-----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, ItcVlO9Xj92lkGphR26X5Hf1uM0t3vIDh7xVKtnHDy8AQOFYDV1tUw/P2Q0/Q+EC Agl88ImnTqsM/19sDF1b/g== 0000927016-99-002541.txt : 19990712 0000927016-99-002541.hdr.sgml : 19990712 ACCESSION NUMBER: 0000927016-99-002541 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990625 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990709 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: 99661252 BUSINESS ADDRESS: STREET 1: 225 FRANKLIN ST 25TH FL CITY: BOSTON STATE: MA ZIP: 02110 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): June 25, 1999 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 June 25, 1999, New England Pension Properties V; A Real Estate Limited Partnership (the "Partnership") sold its properties located at 125 and 205 South Puente Street, Brea, California. The property was sold to The Brookhollow Group, which had been employed by the Partnership as the property manager for the property, (the "Buyer") for gross proceeds of $11,770,000. The selling price was determined by arm's length negotiations between the Partnership and the Buyer. The Partnership received net proceeds of approximately $11,567,000 and recognized a gain of approximately $74,000. 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 March 31, 1999 (Exhibit A). The pro forma income statements are presented for the fiscal year ended December 31, 1998 (Exhibit B) and the period ended March 31, 1999 (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: July 9, 1999 NEW ENGLAND PENSION PROPERTIES V; A REAL ESTATE LIMITED PARTNERSHIP (Registrant) By: Fifth Copley Corp., Managing General Partner By:/s/ Alison Husid Cutler ------------------------------------------ Name: Alison Husid Cutler Title: President, Chief Executive Officer and Director 2 EXHIBIT A New England Pension Properties V A Real Estate Limited Partnership Pro Forma Balance Sheet March 31, 1999 Unaudited
Pro Forma March 31, 1999 March 31, 1999 Adjustment Pro Forma -------------- ---------- ------------ ASSETS Property, Net $26,852,740 $(11,139,877)(a) $15,712,863 Joint Venture 4,841,226 0 $ 4,841,226 Property held for disposition, net 1,491,742 0 $ 1,491,742 Cash and cash equivalents 7,284,092 11,567,385 (a) 18,851,477 ----------- ------------ ----------- $40,469,800 $ 427,508 $40,897,308 =========== ============ =========== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 99,705 0 $ 99,705 Accrued management fee 41,114 0 41,114 Deferred management and disposition fees 1,293,112 353,100 (b) 1,646,212 ----------- ------------ ----------- Total liabilities 1,433,931 353,100 1,787,031 ----------- ------------ ----------- Partners' capital (deficit): Limited partners ($616 per unit; 160,000 units authorized, 82,228 units issued and outstanding) 39,066,609 73,664 (a) 39,140,273 General partners (30,740) 744 (a) (29,996) ----------- ------------ ----------- Total partners' capital 39,035,869 74,408 39,110,277 ----------- ------------ ----------- $40,469,800 $427,508 $40,897,308 =========== ============ ===========
3 EXHIBIT B New England Pension Properties V A Real Estate Limited Partnership Pro Forma Income Statement December 31, 1998 Unaudited
Pro Forma December 31, 1998 December 31, 1998 Adjustment Pro Forma ----------------- ---------- -------------- Investment Activity Property rentals $ 4,103,360 (992,417)(c) $ 3,110,943 Interest income on loan to ground lessor 142,492 0 142,492 Property operating expenses (949,126) 199,450 (c) (749,676) Ground rent expense (390,000) 0 (390,000) Depreciation and amortization (1,003,722) 267,350 (c) (736,372) ----------- ----------- ----------- 1,903,004 (525,617) 1,377,387 Equity in joint venture earnings 440,440 0 440,440 ----------- ----------- ----------- Total real estate operations 2,343,444 (525,617) 1,817,827 Gain on sale of property 0 74,408 (a) 74,408 ----------- ----------- ----------- Total real estate activity 2,343,444 (451,209) 1,892,235 Interest on cash equivalents and short term investments 488,461 0 488,461 ----------- ----------- ----------- Total investment activity 2,831,905 (451,209) 2,380,696 Portfolio Expenses Management fee 401,138 (72,179)(f) 328,959 General and administrative 255,287 (5,500)(g) 249,787 ----------- ----------- ----------- 656,425 (77,679) 578,746 ----------- ----------- ----------- Net income (loss) $ 2,175,480 $ (373,530) $ 1,801,950 =========== =========== =========== Net income (loss) per weighted average limited partnership unit $ 26.17 $ (4.49)(d) $ 21.68 =========== =========== =========== Weighted average number of limited partnership units outstanding during the year 82,309 82,309 82,309 =========== =========== ===========
4 EXHIBIT C New England Pension Properties V A Real Estate Limited Partnership Pro Forma Income Statement March 31, 1999 Unaudited
Pro Forma March 31, 1999 March 31, 1999 Adjustment Pro Forma -------------- ---------- ------------- Investment Activity Property rentals $ 1,010,716 (332,955)(e) $ 677,761 Interest income on loan to ground lessor 34,094 0 34,094 Property operating expenses (268,217) 46,717 (e) (221,500) Ground rent expense (97,500) 0 (97,500) Depreciation and amortization (287,620) 91,591 (e) (196,029) ----------- ----------- ----------- 391,473 (194,647) 196,826 Joint venture earnings 100,259 0 100,259 Gain on sale of property 0 74,408 (a) 74,408 ----------- ----------- ----------- Total real estate operations 491,732 (120,239) 371,493 Interest on cash equivalents and short term investments 103,652 0 103,652 ----------- ----------- ----------- Total investment activity 595,384 (120,239) 475,145 Portfolio Expenses Management fee 82,228 (17,640)(f) 64,588 General and administrative 68,101 0 68,101 ----------- ----------- ----------- 150,329 (17,640) 132,689 ----------- ----------- ----------- Net income (loss) $ 445,055 $ (102,599) $ 342,456 =========== =========== =========== Net income (loss) per limited partnership unit $ 5.36 $ (1.24)(d) $ 4.12 =========== =========== =========== Number of limited partnership units outstanding during the period 82,228 82,228 82,228 =========== =========== ===========
Pro Forma Financial Statement Footnotes: (a) Disposition of asset as discussed in Item 2 herein and allocation of the gain to the Partners on such disposition. (b) Disposition fee incurred in connection with the disposition of the asset discussed in Item 2 herein. (c) Removal of 1998 operating activity related to the disposed asset discussed in Item 2 herein. (d) Calculation of net loss 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 1999 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. 5 -----END PRIVACY-ENHANCED MESSAGE-----