-----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, B09JQ8eWHYxe/uzjCRw2x/iylNSxe2zaJoDHJhe4LMaW7vbbFy8YFUGnDA7AtFKI HB4vcfh8MXQGqwKRKCzfrA== 0000927016-97-002972.txt : 19971111 0000927016-97-002972.hdr.sgml : 19971111 ACCESSION NUMBER: 0000927016-97-002972 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 PENSION PROPERTIES V CENTRAL INDEX KEY: 0000806028 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 042940131 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-17808 FILM NUMBER: 97711215 BUSINESS ADDRESS: STREET 1: 225 FRANKLIN ST 25TH 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 PENSION PROPERTIES V; A REAL ESTATE LIMITED PARTNERSHIP (Exact name of registrant as specified in its charter) Massachusetts (State or Other Jurisdiction of Incorporation) 0-17808 04-2940131 (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 Pension Properties V; A Real Estate Limited Partnership sold its property known as Palms Business Center III & IV 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 $18,000,000. The Partnership received net proceeds of approximately $17,800,000 and recognized a gain of approximately $8,100,000. 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 PENSION PROPERTIES V; A REAL ESTATE LIMITED PARTNERSHIP (Registrant) By: Fifth Copley Corp., Managing General Partner By: /s/ Wesley M. Gardiner, Jr. --------------------------------- Name: Wesley M. Gardiner, Jr. Title: President
New England Pension Properties V; 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 $27,409,502 - $27,409,502 Property, net 4,851,322 - 4,851,322 ----------------- ----------------- ------------------- 32,260,824 - 32,260,824 Property held for disposition 9,222,802 (9,222,802)(a) - Cash and cash equivalents 8,090,601 17,818,002 (a) 25,908,603 Short-term investments 3,533,233 3,533,233 ----------------- ----------------- ------------------- $53,107,460 8,595,200 $61,702,660 ================= ================= =================== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $102,979 - $102,979 Accrued management fee 147,137 - 147,137 Deferred management and disposition fees 577,640 540,000 (b) 1,117,640 ----------------- ----------------- ------------------- Total liabilities 827,756 540,000 1,367,756 ----------------- ----------------- ------------------- Partners' capital (deficit): Limited partners ($832 per unit; 160,000 units authorized, 82,336 units issued and outstanding) 52,356,469 7,974,648 (a) 60,331,117 General partners (76,765) 80,552 (a) 3,787 ----------------- ----------------- ------------------- Total partners' capital 52,279,704 8,055,200 60,334,904 ----------------- ----------------- ------------------- $53,107,460 $8,595,200 $61,702,660 ================= ================= ===================
New England Pension Properties V; 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 $6,566,057 (1,664,805)(c) $4,901,252 Interest income on loan to ground lessor 185,379 - 185,379 Property operating expenses (1,775,678) 324,203 (c) (1,451,475) Ground rent expense (390,000) - (390,000) Depreciation and amortization (1,403,481) 346,036 (c) (1,057,445) ------------------- --------------- ------------------ 3,182,277 (994,566) 2,187,711 Joint venture earnings 360,214 - 360,214 ------------------- --------------- ------------------ Total real estate operations 3,542,491 (994,566) 2,547,925 Gain on sale of property - 8,055,200 (a) 8,055,200 ------------------- --------------- ------------------ Total real estate activity 3,542,491 7,060,634 10,603,125 Interest on cash equivalents and short term investments 604,959 - 604,959 ------------------- --------------- ------------------ Total investment activity 4,147,450 7,060,634 11,208,084 Portfolio Expenses Management fee 456,846 (112,594)(f) 344,252 General and administrative 298,070 (5,700)(g) 292,370 ------------------- --------------- ------------------ 754,916 (118,294) 636,622 ------------------- --------------- ------------------ Net income $3,392,534 $7,178,928 $10,571,462 =================== =============== ================== Net income per weighted average limited partnership unit $40.72 $86.16(d) $126.88 =================== =============== ================== Weighted average number of limited partnership units outstanding during the period 82,486 82,486 82,486 =================== =============== ==================
New England Pension Properties V; 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 $4,745,038 (1,312,755)(e) $3,432,283 Interest income on loan to ground lessor 112,205 - 112,205 Property operating expenses (1,134,628) 259,010 (e) (875,618) Ground rent expense (292,500) - (292,500) Depreciation and amortization (1,106,995) 285,069 (e) (821,926) ---------------------- ----------------- ------------------ 2,323,120 (768,676) 1,554,444 Joint venture earnings 301,618 - 301,618 ---------------------- ----------------- ------------------ Total real estate operations 2,624,738 (768,676) 1,856,062 Gain on sales of property 2,160,404 8,055,200 (a) 10,215,604 ---------------------- ----------------- ------------------ Total real estate activity 4,785,142 7,286,524 12,071,666 Interest on cash equivalents and short term investments 492,024 - 492,024 ---------------------- ----------------- ------------------ Total investment activity 5,277,166 7,286,524 12,563,690 Portfolio Expenses Management fee 384,891 (86,286)(f) 298,605 General and administrative 236,242 - 236,242 ---------------------- ----------------- ------------------ 621,133 (86,286) 534,847 ---------------------- ----------------- ------------------ Net income $4,656,033 $7,372,810 $12,028,843 ====================== ================= ================== Net income per weighted average limited partnership unit $55.94 $88.58 (d) $144.52 ====================== ================= ================== Weighted average number of limited partnership units outstanding during the period 82,401 82,401 82,401 ====================== ================= ==================
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. -----END PRIVACY-ENHANCED MESSAGE-----