-----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, O5w4vJoCcPQAFVVYZ3ihCoKP26jbCYP+EY/WJTKMkuwjaLIEa3e+ko3Pp4nKS4Gr ZjRmDngR/BzosUqVojHfKg== 0000927016-01-001270.txt : 20010313 0000927016-01-001270.hdr.sgml : 20010313 ACCESSION NUMBER: 0000927016-01-001270 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010226 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010312 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: 1565861 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 0001.txt 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): February 26, 2001 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.) World Trade Center East Two Seaport Lane Boston, MA 02210 (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. - ---------------------------------------------- Copley Pension Properties VI; A Real Estate Limited Partnership (the "Partnership") owned a 51.75% partnership interest in Prentiss/Copley Itasca Associates (the "Joint Venture"), a Delaware general partnership organized to own real property. A 23.25% partnership interest was owned by Copley Pension Properties VII: A Real Estate Limited Partnership (the "Affiliate") and the remaining 25% was owned by Prentiss Properties Itasca, L.P., a Texas limited partnership (the "Developer"). Per the Partnership Agreement, as a result of default contributions made on behalf of the Developer, the Partnership and its Affiliates' ownership percentages were increased to 62.08% and 27.89%, respectively, and the Developer's ownership percentage was decreased to 10.03% as of the date of sale. On February 26, 2001, the Joint Venture sold its property located at 225 Spring Lake, Itasca, Illinois to an unaffiliated third party (the "Buyer") for gross proceeds of $4,575,000. The selling price was determined by arm's length negotiations between the Joint Venture and the Buyer. The Partnership received net proceeds of approximately $2,988,000, representing a return of capital and accrued priority return totaling approximately $2,867,000, and its share of residual proceeds of approximately $121,000. The Partnership recognized a gain of approximately $1,133,000. 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 September 30, 2000 (Exhibit A). The pro forma income statements are presented for the fiscal year ended December 31, 1999 (Exhibit B) and the nine month period ended September 30, 2000 (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: March 12, 2001 COPLEY PENSION PROPERTIES VI; A REAL ESTATE LIMITED PARTNERSHIP (Registrant) By: Sixth Copley Corp., Managing General Partner By:/s/ Alison L. Husid ----------------------- Name: Alison L. Husid Title: President, Chief Executive Officer and Director Copley Pension Properties VI EXHIBIT A A Real Estate Limited Partnership Pro Forma Balance Sheet September 30, 2000 Unaudited Pro Forma September 30, 2000 September 30, 2000 Adjustment Pro Forma ASSETS Joint Venture $1,760,708 ($1,760,708)(a) $0 Property, net 4,311,467 0 4,311,467 Cash and cash equivalents 1,937,666 2,988,418 (a) 4,926,084 ------------------------- ----------------- --------------------------- $8,009,841 $1,227,710 $9,237,551 ========================= ================= =========================== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $78,144 $0 $78,144 Deferred disposition fees 1,369,577 94,703 (b) 1,464,280 ------------------------- ----------------- --------------------------- Total liabilities 1,447,721 94,703 1,542,424 ------------------------- ----------------- --------------------------- Partners' capital: Limited partners ($223.49 per unit; 160,000 units authorized, 48,788 units issued and outstanding) 6,550,322 1,121,677 (a) 7,671,999 General partners 11,798 11,330 (a) 23,128 ------------------------- ----------------- --------------------------- Total partners' capital 6,562,120 1,133,007 7,695,127 ------------------------- ----------------- --------------------------- $8,009,841 $1,227,710 $9,237,551 ========================= ================= ===========================
Copley Pension Properties VI EXHIBIT B A Real Estate Limited Partnership Pro Forma Income Statement Year Ended December 31, 1999 Unaudited Year Ended Year Ended Pro Forma December 31, 1999 December 31, 1999 Adjustment Pro Forma Investment Activity Property rentals $726,612 $ 0 $726,612 Property operating expenses (268,902) 0 (268,902) Depreciation and amortization (128,053) 0 (128,053) ------------------------- ----------------- --------------------------- 329,657 0 329,657 Equity in joint venture earnings 127,505 (127,505)(c) 0 ------------------------- ----------------- --------------------------- Total real estate activity 457,162 (127,505) 329,657 Interest on cash equivalents 138,282 0 138,282 and short term investments ------------------------- ----------------- --------------------------- Total investment activity 595,444 (127,505) 467,939 Portfolio Expenses Management fee 58,195 (16,579)(f) 41,616 General and administrative 171,510 (3,795)(g) 167,715 ------------------------- ----------------- --------------------------- 229,705 (20,374) 209,331 ------------------------- ----------------- --------------------------- Net income (loss) $365,739 ($107,131) $258,608 ========================= ================= =========================== Net income (loss) per limited $7.42 ($2.17)(d) $5.25 partnership unit ========================= ================= =========================== Number of limited partnership units outstanding during the year 48,788 48,788 48,788 ========================= ================= ===========================
Copley Pension Properties VI EXHIBIT C A Real Estate Limited Partnership Pro Forma Income Statement Nine Months Ended September, 2000 Unaudited Nine Months Ended Nine Months Ended Pro Forma September 30, 2000 September 30, 2000 Adjustment Pro Forma Investment Activity Property rentals $538,484 $ 0 $538,484 Property operating expenses (156,746) 0 (156,746) Depreciation and amortization (125,549) 0 (125,549) ------------------------- ----------------- --------------------------- 256,189 0 256,189 Joint venture earnings (30,336) 30,336 (e) 0 ------------------------- ----------------- --------------------------- Total real estate activity 225,853 30,336 256,189 Interest on cash equivalents and short 92,849 0 92,849 term investment ------------------------- ----------------- --------------------------- Total investment activity 318,702 30,336 349,038 Portfolio Expenses General and administrative 121,549 0 121,549 ------------------------- ----------------- --------------------------- 121,549 0 121,549 ------------------------- ----------------- --------------------------- Net income $197,153 $30,336 $227,489 ========================= ================= =========================== Net income per limited partnership unit $4.00 $0.62 (d) $4.62 ========================= ================= =========================== 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 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 1999 operating activity related to the disposed asset discussed in Item 2 herein. (d) Calculation of net income (loss) per limited partnership unit after the removal of operating activity related to the disposed asset discussed in Item 2 herein. (e) Removal of 2000 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-----