed in Item 2 herein. (e) Removal of appraisal fees incurred during the pro forma period for the disposed asset discussed in Item 2 herein. -----END PRIVACY-ENHANCED MESSAGE-----