-----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, PjD0SBlZ8ItY4HMcsEszOhWDCnWZbzHWWiVrP3KeeGyGFqhz7xeiEC6VbD0785T7 X+7vOKOkHT6Q63wyh1s0Iw== 0000927016-98-003192.txt : 19980821 0000927016-98-003192.hdr.sgml : 19980821 ACCESSION NUMBER: 0000927016-98-003192 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980807 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980820 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: 98694859 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): August 7, 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 August 7, 1998 Copley Pension Properties VI: A Real Estate Limited Partnership (the "Partnership") sold its interest in Frederick Partners (the "Joint Venture"), a general partnership that owns real property located in Frederick, Maryland to an unaffiliated third party (the "Buyer") for gross proceeds of $21,800,000. The terms of the sale were determined by arm's length negotiation between the Buyer and the Joint Venture. The Partnership received its 75% share of net proceeds of approximately $16,339,000 and recognized a gain of approximately $5,873,000. 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 June 30, 1998 (Exhibit A). The pro forma income statements are presented for the fiscal year ended December 31, 1997 (Exhibit B) and the period ended June 30, 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: August 20, 1998 COPLEY PENSION PROPERTIES VI; A REAL ESTATE LIMITED PARTNERSHIP (Registrant) By: Sixth Copley Corp. Managing General Partner By: Wesley M. Gardiner, Jr. -------------------------------- Name: Wesley M. Gardiner, Jr. Title: President, Chief Executive Officer and Director Copley Pension Properties VI; EXHIBIT A A Real Estate Limited Partnership Pro Forma Balance Sheet June 30, 1998 Unaudited
Pro Forma June 30, 1998 June 30, 1998 Adjustment Pro Forma ------------- ---------- ------------- ASSETS Real estate investments: Joint ventures $ 1,685,836 - $ 1,685,836 Property, net 4,166,835 - 4,166,835 ----------- ----------- ----------- 5,852,671 0 5,852,671 Joint ventures held for disposition 13,040,440 (9,974,931) 3,065,509 Cash and cash equivalents 3,575,853 16,338,750 (a) 19,914,603 ----------- ----------- ----------- $22,468,964 $ 6,363,819 $28,832,783 =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 66,940 - $ 66,940 Accrued management fee 50,299 - 50,299 Deferred disposition fees 717,677 490,500 (b) 1,208,177 ----------- ----------- ----------- Total liabilities 834,916 490,500 1,325,416 ----------- ----------- ----------- Partners' capital (deficit): Limited partners ($660.29 per unit; 160,000 units authorized, 48,788 units issued and outstanding) 21,684,637 5,814,586 (a) 27,499,223 General partners (50,589) 58,733 (a) 8,144 ----------- ----------- ----------- Total partners' capital 21,634,048 5,873,319 27,507,367 ----------- ----------- ----------- $22,468,964 $ 6,363,819 $28,832,783 =========== =========== ===========
Copley Pension Properties VI; EXHIBIT B 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) 10,272 (c) (254,641) ---------- ---------- ---------- 174,042 10,272 184,314 Joint venture earnings 1,351,347 (865,614)(c) 485,733 ---------- ---------- ---------- Total real estate operations 1,525,389 (855,342) 670,047 Gain on sales of property 248,172 5,873,319 (a) 6,121,491 ---------- ---------- ---------- Total real estate activity 1,773,561 5,017,977 6,791,538 Interest on cash equivalents and short term investments 275,126 - 275,126 ---------- ---------- ---------- Total investment activity 2,048,687 5,017,977 7,066,664 Portfolio Expenses Management fee 280,592 (112,689)(f) 167,903 General and administrative 179,786 (3,750)(g) 176,036 ---------- ---------- ---------- 460,378 (116,439) 343,939 ---------- ---------- ---------- Net income $1,588,309 $5,134,416 $6,722,725 ========== ========== ========== Net income per limited partnership unit $ 32.23 $104.19 (d) $ 136.42 ========== ========== ========== Number of limited partnership units outstanding during the period 48,788 48,788 48,788 ========== ========== ==========
Copley Pension Properties VI; EXHIBIT C A Real Estate Limited Partnership Pro Forma Income Statement June 30, 1998 Unaudited
Pro Forma June 30, 1998 June 30, 1998 Adjustment Pro Forma ------------- ---------- ------------- Investment Activity Property rentals $ 352,050 $ 352,050 Property operating expenses (108,140) (108,140) Depreciation and amortization (73,237) 5,136 (e) (68,101) ---------- ---------- ---------- 170,673 5,136 175,809 Joint venture earnings 779,993 (542,411)(e) 237,582 ---------- ---------- ---------- Total real estate operations 950,666 (537,275) 413,391 Gain on sale of property 0 5,873,319 (a) 5,873,319 ---------- ---------- ---------- Total real estate activity 950,666 5,336,044 6,286,710 Interest on cash equivalents and short term investments 91,597 - 91,597 ---------- ---------- ---------- Total investment activity 1,042,263 5,336,044 6,378,307 Portfolio Expenses Management fee 100,598 (65,283)(f) 35,315 General and administrative 105,724 - 105,724 ---------- ---------- ---------- 206,322 (65,283) 141,039 ---------- ---------- ---------- Net income $ 835,941 $5,401,327 $6,237,268 ========== ========== ========== Net income per limited partnership unit $ 16.96 $ 109.60 (d) $ 126.56 ========== ========== ========== 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-----