-----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, INbRWGNZ97+P+fP0mBYp1A5MZOdIedSwSeF8Oi6pyMP9rajysltDG+ShaeJkJeGx 3z/gpGjuD+cL/d0B/Ju2EQ== 0000927016-97-002973.txt : 19971111 0000927016-97-002973.hdr.sgml : 19971111 ACCESSION NUMBER: 0000927016-97-002973 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971024 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971110 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW ENGLAND LIFE PENSION PROPERTIES IV CENTRAL INDEX KEY: 0000779742 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 042893298 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-15429 FILM NUMBER: 97711217 BUSINESS ADDRESS: STREET 1: 399 BOYLSTON ST 13TH FL 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): October 24, 1997 NEW ENGLAND LIFE PENSION PROPERTIES IV; A REAL ESTATE LIMITED PARTNERSHIP (Exact name of registrant as specified in its charter) Massachusetts (State or Other Jurisdiction of Incorporation) 0-15429 04-2893298 (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 October 24, 1997, New England Life Pension Properties IV; A Real Estate Limited Partnership sold its property known as Palms Business Center North & South located in Las Vegas, NV. The property was sold to an institutional buyer (the "Buyer") which is unaffiliated with the Partnership. The selling price was determined by arm's length negotiations between the Partnership and the Buyer. The property was sold for $23,200,000. The Partnership received net proceeds of approximately $23,000,000 and recognized a gain of approximately $10,600,000. 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 September 30, 1997 (Exhibit A). The pro forma income statements are presented for the fiscal year ended December 31, 1996 (Exhibit B) and the period ended September 30, 1997 (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: November 10, 1997 NEW ENGLAND LIFE PENSION PROPERTIES IV; A REAL ESTATE LIMITED PARTNERSHIP (Registrant) By: Fourth Copley Corp., Managing General Partner By: /s/ Wesley M. Gardiner, Jr. --------------------------------- Name: Wesley M. Gardiner, Jr. Title: President New England Life Pension Properties IV; EXHIBIT A A Real Estate Limited Partnership Pro Forma Balance Sheet September 30, 1997 Unaudited
Pro Forma September 30, 1997 September 30, 1997 Adjustment Pro Forma ------------------ ---------- --------- ASSETS Real estate investments: Joint ventures $ 16,288,049 -- $ 16,288,049 Property, net 15,063,036 -- 15,063,036 ------------------ ---------------- -------------------- 31,351,085 -- 31,351,085 Property held for disposition 11,664,190 (11,664,190)(a) -- Cash and cash equivalents 5,110,686 22,977,750 (a) 28,088,436 Short-term investments 2,384,063 2,384,063 ------------------ ---------------- -------------------- $ 50,510,024 11,313,560 $ 61,823,584 ================== ================ ==================== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 120,684 -- $ 120,684 Accrued management fee 45,458 -- 45,458 Deferred management and disposition fees 3,470,130 696,000 (b) 4,166,130 ------------------ ---------------- -------------------- Total liabilities 3,636,272 696,000 4,332,272 ----------------- --------------- ------------------- Partners' capital (deficit): Limited partners ($766 per unit; 120,000 units authorized, 94,997 units issued and outstanding) 47,037,511 10,511,384 (a) 57,548,895 General partners (163,759) 106,176 (a) (57,583) ----------------- --------------- ------------------- Total partners' capital 46,873,752 10,617,560 57,491,312 ----------------- --------------- ------------------- $ 50,510,024 $ 11,313,560 $ 61,823,584 ================= =============== ===================
New England Life Pension Properties IV; EXHIBIT B A Real Estate Limited Partnership Pro Forma Income Statement December 31, 1996 Unaudited
Pro Forma December 31, 1996 December 31, 1996 Adjustment Pro Forma ----------------- ---------- --------- Investment Activity Property rentals $ 4,173,714 (2,337,133)(c) $ 1,836,581 Property operating expenses (1,557,362) 530,495 (c) (1,026,867) Depreciation and amortization (805,522) 449,869 (c) (355,653) ----------------- --------------- ------------------- 1,810,830 (1,356,769) 454,061 Joint venture earnings 1,980,804 -- 1,980,804 Amortization (12,928) -- (12,928) ----------------- --------------- ------------------- Total real estate operations 3,778,706 (1,356,769) 2,421,937 Gain on sales of property 1,055,591 10,617,560 (a) 11,673,151 ----------------- --------------- ------------------- Total real estate activity 4,834,297 9,260,791 14,095,088 Interest on cash equivalents and short term investments 372,010 -- 372,010 ----------------- --------------- ------------------- Total investment activity 5,206,307 9,260,791 14,467,098 Portfolio Expenses Management fee 481,249 (144,315)(f) 336,934 General and administrative 332,545 (7,000)(g) 325,545 ----------------- --------------- ------------------- 813,794 (151,315) 662,479 ----------------- --------------- ------------------- Net income $ 4,392,513 $ 9,412,106 $ 13,804,619 ================= =============== =================== Net income per limited partnership unit $ 45.78 $ 98.09 (d) $ 143.87 ================= =============== =================== Number of limited partnership units outstanding during the period 94,997 94,997 94,997 ================= =============== ===================
New England Life Pension Properties IV; EXHIBIT C A Real Estate Limited Partnership Pro Forma Income Statement September 30, 1997 Unaudited
Pro Forma September 30, 1997 September 30, 1997 Adjustment Pro Forma ------------------ ---------- --------- Investment Activity Property rentals $ 4,148,923 (1,886,550)(e) $ 2,262,373 Property operating expenses (1,572,417) 480,336 (e) (1,092,081) Depreciation and amortization (760,523) 338,180 (e) (422,343) ----------------- --------------- ------------------- 1,815,983 (1,068,034) 747,949 Joint venture earnings 1,087,706 -- 1,087,706 Amortization (3,981) -- (3,981) ----------------- --------------- ------------------- Total real estate operations 2,899,708 (1,068,034) 1,831,674 Gain on sale of property 0 10,617,560 (a) 10,617,560 ----------------- --------------- ------------------- Total real estate activity 2,899,708 9,549,526 12,449,234 Interest on cash equivalents and short term investments 276,071 -- 276,071 ----------------- --------------- ------------------- Total investment activity 3,175,779 9,549,526 12,725,305 Portfolio Expenses Management fee 272,749 (106,751)(f) 165,998 General and administrative 254,217 -- 254,217 ----------------- --------------- ------------------- 526,966 (106,751) 420,215 ----------------- --------------- ------------------- Net income $ 2,648,813 $ 9,656,277 $ 12,305,090 ================= =============== =================== Net income per limited partnership unit $ 27.60 $ 100.63 (d) $ 128.23 ================= =============== =================== Number of limited partnership units outstanding during the period 94,997 94,997 94,997 ================= =============== ===================
Pro Forma Financial Statement Footnotes: (a) Disposition of asset as discussed in Item 2 herein and allocation of the gain on such disposal to the Partners. (b) Disposition fee incurred in connection with the disposition of the asset discussed in Item 2 herein. (c) Removal of 1996 operating activity related to the disposed asset discussed in Item 2 herein. (d) 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. (e) Removal of 1997 year-to-date operating activity related to the disposed asset discussed in Item 2 herein. (f) Removal of management fees based on distributions received during the pro forma period from the disposed asset discussed in Item 2 herein. (g) Removal of appraisal fees incurred during the pro forma period for the disposed asset discussed in Item 2 herein.
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