-----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, AO4hHqI2v7evQ9oJGeSHA6Xw999R/Sd1FgiiUw8fggHpQBmcxQhWFsksSLtQMQzl MYRockPm2ZQT2LwJEKtsRA== 0000927016-99-003906.txt : 19991208 0000927016-99-003906.hdr.sgml : 19991208 ACCESSION NUMBER: 0000927016-99-003906 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990827 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991207 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/A SEC ACT: SEC FILE NUMBER: 000-17808 FILM NUMBER: 99769915 BUSINESS ADDRESS: STREET 1: 225 FRANKLIN ST 25TH FL CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6175781200 8-K/A 1 FORM 8K/A 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): August 27, 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) 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 September 10, 1999. Item 2. Acquisition or Disposition of Assets. - ---------------------------------------------- On August 27, 1999, New England Pension Properties V; A Real Estate Limited Partnership (the "Partnership") sold its real property located at 13201 Dahlia Street, Fontana, California. The property was sold to an unaffiliated third party (the "Buyer") for gross proceeds of $9,900,000. The selling price was determined by arm's length negotiations between the Partnership and the Buyer. The Partnership received net proceeds of approximately $9,730,000 and recognized a gain of approximately $2,990,000. 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 as of June 30, 1999 (Exhibit A). The pro forma income statements are presented for the fiscal year ended December 31, 1998 (Exhibit B) and the six month period ended June 30, 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: December 7, 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 New England Pension Properties V EXHIBIT A A Real Estate Limited Partnership Pro Forma Balance Sheet June 30, 1999 Unaudited
Pro Forma June 30, 1999 June 30, 1999 Adjustment Pro Forma -------------- ------------- -------------- ASSETS Property, Net $15,598,771 ($6,443,482)(a) $9,155,289 Joint Venture 4,856,955 0 4,856,955 Property held for disposition, net 1,491,742 0 1,491,742 Cash and cash equivalents 18,680,758 9,730,384 (a) 28,411,142 -------------- ------------- -------------- $40,628,226 $3,286,902 $43,915,128 ============== ============= ============== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $94,931 0 $94,931 Accrued management fee 199,943 0 199,943 Deferred management and disposition fees 1,646,212 297,000 (b) 1,943,212 -------------- ------------- -------------- Total liabilities 1,941,086 297,000 2,238,086 -------------- ------------- -------------- Partners' capital (deficit): Limited partners ($616 per unit; 160,000 units authorized, 82,228 units issued and outstanding) 38,721,368 2,960,003 (a) 41,681,371 General partners (34,228) 29,899 (a) (4,329) -------------- ------------- -------------- Total partners' capital 38,687,140 2,989,902 41,677,042 -------------- ------------- -------------- $40,628,226 $3,286,902 $43,915,128 ============== ============= ==============
New England Pension Properties V EXHIBIT B A Real Estate Limited Partnership Pro Forma Income Statement Year Ended December 31, 1998 Unaudited
Year Ended Year Ended Pro Forma December 31, 1998 December 31, 1998 Adjustment Pro Forma ----------------- ------------ ----------------- Investment Activity Property rentals $4,103,360 (1,230,444)(c) $2,872,916 Interest income on loan to ground lessor 142,492 0 142,492 Property operating expenses (949,126) 218,521 (c) (730,605) Ground rent expense (390,000) 0 (390,000) Depreciation and amortization (1,003,722) 291,033 (c) (712,689) ------------ ------------ ------------ 1,903,004 (720,890) 1,182,114 Equity in joint venture earnings 440,440 0 440,440 ------------ ------------ ------------ Total real estate activity 2,343,444 (720,890) 1,622,554 Interest on cash equivalents and short term investments 488,461 0 488,461 ------------ ------------ ------------ Total investment activity 2,831,905 (720,890) 2,111,015 Portfolio Expenses Management fee 401,138 (55,800)(f) 345,338 General and administrative 255,287 (5,500)(g) 249,787 ------------ ------------ ------------ 656,425 (61,300) 595,125 ------------ ------------ ------------ Net income (loss) $2,175,480 ($659,590) $1,515,890 ============ ============ ============ Net income (loss) per weighted average limited partnership unit $26.17 ($7.93)(d) $18.24 ============ ============ ============ Weighted average number of limited partnership units outstanding during the year 82,309 82,309 82,309 ============ ============ ============
New England Pension Properties V EXHIBIT C A Real Estate Limited Partnership Pro Forma Income Statement Six Months Ended June 30, 1999 Unaudited
Six Months Ended Six Months Ended Pro Forma June 30, 1999 June 30, 1999 Adjustment Pro Forma -------------- ------------ ---------------- Investment Activity Property rentals $1,944,408 (544,216)(e) $1,400,192 Interest income on loan to ground lessor $67,832 0 67,832 Property operating expenses (499,721) 107,967 (e) (391,754) Ground rent expense (195,000) 0 (195,000) Depreciation and amortization (485,180) 153,566 (e) (331,614) -------------- ------------ -------------- 832,339 (282,683) 549,656 Joint venture earnings 218,952 0 218,952 Gain on sale of property 107,705 0 107,705 -------------- ------------ -------------- Total real estate activity 1,158,996 (282,683) 876,313 Interest on cash equivalents and short term investments 188,056 0 188,056 -------------- ------------ -------------- Total investment activity 1,347,052 (282,683) 1,064,369 Portfolio Expenses Management fee 282,171 (46,800)(f) 235,371 General and administrative 137,139 0 137,139 -------------- ------------ -------------- 419,310 (46,800) 372,510 -------------- ------------ -------------- Net income (loss) $927,742 ($235,883) $691,859 ============== ============ ============== Net income (loss) per limited partnership unit $11.17 ($2.84)(d) $8.33 ============== ============ ============== 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 gain 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. -----END PRIVACY-ENHANCED MESSAGE-----