-----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, Hr2eFbZV89MW9H2cQSXuXzjxsvpOwi1jmGjn2+jtzuTDVn9xAVqMILtGxuY/uddj vXtcmuds0dh0shb7kkAOpA== 0000927016-98-002751.txt : 19980729 0000927016-98-002751.hdr.sgml : 19980729 ACCESSION NUMBER: 0000927016-98-002751 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980714 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980727 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COPLEY PENSION PROPERTIES VI CENTRAL INDEX KEY: 0000824209 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 042988542 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-17807 FILM NUMBER: 98671510 BUSINESS ADDRESS: STREET 1: 255 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6175781200 MAIL ADDRESS: STREET 1: 399 BOYLSTON STREET CITY: BOSTON STATE: MA ZIP: 02116 FORMER COMPANY: FORMER CONFORMED NAME: NEW ENGLAND PENSION PROPERTIES VI DATE OF NAME CHANGE: 19880113 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): July 14, 1998 COPLEY PENSION PROPERTIES VI; A REAL ESTATE LIMITED PARTNERSHIP (Exact Name of Registrant as Specified in its Charter) Massachusetts (State or Other Jurisdiction of Incorporation) 0-17807 04-2988542 (Commission File Number) (IRS Employer Identification No.) 225 Franklin Street, 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 July 14, 1998, a joint venture in which Copley Pension Properties VI; A Real Estate Limited Partnership (the "Partnership") owns a 50% interest, sold its property known as White Phonic to an unaffiliated third party (the "Buyer") for total gross proceeds of $5,380,000. The terms of the sale were determined by arms-length negotiation between the Buyer and the joint venture. The Partnership received net proceeds of approximately $4,280,000 representing a return of capital and accrued interest plus its participation in net sales proceeds of $966,000. The Partnership recognized a gain of approximately $1,128,000. 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, 1998 (Exhibit A). The pro forma income statements are presented for the fiscal year ended December 31, 1997 (Exhibit B) and the period ended March 31, 1998 (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 27, 1998 COPLEY PENSION PROPERTIES VI; A REAL ESTATE LIMITED PARTNERSHIP (Registrant) By: Sixth Copley Corp. Managing General Partner By: /s/ Wesley M. Gardiner, Jr. -------------------------------- Name: Wesley M. Gardiner, Jr. Title: President EXHIBIT A Copley Pension Properties VI; A Real Estate Limited Partnership Pro Forma Balance Sheet March 31, 1998 Unaudited
Pro Forma March 31, 1998 March 31, 1998 Adjustment Pro Forma -------------- -------------- -------------- ASSETS Real estate investments: Joint ventures $14,891,065 $(3,105,544.00) $11,785,521 Property, net 4,174,953 - 4,174,953 ------------- -------------- -------------- 19,066,018 (3,105,544) 15,960,474 Cash and cash equivalents 3,518,975 4,279,751 (a) 7,798,726 ------------- ============== ============== $22,584,993 1,174,207 $23,759,200 ============= ============== ============== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $69,286 - $69,286 Accrued management fee 50,299 - 50,299 Deferred disposition fees 717,677 46,140 (b) 763,817 ------------- -------------- -------------- Total liabilities 837,262 46,140 883,402 ------------- -------------- -------------- Partners' capital (deficit): Limited partners ($660.29 per unit; 160,000 units authorized, 48,788 units issued and outstanding) 21,797,183 1,116,786 (a) 22,913,969 General partners (49,452) 11,281 (a) (38,171) ------------- -------------- -------------- Total partners' capital 21,747,731 1,128,067 22,875,798 ------------- -------------- -------------- $ 22,584,993 $ 1,174,207 $ 23,759,200 ============= ============== ==============
EXHIBIT B Copley Pension Properties VI; A Real Estate Limited Partnership Pro Forma Income Statement December 31, 1997 Unaudited
Pro Forma December 31, 1997 December 31, 1997 Adjustment Pro Forma ----------------- ----------------- ----------------- Investment Activity Property rentals $ 813,691 $813,691 Property operating expenses (374,736) (374,736) Depreciation and amortization (264,913) 4,060 (c) (260,853) ----------------- ----------------- ----------------- 174,042 4,060 178,102 Joint venture earnings 1,351,347 (294,197)(c) 1,057,150 ----------------- ----------------- ----------------- Total real estate operations 1,525,389 (290,137) 1,235,252 Gain on sales of property 248,172 1,128,067 (a) 1,376,239 ----------------- ----------------- ----------------- Total real estate activity 1,773,561 837,930 2,611,491 Interest on cash equivalents and short term investments 275,126 - 275,126 ----------------- ----------------- ----------------- Total investment activity 2,048,687 837,930 2,886,617 Portfolio Expenses Management fee 280,592 (31,679)(f) 248,913 General and administrative 179,786 (5,000)(g) 174,786 ----------------- ----------------- ----------------- 460,378 (36,679) 423,699 ----------------- ----------------- ----------------- Net income $ 1,588,309 $ 874,609 $ 2,462,918 ================= ================= ================= Net income per limited partnership unit $ 32.23 $ 17.75 (d) $ 49.98 ================= ================= ================= Number of limited partnership units outstanding during the period 48,788 48,788 48,788 ================= ================= =================
EXHIBIT C Copley Pension Properties VI; A Real Estate Limited Partnership Pro Forma Income Statement March 31, 1998 Unaudited
Pro Forma March 31, 1998 March 31, 1998 Adjustment Pro Forma -------------- -------------- -------------- Investment Activity Property rentals $178,520 $ 178,520 Property operating expenses (45,934) (45,934) Depreciation and amortization (36,910) 1,015 (e) (35,895) -------------- -------------- -------------- 95,676 1,015 96,691 Joint venture earnings 406,957 (69,355)(e) 337,602 -------------- -------------- -------------- Total real estate operations 502,633 (68,340) 434,293 Gain on sale of property 0 1,128,067 (a) 1,128,067 -------------- -------------- -------------- Total real estate activity 502,633 1,059,727 1,562,360 Interest on cash equivalents and short term investments 46,132 - 46,132 -------------- -------------- -------------- Total investment activity 548,765 1,059,727 1,608,492 Portfolio Expenses Management fee 50,299 (4,942)(f) 45,357 General and administrative 57,420 - 57,420 -------------- -------------- -------------- 107,719 (4,942) 102,777 -------------- -------------- -------------- Net income $ 441,046 $ 1,064,669 $ 1,505,715 ============== ============== ============== Net income per limited partnership unit $ 8.95 $ 21.60 (d) $ 30.55 ============== ============== ============== Number of limited partnership units outstanding during the period 48,788 48,788 48,788 ============== ============== ==============
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) Disposition fee incurred in connection with the disposition of the asset discussed in Item 2 herein. (c) Removal of 1997 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 1998 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-----